Akoustis Studies Third Consecutive Quarter of Document Income as Fourth Quarter Fiscal 2022 Gross sales Grew by Over 140% Yr-Over-Yr

• Ramp in XBAW Filter Income Anticipated to Proceed within the Present Q1 FY23 with a Better Than 200% Yr-Over-Yr Income Improve
• Akoustis Now has Twelve Prospects in Manufacturing with Completed XBAW Filter Merchandise
• Buyer Exercise Stays Sturdy with Increasing Design Win Pipeline in 5G Cell, Wi-Fi CPE, 5G Infrastructure, Automotive, Timing Management and Different Markets
• Akoustis Is Ideally Positioned to Increase Its Chip Manufacturing in Upstate New York, USA and Profit from the Lately Handed CHIPS and Science Act of 2022
• Firm to Host Investor Replace Name At present at 8:00 am ET

Charlotte, N.C., Sept. 12, 2022 (GLOBE NEWSWIRE) — Akoustis Applied sciences, Inc. (NASDAQ: AKTS) (“Akoustis” or the “Firm”), an built-in gadget producer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for cell and different wi-fi functions, introduced at the moment a better than 140% year-over-year improve in quarterly income to a file $5.2 million for the fourth fiscal 2022 quarter ended June 30, 2022.

Primarily based on sturdy exercise in each the gross sales and design win pipelines, the Firm expects to report one other quarter of file income within the present September quarter with a year-over-year improve of better than 200%, regardless of the continuing provide chain challenges within the client electronics business. The Firm had $80.5 million in money as of June 30, 2022.

Akoustis will host an investor name to offer a enterprise replace and outlook, adopted by a Q & A session this morning at 8:00 am ET. The decision-in numbers are 877-407-3982 (home) or +01 201-493-6780 (worldwide). The convention name can be webcast reside on the Firm’s web site and can be accessible for playback on the following URL: https://ir.akoustis.com/ir-calendar.

Jeff Shealy, founder and CEO of Akoustis, acknowledged, “Akoustis was capable of obtain one other quarter of file income and unit development in June regardless of the persistent macro challenges offered from COVID lockdowns, provide chain disruptions and semiconductor chip shortages. Our development is being pushed by manufacturing ramps of our patented XBAW^® RF filter options to a number of prospects throughout our numerous finish markets together with Wi-Fi 6, Wi-Fi 6E, 5G cell and community infrastructure, timing management, automotive and different markets.”

Mr. Shealy added, “As Akoustis manufactures its XBAW^® semiconductor chips completely in Upstate New York, USA for client wi-fi units, we imagine we’re a lovely candidate to obtain funding from the not too long ago handed CHIPS and Science Act of 2022.  Such funding may place Akoustis to develop manufacturing to ship billions of XBAW^® RF filter chips yearly and place the Firm to service each tier 1 and tier 2 cell corporations for 5G smartphones, in addition to different finish markets together with 5G networks, high-frequency Wi-Fi units, and different high-volume wi-fi markets.”

Akoustis continues to expertise sturdy demand and a rising gross sales funnel for its Wi-Fi, 5G cell and 5G infrastructure merchandise together with CBRS XBAW^® filters, in addition to its new XBAW^® and RFMi resonator and oscillator merchandise. Through the June quarter, the Firm shipped a number of samples of its new 5G XBAW^® wafers full with its new, superior wafer-level packaging (WLP) know-how. Akoustis continues so as to add new Wi-Fi design wins, lots of that are anticipated to ramp into manufacturing in calendar 2022.

Latest Enterprise Highlights

• Introduced two new Wi-Fi 6E design wins for MU-MIMO architectures, bringing the entire variety of Wi-Fi design wins to fifteen
• Started sampling subsequent era Wi-Fi 6E / Wi-Fi 7 XBAW^® filters in chip-scale-packaging providing 4x smaller measurement in comparison with prior generations of Akoustis components and superior out-of-band rejection
• Iterated second design of latest Wi-Fi 7 diplexer to Fortune 100 PC chipset buyer and shipped samples in WLP
• Obtained a brand new improvement order from a Fortune 100 Web firm for a number of new Wi-Fi 7 diplexer merchandise for the AR/VR and wearable markets
• Continued ramp of a number of Wi-Fi 6 and Wi-Fi 6E prospects
• Absolutely certified 4 Wi-Fi 6E XBAW^® filter options
• Developed first samples of two new 5G cell XBAW^® filters for tier-1 RF module maker
• Shipped second pattern of a 5G cell filter to tier-1 RF part buyer in new, superior WLP
• Iterated second 5G cell XBAW^® filter design for first foundry buyer and acquired a purchase order order for added filter designs
• Continued the migration of the event and manufacture of latest Akoustis’ WLP course of into the New York fab
• Ramped preliminary manufacturing for 3 Residents Broadband Radio Service (CBRS) prospects
• Started sampling new 3.7-3.98 GHz C-band filter for the US 5G infrastructure market
• Awarded new multi-year, multi-million-dollar DARPA contract to advance XBAW^® know-how to 18 GHz
• Continued DARPA direct-to-phase II (DP2) contract to advance design and manufacturing of XBAW^® know-how for filters and different sensors
• Accomplished the acquisition of the remaining curiosity in RFM Built-in Machine Inc. (RFMi) – a RF product chief with over 400 RF SAW resonator & filter and crystal resonator & VCO timing management merchandise in its increasing portfolio
• Firm’s XBAW^® patent portfolio grew to 67 issued and licensed patents plus 117 patents pending as of August 30, 2022

