The Weebit Nano Ltd (ASX: WBT) share price is rocketing higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) tech stock closed on Friday trading for $3.90. In morning trade on Monday, shares are swapping hands for $4.25 apiece, up 9%.
For some context, the ASX 200 is 0.27% higher at this same time.
This comes after Weebit Nano, which is engaged in the development of advanced memory technologies for the global semiconductor industry, announced it had received its first revenue.
What revenue announcement did the ASX 200 tech stock make?
The Weebit Nano share price is soaring after the company reported it has banked its maiden IP licensing revenue payment for its embedded Resistive Random-Access Memory (ReRAM) technology.
The US$100,000 (AU$152,000) initial licensing fee is relatively modest. However, the company noted the payment marks its transition to commercialisation, with its "pre-revenue" operating days now behind it.
Weebit Nano reiterated its plans to generate revenues from foundries and product companies in three core ways:
- Licensing fees for design and manufacture
- Engineering fees for designs and processes
- Royalties for use by customers, to be received once customers begin shipping end products
Commenting on the first revenue milestone that's boosting the Weebit Nano share price today, CEO Coby Hanoch said, "Revenue generation is a pivotal moment in Weebit Nano's commercialisation journey with our unique ReRAM well positioned to replace existing flash technology due to its superior performance capabilities."
Hanoch added:
This milestone highlights our significant technical achievements over the past year, including full qualification at both industrial and automotive temperatures for the embedded market, where memory is embedded into a 'system-on-chip' (SoC).
The embedded emerging non-volatile memory market is expected to reach $2.7 billion by 2028, with ReRAM expected to account for more than a third of that.
Hanoch also highlighted the company is progressing commercial agreements "with most of the world's leading foundries and Integrated Device Manufacturers" to increase the availability of its ReRAM.
Weebit Nano share price snapshot
As you can see in the chart at the top of this article, the Weebit Nano share price has seen some big swings over the past year. With more swings to the upside than the downside, the ASX 200 tech share is up 43% over the past 12 months.
