BRN Discussion Ongoing

[Drewski]

https://irp.cdn-website.com/d702bbed/files/uploaded/BRN_-_20250505_-_Initiation.pdf

Posted by FF on the other side.

 

[White Horse]

I though he also said that 9 million maybe this year but probably next

Hi Pom,
I just listened to the AGM again, or at least parts there of.
The bookings that Sean is tied to this year is US$9mil.
And by bookings they mean, Contract signed, and or Purchase Order, in hand.
On royalties this year, unlikely but possible.

 

[Onboard21]

Hi Pom,
I just listened to the AGM again, or at least parts there of.
The bookings that Sean is tied to this year is US$9mil.
And by bookings they mean, Contract signed, and or Purchase Order, in hand.
On royalties this year, unlikely but possible.

HI,
Where did you listen to the AGM 2025 I can't see it on the website.

 

[Guzzi62]

https://irp.cdn-website.com/d702bbed/files/uploaded/BRN_-_20250505_-_Initiation.pdf

Posted by FF on the other side.

Cheers, apparently it's on BRN investor relation page, but I can't find it?

Valuation: $Aus1, seems fair IMO.

I think it's a paid report, if you look at the last page, it's like a Pitt Street report but still they have to be realistic, and it gives you a very good overview of the company.

Parts of page 1 below:

05 May 2025
On the edge of a breakthrough
Brainchip’s technology has the potential to be implemented in the field of
Edge AI and recent research/licensing deals they’ve secured indicate the
growing interest in the capabilities and prospects of the Akida platform.

Key Messages
Potential game-changer for Edge AI adoption: Brainchip’s neuromorphic
technology can handle complex computations and enable AI applications but at a
lower power consumption. These are essential for Edge AI, which is the next area
of growth given it could address the constraints of current AI infrastructure. Their
technology had been explored by NASA, US Air force (AFRL), Mercedes Benz and
eventually licensed by companies in semiconductor and space industries. We
believe Brainchip is set to secure more licensing deals with the recent introduction
of Akida 2.0 and TENNs architecture and eventual release of newer products.
Strong management execution and expertise: Despite challenges in
commercialization, funding, and retirement of co-founders, Brainchip furthered the
development of Akida, regained some research/licensing deals, and attracted key
personnel with extensive background in semiconductors, AI, robotics, and
experience with companies such as Qualcomm, HP, IBM, Intel, and ARM Holdings.

Investment Thesis and Valuation
Potential acquisition target: Over the years, there has been increasing investments
being made into Edge AI and neuromorphic computing. An established company
(i.e. ARM Holdings, NVIDIA, Intel etc) looking to expand into these fields may acquire
BrainChip, given the capabilities and potential of the Akida IP platform.
Valuation of $1.00: We valued Brainchip through several methodologies using
scenario analysis (+291% upside), M&A comparables (+265% upside) and real
options (+712% upside). At the current share price, BRN is trading at a 16x premium
relative to FY24 NAV and 17x relative to FY24 NTA.

Catalysts and Risks
More licensing deals amid increasing Edge AI adoption: We expect more licensing
deals to be announced in the next 12 months, amid the recent release of their new
architecture called TENNs and increasing growth of the Edge AI environment.

Risk to investment thesis: The key risks that Brainchip faces are uncertainty on
further licensing deals, realization of royalty revenues, pace of Edge AI adoption,
funding for R&D and commercialization.


NOTE: Strong management execution and expertise!

Now that should really get them going over at the HC, LOL.

 

[White Horse]

HI,
Where did you listen to the AGM 2025 I can't see it on the website.

Hi Ob,
I recorded it on my desktop, using a video capture program.
I would put it up, but the file is huge.

 

[MDhere]

Yes he definitely said royalties... not revenue...

yep i asked the question of royalties to which they said unlikely but def a yes to revenue which i believe it to form part of the 9mil this year.

 

[MDhere]

Hi Pom,
I just listened to the AGM again, or at least parts there of.
The bookings that Sean is tied to this year is US$9mil.
And by bookings they mean, Contract signed, and or Purchase Order, in hand.
On royalties this year, unlikely but possible.

yep exactly as i heard it, thanks WH

 

[Fullmoonfever]

So, like most, I've been checking out diff partners sites when I get the chance and this guy popped up on DeGirum from a couple of days ago.

Profile isn't public but full name is, so I searched that and this guy below stood out as a co-author on a paper from late last year titled "Spiking neural networks for autonomous driving: A review".

