InspireSemi Reports Third Quarter 2022 Financial Results
VANCOUVER, British Columbia and AUSTIN, Texas, Nov. 21, 2022 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“InspireSemi” or the “Company”), a chip design company that has built a technology foundation to deliver revolutionary performance, today announced financial results for the third quarter ended September 30, 2022 and provided a business update. All financial information is presented in United States (“US”) Dollars unless otherwise indicated.
“In the third quarter, we made substantial progress executing on our plan to become a game-changer in the accelerated computing solution industry,” said Ron Van Dell, CEO of InspireSemi. “We are in the final development stages of our anxiously awaited next-generation Thunderbird compute accelerator, which will deliver revolutionary performance, energy efficiency, versatility, and ease of programming that leverages the thriving and open RISC-V software ecosystem. In addition, we positioned ourselves for future success by increasing our access to the global investment community with our TSX Venture listing.”
“We remain on track to deliver the first Thunderbird chips to early customers in the first half of 2023 and begin to scale more broadly in the second half of that year. Once Thunderbird is launched, with its ability to reach across multiple, diversified markets, we expect our differentiated accelerated computing solution for the HPC, AI and cryptocurrency mining industries will drive revenue generation and earnings leverage as sales ramp across these diverse markets.”
Recent Developments and Corporate Highlights
- In September, the Company completed its previously announced reverse takeover transaction (“Reverse Takeover”), constituting a Qualifying Transaction (as defined by Policy 2.4 of the TSX Venture Exchange).
- InspireSemi started trading on the Toronto Stock Exchange (TSX) Venture Exchange on September 22, 2022, under the ticker symbol “INSP”.
- The Company moved to its new corporate headquarters in Austin, Texas, expanding its footprint to support further growth.
- The Company celebrated its listing on the TSX Venture Exchange by ringing the closing bell on October 25, 2022.
- On October 28, 2022 InspireSemi successfully completed the tapeout of a 5-nanometer (“nm”) accelerator chip.
Third Quarter Financial Update and Highlights
- In the third quarter of 2022, prior to the Reverse Takeover, Inspire Semiconductor, Inc. completed a non-brokered private placement of approximately 1.9 million Preferred Shares for gross proceeds of $2.5 million.
- Cash and cash equivalents were $3.7 million at September 30, 2022.
- Net loss was $7.4 million for the quarter ended September 30, 2022, compared to $1.7 million for the quarter ended September 30, 2021. The increase was primarily the result of listing expenses and accounting transactions recorded related to the Reverse Takeover.
- Research and Development expenses were $1.4 million for the third quarter of 2022, compared to $441,000 for the same period in the prior year. The increase was mainly attributable to development activity related to the Thunderbird accelerator solution, including an increase engineering staff.
- In October 2022 the Company paid an additional $2 million deposit (that, with the $1 million paid earlier in 2022, totals a deposit of $3 million) towards a future tape out and mask set to the world’s largest semiconductor foundry supplier, further solidifying this key relationship and our ability to access future wafer capacity.
- The Company has been evaluating various financing options and is progressing toward a solution to support both its go-forward strategy and general working capital needs.
- Please refer to complete Inspire Semiconductor Holdings Inc. Condensed Interim Consolidate Financial Statements for the three and nine months ended September 30, 2022 and 2021 as filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at https://sedar.com.
Management will host a conference call on Tuesday, November 22, 2022 at 10:00 am (Eastern Time) to discuss the third quarter results and provide a business update.
|Event:||InspireSemi Announces Third Quarter 2022 Business Update and Financial Results Conference Call|
|Date:||Tuesday, November 22, 2022|
|Time:||10:00 am Eastern Time|
|Live Call:||+1-877-407-9039 (U.S. Toll-Free) or +1-201-689-8470 (International)|
|Webcast:||‘Investors’ section of InspireSemi’s website at https://inspiresemi.com/ or by clicking here.|
A replay will be available shortly after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13734516. The replay will be available until December 6, 2022. A slide deck will accompany the call.
An online archive of the webcast will be available on the Company’s website for 30 days following completion of the live call.
To be added to the InspireSemi email distribution list, please email InspireSemi@kcsa.com with INSP in the subject line.
InspireSemi is an Austin-based chip design company that has built a technology foundation that delivers revolutionary performance, energy efficiency, versatility, and a thriving open software ecosystem. This enables us to address multiple diversified, uncorrelated markets of High-Performance Computing (HPC), AI, and blockchain. Led by an accomplished team with a proven track record, it has a unique and strongly differentiated accelerated computing solution compared to existing approaches for these markets
John B. Kennedy, CFO
Investor Relations Contact
Phil Carlson/Scott Eckstein
KCSA Strategic Communication
Cautionary Statement on Forward-Looking Information
This release may contain forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes, but is not limited to, information regarding: (i) the business plans and expectations of the Company including expectations with respect to production and development; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of InspireSemi to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Actual results may differ materially from those currently anticipated in such statements, and InspireSemi undertakes no obligation to update such statements, except as required by law.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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