Akoustis Technologies, Inc. (“Akoustis” or the “Company”), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for wireless applications, has announced a 13% year-over-year increase in quarterly revenue to a record $8.3 million for the fiscal quarter ended June 30, 2023, and record annual sales of $27.1 million, up 77% year-over-year.
With hundreds of active customers, increased activity in the sales and design win pipelines and the semiconductor services business, as well as new product introductions in Wi-Fi 6E and Wi-Fi 7, 5G network infrastructure and the defense market, the Company remains poised for significant growth over the next twenty-four months.
Jeff Shealy, founder and CEO of Akoustis, stated, “Despite the persistent macro challenges, Akoustis was able to deliver its seventh consecutive quarter of record revenue. Our sales growth was driven by multiple factors, including additional 5G mobile shipments to our first tier-1 customer, continued execution in our Wi-Fi business punctuated by the notable entry into the Wi-Fi 7 market, and rebounding sales in both our SAW filter and semiconductor services businesses.”
Akoustis continues to experience strong demand and a growing sales funnel for its XBAW filter solutions, as well as its new XBAW/SAW resonator and oscillator products, and semiconductor back-end services. During the June quarter, the Company shipped 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 fiscal 2024.
Recent Business Highlights
- Introduced new advanced single-crystal material and process that delivers significantly higher power handling and improved harmonics in BAW filters
- Sampled new advanced single-crystal filters to tier-1 enterprise-class Wi-Fi customer
- Launched a new state-of-the-art XBAW foundry service and AI-enabled engineering design software
- Successfully completed fab and OSAT audit with tier-1 smartphone/tablet OEM
- Delivered two new, custom Wi-Fi 7 filters to our tier-2 RF module making customer-developed using our new, advanced foundry process
- Received four Wi-Fi design wins for Wi-Fi 6E and Wi-Fi 7 devices
- Began sampling our new 5.6/6.6 GHz Wi-Fi 6E/7 standard XBAW filter products
- Started production ramp with tier-1 US-based cable carrier company supporting Wi-Fi 6E
- Secured first Wi-Fi 7 design win from enterprise-class customer
- Received Wi-Fi 6E design win and started shipping into the European carrier market
- Successfully delivered demonstrator samples of a new 7 GHz XBAW filter to a tier-1 European 5G network infrastructure OEM
- Awarded a development order for a new massive MIMO filter design from a tier-1 European 5G network infrastructure OEM
- Introduced new automotive C-V2X filter and began sampling to multiple customers
- Delivered the second of two XBAW resonators for our first timing control customer
- Continued DARPA direct-to-phase II (DP2) contract to advance design and manufacturing of XBAW technology for filters and other sensors
- The Company’s XBAW patent portfolio grew to 104 issued and licensed patents, plus 108 patents pending as of August 25, 2023
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