4DS Memory Posts $9.68M Loss as 20nm ReRAM Development Hits Snags

Financial Performance and Capital Raising

4DS Memory Limited has revealed a significant increase in its annual loss, reporting a $9.68 million deficit for the year ended 30 June 2025, compared to a $5.45 million loss the previous year. Revenue fell by 20% to just over $305,000, reflecting the company's continued prioritisation of research and development over commercial sales.

To underpin its ambitious technology development, 4DS successfully completed a $6 million placement alongside a $2 million share purchase plan, raising a total of $8 million. These funds are earmarked for ongoing work under a $4.5 million design agreement with semiconductor giant Infineon Technologies LLC, as well as further development efforts with research partner imec.

Technology Progress and Challenges

The company’s core focus remains on its Interface Switching Resistive Random Access Memory (ReRAM) technology, designed for high bandwidth and endurance in advanced computing and AI applications. During the year, 4DS progressed from its 60nm Fifth Platform Lot to the more advanced 20nm Sixth Platform Lot memory cell arrays.

However, initial electrical testing of the 20nm arrays yielded unexpected results, prompting a comprehensive root cause analysis. This investigation identified etch residues introduced during manufacturing as the cause of electrical shorting in the memory devices. The company is now collaborating closely with its partners to determine the best strategic and technical pathways forward.

Strategic Partnerships and Intellectual Property

4DS maintains strong industry relationships, including a design agreement with Infineon Technologies and a joint development agreement with Hitachi Global Storage Technologies (HSGT), which was renewed for the twelfth consecutive term during the reporting period. These partnerships are critical to advancing 4DS’s technology and commercialisation efforts.

The company also boasts a robust intellectual property portfolio, holding 34 granted US patents related to its ReRAM technology, which are fully owned and free from royalty obligations. This patent strength is a key asset in a highly competitive semiconductor memory market.

Governance and Remuneration

Executive and non-executive directors’ remuneration was disclosed, including share-based payments aligned with shareholder interests. No dividends were declared or paid during the year, consistent with the company’s focus on reinvestment into technology development.

4DS’s board remains confident in the company’s ability to continue as a going concern, supported by its cash reserves and recent capital raises, though it acknowledges material risks related to technology development, intellectual property protection, competition, and market dynamics.