It was also co-authored by someone affiliated with VW and did contain sections on Akida as well as some other processors so I presume, rightly or wrongly, it could be this R Parada.

If so, it would appear he would like to get his hands on or run some models / code on Akida.

DeGirum can assist by the looks with their hosting set up.

Maybe BRN HO shpuld flip him a PCIe or M.2 to play and research with.

Further details of the paper etc below.

Create customized SNN code

Hi, I’m interested in the neuromorphic hardware available, Akida. How can I create my own code to be launched in the platform? Thanks

community.degirum.com

View attachment 77539
View attachment 77540


View attachment 77544

Raúl Parada Medina, PhD - CTTC | LinkedIn

IoT research specialist within the connected car project at a Spanish automobile… · Experiencia: CTTC · Educación: Universitat Pompeu Fabra - Barcelona · Ubicación: Castelldefels · Más de 500 contactos en LinkedIn. Ver el perfil de Raúl Parada Medina, PhD en LinkedIn, una red profesional de más...

es.linkedin.com

Tha paper published Oct last year (didn't search if previously posted here).

https://www.sciencedirect.com/science/article/pii/S0952197624015732#tbl9

View attachment 77541

Thought I'd check what the outcome, if any, was with the above enquiry through DeGirum for access to Akida.

The requestor looked like a reasonable connection to have playing with Akida.

Appears maybe not just SH's they struggle to communicate with

Bit disappointing given this simple request started in Feb....is it BRN or is it DeGirum

 

[Food4 thought]

Brainchip’s technology has the potential to be implemented in the field of


Edge AI and recent research/licensing deals they’ve secured indicate the


growing interest in the capabilities and prospects of the Akida platform.


Key Messages


Potential game-changer for Edge AI adoption: Brainchip’s neuromorphic


technology can handle complex computations and enable AI applications but at a


lower power consumption. These are essential for Edge AI, which is the next area


of growth given it could address the constraints of current AI infrastructure. Their


technology had been explored by NASA, US Air force (AFRL), Mercedes Benz and


eventually licensed by companies in semiconductor and space industries. We


believe Brainchip is set to secure more licensing deals with the recent introduction


of Akida 2.0 and TENNs architecture and eventual release of newer products.


Strong management execution and expertise: Despite challenges in


commercialization, funding, and retirement of co-founders, Brainchip furthered the


development of Akida, regained some research/licensing deals, and attracted key


personnel with extensive background in semiconductors, AI, robotics, and


experience with companies such as Qualcomm, HP, IBM, Intel, and ARM Holdings.


Investment Thesis and Valuation


BrainChip Holdings Ltd is an Australia-based


company established in 2004 and developed


the Akida technology, a neuromorphic


computing approach that mimics the way


the human brain works, thereby providing


higher performance and efficiencies. It looks


to apply its technology to the edge AI sector,


which covers multiple industries such as


automotive, industrial, healthcare,


consumer, and space/aerospace.

Company

Find out more about the Brainchip team, our mission, and ASX information!

brainchip.com

Key Data


Valuation (A$) 1.00


Current Price (A$) 0.255


Market Cap (A$) 516


30D Ave Turnover (A$m) 2.32


Trim Capital forecasts


23A 24A 25E 26E


Adj NPAT ($m) (29) (24) (30) (32)


EPS adj (c) (0.9) (0.9) (0.8) (0.8)


EPS gwth (%) 32.1 0.0 -14 0.5


Potential acquisition target: Over the years, there has been increasing investments


being made into Edge AI and neuromorphic computing. An established company


(i.e. ARM Holdings, NVIDIA, Intel etc) looking to expand into these fields may acquire


BrainChip, given the capabilities and potential of the Akida IP platform.


Valuation of $1.00: We valued Brainchip through several methodologies using


scenario analysis (+291% upside), M&A comparables (+265% upside) and real


options (+712% upside). At the current share price, BRN is trading at a 16x premium


relative to FY24 NAV and 17x relative to FY24 NTA.


Catalysts and Risks


FY Year End - - - -


- - - -


PE adj (x) - - - -


DPS (c) Div yield (%) - - - -


ROE (%) PB (x) 27.4 25.4 50.0 32.0


12- Month Share Price Performance


More licensing deals amid increasing Edge AI adoption: We expect more licensing


deals to be announced in the next 12 months, amid the recent release of their new


architecture called TENNs and increasing growth of the Edge AI environment.


