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- Weebit Nano (WBT) spent the March quarter chasing its first commercial agreement and making progress on its embedded memory module
- The memory technology company said discussions have progressed with multiple potential production partners and customers during the period ended March 31
- Weebit said it remains confident in securing an agreement in the coming months, despite an ongoing semiconductor shortage holding up the process
- Development activities continued across both the embedded and discrete memory markets, with its embedded memory module said to be on track to complete the design stage in mid-2021
- Weebit Nano shares are up 5.43 per cent, trading at $2.33
Weebit Nano (WBT) spent the March quarter chasing its first commercial agreement and making progress on its embedded memory module.
The memory technology company said discussions have progressed with multiple potential production partners and customers during the period ended March 31, with hopes of securing its first commercial arrangement by mid-year.
Despite this progress, Weebit said an ongoing semiconductor shortage had been impacting its ability to enter a production agreement but it remains confident in seucring an arrangement in the coming months.
Should this go as planned, however, the company affirms its ReRAM technology is well-placed to capitalise on this demand, offering a “faster and more energy efficient memory than existing Flash technology”.
“Tesla recently recalled 160,000 vehicles because their Flash memory had reached its endurance limit,” Weebit Nano Chief Executive Officer Coby Hanoch commented.
“With Weebit Nano’s ReRAM memory technology having 100 times better endurance than Flash, the market potential of Weebit Nano’s ReRAM technology is significant.”
During the quarter, Weebit and its development partner Leti continued development activities across both the embedded and discrete memory markets, with its embedded memory module said to be on track to complete the design stage in mid-2021.
In terms of finances over the period, WBT received $2.2 million through an options exercise and received approximately $2 million by way of a French Government research and development incentive.
The company’s cash balance came in it $19.9 million by the end of the period, enough to see it through the next 20 quarters based on current spending levels.
Weebit Nano shares are up 5.43 per cent, trading at $2.33 at 11:24 am AEST.
