Akoustis reports Q1 adjusted EPS (27c), consensus (18c)

Reports Q1 revenue $7M, consensus $7.08M. Jeff Shealy, founder and CEO of Akoustis, stated, “Maintaining strategic focus, Akoustis persists in driving advancements within the Wi-Fi AP, 5G Infrastructure, and Automotive sectors. Our sales growth is being driven by multiple factors including Wi-Fi 7 design wins with Tier-1 and Tier-2 consumer equipment manufacturers, XBAW foundry orders in the 5G mobile and defense markets, and the introduction of Akoustis’ latest single-crystal piezoelectric nanomaterials and XP3F technology to extend XBAW(R) to frequencies up to 18 GHz.” Mr. Shealy continued, “While the Company continues to drive robust pipeline activity especially in the Wi-Fi space, we have undertaken significant internal expense reductions and cost saving measures that we estimate will reduce our operating expenses annually up to $14 million and in turn extend our cash runway to operating cashflow breakeven.”