Earnings call transcript Q4 2023

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Operator

Good day, ladies and gentlemen, and welcome to the Akoustis Technologies Fiscal 2023 Fourth Quarter Conference Call.

As a reminder, this conference call is being recorded. At the conclusion of the company's presentation, Akoustis' management will take questions. [Operator Instructions] A replay of the call will be available on the Investor Relations section of the Akoustis website.

I would now like to turn the floor over to Tom Sepenzis.

Tom Sepenzis

good everyone and the operator, you, morning on to call. Thank XXXX Akoustis' fourth to conference quarter Welcome fiscal call.

of Aichele. joined and CFO, EVP CEO, are Jeff Development, We today Shealy; Ken by Boller; our Founder Business Dave and

development statements orders wins, financial relationships, operating prospects Such design Before we customer as litigation that included and statements subject matters based business and results statements. note of partnering and regarding begin, collaborative or expectations in than are including of predictions to and possible this forward-looking All the other are timing and and historical such operations, forward-looking about as our numerous company's today includes statements uncertainties. expectations on today's outlook. risks of our expected presentation statements are please product forward-looking and and facts conference the call, strategies

no management statements our and made company today's team call. on forward-looking The to assume update any obligation

to Our understanding SEC Please SEC risks important could our factors get refer with that filings uncertainties. actual and mention those Form better and a filed Form differ to to the XX-Q materially. of latest XX-K results cause

directly of also measures addition, A the in presentation akoustis.com. measures. certain to of presented reconciliation our measure GAAP In non-GAAP highlight our the financial to refer release available is will today most in comparable call these earnings Investors section

call Jeff Founder Shealy, of to turn over would now like the to I and CEO Akoustis.

Jeff Shealy

fiscal to quarter everyone you, call. our fourth Tom, welcome and Thank conference

our enterprise activity devices. multiplexer continuing sampling XG XG and ramps tier-X of broad across service of market, to to growth seventh its sequentially. revenue mobile well as filter product quarter provider Wi-Fi in as was by growth in driven within guided During quarter the component RF were sequential deliver up XX% for XE shipments XX% record revenue of customer the quarter, we XX% as sales, increased with was to range consecutive consumer This markets, a for able in June our the our mobile

we June a introduced, rebound our SAW moving detail to in during and describe which the and filter, are quarter, this new gains will experienced I business automotive greater business in products as further shortly. Additionally, expect forward timing control show

we XX% our made customers During revenue, accounted that XBAW sales had of and of XX two top for five greater than the quarter, customers. related up June the six out top customers the

customers XX up top of made revenue. Our our XX%

XX customers top revenue. up Our made of XX%

customers In terms of of were sales, regional our XX based. three out top Asia

respectively. their in two Finally, increased QX Akoustis our revenue top and with XX% sequential X%, customers by

our the by slower-than-expected that XG are corresponds has with focus weakness a component return-to-office market same weak provider as slower peers high service industry. levels, and weeks of the noted challenging rebound consumer environment impacted many a negatively mobile and have implementation We industry handsets, This network experiencing over been particularly consumer demand, -- and and in past markets. in in infrastructure, with the inventory mobile electronics devices automotive, end of electronics customers segments Wi-Fi markets the consumer and several both

be down revenue to XX%. new expect challenges, growth that a will receive continue As we approximately next introduce we to products substantial XX and quarter over for wins the these revenue we the Despite expect new September months. facilitate result, macro design

to like Act Science now would CHIPS XXXX. to involving of I recent and take the moment discuss the a developments

commercialization current proposal Commerce, semiconductor nanotechnology Akoustis' of Department is both nanotechnologies. hubs in of R&D, the DOC DOD Defense, includes activity are R&D program activity Regarding CHIPS or DOD. and the manufacturing, with Department domestic investments and the related by regional Act funding, being programs or the by for of and leading-edge being the high-tech creation of DOC, implemented driven the domestic manufacturing

