- Shares in Weebit Nano (WBT) fall in early trade following the release of the company’s latest quarterly financial report
- Weebit tabled negative quarterly cashflow of around $3.5 million as it works to develop and commercialise its resistive random-access-memory (ReRAM) tech
- Importantly, Weebit struck is first commercial deal for the tech over the September quarter with US-based semiconductor foundry SkyWater Technology
- Weebit and SkyWater are now working to transfer and qualify the ReRAM tech in the US fab before the end of 2022
- Shares in Weebit Nano are down 0.88 per cent and trading at $3.37 at 1:29 pm AEDT.
Shares in Weebit Nano (WBT) have fallen in early trade following the release of the company’s latest quarterly financial report.
In the report, Weebit highlighted negative quarterly cashflow of around $3.5 million for the three months to the end of September as it continued working on the development and commercialisation of its resistive random-access-memory (ReRAM) tech.
Over the September quarter, Weebit Nano struck its first commercial deal for the ReRAM tech, licencing the product to volume production with US-based semiconductor foundry SkyWater Technology.
Weebit CEO Coby Hanoch said the first quarter of the 2022 financial year was the most successful quarter for the company so far on both commercial and technical fronts.
“We secured our first commercial deal and successfully demonstrated our ReRAM technology at 28 nanometres (nm),” Mr Hanoch said.
“We are now at an exciting junction in the company’s history, having signed our first licensing deal and significantly increasing the range of potential applications and industries for Weebit Nano’s cutting-edge memory technology.”
He said SkyWater was the “ideal” first partner for the company given its extensive customer base throughout a range of US sectors including defence, automotive, and industrial.
Further, Mr Hanoch said having a fabrication facility — known as a fab — like SkyWater licence its tech was a “strong endorsement” of the Weebit ReRAM product.
Weebit and SkyWater are now working to transfer and qualify the ReRAM tech in the US fab before the end of 2022.
Once the tech is qualified, SkyWater will have a non-exclusive licence to manufacture Weebit’s ReRAM tech in the US.
What’s next for WBT?
Looking ahead, Weebit said it on top of the ReRAM tech qualification work with SkyWater, it planned to provide functional test results of its embedded ReRAM module and sign new licencing agreements with other customers before the end of 2022.
“We are now very focused on actively introducing our technology to potential customers and finding the right ones to engage with on actual products that will use our ReRAM,” Mr Hanoch said.
As far as its cash position goes, Weebit ended September with just shy of $19 million worth of cash in the bank.
Shares in Weebit Nano were down 0.88 per cent and trading at $3.37 at 1:29 pm AEDT. The company has a $420 market cap.