Weebit Nano Ltd (ASX: WBT) shares are storming higher today.
Shares in the S&P/ASX 300 Index (ASX: XKO) tech stock â which specialises in semiconductor memory technology â closed Friday trading for $4.16. In late morning trade on Monday, shares are changing hands for $4.66 apiece, up 12.0%.
For some context, the ASX 300 is down 0.1% at this same time.
Taking a step back, Weebit Nano shares have smashed the benchmark over the past year, up 161.8% compared to the 6.9% 12-month gains posted by the ASX 300.
And investors who bought shares at the one-year lows of $1.50 each on 23 June will now be sitting on gains of 210.7%. That’s enough to turn a $10,000 investment into $31,067.
In one year!
Here’s what’s piquing ASX investor interest again today.
Weebit Nano shares surge on manufacturing progress
Weebit Nano shares are off to the races after the company announced that two of its customers have successfully released manufacturing (taped-out) chip designs intended for eventual mass production. Those chip designs integrate Weebit’s ReRAM module.
The ASX 300 tech stock said that one of the customers has already manufactured a functional prototype.
Weebit Nano reported that Overlord Labs has integrated its ReRAM technology into the design of its next-generation smart battery management system.
According to the release, Overlord Labs’ chip design was recently taped-out at DB HiTek. The company noted that, once manufactured and shipped, this will deliver advantages in power consumption, cost, and overall performance for high-volume applications.
Both customers plan to continue further testing. Weebit Nanon noted this is likely to take 12 to 18 months. After the chips pass these tests, the customers can then move their products to mass production.
What did management say?
Commenting on the commercial progress helping boost Weebit Nano shares today, CEO Coby Hanoch said:
A first commercial product incorporating our ReRAM, and passing initial functional tests, is a significant achievement for Weebit Nano, marking an important step towards mass production.
In addition, the tape-out by Overlord shows the great coordination between Overlord, DB HiTek and Weebit.
Looking ahead, Hanoch added:
Our ReRAM IP is currently being embedded in the design of several next-generation applications under agreements with multiple product companies, and we expect more will tape-out this calendar year.
Discussions with additional potential product customers are advancing, driven by growing demand for faster, lower power and better performing embedded non-volatile memory and increased availability through foundries and Integrated Device Manufacturers (IDMs).
The post Up 211% in a year, why are Weebit Nano shares rocketing another 12% today? appeared first on The Motley Fool Australia.
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More reading
- Why Brainchip, Minerals 260, Nuix, and Weebit Nano shares are racing higher today
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- This ASX tech stock is up 150% in a year. Here’s why it’s climbing again today
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.