Akoustis Technologies Inc (AKTS) said before open Monday that it lost $0.27 per share in quarter one 2024. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $7 million, missing estimates by $78 thousand.
In the same quarter a year ago, the company lost $0.28 per share on revenue of $5.6 million.
The stock is up 7.05% to $0.60 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 Bearish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 35. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.
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.
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Akoustis Technologies Inc Up 7.05% To $0.60 After Earnings Miss
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