Interim report
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CoC For personal use only
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Content CoC BrainChip Half-Year Report 30 June 2025 1 Page Page Directors’ Report 2 Condensed consolidated statement of cash flows 11 Auditor’s Independence declaration 7 Notes to the half-year condensed consolidated financial statements 12 Condensed consolidated statement of profit or loss and other comprehensive income 8 Directors’ declaration 25 Condensed consolidated statement of financial position 9 Independent Auditor’s Report 26 Condensed consolidated statement of changes in equity 10 Corporate Directory 28 For personal use only
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Directors’ report CoC BrainChip Half-Year Report 30 June 2025 2 The directors submit their report of the consolidated entity, being BrainChip Holdings Ltd (“BrainChip Holdings” or “Company” or “BrainChip”) and its controlled entities (“Group” or “Consolidated Entity”), for the half-year ended 30 June 2025. Directors The names and details of the Company’s directors in office during the financial period and until the date of this report are as follows: Antonio J. Viana Non-Executive Director and Chair Sean Hehir Executive Director, Chief Executive Officer Peter van der Made Non-Executive Director Geoffrey Carrick Non-Executive Director Pia Turcinov Non-Executive Director Duy-Loan Le Non-Executive Director All directors were in office for the entire financial period. Principal activities The principal activity of the Group is the development of software and hardware accelerated solutions for advanced artificial intelligence (“AI”) and machine learning applications, with a primary focus on the development of its Akida Neuromorphic Processor to provide a complete ultra-low power and fast AI Edge Network for vision, audio, olfactory and smart transducer applications. Dividends No dividends have been paid or declared by the Company during the financial year or up to the date of this report. Significant changes in the state of affairs On 31 December 2024, BrainChip, together with LDA Capital Limited, LDA Capital LLC and LDA Capital Group, LLC executed a Fourth Amendment to the Put Option Agreement (“POA”) (refer to ASX announcements dated 13 August 2020 and 26 October 2020), extending the agreement for a 18 month period and assigning the rights of LDA Capital Limited and LDA Capital LLC derived under the POA to LDA Capital Group, LLC (LDA Group). The amendment also provided an option to extend the POA for two additional one-year periods under the same terms upon mutual consent. Under the terms of the renewal, - total funding increased to A$140M (Total Commitment Amount), of which A$68 million in gross proceeds has been drawn since inception in 2020. - BrainChip has agreed to an additional Minimum Drawdown Amount of A$20 million to be drawn no later than 30 June 2026; - BrainChip would issue 40 million Collateral Shares by the earlier of the next Capital Call or 30 June 2025, subject to Listing Rule 7.1 placement capacity. - The purchase price remains set at 91.5% of the average daily Volume Weighted Average Price for each day shares are sold throughout the pricing period. On 22 March 2025, BrainChip submitted a capital call notice to LDA Capital in accordance with the Fourth Amendment to the POA to subscribe for 40 million shares. The closing period was extended multiple times and finally completed on 25 July 2025. Cash funds were received in two instalments, comprising US$3,831,282 (A$5,835,610) on 15 July 2025, and US$1,575,897 (A$2,392,848) on 25 July 2025. The purchase price per share ranged from A$0.1792 to A$0.2571 during the capital call period. There have been no other significant changes in the state of affairs of the Group. For personal use only
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Directors’ report CoC BrainChip Half-Year Report 30 June 2025 3 Review of operations The financial results of the Group are presented in US dollars unless otherwise referenced. Overview The Group made a net loss after income tax for the half-year ended 30 June 2025 of $9,360,251 (2024: $11,517,767). Revenues for the year ended 30 June 2025 of $1,023,579 increased 859% from $106,693 in 2024, after the securing of certain development services and product sales contracts with strategic customers. Total operating expenses for the half-year ended 30 June 2025 of $10,283,291 decreased 12% from $11,690,959 incurred in the prior period. This decrease was attributable to: • Research & development (R&D) expenses of $3,433,383 for the current period decreased 23%, or $1,044,363 from the comparative period. R&D costs in the current period comprised employee expenses, contractor and other research and development costs, and the amortisation/impairment of capitalised R&D intangible assets. Movements in R&D costs are summarised as follows: o 17% decrease in employee expenses reported resulting from an increase in costs being allocated to cost of sales; o 33% reduction in grant revenue recognised as a result of the Australian R&D team redundancies in the comparative period. o Impairment of capitalised intangible assets of $576,037 as 30 June 2024 after consideration of current impairment indicators. • Selling & marketing (S&M) expenses of $2,201,446 for the current period decreased 9%, or $226,585 from the comparative period. Management is continuing to focus on targeting potential customers worldwide and the promotion and marketing of current and future products; • General & administrative (G&A) expenses of $3,611,559 for the current period increased 9% overall, or $303,817 from the same period a year ago as a result of: o Increased recruitment costs in the appointment of personnel after resignations during the period, and o increased legal and professional costs; • Share-based payment expense of $1,036,903 for the current period decreased 30%, or $440,538 from the same period a year ago. Share-based payments expense is non-cash in nature and represents the current period vesting expense for equity instruments (Options, Performance Rights (“PRs”), Restricted Stock Units (“RSUs”) and Services Rights (“SRs”)) issued to directors, employees and consultants, offset by the value of equity units that have been forfeited during the year. The current year included a vesting credit of $1,547,770 (2024: $2,178,253) resulting from the reassessment of the achievement of the maximum performance criteria for equity units granted in 2023 that vest on 28 February 2026. The current year loss also includes: • Finance income, comprising interest income earned $293,254 (2024: $202,761) on cash balances invested, and net foreign exchange gains on the revaluation of non-USD cash balances of $517,851. • Gains from financial assets and liabilities measured at fair value through profit and loss of $109,922 (2024: $13,575) resulting from the fair value of the LDA financial liabilities recognised due to the agreed pricing mechanism and the put option premium. For personal use only
