It's been a mildly positive day overall for ASX shares this Thursday. At the time of writing, the All Ordinaries Index (ASX: XAO) has inched 0.09% higher and is back over 7,750 points. But let's talk about what's going on with the BrainChip Holdings Ltd (ASX: BRN) share price.
Brainchip shares have had a very interesting day so far. The artificial intelligence (AI) stock closed at 15.5 cents a share yesterday. But this morning saw the company spike just after market open, climbing as high as 16.2 cents. That was a spike worth roughly 4.5% at the time.
Since then, Brainchip shares have cooled off and are flat at 15.7 cents each.
Brainchip hasn't exactly been a lucrative investment of late. The AI company remains down more than 76% over the past 12 months, so any significant gains in the stock price are probably going to be very welcome for investors.
Today's gains come after Brainchip released its latest quarterly activities report this morning, which probably explains the company's positive moves.
Image source: Getty Images
Brainchip shares bounce after losses slow
Brainchip's quarterly report covers the three months to 31 December. The company started off by touting that its Akida 2.0 product became available for customers during the period.
On the balance sheet, Brainchip revealed that it ended the quarter with US$14.3 million in the bank, compared with US$17.8 million at the end of the previous quarter.
Cash outflows slowed to US$3.3 million, down from US$4 million the previous quarter.
In some other good news, the company also announced that its cash inflows from customers were positive for the quarter, with the company earning US$780,000 in inflows for the three months to 31 December. That compares against a loss of US$30,000 for the preceding quarter.
So it's possible investors are feeling positive after these numbers become public this Thursday, and are thus rewarding the Brainchip share price during today's trading.
As we touched on earlier though, Brainchip shares have a long way to go if investors are to recover the past 12 months' losses. Let's see what the rest of 2024 holds in store for this ASX AI stock.
