The last relevant communication was the Quarterly Cash Report of 30/09/23 quarter with Activity Update of 31/10/23, referring to the failure to deliver on time - again.
"... As has been reported the pioneering SPL design elements introduced into MEMS GEN-II require adjustments to the fabrication processes. These modifications have proven to be more challenging than originally anticipated by our vendor, as all 3 fabrication facilities required alteration to tools and techniques used in MEMS GEN-I. While our vendor has spared no expense or effort contending with these challenges, it has taken them more time then they originally anticipated, begrudgingly forcing them to adjust first delivery timelines from September-October to Nov- December of 2023. ..."
"... Management’s recent visit with EarthMountain included visits and in-depth discussions with each of the three MEMS fabrication facilities as well as with the packaging facility. The final steps of wafer fabrication and chip packaging have been carefully scrutinized and addressed to satisfaction. Confidentiality agreements and competitive considerations prohibit provision of additional details, but management is satisfied that all remaining issues that have been or might become problematic have been fully addressed.
EarthMountain coordinated our visit to include an elaborate celebration of the official inauguration of their cutting-edge chip packaging facility which is located in China’s Acoustic Valley (Suzhou). At that event management had the opportunity to meet with the many distinguished executives and officials including those related to investments that have so far been entangled in the bureaucratic approval processes. Additional extremely positive visits were held with a number of conglomerates that have been added to our growing list of potential customers awaiting to receive engineering samples of MEMS GEN-II chips. ..."
If they put off expecting delivery of approved commerce-ready chips from Sept/Oct to Nov/Dec where are they now? And also, when did they know this? Dec has come and gone without a single word of explanation or comment. The silence is deafening - and that is not good coming from a speaker company.
My guess - and that's all it is - is that an announcement re the EOFY and the status of the GEN-II chips will be released after 31/12/23. That's because they announced at end of Oct that they then expected to receive finished chips during Nov-Dec, after delays of goodness knows how long.
IF there is any news that they accept the obligation to comment on, then there will need to be a similar follow on announcement to that effect before trade reopens on 2/1/24.
New year, new week, new story.
I can only hope that it is a good news story, even if it is long overdue.
(20min delay)