TRIM
I found the report fairly superficial on the tech front. It recites some tech facts and some "alternative" tech facts, but does not evince a deep understanding of the tech.
It is also unduly pessimistic on the commercialization front.
While Table 12 lists numerous partnerships and collaborations, this passage from page 15 does not these into account in calculating the time to market, relying instead on the signing of IP licences as the starting point:
"
Until BrainChip earns any royalties from its licensing agreements, then it is expected to run at a loss. However, there is significant uncertainty as to when this will happen since it also depends on how long it will take the licensees to develop and manufacture their products that use the Akida IP. According to BRN management, it could take a minimum of 2-3 years for simpler consumer applications or 5-10 years for more complex industries such as automotive, industrial, etc. Hence, we developed several scenarios as to the timing of royalty revenues. Our valuation largely hinges on the prospects after 5 years (2030 onwards), since we don’t expect any current licensees to have any products developed/launched within the next 5 years (there hasn’t been any significant activity in terms of product development with regards to licensees Renesas and MegaChips, according to BrainChip)."
As we have seen customers like Onsor can spring up fully formed. We have had a partnership with Prophesee for several years, and Arquimea suddenly appears:
https://brainchip.com/brainchip-gives-the-edge-to-search-and-rescue-operations/
FG/ESA, BH/DoD, RTX/AFRL- the green shoots have sprouted and are beginning to bear fruit. How many of these partnerships are about to break through the topsoil?
I consider the M2 cybersecurity board (QV/Celpis?) to have a massive unmet market.
