The technology company released its quarterly activities report this morning.
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Investors will be keenly watching the Weebit Nano Ltd (ASX: WBT) share price today.
The extra attention comes after the company released its 4th quarter FY21 activities report this morning.
At the time of writing, the Weebit Nano share price is up 6.91% to $2.32.
Let’s take a look at the tech company’s news and how the Weebit share price has performed recently.
Weebit Nano’s quarterly report
Weebit develops next-generation memory technology for the global semiconductor industry.
The company’s flagship ReRam technology is based on silicon oxide, which makes semiconductor memory elements cheaper, faster and more energy efficient.
The company’s report highlighted a key milestone in the development of ReRAM.
In June, Weebit created the industry’s first commercial integration of an oxide-based ReRAM (OxRAM) cell with an ovonic threshold switching (OTS).
Weebit also completed its embedded ReRAM memory module. In addition, the company taped-out (released to manufacturing) a test chip that integrates the module.
For the quarter, Weebit reported approximately $2 million in operating cash flow, courtesy of the French Government. Funds were used for research and development and delivered income of $1.8 million for the quarter.
Commenting on the fourth quarter, Weebit Nano CEO Coby Hanoch noted:
“Weebit Nano made significant steps towards productisation and commercialisation during the quarter, achieving key technical milestones within both the embedded and discrete memory markets. The embedded market remains our key priority at this point, and we successfully completed the tape-out of our memory module design in July.”
What’s the outlook for Weebit?
In its report, Weebit noted that it is focussing on securing its first commercial agreement.
The company highlighted that it is in advanced discussions with multiple potential customers and production partners.
Weebit said that ongoing global semiconductor shortages are impacting the company’s ability to enter into a production agreement.
Other key technical priorities include ongoing improvements to Weebit’s baseline ReRAM technology.
More on the Weebit share price
The Weebit share price received a boost recently after the company announced it had completed the design of its ReRam module.
Despite today’s bullish price action, the Weebit share price remains about 12% lower for the year.
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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.