Weebit Nano announced it has signed a licensing deal with Texas Instruments (TI), the world’s largest manufacturer of analog semiconductors, which are used in computer chips that deal with analog signals, such as temperature, pressure, sound etc. Analog semiconductors account for about 70% to 80% of TI’s revenues.

TI also has an embedded processing division that accounts for about 15% of revenues. In total, TI generated US$17.3bn in revenues in the 12 months through 3Q25 (September quarter). The company sells approximately 80,000 products, including different package options, voltage grades, temperature ranges and specialised versions of analog and embedded devices.

Biggest customer to date

TI is Weebit Nano’s largest customer to date with revenues about three times the size of onsemi’s that the company signed about a year ago. We believe this new deal with TI is testament to the quality and commercial applicability of Weebit Nano’s ReRAM Intellectual Property (IP). Additionally, we believe the AEC-Q100 150 ̊C operation qualification played a big role given TI’s exposure to the Automotive segment.

TI has substantial exposure to the Automotive and Industrial segments where SOC’s (System-on-a-Chip), that require more and more on-board non-volatile memory (NVM), are widely used. Additionally, with the rise of Electric Vehicles (EV) and ADAS (Advanced Driver Assistance Systems), the semiconductor content of vehicles keeps going up. In other words, TI is probably the best customer Weebit Nano could wish for, both in terms of size, but also in terms of showcasing the wide range of applications for embedded ReRAM. Therefore, we believe signing TI may accelerate other IDM/foundry deals in the near term.

Weebit Nano commences revenue guidance

Driven in part by the signing of TI, Weebit Nano has started to provide revenue guidance. For FY26, the company is now guiding to a minimum of A$10m in revenues. We wouldn’t be surprised if this $10m in guided revenues for FY26 ends up being substantially higher given that TI is three times the size of onsemi’s, which Weebit Nano signed in early January 2025. onsemi generated more than $9m in cashflow in the first 3 quarters after signing. Depending on revenue recognition and milestones being hit, it seems $10m in revenues is very doable and potentially leaves room for an upgrade in 2HY26.

Valuation of $9.74 per share reiterated

We reiterate our valuation for Weebit Nano of A$9.74 per share as elaborated on in our research report dated 28 October 2025. In a potential M&A scenario, we believe the company may be valued well in excess of A$10 per share. Please see refer to the end of this note for the key investment risks.