Weebit Nano Q4 FY24 activities report

Weebit Nano Ltd (ASX: $WBT) has released its quarterly activities report for the quarter ended 30 June 2024 (Q4 FY24), along with the Company's Appendix 4C cash flow report. The company has achieved significant milestones, including taping-out its first demo chips at DB HiTek, progressing licensing negotiations with leading foundries, IDMs, and product companies, and collaborating with Efabless to enable faster and more efficient prototyping of intelligent devices using Weebit ReRAM at SkyWater Technology.

Executive commentary on Q4 FY24 activities

Weebit Nano CEO Coby Hanoch stated, 'Weebit Nano continues to advance its embedded ReRAM IP, taping-out its first demo chips at DB HiTek, partnering with chip prototyping platform Efabless, and progressing negotiations with many of the world's leading foundries and IDMs to provide their extensive customer bases with access to Weebit's ReRAM. We're moving quickly to have our IP available at Tier-1 foundry DB HiTek, nearing completion of the technology transfer with the release to manufacturing of the first demo chips. In parallel with our technical progress, we're also engaged with several DB HiTek customers and are working to secure licensing agreements with them. These discussions are being driven by increased demand from fabless product companies for ReRAM IP, given industry recognition that ReRAM is the leading technology replacing embedded flash in next-generation devices.'

Summary of Q4 FY24 activities and outlook

Weebit Nano has made significant progress in advancing its ReRAM technology, including taping-out its first demo chips at DB HiTek and collaborating with Efabless to facilitate faster and more efficient prototyping of intelligent devices. The company is also engaged in licensing negotiations with leading foundries, IDMs, and product companies, aiming to provide access to Weebit's ReRAM to their extensive customer bases. With a strong cash balance of A$63 million as at 30 June 2024, Weebit Nano is well-funded to execute its commercialization plans and achieve milestones in 2024, such as signing additional customer agreements and completing technology transfer in DB HiTek's production fab. The company's confidence in its embedded ReRAM technology and commercialization opportunities is reflected in the optimism of its Board and management team, as well as the recent share purchases by several Directors, including CEO Coby Hanoch. Weebit Nano's participation in leading industry conferences and trade shows is increasing awareness of the benefits of its ReRAM technology and supporting discussions with potential partners and customers, indicating a positive outlook for the company's future endeavors.