Meet the CEO: April 1, 2026

Hi Adrian and thank you.

Okay, thanks Adrian and thanks everyone for joining us. We completed the first part of a raise last week. I'm very glad we did. We raised 87 million. 80 million were underwritten in Australia, Macquarie and UCP and MST as the JLMs. We brought on board some new institutions that are, you know, good institutions from Australia, from Asia. We also had Israeli investors that came in. And now obviously we're going to start an SPP, as everyone knows. I'm always committed to enable the existing shareholders to participate with the same terms. So we're very happy with that. I know there are a lot of questions, so I'll cut my intro and probably answer those questions, all of these issues in the questions. And Adrian, I know that you have the list of questions that you got from people. So maybe we can just start with the questions.

Yes, that's a very good question and quite a few people have been asking it. Yes, we had 80 million and we felt very good about it going forward. But I think that we really found ourselves in a very unique situation, and this really happens very rarely, if at all, to companies where there's just so much potential and so many things that can be done. And you really want to just run forward faster. We already have what I believe is the best ReRAM in the market, definitely a very, very competitive ReRAM. But we realized, based on requests, demands from quite a few of the companies that we're working with, that they just came to us with things that initially seemed like insane, impossible. I mean, what do these guys think? But then the team sat down and did a deep think and eventually found ways that we can make our ReRAM significantly better — you know, twice as fast as any other ReRAM, or twice as small in terms of bit size, or much higher endurance, and many other parameters. And right now this market is growing rapidly. Everyone knows the slide that I show from Yole, the expected 45x growth in several years. The market is growing rapidly. Weebit wants to take the big, big chunk of that market. I want to have the biggest possible market share. And when a market is growing so fast, you really need to run fast. I believe that developing the technology and getting — making, building a big gap between us and the competition so that it's not just, yes, it's nice, it's better than the other ReRAMs, it's 10% better or whatever. I want it to be so much better that it's not even a question. Everyone knows that they come to Weebit. Everyone knows that they want the Weebit ReRAM. Other fabs that are trying to develop ReRAM will realize that their customers are telling them, 'Hey, we want to manufacture here, but we want to use Weebit ReRAM.' So that was the number one thing that happened and we really realized that potential.

Number two, and you've been hearing me talk more about AI now, and we set up the new systems and AI team in Weebit. There are many companies calling us up and asking about AI, and again, there's a big potential here. Weebit is a great solution for in-memory compute, and we have a very big advantage here. You know, unlike most companies that are dealing with in-memory compute where they basically need to use standard memories, we actually control the process and we can modify the memory bit that we use for in-memory compute to make it even more optimal for that. So there's a lot of things — there are a lot of things that we can do to really improve the offering that we're developing now for AI.

And of course, the third part of it is, you know, we need to scale up the sales and everything. We're now getting very close to the point of having many product companies, fabless companies. We already announced we have companies that are designing products with our ReRAM in them. Now that we did the qualification at DB HiTek, and we really need to give a strong push also on the commercial side. So those were the three main things that basically were behind the decision to go ahead with this raise.

So I mentioned already the three key elements: improving the technology, developing the AI solution that we want to bring to market, and then strengthening the sales activities and everything around addressing the needs of the existing contracts that we already have. I would say it's roughly one third on each one of these. And the plan is, you know, we're not going to take this money and now, 'Oh wow, we can go party.' I think people know already I'm very, very cautious about how I manage the budget. I'm very strict about it. We're not going to just go and hire a million people. It's going to be a gradual growth of the company. The use of funds is expected over three years. So this just gives us really the comfort that now we can go ahead, we can do these developments, we can come out with a very, very strong and leading ReRAM technology and AI technologies, and grow the customer base, and in a few years be the undisputed leader in this market.

I think everyone knows what's been going on in the markets more recently, and share prices go up and down significantly. There's obviously many, many share — many, I'm sorry, many of the institutions had this reluctance to even look at taking these risks, etc. So I think that a 10% discount is not something that is very unusual for raises of this size, especially in this kind of market. And we felt like we wanted to really make sure that this is a successful raise. You know, I'm not allowed to use superlatives, etc., but it was oversubscribed and there was a lot of interest by the different institutions. We were told by quite a few of them that they are planning to also buy on the market. So I think overall it was a very good raise for us and the terms were, under all the circumstances, they were very reasonable.

