Weebit Nano (WBT) Q4 2024 TU earnings summary

Executive summary

• Significant technical and business progress, including DB HiTek tape-out, qualification at higher temperatures, and expansion of foundry partnerships.

• Collaboration with Efabless enables faster prototyping of intelligent devices using Weebit ReRAM at SkyWater Technology.

• Demonstrated ReRAM scalability on GlobalFoundries' 22FDX wafers at major industry events, attracting significant customer interest.

• Market momentum shifting decisively toward ReRAM as the preferred NVM solution, with major players like TSMC and Infineon adopting it.

• Board strengthened with Yoav transitioning to non-executive director and addition of new members, enhancing independence and expertise.

Financial highlights

• Cash and cash equivalents at 30 June 2024 totaled A$62.8 million, providing more than two years of operational runway.

• Operating cash outflow for Q4 FY24 was A$4.83 million, with R&D expenses of A$1.6 million net of a French R&D grant.

• Revenue model includes upfront license fees, milestone-based payments, NRE, and eventual royalties, with initial deals structured around milestone payments.

• No immediate cash pressure; focus remains on closing agreements and ramping up revenue.

• No loan facilities or credit standby arrangements were drawn or available at quarter end.

Outlook and guidance

• Technology qualification at DB HiTek expected to complete and be available for mass production in Q2 2025.

• Expectation to announce at least one or two customer or foundry agreements before the end of the year.

• Initial revenue ramp will be gradual, with payments recognized over time as milestones are achieved.

• Plans to complete testing of 22nm GlobalFoundries wafers and demonstrate competitive performance.

• Next 6–12 months expected to bring signed agreements, initial revenue ramp, and deeper engagement with product companies.