BrainChip shares are heading north on Wednesday.
The post BrainChip share price powers ahead amid quarterly update appeared first on The Motley Fool Australia. –
The BrainChip Holdings Ltd (ASX: BRN) share price is on the move today.
During early morning trade, the artificial intelligence (AI) technology companyâs shares soared to an intraday high of $1.23.
However, since then it has sightly retraced to $1.21, up 4.21% at the time of writing.
Whatâs driving BrainChip shares higher today?
Despite the S&P/ASX All Technology (ASX: XTX) sector losing ground today, investors are bidding up the BrainChip share price following the release of the companyâs latest quarterly update.
According to the release, BrainChip provided its financial performance and activities report for the quarter ending 30 June 2022.
For the period, BrainChip recorded cash receipts of US$1.2 million. This represents a significant increase on the US$200,000 reported in Q1 FY22.
BrainChip noted that it secured key commercial partnerships with a number of strategic technology and artificial intelligence (AI) software leaders. Combining the respective technologies offers chip designers to optimise and deploy AI and machine learning (ML) technology at the edge.
In addition, net operating cash outflows came to US$2.8 million compared to US$5 million in Q1 FY22.
The company continued to increase its marketing and branding with US$969,000 spent during the quarter.
However, the biggest cost came from its research and development which totalled US$1.7 million.
At the end of the period, BrainChip had US$28.4 million in cash, down from US$31.2 million in the prior quarter.
Based on the above, the company has an estimated 2.5 years (10 quarters) left of available funding without raising capital.
Whatâs next for BrainChip?
Looking ahead, BrainChip said it will focus on deepening existing customer relationships and converting technical evaluations in the coming quarter.
It intends to continue investing in the development of the next-generation Akida IP to extend its technological lead.
BrainChip share price snapshot
In the past month, the BrainChip share price has soared by almost 30% as investor excitement heats up. The company has been busy executing the commercialisation of its Akida neuromorphic IP.
Year-to-date, BrainChip shares are up by more than 75%.
The post BrainChip share price powers ahead amid quarterly update appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras 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 Scott Phillips.