Akoustis is actively delivering quantity manufacturing of its Wi-Fi 6 tandem filter options, transport a number of 5G small cell XBAW^® filter options, delivering preliminary designs of its new 5G cell filter options to a number of prospects and is now coming into the market with its new Wi-Fi 6E coexistence XBAW^® filter options. Up to now, Akoustis has acquired greater than 20 buyer design wins for its patented XBAW^® filter options.

Given the quickly rising gross sales funnel exercise, in addition to ongoing interplay with prospects concerning anticipated ramps in 5G cell, Wi-Fi 6 and Wi-Fi 6E in calendar 2022, the Firm is growing the annual manufacturing capability at its New York fab to roughly 0.5 billion filters per yr.

Fiscal Yr Monetary Efficiency

The next non-GAAP measures shouldn’t be thought of an alternative to, or superior to, monetary measures calculated in accordance with GAAP. These non-GAAP measures exclude important bills which can be required by GAAP to be recorded within the Firm’s monetary statements and are topic to inherent limitations. Please see reconciliations to comparable GAAP measures under and descriptions of those non-GAAP measures beneath “Non-GAAP Measures.”

Non-GAAP Working Loss and Non-GAAP Internet Loss for the yr ended June 30, 2022, and 2021 had been as follows:

Non-GAAP Measures

We frequently evaluate quite a few metrics, together with Non-GAAP Working Loss and Non-GAAP Internet Loss, which aren’t monetary measures calculated in accordance with usually accepted accounting ideas in the US (“GAAP”). Non-GAAP Working Loss represents working loss earlier than frequent inventory issued for companies and achieve or loss on the sale of fastened belongings. Non-GAAP Internet Loss represents web loss earlier than change in truthful worth of contingent consideration, change in truthful worth of spinoff liabilities, debt low cost amortization, achieve on extinguishment of debt, achieve or loss on sale of fastened belongings, tax changes associated to acquisitions and customary inventory issued for companies. The Firm believes these non-GAAP measures present helpful data to administration, traders and monetary analysts concerning sure monetary and enterprise traits regarding the Firm’s monetary situation and outcomes of operations. We use these non-GAAP measures to judge our enterprise, measure our efficiency, determine traits affecting our enterprise, formulate monetary projections and make strategic choices.

About Akoustis Applied sciences, Inc.

Akoustis^® (http://www.akoustis.com/) is a high-tech BAW RF filter options firm that’s pioneering next-generation supplies science and MEMS wafer manufacturing to deal with the market necessities for improved RF filters – concentrating on greater bandwidth, greater working frequencies and better output energy in comparison with incumbent polycrystalline BAW know-how deployed at the moment. The Firm makes use of its proprietary and patented XBAW^® manufacturing course of to supply bulk acoustic wave RF filters for cell and different wi-fi markets, which facilitate sign acquisition and speed up band efficiency between the antenna and digital again finish. Superior efficiency is pushed by the numerous advances of poly-crystal, high-purity and single-crystal piezoelectric supplies and the resonator-filter course of know-how which allows optimum trade-offs between crucial energy, frequency and bandwidth efficiency specs. 

Akoustis plans to service the quick rising multi-billion-dollar RF filter market utilizing its built-in gadget producer (IDM) enterprise mannequin. The Firm owns and operates a 120,000 sq. ft. ISO-9001:2015 registered industrial wafer-manufacturing facility positioned in Canandaigua, NY, which features a class 100 / class 1000 cleanroom facility – tooled for 150-mm diameter wafers – for the design, improvement, fabrication and packaging of RF filters, MEMS and different semiconductor units. Akoustis Applied sciences, Inc. is headquartered within the Piedmont know-how hall close to Charlotte, North Carolina.