EW, September. or expect of applications. or contractor DOD submitted We today, five-year budget have contract, Akoustis electronic with million. we over hub one selections currently as lead proposal warfare, program $XXX the an a The has of the if awarded, defense end announce initial of for to focused proposed DOD by award As on their

to semiconductors domestic York both and program. manufacturing seeking at including DOC our for New its packaging expand is advanced the CHIPS footprint, campus, Akoustis America under

and We pre-application Difficulty] awaiting file program the from feedback are end final expect a the we calendar [Technical on application XXXX. DOC, currently year calendar in our and to of the by a year expect

semiconductor packaging plan campus. application our our around New CHIPS on York intend materials, We semiconductor manufacture continue and/or which multiple partners to to manufacturing wafers,

with like would beginning I several primary discuss to updates Wi-Fi. compelling target markets Next, in our

was wins, all June over as gigahertz milestones design expected XE received Wi-Fi of Wi-Fi to X are high-frequency include which well wins, One quarter Wi-Fi solutions, months. the solutions. the These and and our XX design XBAW we next X.X of to additional BAW two deliver wins filter new filter during four as ramp

we multiple customers. quarter, began X times XE approximately feedback four parts June our initial X.X solutions compared positive. been earlier sampling filter to to the size new These generation During and and and Wi-Fi reduction gigahertz has new parts, offer X.X Wi-Fi

for with currently in multiple-out, the first or market. architecture. We MU-MIMO filter these a multi-user, solutions consumer-focused now have a and Wi-Fi X selling received XBAW for solutions customer new that Wi-Fi catalog XE multiple-in, design win filter have Wi-Fi multiple We our are in XE platform,

Wi-Fi and in wins will Wi-Fi continue be to our inventory evidenced our solutions. levels we to improvement demand been deliver by XXXX and catalog has XXXX expect business over the the with in by months months the design do slowing customized inventory normalized our component COVID, the and XX in in XXXX. four in by beyond. X.X post to calendar excess with XXXX, in the quarter, expanding next our rapidly portfolio products driven While shortages by calendar we covering six Wi-Fi Wi-Fi combined of in design X.X driven This returning expect growth the traction, continuing ability impacted overall gigahertz With past market June as AP spectrum strong new gigahertz win

design And X hardware a design Wi-Fi a win next-generation next-generation we win Wi-Fi receive to consumer-focused the with wins September Wi-Fi Looking OEM. ahead, design X expect a class suite receive finally, to expect plan carrier. enterprise we in for also of X points. quarter, solution for secure tier-X U.S.-based we access Further, for to customers our tier-X and a routers with a

I Next, like recent the to discuss our would developments market. in mobile XG

has to that XG tier-X mobile launch filter multiplexer sampling partner We our our June continue for been design into been its the China ship filter in to waiting initial to quarter. the customer baseband its its customer chipset market. has The reference uses and our

our York fab XG quality locations, a a New technology of to validating brought our tier-X passed process. quarter, customer OEM This its our assembly including own tier-X our by test further successfully perform manufacturing June and the audit, handset During mobile two OEM. to was first and and audit offshore the our capability. manufacturing smartphone facility audit tablet Canandaigua, We

a our for company. was milestone this So, major

learning half designs of creating being developed calendar its qualified to newly the are kit, production process X expect to two to ready or and in XXXX. delivered the these customer mobile advance These PDK. our filters foundry We development two new Wi-Fi own with AI product the driven machine our our during and we be tier-X first samples filter developed using for filters continue June customer quarter, using

make to year. begin it decided the redesign has expect to to changes we would customer later first like and this Our minor design,

quarter for an September X.X milestones filter we customer. mobile for receive XG gigahertz a include: tier-X end for anticipated the expect order RF module Our to front Wi-Fi making our

will I infrastructure our business. progress in now discuss our network

CBRS targeting During to the the U.S. shipments June market. our quarter, we customers continued XBAW filter

take carriers the radio to U.S., open Middle network, XG as access improve demands. operators as and calendar flow the Africa in seeing small sub-X broader We the market are expect the the We East developments. ORAN, or Europe, of do XXXX, along data increased cell due inventory existing gigahertz to with throughout networks begin deploy RAN market to market

greater in to improve capacity expect deploy to XG networks expand We service. and carriers numbers in small cells

had in major our We network quarter. business the infrastructure during several June developments

filter a First, of We design XBAW awarded base we MIMO to network OEM. tier-X gigahertz development high-band European massive new aimed the infrastructure from at a samples order XG X XG also for for spectrum were delivered station a OEM the tier-X gigahertz new same successfully filters X applications.

