# EDGAR Filing Document

**Accession Number:** 0001584754
**File Stem:** 0001213900-23-008719
**Filing Date:** 2023-2
**Character Count:** 22943
**Document Hash:** 5e1fff001be01c5b4571800f01a72b15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-008719.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001213900-23-008719

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230207

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Akoustis Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001584754
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE & TELEGRAPH APPARATUS [3661]
- **IRS NUMBER:** 331229046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38029
- **FILM NUMBER:** 23592800

**BUSINESS ADDRESS:**
- **STREET 1:** 9805 NORTHCROSS CENTER COURT, SUITE A
- **CITY:** HUNTERSVILLE
- **STATE:** NC
- **ZIP:** 28078
- **BUSINESS PHONE:** 7026054086

**MAIL ADDRESS:**
- **STREET 1:** 9805 NORTHCROSS CENTER COURT, SUITE A
- **CITY:** HUNTERSVILLE
- **STATE:** NC
- **ZIP:** 28078

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DANLAX, CORP.
- **DATE OF NAME CHANGE:** 20130820

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 7, 2023**

**AKOUSTIS TECHNOLOGIES, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38029** | **33-1229046** |
| (State or Other Jurisdiction <br> of Incorporation) | (Commission File Number) | (I.R.S. Employer <br> Identification Number) |

---

**9805 Northcross Center Court, Suite A**

**Huntersville, NC 28078**

(Address of principal executive offices, including zip code)

**704-997-5735**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class: | Trading Symbol: | Name of each exchange on which registered: |
| **Common Stock, $0.001 par value** | **AKTS** | **The Nasdaq Stock Market LLC** <br> **(Nasdaq Capital Market)** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.b-2 of this chapter)

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Conditions.**

On February 7, 2023, Akoustis Technologies, Inc. announced its financial results for the fiscal quarter ended December 31, 2022. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

 **Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press release dated February 7, 2023, furnished herewith.](ea172882ex99-1_akoustis.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Akoustis Technologies, Inc.** | **Akoustis Technologies, Inc.** |
| Date: February 7, 2023 | By: | /s/ Kenneth E. Boller |
|  | Name: | Kenneth E. Boller |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Akoustis Reports Fifth Consecutive Quarter of Record Revenue as Second Quarter Fiscal 2023 Sales Grew over 59% Year-Over-Year** 

 

● **Customer Activity Remains Robust with Expanding Pipelines in 5G Mobile, Wi-Fi CPE, 5G Infrastructure, Automotive, Timing Control and Other Markets** 

● **Akoustis Now has Fifteen Customers in Production with Production Qualified XBAW Filter Products** 

● **Services Portfolio and Back-End Processing Capabilities Expanding with Recent GDSI Acquisition** 

● **Akoustis is Positioning to Re-shore Packaging Capability and Expand its Chip Manufacturing in Upstate New York, USA Leveraging the Recently Passed CHIPS and Science Act of 2022** 

● **Company to Host Investor Update Call Today at 8:00 am ET** 

Charlotte, N.C., February 7, 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 59% year-over-year increase in quarterly revenue to a record $5.9 million for the fiscal quarter ended December 31, 2022.

Based on robust activity in both the sales and design win pipelines, in addition to the recent GDSI acquisition, the Company expects to report another quarter of record revenue in the current March quarter with a sequential increase of 20%-40% despite the ongoing macroeconomic challenges impacting 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. The call-in numbers are 877-407-3982 (domestic) and +01 201-493-6780 (international). The conference call will be webcast live on the Company's website and will be available for playback at the following URL: https://ir.akoustis.com/ir-calendar.

Jeff Shealy, founder and CEO of Akoustis, stated, "Akoustis was able to achieve another quarter of record revenue and continued unit growth in the second quarter of fiscal 2023 despite persistent macro challenges. Our growth is driven largely by production ramps of our patented XBAW<sup>®</sup> RF filter solutions to multiple customers across our diverse end markets, including Wi-Fi 6 and Wi-Fi 6E, infrastructure, timing control, automotive and other markets. I am also pleased to report that with the recent qualification of our wafer-level-packages, we have now entered the 5G mobile device market having recently received our first high-volume XBAW<sup>®</sup> order from a tier-1 customer."