Weebit is an ASX 300 company. We are growing and again, I can't give predictions or anything, but I won't be surprised if we'll go up to ASX 200 and potentially even beyond in the near — in the mid-term, etc. And we are starting to grow also the institutional holding. We had Macquarie participate in this round and bring in some of those institutions that they work with. I think it's good. We still have a very, very strong retail base. I mean, last time I checked before the raise, it was 80% retail still, and we still have a lot of — even after this raise, the retail is still going to be a big part, but it's good to see that we have some good, strong, solid institutions that are joining now, and I think it's very healthy for Weebit as it grows.

So yes. First of all, I made a very strong commitment to the shareholders a long time ago that, you know, whenever we do a raise, I'm always going to give them the opportunity to participate in the same terms. Yes, right now the share price has dropped after the raise. I expect — I believe that again, I can't make predictions, but I hope — let's say it this way — share price will be going up. We never know what's happening with the geopolitical situation, which again, that's part of when you asked me about the discount, etc. We are in a unique geopolitical situation. So many things can go to both directions. We could suddenly have something go wrong with this war and suddenly markets will plummet and we'll say, 'Oh wow, we managed to do the raise at such a great price and everything.' And who knows, something good might happen and share price will go up. We plan to do the SPP. I hope we'll see the share price also going back to the raise price and above. And I'll be very glad if people help us help bring more money to enable us to achieve these goals that I just talked about. But my commitment always stands. I told people they will have the opportunity and we definitely plan to do it. And we are considering — again, we'll see the market conditions and everything, but we are considering that we might even extend it. Yes.

Well, the semiconductor market recently has been somewhat in a — you know, I don't want to use the word turmoil. It's not that extreme, but it's been going up and down. The AI demand has really pushed the discrete memory companies especially very strongly upwards. On the other hand, there are all kinds of other news that have been causing companies to also go down significantly. We've seen even very big major companies have share price go up and down 10% or more. So it is definitely not a normal market right now. At the same time, the potential for Weebit is so big that it really isn't impacting us in a significant way, I would say. People know they need ReRAM. The market is really — we were at Embedded World and we saw the demand. So many people came to us and talked about wanting to have ReRAM, wanting to use it for AI, wanting to use it for different things. And we're not a manufacturer. We supply the technology, the IP. So overall, I think we're in a good position. We're continuing to move forward. We've been having very good discussions with some of these companies that we really want to close deals with already. Yes, they have their distractions. Yes, sometimes it causes them to suddenly disappear for a month or two or something like that, but overall, I think we're less impacted by all of this ups and downs and everything.

So, AEC-Q100 is definitely a very, very important milestone and it has established Weebit as a leader. As I said, I don't know if I can use already the term 'the best'. I think I can say we have the best ReRAM, or definitely on quite a few parameters. We're clearly a very strong leader in this market. At the same time, there is so much more to do and so many things that customers are asking us for. We've had customers come and say, 'We really need faster access time to the memory. We really — that's critical.' And even though originally it sounded insane, the team figured out how they can basically get access time, which is about twice as fast as the best ReRAM we know out there. When we talk about AEC-Q100, most companies think that when you're doing automotive grade, you have to use what's called a 2T2R architecture, which basically means you need to have two bits per — or two memory bits per bit, if you want to call it that way. We have shown and we've done the AEC-Q100 on a 1T1R. So that's half the size of the bit and we achieved that. So many people think, 'Oh, how could you ever do that?' But we've achieved that. The endurance — today, many companies that are working on ReRAM are still stuck at 10,000 cycles trying to go above that. We already qualified at 100,000, but we're not stopping there. We know that we can achieve, or we strongly believe we can achieve, 500,000 and even a million cycles, and we want to work on that and we want to improve that. You know, we've had customers who said, 'You know, we work in extreme conditions. We actually need this ReRAM to work in such low power consumption that even if we work with energy harvesting, we won't even have a battery. We'll just sleep most of the time collecting — conducting energy from the air, and then we'll wake up, we'll do something quickly, and we'll go back to sleep.' And so we just — we'll collect a little bit of energy and we'll have to operate off of that. We believe that we know how to do that and we can enable to work even with really low power. And it goes on and on. There are so many parameters in a ReRAM and for most of them, we believe we know how to improve them. And the collective improvements will really put us at a completely different level than other ReRAMs, and that's where I want to be. I want it to be so obvious and so clear to everyone that our ReRAM is by far, with a big gap, the best technology, that again, people would just have a no-brainer. They want ReRAM, they come to Weebit.

I have to say I don't understand the question. So achieving qualification is something that is, you know, that is — you meet the specifications and we've been demonstrating it to the fabs and the customers. I mean, I got — we could put it on a website. Nobody would understand what they're seeing, but I mean, you know, there's a very clear and simple definition of what it means to achieve qualification. I mean, you need to meet very, very specific demands. We did that. We demonstrated it to — I mean, obviously when we work with DB HiTek or others, the companies that are considering working with Weebit. We've been demonstrating the AEC-Q100 and other qualifications that we did. So I mean, that's — it's something you can't say that you achieved qualification without actually having the results of all these tests that you can show people.

