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Akoustis 3Q24 results -3
08:14 13-May-24
Akoustis has
released
results for its fiscal third quarter:
- a loss of 14 cents per share misses by
2 cents
- from $7.5M of revenue, which misses by
$1.1M
Slow 5G deployments limited growth. The company achieved a gross
profit, possibly for the first time, and cash on the balance sheet
was up to $15.2M at the end of March. However, that's due to 21%
dilution.
Management has reduced quarterly cash burn by almost a third and
projects cash flow breakeven within 9 months, but that is partly due
to the investment tax credit from the CHIPS Act. Since I calculate
cash burn at around $6.5M, investors should expect further dilution
failing some outside help. There is no word on Qorvo so far. We
also saw a $8M Goodwill impairment that is unexplained so far. I am
listening to the conference call now and I am likely to follow up.
CrowdWisers™