Weebit Nano (WBT) Q3 2026 earnings summary

Executive summary

• Achieved key milestones including customer tape-outs, increased revenue expectations, and new agreements with major industry players, including participation in the Korean National Compute-in-Memory Program.

• Raised A$87 million through placements, enabling accelerated R&D, AI program expansion, and market growth.

• Two product companies have reached tape-out, with one already receiving functional prototype wafers, marking a critical step toward mass production and future royalty streams.

• ReRAM technology transfer with Texas Instruments and ongoing progress with onsemi, with ReRAM selected for a major Korean government-funded AI initiative.

• Signed multiple agreements with both large (TI, onsemi) and smaller product companies, expanding the customer base.

Financial highlights

• Upgraded FY26 revenue guidance to at least A$12 million, reflecting strong customer demand and new agreements.

• Quarterly customer cash receipts were A$790,000, impacted by timing of licensing fees and milestone payments.

• R&D expenses for the quarter totaled A$2.9 million; net cash used in operating activities was A$9.45 million.

• Cash and cash equivalents at quarter end were A$71.98 million.

• Revenue is recognized conservatively over the life of technology transfer projects, not immediately upon receipt of payments.

Outlook and guidance

• Plans to sign additional foundries, IDMs, and product customers this year, with expectations for shorter deal cycles compared to previous years.

• Focused on expanding both embedded and AI-related offerings, with a goal to secure the first AI customer within the year.

• Royalties from mass production are not expected before 2026, as product qualification and ramp-up remain lengthy processes.

• FY26 revenue guidance upgraded to at least A$12 million, up from A$10 million, driven by milestone payments and new agreements.

• Focused on expanding ReRAM adoption as a mainstream replacement for flash memory, leveraging increased capital for accelerated growth.