quarter, to working of infrastructure MIMO our engineer X.X customer. fourth gigahertz currently XG we to samples XG September XG Band XX a network in we filter are secure new a Furthermore, expect improved massive the new from U.S. win design solutions. For and

expect and to the provide quarter. We design finalize samples the in December

like I defense And now would our businesses. on other to provide finally, an update and

other for XBAW should the filter introduction solution broadened solution and RFMI, automotive been June SAW we filter to significantly automotive and CVXX achieved We successfully of we our our XBAW potential market. expand in TAM multiple the in several markets our the have defense customers, crystal milestones of the delivering while segment. During CVXX new for new involved automotive our quarter, sampling components. The market

Our operates allows between applications aimed communication device-to-device and within new and at vehicles. CVXX effective safe filter connections for and and gigahertz X.XXX device-to-network for X.XXX providing multiple

performance filter loss capabilities Our range new delivers patented established for CVXX and applications. enables handling connectivity that high low long power

delivered market wider the after asked second for control We for our year. also the timing in successfully resonators two of customers bandwidth the earlier performance

development and of resonator, markets. finalizing product multiple is now jitter at that qualifying the is aimed on are working its customer our low We this end oscillator

order tier-X to new quarter, a the a millimeter for also able wave During were secure for development filter a customer. we XBAW defense

or accompanying competing X-Band in will the are micro-acoustic XBAW satcom technology commercial market segment PCB FRX XG/XG incorporates technology we frequencies from Advanced was both defense This provide introduction the present nanomaterial new Projects which Akoustis that solutions. significant interest material nanomaterial our scale the enables believe spectrum, the incorporates defense Defense revolutionary technology in and coexistence XPXF up bandwidth] radar [wide Ku-Band improved XX Research success solutions and with to gigahertz. XPXF compared a LTCC, in to new receiving that markets. Agency, new significant single-crystal with piezoelectric biggest frequency opportunities We the (ph) our other the upcoming in Our high-Q to developed stack The multi-layer new was and manufacturing and to could and filter material. piezoelectric patented funding DARPA, customer high of IPD, process

BAW the the expect to used WBMS, a timing to control we one in win second management customer. wireless quarter, crystal filter design of the IC battery market a SAW automotive XBAW complete least for qualification oscillator, we For expecting other solutions, defense the tier-X the in and a also and/or resonator used filter, of reference systems, of secure and design, September it or segments, in following: are at

like Ken through would to I hand over highlights. now, the our And financial call to to go

Ken Boller

Jeff. you, Thank

XX, million, and represents XXXX For which an the ended company reported is revenue prior year-over-year. the XX% quarter than of March increase of increase an June XX, XXXX, over the more of ended fourth $X.X quarter XX%

of revenue labor by loss On a operating totaling and for million, amortization $X.X $X.X and $XX.X the was million. of June driven million, depreciation basis, offset of costs million $X.X by GAAP operational $XX.X quarter, million other costs

$XX per in $XX.X GAAP issued a measures share press On per As operating is a was the our share Investors result, corporate this of Reconciliation available basis, these to non-GAAP morning loss available GAAP and non loss section of million amounts GAAP $X.XX. was on net website. net loss corresponding was release million. the the

million CapEx $X.X the the the from equipment spending of of our for QX placed service in we expansion. quarter New was company's last $X.X the York prior as fab million, ordered decline a in

in Cash second operating cash million represents a another down double-digit the spending the is prior row million, in which of from operating improvement in XX% as quarter. was $X.X used $X.X activities quarter

with quarter June the previous equivalents million of end $XX.X and versus of exited the company the million quarter. cash $XX.X at cash The

to In broader to wins inventory correction. associated and will down along be September we us our grow introduce market weakness products challenges, design approximately moving Despite the continue given receive forward. that expect these we revenue with substantially revenue quarter, the expect help we new XX%

closing I back comments. Jeff the call to will over his now for turn

Jeff Shealy

Thank you, Ken.

