BRN Discussion Ongoing

[manny100]

Board must assess CEO against the achievement of the 5 year board-approved sales/revenue plan. The Board are saying CEO has achieved the current year plan and they think he has the potential to achieve future year’s sales/revenue plans and budgets.

As we don’t know the board approved sales/revenue plan, it’s impossible to rate the CEO. To answer that question, we need to press the Board at the AGM, what percentage of the sales / revenue budget has the CEO achieved - this is the tell!

You need to read the annual report.
This outlines short- and long-term targets generally. It's as boring as hell but worth a read.
The BOD rate the CEO and we rate the BOD (company) via AGM voting.
If you do not like the way the company is being run vote against director reelection.
The anomaly is that despite a fair bit of CEO, BOD criticism and a strike vote concerning renumeration at the 2024 AGM directors up for election were overwhelmingly voted back in. Pia Turcinov got 81.05% FOR and PVM 93.03% FOR.
The 'buck' stops with the BOD and they are supported to the hilt.
For short targets despite success with individual goals, booking targets and Edge Box targets were not achieved. This effected their pay.
2025 goals have been set.

 

[rgupta]

Sean told us in his Second AGM that he had given 5 year plan to BOD. The plan is only known to BOD or Sean. As a holder we have to judge the BOD and Sean based on the promises they made with us. In between there were a lot of opportunities for Sean and BOD to raise money at much higher SP. The biggest opportunity was that short squeeze of Merc and that was the best time for shorts to feast on holders as well.
If the plan was that revenue may not be there for next 5 years then where is the plan to survive the company during those lean years.
As a working CEO and BOD there must be concrete plans to survive the business in bad times. BOD and CEO could had utalised the opportunities during short squeeze to raise easily even 100 million dollars, but they chose only 10 million. Which in other sense is plan either mis interpreted or mis treated and now we are on market sale for almost 2 years without any good news.
If the board approved the plans but did not prepare contingency plans that means the entire board have to go.
Holders are suffering because of very bad financial management of company. The only time they think about holders is during AGM. We were assured about proper updates but still there is nothing.
There is no doubt big businesses do business on their terms but if they same is not working in the right direction we have to find an alternative way.
Right now action of CEO and board are asking more questions than providing any answer to the puzzle.
Dyor

 

[Cardpro]

Who else exactly were you expecting was going to hire and pay this independent consultant?
Were you going to pay for it?

LOL, you may not understand that every person or business that works for any company is hired and paid by the company.
Even the Independant auditors are hired and paid by the company.
No one expects you to believe anything or accept anything BRN - that call belongs to you. It would however be handy if you had done some research prior - it helps.

There is a 5 year plan in place approved by the BOD. The content has not been made public.
No doubt the plan included timelines for ecosystem developments, tech advancements, deals and revenue.
It may be the case that revenue was not forecast until year5?
As far as the Key Management Personnel Remuneration goes it was covered in detail in the 2024 Annual Report from page 14 - page 37. The report was audited and it's a huge read.
It's interesting reading and i recommend that all holders should read it.
As a result of the 2nd strike at the AGM on 21/5/24 the BOD retained an independent consultant to review the compensation plan and provide advice (page 17).
Page 18 plus contain recommendations adopted
The committee intends to ensure executive share ownership progressively to align them with shareholders interests in the long term outcome of the company.
See 2024 Annual report link attached.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02918857-2A1581370&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4

What I meant is, just because they write "independent", it doesn't actually mean they are fully independent, lol

Even after the 2nd strike, they've "retained" them... lol

Somehow, they've managed to score the 52% STI (scoring 27/50 for bookings) goals in 2024. How low are their target when we only had around 200ks in revenues?...

 

[manny100]

What I meant is, just because they write "independent", it doesn't actually mean they are fully independent, lol

Even after the 2nd strike, they've "retained" them... lol

Somehow, they've managed to score the 52% STI (scoring 27/50 for bookings) goals in 2024. How low are their target when we only had around 200ks in revenues?..., again you have not done your research.

