Great question you asked! His verbatim answer and some other key comments are below:
11:25 mark: "... we have chips in hand, we've built them on a multi project wafer. We've got functional validation which has been completed, networks are running on our device. Valuation boards either are in hand or in development depending on which version you would like to talk about and we have an early access program for customers which include several Fortune 500 companies on a global [indistinct], in the aerospace industry, in the industrial IOT industry, the server market, server / storage market, in the automotive market ...
12:45 mark (in answer to your question): "Two vectors that we're focussing on ... surveillance cameras, sensors in automobiles, sensors in devices that are in aerospace even spacecraft, satellites is another example. We have talked publicly about our engagements in the early access program that we have with the Ford Motor Company, with Valeo who is also big in the sensor fusion arena in the automotive industry. That marketplace is more likely to be taking our intellectual property and incorporating it in their own integrated circuit ..."
"First significant revenue will likely be from an intellectual property licence. Our integrated circuit sales will likely be in the first half of 2021 ... So to answer the question specifically, it's probably late 2020, early 2021. It's kind of a toss up: does a device design limb come through first or is it an intellectual property licence that comes through first. At this point, we're building a sales force over the next quarter or so".
"I should also mention ... on Monday morning, and we will put an announcement out ... we will be doing our quarterly update in advance of our 4C ... which will give a little bit more background on things I'm not really in a position to talk about right now".
15:54 mark (in answer to a question about where he sees the company in 12 month's time): "... given the progress that we've made in product development and we do have early access customers ... in many of the major target markets we have been most focussed on ... in 12 months we will have silicon sales, revenue sales ... moving forward and we will have significant intellectual property licences. I think the next 12 months ... I think 2021 is going to be that year of 'it all comes together'. We've got product in hand, we've got early access customers, we've got commercialisation prospects. So I think 2021 is going to be a very fine year for the company".
A few things stand out to me. First, the fact that there are several Fortune 500 companies in the early access program in different named industries. Second, he talks about early access customers in many of the major target markets (plural). Third, he talks about revenue from both intellectual property licensing (which he describes as significant) as well as integrated circuit sales. He talks with some confidence and gives an imminent timeframe.
In the short term, I am looking forward to the announcement on Monday morning. I also look forward to "late 2020, early 2021" to see the firstsignificant revenue. I can certainly see why he thinks that 2021 will be a very fine year for the company!!
BRN Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
(20min delay)