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Directors’ report CoC BrainChip Half-Year Report 30 June 2025 4 Review of operations (continued) Balance Sheet and Cashflows At the end of the half-year, the Group had consolidated net assets of $15,241,786 (31 December 2024: $19,826,520), including cash and cash equivalents of $13,458,121 (31 December 2024: $20,000,422). Trade and other receivables increased to $4,034,490 from $947,994 at 31 December 2024, driven mainly by the recognition of both a receivable of $2,983,111 and a derivative asset of $294,870 related to the LDA capital call notice issued on 23 March 2025 which remained open at 30 June 2025. Cash outflows used in operating activities decreased to $6,990,176 from $8,324,578 at 30 June 2024, as noted in the Consolidated Statement of Cash Flows, as BrainChip recognised $1,522,026 of cash received from customers compared with $137,606 in the comparative period. Operational Highlights Throughout the first half of 2025 the Company continued to focus on executing its commercial strategy, developing a pipeline of new business opportunities and expanding its product offering through constant technical innovation. Dr. Jonathan Tapson, BrainChip’s Chief Development Officer, outlined the Company’s Technology Roadmap ahead of the AGM in May 2025. Dr. Tapson highlighted the plans for BrainChip’s Akida designs, software stack, models and hardware offerings. Dr. Tapson conveyed the team’s commitment to ongoing product development and the Company believes the product offering allows for robust scalable growth. Commercial Partnerships BrainChip continues its path to commercialization and, on 25 February 2025, announced a technology collaboration partnership with Onsor Technologies to enable an innovative approach using neuromorphic computing to predict epileptic seizures utilizing the Akida Platform. The Onsor solution consists of wearable glassed incorporating EED sensors, neuromorphic processing capabilities, and a user-friendly alert system on a mobile device. Following on from the announcement in December 2024 that Frontgrade Gaisler had licensed BrainChip’s Akida IP for incorporation into space-grade, fault tolerant system-on-chip solutions for hardware AI acceleration, the Swedish National Space Agency awarded Frontgrade a contract to commercialize the first neuromorphic System on Chip device for space applications. This was announced in April 2025. Already in development at Frontgrade Gaisler, the device is part of the company’s new GRAIN (Gaisler Research Artificial Intelligence NOEL-V) product line. Sweden’s Royal Institute of Technology is contributing to this project. BrainChip also revealed a commercial partnership with Information Systems Laboratories in April 2025. The partnership plans to jointly promote and provide services for AI-based radar research solutions based on BrainChip’s Akida neural networking processor. Progress continues in the exploration of commercial partnerships with activities including: • BrainChip partnered with Arquimea during the period on an AI-powered detection solution to enhance water safety. Arquimea has demonstrated BrainChip’s Akida with a Prophesee event-based Metavision camera on a low-power drone. The drone helps lifeguards scale their services by detecting distressed swimmers and surfers who may be out of view. • BrainChip was proud to announce a collaboration with Andes Technology during April 2025. Andes is the leading provider of RISC-V embedded cores. Leveraging the benefits of Akida’s pure digital, extremely energy-efficient, event-based AI computation, Andes RISC-V compute platforms can deliver at-sensor or sensor-balanced solutions for AI, application processors, automotive electronics, and security markets. This collaboration demonstrated BrainChip’s AKD1500 on Andes’ QiLai Voyager Board and Andes Core AX45MP 64-bit multicore CPU IP at the Andes RISC-V Conference in San Jose, showing attendees the power of Akida technology with RISC-V for efficient, intelligent compute at the edge. For personal use only
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Directors’ report CoC BrainChip Half-Year Report 30 June 2025 5 Review of operations (continued) Operational Highlights (continued) • Chelpis Quantum Corp. announced the selection of BrainChip’s Akida chips for its industrial robotic security application on 28th April 2025. Chelpis is purchasing AKD1000 devices for qualification and deployment in endpoint security for robotic solutions. This is the first step in a collaboration that will help enable Chelpis and its partner company, Mirle, to build autonomous quadruped robots for industrial/factory environments. Chelpis is exploring BrainChip’s Akida IP to fulfil security and AI computing needs in its AI-PQC robotic System-on-Chip development. • On the 24th June 2025, BrainChip announced a strategic collaboration with HaiLa Technologies, an innovator in ultra-low power wireless connectivity. BrainChip and HaiLa are working with leading OEMs and ecosystem partners to bring their combined capabilities to market across medical, environmental, and infrastructure monitoring domains. Together, the companies intend to demonstrate how BrainChip’s Akida™ neuromorphic technology can pair seamlessly with HaiLa’s BSC2000 radio frequency integrated circuit RFIC to enable breakthrough power efficiency for connected sensor applications in IoT , medical, and smart infrastructure markets. During June 2025, BrainChip unveiled its MetaTF 2.13 software on a newly launched Developer Hub. BrainChip