BrainChip Holdings Ltd, made significant stridesTeam Veye | 02 Mar 2021 ASX - BRN
BrainChip Holdings Ltd (ASX: BRN)
BrainChip Holdings Ltd (ASX: BRN) a leading provider of ultra-low power high performance AI technology, on 27 January 2021 provided the following update in conjunction with its Appendix 4C lodged for the quarter ending 31 December 2020.
- Cash Balance as of 31 December 2020 US$19.1M
- Confirms Completion of the AkidaTM Production Design
- Company Ships AkidaTM Evaluation Boards
- Company Signs First Akida™ Intellectual Property License Agreement
- NASA places an order under Akida Early Access Program
- Announces Amendment to Financial Instrument
(Chart source: TradingView)
The Company ended the December quarter with US$19.1M in cash compared to US$12.2M in the prior quarter. Subsequent to the quarter the Company increased its cash balance and as of 24 January, 2021 had US$21.8M on balance.
During the quarter, the Company had net cash outflows from operating activities of US$2.69M compared to US$2.2M in the prior quarter. The increase in expenses was primarily to support the Company’s validation of the AkidaTM device, the development of evaluation boards to support the Early Access Program, additional sales and marketing expenses as well as public company expenses associated with significant growth in the Company’s shareholder base
The Company has entered into several additional agreements for its Early Access Program (EAP) and signed its first commercial agreement for the delivery of the Akida intellectual property to a leading Japanese semiconductor company. Further cash receipts from IP and EAP customers are expected in the quarter ending March 2021 (Data Source – Company Reports)
BrainChip had demonstrated great success in advancing AI at the Edge and the commercialization of the AkidaTM device and intellectual property. This success has included partnerships with industry leaders and expansion of the Company’s presence with investors, editors and analysts that follow trends in the artificial intelligence area. The stock is experiencing some dips. Support near $0.485 is expected. The overall bullish move is supported by RSI and MACD. It has strong support at $0.48 at which point it can potentially rebound. The Latest “Buy” was given to “BrainChip Holdings Ltd” at the price of $0.19 on 4 August 2020. It has gained more than 171% in just seven months until now. Veye maintains a "Hold" on “BrainChip Holdings Ltd” at the current price of $0.515
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