Once again you have not done your research. I suggest you read the annual report.
A spill was voted against.
The BOD took on 'board' holders views and hired an independant consultant to review remuneration.
If you are unhappy with that you simply exercise your right and vote against director re election. That is every holders right. No one can take that away from you.
To date directors have had 'landslide' victories which strongly suggests support for the CEO and his team.
You clearly appear have bought a stock that does not suit your investment profile. That again may reflect a lack of research.
It's possible when a booking turns into an engagement that revenue may not flow for between 3 and 6 years.
The good news concerning client validation events since Sept'24 would have been a result of bookings 2 or 3 plus years ago.
It's important to understand the huge time gap between booking and revenue. Revenue in 2024 would not have been a target.
BRN as a business is still in the Early Adoption stage of the tech adoption cycle and will likely remain there for a while yet before it moves to the next stage.
The early adoption stage is where investors take a calculated risk to buy and they are generally considered by their peers and social circle as visionaries.
Bottom line is that it is still a spec stock and it's priced as such.
It's an avoid for those seeking 'sure things'.

 

[Pom down under]

Once again you have not done your research. I suggest you read the annual report.
A spill was voted against.
The BOD took on 'board' holders views and hired an independant consultant to review remuneration.
If you are unhappy with that you simply exercise your right and vote against director re election. That is every holders right. No one can take that away from you.
To date directors have had 'landslide' victories which strongly suggests support for the CEO and his team.
You clearly appear have bought a stock that does not suit your investment profile. That again may reflect a lack of research.
It's possible when a booking turns into an engagement that revenue may not flow for between 3 and 6 years.
The good news concerning client validation events since Sept'24 would have been a result of bookings 2 or 3 plus years ago.
It's important to understand the huge time gap between booking and revenue. Revenue in 2024 would not have been a target.
BRN as a business is still in the Early Adoption stage of the tech adoption cycle and will likely remain there for a while yet before it moves to the next stage.
The early adoption stage is where investors take a calculated risk to buy and they are generally considered by their peers and social circle as visionaries.
Bottom line is that it is still a spec stock and it's priced as such.
It's an avoid for those seeking 'sure things'.

Well after a lot of thought they are getting a yes vote on everything except 1 atm as I truly believe we have turned a corner and money should start flowing into the bank account in the next 12 months, because if it doesn’t we will be back to all this again before the next agm but with a majority of share holders pissed off. So the only thing I won’t be voting for at the agm just yet is a yes or a no vote on Steven until I hear from both sides.

 

[Smoothsailing]

Here’s what the Switch 2’s C button actually does

Now we know… finally!

www.google.com

 

[toasty]

I disagree,

The company are trying to enter market technology adoption with world-changing tech which can't be compared to what you are talking about IMO.

The tech world is currently on an AI wave, with GPU's ever more powerful, burning energy in an alarming rate.

They will hopefully soon realize that it is not the way forward, and we have to move as much processing as possible to the edge.

This doesn't happen overnight, try reading this: Understanding the Technology Adoption Lifecycle.

Understanding the Technology Adoption Lifecycle

Discover how the Technology Adoption Lifecycle helps businesses navigate the challenges of bringing new products to market. Learn about the five stages of adoption, from Innovators to Laggards, and how each segment impacts product strategy. By understanding these stages, companies can tailor...

www.starthawk.io

We are in the early stages of adoption, space and military are slowly "seeing the Akida technology" which is very encouraging.

White papers are being written using Akida by universities and by companies' development departments, sometimes even in cooperation, another good sign that they find it intriguing and checking it out, impressed by the low power consumption with fewer parts in a circuit board.

I don't think you can blame management for this but okay their expectations isn't well-timed, it's a year or even maybe 2 too early.

I think we will eventually see a break though later this year and the next. Yes, a bitter pill to shallow, but it is what it is, take it or leave it.

I got some inspiration from poster Observerr on HC, he is really well-informed about the technology and the market, your posts are awesome, thank you sir.

