Akoustis Technologies, Inc. (NASDAQ:AKTS) Q1 2024 Earnings Conference Call November 13, 2023 8:00 AM ET

Company Participants

Tom Sepenzis - IR

Jeff Shealy - Founder & CEO

Ken Boller - CFO

Dave Aichele - EVP of Business Development

Conference Call Participants

Anthony Stoss - Craig-Hallum

Craig Ellis - B. Riley Securities

Suji Desilva - ROTH MKM

Operator

Good day, ladies and gentlemen, and welcome to the Akoustis Technologies Fiscal 2024 First Quarter Conference Call. As a reminder, this conference call is being recorded. At the conclusion of the company 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. Thank you.

Tom Sepenzis

Thank you, operator, and good morning to everyone on the call. Welcome to Akoustis' first quarter fiscal 2024 conference call. We are joined today by our Founder and CEO, Jeff Shealy; CFO, Ken Boller; and EVP of Business Development, Dave Aichele.

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

Such forward-looking statements are predictions based on the company's expectations as of today and are subject to numerous risks and uncertainties. The company and our management team assume no obligation to update any forward-looking statements made on today's call. Our SEC filings mention important factors that could cause actual results to differ materially. Please refer to our latest Form 10-K and Form 10-Q filed with the SEC to get a better understanding of those risks and uncertainties.

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

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

Jeff Shealy

Thank you Ken, and welcome everyone to our fiscal first quarter conference call. Revenue in the September quarter was within our guided range of down 15% sequentially. During the September quarter, we had one customer that made up greater than 10% of our revenue. XBAW related sales accounted for the top five customers and seven out of the top 10 customers.