- After an impressive 2020, BrainChip (BRN) seems well placed to take on the coming year with roughly US$21.8 million (around A$28.14 million) in the bank
- As of December 31, the company had US$19.1 million (roughly A$24.66 million) on its balance sheet compared to US$12.2 million (approximately A$15.75 million) the quarter before
- The additional proceeds seen in January came from a combination of proceeds from customers and IP and EAP sales, along with the exercise of employee and investor stock options
- Net cash outflows for the December quarter came to US$2.69 million (about A$3.47 million) compared to US$2.2 million (roughly A$2.84 million) in the prior period
- BrainChip is up 0.81 per cent to $0.62 per share
After an impressive 2020, BrainChip (BRN) seems well placed to take on the coming year with roughly US$21.8 million (roughly A$28.14 million) in the bank.
As of December 31, 2020, the Sydney-based developer of neuromorphic processors has around US$19.1 million (around A$24.66 million) on its balance sheet compared to US$12.2 million (about A$15.75 million) the quarter before.
The additional funds seen throughout January, BrainChip said, came from a combination of proceeds from customers and IP and Early Access Program (EAP) sales, along with the exercise of employee and investor stock options.
Over the last few months, the company achieved several key milestones for its Akida device. These include an IP agreement with NASA that was signed on December 24, the completion of a key step in production design on December 3, and an EAP agreement with VORAGO Technologies on September 2.
While the achievements have given a boost to BrainChip’s share price, which is up by 100 per cent since the start of September last year, they also drove a marginal increase in net cash outflows from operating activities, which grew to US$2.69 million (roughly A$3.47 million) in the December quarter from US$2.2 million (approximately A$2.84 million) in the prior period.
The increase was due primarily to expenses associated with the validation of the Akida device, the development of evaluation boards to support the Early Access Program, additional sales and marketing expenses, and expenses associated with a substantial growth in BrainChip’s shareholder base.
With a number of pivotal agreements now in place, the company said it anticipates receiving further cash receipts from IP and EAP customers in the coming March quarter.
BrainChip is up 0.81 per cent to $0.62 per share at 10:29 am AEDT.