Weebit Nano (WBT) H2 2024 earnings summary

Executive summary

• Achieved first IP licensing revenues of over $1 million, marking a major commercial milestone and validation of ReRAM technology.

• Signed a non-exclusive licensing agreement with Tier-1 foundry DB HiTek and partnered with Efabless to support adoption at SkyWater Technology.

• Demonstrated ReRAM at 150°C and 100K endurance cycles, and showcased a prototype on GlobalFoundries' 22nm wafers.

• Strengthened board and executive team, including the appointment of Naomi Simson as Non-Executive Director.

Financial highlights

• Revenue for FY24 was $1,017,788, compared to nil in FY23.

• Net loss after tax attributable to members increased 6% to $41,245,241 (FY23: $39,038,124).

• Net tangible asset backing per share decreased to 32.53 cents (FY23: 45.09 cents).

• Cash and cash equivalents at 30 June 2024 were $62,831,220 (FY23: $87,957,503).

• No dividends declared or paid for the year.

Outlook and guidance

• Targeting new licensing agreements with foundries, IDMs, and product companies before the end of CY24.

• Expecting ongoing and gradually increasing licensing and non-recurring engineering payments.

• Focus remains on embedded market, with development underway for discrete memory and AI applications.