Akoustis Technologies, 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.
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.
Recent Business Highlights
- Started shipping 5G mobile XBAW filters, incorporating our production released WLP technology, to our tier-1 RF component company customer to support production ramp
- Received order for second filter from first tier-1 5G mobile customer for expected CY24 product ramp
- Delivered second of two 5G mobile filters to second tier-1 customer for down-selection
- Delivered second iteration of initial XBAW filter to third tier-1 mobile customer
- 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 order for new Wi-Fi 6E/Wi-Fi 7 XBAW filters from new second-tier customer
- Introduced new automotive C-V2X filter and began sampling to multiple customers
- Qualified the first of two XBAW resonators for our first timing control customer
- Completed the acquisition of GDSI, a diverse, premium semiconductor back-end services business on January 1, 2023
- 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 89 issued and licensed patents, plus 124 patents pending as of April 28, 2023
Akoustis is actively delivering volume production of its Wi-Fi 6 and 6E tandem filter solutions, shipping multiple 5G small cell XBAW filter solutions, is delivering initial designs of its new 5G mobile filter solutions to multiple customers, and has entered the market with its new Wi-Fi 7 coexistence XBAW filter solutions.
Given its healthy sales funnel activity, as well as ongoing interaction with customers regarding expected ramps in 5G mobile, Wi-Fi 6E and Wi-Fi 7 in calendar 2023, the Company has essentially completed its production capacity expansion increase at its New York fab to approximately 0.5 billion filters per year.
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