Risk to investment thesis: The key risks that Brainchip faces are uncertainty on


further licensing deals, realization of royalty revenues, pace of Edge AI adoption,


funding for R&D and commercialization.


$0.50


$0.40


$0.30


$0.20


$0.10


$0.00


$0.50


$0.40


$0.30


$0.20


$0.10


$0.00


May-24 Jul-24 Oct-24 Jan-25 Apr-25


Source: LSEG


Glen Wellham, Senior Analyst


glen.wellham@trimcapital.com.au


Mark Tomlins, Senior Analyst


mark.tomlins@trimcapital.com.au


This research report and any access to it, is intended only for wholesale clients within the meaning of the Corporations Act 2001 of Australia.


The company covered in this report is currently or may in the future be a research client of Trim Cap Pty Ltd (AR 1276369, ABN 87643977351) a Corporate Authorised Representative of


Trim Capital Pty Ltd (AFSL 526147, ABN 87643977351).


trimcapital.com.au See important disclosures and disclaimers at the end of this report.

 

[HopalongPetrovski]

thanks for the heads up @HopalongPetrovski . This is a fantastic summary of the companies roadmap. Exciting times ahead. A far cry on the tech that was shown even just a couple of years ago. I think the road map that Sean has been putting in place is an impressive leap forward for the company, well done. I hope it pans out to major successes. ps link to it ...https://brainchip.com/brainchip-technology-roadmap/

No problemo, but the credit goes to Yogi who found it first.

 

[Diogenese]

Hi Tech,

I don't believe they said yes to revenue but they said unlikely royalties. Revenue I believe is part of the 9 mil usd which was stated this year.
I don't think i heard wrong. They have 7 months. Bring it on BRN I am sure that we have surprises coming to us, Hey Mr Hehir $$$

Hi MD,

There is the $1.8M US from AFRL, $0.8M of which goes to RTX.

 

[MDhere]

Hi MD,

There is the $1.8M US from AFRL, $0.8M of which goes to RTX.

ching ching ching ching

 

[Food4 thought]

Sorry? What?

https://irp.cdn-website.com/d702bbed/files/uploaded/BRN_-_20250505_-_Initiation.pdf

View attachment 84397

Depression has set in

 

[Fullmoonfever]

Be good to get a crack at this space with partners like BeEmotion and Emotion3D.

From a late April article.

Automotive OEMs Integrating AI into In-cabin Sensing - Edge AI and Vision Alliance

Integration of AI into In-Cabin Sensing – Automotive OEMs Making Full Use of Software to Enable Advanced Features As regulatory frameworks such as the EU’s Advanced Driver Distraction Warning (ADDW) near enforcement, automotive OEMs are increasingly integrating in-cabin sensing technologies with...

www.edge-ai-vision.com

I know Emotion3D have a research project as below, which includes neuromorphic, and is part of a wider consortium that also includes MB.

Concern I have is they may be Euro centric and look to euro neuromorphic competitors for solutions / testing.

Innovation - emotion3D

emotion3d.ai

A-IQ Ready​

A-IQ Ready addresses two major Trends: “Internet of Things (IoT): From 1 Billion $ to 1 Trillion $ revenues ” and “From Cloud to Edge”. A-IQ Ready will apply 3 disruptive technologies: Quantum Sensor, neuromorphic acceleration, AI in multi-agent systems to build the edge continuum as the digital backbone for the Society 5.0. A-IQ Ready proposes cutting-edge quantum sensing, edge continuum orchestration of AI and distributed collaborative intelligence technologies to implement the vision of intelligent and autonomous ECS and to deliver A-IQ IoT for the digital age.

Within this project, emotion3D is working towards the optimization of driver monitoring functions towards planning the driver’s work to predictively help avoiding dangerous situations.
Partners: 49 European partners including Huawei | TTTech | Synopsis | Mercedes Benz | AVL
Funding agency: This project is funded by the HORIZON-JU-Chips-2024-2-RIA Program.
More information available at https://www.aiqready.eu/

 

[jrp173]

Cheers, apparently it's on BRN investor relation page, but I can't find it?

Valuation: $Aus1, seems fair IMO.

I think it's a paid report, if you look at the last page, it's like a Pitt Street report but still they have to be realistic, and it gives you a very good overview of the company.

