WEEBIT NANO LTD — Interim / Quarterly Report 2025

Jan 30, 2025

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Weebit signs major commercial agreement

Well-funded following a successful $50 million capital raise

Q2 FY25 Quarterly Activities Report

Key highlights

• Weebit Nano’s Resistive RAM (ReRAM) technology further validated with onsemi licensing deal

• Well supported capital raise at a 6.5% premium to the 5-day VWAP to raise A$50 million

• Qualification of ReRAM technology set to be completed at DB HiTek in 2025

• Progressing commercial and technical discussions with multiple integrated device manufacturers, foundries, and product companies for the licensing of Weebit’s ReRAM IP

• Strengthening the Board with the appointment of Anne Templeman-Jones as Non-Executive Director

• Remain well-funded for growth, with significant $97 million cash balance as of 31 December 2024

31 January 2025 – Weebit Nano Ltd ( ASX: WBT , Weebit or Company ) provides this activity report for the quarter ended 31 December 2024 ( Q2 FY25 ), along with the Company’s Appendix 4C cash flow report.

Weebit Nano CEO Coby Hanoch said: “Weebit has further cemented its position as the leading independent provider of ReRAM through the licensing of its technology to onsemi (NASDAQ:ON), one of the world’s top semiconductor companies. Sealing a licensing deal with a company the caliber of onsemi, an S&P

500/NASDAQ100 company and a leader in power solutions for broad industries, reflects the industry’s realisation that Weebit ReRAM is the best form of non-volatile memory in the market. The teams have initiated the project on multiple fronts, including technology transfer and design.

“The onsemi collaboration is also helping in our discussions with other potential customers to license out our ReRAM IP, as it shows that major players in the space are embracing ReRAM as the preferred non-volatile memory solution. We are committed to converting some of these opportunities by the end of 2025, in line with the Company’s stated commercial milestones. onsemi is the first of at least three licensing agreements with fabs, and three agreements with product companies, that we aim to close by the end of 2025, along with the completion of qualification with DB HiTek.

“The Performance Rights payable to Weebit’s management are tied to achieving these milestones, as outlined by the Board at the Annual General Meeting. This ensures total focus on getting more commercial engagements completed.

“The appointment of Ms Anne Templeman-Jones as Non-Executive Director further bolsters the Board, adding deep knowledge and experience across corporate governance, finance, and enterprise risk management.

“The A$50 million raise, done at a 6.5% premium to the 5-day VWAP, leaves us with over A$97 million in the bank at the end of the quarter, enabling Weebit to expand its commercialisation efforts, while undertaking R&D to continuously advance its ReRAM technology.

“In December, Weebit had an excellent ICCAD show, the largest electronics show in China. Post quarter end, in January, Weebit participated at CES in Las Vegas, the leading industry event which hosts over 140,000 people. We

Level 12, 680 George St, Sydney NSW 2000, Australia Office: +61-2-8280 7355 info@weebit-nano.com | www.weebit-nano.com

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met with many of the world’s leading banks and many potential customers. The reaction to the onsemi announcement and the raise we did was extremely positive, reflecting the image Weebit now has as a leading non-volatile memory provider in the industry.

“No matter which application you consider, Weebit ReRAM has a list of significant advantages over flash, which are ‘must have’.”

Milestone license deal with onsemi

Weebit signed a pivotal contract at the end of the quarter, licensing its ReRAM technology to tier-1 semiconductor supplier, onsemi. Weebit’s ReRAM IP will be integrated into onsemi’s Treo platform, which is a Bipolar CMOS, DMOS (BCD) process, providing it with embedded non-volatile memory (NVM). ReRAM integration into a BCD process enables a cost-effective and low-power NVM solution that has strong retention at high temperatures.

As an integrated device manufacturer (IDM), onsemi manufactures its own products, which also makes it a product company as well as a fab. This differs from the approach taken by other foundries, which manufacture for product companies who typically prefer to wait until after qualification before engaging. An IDM deal expedites the timeline to mass production, resulting in quicker royalty generation for Weebit. Weebit and onsemi are already identifying the first products which will use Weebit ReRAM. Under the agreement, Weebit will receive revenues from licensing, non-recurring engineering (NRE) fees, and royalites based on production volumes. The duration of the agreement is considered to be long-term due to the lifespan of onsemi products.

$50 million capital raise at a premium significantly strengthens balance sheet

Weebit raised A$50 million at a 6.5% premium to the 5-day VWAP via a strongly supported Placement from new and existing institutional investors, giving the Company a cash balance of A$97 million as at 31 December 2024. This enables Weebit to focus on closing more commercial deals, along with continuing to improve Weebit’s technology through R&D spend.

Over the quarter, the Company received R&D grants to further boost its cash position, which included a A$4.5 million grant received from French tax authorities, and an additional A$145k grant from Israel tax authorities. Weebit also received $483k in payment from customers.

Key operating cash flow items during Q2 FY25 include R&D expenses of A$10.1 million and payments to related parties, including fees paid to Directors and the CEO’s cost of payroll, stood at A$313k.

Strengthening the Board with NED appointment

On 1 January 2025, Weebit strengthened its Board by appointing Ms Anne Templeman-Jones as Non-Executive Director (NED). Ms Templeman-Jones brings a range of expertise to Weebit including business acumen, corporate governance, strategy and finance, as well as enterprise risk management for complex organisations. Ms Templeman-Jones’ career spans 35 years of executive and board roles across major companies and multiple industries including board roles with Commonwealth Bank of Australia Limited, Blackmores Limited, Cuscal, Worley Limited, GUD Holdings Limited, The Citadel Group, TAL Superannuation Australia, and HBF Private Health Insurance, among others. Ms Templeman-Jones currently sits on the boards of New South Wales Treasury Corporation (TCorp), Trifork AG and Erilyan Pty Ltd.