is making it easier than ever for developers to build intelligent, low-power applications at the edge with the launch of its all-new Developer Hub, a dedicated portal designed to accelerate innovation on the Akida™ platform. BrainChip released two high-performance models on the MetaTF platform: eye-tracking and gesture recognition. Both are designed to demonstrate the unique advantages of event-based AI processing using Akida, which delivers real-time performance with ultra-low power consumption Redomicile Considerations On 27 February 2025, the Company announced it was evaluating the possibility of redomiciling to an alternative stock exchange with a focus on the US. Post an extensive review that included input and advice from a range of experts, including foreign and domestic legal advisors, investment banks and feedback from shareholders, the Board made the decision that shareholder value is best achieved by remaining listed on the ASX. BrainChip remains committed to the ASX listing and ensuring that the Company continues its path to commercial success. The Board acknowledges and appreciates the ongoing commitment of shareholders. This sustained support is instrumental to the Company’s progress and underpins its pursuit of long-term growth. Intellectual Property The Company continued expansion of its global intellectual property portfolio, now comprising 55 issued and pending patents across the United States, Europe, and APAC regions. This robust and growing IP foundation reflects BrainChip’s strategic focus on safeguarding its AI innovations and reinforces its competitive positioning in the rapidly evolving edge AI market. The Company views IP as a critical asset for unlocking commercial opportunities and delivering sustained shareholder value through innovation-led growth. Securities on Issue The Company has the following securities on issue as at the date of this report: Ordinary shares 2,025,741,735 Options over ordinary shares 48,067,530 Restricted stock units 120,540,327 Service rights 2,093,022 Performance rights 2,725,828 For personal use only
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Directors’ report CoC BrainChip Half-Year Report 30 June 2025 6 Review of operations (continued) Significant events after the balance date From 1 July 2025 and to the date of this report, 2,880,832 RSUs and 375,000 performance rights held by BrainChip Equity Plan participants converted to shares upon vesting. A further 2,293,447 RSUs were forfeited upon the resignation of an employee. The Company also granted 580,000 options and 1,000,000 RSUs to new participants. The Capital Notice issued under the Fourth Amendment to the POA was closed on 23 July 2025. Cash funds were received in two instalments during July, US$3,831,282 (A$5,835,610) on 15 July 2025 and US$1,570,973 (A$2,392,848) (net of fees) on 25 July 2025. The purchase price per capital call share ranged from A$0.1784 to A$0.2562 during the capital call period. No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in subsequent financial years. Auditor Independence The Directors received the Independence Declaration, as set out on page 39, from HLB Mann Judd. Signed in accordance with a resolution of the Directors. Antonio J. Viana Chair California, U.S.A., 21 August 2025 For personal use only
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BrainChip Half-Year Report 30 June 2025 7 AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of BrainChip Holdings Ltd for the half-year ended 30 June 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia 21 August 2025 B G McVeigh Partner For personal use only
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Condensed consolidated statement of profit and loss and other comprehensive income For the half-year ended 30 June 2025 CoC BrainChip Half-Year Report 30 June 2025 8 Note 2025 US$ 2024 US$ Continuing operations Revenue from contracts with customers 3 1,023,579 106,693 Cost of goods sold (749,827) (38,042) Gross profit 273,752 68,651 Expenses Research & development 4(a) (3,433,383) (4,477,746) Sales & marketing 4(b) (2,201,446) (2,428,031) General & administrative 4(c) (3,611,559) (3,307,742) Share-based payment expense 15(a) (1,036,903) (1,477,440) Operating loss (10,009,539) (11,622,308) Finance income 5(a) 593,618 202,761 Finance expense 5(b) (29,949) (86,942) Net fair value gain through profit and loss 5(c) 109,922 13,575 Loss from continuing operations before income tax (9,335,948) (11,492,914) Income tax expense (24,303) (24,853) Net loss for the year (9,360,251) (11,517,767) Other comprehensive income/(loss) Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods (net of tax): Remeasurement (loss)/gain on defined benefit plans (623) 13,827 Items that may be reclassified subsequently to profit or loss (net of tax): Exchange differences on translation of foreign operations 366,703 (146,026) Other comprehensive income/(loss) for the year, net of tax 366,080 (132,199) Total comprehensive loss for the year, net of tax (8,994,171) (11,649,966) Loss per share attributable to ordinary equity holders of the Company US cents per share US cents per share Basic loss per share 6 (0.45) (0.60) Diluted loss per share 6 (0.45) (0.60) The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. For personal use only
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Condensed consolidated statement of financial position As at 30 June 2025 CoC BrainChip Half-Year Report 30 June 2025 9 Note 30 June 2025 US$ 31 December 2024 US$ Current Assets Cash and cash equivalents 8 13,458,121 20,000,422 Trade and other receivables 9 4,034,490 947,994 Inventory 318,630 240,723 Other assets 406,931 441,916 Total Current Assets 18,218,172 21,631,055 Non-Current Assets Right-of-use assets 10 798,429 894,856 Plant and equipment 318,283 346,225 Other assets 216,376 174,962 Total Non-current Assets 1,333,088 1,416,043 TOTAL ASSETS 19,551,260 23,047,098 Current Liabilities Trade and other payables 1,857,022 1,373,294 Deferred revenue 656,327 48,342 Lease liabilities 11 458,927 454,956 Employee benefits liabilities 542,331 456,403 Total Current Liabilities 3,514,607 2,332,995 Non-current Liabilities Financial liabilities 12 47,459 45,455 Lease liabilities 11 542,943 669,914 Defined benefit plan 204,465 172,214 Total Non-current Liabilities 794,867 887,583 TOTAL LIABILITIES 4,309,474 3,220,578 NET ASSETS 15,241,786 19,826,520 Equity Contributed equity 14 (a) 171,172,749 167,800,215 Share-based payments reserve 51,206,349 50,169,446 Foreign currency translation reserve 403,514 36,811 Accumulated losses (207,540,826) (198,179,952) TOTAL EQUITY 15,241,786 19,826,520 The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes. For personal use only
