Company to Host Conference Call on November 22, 2022 at 10:00 a.m. ET
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 developed a technology foundation , in a revolutionary effort, today announced financial results for the year ended 30th. All financial information is presented in United States Dollars (“US”) unless otherwise noted.
“During the third quarter, we made significant progress in executing our plan to become a game changer in the accelerated computing solutions industry,” said Ron Van Dell, CEO of InspireSemi. “We are in the final stages of development of our highly anticipated next-generation Thunderbird compute accelerator, which will deliver revolutionary performance, power efficiency, versatility, and ease of programming leveraging the thriving and open RISC-V software ecosystem. Additionally, we have positioned ourselves for future success by expanding our access to the global investment community with our listing on the TSX Venture.”
“We remain on track to ship the first Thunderbird chips to early customers in the first half of 2023 and begin scaling more broadly in the second half of this year. Once Thunderbird goes live with its ability to reach multiple, diversified markets, we anticipate that our differentiated accelerated computing solution for the HPC, AI, and cryptocurrency mining industries will increase revenue generation and profit leverage when sales in these different markets are increasing.”
Recent developments and company highlights
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In September, the Company completed its previously announced reverse takeover transaction (“Reverse Takeover”), which constitutes a Qualifying Transaction (as defined in TSX Venture Exchange Policy 2.4).
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InspireSemi began trading on the Toronto Stock Exchange’s (TSX) Venture Exchange on September 22, 2022 under the ticker symbol “INSP”.
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The company moved to its new corporate headquarters in Austin, Texas and expanded its footprint to support continued growth.
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The Company celebrated its listing on the TSX Venture Exchange with the closing bell on October 25, 2022.
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On October 28, 2022, InspireSemi successfully completed the tapeout of a 5 nanometer (“nm”) accelerator chip.
Third quarter financial update and highlights
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During the third quarter of 2022, prior to the reverse acquisition, Inspire Semiconductor, Inc. completed a non-brokered private placement of approximately 1.9 million preferred shares for gross proceeds of $2.5 million.
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Cash and cash equivalents as of September 30, 2022 were $3.7 million.
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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 a result of listing expenses and accounting transactions recorded in connection with the reverse takeover.
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Research and development expenses were $1.4 million for the third quarter of 2022 compared to $441,000 for the same period last year. The increase was primarily due to development activities related to the Thunderbird accelerator solution, including an increase in engineering staff.
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In October 2022, the company paid an additional $2 million deposit (which, when combined with the $1 million paid in early 2022, equals a $3 million deposit) for 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.
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The company has reviewed various financing options and is moving towards a solution that supports both its go-forward strategy and overall working capital needs.
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Please refer to Inspire Semiconductor Holdings Inc.’s complete condensed consolidated interim 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 has been filed. com.
telephone conference
Management will host a conference call on Tuesday, November 22, 2022 at 10:00 a.m. Eastern Time to discuss third quarter results and provide a business update.
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Incident: |
InspireSemi Announces Business Update and Conference Call on Third Quarter 2022 Financial Results |
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Date: |
Tuesday, November 22, 2022 |
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Time: |
10:00 a.m. Eastern Time |
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Live call: |
+1-877-407-9039 (US toll-free) or +1-201-689-8470 (international) |
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web cast: |
Investors section of InspireSemi’s website at https://inspiresemi.com/ or by clicking here. |
A recording will be available shortly after the call and can be accessed at 1-844-512-2921 or for international callers at 1-412-317-6671. The passcode for the live call and recording is 13734516. The recording is available until December 6, 2022. A set of slides accompanies the call.
An online archive of the webcast will be available on the company’s website for 30 days following the conclusion of the live call.
To be included in the InspireSemi email distribution list, please send an email to [email protected] with INSP in the subject line.
About InspireSemi
InspireSemi is an Austin-based chip design company that has created a technological foundation that offers revolutionary performance, power efficiency, versatility and a thriving open software ecosystem. This allows us to address multiple diversified, uncorrelated markets for high-performance computing (HPC), AI and blockchain. Led by an experienced team with a proven track record, it has a unique and highly differentiated accelerated computing solution compared to existing approaches to these markets
For more information, visit https://inspiresemi.com/
Follow InspireSemi on LinkedIn
company contact
John B. Kennedy, Chief Financial Officer
(737) 471-3230
[email protected]
media contact
Katie Olivier
Shelton group
+1-214-272-7200
[email protected]
Investor Relations contact
Phil Carlson/Scott Eckstein
KCSA Strategic Communication
[email protected]
Cautionary Statement Regarding Forward-Looking Information
This press release may contain forward-looking statements. Often, but not always, forward-looking information is identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “planned”, “estimate”, “forecast”, “intends”, “anticipated”. 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”. ‘, ‘could’ or ‘will’ (or other variations of the foregoing) be taken, occur, be reached or occur. Forward-looking information includes, but is not limited to, information about: (i) the Company’s business plans and expectations, including expectations relating 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 involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to occur. InspireSemi’s performance or achievements will differ materially 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 that could cause InspireSemi’s actual results, performance or achievements to differ materially 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 any such forward-looking statements or information. Actual results could differ materially from those currently anticipated in such statements, and InspireSemi undertakes no obligation to update such statements, except as required by law.
Neither TSX Venture nor its Regulation Services Provider (as such term is defined in TSX Venture policies) accepts responsibility for the adequacy or accuracy of this release.