to call, up I Qorvo. itself by the against defenses matters. asserted continues develop proceed like update brief a company mitigation Akoustis XXXX, and Before on continues. defending strategies its I pending would the case Qorvo on claims With lawsuit in the in litigation respect to in and against intends to vigorously The filed work provide wrap Delaware

the typical the Eastern by of this District filed used Texas, patent These motions to as to as strike in Turning at dismiss infringement early Akoustis well against infringement a litigation. contingents. Qorvo case are has motion Qorvo, filed tactics by of case the motion Akoustis' stage defendants to a

to required in charts Qorvo example, the to its provide that be Qorvo For the of strike, products of argues motion X,XXX accused should infringement for claim individual in Akoustis each case.

takeaway from complexity key with updates One of nature Qorvo. disputes these the Akoustis' and is evolving

Qorvo, with the the assurance of the no the provide the and can as obtain its we in outcome of cases remains to shareholders focused possible best Akoustis interests both disputes advancing Although outcome. to on company

stating a mobile, like Wi-Fi, for to growth the and positioned persistent finish I other the challenging industry, XG months continue are deliver markets. that we by would and now, unit broader top-line next environment to automotive, XX And revenue beyond, and by macro defense over notwithstanding semiconductor driven to

During X control new CVXX the sampled filters, market. including our New and we handset world the and filter manufacturers major successfully provider. of OSAT passed X.X one and the along milestone resonator York for We with audit X.X new from XE June largest introduced our as successful our Wi-Fi new and gigahertz quarter, our fab products, a as well a timing a facility in with tablet at the gigahertz

filters substantial. our opportunity market the patented In high-frequency is conclusion, XBAW and XPXF believe we for

XX, patents a moat to pending IP around technology. XXX we of our XXX issued and we as As substantial continue patents XXXX, August have build

to continue and our on these execution provide diligently achieve updates work objectives stated will continue against our we We of each to going to forward. objectives,

[multiple] Finally, wins would their markets. and for networker across work, XG thank the once account dedication, infrastructure, for like (ph) defense I to passion, automotive, hard our employees and which Wi-Fi, again

have our who and our gigahertz, experienced expanding XG momentum wish also the level in new mobile X by thank the shareholders our wafer driven exceptional company. I to and operate support leading to that also filters XBAW We capabilities. continue market, packing above industry

the the question. please from investment with like with And ahead call go I questions that, to Operator, first would community. for open the

Operator

Please Instructions] Our [Operator today of first with with you. questions. is the Craig-Hallum. line Anthony from question proceed Stoss your Thank

Anthony Stoss

you all questions Congrats, the Hi, the from on today. progress. I in guess, I Jeff. surrounding activity to Three wanted hear

then just can question X paint your revenues? kind a picture you that the Wi-Fi of audit expect facility. passed tablet follow-up. Similar just customer smartphone on have your the I when And of On a side, you volume

Jeff Shealy

Tony, good morning you. to

carrier bright slowdown spot. So, we've as we're the that we've real the pickup activity, and in is seen we said, a seeing which seen the in despite significant X Wi-Fi Wi-Fi a enterprise,

he space. So, Dave also him there specific going on in of while kind customer got of what what terms sees of we let the let and articulate in -- mobile me what's kind activity, the

Dave Aichele

So, good morning, Tony.

starting start and both in X, see of working the later the QX designs Wi-Fi next carrier in runs, picking of we'll that that then, enterprise Active activity got the up On this through and where I is the We've sector engagements, qualifications year. also sector. development are year.

starting both expect quarter that of So, as of we activity right There's customers two deal with are I now. other Wi-Fi customers entrail top-tier with X, that. of these those sectors next that may well pick our And QX to other year. after

we market tier-X milestone tablet, is side. major we've smartphone the highlighted, smartphone other audit. first On of passing successful multiple had as the And audits from segments. we This in one the the had

and side Akoustis the with on accomplishment huge also OSAT our So, provider.

able with in later to as watch. obviously see that be traction We'll we So this to it's better engagement customer. give quarters we're going an and that track one, guidance

