- Shares in Weebit Nano (WBT) are spiking this morning after investors took well to the company's latest quarterly financial report
- Weebit took some major steps forward over the quarter in developing its resistive random-access-memory (ReRAM) tech
- This included completing the tech stabilisation process for the product, bolstering the Weebit management team, filing for three patents, and more
- The company said its tech is now ready to be transferred to a production fabrication facility, also known as a fab, before the end of the year
- At the end of September, Weebit had just over $9 million in the bank
- Investors seemed to like today's update, with Weebit shares up 21.4 per cent and worth $1.62 in morning trade
Shares in Weebit Nano (WBT) are spiking this morning after investors took well to the company's latest quarterly financial report.
The company took some major steps forward in developing its resistive random-access-memory (ReRAM) tech over the quarter.
A busy quarter
Perhaps the most significant achievement is the recently-completed tech stabilisation process for the product, which verifies that the methods used to produce the tech are repeatable and consistent.
Weebit CEO Coby Hanoch said the successful completion of this stabilisation process is the result of four years of extensive research from the company's research and development team.
Now, the company is on track to transfer the tech to a production fabrication facility, also known as a fab, before the end of the year.
In September, Weebit bolstered its management team by appointing Eran Briman as Vice President of Marketing and Business Development.
According to the company, Eran has extensive knowledge of the semiconductor industry and has previously held major roles in Nasdaq-listed CEVA Inc.
On top of this, Weebit continued working with its French research partner, Leti, to develop its embedded memory module. According to the company, this is the fastest path to commercialisation and as such remains Weebit's key priority.
Finally, the company filed three new patents to protect its ReRAM tech, including a joint patent with Leti.
What about the money?
Over the September quarter, Weebit spent around $1.2 million on operating activities, mostly coming from staff and corporate costs.
However, with $2.75 million pocketed from a share purchase plan during the quarter, the company had just over $9 million in the bank at the end of September.
This means at current spending levels, the company has enough operating cash to last another seven financial quarters. Weebit is yet to start earning customer receipts.
The next steps
Weebit told shareholders today following the technical progress of its tech development, the company has kicked off discussions with a production partner as it gets ready to transfer ints tech to the partner's fab.
"Weebit is moving closer to commercialisation within the embedded memory market with significant technical progress made over the quarter and ongoing discussions with potential partners and customers," Coby said.
"In parallel, we are progressing our development within the standalone market, where our ReRAM technology can address ongoing demand for increased and more efficient memory storage," he said.
He admitted that COVID-induced travel restrictions have the potential to disrupt product testing and commercial discussions with global partners, but the company is doing what it can to mitigate any delays in development.
Shareholders liked the quarterly updated and Weebit shares surged 21.4 per cent higher this morning. At 11:17 am AEDT, shares in the company are worth $1.62 each.