Mr. Shealy added, "As Akoustis manufactures its XBAW<sup>®</sup> semiconductor chips exclusively in Upstate New York, USA, we believe we are an attractive candidate to receive funding from the recently passed CHIPS and Science Act of 2022. Such funding could position Akoustis to expand manufacturing to deliver billions of XBAW<sup>®</sup> RF filter chips annually and enable the Company to service both tier-1 and tier-2 mobile companies for 5G smartphones, as well as other end markets, including 5G networks, high-frequency Wi-Fi devices, and other high-volume wireless markets."

Akoustis continues to experience strong demand and a growing sales funnel for its Wi-Fi, 5G mobile and 5G infrastructure products, including CBRS XBAW<sup>®</sup> filters, as well as its new XBAW<sup>®</sup> and RFMi resonator and oscillator products. During the December quarter, the Company shipped multiple samples of its new 5G XBAW<sup>®</sup> wafers complete with its new, advanced wafer-level packaging (WLP) technology. Akoustis continues to add new Wi-Fi design wins, many of which are expected to ramp into production in calendar 2023.

**Recent Business Highlights**

● Completed the design and qualification for production release of our first wafer-level-packages for the 5G mobile market

● Received our first 5G mobile high-volume order from a tier-1 RF component customer which is expected to begin shipping in the March quarter

● Delivered our first of two RF filter designs for a tier-1 foundry customer that is expected to down-select to one filter for an expected production ramp in calendar 2025

● Announced three new Wi-Fi 6E design wins for MU-MIMO architectures, bringing the total number of Wi-Fi design wins to 20

● Sampled next generation 5.5 GHz and 6.5 GHz Wi-Fi 6E / 7 XBAW<sup>®</sup> filters in chip-scale-packaging offering 4x smaller size compared to prior generations of Akoustis parts and superior out-of-band rejection

● Advanced the new development of multiple new Wi-Fi 7 diplexer and multiplexer products for the notebook, AR/VR and wearable markets

● Started ramp of 3.5 GHz XBAW<sup>®</sup> filter solution for small cell network infrastructure customer

● Received new order for the development of an ultra-high-band demonstrator for a network infrastructure multi-element array from a tier-1 OEM

● Continued ramping production for three Citizens Broadband Radio Service (CBRS) customers with a total of four previously announced network infrastructure design wins

● Demonstrated high frequency resonators targeting X-band applications for large Defense customer

● Continued sampling new 3.7-3.98 GHz C-band filter for the US 5G infrastructure market

● Achieved critical frequency scaling milestone for ongoing Deference Advanced Research Projects Agency (DARPA) contract focused on extending XBAW<sup>®</sup> technology to 18 GHz – milestone enabled by our proprietary, single crystal piezoelectric nanomaterials which are unique to Akoustis in the BAW filter industry

● Started qualification of two XBAW<sup>®</sup> timing control resonator products for first customer

● Continued DARPA direct-to-phase II (DP2) contract to advance design and manufacturing of XBAW<sup>®</sup> technology for filters and other sensors

● Company's XBAW<sup>®</sup> patent portfolio grew to 80 issued and licensed patents plus 127 patents pending as of January 27, 2023

● Announced the acquisition of Grinding & Dicing Services, Inc. ("GDSI"), a diverse, high-margin premium services business that is immediately accretive and offers alignment with our strategy to leverage the CHIPS Act of 2022 to re-shore advanced packaging technology to the US

● Successfully closed an oversubscribed $32 million (net) secondary public offering at $2.75 per share

Akoustis is actively delivering volume production of its Wi-Fi 6 tandem filter solutions, shipping multiple 5G small cell XBAW<sup>®</sup> filter solutions, and delivering initial designs of its new 5G mobile filter solutions to multiple customers and has entered the market with its new Wi-Fi 6E coexistence XBAW<sup>®</sup> filter solutions. To date, Akoustis has received more than 20 customer design wins for its patented XBAW<sup>®</sup> filter solutions.

Given the rapidly growing sales funnel activity, as well as ongoing interaction with customers regarding expected ramps in 5G mobile, Wi-Fi 6 and Wi-Fi 6E in calendar 2023, the Company is completing the annual production capacity increase at its New York fab to approximately 0.5 billion filters per year.