​

​

​

Probably best not to say such things when you have no idea what I was tasked with bringing to market. I was involved in the early adoption of the internet as a commerce and trading platform. Just like in BRN's case, there were entrenched players who didn't want to give up their dominant position. Like most innovations, we used the "thin edge of the wedge" approach, finding channels to market with specific applications that proved up the viability of the technology for broad markets. In fact, we solved a problem that had been a major roadblock for the adoption of the internet for commerce, that being inability of existing implementations to maintain state while navigating from one page to another on a website. We solved an issue that was preventing widespread adoption.

This is, in my opinion, what BRN has failed to do. They have not identified specific weaknesses in specific applications and effectively promoted an alternative solution. Their marketing is very low key, almost to the extent that it seems they don't want to offend existing players. So much of what we see and hear from the company is either academic (so many papers) or generalistic (low power use for example). The latter is certainly a feature of Akida but we have yet to see the company be able to convince a major buyer that it would be of enough benefit to them, or their products, to commit to its use.

And yet, for all we know, they may have already achieved just that. However, their lack of disclosure around company progress is such that we simply can't tell. As Sean asked us to do, I have been watching the financials but have yet to see anything approaching commercial success. I have been a believer and investor n this technology for 8 years but its starting to feel uncomfortably like a VHS V Beta situation. The big GPU/CPU suppliers might not have as good a product as Akida but so far they are winning the marketing and sales war.

FWIW and always DYOR.

 

[7für7]

What I meant is, just because they write "independent", it doesn't actually mean they are fully independent, lol

Even after the 2nd strike, they've "retained" them... lol

Somehow, they've managed to score the 52% STI (scoring 27/50 for bookings) goals in 2024. How low are their target when we only had around 200ks in revenues?...

 

[Guzzi62]

Probably best not to say such things when you have no idea what I was tasked with bringing to market. I was involved in the early adoption of the internet as a commerce and trading platform. Just like in BRN's case, there were entrenched players who didn't want to give up their dominant position. Like most innovations, we used the "thin edge of the wedge" approach, finding channels to market with specific applications that proved up the viability of the technology for broad markets. In fact, we solved a problem that had been a major roadblock for the adoption of the internet for commerce, that being inability of existing implementations to maintain state while navigating from one page to another on a website. We solved an issue that was preventing widespread adoption.

This is, in my opinion, what BRN has failed to do. They have not identified specific weaknesses in specific applications and effectively promoted an alternative solution. Their marketing is very low key, almost to the extent that it seems they don't want to offend existing players. So much of what we see and hear from the company is either academic (so many papers) or generalistic (low power use for example). The latter is certainly a feature of Akida but we have yet to see the company be able to convince a major buyer that it would be of enough benefit to them, or their products, to commit to its use.

And yet, for all we know, they may have already achieved just that. However, their lack of disclosure around company progress is such that we simply can't tell. As Sean asked us to do, I have been watching the financials but have yet to see anything approaching commercial success. I have been a believer and investor n this technology for 8 years but its starting to feel uncomfortably like a VHS V Beta situation. The big GPU/CPU suppliers might not have as good a product as Akida but so far they are winning the marketing and sales war.

FWIW and always DYOR.

Fair enough, but you said your people had 2-3 quarters to prove their plan in $ but Sean have 5 years (which was approved by the board) and we are talking about different technologies.
By giving him 5 years, tells anybody that's the timeframe the board expects him to fulfill it and the board are all from the industry so it's fair to assume they know what he is trying to achieve (over a 5 years timeframe!). We are at around 3.5 years now as I recall?
Yours are software that can likely be adopted into existing hardware, BRN are selling IP mostly, so why you are comparing the two are beyond me?

As I mentioned, space and military applications have started using Akida, and they are typically 1st adopters in groundbreaking technology and I think we are getting close to some major IP(s) deals, but NDA's are likely keeping us in the dark.

The AGM are drawing nearer and will hopefully enlighten us all!

 

[Cardpro]

Fair enough, but you said your people had 2-3 quarters to prove their plan in $ but Sean have 5 years (which was approved by the board) and we are talking about different technologies.
By giving him 5 years, tells anybody that's the timeframe the board expects him to fulfill it and the board are all from the industry so it's fair to assume they know what he is trying to achieve (over a 5 years timeframe!). We are at around 3.5 years now as I recall?
Yours are software that can likely be adopted into existing hardware, BRN are selling IP mostly, so why you are comparing the two are beyond me?

