the Brainchip Holdings Ltd The stock price (ASX: BRN) hit a one-month high this morning after the release of its quarterly update.
Shares of the artificial intelligence company have jumped 13.2% to 43 cents at the time of writing. On the other hand, the All Ordinary (Index: ^ AORD) (ASX: XAO) and the S & P / ASX 200 Index (Index: ^ AXJO) gained around 0.8% each.
Management announced that a number of well-known companies have signed up for its Early Access Program (EAP).
Brainchip shares jumps on key customer trials
These include the Ford Motor Company, Valeo, Vorago Technologies, and the National Aeronautics and Space Administration (NASA).
The program allows organizations to evaluate and test Branchip’s Akida Neuromorphic System-on-Chip (NSoC) offering. Brainchip receives a fee to cover its costs from these organizations to participate in the EAP.
These fees are not the reason why Brainchip recently increased its liquidity.
Brainchip’s cash position improves
The company reported a cash balance of US $ 12.2 million ($ 17.2 million) at the end of the September quarter. This amount has been increased from about US $ 5 million to about US $ 17.6 million this month.
The additional liquidity came from the proceeds of the put option agreement with LDA Capital, as well as the exercise of employee and investor stock options.
Brainchip this morning listed eight million new shares resulting from the conversion of options that were well in the money. Of the total, 4.5 million of these options had an exercise price of 15 cents, while 3.5 million had an exercise price of 20 cents.
How Brainchip Technology Works
The company is promoting Akida as a complete AI chip for neural networks because it does not require external memory or other components to operate.
The key areas targeted by Akida are AI Edge applications for smart transportation, smart home, smart health, and smart industrial IoT.
“With a unique ability to process information such as sight, sound, smell, touch and taste in real time with incremental learning, Akida technology responds to the growing edge AI market that is expected to reach $ 50 billion by 2025, according to a Tractica report ”says Brainchip in his ASX statement.
“Akida provides solutions in a way that cannot be achieved with traditional convolutional neural networks.”
BRN share price outperforms WAAAX
Brainchip’s stock price has outperformed WAAAX tech darlings since early 2020. BRN’s stock price is up over 780% when the Afterpay Ltd The share price (ASX: APT) rose more than 230%.
the WiseTech Global Ltd (ASX: WTC) share price, Altium Limited (ASX: ALU) share price and Xero Limited The stock price (ASX: XRO) is lagging behind with gains of 60% or less.
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Brendon Lau has no position in any of the listed securities. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns stock and recommends Altium. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns shares of Xero. The Motley Fool Australia owns shares in AFTERPAY T FPO, Appen Ltd and WiseTech Global. We fools may not all have the same opinions, but we all believe that considering a diverse range of information makes us better investors. The Motley Fool has a disclosure policy. This article only contains general investment advice (under AFSL 400691). Authorized by Scott Phillips.
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