OMG imagine getting a secondary off and then doubling within a month!
I wonder if they wish they had waited... Done the secondary at $4?
Wow! B Riley then after the secondary does this:
B. Riley starts Akoustis with Buy on 'robust' growth outlook 01/24 AKTS B. Riley analyst Craig Ellis initiated coverage of Akoustis Technologies with a Buy rating and $9.25 price target. The analyst believes the company offers one of the semiconductor sector's "most robust" 5G sales growth and gross margin expansion outlooks. Akoustis' single-crystal bulk acoustic wave technology is technically robust with a strong patent portfolio and positioned at the radio frequency market's "growthier high end," the analyst tells investors in a research note. The firm believes signs of mobile volume ramps, continued WiFi growth, and progress to cash flow breakeven are stock catalysts.
Akoustis Reports Sixth Consecutive Quarter of Record Revenue with Third Quarter Fiscal 2023 Sales Growing over 160% Year-Over-Year
Akoustis, Inc.
Mon, May 8, 2023,
Akoustis, Inc.
Customer Activity Remains Robust with Expanding Pipelines in 5G Mobile, Wi-Fi CPE, 5G Infrastructure, Automotive, Timing Control, Semiconductor Back-End-Services, and Other Markets
- Completed Acquisition of Grinding & Dicing Services, Inc. (“GDSI”), Adding Back-End Services Business to Portfolio During the March Quarter
- Akoustis Began Shipping into the 5G Mobile Market in Q3 FY23, Ramping the Largest Market by Potential Revenue and Unit Volume
- Submitted Application for the Department of Defense Portion of the CHIPs Act
- Company to Host Investor Update Call Today at 8:00 am ET
Charlotte, N.C., May 08, 2023 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ: AKTS) (“Akoustis” or the “Company”), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, announced today a 160% year-over-year increase in quarterly revenue to a record $7.4 million for the fiscal quarter ended March 31, 2023.
Based on hundreds of active customers, robust activity in the sales and design win pipelines, and the semiconductor services business, as well as new product introductions in 5G mobile, 5G network infrastructure, Wi-Fi 6E and Wi-Fi 7, and the defense market, the Company expects to report another quarter of record revenue in the current June quarter with a sequential increase of 10%-20%, despite the ongoing macroeconomic challenges facing the consumer electronics industry.
Akoustis will host an investor call to provide a business update and outlook, followed by a Q & A session, this morning at 8:00 am ET.
Jeff Shealy, founder and CEO of Akoustis, stated, “Despite the persistent macro challenges, Akoustis was able to deliver its sixth consecutive quarter of record revenue. Our sales growth was driven by multiple factors including 5G mobile shipments to our first tier-1 customer, continued execution in our Wi-Fi business punctuated by the notable entry into the US cable carrier market, our first Wi-Fi 7 design win, and the positive integration of GDSI following its acquisition in January. Additionally, we made inroads in our other areas including defense, timing control, automotive and other markets.”
Akoustis continues to experience strong demand and a growing sales funnel for its Wi-Fi, 5G mobile, and 5G infrastructure products, as well as its new XBAW®/SAW resonator and oscillator products, and semiconductor back-end services. During the June quarter, the Company plans to ship samples of its new 5.6 GHz/6.6 GHz Wi-Fi 6E/7 XBAW® filter products to multiple customers. Akoustis continues to add new Wi-Fi design wins, many of which are expected to ramp into production in calendar 2023.