InspireSemi Reports Third Quarter 2022 Financial Results and Provides Business Update

Company to host convention name November 22, 2022 at 10:00 a.m. ET

VANCOUVER, British Columbia and AUSTIN, Texas, Nov. 21. 2022 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“InspireSemi” or the “Company”), a chip design firm that has constructed a know-how basis to ship revolutionary efficiency, in the present day introduced monetary outcomes for the third quarter ended September 30, 2022 and supplied a enterprise replace . All monetary info is offered in United States (“US”) {dollars} except in any other case indicated.

“In the third quarter, we made significant progress in executing on our plan to become a game changer in the accelerated computing solutions industry,” mentioned Ron Van Dell, CEO of InspireSemi. “We are in the final development stages of our eagerly awaited next-generation Thunderbird computing accelerator, which will deliver revolutionary performance, energy efficiency, versatility and ease of programming that leverages the thriving and open RISC-V software ecosystem. Additionally, we have positioned ourselves for future success by increasing our access to the global investment community with our TSX Venture listing.”

“We remain on track to deliver the first Thunderbird chips to early customers in the first half of 2023 and begin scaling more broadly in the second half of that year. Once Thunderbird launches, with its ability to reach across multiple, diversified markets, we expect our differentiated accelerated computing solution for the HPC, AI and cryptocurrency mining industries to drive revenue generation and earnings leverage as sales through these diverse markets increase.”

Recent developments and company highlights

• In September, the Company accomplished its beforehand introduced reverse takeover transaction (“Reverse Takeover”), which constitutes an Eligible Transaction (as outlined by Policy 2.4 of the TSX Venture Exchange).

• InspireSemi started buying and selling on the Toronto Stock Exchange (TSX) Venture Exchange on September 22, 2022 below the ticker image “INSP”.

• The Company relocated to its new company headquarters in Austin, Texas and expanded its footprint to help additional progress.

• The firm celebrated its itemizing on the TSX Venture Exchange by ringing the closing bell on October 25, 2022.

• On October 28, 2022, InspireSemi efficiently accomplished the band enlargement of a 5-nanometer (“nm”) accelerator chip.

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Third quarter monetary replace and highlights

• In the third quarter of 2022, previous to the Reverse Takeover, Inspire Semiconductor, Inc. accomplished a non-brokered non-public placement of roughly 1.9 million most popular shares for gross proceeds of $2.5 million.

• Cash and money equivalents have been $3.7 million at September 30, 2022.

• Net loss was $7.4 million for the quarter ended September 30, 2022, in comparison with $1.7 million for the quarter ended September 30, 2021. The enhance was primarily the results of itemizing bills and accounting transactions recorded with the Reverse Takeover.

• Research and growth bills have been $1.4 million for the third quarter of 2022, in comparison with $441,000 for a similar interval within the prior yr. The enhance was primarily attributable to growth exercise associated to the Thunderbird accelerator answer, together with a rise in engineering workers.

• In October 2022, the Company paid an extra deposit of $2 million (which, with the $1 million paid earlier in 2022, totals $3 million) for a future tape enlargement and masks equipment to the world’s largest semiconductor foundry provider, additional solidifying this key relationship and our capacity to entry future wafer capability.

• The Company has evaluated numerous financing choices and is progressing towards an answer to help each its ahead technique and common working capital wants.

• Please seek advice from full Inspire Semiconductor Holdings Inc. Condensed Interim Consolidated Financial Statements for the three and 9 months ended September 30, 2022 and 2021 as filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at https://sedar. com.

Conference name

Management will host a convention name on Tuesday, November 22, 2022 at 10:00 a.m. (Eastern Time) to debate the third quarter outcomes and present a enterprise replace.

A replay shall be obtainable shortly after the decision and might be obtained by calling 1-844-512-2921, or for worldwide callers, 1-412-317-6671. The password for the reside name and the replay is 13734516. The replay shall be obtainable till December 6, 2022. A slide deck will accompany the decision.

An on-line archive of the webcast shall be obtainable on the corporate’s web site for 30 days following the completion of the reside name.

To be added to the InspireSemi e-mail distribution record, ship an e-mail to [email protected] with INSP within the topic line.

About InspireSemi

InspireSemi is an Austin-based chip design firm that has constructed a know-how basis that delivers revolutionary efficiency, vitality effectivity, versatility and a thriving open software program ecosystem. This permits us to deal with a number of diversified, uncorrelated markets of High-Performance Computing (HPC), AI and blockchain. Led by a talented group with a confirmed observe file, it has a singular and extremely differentiated accelerated computing answer in comparison with present approaches for these markets

For extra info, go to https://inspiresemi.com/
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Company Contact
John B. Kennedy, Chief Financial Officer
(737) 471-3230
[email protected]

Media contact
Katie Olivier
Shelton Group
+1-214-272-7200
[email protected]

Investor Relations Contact
Phil Carlson/Scott Eckstein
KCSA Strategic Communications
[email protected]

Cautionary Statement Regarding Forward-Looking Information

This launch could include forward-looking statements. Often, however not at all times, forward-looking info might be recognized by way of phrases equivalent to “plans,” “anticipated,” “expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intended, “anticipate”, or “imagine” or variations (including negative variations) of such words and phrases, or statements made in the future tense or indicating that certain actions, events or results “could”, “might”, “will ”, “may” or “shall” (or different variations of the foregoing) be taken, happen, be achieved or occur. Forward-looking info contains, however will not be restricted to, info concerning: (i) the enterprise plans and expectations of the Company, together with expectations concerning manufacturing and growth; and (ii) expectations for different financial, enterprise and/or aggressive components. Forward-looking info is predicated on presently obtainable aggressive, monetary and financial knowledge and working plans, methods or beliefs as of the date of this presentation, however includes identified and unknown dangers, uncertainties, assumptions and different components that might trigger the precise outcomes, efficiency or achievements of InspireSemi, to vary materially from any future outcomes, efficiency or achievements expressed or implied by the forward-looking info.

Forward-looking statements contain identified and unknown dangers, uncertainties and different components that might trigger InspireSemi’s precise outcomes, efficiency or achievements to vary materially from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based mostly on administration’s present expectations and beliefs, however given the uncertainties, assumptions and dangers, readers are cautioned to not place undue reliance on such forward-looking statements or info. Actual outcomes could differ materially from these presently anticipated in such statements, and InspireSemi undertakes no obligation to replace such statements besides as required by regulation.

Neither the TSX Venture nor its Regulation Service Provider (as that time period is outlined in insurance policies of the TSX Venture) accepts duty for the adequacy or accuracy of this launch.