Archer Materials (ASX:AXE) announced financial results for the quarter ended 30 September 2022.

The Company is well capitalised with approximately $25.3 million cash and no debt.

Hong Kong patent granted, marking the successful grant of all CQ chip patent applications in Archer?s current portfolio across Australasia, Europe, and the US.

Archer has commenced working with a tier-one semiconductor manufacturer, Global Foundries, towards industry fabrication of its CQ chip technology.

Significant advances made in CQ chip development that support the potential for practical solutions to quantum-enabled mobile devices.

Archer achieves its targeted goal of sub-10nm feature size fabrication in its biochip development, in a major tech development breakthrough for the Company.

The Company is actively and regularly pursuing exposure to international global semiconductor industry participants.

Following the announcement the company?s share price fell 1.298%.