Akoustis Receives an Additional Purchase Order for $13
Million XBAW® Filters from
Existing Tier-1 Customer
- Raises Production Commitments for XBAW RF filters from
Tier-1 Customer to greater than $21M, plus a customer option to
increase order quantities
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 that the
Company has received an additional purchase order for $13M from an
existing Tier-1 customer to satisfy the customer’s demand for
seven1 Wi-Fi Access Points (AP) production programs.
The collaboration highlights the robust
relationship with this Wi-Fi Access Point customer. Including the
prior $8M PO announced previously, the purchase orders are valued
at greater than $21 Million and the arrangement also allows the
customer to purchase additional quantities of XBAW RF filters
depending on demand of their Wi-Fi AP product.
“This new purchase order cements the strong
relationship Akoustis has with this Tier1 Wi-Fi AP customer, whose
architecture is well-served by Akoustis’ advanced filter
capabilities and XBAW® products”, stated Colin Hunt, Akoustis VP of
Sales and Business Development. Mr. Hunt continued, “We plan on
delivering several million units over the next 3-4 quarters to this
customer—all of which are produced in our New York fab. This demand
will support our customer’s existing Wi-Fi 6E and their new ramping
Wi-Fi 7 platforms”.
Pursuant to prior purchase orders and this new
purchase order, Akoustis will be delivering a total of ten unique
narrowband and wideband XBAW® filters, four of which are previous
generation and six of which are next generation designs focused on
providing improved performance in a smaller form factor,
demonstrating an overall lower cost platform.
About Akoustis Technologies,
Inc.
Akoustis® (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®
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 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 150-mm 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
This document includes “forward-looking
statements” within the meaning of Section 27A of the Securities
Act, and Section 21E of the Securities Exchange Act of 1934, each
as amended, that are intended to be covered by the “safe harbor”
created by those sections. These forward-looking statements
include, but are not limited to, statements about our estimates,
expectations, beliefs, intentions, plans or strategies for the
future (including our possible future results of operations,
profitability, business strategies, competitive position, potential
growth opportunities, potential market opportunities and the
effects of competition), and the assumptions underlying such
statements. Forward-looking statements include all statements that
are not historical facts and typically are identified by use of
terms such as “may,” “might,” “would,” “will,” “should,” “could,”
“project,” “expect,” “plan,” “strategy,” “anticipate,” “attempt,”
“develop,” “help,” “believe,” “think,” “estimate,” “predict,”
“intend,” “forecast,” “seek,” “potential,” “possible,” “continue,”
“future,” and similar words (including the negative of any of the
foregoing), although some forward-looking statements are expressed
differently. Forward-looking statements are neither historical
facts nor assurances of future results, performance, events or
circumstances. Instead, these forward-looking statements are
based on management’s current beliefs, expectations and
assumptions, and are subject to risks and
uncertainties. Factors that could cause actual results to
differ materially from those currently anticipated include, without
limitation, risks relating to our limited operating history; our
inability to generate revenues or achieve profitability; the
failure of our common stock to meet the minimum requirements for
continued listing on the Nasdaq Capital Market, the impact of a
pandemic or epidemic or natural disaster, including the COVID-19
pandemic, the Russian-Ukrainian and Middle East conflicts and other
sources of volatility on our operations, financial condition and
the worldwide economy, including our ability to access the capital
markets; increases in prices for raw materials, labor, and fuel
caused by rising inflation; our inability to obtain adequate
financing and sustain our status as a going concern; the results of
our research and development activities; our inability to achieve
acceptance of our products in the market; general economic
conditions, including upturns and downturns in the industry;
existing or increased competition; our inability to successfully
scale our New York wafer fabrication facility and related
operations while maintaining quality control and assurance and
avoiding delays in output; contracting with customers and other
parties with greater bargaining power and agreeing to terms and
conditions that may adversely affect our business; the possibility
that the anticipated benefits from business acquisitions will not
be realized in full or at all or may take longer to realize than
expected; the possibility that costs or difficulties related to the
integration of acquired businesses’ operations will be greater than
expected and the possibility of disruptions to our business during
integration efforts and strain on management time and resources;
risks related to doing business in foreign countries, including
rising tensions between the United States and China; any
cybersecurity breaches or other disruptions compromising our
proprietary information and exposing us to liability; our limited
number of patents; failure to obtain, maintain, and enforce our
intellectual property rights; claims of infringement,
misappropriation or misuse of third party intellectual property,
including the lawsuit filed by Qorvo, Inc. in October 2021, that,
regardless of merit, has resulted in significant expense and a
large jury award against us for approximately $38.6 million; our
inability to attract and retain qualified personnel; the outcome of
current and any future litigation; our reliance on third parties to
complete certain processes in connection with the manufacture of
our products; product quality and defects; our inability to
successfully manufacture, market and sell products based on our
technologies; our ability to meet the required specifications of
customers and achieve qualification of our products for commercial
manufacturing in a timely manner; our failure to innovate or adapt
to new or emerging technologies, including in relation to our
competitors; our failure to comply with regulatory requirements;
stock volatility and illiquidity; our failure to implement our
business plans or strategies; our failure to maintain effective
internal control over financial reporting; our failure to obtain or
maintain a Trusted Foundry accreditation or our New York
fabrication facility; and shortages in supplies needed to
manufacture our products, or needed by our customers to manufacture
devices incorporating our products. These and other risks and
uncertainties are described in more detail in the Risk Factors and
Management’s Discussion and Analysis of Financial Condition and
Results of Operations sections of the Company’s most recent Annual
Report on Form 10-K and in subsequently filed Quarterly Reports on
Form 10-Q. Considering these risks, uncertainties and assumptions,
the forward-looking statements regarding future events and
circumstances discussed in this document may not occur, and actual
results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. You
should not rely upon forward-looking statements as predictions of
future events. The forward-looking statements included in this
document speak only as of the date hereof and, except as required
by law, we undertake no obligation to update publicly or privately
any forward-looking statements, whether written or oral, for any
reason after the date of this document to conform these statements
to new information, actual results or to changes in our
expectations.
Contact:
COMPANY:
Kenneth Boller
Akoustis Technologies
Chief Financial Officer
(704) 274-3598
kboller@akoustis.com
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