These 3 ASX tech stocks got early Christmas presents this morning
Link copied to
All companies have surged thanks to major endorsements of their relevant technology.
Brainchip was the first to break news to its shareholders, doing so at 7pm last night.
This company is the only ASX listee to be developing its own proprietary AI tech that can be deployed into other applications.
Brainchip’s AkidaTM neuromorphic-system-on-a-chip (NSoC) deploys unique machine learning technology onto something as small as a chip.
The company told shareholders NASA had placed an order for BrainChip’s Akida Early Access Evaluation kit which will help NASA evaluate how it could be used in spaceflight and aerospace applications.
Brainchip also revealed that it had entered into its first IP agreement for Akida with Japanese semiconductor manufacturer Renesas.
BrainChip CEO Lou DiNardo said this was “an exciting and significant milestone” and a valuation of his company’s technology.
But back in August it partnered with larger peer EML Payments (ASX:EML) and launched CardHero and CardHero+. These act as virtual and physical prepaid Mastercards linked to a centralised platform for compliance monitoring.
Today 8common told shareholders it had signed its first significant CardHero contract. The inaugural client was not for profit entity Life Without Barriers.
8common says the three-year contract is worth $1.6 million including a one-off implementation fee and annual SaaS revenue thereafter. CardHero would be rolled out across 2,500 people from Life Without Barriers representing 15 per cent of the total employee and client base.
CEO Ben Brockhoff said he expected more clients soon, particularly from the not for profit sector.
“Our success in delivering travel and expense management solutions to government and large enterprises with expense8 ensures we have a robust underlying platform and support for the CardHero product rollout to one of Australia’s largest not for profit organisations,” he declared.
Rounding out the list of ASX tech stocks with early Christmas presents was CFOAM (ASX:CFO), a company that makes carbon foam products from coal.
Today it revealed the US Department of Energy gave it a US$2.4 million project set to commence on January 1, 2021.
The company says this project will target applications capable of utilising carbon foam at a large scale, offering significant potential for cost savings.
Shares in all three ASX tech stocks rose by over 25 per cent this morning, which is the last trading day before Christmas.
They were all amongst the ASX’s biggest winners.