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Condensed consolidated statement of changes in equity For the half-year ended 30 June 2025 CoC BrainChip Half-Year Report 30 June 2025 10 Contributed equity Share- based payment reserve Other reserves Foreign currency reserve Accumulated losses Total equity US$ US$ US$ US$ US$ US$ At 1 January 2024 145,626,256 44,719,097 247,872 256,801 (174,015,705) 16,834,321 Loss for the year - - - - (11,517,767) (11,517,767) Other comprehensive loss - - - (146,026) 13,827 (132,199) Total comprehensive loss for the period - - - (146,026) (11,503,940) (11,649,966) Issue of share capital 7,085,900 - - - - 7,085,900 Converted treasury shares 793,498 793,498 Share issue costs (26,093) - - - - (26,093) Share-based payment (Note 15(a)) - 1,477,440 - - - 1,477,440 At 30 June 2024 153,479,561 46,196,537 247,872 110,775 (185, 519,645) 14,515,100 At 1 January 2025 167,800,215 50,169,446 - 36,811 (198,179,952) 19,826,520 Loss for the year - - - - (9,360,251) (9,360,251) Other comprehensive loss - - - 366,703 (623) 366,080 Total comprehensive loss for the period - - - 366,703 (9,360,874) (8,994,171) Issue of share capital 3,168,059 - - - - 3,168,059 Converted treasury shares 223,626 - - - - 223,626 Share issue costs (19,151) - - - - (19,151) Share-based payment (Note 15(a)) - 1,036,903 - - - 1,036,903 At 30 June 2025 171,172,749 51,206,349 - 403,514 (207,540,826) 15,241,786 The above condensed consolidated statement of changes of equity should be read in conjunction with the accompanying notes. For personal use only
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Condensed consolidated statement of cash flows For the half-year ended 30 June 2025 CoC BrainChip Half-Year Report 30 June 2025 11 Note 2025 US$ 2024 US$ Cash flows used in operating activities Receipts from customers 1,522,026 137,606 Payments to suppliers and employees (9,262,975) (8,988,183) Interest received 293,254 202,761 Interest paid (29,949) (41,785) Grants and R&D credits received from third parties 468,705 329,494 Income taxes refunded 18,763 35,529 Net cash flows used in operating activities (6,990,176) (8,324,578) Cash flows used in investing activities Payments for property, plant and equipment (39,369) (51,412) Net cash flows used in investing activities (39,369) (51,412) Cash flows used in financing activities Receipts from the issue of shares - 5,167,767 Payment of share issue costs (19,151) (33,348) Receipts from the exercise of unlisted options 227,001 - Payment to reduce lease liabilities 11 (238,253) (219,380) Net cash flows (used in)/generated from financing activities (30,403) 4,915,039 Net decrease in cash and cash equivalents (7,059,948) (3,460,951) Net foreign exchange differences 517,647 22,554 Cash at the beginning of the financial period 20,000,422 14,343,381 Cash and cash equivalents at the end of the period 8 13,458,121 10,904,984 The above condensed consolidated cash flow statement should be read in conjunction with the accompanying notes. For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 12 Note 1. Corporate information The interim condensed consolidated financial report of BrainChip Holdings Ltd (“BrainChip Holdings” or “Company”) and its controlled entities (“Consolidated Entity” or “Group”) for the half-year ended 3 0 June 2025 was authorised for issue in accordance with a resolution of the Directors on 21 August 2025. BrainChip Holdings is a for -profit company limited by shares, incorporated and domiciled in Australia, and whose shares are publicly traded on the Australian Securities Exchange. The address of the registered office is Level 8, 210 George Street, Sydney NSW 2000, Australia. The nature of the operations and principal activities of the Group are described in the Directors’ Report. Note 2. Summary of material accounting policies Basis of preparation The half-year condensed consolidated financial statements have been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 “Interim Financial Reporting”. The half-year condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as at 31 D ecember 202 4, and considered together with any public announcements made by the Company during the half -year ended 30 June 202 5 in accordance with the continuous disclosure obligations of the ASX Listing Rules. New standards, interpretation and amendments adopted by the Group The accounting policies adopted in the preparation of the half -year condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 202 4, except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2025, but do not have an impact on the interim condensed consolidated financial statements of the Group. Note 3. Revenue from contracts with customers Revenue is disclosed by type of goods and services and timing of recognition. Refer to Note 7 for the disaggregation of revenue from contracts with customers by geographical region. 30 June 2025 US$ 30 June 2024 US$ Types of good and services Product revenue 19,184 73,655 Development services revenue 1,004,395 33,038 Total revenue from contracts with customers 1,023,579 106,693 Timing of revenue recognition Services transferred over time 86,962 33,038 Sale of product and license transferred at a point in time 936,617 73,655 Total revenue from contracts with customers 1,023,579 106,693 For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 13 Note 4. Expenses 30 June 2025 US$ 30 June 2024 US$ (a) Research & development expenses Employee expenses 3,067,355 3,686,079 Government grants received (1) (139,362) (203,304) Patent application fees 117,021 42,052 Software/hardware IT expenses 171,702 206,365 Amortisation of intangible assets - 32,735 Impairment of intangible assets - 576,037 Depreciation of plant & equipment 8,526 7,102 Depreciation of right-of-use assets 31,623 34,377 Other expenses 176,518 96,303 Total research & development expenses 3,433,383 4,477,746 (b) Selling & marketing expenses