**Second Fiscal Quarter Financial Performance**

**Akoustis Technologies, Inc.**

**Condensed Consolidated Balance Sheets<br> (In thousands, except share data)<br> (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **June 30,**<br>**2022** |
| **Assets** |  |  |
| **Assets:** |  |  |
| Cash and cash equivalents | $46569 | $80485 |
| Accounts receivable | 3171 | 3793 |
| Inventory | 5807 | 4094 |
| Other current assets | 4767 | 3359 |
| **Total current assets** | 60314 | 91731 |
| Property and equipment, net | 54469 | 51157 |
| Goodwill | 8051 | 8051 |
| Intangibles, net | 8267 | 8994 |
| Operating lease right-of-use asset, net | 1088 | 1126 |
| Other assets | 71 | 279 |
| **Total Assets** | $**132260** | $**161338** |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current Liabilities:** |  |  |
| Accounts payable and accrued expenses | $8444 | $11204 |
| Contingent consideration |  | 855 |
| Deferred revenue | 60 | 286 |
| Operating lease liability | 271 | 313 |
| **Total current liabilities** | 8775 | 12658 |
| **Long-term Liabilities:** |  |  |
| Convertible notes payable, net | 43181 | 43731 |
| Contingent consideration | 276 | 591 |
| Operating lease liability | 833 | 811 |
| Other long-term liabilities | 117 | 117 |
| **Total long-term liabilities** | 44407 | 45250 |
| **Total Liabilities** | 53182 | 57908 |
| **Stockholders' Equity** |  |  |
| Preferred stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding |  |  |
| Common stock, $0.001 par value; 125,000,000 shares authorized; 58,161,133, and 57,079,347 shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively | 58 | 57 |
| Additional paid in capital | 316065 | 310171 |
| Accumulated deficit | (237045) | (206798) |
| **Total Stockholders' Equity** | 79078 | 103430 |
| **Total Liabilities and Stockholders' Equity** | $**132260** | $**161338** |

---

**Akoustis Technologies, Inc.**

**Condensed Consolidated Statements of Operations**

**(In thousands, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Three<br> Months<br> Ended<br> December 31,<br> 2022** | **For the <br> Three<br> Months<br> Ended<br> December 31,<br> 2021** | **For the Six<br> Months<br> Ended<br> December 31,<br> 2022** | **For the Six<br> Months<br> Ended<br> December 31,<br> 2021** |
| **Revenue** | $5865 | $3672 | $11432 | $5540 |
| **Cost of revenue** | 5274 | 4549 | 11727 | 7451 |
| **Gross profit (loss)** | **591** | **(877)** | **(295)** | **(1911)** |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 7645 | 9192 | 17730 | 17166 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 5838 | 5146 | 12833 | 9022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **13483** | **14338** | **30563** | **26188** |
| **Loss from operations** | **(12892)** | **(15215)** | **(30858)** | **(28099)** |
| **Other (expense) income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest (expense) income | (702) | 28 | (1445) | 62 |
| &nbsp;&nbsp;&nbsp;Other (expense) income | 5 |  | (9) |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 1616 |  | 1170 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liabilities | 818 |  | 839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other (expense) income** | 1737 | 28 | 555 | 62 |
| **Net loss before income taxes** | $**(11155)** | $**(15187)** | $**(30303)** | $**(28037)** |
| Income Tax Benefit (Expense) | (1) | (58) | 56 | (58) |
| Net Loss | $**(11156)** | $**(15245)** | $**(30247)** | $**(28095)** |
| Net loss (income) attributable to noncontrolling interest |  | (19) |  | (19) |
| **Net loss attributable to common stockholders** | $**(11156)** | $**(15264)** | $**(30247)** | $**(28114)** |
| **Net loss per common share - basic and diluted** | $(0.19) | $(0.29) | $(0.53) | $(0.54) |
| **Weighted average common shares outstanding - basic and diluted** | 57583844 | 52924078 | 57369118 | 52180077 |

---

The following non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP measures exclude significant expenses that are required by GAAP to be recorded in the Company's financial statements and are subject to inherent limitations. Please see reconciliations to comparable GAAP measures below and descriptions of these non-GAAP measures under "Non-GAAP Measures."