Level 12, 680 George St, Sydney NSW 2000, Australia Office: +61-2-8280 7355 info@weebit-nano.com | www.weebit-nano.com

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New patents

During the quarter, Weebit Nano was granted four new patents describing different inventions related to its ReRAM technology. These include unique design techniques that reduce the die area of the ReRAM module and enhance its reliability. Other patents relate to programming algorithms and device physics. Weebit continues to strengthen its patent position with over 80 patents and patent applications to-date.

Qualification progress at DB HiTek

Weebit made progress on the qualification of its ReRAM technology for mass production at semiconductor manufacturer, DB HiTek, where testing of the initial wafers has started. The technology is expected to be used by DB HiTek’s clients, which includes blue-chip technology companies, for internet-of-things (IoT), consumer, and industrial applications. Process qualification at DB HiTek is expected to be completed in 2025.

Weebit participation in industry events

Weebit Nano attended key industry conferences to further educate the industry on the Company’s ReRAM as the leading NVM to replace traditional NVM technology. Weebit attended CSIA-ICCAD 2024 in Shanghai, the largest semiconductor conference in China, where it demonstrated its recent technology and further progressed with its commercial and technical discussions.

In January, Weebit attended the Consumer Electronics Show (CES) in Las Vegas, which hosted over 140,000 attendees this year. Weebit met with many potential customers, investors, and press, and gathered very positive feedback on its recent progress and expansion of its market opportunities.

Strengthening commercial foundations

Weebit continues to advance discussions with multiple foundries, IDMs, and product companies. Each of these discussions is at different stages, as these engagements could last several years. The agreement with onsemi is clearly affecting these potential customers, and Weebit expects to close several additional agreements in 2025.

Weebit Nano’s Board is committed to achieving its milestones by the end of CY 2025, including:

1. Completion of qualification with DB HiTek;

2. Three new licensing agreements with fabs; and

3. Three new agreements with product companies.

Investor briefing details

CEO Coby Hanoch will participate in a “Meet the CEO” interview covering the Company’s quarterly update at 4:00pm AEDT on Friday 31 January 2025. Participants will have an opportunity to ask questions at the end of the webinar.

To attend, please pre-register here.

• ENDS -

Authorised for release by the Board of Weebit Nano Limited.

Level 12, 680 George St, Sydney NSW 2000, Australia Office: +61-2-8280 7355 info@weebit-nano.com | www.weebit-nano.com

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For further information, please contact:

Investors

Eric Kuret, Automic Group P: +61 417 311 335

E: eric.kuret@automicgroup.com.au

Media – Australia

Dylan Mark, Automic Group P: +61 475 783 675 E: dylan.mark@automicgroup.com.au

Media – US

Jen Bernier-Santarini, Weebit Nano P: +1 650-336-4222 E: jen@weebit-nano.com

About Weebit Nano Limited

Weebit Nano Ltd. is a leading developer and licensor of advanced semiconductor memory technology. The company’s ground-breaking Resistive RAM (ReRAM) addresses the growing need for significantly higher performance and lower power memory solutions in a range of new electronic products such as Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence.

Weebit’s ReRAM allows semiconductor memory elements to be significantly faster, less expensive, more reliable and more energy efficient than those using existing flash memory solutions. As it is based on fab-friendly materials, Weebit ReRAM can be integrated within existing flows and processes faster and easier than other emerging technologies, without requiring special equipment or large investments.

See: www.weebit-nano.com

Weebit Nano and the Weebit Nano logo are trademarks or registered trademarks of Weebit Nano Ltd. in the United States and other countries. Other company, product, and service names may be trademarks or service marks of others.

Level 12, 680 George St, Sydney NSW 2000, Australia Office: +61-2-8280 7355 info@weebit-nano.com | www.weebit-nano.com

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Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Weebit Nano Limited (ASX: WBT)

ABN

15 146 455 576

Quarter ended (“current quarter”)

31 December 2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	483 (10,133) - (347) (111) (2,479) (1,096) - 833 (7) - 4,671 -	483 (12,056) - (759) (225) (4,950) (2,034) - 1,147 (16) - 4,671 -
	(8,186)	(13,739)

Note 1 - Weebit Nano is running many projects in parallel at R&D partner CEA-Leti. Payments to CEA-Leti are milestone based. In previous quarters only a few milestones were met, therefore only a few payments were made to CEA-Leti. This quarter, CEA-Leti met many milestones, triggering higher payments.

Note 2 – This quarter, the company received an R&D related grant of AUD $4,526,000 from the French Tax Authority.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - (80) - - - - - - - - - - - -	- - (171) - - - - - - - - - - - -
	(80)	(171)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	50,000 - - (2,328) - - - - -	50,000 - - (2,317) - - - - -
	47,672	47,683

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4. 4.1 4.2 4.3 4.4 4.5 4.6	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	57,186 (8,186) (80) 47,672 594	62,833 (13,739) (171) 47,683 580
		97,186	97,186
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		4,221 92,965 - -	4,543 52,643 - -
		97,186	57,186
6. Payments to related parties of the entity and their associates			Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 313 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. The payments at 6.1 relate to salaries, bonuses and consulting/director fees for directors’ within the group.			313
			-

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6	Net cash from / (used in) operating activities (item 1.9) (8,186) Cash and cash equivalents at quarter end (item 4.6) 97,186 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.2 + item 8.3) 97,186 Estimated quarters of funding available (item 8.4 divided by item 8.1) 12 Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(8,186) 97,186 -
		97,186
		12
	Answer:
	8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer:
	8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer:
	Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 January 2025

Authorised by: By the Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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