Brainchip Holdings Ltd (ASX: BRN), a company from the software and services sector announced the year-end update of FY2018 in the investor presentation on 3 January 2018. The principal focus of the investor presentation was to present the highlights, lowlights, business update, and its Akida development.
The CEO of the company gave the investor's presentation, Mr. Louis DiNardo highlights his strong team with the headcount as 35. 80% of the total headcount consist of the people from the research and engineering background. The company has also filed for the provisional patents of its intellectual property.
Ten patents are already issued, and ten are still pending. The company has a vision for its GPI ATS Production in January. The company has a strong sales pipeline which is under surveillance. The Akida IC Development is an example from engineering samples which is well on schedule and it’s expected to get delivered in the second half of the FY2019. The conversion of Akida CNN to SNN and its vision application in development. The company has also acquired IP, and its cybersecurity native SNN (social security number) is in function.
FY2018 also reports specific lowlight area of the company and also the necessary actions taken for them. The BC Studio End-User Sales and BC Studio OEM Sales remains weak in FY2018. In this regard, the company has prepared a model for its sales cycle. There was an organizational development for sales. Also, the sales forecast for the first half of FY2019 has come to an end. The product development has also concluded.
In FY2018, the company has entered into a global licensing and development with the GPI (Gaming Partners Int’l) to develop such a technology that supports GPI’s advances ATS. Also, the company received keen interest from the customer after its G2E Conference in Macau and the G2E Conference in Las Vegas. In January 2019, the company is going to release its video analytic system. Before this, the company has made all payment related to the license fee worth US$500,000 and the engineering fee worth US$100,000.
The company has also shared its business updates with SNTech in the Financial year 2018. The company has made specific development at the Lockport School District in New York state for which it has raised an invoice of US$609,135 which is as per the license agreement. However, SN Tech disputed the invoice. There was a preliminary audit of SN Tech’s books and records as per the license agreement, and it was found that the information provided by SN Tech was incomplete. In this regard, the company has directly raised its concern directly from the Lockport School District through a Freedom of Information Act (FOIA) to provide further details regarding the deployment, parties involved and its associated payment that need to pay by Lockport. Once the issue gets resolved, the company is going to look for some legal remedies and will soon share the updates amongst its investors and the shareholders.
BRN also supported in the integration of BC Studio and the Quantum Corporation with ongoing marketing of BC studio. The company launched which provides event-based or math-based edge and IoT solutions. It consumes low power and is of low cost with a small die size with a moderate development cost. With these features, Akida is receiving the Edge interest from the major global companies.
At present, the market price of the share is A$0.095 which is 0.003 points less than the previous trading day’s closing price with the market capitalization of A$102.89 million.
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