Parts of page 1 below:

05 May 2025
On the edge of a breakthrough
Brainchip’s technology has the potential to be implemented in the field of
Edge AI and recent research/licensing deals they’ve secured indicate the
growing interest in the capabilities and prospects of the Akida platform.

Key Messages
Potential game-changer for Edge AI adoption: Brainchip’s neuromorphic
technology can handle complex computations and enable AI applications but at a
lower power consumption. These are essential for Edge AI, which is the next area
of growth given it could address the constraints of current AI infrastructure. Their
technology had been explored by NASA, US Air force (AFRL), Mercedes Benz and
eventually licensed by companies in semiconductor and space industries. We
believe Brainchip is set to secure more licensing deals with the recent introduction
of Akida 2.0 and TENNs architecture and eventual release of newer products.
Strong management execution and expertise: Despite challenges in
commercialization, funding, and retirement of co-founders, Brainchip furthered the
development of Akida, regained some research/licensing deals, and attracted key
personnel with extensive background in semiconductors, AI, robotics, and
experience with companies such as Qualcomm, HP, IBM, Intel, and ARM Holdings.

Investment Thesis and Valuation
Potential acquisition target: Over the years, there has been increasing investments
being made into Edge AI and neuromorphic computing. An established company
(i.e. ARM Holdings, NVIDIA, Intel etc) looking to expand into these fields may acquire
BrainChip, given the capabilities and potential of the Akida IP platform.
Valuation of $1.00: We valued Brainchip through several methodologies using
scenario analysis (+291% upside), M&A comparables (+265% upside) and real
options (+712% upside). At the current share price, BRN is trading at a 16x premium
relative to FY24 NAV and 17x relative to FY24 NTA.

Catalysts and Risks
More licensing deals amid increasing Edge AI adoption: We expect more licensing
deals to be announced in the next 12 months, amid the recent release of their new
architecture called TENNs and increasing growth of the Edge AI environment.

Risk to investment thesis: The key risks that Brainchip faces are uncertainty on
further licensing deals, realization of royalty revenues, pace of Edge AI adoption,
funding for R&D and commercialization.


NOTE: Strong management execution and expertise!

Now that should really get them going over at the HC, LOL.

If it doesn't getting you going, then there is clearly something seriously wrong with your thinking..

A valuation that is $0.59 lower then the last paid for valuation, and have you actually read the report and what is says about having to raise money over the next five years because licence fees can only cover a fraction of their cash expenses?

You are so blind, you can't even see what's happening right in front of your eyes.

 

[Guzzi62]

If it doesn't getting you going, then there is clearly something seriously wrong with your thinking..

A valuation that is $0.59 lower then the last paid for valuation, and have you actually read the report and what is says about having to raise money over the next five years because licence fees can only cover a fraction of their cash expenses?

You are so blind, you can't even see what's happening right in front of your eyes.

Calling me blind, huh?

There are different scenarios Mr negative.

You go on ignore, I am not wasting anymore time on you.

Bye bye.

 

[Rach2512]

Thermodynamics of Computing Substrates | Andrew Côté

Scaling AI to billions of people isn't feasible in our lifetimes if we solely rely on CMOS architecture, since we've hit fundamental limits in energy efficiency in joules per flop. New substrates are coming - silicon photonics, neuromorphic, analog, thermodynamic computing paradigms. There are...

www.linkedin.com

 

[Rach2512]

#eventbased #eventbasedvision #evs #eventcamera #metavision #sdk… | PROPHESEE

Our 5x award-winning Metavision® SDK5 PRO software toolkit is revolutionizing the way developers work worldwide. Included with Prophesee USB EVK purchases at no additional cost, SDK5 PRO is also available for standalone purchase, allowing even more developers to turn their ideas into reality...

www.linkedin.com

Brainchip likes this, sorry if already posted.

 

[jrp173]

Calling me blind, huh?

There are different scenarios Mr negative.

You go on ignore, I am not wasting anymore time on you.

Bye bye.

Good stuff. Now go and read the whole report and tell me how that is good...

Anyone reading this report would be wondering how the hell this share price is ever going to go up..

I can't understand for the life of me why BRN would actually have published this (paid) for research.... Unbelievable...

 

[Pom down under]

Couple mentions for brainchip

https://assets.ctfassets.net/f1df9zr7wr1a/G6n4eFip9r7g4oelBUnBC/d935335f47ffd10b8a4db7cbc723aeec/Cloud_Tech_Quarterly_Report_Q1_25.pdf