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Akoustis Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $9.0 million from $7.0 million in the same quarter the previous year. This increase is attributed to a rise in fabrication service revenue.
Cost of revenue for the quarter was $4.7 million, down from $8.1 million in the same quarter of the previous year. The decrease is primarily due to reduced costs associated with RF product revenue.
Research and development expenses were $2.7 million for the quarter, compared to $10.3 million in the previous year, with the decline attributed to lower personnel and facility costs.
General and administrative expenses decreased to $6.9 million from $10.2 million, primarily due to reduced employee compensation and legal fees.
The company reported a net loss of $6.4 million for the quarter, compared to $20.1 million in the previous year. The reduction in loss is driven by increased sales and decreased expenses.
Akoustis had cash and cash equivalents of $12.1 million as of September 30, 2024. The company anticipates that its existing cash resources will fund operations into the third quarter of fiscal 2025, but acknowledges the need for additional capital.
The filing also details the impact of the Qorvo (QRVO-1.28%) Litigation, which resulted in a verdict against the company, awarding Qorvo approximately $38.6 million in damages, and additional awards for attorneys' fees and interest.
Akoustis is considering appealing the Qorvo Litigation outcome and acknowledges the potential need to seek protection under the Bankruptcy Code if additional financing is not secured.
The company continues to focus on developing RF filter solutions and engaging with target customers to evaluate its filter solutions for various applications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Akoustis Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.