UK’s Nvidia Rival, Graphcore, Needs Funds After Loss Widens
- Revenue fell 46% and the company cut staff and closed offices
- Chipmaker must raise money to continue as ‘going concern’
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Graphcore Ltd., the British chipmaker that aimed to challenge Nvidia Corp., said it needs to raise money to continue operating as a “going concern” after racking up losses.
The company is in talks with potential investors, but hasn’t yet reached an agreement, it said in a filing of its 2022 accounts on business registry Companies House on Wednesday. Pretax losses widened 11% to $204.6 million from a year earlier, and Graphcore ended the year with cash and short-term investments of $157 million, it said in the statement.