The Chinese language financial services provider 61 Financial covers Brainchip for Chinese speaking Australians much better than some original English language financial services. Go figure:

BrainChip Holding expands cash outflow in the third quarter

2021-04-28 00:25:15 (AET) by Winson Su 3268

AI chip designer BrainChip Holding Ltd (ASX: BRN) announced the third quarter report. The company had US$20 million in cash at the end of the third quarter, compared with US$19.1 million in the previous quarter. The cash inflow includes $1.12 million in revenue from customers and $3 million in exercise proceeds related to the LDA put option agreement and the exercise of employee stock options.

Australian Stock Information Platform-61 Financial, April 28, AI chip designer BrainChip Holding Ltd (ASX: BRN) announced its third quarter report. The company had US$20 million in cash at the end of the third quarter, compared with US$19.1 million in the previous quarter. The cash inflow includes $1.12 million in revenue from customers and $3 million in exercise proceeds related to the LDA put option agreement and the exercise of employee stock options.

In the quarter, the company’s net cash outflow from operating activities was US$3.8 million, compared with US$2.7 million in the previous quarter. The increase in outflow was due to a milestone payment of $2.25 million to a major supplier before the production of the wafer version of Akida devices.

At the end of the quarter, Socionext, the company's design and manufacturing partner, released the engineering layout of the production version of the AKD1000 chip to Taiwan Semiconductor Manufacturing Company. The production unit is expected to be tested in the third quarter.

Other developments in the quarter ending in March:

March 12: BrainChip joins the S&P/ASX 300 index and all common stocks, effective March 22, 2021.

March 16: The company appoints Peter van der Made as interim CEO to replace Louis DiNardo who left the company. The board of directors will continue to look for high-quality and experienced permanent replacements.

April 16th: The company announced that it had changed its stock code on the U.S. OTC market to BRCHP, and submitted an application to upgrade its U.S.-listed stocks to OTCQX, which is provided by OTC Marketplace for the investor-oriented U.S. market International companies of the highest quality level are traded on qualified exchanges. The company is expected to receive approval in the next few weeks.