As I mentioned, space and military applications have started using Akida, and they are typically 1st adopters in groundbreaking technology and I think we are getting close to some major IP(s) deals, but NDA's are likely keeping us in the dark.

The AGM are drawing nearer and will hopefully enlighten us all!

NASA/Vorago Tech were engaged via SBIR back in 2020 and .................

 

[Rach2512]

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Wasn't it YOLOVX that had been removed from Edge Impulse , what are your thoughts?

 

[Guzzi62]

NASA/Vorago Tech were engaged via SBIR back in 2020 and .................

And what?

Don't know what you are talking about?

 

[Smoothsailing]

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🚨 Driver Drowsiness Detection 🚨 🚗 It uses real-time object detection to identify early warning signs of fatigue.👁️ Detects microsleeps, prolonged eye closure, yawning patterns 🥱, and head nodding within milliseconds. This can immediately trigger customized alerts ⚠️ to prevent accidents before...

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View attachment 82790


Wasn't it YOLOVX that had been removed from Edge Impulse , what are your thoughts?

Brn and yolo seem to have been working together

 

[Easytiger]

There is a 5 year plan in place approved by the BOD. The content has not been made public.
No doubt the plan included timelines for ecosystem developments, tech advancements, deals and revenue.
It may be the case that revenue was not forecast until year5?
As far as the Key Management Personnel Remuneration goes it was covered in detail in the 2024 Annual Report from page 14 - page 37. The report was audited and it's a huge read.
It's interesting reading and i recommend that all holders should read it.
As a result of the 2nd strike at the AGM on 21/5/24 the BOD retained an independent consultant to review the compensation plan and provide advice (page 17).
Page 18 plus contain recommendations adopted
The committee intends to ensure executive share ownership progressively to align them with shareholders interests in the long term outcome of the company.
See 2024 Annual report link attached.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02918857-2A1581370&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4

What did Warren Buffet / Charlie Munger say about what they would do if the Board of Berkshire Hathaway engaged employment consultants to review the company remuneration.

 

[HopalongPetrovski]

Probably best not to say such things when you have no idea what I was tasked with bringing to market. I was involved in the early adoption of the internet as a commerce and trading platform. Just like in BRN's case, there were entrenched players who didn't want to give up their dominant position. Like most innovations, we used the "thin edge of the wedge" approach, finding channels to market with specific applications that proved up the viability of the technology for broad markets. In fact, we solved a problem that had been a major roadblock for the adoption of the internet for commerce, that being inability of existing implementations to maintain state while navigating from one page to another on a website. We solved an issue that was preventing widespread adoption.

This is, in my opinion, what BRN has failed to do. They have not identified specific weaknesses in specific applications and effectively promoted an alternative solution. Their marketing is very low key, almost to the extent that it seems they don't want to offend existing players. So much of what we see and hear from the company is either academic (so many papers) or generalistic (low power use for example). The latter is certainly a feature of Akida but we have yet to see the company be able to convince a major buyer that it would be of enough benefit to them, or their products, to commit to its use.

And yet, for all we know, they may have already achieved just that. However, their lack of disclosure around company progress is such that we simply can't tell. As Sean asked us to do, I have been watching the financials but have yet to see anything approaching commercial success. I have been a believer and investor n this technology for 8 years but its starting to feel uncomfortably like a VHS V Beta situation. The big GPU/CPU suppliers might not have as good a product as Akida but so far they are winning the marketing and sales war.

FWIW and always DYOR.

Hi Toasty.
As I understand it the "thin end of the wedge" approach they are taking and concentrating their efforts on is the "at the edge" market.

PVDM has previously stated that SNN's are suitable and advantageously applicable to all sorts of things including Data centres and Artificial General Intelligence.

But, they have hit upon "Edge" applications as the fastest path to commercialisation, precisely because this is where our particular technological offering has the most obvious and immediate advantages.
Be that in autonomy, power usage, physical scale etc or SWAP as it has been abbreviated.

