Will Weebit Nano (ASX:WBT) Deliver on Its Foundry Ambitions Before 2026?

Weebit Nano’s Year-End Challenge

Weebit Nano (ASX: WBT) has now crossed an important threshold by moving into commercial revenue, but the more interesting question is whether the company can secure two foundry partners by year end.

This matters not just for the growth story, but also because the CEO’s performance rights are directly linked to achieving this milestone, which adds a clear incentive for management to accelerate commercial momentum on the foundry side of the business. That said, foundry engagement typically moves at a slower pace. ReRAM is still an emerging form of non volatile memory, and embedding it into a foundry manufacturing flow is far more complex than integrating it into a single end product.

In our view, Weebit Nano’s opportunity remains compelling, but investors should be realistic about timelines. Foundry partnerships involve deep process integration, long qualification cycles and multiple decision makers, which means progress can be uneven. The upside is meaningful if milestones are met, but patience remains a necessary part of the investment case.

What are the Best ASX Stocks to invest in?

Check our buy/sell tips

Why ReRAM Could Be the Future of Memory

As a quick refresher, Weebit Nano’s resistive random access memory is a form of non-volatile memory, meaning it can store data without a constant power supply, which directly addresses a common limitation of DRAM. The chip architecture of ReRAM is fundamentally different, allowing it to scale to smaller dimensions than NAND Flash, which is increasingly facing scaling bottlenecks below 28nm. The ReRAM chip structure enables higher storage density per unit of memory. From a performance perspective, Weebit’s ReRAM is designed to support around 100,000 to 1M read write cycles, retain data for up to 10 years, operate at temperatures of up to 150°C, and lower manufacturing cost per wafer. These characteristics help explain why foundries and chipmakers are paying closer attention to the technology.

What’s Next for Weebit Nano? Can They Get To Their 2025 Goals?

These capabilities have already led major foundries to integrate this class of memory into their manufacturing processes. Weebit Nano currently works with SkyWater Technology, DB HiTek, and most notably onsemi, which was a meaningful contributor to the company’s most recent quarterly cash flow. Management has set a clear goal of securing two additional foundry partners by year end, but while the company has referenced a healthy partnership pipeline, converting those discussions into paying foundry customers is materially harder. At this stage, the risk of missing that target appears elevated, although this reflects ambition rather than a deterioration in fundamentals.

If the milestone is delayed, it would mainly push out the timing of royalties and new partner driven revenue rather than undermine the long term thesis. We believe two additional foundry wins are achievable but a conservative view rest is that these agreements could flow into 2026. Conversely, securing two new foundries would not only trigger the CEO’s performance rights but could also drive a meaningful re rating, given the step change in revenue visibility and validation from additional manufacturing partners.