- Weebit Nano (WBT) has posted a substantial loss in the first half of the 2021 financial year but has continued to progress its random-access memory technology
- The company reported a total comprehensive loss for the period of $7.2 million
- However, the majority of the loss was attributable to research and development expenses
- Due to the funds spent, Weebit has made significant technical and commercial progress
- The company is preparing to commercialise its silicon oxide resistive random-access memory technology
- Following the $15 million capital raise, Weebit is well-funded to progress development and commercialisation activities
- On the market this morning, Weebit is down 4.24 per cent and is trading at $2.26 per share
Weebit Nano (WBT) has posted a substantial loss in the first half of the 2021 financial year but has continued to progress its random-access memory technology.
The company reported a total comprehensive loss for the period of $7.2 million. however, majority of the loss was attributable into research and development expenses.
Due to the funds spent, the tech developer has made significant technical and commercial progress.
During the period, Weebit prepared the first commercial agreements for its silicon oxide resistive random-access memory technology, and strengthened our management and technical capability with the appointments of key executives.
Following the $15 million capital raise, the company is well-funded to progress development and commercialisation activities. At the end of December, Weebit had $18.8 million of cash and cash equivalents.
“Weebit Nano has had a productive start to the 2021 financial year with significant technical and commercial progress over the half year period,” CEO Coby Hanoch said.
“Despite ongoing travel restrictions due to COVID-19, Weebit Nano continues to progress its growth strategy and we are in discussions with multiple production fabs, product companies and potential partners on different types of potential commercial agreements,” he added.
Over the next six months, Weebit focus on completing the development of its memory module, with enhance functionality expected by mid-2021.
The company is also progressing discussions with potential partners and first customers.
On the market this morning, Weebit is down 4.24 per cent and is trading at $2.26 per share at 11:17 am AEDT.