Hello thanks for tuning into Kalkine TV, I’m Holly and this is the Hot Performers – a
show where we take a look at stocks and sectors that could be heating up.
Today we have ASX-listed company BrainChip under the spotlight.
Its shares were up 11.2 per cent at $1.59 during the early trading hours.
So, lets get started.
BrainChip is a global tech company, well renowned for being the world’s first commercial producer
of neuromorphic artificial intelligence chips, has today provided its Quarterly Activities
Report.
The company produces a groundbreaking neuromorphic processor.
After being the hottest stock on the ASX to start the year with, BrainChip’s shares
fell by more than 30% in the past few days as markets tumbled yet following this trading
update, investors have regained their interest in the stock.
Well, safe to say their quarterly filings were highly anticipated and were supposed
to be closely watched.
On that note, let’s have a look at the major details provided by the company today.
Starting with its financial update.
During the three months of its fourth quarter, the company undoubtedly achieved strong growth
in its cash receipts.
Even though these were from a very small base, they were quite proficient, nonetheless.
Receipts from customers for the fourth quarter were US$1.1 million, a whopping increase of
83% from US$0.1 million in the third quarter.
BrainChip announced that it ended the quarter with US$19.4 million in cash and also reported
net operating cash outflows of US$3.4 million, these were US$4 million in the prior quarter,
basically a good improvement.
Payments to suppliers and employees were also up quarter-on-quarter, equaling to US$4.9M
as compared to US$4.3M in the last quarter.
The company reported that this increase primarily came into picture by the payment of US$1 million
as a milestone payment to Socionext to produce the Akida device.
BrainChip had received the first batch of the Akida AKD1000 neuromorphic processor chips
from Socionext America, in order to complete the functionality and performance testing
of the production chips and beginning volume production.
The completion of testing for the production version of the Akida technology, it seems,
has only helped the company’s case.
Well, let us now look at its patent game.
The company announced that during this quarter, the US Patents and Trademarks Office had granted
three key patents to the Company related to its Akida technology.
After the end of December’s quarter BrainChip announced the granting of an additional patent,
totaling the number of Akida technology related patents issued to the Company since 2008 to
eight.
It remains focused on pursuing and maintaining patent protection on all its developments,
be it current or future, across the multiple global jurisdictions in order to retain its
technological edge over the growing number of competitors in the edge AI space.
Some new members were joined in.
BrainChip also got to welcome Mr. Sean Hehir as Chief Executive Officer in the same quarter.
Mr. Hehir officially joined the Company in November 2021, replacing Interim CEO Peter
van der Made.
Mr. van der Made continued his role as CTO and Executive Director to the company.
Mr. Sean Hehir stated that in the coming quarter, the Company will be focused on the Akida go-to-market
strategy refinement and adding additional resources to the sales and Marketing teams.
That’s all for now.
We will be back again with the exclusive Hot Performer stock tomorrow.
Till then, keep watching Kalkine TV for the latest market updates and related insights.
I am Holly, signing off.