Weebit Nano (ASX:WBT) Rides Semiconductor Wave Higher: Can It Deliver on Its 2026 Promises?

Weebit Nano looks promising, but revenue proof is still needed

Weebit Nano (ASX: WBT) has had a remarkable run, with shares climbing more than 50 per cent over the past 12 months to trade around A$5.44. The company develops next-generation memory technology called ReRAM and has built serious momentum after signing licensing deals with two of the world’s biggest chipmakers. But with a market cap now exceeding A$1 billion, investors are asking: can Weebit deliver on its ambitious 2026 targets, or is the growth already priced in?

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Weebit Nano Locks In Tier-1 Chip Giants as 2025 Targets Fall Into Place

The bull case for Weebit Nano centres on its commercial progress over the past year. In 2025, Weebit signed licensing agreements with onsemi and Texas Instruments, two Tier-1 semiconductor giants that design chips for everything from electric vehicles to industrial automation. These deals represent a major vote of confidence in ReRAM technology, which offers lower power consumption and faster speeds than traditional flash memory.

In December, the company achieved another critical milestone: technology qualification at South Korean foundry DB HiTek is based on JEDEC industry standards. This means Weebit’s memory can now be manufactured at scale. DB HiTek customers can begin designing ReRAM into their chips, opening the door to volume production.

CEO Coby Hanoch called 2025 an “exceptional year” and noted that major chipmakers increasingly view ReRAM as the successor to embedded flash. For investors, these partnerships suggest Weebit’s technology is moving from the lab to the factory floor.

The 2026 Targets: Revenue, Tape-Outs, and AI Customers

Management has set clear targets for 2026. The company expects to deliver a minimum revenue of A$10 million in FY26, a significant step up from the A$4.4 million recorded over the trailing twelve months. This growth will come from licensing fees and engineering payments as chip manufacturers integrate the technology.

Weebit Nano also aims to complete its first product company tape-out in 2026, meaning a customer’s chip containing ReRAM would move to manufacturing, creating a pathway to royalty income. The company plans to sign its first AI customer this year, targeting the booming memory market used in artificial intelligence.

A third foundry agreement, originally targeted for 2025, has slipped into 2026. While this is a minor setback, Hanoch noted the company remains in active discussions with “many foundries, IDMs and product companies” who see growing demand for ReRAM.

The Investor’s Takeaway for Weebit Nano

Weebit’s balance sheet provides comfort during this growth phase. With approximately A$91 million in cash and an estimated runway of up to 20 quarters, the company has financial flexibility to pursue its targets without immediate funding pressure.

However, valuation is a concern. At current prices, Weebit Nano trades at roughly 11 times book value and more than 200 times trailing revenue, placing significant faith in future growth. For growth-focused investors, this may be acceptable given the partnership momentum and market opportunity in AI. For conservative investors, the premium valuation suggests a limited margin for error. If Weebit Nano misses its revenue target or faces delays with tape-outs, the share price could face pressure.

Overall, Weebit Nano has moved beyond proving its technology into the commercialisation phase. Investors should watch for updates on the third foundry deal, first AI customer, and product tape-outs throughout 2026.