Pathkey.ai Limited · ASX:PKY
Pathkey.ai — Shareholder Meeting (November 2026)
26 slides from Pathkey.ai's shareholder meeting presentation, Nov 5, 2026
Slide 1: Pathkey AGM 2026
PATHKEY AGM 2026 rsonal use only / ASX: PKY What has happened. What is proven. What comes next. Chipforge. Engineering intelligence that brings silicon to market at the speed of software. AGM investor webinar / 5 November 2026 Andrew Farnsworth, Group CEO
Slide 2: Disclaimer
PATHKEY AGM 2026 / ASX: PKY Disclaimer IMPORTANT INFORMATION rsonal use only NOT ADVICE OR AN OFFER This presentation has been prepared by Pathkey.AI Ltd (ACN 063 144 865, ASX PKY) and its subsidiaries (Pathkey) for information purposes only. It is not financial product advice, an offer or invitatio
Slide 3: Since the last AGM, several key moments
PATHKEY AGM 2026 / ASX: PKY Since the last AGM, several key moments rsonal use only 11 Aug 2026 10 Sep 2026 Nov 2026 29 Apr 2026 Chipforge contract for proof of value Prof. Anupam Chattopadhyay Production systems built, ready for Announced Chipforge Acquisition design appointed to Advisory Board pos
Slide 4: Pathkey builds AI that is core to two very large industries
PATHKEY AGM 2026 / ASX: PKY Pathkey builds AI that is core to two very large industries rsonal use only ASX Listed, code ASX: PKY AC Q U I R E D · JUNE 2026 EXISTING SEMICONDUCTORS CHIP DESIGN C L I N I C A L T R I AL S The top 20 drug companies spent US$145bn on US$22.0bn of EAD software sold in 20
Slide 5: Custom chip design is a chain of specialist handoffs. Chipforge runs the whole flow
PATHKEY AGM 2026 / CHIPFORGE Custom chip design is a chain of specialist handoffs. Chipforge runs the whole flow rsonal use only THE PROBLEM CHIPFORGE Specify, architect, design, verify, implement, test on hardware. The design layer across the whole flow. Each step has its own engineering specialist
Slide 6: Chipforge technology works, it is proven against industry benchmarks
PATHKEY AGM 2026 / CHIPFORGE Chipforge technology works, it is proven against industry benchmarks rsonal use only It works end to end, without us in the room Validated An independent user took multiple designs from intent through to deployment on a target FPGA and confirmed it tested, without our he
Slide 7: Chipforge enables engineers to design and iterate multiple projects in the time current tools take
PATHKEY AGM 2026 / CHIPFORGE Chipforge enables engineers to design and iterate multiple projects in the time current tools take to create one. rsonal use only ILLUSTRATIVE The same team and the same window of time, two ways of working. Durations are for illustration, not a customer result. EXI SI T
Slide 8: One design, multiple tool chains. The design belongs to the customer (FPGA)
PATHKEY AGM 2026 / CHIPFORGE One design, multiple tool chains. The design belongs to the customer rsonal use only THE CUSTOMER’S DESIGN AND ITS RECORD Intent, code, tests, evidence and reasons. Owned by the customer. CHIPFORGE · THE DESIGN LAYER Designs, tests and verifies the customer’s intent. Cha
Slide 9: One design, multiple tool chains. The design belongs to the customer (custom silicon)
PATHKEY AGM 2026 / CHIPFORGE One design, multiple tool chains. The design belongs to the customer rsonal use only THE CUSTOMER’S DESIGN AND ITS RECORD Intent, code, tests, evidence and reasons. Owned by the customer. CHIPFORGE · THE DESIGN LAYER Designs, tests and verifies the customer’s intent. Cha
Slide 10: Faster designs, more productive engineers
PATHKEY AGM 2026 / CHIPFORGE Faster designs, more productive engineers rsonal use only BUILT IN TRAINING GROWING EXTENDING The design intent graph The fine-tuned model The knowledge layer The tool translators A live, typed record of every module, port, Our dedicated chip-design model fine- Every ver
Slide 11: APAC region wants full control over chip design
PATHKEY AGM 2026 / CHIPFORGE APAC region wants full control over chip design. Chipforge will enable sovereign control, wherever the data is hosted rsonal use only ASIA PACIFIC · FROM MAKING CHIPS TO DESIGNING THEM ~ 1 in 10 S$800m 50,000 ¥2.35tn of the world’s chips are made in Singapore program nam
Slide 12: How Chipforge gets paid, and who pays
PATHKEY AGM 2026 / CHIPFORGE How Chipforge gets paid, and who pays rsonal use only W H O PAY S H O W T H EY PAY · T HE LAD DER Product and hardware Edge and sensing developers systems Companies building products that need Data has to be processed where it is custom hardware, from machines and produc
Slide 13: Clinical trials become costly because the plan changes after the money is committed
