Australian AI chipmaker BrainChip tumbles after weak half-year results

Brainchip Holdings

28/08/2023 02:03

** Advanced artificial intelligence (AI) chipmaker BrainChip
 BRN.AX  falls as much as 12.3% to A$0.285, lowest since August
2020
    ** BRN second-biggest loser in the ASX 200 benchmark index
 .AXJO , marks its biggest intraday drop since May 23
    ** More than 7.4 mln shares change hands, vs the 30-day
average of 5.2 mln shares
    ** BRN on Friday reported HY23 net loss after tax of $17.1
mln, vs loss of $8.3 mln a year ago
    ** HY revenue slumps to $115,606 from last year's $4.8 mln
    ** Results were hit as several customers deferred their
evaluation of BRN's technology until after the expected release
of its newest AI processor chip in August
    ** BRN down 56.4% this year, as of last close, vs a 1.1%
increase in the ASX 200 benchmark index

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))