- BrainChip (BRN) has “breakout quarter” for the December 2021 quarter
- The company was granted three additional patents, completed a testing for the production version of the Akida technology and a signed a major licence agreement with MegaChips
- BrainChip reported net operating cash outflows of US$3.4 million (A$4.7 million), compared to US$4 million (A$5.6 million) in the prior period
- At the end of the quarter, the company had US$19.4 million (A$27.25 million) in cash
- BrainChip shares were up 11.2 per cent at $1.59
Technology company BrainChip (BRN) has had another “breakout quarter” in the December 2021 quarter.
Over the quarter, the company was granted three additional patents, completed a testing for the production version of the Akida technology and a signing of another major licence agreement with a top tier customer, MegaChips.
BrainChip reported net operating cash outflows of US$3.4 million (A$4.7 million), compared to US$4 million (A$5.6 million) in the prior period.
Customer receipts for the period were US$1.1 million (A$1.4 million), an 83 per cent increase from the US$100,000 on the previous quarter.
At the end of the December quarter, the company had US$19.4 million (A$27.25 million) in cash.
During the period, BrainChip received the first batch of the Akida AKD1000 neuromorphic
processor chips from Socionext America, completing functionality and performance testing of the production chips and beginning volume production.
This has allowed the company to commence taking orders of the Akida development kits from its partners, large enterprises and original equipment manufacturers for their own testing.
Additionally, BrainChip had management changes over the December quarter, with Sean Hehir appointed as CEO.
Mr Hehir is said to be a proven technology executive with strong commercial skills and experience in driving growth and strategic alliances.
BrainChip shares were up 11.2 per cent at $1.59 at 10:32am AEDT.