PATHKEY AGM 2026 / TRIALKEY Clinical trials become costly because the plan changes after the money is committed rsonal use only 9 in 10 2 in 3 Nearly half change their study plans finish later than first estimated recruit fewer people than planned TrialKey analysis of 27,178 trials. Independent rese
Slide 14: TrialKey helps build better study plans
PATHKEY AGM 2026 / TRIALKEY TrialKey helps build better study plans Start at any stage. Use evidence to explore better designs. rsonal use only START WITH TrialKey intelligence An idea Machine learning AI ELOISE agent A drug or device Finds and ranks what Explores better study Better study plans mat
Slide 15: What the model suggests is possible
PATHKEY AGM 2026 / TRIALKEY What the model suggests is possible Exploratory redesign scenarios based on 100 historical trial records rsonal use only PREDICTED SUCCESS SCORE ESTIMATED TRIAL COST +20.5 percentage points 31% lower Median modelled uplift Median modelled saving From separate cost-focused
Slide 16: What we said, what we did, what is next
PATHKEY AGM 2026 / ASX: PKY What we said, what we did, what is next rsonal use only SAI D 2 9 Ap ri l 2 0 2 6 DID NEXT - CHIPFORGE Placement cornerstoned by Sam Chipforge Studio version 1, our first Complete Chipforge customer release version, Q3 FY2027 Weiss, August 2026 acquisition Extending the F
Slide 17: Funded for next stage of growth
PATHKEY AGM 2026 / ASX: PKY Funded for next stage of growth rsonal use only Shares on issue Market cap Cash in bank 1,351.6m A$21.6m A$5.8m 1,847.0m fully diluted at 31 October 2026 (@$0.016) As at 30 September 2026 Share ownership Board of Directors Shannon Robinson Damon Rasheed Paul Niardone Top
Slide 18: The people building it
PATHKEY AGM 2026 / ASX: PKY The people building it rsonal use only Andrew Farnsworth Shripad Deshpande Damon Rasheed Sam Weiss Prof. Anupam Group CEO Head of Hardware Engineering. TrialKey Strategic adviser. Altium chair for Chattopadhyay Formerly Synopsys and 17 years Advisory Board. Chip design an
Slide 19: Five things to take away
PATHKEY AGM 2026 / ASX: PKY Five things to take away: Custom silicon sits underneath everything that matters. rsonal use only T AK E AW A Y It works. 01 The Chipforge platform takes an engineer’s intent through to a verified design on real hardware, proven independently and measured against public i
Slide 20: Thank you.
PATHKEY AGM 2026 rsonal use only / ASX: PKY Thank you. Investor enquiries: [email protected] We welcome your questions and continued support.
Slide 21: Terms used
PATHKEY AGM 2026 / ASX: PKY Terms used rsonal use only FPGA Field-Programmable Gate Array: a chip whose internal logic can be reprogrammed after it is manufactured. Where most Chipforge designs start. Custom silicon An ASIC (Application-Specific Integrated Circuit): a chip built for one fixed purpos
Slide 22: What an FPGA is
WHAT AN FPGA IS A chip whose circuits you design yourself Field Programmable Gate Array What is inside the chip rsonal use only You buy a blank chip from AMD, Altera, Lattice or Microchip. Logic cells Block memory DSP blocks It arrives full of millions of tiny logic cells and wiring that the raw mat
Slide 23: The FPGAs you can buy
THE FPGAS YOU CAN BUY From under a dollar to tens of thousands, one design flow rsonal use only The chip A board or module The vendor tool chain Bought in volume for your own Development kits and system on Vivado, Quartus, Radiant, Libero. board, by part number, like any other modules with the chip
Slide 24: What an ASIC is
WHAT AN ASIC IS The same design, made permanent and made for one job rsonal use only Application Specific Integrated Circuit Why people choose one A chip whose circuit is fixed when it is manufactured. It starts as Power Performance the same design that ran on the FPGA, then that design is laid a fr
Slide 25: Our customers use FPGAs to build the products around you
OUR CUSTOMERS FPGA Our customers use FPGAs to build the products around you rsonal use only Consumer electronics Computing Networking Automotive Televisions, cameras, audio, VR Capture cards, docks, external Wi-Fi 7 routers, modems, Driver assistance, lidar, headsets, drones storage, NAS, gaming con
Slide 26: Where latency, security and uptime decide the product
FPGA MISSION CRITICAL AND INFRASTRUCTURE Where latency, security and uptime decide the product rsonal use only Data centre and cloud Financial trading Telecom infrastructure Defence and aerospace SmartNICs and DPUs, data Ultra low latency trading, market 5G baseband and fronthaul, Radar, electronic