Employee expenses 1,604,342 1,971,538 Promotional advertising 307,446 229,751 Other expenses 289,658 226,742 Total selling & marketing expenses 2,201,446 2,428,031 (c) General & administration expenses Employee expenses 2,075,992 2,062,167 Legal and professional fees 362,149 301,883 Corporate and listing fees 231,321 226,116 Recruiting fees 271,093 5,700 Travel and accommodation expenses 52,852 91,297 Depreciation of plant & equipment 66,741 68,367 Depreciation of right of use assets 178,358 176,916 Office rent 6,681 4,472 Software lease and hardware expense 160,265 185,189 Other 206,107 185,635 Total general & administration expenses 3,611,559 3,307,742 (1) The Group recognised research credits from the French and Australian regulatory authorities in accordance with local tax regulations. There are no unfulfilled conditions attached to amounts recognised. For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 14 Note 5. Finance income and finance expense 30 June 2025 US$ 30 June 2024 US$ (a) Finance income Interest received 293,254 202,761 Foreign exchange gain 300,364 - Total finance income 593,618 202,761 (b) Finance expense Other interest expense 29,949 44,062 Foreign exchange loss - 42,880 Total finance expense 29,949 86,942 (c) Fair value gain through profit and loss Net gain from financial assets and liabilities measured at fair value through profit and loss (i) 109,922 13,575 Net fair value gain through profit and loss 109,922 13,575 (i) On 22 March 2025, BrainChip submitted a capital call notice to LDA Capital Limited and LDA Capital LLC (“LDA Capital”) in accordance with the Fourth Amendment to the POA to subscribe for 40 million shares. The formula used to determine LDA Capital’s purchase price remains set at 91.5% of the average of the daily Volume Weighted Average Price for each day shares are sold throughout the pricing period. Cash funds were received after 30 June 2025 in two instalments, comprising US$ 3,831,282 (A$5,835,610) on 15 July 2025, and US$1,570,973 (A$2,392,848) (net of fees) on 25 July 2025 after the call notice was closed on 23 July 2025. The purchase price per capital call share ranged from A$0.1784 to A$0.2562 during the capital call period. A net gain from financial assets and liabilities measured at fair value through the profit and loss of $109,922 was recognised. Refer below for the reconciliation of cash and issued capital. US$ Receivable and derivative asset recognised at 30 June 2025 3,277,981 Net gain from financial assets and liabilities measured at fair value through the profit and loss (Note 5(c) above) (109,922) Value of shares issued on exercise of LDA Capital put option premium (Note 14(b)) 3,168,059 Note 6. Loss per share 30 June 2025 US$ 30 June 2024 US$ Net loss attributable to ordinary shareholders for basic and diluted earnings per share (9,360,251) (11,517,767) US cents per share US cents per share Basic and diluted loss per share (0.45) (0.60) Number Number Weighted average number of ordinary shares for basic loss per share (2) 2,081,190,125 1,907,787,032 Effect of the dilution of share options and performance rights (1) - - Weighted average number of ordinary shares adjusted for the effect of dilution 2,081,190,125 1,907,787,032 For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 15 Note 6. Loss per share (continued) (1) At 3 0 June 2025, the Company had on issue 47,487,530 share options (30 June 2024: 55,387,742), 124,714,606 restricted stock units (30 June 2024: 104,270,324), 2,093,022 service rights (30 June 2024: 2,093,022) and 3,100,828 performance rights (30 June 2024: 5,606,881) that were excluded from the calculation of diluted loss per share as they are considered anti-dilutive. (2) Weighted average number of ordinary shares has been adjusted by a factor of approximately 1.02 as a result of rights issued to institutional and sophisticated investors since 2017. Note 7. Operating segments For management purposes, the Group is organised into one operating segment, being the technological development of designs that can be licensed to OEM (Original Equipment Manufacturer) Customers, End Users and System Integrators based on Artificial Neural Networks. All the activities of the Group are interrelated, and each activity is dependent on the others. Accordingly, all significant operating disclosures are based upon analysis of the Group as one segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole. The Group currently derives revenue from BrainChip Inc., located in the USA, and BrainChip SAS, its France based subsidiary. Geographically, the Group has the following revenue information based on the location of its customers and non-current assets from where its investing activities are managed. 30 June 2025 US$ 31 December 2024 US$ Non-current assets North America 892,767 1,043,470 Oceania 169,275 187,065 Europe, Middle East & Asia (EMEA) 271,046 185,508 Total 1,333,088 1,416,043 30 June 2025 US$ 30 June 2024 US$ Revenue from external customers North America 872,161 21,665 Oceania - 25,030 Europe, Middle East & Asia (EMEA) 151,418 59,998 Total 1,023,579 106,693 Customers representing more than 10% of revenues in the current year amounted to $ 809,706 (2024: $45,195) comprising development services revenue from a USA based customer (202 4: product revenue of $16,537 and engineering services revenue of $28,658 of which $20,165 was earned from customers located in the Americas and $20,165 earned from Oceania ). For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 16 Note 8. Cash and cash equivalents 30 June 2025 US$ 31 December 2024 US$ Cash at bank and in hand 13,458,121 19,987,439 Term deposits - 12,983 Total 13,458,121 20,000,422 Note 9. Trade and other receivables 30 June 2025 US$ 31 December 2024 US$ Current Trade receivables (1) 268,327 179,704 R&D refundable tax offset 459,370 743,839 Receivable from the issue of shares – refer Note 5(c)(i) 2,983,111 - Derivative asset – refer Note 5(c)(i) 294,870 - Other receivables 28,812 24,451 4,034,490 947,994 (1) Trade receivables are non -interest bearing and generally on terms of 30 -90 days. As at the half -year end, there is no allowance for expected credit loss recorded. Note 10. Right-of-use assets 30 June 2025 US$ 31 December 2024 US$ Cost 2,316,786 2,224,324 Accumulated depreciation (1,518,357) (1,329,468) Total 