Akoustis Technologies Inc. missed estimates for the first quarter of fiscal year 2020 with a net loss of $8.98 million. This is compared to an average analyst estimate of a $6.41 million loss, according to Bloomberg data.

Akoustis reported net loss of 30 cents per diluted share, a 36 percent greater loss than average analyst estimates of a loss of 22 cents per share.

The company’s net loss grew 23 percent from the prior year quarter to a loss of $8.98 million from a loss of $7.31 million.

During the same period, total revenue grew to $543 million from $313 million. Cost of revenue also grew from the first quarter of fiscal year 2019 to 2020, to $336 million from $144 million.

Based in Huntersville, North Carolina, Akoustis is a designer and manufacturer of acoustic wave technology.

Akoustis stock was trading at $6.30 per share on Friday morning, down 67 cents.