Inspire Semiconductor (INSSF) Business Update summary

Key milestones and business update

• Achieved tape-out of the Thunderbird chip, marking a transition from pre-revenue to manufacturing with TSMC and partners like ASE and imec.

• Signed a letter of intent for up to $100 million in committed equity financing with a major institutional investor, contingent on uplisting to NASDAQ.

• Initiated process to uplist to NASDAQ, leveraging TSXV infrastructure and aiming for increased liquidity and shareholder value.

• Customer traction is strong, with wins in cybersecurity and partnerships in key HPC segments; initial product shipments to early access customers expected in Q4, with volume ramp in Q1 2025.

• Expanding into computer-aided engineering and cybersecurity markets, reflecting growing customer interest.

Product and technology update

• Thunderbird is designed for HPC applications requiring high precision, scalability, and low latency, with over 6,000 cores per board and open-source compatibility.

• Features a versatile all-CPU architecture, best-in-class energy efficiency, low latency network fabric, and leverages the open RISC-V ecosystem.

• Positioned as a disruptive datacenter accelerator for industries including financial services, CAE, energy, climate modeling, and life sciences.

• Differentiates from AI-focused chips by addressing the need for exact answers in scientific and industrial applications.

• The company is expanding its IP portfolio and planning next-generation products on advanced process nodes.

Market traction and customer feedback

• Industry leaders in HPC and AI have reiterated the need for this system at major global events.

• Competes in markets such as financial trading, cybersecurity, energy optimization, and computational fluid dynamics, where existing GPU solutions are suboptimal.

• Customer agreements are transitioning from early access to formal supply contracts with committed orders.

• The customer base is diversified across industries and geographies, reducing reliance on any single sector.

• Notable endorsements from leading researchers and partners confirm the need for high-precision solutions.