The company has had a busy day today with a string of announcements exciting ASX investors.
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The BrainChip Holdings Ltd (ASX: BRN) share price is sharply rebounding to a new monthly high following a number of company releases.
At the time of writing, the artificial intelligence (AI) technology company’s shares are up 9% to 49 cents. This means that in the past week, the BrainChip share price has risen by 21.25%.
In earlier trade on Thursday, the BrainChip share price reached 52 cents, up 15% on yesterday’s close.
What did BrainChip announce?
On Thursday morning, BrainChip provided investors with a raft of announcements that are pushing the share price higher.
The first release stated that the company will now begin taking orders of two Akida AI processor development kits. This includes the X86 Shuttle PC development kit as well as an ARM-based Raspberry Pi development kit. Both kits use the AKD1000 chip on a mini-PCI board.
BrainChip’s offering enables customers to begin internal testing and evaluation of Akida’s “high-performance and ultra-low power AI chip”.
BrainChip September quarter update
In the following update, the company released its quarterly activities report for the period ending 30 September.
Receipts from customers for the quarter were US$0.1 million, a decrease of 42% from US$0.2 million in Q2 FY21. While this may appear negative, BrainChip noted that it expects to release the Akida production units and boards to customers in Q4, potentially leading to increased revenues.
Net operating cash outflows came to US$4 million, up from US$3.1 million in Q2 FY21.
BrainChip declared a cash balance of US$23.9 million compared to US$17.7 million in the prior quarter.
BrainChip CEO, Peter van der Made, commented:
The September Quarter marked another major milestone for BrainChip. With the delivery of the first batch of production Akida chips from our design partner Socionext, BrainChip is the world’s first commercial producer of a neuromorphic artificial intelligence chip.
The Company’s two major objectives as we move forward are to focus on building out our sales and marketing organization in preparation for the official commercial launch of the AKD1000 chip and to continue investing in the R&D necessary to bring the next generation of Akida products to market in order to maintain our competitive advantage.
Fifth foundational patent secured
The third release from BrainChip advised that the United States Patents and Trademarks Office has granted another patent.
Titled “Spontaneous Machine Learning and Feature Extraction”, the patent is the fifth foundational patent awarded to BrainChip since 2008.
The patent is intended to protect the unique ability of the Akida chip to learn in real-time, rather than being trained with many samples.
BrainChip stated that intellectual property (IP) security remains a strong focus for preserving its global competitive advantage.
The company is the world’s first commercial producer of neuromorphic AI chips (Akida1000).
BrainChip share price snapshot
The BrainChip share price has gained 27% over the past 12 months and 12% so far in 2021.
BrainChip shares reached a 52-week high of 77 cents in March 2021 then began moving in circles.
BrainChip has a market capitalisation of about $821 million with almost 1.7 billion shares on its registry.
The post Why the BrainChip (ASX:BRN) share price is rocketing 15% today 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 Bruce Jackson.