Akoustis Technologies Inc Down 16.97% To $1.37 After Earnings Miss

Akoustis Technologies Inc (AKTS) missed earnings projections on 9/6/2023 for Q4 2023.

The consensus among analysts for Akoustis Technologies Inc was for an earnings per share (EPS) loss of $0.17 per share. The firm failed to meet those projections, reporting an EPS loss of $0.21 per share, a negative surprise of $0.04 (-24%). Profits rose 19% year-over-year after reporting an EPS loss of $0.26 per share in its year-ago quarter. The positive growth rate signals that the Technology company is performing well amid recent economic conditions.

Revenues were downbeat at $8.3 million. That is an increase of 60.25% in revenues from the year-ago report and is 1.27% lower than consensus estimates set at $8.4 million.

The stock is down 16.97% to $1.37 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Akoustis Technologies Inc a Bullish Sentiment Rank from InvestorsObserver.

Akoustis Technologies Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 9, putting Akoustis Technologies Inc in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $1.47 on September 1, 2023 and set a 52-week high on February 8, 2023 at $4.96.

Akoustis Technologies Inc is an emerging commercial product company focused on developing, designing, and manufacturing innovative RF filter solutions for the wireless industry, including for products such as smartphones and tablets, network infrastructure equipment, WiFi Customer Premise Equipment and defense applications. The company has developed a proprietary microelectromechanical system based bulk acoustic wave technology and a unique manufacturing process flow, called XBAW, for filters produced for use in RFFE modules. The company derives revenue from the sale of filter products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales.