2025 BrainChip Discussion, page-4742

After several years of observing this management team, I am left with the persistent and uncomfortable reality that we lack any tangible, externally verifiable commercial progress that would allow shareholders, institutional or retail, to properly assess the true performance of this leadership. There are no disclosed key revenue-generating license agreements, no significant multi-year contracts announced, no customer commitments with defined financial metrics. Instead, we are presented with aspirational language about "collaborations," “conversations,” “engagements,” and “ongoing discussions.”

In any properly functioning capital market, companies with emerging or unproven technologies have an obligation — especially when capitalised at hundreds of millions of dollars — to provide transparency around commercial traction, sales pipeline progression, and revenue conversion timelines. This is standard practice globally, and particularly so for technology companies attempting to position themselves as category leaders. BrainChip, regrettably, continues to fall well short of these standards.

A board with appropriate governance experience would by now have established clearer disclosure protocols. The fact that this has not occurred — coupled with continuous dilution via alternative financing structures — only adds to the market's scepticism. Capital markets reward companies that communicate with discipline, transparency, and credibility. At present, this company is not meeting those thresholds.

As I’ve stated previously: if the CEO and management team are delivering the significant commercial progress they suggest in their verbal commentary, it should be easily demonstrable through factual reporting. The absence of this reporting leaves investors to draw their own conclusions.

Until such time as verifiable commercial milestones are delivered, I cannot share the view that this leadership team is “doing a very good job.” The capital markets, judging by the share price, appear to agree.