Saw that Macquarie has written a research piece on BrainChip - no recommendation and not much that also hasn't been stated here. Not one I've looked at all but seen some debate on here.

MQG reports:

Main Strengths:

Strong demand for AI enabled IoT and edge devices

Independence from cloud: Akida’s capabilities are suited to address the sustainability concerns raised by extreme power consumption and emissions from data centres, allowing a shift from traditional cloud data centres to processing on the device. Akida is ~97% more energy efficient compared to processing the same task at a data centre.

International growth: New sales partnerships with technology solutions provider SalesLink and high-tech distributor Eastronics to expand Akida’s commercial reach in Europe and Israel.

Future products: BRN intends to evolve the Akida technology overtime. Chips currently in development include AKD2000, AKD3000 and the AKD500

Chips and board sales: Revenue from sales of Akida chips manufactured by third parties (i.e TSMC in Taiwan). PCIe Boards and Akida Development Kits (ARM-based Raspberry Pi & x86 Shuttle PC) are also available for order on their website.

IP licensing fees: From single product to multi-product use, customers can use the Akida IP by purchasing IP licenses. • Non-recurring engineering (NRE): One-off fees related to adapting Akida technology to specific integration needs.

Royalties: Recurring royalties from each product sold that includes Akida IP by customers

Crossed threshold from R&D into commercialisation: BRN evolved its operations to become the world’s first and only commercial producer of neuromorphic AI chips in FY21.

Strong partnerships: BRN has IP licensing agreements with Japan-based ASIC leader MegaChips and global semiconductor manufacturer Renesas.

Board composition: Seasoned and highly qualified management team. Short average tenure of board members at 1.7 years could bring new strategic direction for BRN. 

Large and fast-growing addressable market: Akida architecture is flexible to address requirements for the increasing number of IoT and edge devices in consumer and industrial applications (e.g automotive, healthcare).

Expansion outside of North America: North America is BRN’s primary target market but through IP partners Renesas and MegaChips, BRN looks to enter the Japanese market and access the consumer electronics industry

Main risks highlighted:

IP risk: Current portfolio has 8 US and 1 Chinese granted patent, but BRN should continue expanding international patent filings to maintain global competitive advantage. They have 21 pending applications in the US, Europe, Canada, Japan, Korea, Australia, Mexico, Brazil and Israel. •

Reliance on key personnel: If one or more key management personnel (BoD, CTO, CDO, CFO, sales VP) leave, it could weaken company management and strategy.

Competition and new technologies: Some existing and/or potential competitors (e.g Intel, IBM) are more well-resourced than BRN which could risk future growth and development.

Future funding requirements: Operations are largely lossmaking to date, so BRN should secure additional funding to support development activities. Option agreement with LDA Capital allows BRN to access A$65M funding when necessary until December 2023.

Volatile share price: ASX has conducted both an aware and price query for BRN in October 2021 and January 2022.

Cash burn: Net operating cash flows in FY21 were US$14.2M and are expected to grow for FY22 from increased Akida production.

Market uncertainty: SNN technologies are at an early stage so there isn’t a clear dominant technology in the market

Competition: Intel and IBM are bigger companies with more resources to potentially develop neuromorphic chips with higher performance and utility, which could render Akida obsolete.

Share overhang: LDA Capital can sell the shares it owns in BRN (other than collateral shares) on the market at any time which would create sudden adverse share price movements.

Low adoption rate of Akida: Customers’ unfamiliarity with neuromorphic chips inhibits BRN’s foray into foreign markets

Also does a comparison to IBM TruNorth, Intel Loihi, Gogogle Coral TPI and 'DLAs' from Nividia.

It looks like a lot of the points were taken from Brainchip presentations though - not independent.