The Brainchip Holdings Ltd (ASX: BRN) share price is crashing down to Earth on Tuesday.

In morning trade, the semiconductor company's shares are down 9% to 26 cents.

Why is the Brainchip share price crashing?

Investors have been hitting the sell button today after the company released its latest quarterly update.

And much like previous quarters, Brainchip has reported cash receipts that wouldn't even make a cafe in the Sydney CBD envious.

Brainchip achieved cash receipts of US$136,000 for the three months ended 31 March. And with a market capitalisation of over $500 million, clearly investors are disappointed with the slow progress the company is making. They may also have grave concerns that Brainchip just won't ever make meaningful revenue that justifies its valuation.

The company's CEO, Sean Hehir, has been predicting that strong revenue generation has been coming for some time. He continues to believe that this is the case but acknowledged that getting to that point has taken longer than expected. Hehir said:

Exiting the prior quarter with milestone wins, the March quarter was important to advance critical engagements in anticipation of successful closes later this year. While closing more engagements at a consistent rate has taken longer than I expected or accept, I am confident we will close substantially more bookings in 2025 than we did in 2024.

New developments

While revenue is minimal, the company reported a number of milestones for the three months.

This includes a subcontractor agreement with Raytheon Company, (NYSE: RTX). It notes:

Raytheon will deliver services and support as a partner with BrainChip for the completion of the contract award. The Air Force Research Laboratory's contract, under the topic number AF242- D015, is titled "Mapping Complex Sensor Signal Processing Algorithms onto Neuromorphic Chips.

It also announced a technology collaboration partnership with Onsor Technologies, which is based in Oman. This collaboration partnership will enable an innovative approach using neuromorphic computing to predict epileptic seizures utilising the Akida Platform in a wearable design. It explains:

The Onsor solution consists of wearable glasses incorporating EEG sensors, neuromorphic processing capabilities, and a user-friendly alert system on a mobile device. The key innovation is a seizure prediction neural network running on BrainChip's Akida architecture, trained using Onsor data sets to achieve more than 95% accuracy out of the box with incremental learning and personalization algorithms to increase accuracy for the user continuously.

Finally, it announced a commercial partnership with Information Systems Laboratories to jointly promote and provide services for AI-based radar research solutions.

Time will tell if these agreements ever make an impact on its top line.