Research Reports

Prepared Highlights

FY2025 revenue ~$237K (licensing & NRE), vs $96K in FY2024 (prepared); net loss ~$20.3M ($0.16 loss per share), improved from $22.5M ($0.19 loss per share) in FY2024 (prepared)
R&D spend ~$11.5M (FY2025) vs $16.8M (FY2024); G&A ~$9.5M vs $6.4M (prepared)
Dec 2025 public offering raised ~$32.8M net proceeds (11.6M shares); year-end cash ~$69M (vs $34.9M at Q3 end); Jan 2026 over-allotment added ~$4.9M (CEO)
Funded beyond December 2027 based on operating plan (CEO)
3 programs advanced to Stage 3 (prototype-to-final-product) in 2025; a fourth Fortune Global 500 customer added in 2026; ~15 additional engagements in Stage 1 & Stage 2 (CEO)
Foundry agreements: 4 major foundries (SilTerra, GlobalFoundries + 2 unnamed) with wafer runs underway/scheduled for H1 2026; an additional 3 foundries under consideration (CEO)
SilTerra PDK: high-speed modulator platform based on EO polymer announced; wafer tape-out completed early 2026; device characterization expected mid-2026 (CEO)
Tier 1 customer #1: focused on 1.6Tbps transceivers (200G per lane); full wafer tape-out launched Jan 2026 at a new silicon photonics foundry; chips expected back in Q2 2026 (CEO)
Tier 1 customer #2: next-gen material for CPO packaging (higher temperature); program launched 2025; foundry run planned over next months (CEO)
Tier 1 customer #3: designing silicon photonic chips with embedded EO polymer modulators at a state-of-the-art foundry (CEO)
Polariton: continuing path to Plasmonics commercialization for 800Gbps modulation; focus on prototyping & device packaging reliability (CEO)
Market data (LightCounting Jan 2026): Ethernet optical transceivers (100G+) + CPO ~$16.5B in 2025 revenue, projected ~$26B in 2026 (60% growth); AI clusters expected to consume ~80% of Ethernet transceivers & CPO through 2031; 1.6Tbps transceivers revenue expected to reach $1B in 2026; 3.2Tbps optics volume production begins 2028 (CEO)

Official Guidance

2026 revenue expected to be driven primarily by material supply and NRE activity; volume production and licensing revenues not anticipated until 2027 at the earliest (CEO)

Management Quotes

(CEO) "2025 was not a promotional and marketing year. It was an execution year. We moved aggressively from research validation towards structured commercialization."
(CEO) "We enhance silicon photonics. We do not compete against it. Electro-optic polymers allow silicon photonics to reach higher bandwidth with lower power per bit."
(CEO) "We are not trying to invent a market. We are well positioned inside the market that is scaling rapidly."
(CEO) "Technology alone does not create durable companies, operational discipline does."
(CEO) "If design wins conversion to production occurs, 2027 would represent the earliest meaningful volume phase."

Prepared Metrics

Metric	Value	Speaker/Context
FY2025 Revenue	~$237K	(prepared)
FY2025 Net Loss	~$20.3M ($0.16 loss per share)	(prepared)
FY2025 R&D Expense	~$11.5M	(prepared)
FY2025 G&A Expense	~$9.5M	(prepared)
Cash (Dec 2025 year-end)	~$69M	(CEO)
Additional Cash (Jan 2026 over-allotment)	~$4.9M	(CEO)
Stage 3 Programs (end of 2025)	3	(CEO)
New Fortune Global 500 Stage 3 Customer (2026)	1	(CEO)
Stage 1 & Stage 2 Engagements	~15	(CEO)
Major Foundry Agreements (wafer runs underway/scheduled H1 2026)	4	(CEO)
Foundries Under Consideration	3	(CEO)
Market: Ethernet Transceivers (100G+) + CPO Revenue 2025	~$16.5B	(CEO, citing LightCounting Jan 2026)
Market: Projected 2026 Revenue	~$26B	(CEO, citing LightCounting)
1.6Tbps Transceiver Revenue Forecast 2026	$1B	(CEO, citing LightCounting)

Q&A Batch (1-2 of 2)

Q1 — Ryan Coleman

Topic: 后端工艺产能扩张与2026年生产量规划
Key points:
- 计划在Denver进行后端线工艺和产能扩建，支持原型和最终产品认证；同步推进工艺开发（例如向更大晶圆尺寸迁移）。
- 2026年拟引入1–2家外部代工合作伙伴，实现高产量制造。
- 为确定Perkinamine产量及所需设备，基于2027–2028年市场份额的激进假设制定模型；强调设计赢后快速爬坡能力至关重要，已建立产量、产能和设备模型以实现2027年生产目标。
Mgmt stance: bullish — 积极规划产能和代工布局，为潜在设计赢做准备，避免生产滞后。

Q2 — Ryan Coleman

Topic: 客户进展、产品公告及SilTerra流片里程碑
Key points:
- 客户正推进硅光子PIC（用于收发器或CPO），公司作为材料和PDK供应商参与，但不控制完整项目；将在2026年持续更新Stage 4进展。
- 关于Tier 1产品发布，公司通过季度