Key highlights of Weebit Nano Limited's H1 FY24 report

Weebit Nano Limited (ASX: $WBT) has reported a net loss of $25,230,227 for the half-year ended 31 December 2023, primarily attributed to higher research and development costs due to achieving multiple technology milestones. The company recognized its first IP revenue during this period and is well-positioned to secure new licensing and customer agreements with foundries, integrated device manufacturers, and product companies in calendar year 2024.

Executive commentary on H1 FY24 performance and strategic initiatives

The Group delivered several key milestones in the first half of FY24, including signing a non-exclusive licensing agreement with South Korean Tier-1 foundry DB HiTek, receiving its first IP licensing proceeds, and achieving automotive grade-1 qualification in SkyWater's S130 process. The Group also received the first 22nm wafers with its embedded ReRAM from GlobalFoundries and ramped up its sales and marketing activity to increase awareness of its embedded ReRAM technology. The management team has increased its engagement with the broader investment community, presenting at various industry conferences and events.

Summary of Weebit Nano Limited's H1 FY24 report and outlook

Weebit Nano Limited's H1 FY24 report highlights the company's significant progress in securing licensing agreements, achieving IP revenue, and qualifying ReRAM at higher temperature levels. The company's strategic initiatives to engage with foundries, IDMs, and product companies, as well as its increased engagement with the investment community, demonstrate its commitment to commercializing its technology. Looking ahead, Weebit Nano Limited aims to continue its efforts to secure new licensing and customer agreements, generate ongoing revenue from existing customers, and address challenges to progress agreements with product companies. The company's inclusion in the ASX 200 reflects its increased market capitalization and significant commercialization progress, and it has enhanced its governance processes to align with industry best practice.