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The Sydney, Australia-based BrainChip Holdings Limited (ASX:BRN), along with its subsidiaries, provides neuromorphic computing solutions which is a type of artificial intelligence inspired by the biology of the human neuron.
BrainChip is the first to develop and introduce the proprietary spiking neural network processor which is capable of learning, adapting, identifying and connecting information as does the human brain. This revolutionising technology is entirely digital, low power, cost-effective and can be used across multiple applications like robotics, gaming, financial technology, cybersecurity, speech and speaker recognition, visual image recognition, autonomous learning machines used in exploration and unmanned vehicles and others.
Recently, the company released its product development and business update to the market on February 28th, 2019 throwing light on several ongoing initiatives including the development of AkidaTM , which is the primary focus area as of late. As reported, most of the engineering and marketing resources are directed towards Akida integrated circuit (IC) design. So far, the company has completed the Field Programmable Gate Array for in-house circuit verification of the Neural Processor Core (NPC), and the vendor selection for Application Specific Integrated Circuit (ASIC) manufacturing is also progressing and expected to be finalised shortly.
Besides, BrainChip has also been implementing company restructuring along with a series of expense controls to reallocate resources essential in the progress of Akida product development. These include reduction in the planned spending to US$1.3mm - US$1.5mm annually and the sales and marketing team exclusively dedicated to select original equipment manufacturers (OEMs).
Moreover, concerning the end-user sales and marketing roles, the headcount has been largely reduced, and certain compensations for key management personnel have been waved-off temporarily yet voluntarily post their consent. Following the alteration of these operational and functional dynamics, the execution of the whole process is estimated to ultimately reduce the overall planned spending by 10% to 15%.
Lastly, following the completion of submission of the prototype video analytic system to Gaming Partners International (GPI) in 2018, the Company incessantly worked in partnership with GPI to innovate and incorporate enhancements to the system including integration of Brainchipâs system with GPIâs Advanced Table Solutions (ATSTM). Going forward, BrainChip is working towards the execution of a Commercial Agreement with GPI in line with the current Joint Development and License Agreement.
Meanwhile, BrainChip also announced its unaudited financial and activities report for the year ended December 31st, 2018 with the audited results scheduled for release before March 31st, 2019. The company posted revenues from continuing operations at around USD 947,989 in FY2018, staggeringly up by 252%, on USD 269,496 recorded in FY2017, resulting mainly from the increment in revenues recognised in FY2018 from the GPI agreement. The net loss from continuing operations also increased by 20% year-on-year during the period from USD 13.8 million to USD 16.52 million.
BrainChip is a small cap with AUD 62.99 million market cap and ~ 1.05 billion outstanding shares. No dividend reinvestment plan has been laid out for FY2018. At the end of trading session on February 28th, 2019, the BRN stock closed at a sell-off price of AUD 0.064, up 6.67%, indicating an intra-day gain of AUD 0.004.
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