Jeff Shealy

let that. to add me Tony, And

that's the where one On with party. an in other area we with we actually engage front, one the directly the OEM. engage third -- where a that's is segments, This mobile

also market. which that, So, our the That others China a part into space. design, by previously headwinds is stated the has more that's has be it, as and sold previously market reference which we some -- that visibility significant as then into a complex in targeting in stated limited we goes to module, outlined China pretty

Anthony Stoss

remain get bigger it. over negative expect Can where sense us question. give you into a metrics even And update grown. on have of you to if margins can need you probably XX%? Gross revenues cash of positive? expect being a kind to when basis? kind them And Got pass gross lastly, while of margins quarterly you maybe now a above flow us on then, What breakeven

Jeff Shealy

Ken Good bring opportunity to in.

So, Ken, you don't why start.

Ken Boller

Good morning, Tony.

Anthony Stoss

morning. Good

Ken Boller

a of [switch improve are one margins our them predominantly over] increasing New as positive. margins, gross we said, of well being our costs. number initiatives as our York a For to of decreasing Those to you lot utilization as (ph), are back-end to fab undertaking of

products initial sizes, by mostly were X.X Our X.X. larger

are Our well as reduces OSATs. are smaller which also our laminate dramatically providers, new with with much lesser the they the as cost products And down size, come associated savings sizes size back-end and in those coming costs much some cost, our as products online.

them So our down positive come we laminate on you'll measures improve that see margins those start new we expect, the reductions to other projects few next will as and in and bring become and quarters.

as when mentioned, same of about also breakeven, occur quarter. October two decline, of cash we've But cost say undertaken the before million to of to in still current million you flow and quarter, which saving XXXX cash seen get $XX quarter that then, guidance each with for of aligning prudent And customer business revenue XX% include will quarters. we to $XX the expect current necessary our to we've the -- operating our note, we model. number I that per our flow resources controls operating expense And last a to initiatives recently, as but

So, cash then as that and we I expect continue see will decline that make measures operating sure taking new And to to improve online. happens. come products we're margins to flow

Jeff Shealy

this Tony, is And Jeff.

the the expect picture, cost savings that, to think and transition to has is gross be and projecting as the kind roughly -- it. we're Ken we stated previously XX% how add with will in to complete plans, gross margins breakeven, modeling cash I of Just the time margins just those the that what we're of range we these flow

Anthony Stoss

Very Thank you. good, guys.

Jeff Shealy

Tony. you, Thank

Operator

Our B. Ellis line is the from Securities. question Craig next with Riley of

Craig Ellis

in down about bit a congratulations you color quarter-on-quarter. I different Ken, groups on and wanted the on the Can talk follow-up September most Jeff and little and September revenues XX% question, the the the customer quarter? taking all gives progress quarter. takes by to for for product for recent thanks the Yeah, the

confidence And in out timeframe be September second quarter for fiscal the the there then, quarterly bottom Jeff, in that would December? revenues your quarter can to you in talk the the be a potential ending decrease further about or

Jeff Shealy

Thank you for the morning. good Craig, comments.

So, relative provide what seeing just let we're me just outline, contrast QX. to over some

So, the carrier following. QX, some by offset mentioned, experience in quarter, the We're and I [indiscernible] to seeing particularly the mobile expect the pickup. September activity class and X enterprise we Wi-Fi slowdown or

quarters. period two of Wi-Fi that see a softness for we So, to in one the

are We slowdown foundry some of services. seeing experiencing the and a seasonal in

as -- some to of connect R&D foundry a a our the also as the some -- that services, program. phase phase X program transitioning X of contracts We right part of have. we government first in have middle or from a in of We're we

certainly we're we the So, September hit make seeing transition. that as in that quarter

front point that that we to I think, of the out to, milestone us, we related were referring that seven every I extremely will put were I'm the in And of customer successful. developing. DARPA we participants, hit program PXF technology to

very So, we're on approach that bullish going forward.

