30+ cents, page-219

Your valuation seems only referring to Brainchip side.
How about SpikeNet?

My exercises re SpikeNet:

We have already had a big casino client with 10 casinos, are currently being rolled out.

If BRN achieved 1% of the market (26 casinos) with paying 1% of annual saving), annual revenue would be around $12m; 10% of the market with paying 1% of annual saving, that's $119m.

1. SpikeNet

Casino deal is from Spikenet part.
"It is estimated that Game Outcome can save the industry up to US$35 million annually per casino and there are more than 2,600 casinos worldwide. Under the terms of the agreement, BrainChip is being paid a monthly fee for each table that the Game Outcome technology is installed on. The roll out will therefore provide an increased and recurring revenue stream for the Company. "



Apart from first commercial product, Game Outcome, Second product application is currently being trialled across a range of table games including Blackjack, Blackjack Switch and Ultimate Poker.

Further, Game Outcome is planned to be rolled out for baccarat tables in a second Las Vegas casino in the next month(October), followed by a wider rollout to other casinos in the group in due course.



2. Brain Chip (AI)

BrainChip will generate revenue from three primary sources - licensing fees, NRE fees and royalty payments.