Non-GAAP Operating Loss and Non-GAAP Net Loss for the quarters ended December 31, 2022 and 2021 were as follows:

**Akoustis Technologies, Inc.**

**Unaudited Reconciliations of Non-GAAP Financial Measures**

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| <br>**(in thousands)** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| GAAP operating loss | $(12892) | $(15215) |
| Amortization of acquisition-related intangible assets | 348 |  |
| (Gain) on/Loss sale of Fixed Assets | 15 | 2 |
| Common stock issued for services | 1895 | 2900 |
| Non-GAAP operating loss | $(10634) | $(12313) |
| Weighted average common shares outstanding - basic and diluted | 57583844 | 52924078 |
| Non-GAAP operating loss per common share - basic and diluted | $(0.18) | $(0.23) |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| <br>**(in thousands)** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| GAAP net loss | $(11156) | $(15245) |
| Change in fair value of contingent consideration | (1616) |  |
| Change in fair value of derivative liabilities | (818) |  |
| Amortization of acquisition-related intangible assets | 348 |  |
| Debt discount amortization | 146 |  |
| Gain on sale of Fixed Assets | 15 | 2 |
| Common stock issued for services | 1895 | 2900 |
| Non-GAAP net loss | $(11186) | $(12343) |
| Weighted average common shares outstanding - basic and diluted | 57583844 | 52924078 |
| Non-GAAP net loss per common share - basic and diluted | $(0.19) | $(0.23) |

---

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| <br>**(in thousands)** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| GAAP operating loss | $(30858) | $(28099) |
| Amortization of acquisition-related intangible assets | 695 |  |
| Gain on sale of Fixed Assets | 16 | (195) |
| Common stock issued for services | 4244 | 5248 |
| Non-GAAP operating loss | $(25903) | $(23046) |
| Weighted average common shares outstanding - basic and diluted | 57369118 | 52180077 |
| Non-GAAP operating loss per common share - basic and diluted | $(0.45) | $(0.44) |

---

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| <br>**(in thousands)** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| GAAP net loss | $(30247) | $(28095) |
| Change in fair value of contingent consideration | (1170) |  |
| Change in fair value of derivative liabilities | (839) |  |
| Amortization of acquisition-related intangible assets | 695 |  |
| Tax adjustments related to acquisitions |  |  |
| Gain on extinguishment of debt |  |  |
| Gain on sale of Fixed Assets | 16 | (195) |
| Debt discount amortization | 290 |  |
| Common stock issued for services | 4244 | 5248 |
| Non-GAAP net loss | $(27011) | $(23042) |
| Weighted average common shares outstanding - basic and diluted | 57369118 | 52180077 |
| Non-GAAP net loss per common share - basic and diluted | $(0.47) | $(0.44) |

---

**Non-GAAP Measures**

We regularly review a number of metrics, including Non-GAAP Operating Loss and Non-GAAP Net Loss, which are not financial measures calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP Operating Loss represents operating loss before common stock issued for services, amortization of acquisition related intangible assets and gain or loss on the sale of fixed assets. Non-GAAP Net Loss represents net loss before change in fair value of contingent consideration, change in fair value of derivative liabilities, debt discount amortization, gain on extinguishment of debt, gain or loss on disposal of fixed assets, , amortization of acquisition related intangible assets, tax adjustments related to acquisitions and common stock issued for services. The Company believes these non-GAAP measures provide useful information to management, investors and financial analysts regarding certain financial and business trends relating to the Company's financial condition and results of operations. We use these non-GAAP measures to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions.

**About Akoustis Technologies, Inc.**

Akoustis<sup>®</sup> (http://www.akoustis.com/) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW<sup>®</sup> manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications.

Akoustis plans to service the fast growing multi-billion-dollar RF filter market using its integrated device manufacturer (IDM) business model. The Company owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 6-inch diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.

**Forward-Looking Statements**

**Contact:**

COMPANY:<br> Tom Sepenzis<br> Akoustis Technologies<br> VP of Corporate Development & IR<br> (980) 689-4961<br> tsepenzis@akoustis.com

The Del Mar Consulting Group, Inc.<br> Robert B. Prag, President<br> (858) 794-9500<br> bprag@delmarconsulting.com