So the situation with GF is very interesting. I think first of all, the fact that you see them focusing on eMRAM gives you — you know, implies to a certain extent what's happening with their ReRAM efforts. You need to remember, GF had eMRAM in mass production already many years. It's not something new. They've been — they already made a huge investment in eMRAM. And you know, obviously there's still — there is demand for eMRAM. I think the fact that they're pushing so much on the eMRAM side implies what's going on with their ReRAM. eMRAM is much more expensive. Let's start off with the basics. eMRAM is way more expensive than ReRAM, and at the end of the day, we all know you can talk about technical parameters, you know, all day long. People always will look at the bottom line and the price. And that's the thing they'll focus on. So by the way, eMRAM is not a bad technology. And it has its uses and maybe again, you know, I think that ReRAM, when you can qualify it for automotive, is much more attractive. It's just simpler to manufacture, cheaper, etc. You don't need to go for such an expensive technology like eMRAM unless you can't qualify your ReRAM for automotive.

Well, that would kind of disclose a lot of things. I can't talk about specific fabs and you know, people ask me, don't say — don't say whatever name, say the biggest Korean fab or something like that. So I don't go into those kinds of things. We are continuing to be engaged with many, many fabs. Those discussions are progressing. The TI deal took three years to close. These deals are long. I think everyone's already learned that by now. We do expect to close more deals this year. And that's the goal, and I said it with an S at the end. So I really want to see more than one deal this year. I believe we should be able to do that and that's our goal. And I can't go into the specifics of which ones, etc. The number of big foundries and IDMs in the world is not that big, and if I start giving all kinds of indications, it's almost like naming them.

We proved that it can be done and we did it before, although I think that was a big exception and I doubt you see a lot of raises with premium in the market. You know, we'll see. Right now we definitely have a lot of money in the bank and so we have what to work with. I'm clearly not thinking about the next raise right now.

So first of all, I will say it wasn't one fab. It's — you know, when I take commitments, I normally try to have some security band around it and have — you know, it's very difficult. It's really so difficult to predict when these kinds of deals will close. I think people know that I originally was quite confident we'll close TI already in 2023. Everything was set up for that and then it dragged for two more years before we ended up closing it. So we are engaged with definitely more than one, with quite a few of them. There's progress going on. It's just so hard for me to predict on who and what and when, I guess. But as I said in the previous question, we do plan to close additional fab deals this year.

To be honest, I've been challenging the marketing team to give me good numbers. Today, especially on the in-memory compute side, it's a new market. There is so much hype around it. There are so many analysts, each one looking at it differently, and their analysis gets them to quite a wide range of numbers. The numbers are always big, but I'm still struggling to get good numbers. So, you know, when we show the slide on the embedded side that, you know, when you start looking at all of those potential application areas for embedded ReRAM, you look at markets that total hundreds of billions of dollars, and you look at that and you say ReRAM, even if let's say it just has half market share, and maybe not even all of those use ReRAM, but then you do the quick math of, you know, a few percent royalties, etc. You still get to big numbers. The same thing goes with in-memory compute. The numbers are huge. Everyone's using very big numbers. Weebit is still defining how it wants to address that market. There are different ways to do it with different business models and we haven't really decided how we want to do it. So we will be presenting initial solutions to the market this year. We already said that we expect to have, you know, as I said, the first AI customer this year. So, but it's still in the making. So I can't really give — unfortunately, I can't give a good answer to this yet.

Well, the first thing is the team. I think that's really the — if you want to have the honest answer, Weebit just has, you know, by far the best team on this planet working on this right now. You can see there were other companies developing ReRAM. They raised actually much more than Weebit. Crossbar raised I think 200 million US dollars and eventually went under. Adesto raised more than 150 million US dollars and their technology never got anywhere and it's basically gone. I think the key secret of success of Weebit is our team. We have people on the team that are so unique. You know, I was just talking to someone and I said some of the people on our team are such that there are maybe — you know, it's really in the very few dozens worldwide that have that level of understanding and expertise in the domain. They are really very, very unique. And that's the key secret to success and that's what enabled us to be — I mean, at the end of the day, there are only two ReRAMs today that are qualified for mass production. You know, Weebit is the only one that announced AEC-Q100. Referring back to the question about GF and the fact that they're, you know, suddenly pushing MRAM as the solution for automotive, I think that kind of gives you a hint on what's going on. It's not easy to develop ReRAM, but we do have that unique team that knows how to overcome the obstacles. We hit so many obstacles every day. You know, that's like everyone. The thing is you need to have the team that knows how to overcome them and that's what we have. We've already achieved AEC-Q100. We've demonstrated that the ReRAM is very strong with the

