- BrainChip (BRN) shares are up today after releasing its March quarter activities report
- The company ended the period with US$20 million (nearly A$26 million) in cash, which is up from the previous quarter’s US$19.1 million (A$25 million)
- During the third quarter, BrainChip had net cash outflows from operating activities of US$3.8 million (approximately A$5 million) compared to US$2.7 million (A$3.4 million) in the prior quarter
- Over the period, BrainChip’s CEO and Managing Director of four and a half years, Louis DiNardo, left the company
- On the market this morning, BrainChip is up 3.36 per cent and is trading at 61.5 cents per share
BrainChip (BRN) shares are up today after releasing its March quarter activities report.
The global technology company is engaged in developing neural computing solutions. It currently has entities in Australia, United States, France and India.
BrainChip has ended the period with US$20 million (nearly A$26 million) in cash, which is up from the previous quarter’s US$19.1 million (A$25 million). Cash inflows included customer receipts of US$1.1 million (A$1.4 million).
During the third quarter, the company had net cash outflows from operating activities of US$3.8 million (approximately A$5 million) compared to US$2.7 million (roughly A$3.4 million) in the prior quarter.
The increase in outflows was due to a milestone payment of US$2.25 million (A$2.9 million) to a major supplier in advance wafer fabrication for the production version of the Akida device.
Over the period, BrainChip’s CEO and Managing Director of four and a half years, Louis DiNardo, left his position. Louis was replaced with co-founder Peter van der Made.
Following the end of the quarter, the company’s design and manufacturing partner, Socionext, released the engineering layout of the production version of the AKD1000 chip to the Taiwan Semiconductor Manufacturing Company.
On the market this morning, BrainChip is up 3.36 per cent and is trading at 61.5 cents per share at 10:02 am AEST.