798,429 894,856 US$ Movement in right-of-use assets At 1 January 2025 894,856 Additions 105,469 Depreciation (209,981) Foreign exchange movements 8,085 At 30 June 2025 798,429 For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 17 Note 11. Lease liabilities 30 June 2025 US$ 31 December 2024 US$ Current 458,927 454,956 Non-current 542,943 669,914 Total 1,001,870 1,124,870 US$ Movement in lease liabilities: At 1 January 2025 1,124,870 Additions 105,469 Reduction in lease liabilities (238,253) Foreign exchange movements 9,784 At 30 June 2025 1,001,870 Note 12. Financial liabilities 30 June 2025 US$ 31 December 2024 US$ Non-current Advance from third parties 47,459 45,455 Total 47,459 45,455 US$ Movement in Advance from third parties (1) At 1 January 2025 45,455 Grant revenue recognised (3,349) Foreign exchange movements 5,353 At 30 June 2025 47,459 (1) Non-current advances include loans from various French government agencies which are granted without any interest and are to be repaid under certain conditions. The benefit of the government loan at a below-market rate of interest is treated as a government grant. For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 18 Note 13. Financial assets & liabilities Set out below is an overview of financial assets (other than cash and short -term deposits) and financial liabilities held by the Group as at 30 June 2025 and 31 December 2024: 30 June 2025 US$ 31 December 2024 US$ Financial assets at amortised cost Trade and other receivables 4,034,490 947,994 Total financial assets 4,034,490 947,994 Current 4,034,490 947,994 Total financial assets 4,034,490 947,994 Financial liabilities at amortised cost Trade and other payables 1,856,022 1,373,294 Financial liabilities - Advances from third parties 47,459 45,455 Total financial liabilities 1,903,481 1,418,749 Current 1,856,022 1,373,294 Non-current 47,459 45,455 Total financial liabilities 1,903,481 1,418,749 Note 14. Contributed equity 30 June 2025 US$ 31 December 2024 US$ (a) Fully paid ordinary shares Issued and fully paid 171,172,749 167,800,215 171,172,749 167,800,215 Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholder meetings. In the event of winding up the Company the holders are entitled to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Number US$ (b) Movement in ordinary shares on issue At 1 January 2025 1,972,467,976 167,800,215 Issue of shares to the Trustee of the BrainChip Equity Plan 13,000,000 - Shares allocated on exercise of LDA Capital put option premium (refer Note 5(c)(i)) 40,000,000 3,168,059 Issue of shares to third party on conversion of restricted stock units 273,759 - Treasury shares issued on conversion of options - 223,626 Share issue costs incurred - (19,151) At 30 June 2025 2,025,741,735 171,172,749 For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 19 Note 14. Contributed equity (continued) 30 June 2025 Number 31 December 2024 Number (c) Treasury shares Fully paid shares issued to the Trustee of the BrainChip Equity Plan (“L TIP”) 3,395,253 6,082,693 3,395,253 6,082,693 The BrainChip Equity Plan (previously named the 2018 Long Term Incentive Plan) (L TIP) was established on 2 August 2018. Certane CT Pty Ltd was appointed the Plan Trustee effective 16 August 2021. The Company issues shares to the Trust at no value to be hel d available for the conversion of vested options, performance rights and restricted stock units held by L TIP participants. Number (d) Movement in treasury shares At 1 January 2025 6,082,693 Shares issued to the Trust from BrainChip Holdings Ltd 13,000,000 Shares Issued on exercise of share options (1,450,000) Shares issued by Trustee on conversion of performance rights (807,808) Shares Issued on conversion of restricted stock units (13,429,632) At 30 June 2025 3,395,253 (e) Equity instruments issued as share based payments Unissued ordinary shares in the form of options, restricted stock units, performance rights and services rights are issued to participants of the BrainChip Equity Plan or directly to third parties at the discretion of the Board. These unissued ordinary shares are summarised as follows: 30 June 2025 Number 31 December 2024 Number Unlisted options – refer note 15(b) 47,487,530 45,418,318 Unlisted performance rights – refer note 15(e) 3,100,828 5,122,329 Unlisted restricted stock units – refer note 15(g) 124,714,606 97,417,448 Unlisted service rights – refer note 15(i) 2,093,022 2,093,022 177,395,986 150,051,117 For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 20 Note 15. Share-based payments 30 June 2025 US$ 30 June 2024 US$ (a) Share-based payment expense: Equity instruments issued to third parties 35,778 22,139 Equity instruments issued under the BrainChip Equity Plan 2,548,895 3,633,554 Vesting credit recognised (1) (1,547,770) (2,178,253) Total share-based payment expense 1,036,903 1,477,440 (1) Management assessed the likelihood of achievement of certain performance conditions and recognised a vesting credit in the current year where it is not considered probable that the vesting conditions will be met. (b) Share options granted as share-based payments: The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options issued as share-based payments during the year: 30 June 2025 Number 30 June 2025 WAEP US$ 31 December 2024 Number 31 December 2024 WAEP US$ At 1 January 45,418,318 0.183 63,451,314 0.163 Granted during the period 4,992,380 0.133 7,036,661 0.177 Exercised during the period (1,450,000) (0.182) (15,925,000) (0.095) Forfeited during the period (1,422,721) (0.219) (5,801,324) (0.193) Lapsed during the period (50,447) (0.207) (143,333) (0.389) Expired during the period - - (3,200,000) (0.169) End of the period 47,487,530 0.177 45,418,318 0.183 Exercisable (vested and unrestricted) at the end of the period 36,523,940 0.176 36,124,114 0.168 The weighted average remaining contractual life for the share options outstanding at 30 June 2025 is 5.648 years (31 December 2024: 6.133 years). The weighted average fair value of options granted during the period was $0.098 (31 December 2024: $0.130). The range of exercise prices for options outstanding at the end of the period was $0 .038 to $0. 