Looks to me like a solid quarterly report. The highlights for me were :
1. Cash receipts of A$483,000 for Q2. They specifically say this was from customers."Weebit also received $483k in payment from customers." Leaves no doubt at all that they now have revenues, and customers. These small sums are also consistent with those outlined by Coby in previous talks.
2. It appears that wafers have now been manufactured at DBH (...."DB HiTek, where testing of the initial wafers has started.") and they have started testing them. This should mean they are on track towards qualification in 2025, according to previous indicative timelines.
3. Although they have not given any detail about the nature of the Onsemi agreement, early revenues are still expected (...."Under the agreement, Weebit will receive revenues from licensing, non-recurring engineering (NRE) fees, and royalites based on production volumes.") Hopefully, these cash payments will appear on the balance sheet in future quarterlies in CY2025.
4. Additional cash received in Q2 ".... the Company received R&D grants to further boost its cash position, which included a A$4.5 million grant received from French tax authorities, and an additional A$145k grant from Israel tax authorities."
5. Four new patents granted.
6. $97 million cash in the bank at the start of CY2025.
All IMHO, DYOR
WBT Price at posting:
$2.27 Sentiment: Buy Disclosure: Held
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