This report is an updated version of the report published on 22 September 2025 at 11:54 AM AEST.

Weebit Nano Limited (ASX: WBT)

WBT is a technology company focused on developing advanced non-volatile memory solutions based on Resistive RAM (ReRAM) technology. The company utilizes fab-friendly materials to enable seamless integration with existing semiconductor manufacturing processes.

Recommendation Rationale – SELL at AUD 3.245

• Financial Highlights: Finance income for FY25 decreased to AUD 2.62mn from AUD 4.10mn in FY24. Decline in finance income in FY25 was mainly due to a reduction in interest and investment returns compared to the previous year. Additionally, receipts from customers also declined to AUD 4.46mn in FY25 compared to AUD 4.60mn in FY24.
• Trading Near the Resistance: WBT’s share price is approaching its R2 level, recommended on 20 August 2025. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a trailing 12-month basis – key trading multiples (EV/Sales, Price/Book) are higher than Industry median of the Technology sector.
• Market Risk: As a technology company operating in a specialized niche, widespread adoption of embedded ReRAM technology is still emerging and uncertain. Potential impacts from geopolitical conflicts or trade tensions can affect supply chains and customer relationships.
• Technical Commentary: Following a recent rally, WBT’s stock price has approached levels above its previous peak, raising concerns of a potential overbought condition. The RSI (14-period), while above its midpoint, is nearing higher thresholds that often precede pullbacks. Additionally, Prices are trading below both trend-following indicators 21-day and 50-day SMAs, which might function as dynamic resistance levels for the stock.

WBT’s Daily Price Chart

Considering that the stock is approaching its R2 level, macroeconomic uncertainty, share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 3.245, at 11:25 AM AEST, as of 22 September 2025.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 22 September 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.