663 (31 December 2024: $0.038 to $0.663). The above options are exercisable after vesting and at any time on or before the expiry date. For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 21 Note 15. Share-based payments (continued) (c) Share options granted under the BrainChip Equity Plan: Set out below are summaries of options on issue under the BrainChip Equity Plan: Grant date Expiry date Exercise price Balance at start of the period Granted Exercised Expired/ forfeited/ lapsed Balance at end of the period 31/5/2017 (3) 1/2/2025 0.182 1,450,000 - (1,450,000) - - 31/5/2017 (3) 1/2/2026 0.182 1,000,000 - - - 1,000,000 5/3/2018 (5) 13/3/2028 0.147 1,603,000 - - - 1,603,000 5/3/2018 (1) 13/3/2028 0.171 200,000 - - - 200,000 30/4/2018 (1) 8/6/2028 0.136 443,138 - - - 443,138 11/3/2019 (4) 13/3/2029 0.047 10,500,000 - - - 10,500,000 18/3/2019 (5) 18/3/2029 0.042 207,976 - - - 207,976 13/6/2019 (1) 30/5/2029 0.037 2,000,000 - - - 2,000,000 10/8/2020 (6) 6/8/2030 0.125 6,850,000 - - - 6,850,000 7/10/2020 (1) 7/10/2030 0.250 600,000 - - - 600,000 3/12/2020 (1) 3/12/2030 0.256 2,225,000 - - - 2,225,000 7/12/2020 (1) 7/12/2030 0.262 2,900,000 - - - 2,900,000 9/4/2021 (1) 9/4/2031 0.446 280,000 - - - 280,000 9/4/2021 (1) 9/4/2031 0.411 2,500,000 - - - 2,500,000 4/6/2021 (1) 04/6/2031 0.460 1,000,000 - - - 1,000,000 23/11/2020 (7) 27/5/2031 0.279 2,500,000 - - - 2,500,000 10/8/2021 (1) 10/8/2031 0.400 390,000 - - - 390,000 20/4/2022 (2) 21/4/2032 0.711 450,000 - - - 450,000 28/4/2022 (8) 28/4/2032 0.659 197,000 - - (118,200) 78,800 18/9/2022 (2) 19/9/2032 0.618 300,000 - - - 300,000 21/4/2023 (9) 21/4/2033 0.278 1,309,898 - - - 1,309,898 18/8/2023 (2) 17/8/2033 0.214 480,000 - - (120,000) 360,000 20/5/2024 (8) 20/5/2034 0.177 2,010,768 - - (1,184,742) 826,026 20/5/2024 (10) 20/5/2034 0.177 4,021,538 - - (50,226) 3,971,312 11/2/2025 (2) 16/12/2034 0.179 - 270,000 - - 270,000 27/6/2025 (11) 27/6/2035 0.131 - 1,574,128 - - 1,574,128 30/06/2025 (11) 30/6/2035 0.130 - 3,148,252 - - 3,148,252 45,418,318 4,992,380 (1,450,000) (1,473,168) 47,487,530 (1) Issued to employees and consultants vesting equally over 4 years on each grant date anniversary. (2) Issued to employees and consultants vesting equally over 3 years on each grant date anniversary. (3) Issued to Directors of which 25% of the options vest on each anniversary date of the offer date (7 July 2017) expire five years from each vesting date. (4) 7,500,000 options vest on the first grant date anniversary, with 1/36th monthly thereafter; 2,500,000 options will vest each grant date anniversary. (5) 7,500,000 options vest on the first grant date anniversary, with 1/36th monthly thereafter; 3,000,000 options will vest each anniversary of the grant date. (6) Options vest on the 4th anniversary of the grant date. (7) 2,500,000 unlisted options were issued to a Non-executive director, of which 25% of the options vest on each anniversary date of the offer date (23 November 2020) and expire 27 May 2031. (8) Options vest on 28 Feb 2025 upon the achievement of performance criteria. (9) Options vest on 28 Feb 2026 upon the achievement of performance criteria (10) Options vest on 28 Feb 2027 upon the achievement of performance criteria (11) Options vest on 28 Feb 2028 upon the achievement of performance criteria For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 22 Note 15. Share-based payments (continued) (d) Share options pricing model The fair value of the equity -settled share options granted under the L TIP is estimated on the date of the offer of the grant using a Black Scholes Option Pricing model. Share options granted with market conditions (“MC”) are valued using a Monte -Carlo simulation. The following table lists the inputs to the models used for the valuation of options during the half-year ended 30 June 2025: Number of options Fair value at measurement date US$ Share price at grant date US$ Exercise Price US$ Expected volatility (%) Risk-free interest rate (%) Expected life of options in years 2025 Employees 270,000 0.171 0.188 0.179 100.0 4.30 9.85 Employees 1,574,128 0.107 0.127 0.131 84.0 3.26 10.0 Employees 2,833,428 0.107 0.127 0.130 84 3.26 10 Employees (MC) 314,824 0.053 0.127 0.130 84.0 3.26 10.0 The expected dividend yield for all options granted during the period was nil. The expected life of the share options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the as sumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. (e) Performance rights granted as share-based payments The following table summarises the movement in Performance Rights issued as share-based payments: Number At 1 January 2025 5,122,329 Issued during the year 907,070 Converted during the year (807,808) Cancelled during the year (2,120,763) At 30 June 2025 3,100,828 (f) Performance rights valuation model The fair value of the performance rights granted under the L TIP is estimated using the share price and the exchange rate on the date of the offer of the grant. Performance rights granted with market conditions (“MC”) are valued using a Monte-Carlo simulation. The following table lists the fair value of performance rights issued during the half-year ended 30 June 2025: Number granted Grant date Fair value US$ 2025 Employees 846,599 27/6/2025 0.131 Employees - MC 60,471 27/6/2025 0.070 For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 23 Note 15. Share-based payments (continued) (g) Restricted Stock Units granted as share-based payments The following table summarises the movement in RSUs issued as share-based payments: Number At 1 January 2025 97,417,448 Issued during the year under L TIP 58,423,050 Converted under L TIP (13,429,632) Cancelled under L TIP (21,123,572) Issued during the year to third parties (non-L TIP) 3,973,079 Converted during the year to third parties (non-L TIP) (266,307) Cancelled during the year to third parties (non-L TIP) (279,460) At 30 June 2025 124,714,606 (h) Restricted Stock Units valuation model The fair value of the restricted stock units granted is estimated using the share price and exchange rate on the date of the offer of the grant. RSUs granted with market conditions (“MC”) are valued using a Monte -Carlo simulation. The RSUs are subject to various vesting periods effective from date of grant. The following table lists the fair valuation of the RSUs issued during the half-year ended 30 June 2025: Number granted Grant date Fair value US$ 2025 Employees 87,500 10/2/2025 0.188 Employees 1,165,000 21/3/2025 0.135 Employees 1,500,000 21/4/2025 0.176 Director 7,545,307 7/5/2025 0.144 Employees 4,688,000 10/6/2025 0.147 Employees 40,541,442 27/6/2025 0.131 Employees - MC 2,895,801 27/6/2025 0.070 Contractor 3,808,206 27/6/2025 0.131 Contractor - MC 164,873 27/6/2025 0.070 (i) Service rights granted as share-based payments The following table summarises the movement in Service Rights issued as share-based payments: Number At 1 January 2025 2,093,022 Converted during the year - At 30 June 2025 2,093,022 The service rights vested on 23 May 2025, however, can be exercised at the discretion of the participant at any time after the vesting and before the expiry date. For personal use only