the different fabs that we're negotiating. We've been demonstrating much more advanced things. And yeah, I think we definitely have a very strong solution. It's much cheaper. That's obvious. So when you compare it to other technologies that sometimes people are still trying to develop, at the end of the day money talks. Everyone knows that. And we're very attractive in terms of the cost of manufacturing, the simplicity of manufacturing. So I think that's what's really the secret of success.

So I would say first of all, I'm glad to say that more and more people today in the industry know Weebit. So I think we're getting to the point where I can say Weebit is already a recognized name throughout the industry. By the way, I mentioned a third of the proceeds are going to go into sales and marketing and pushing the brand and really growing the understanding of Weebit. I think many people know of Weebit. They've heard of it. They have a good feeling about it. But we still need to do more work in really showing just how good we are and how strong we are, and that's part of, you know, improving the technology. So we are giving this a big push right now to do that.

There was a second part to the question that I don't... Yeah, so just let me go back. So, why are we not at the point where we've signed new contracts with fabs, IDMs... Okay, yeah, yeah, that's right. So well, first of all, you know, the total number of companies that have fabs in the world are, you know, if we would sign one a week, we'd finish the whole industry in less than a year, I think. But you can understand these deals are just so, so difficult and, you know, when I say it takes years, not a year, years with an S at the end, to close these deals. These companies are very cautious. Each one of them has their own demands and requests and wants checks and, you know, the timing. Everyone, you know, different companies have different timings for schedules. Many companies are at full capacity and, you know, sometimes it takes them time to move forward. So we are moving... I think, you know, in the industry people consider Weebit is moving very fast forward. I know that for people in Australia it seems like, oh my god, you know, this is taking forever. But in reality, in the semiconductor industry Weebit is moving very, very fast and achieving a lot of things that... again, you know, look at a big company like GF trying to develop the ReRAM and, you know, we're still waiting for announcements, or not just GF, and I don't want to pick on them. You know, they're a good company. But it's not easy. It's not easy. This is a very difficult market.

So I guess there's only one other company that's right now in mass production or ready for mass production, and that's TSMC. So TSMC has a ReRAM that they are manufacturing in mass production. I always give TSMC credit and respect. You know, but at the end of the day for them the ReRAM is an enabler and there's just so much they invest in it. You have GF, we already mentioned. You have UMC that is trying to get a ReRAM to production. Again, we're not really hearing much from them. We, you know, I have indications from all kinds of sources, but I won't go into that on what their status is. I believe that with the work that we're going to be doing to keep improving our ReRAM, we will basically show that it just doesn't make any sense for a foundry to keep developing a ReRAM technology. The investment is so big. Weebit can do it because it's going to have many customers that are going to cover the costs. A foundry that develops ReRAM just for itself, it has one customer. They have to justify the ROI just by themselves. And Weebit will continue, as I said. We're going to open a big gap showing that our ReRAM is much better and the foundries are going to be getting requests from customers saying we want to use Weebit ReRAM. Weebit ReRAM is double the speed in terms of access time, or is half the size of the bit cell, or it's much lower power, or all these other parameters. And for our specific application this parameter is critical and Weebit is so much better. We want to use Weebit. You know, the first customer, the second customer, the foundries can ignore. When they start getting more, especially if it's some of their big customers, they will have to take notice and I'm counting on that. So that's really the landscape. There are two Chinese providers of ReRAM. From what we see, they're only managing to do very basic applications. We're not seeing them and I don't think anyone outside China will consider them. Even in China, we're getting a lot of people from China telling us those technologies aren't real. We want to use Weebit. And of course, you know, we have the whole issue of how do we deal with China? You know, I can go into that separately, but... So we're feeling very bullish in this market. We're already today in a very good position. We're already today only one of two qualified ReRAMs. Let's even give GF and UMC the benefit of the doubt and say they might manage to get their ReRAM to work and even in a good way. Still, we're the only independent provider and I don't see anyone in sight right now. So I mean, I'm paranoid. I'm always looking. I don't want to just sit here and, oh wow, it's so great. The world is wonderful. That's why actually I have this sense of urgency. That's why I have this sense of urgency that I just want to keep running as fast as I can forward to open that gap. You never know when something will somehow pop from somewhere.