- Tech developer BrainChip (BRN) teased investors with some highlights from its upcoming quarterly financial report this morning
- At the end of the September quarter, BrainChip had US$12.2 million (roughly A$17.2 million) in the bank
- Since then, however, the company has bolstered its balance sheet even more, with US$17.6 million (roughly A$24.8 million) cash on hand on October 16
- BrainChip also announced it would be launching a podcast to air on the first Tuesday of each month to keep shareholders updated on company and sector information
- On top of this, the company has appointed Rob Telson as Vice President of Sales
- Shares in BrainChip are trading almost eight per cent higher this morning and worth 41 cents each
Tech developer BrainChip (BRN) teased investors with some highlights from its upcoming quarterly financial report this morning.
The company said an official quarterly update will be released on Tuesday, October 20, but in the meantime shared some key developments from the September quarter of 2020.
From a financial point of view, BrainChip ended the September quarter with US$12.2 million (roughly A$17.2 million) in the bank, which is a neat increase on the US$5.3 million (roughly A$7.4 million) the company had at the end of the June quarter.
BrainChip said since the end of September, it has continued to bolster its cash position. On October 16, the company had US$17.6 million (roughly A$24.8 million) cash on hand.
The company said the steady cash inflows were supported by its put option agreement with LDA capital, as well as the exercise of employee and investors stock options.
The company announced this morning it will be launching its own monthly podcast to air on the first Tuesday of each month. On top of keeping shareholders up to date on market and commercial progress, the podcast may also feature special guests from relevant industries.
BrainChip CEO Louis DiNardo said the company is taking a proactive approach to shareholder communication.
"In addition to our quarterly and year-end updates we have determined that a monthly industry-oriented venue would suit the purpose of informing shareholders of industry trends and the company’s progress," Louis said.
On top of this, the company has also appointed a new Vice President of Sales, Rob Telson.
"As we have completed validation and begin to work closely with EAP customers as well as promote the Akida device and intellectual property our sales and marketing efforts will require a highly skilled and experienced team," Louis said.
BrainChip's core focus is its Akida neuromorphic system-on-a-chip (NSoC) device.
The tech is made to target the world of edge computing and smart homes and businesses. Essentially, this type of device has all the power of a personal computer built into one small chip.
Shares in BrainChip are trading 7.89 per cent higher this morning and worth 41 cents each at 10:51 am AEDT.