Losses grow for chip maker amid investment

FLEXIBLE chip innovator Pragmatic Semiconductor has seen operating losses widen amid large scale investment, including in its North East factory.

- TOM KEIGHLEY

As production at the firm's new high-volume, County Durham production site was ramped up, new accounts show its operating losses grew to £55.1m in 2024, compared with operating losses of £36.7m the year before.

That came as revenue fell slightly to £1.69m from £1.7m. Bosses said the numbers reflected a substantial increase in investment across the business.

Pragmatic has successfully raised more than £180m including from backers such as the UK Infrastructure Bank and M&G Catalyst, and a further fundraise is planned for 2026.

The pioneering firm has made waves in the industry with its ultra-thin, flexible chips which provide a sustainable alternative to traditional silicon counterparts and can provide connectivity and computing capabilities for a range of uses including in consumer packaging and wearable healthcare tech.