One slight flaw imo from your post. Though agree with the "if they get there" comment. No guarantee as you say.
"if you use renesas as an example from license to royalty revenue… it’s coming up on 4 years. IF THEY GET THERE. So anyone signing a license right now we won’t see royalties till 2028"
However, must factor in that whilst there was a chip market 4 years ago to try sell into and yeah, Megachips and Renesas were effectively early adopters and others wanted to partner and explore the idea, there was a very limited, if any, industry / consumer mkt for neuromorphic devices imo.
Go back 4 odd years ago and have a look at commentary around it then. The mkt is shifting, unfortunately slower than holders and probs BRN would like, but shift it is.
I would suspect the end user device mkt, industrial / consumer / medical / defence to be slowly starting to mature on neuromorphic and edge, and as such any new licence and product Dev would be more accelerated than the previous 4 yr example you're using.
Like you say, still have to make the sale first though.
BRN Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
(20min delay)