Unfortunately to date, the only "known" fruit they have been able to harvest from this still relatively nascent and undeveloped field have been both pretty small and shrivelled samples.
I guess most of their input thus far has been involved in the preparation, cultivation and planting out which they call establishing eco systems and inculcating themselves within universities and other teaching bodies and showing their wares at various "farmers markets".

For me what has been lacking is the "killer application" that is so desirable or of such necessity that it immediately finds and satisfies the hunger of a large and growable market.
For Apple it was first the iPod followed up by the iPhone.
For Nvidia it has been their GPU's facilitating and empowering first gaming and more recently LLM's and other high intensity compute apps.

Proposed possibilities for us have been in drones and wearables, anything really which stands to benefit directly from our advantageous SWAP characteristics as outlined above.
But it maybe also lies in the realm of cyber security where our unusual architecture provides us with some unique characteristics which may prove out as highly desirable.

There are multiple strings to which our particular bow, may in time, be added to make an attractive addition.
What we need is, just one, that most everyone cannot live without, speaking metaphorically, of course.

 

[Iseki]

There are so many use cases that akida could be suited to but the Board, for better or worse, believs that BrainChip don't need to define these use cases and chase up potential OEM's that could use akida, but rather OEM's should be calling us.

I've never seen anything so strange.

If we were a mine we'd be out canvassing companies for an offtake agreement. But the board won't do it.

Is there only one company working with software defined radio?
Is there only one company looking at doppler radar?
Is there only one copmpany looking at cybersecurity?
Is there only one company looking at satelite imaging?

Of course not.

We were told many years ago that BRN was aiming to be in > billion edge devices. That we were going to make a billion sensors smarter. These devices were never specified. But it beggars belief that years later we are in only development boards for sale on our web page.

A vote against the remuneration package is not a vote against our head development and sales people. I haven't come accross anyone who wants to cut their remuneration. The vote is against their overseers on the Board. We can not afford to pay them these shares that they won't keep. And it can set up the possibility of a further vote when the CEO's 5 year term is up.

That's a good thing.

 

[Kingkong2015]

There are so many use cases that akida could be suited to but the Board, for better or worse, believs that BrainChip don't need to define these use cases and chase up potential OEM's that could use akida, but rather OEM's should be calling us.

I've never seen anything so strange.

If we were a mine we'd be out canvassing companies for an offtake agreement. But the board won't do it.

Is there only one company working with software defined radio?
Is there only one company looking at doppler radar?
Is there only one copmpany looking at cybersecurity?
Is there only one company looking at satelite imaging?

Of course not.

We were told many years ago that BRN was aiming to be in > billion edge devices. That we were going to make a billion sensors smarter. These devices were never specified. But it beggars belief that years later we are in only development boards for sale on our web page.

A vote against the remuneration package is not a vote against our head development and sales people. I haven't come accross anyone who wants to cut their remuneration. The vote is against their overseers on the Board. We can not afford to pay them these shares that they won't keep. And it can set up the possibility of a further vote when the CEO's 5 year term is up.

That's a good thing.

Totally agree.

Currently, the company earns $0 in royalty fees, and our revenue doesn’t even come close to covering Sean’s salary. This leaves us with only two possible conclusions: either our product/technology is subpar, or our management is failing. Earlier this year, Sean loudly celebrated landing a “huge deal,” which turned out to be a partnership with a small company Onsor that sells student iPads. As expected, the deal brought in zero revenue. Sean has failed to deliver — it’s time for him to go.

 

[Smoothsailing]

Totally agree.

Currently, the company earns $0 in royalty fees, and our revenue doesn’t even come close to covering Sean’s salary. This leaves us with only two possible conclusions: either our product/technology is subpar, or our management is failing. Earlier this year, Sean loudly celebrated landing a “huge deal,” which turned out to be a partnership with a small company Onsor that sells student iPads. As expected, the deal brought in zero revenue. Sean has failed to deliver — it’s time for him to go.

What a load of dribble