Sondrel (Holdings) PLC (AIM:SND), the UK firm whose tech is reputedly part of Elon Musk's Neuralink brain chip, has announced an order worth an estimated $23 million.
It has been asked to design and supply a next-generation video processing chip for high-performance professional video streaming solutions by an unnamed customer.
The contract includes over $9 million for design and qualification phases, with chip production expected to begin in 2026, potentially generating US$14 million in production revenue over a 10 to 15-year period.
Additionally, Sondrel has secured four new orders in 2024, totalling $900,000 in revenue for its design consulting services. Amidst these advancements, the company is in negotiations to improve supply terms and is seeking additional capital for immediate financial needs, including payroll, investors were told.
The shares, up 10% initially, lost some of their momenta, posting a gain of 0.2p, or less than 2%, to 11.25p by 8.33 am.