BrainChip Holdings Ltd Reported 252% growth in its Revenue for FY 2018

Leading neuromorphic computing company, BrainChip Holdings Ltd (ASX:BRN) has reported revenues of $947,989 for the year ended 31 December 2018, up 252% on the previous corresponding period (pcp). The increase in the revenue was largely attributable to revenues recognized in 2018 from the Gaming Partners International (GPI) agreement. Further, the company reported a net loss after income tax of $16.52 million in 2018 as compared to the loss of $13.77 million in pcp, representing an increase of 20%.

The company’s one of the most significant achievement of 2018 was the announcement of Akida Development Environment (ADE) which is an artificial intelligence framework for the revolutionary Akida Neuromorphic System-on-Chip. This environment supports the development of AI Edge products and it includes the Akida execution engine, the necessary data-to-spike converters, and a “model zoo” of spiking neural network applications and conversion of existing Convolutional Neural Networks (CNN) to SNN.

As per the company’s announcement, the development of Akida is proceeding well, with refinements from inputs of early access potential customers. The Company has implemented the Akida NPC in a Field Programmable Gate Array (FPGA) for internal use in evaluation. This is an important step in the process of developing a complex IC as it provides verification of the logic design, thereby improving prospects for a successful implementation before incurring manufacturing expenses.

During the year, the company signed a Licensing and Development Agreement with Gaming Partners International to integrate the Company’s pattern recognition technology with GPI’s Automated Table System (ATS^TM).

Recently in February 2019, the Company expanded the distribution network of BrainChip Studio in Europe with the engagement of Novo Technologies in Greece and Cypress.

In 2018, the company’s Research & development (R&D) expenses increased by 80% to $3.969 million, driven by the increase in the number of technical staff employed, increase in the amortization expense of the capitalized intangible assets, write off of capitalized costs related to the Studio project.

During the year, the company’s selling & marketing expenses increased by 188% to $1.465 million which reflects the growth in personnel costs including two contracting sale personnel and related costs including such costs as trade show and customer demos, to showcase the company products, and travel expenses.

At the end of 2018, the company had consolidated net assets of $8.879 million which includes cash and cash equivalents of $7.543 million.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is traded at a price of $0.70, up by 9.375% during the day’s trade with a market capitalization of ~$67.19 Mn. The counter opened the day at $0.64 and reached the day’s high of $0.072 and touched a day’s low of $0.063 with a daily volume of ~3,912,240. The stock has provided a year till date return of -34.69% & also posted returns of -63.43%, -52.59% & -31.18% over the past six months, three & one-months period respectively. It had a 52-week high price of $0.20 and touched 52 weeks low of $ 0.058.

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