lead finally, of September also And constraints, chain OSATs. supply particularly see in the quarter, and in time particular Asia some our one then, QX we

and really puts -- of but that's we're are that's those macro navigating takes, kind So that the really environment now. the

two I two to inventory projecting quarters. which clear. to buildup there In we terms has in the question Wi-Fi, seeing, channel, one -- be and second think, in bottom, we're what to quarters. in We're projecting been some in we're confidence terms will the that to particularly is September of a script, mentioned confidence the needs one your of

in you if then, December September we're seeing that's some say, But to we comparable model we're the already the quarter nice that quarters. March in up, to. currently products some and to programs internally Wi-Fi picking how back see what we think There's I quarter. quarter those we're wins is, and probably certainly picking I see in it look So, softness, together see those design several coming begin going space, would the for delivering the with up

I've go think addressed So, Any follow-up, I please ahead. your question.

Craig Ellis

the a Jeff. and example. for some customers it's move ramp. production and for The China follow-up potential successful thanks into activity may question use just Yeah, and be the Dave, to with market I'll as And the of an that, all color, digging for mobile into the appreciate different

look leading timeframe, So, November, Singles' where be Week got developing Day early Lunar Golden if further Year seasons New Day we in would key out China and January-February selling mid-XQ. product. October, out then at the players May in new We've

does Thanks, production investors like expect with it partners engaging it take reasonable your ramp selling proxy? look a Dave. you're for would other As module volume more and as be seasons of players, those to if when we a

Dave Aichele

thanks Craig. question, your for Yeah,

I it's touched and think on customer with, Jeff quarter. design. some last made the reference into that a market into we shipments on multiplexer our the this, going component we've that's And -- engaged China a

now. So, we've limited seen right activity

China everybody is depression that think aware I is state the the obviously in. mobile market

the our finger something OEMs we So, direct those pulse obviously, get through It's there. go have do have not to the on that customer, to to visibilities. we

and getting we're so, the traction. on updates And rate quarterly take

watch It's mobile closely. trends until China. guidance some we'll positive that hard any seeing that start in strong So, we market to really give in

really module validated guys The is our as been past, engagements shipped RF -- we've we've that of with implementing other technology. we've have in that been year strategy validating other that calls navigating And have them, on the that the We've those and modules. focused -- we've on think technology it's I the one later is front-end a said in by mainly part quarterly previous guided solutions is models. the shipped focusing we into

underway. still that's So

Obviously, So, we have we more concrete has the platforms visibility see the been updates. rate. right the integrated, take can guidance would we as now to years that outer when better the of provide

Jeff Shealy

to shipments during supply me customer audit And, was passed. just And segment. That's of -- the chain. part reemphasize passed. that, add the did the mobile was that -- from we we actually I our -- add emphasize continue of for that, Craig, want we let part the packaging would that also WLP that We packaging just the quality audit June quarter. the to making critical

end. end. working ship chain on is There's so, really that our And well. to pieces we're delay And the been no from supply our prepared

we've emphasize two So as demonstrated positioned at that how shipments to we're I service want with market least to already quarters. the just last

Craig Ellis

Yes.

well seems that things last a it's like been in, well certainly, If one weak, market executing that I update on Android in on very control, sneak Nice the your Are some specific intermediate guys. and mentioned there potential update questions, it milestones. you DOD all to, and plans source? any points with for investors publicized Act So, especially CHIPS Thanks the Jeff. and to the could is that for China. look relates it funding unusually could you're you either taking can the both as

Jeff Shealy

Yeah. Thank Craig. you,

you have been look contract when don't negotiate -- we negotiated make to award worked of have and of the the we contract, from announcements have because if So, those an be of some notified historically, that to through. we're any terms is time that's and position be make decision don't a those company's -- we've we public to until -- under the

So, of the short we being after it's us, update. This back think the I certainly quarter. we're investors kind until end on will We'll a year an September cycle another have for update. with provide

certainly think when in report would report I under -- then. would me, be update. we'll the anticipate -- So, have excuse timeframe November the an not we before again, And October I early we'd when in contract that will we have again early

Craig Ellis

Dave. Ken. Jeff. Thanks, Thank you, Thanks,

Jeff Shealy

you. Thank

Dave Aichele

Thanks.