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Notes to the half-year condensed consolidated financial statements CoC BrainChip Half-Year Report 30 June 2025 24 Note 16. Commitments The Group had no commitments at 30 June 2025 (31 December 2024: $Nil). Note 17. Events after the balance sheet date From 1 J uly 202 5 and to the date of this report, 2,880,832 RSUs and 375,000 performance rights held by BrainChip Equity Plan participants converted to shares upon vesting. A further 2,293,447 RSUs were forfeited upon the resignation of an employee. The Company also granted 580,000 options and 1,000,000 RSUs to new participants. The Capital Notice issued under the Fourth Amendment to the POA was closed on 23 July 2025. Cash funds were received in two instalments during July, US$3,831,282 (A$5,835,610) on 15 July 2025 and US$1,570,973 (A$2,392,848) (net of fees) on 25 July 2025. The purchase price per capital call share ranged from A$0.1784 to A$0.2562 during the capital call period. No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in subsequent financial years. Note 18. Related party disclosures Key management personnel compensation: Key Management Personnel received restricted stock units and service rights with a vesting expense recognised of $779,527 (30 June 2024: $1,764,692). Management assessed the likelihood of achievement of the performance conditions related to the maximum award of grants for executive KMP that vest on 28 February 2026 and determined that a vesting credit of $1,049,727 should be recognised in the current year. For personal use only
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Directors’ declaration BrainChip Half-Year Report 30 June 2025 25 In the opinion of the Directors: (a) the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standards AASB 134 ‘Interim Financial Reporting’, the Corporations Regulations 2001 and other mandatory professional reporting requirements; (b) The attached financial statements and notes give a true and fair view of the consolidated entity’s financial position as at 30 June 2025 and of its performance for the financial half- year ended on that date; and (c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; Signed in accordance with a resolution of directors made pursuant to section 305(5)(a) of the Corporations Act 2001. On behalf of the Directors, Antonio J. Viana Chair California, U.S.A., 21 August 2025 For personal use only
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BrainChip Half-Year Report 30 June 2025 26 INDEPENDENT AUDITOR’S REVIEW REPORT To the Members of BrainChip Holdings Ltd Report on the Condensed Half-Year Financial Report Conclusion We have reviewed the half-year financial report of BrainChip Holdings Ltd (the “Company”) and its controlled entities (the “Group”), which comprises the condensed consolidated statement of financial position as at 30 June 2025, the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the half-year ended on that date, selected explanatory notes, and the directors’ declaration, for the Group comprising the Company and the entities it controlled at the half-year end or from time to time during the half-year. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half -year financial report of BrainChip Holdings Ltd does not comply with the Corporations Act 2001 including: (a) giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibility is further described in the Auditor’s Responsibility for the Review of the Financial Report section of our report. We are independent of the company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards ) (the “Code”) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Responsibility of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half -year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. For personal use only
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BrainChip Half-Year Report 30 June 2025 27 Auditor’s Responsibility for the Review of the Financial Report Our responsibility is to express a conclusion on the half -year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 30 June 2025 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half -year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conduct ed in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Independence In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. HLB Mann Judd B G McVeigh Chartered Accountants Partner Perth, Western Australia 21 August 2025 For personal use only
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Corporate directory BrainChip Half-Year Report 30 June 2025 28 Board of Directors Antonio J. Viana Non-Executive Director and Chair Sean Hehir Executive Director, Chief Executive Officer Peter van der Made Non-Executive Director Geoffrey Carrick Non-Executive Director Pia Turcinov Non-Executive Director Duy-Loan Le Non-Executive Director Company Secretary Kim Larkin Registered Office Level 8, 210 George Street Sydney NSW 2000 Australia Telephone: +61 2 9290 9606 Facsimile: +61 2 9279 0664 Postal Address PO Box 3993, Sydney NSW 2001 Australia Website http://www.brainchip.com Auditors HLB Mann Judd (WA) Partnership Level 4, 130 Stirling Street, Perth WA 6000 Telephone: +61 8 9227 7500 Share Registry Boardroom Pty Ltd Level 8, 210 George Street Sydney NSW 2000 Telephone: +61 2 9290 9600 Facsimile: +61 2 9290 9664 Online: www.clientonline.com.au Securities Exchange Australian Securities Exchange Limited Exchange Centre, 20 Bridge St, Sydney NSW 2000 Code: BRN OTCQX Best Market – OTC Markets Groups Codes: BRCHF, BCHPY ABN: 64 151 159 812 For personal use only