Ahead-Wanting Statements

This doc contains “forward-looking statements” throughout the that means of Part 27A of the Securities Act, and Part 21E of the Securities Trade Act of 1934, every as amended, which can be meant to be lined by the “protected harbor” created by these sections. These forward-looking statements embody, however usually are not restricted to, statements about our estimates, expectations, beliefs, intentions, plans or methods for the long run (together with our potential future outcomes of operations, enterprise methods, aggressive place, potential development alternatives, potential market alternatives and the consequences of competitors), the anticipated advantages of the acquisition of RFMi and provide settlement with Tai-Noticed, together with estimated synergies and different monetary impacts, and the assumptions underlying such statements. Ahead-looking statements embody all statements that aren’t historic details and usually are recognized by use of phrases comparable to “could,” “would possibly,” “would,” “will,” “ought to,” “may,” “venture,” “count on,” “plan,” “technique,” “anticipate,” “try,” “develop,” “assist,” “imagine,” “assume,” “estimate,” “predict,” “intend,” “forecast,” “search,” “potential,” “potential,” “proceed,” “future,” and comparable phrases (together with the adverse of any of the foregoing), though some forward-looking statements are expressed in a different way. Ahead-looking statements are neither historic details nor assurances of future outcomes, efficiency, occasions or circumstances. As a substitute, these forward-looking statements are primarily based on administration’s present beliefs, expectations and assumptions and are topic to dangers and uncertainties. Components that might trigger precise outcomes to vary materially from these presently anticipated embody, with out limitation, dangers regarding our means to acquire satisfactory financing and maintain our standing as a going concern; our restricted working historical past; our lack of ability to generate revenues or obtain profitability;  the outcomes of our analysis and improvement actions; our lack of ability to realize acceptance of our merchandise available in the market; the chance that the anticipated advantages from enterprise acquisitions (together with the acquisition of RFMi) can’t be realized in full or in any respect or could take longer to appreciate than anticipated; the chance that prices or difficulties associated to the mixing of acquired companies’ (together with RFMi’s) operations can be better than anticipated and the opportunity of disruptions to our enterprise throughout integration efforts and pressure on administration time and assets; the affect of a pandemic or epidemic or a pure catastrophe, together with the COVID-19 pandemic, on our operations, monetary situation and the worldwide economic system, together with its affect on our means to entry the capital markets; basic financial situations, together with upturns and downturns within the business; shortages in provides wanted to fabricate our merchandise, or wanted by our prospects to fabricate units incorporating our merchandise; our restricted variety of patents; failure to acquire, preserve, and implement our mental property rights; claims of infringement, misappropriation or misuse of third celebration mental property that, no matter benefit, may end in important expense and lack of our mental property rights; our lack of ability to draw and retain certified personnel; our reliance on third events to finish sure processes in reference to the manufacture of our merchandise; product high quality and defects; present or elevated competitors; our means to efficiently manufacture, market and promote merchandise primarily based on our applied sciences; our means to fulfill the required specs of consumers and obtain qualification of our merchandise for industrial manufacturing in a well timed method; our means to efficiently scale our New York wafer fabrication facility and associated operations whereas sustaining high quality management and assurance and avoiding delays in output; the speed and diploma of market acceptance of any of our merchandise; our means to realize design wins from present and future prospects; contracting with prospects and different events with better bargaining energy and agreeing to phrases and situations which will adversely have an effect on our enterprise; dangers associated to doing enterprise in international nations, together with China; any safety breaches, cyber-attacks or different disruptions compromising our proprietary data and exposing us to legal responsibility; our failure to innovate or adapt to new or rising applied sciences; our failure to adjust to regulatory necessities; outcomes of any arbitration or litigation which will come up; inventory volatility and illiquidity; dilution attributable to any future issuance of frequent inventory or securities which can be convertible into or exercisable for frequent inventory; our failure to implement our enterprise plans or methods; and our means to take care of efficient inside management over monetary reporting. These and different dangers and uncertainties are described in additional element within the Danger Components and Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations sections of the Firm’s most up-to-date Annual Report on Kind 10-Ok and in subsequently filed Quarterly Studies on Kind 10-Q. Contemplating these dangers, uncertainties and assumptions, the forward-looking statements concerning future occasions and circumstances mentioned on this doc could not happen, and precise outcomes may differ materially and adversely from these anticipated or implied within the forward-looking statements. You shouldn’t rely on forward-looking statements as predictions of future occasions. The forward-looking statements included on this doc communicate solely as of the date hereof and, besides as required by regulation, we undertake no obligation to replace publicly or privately any forward-looking statements, whether or not written or oral, for any purpose after the date of this doc to evolve these statements to new data, precise outcomes or to modifications in our expectations.

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Contact:

COMPANY:
Tom Sepenzis
Akoustis Applied sciences
VP of Company Growth & IR
(980) 689-4961
[email protected]

The Del Mar Consulting Group, Inc.
Robert B. Prag, President
(858) 794-9500
[email protected]