Operator

your with Please Our question. line next of question is proceed MKM. from ROTH with Desilva Suji the

Suji Desilva

the Hi, Dave, Jeff. here. on Ken. Hi, progress Congrats

opportunity Thanks. that per can way that relative a content Wi-Fi perhaps that's attach access metrics, penetration point the sense or X be rate, to Wi-Fi size to us about So, it think to think give ramps, would helpful. device how it, about to coming? prior whatever or you ramp Maybe

Jeff Shealy

you. let -- for Well, and morning Suji, thanks comment, me your to good

But newly mobile X. mention filter of two delivered developed a terms during samples for Dave tier-X market the some of comment let customer those the the dynamics, quarter. to So, we I'll Wi-Fi did we in on Wi-Fi

Dave Aichele

Suji. Yes. Good morning,

mentioned So releasing factor. than a X products form smaller and that Ken there generation a is, of family better also are Wi-Fi of we're comments couple previous I new response XE, Wi-Fi but in earlier that think as

size these performance [count] both architectures. and also MIMO attractive, (ph) more a standpoint, it making for So, particularly from higher

with Wi-Fi also to same So, content that demand sales. unit the increasing side. sector carrier and we're as the per I be And the system higher actually dollar in in the is the both with not X, system seeing if or expect enterprise

Wi-Fi overall, increased in the for should be So, X these Akoustis platforms. revenue

examples Some is go they're almost XX%, that seeing XXX% the based architectures how can and up that developing. we're right the filter count on now

they fairly ones. to So, complex previous are

guys high-band are all selectivity think high what Wi-Fi be performance this X. they the enable X in Wi-Fi aware call is operation, particularly filters of to I you that to advantages, or the multi-link requiring MO, able

this can a our best the as a lead definitely in based keeping favor. And we're technology-wise So plays we from technology. as performance on XBAW

So, market seeing activity about and the we're far is as very right deployments. the all what the Wi-Fi bullish direction from X customer as in moving

Suji Desilva

market. Dave, All right. Thanks, my for then the color. on auto the And other question is

prepared mentioned it You remarks. the in

are of the may And OEMs number or on? timing the companies, companies, of handful? kind opportunity module magnitude, to we auto with be Is more it -- revenue trying sense semi to set is you ramp there is it just a of what are they engaged get directly? of customers what's a tier-Xs the systems that? expectations Just companies, And level order than of

Dave Aichele

question. Suji, take I'll the

design you automotive actually three But reference that been to got battery the rolled I've presenting a opportunity on excited of on before road with visiting So, see is years several -- IC will I'm components customers tier-X some We've wireless platforms us. so the It it system. actually the is these management we're about manufacturer. with take and pretty example the out.

that expect we've in got some on Europe activity North Asia, and of so, in and pickup good And to going that America. into is move starting

that said there. I we think So, we're wins. design And some the pretty excited about opportunities be we'd announcing

(ph), than [DTC] to And up that then, and greater been toll the five Asia, activity including starting wise, customers in CVXX CVXX, is so we've to pick collection. we've got sampling

both at we're So, not spectrum looking about of things components, we've we're some TCUs in-house their then, a more more that after. traditional side it closely. those working our the from SAW with to doing ways OEMs and for technology been building recently see that America discrete from other going And oscillators lot are North and BAW are going and subcontractors, that activity [indiscernible] filters systems, the using automotive on on of

there's years. new tier-Xs for activity -- panning So selling obviously and opportunities into greater we're to five of lot production But to a out companies. customers these another of we've couple won't really than got be and and smaller that

Suji Desilva

All right. color, Thanks, team. Dave. Thanks for the

Dave Aichele

Yeah.

Jeff Shealy

Suji. Thanks,

Operator

this the call remarks. you. Shealy hand closing to Thank At I'll for Jeff back time,

Jeff Shealy

today. update We thank I to I very with everyone expectations. Thank want And milestones you look our wish want day. your to current you the opportunity our call against on next to time. a for future to your and that, execution discuss pleasant forward quarter time everybody with speaking our take to for

Operator

This today's will conference. conclude

this your may you lines time. You your Thank for disconnect participation. at

Akoustis (AKTSQ) 6 Sep 232023 Q4 Earnings call transcript