Member Info for Kooba

The motivation behind Shoei moving now may well be down to LG settling but we have no idea what that settlement covers , but we seem to agree its unlikely an ongoing licence. It’s unclear whether LG is continuing to use CFQDs in existing products but doubt they would be as they have now acknowledged they are aware that the materials in the supply chain may well breach Nanoco patents so it could be interpreted as wilful.

But Shoei took the initiative in legal action which forced Nanoco’s hand to retaliate and challenge their action. Why Nanoco who say they will always defend their IP have not challenged Shoei /Nanosys post their Samsung win when they were in funds and actively looking at other infringers is unclear but it could well have something to do with that change of ownership of Nanosys assets . The Nanosys holding company may not have been worth suing but they needed new evidence of continuing infringement under Shoei’s ownership to make a challenge worth while?

Difficult to think Shoei think they have anything but a strong case otherwise why kick it off ? Unless they knew Nanoco was going to move on them post LG? Difficult to think Nanoco feels they have a rock solid case otherwise why not move on Shoei earlier when they had validation and funding to do so.

Anyway whatever the real reasons this brings CFQD productions future into focus and although not binary to Nanoco future as they are not being sued themselves for infringement so can continue trying to sell the wares it would leave the far more commercially successful Shoei in a better position to continue to dominate the market away from Samsung. And we would be left wondering why no one wants to deal with us! A clear win might change everything and prompt a worthwhile offer.

Shoei only bought the assets and IP from the Nanosys Holding company so are not legally responsible for any activity pre Sept 2023.

That responsibility rested with a ( now likely dormant ) entity so whilst the outcome is very important going forward the scale of possible past infringement and claim seems very limited.

As to Nanoco having two licences I think was mentioned …obviously Samsung does but are we sure LG has a licence or just settled any past infringement on a no fault basis to lose the action.

If they had a licence I guess they could sub contract like Samsung to another producer like Shoei…I doubt Nanoco would have done that for such an amount surely.

“You read like Terrorwit under a different board name.”

And some .

There is now no clear roadmap to commercial revenues ( though clearly the potential with Asian customer 1) but the market will not value potential here anymore after so many failures to land.

The valuation reflects that failure as it has been the only consistently in performance in achieving any strategic aim.

Yes that can change if Asian customer 1 moves to buying volumes for a commercial product launch but I think most will believe it when they see it.

In the meantime the company is just a IP litigation shell effectively something they said they would never be!

In Dec 2023 we had settled Samsung Feb 2023 and were predicting cashflow breakeven being achieved over the next year as commercial revenues were to start flowing from the European customer. STM a key long term customer walked Sept 2024.

Yes things were different then we had already validated our IP and had what we were told was a roadmap to a sustainable cash generative model with rising commercial sales.

Get some facts right Terry …failure of the market to recognise value ? nope the market has been right all along

, failure of the management to deliver or demonstrate the value they say is inherent in the business 100%.

There is now no clear

“…the CDX process has ended without an acceptable offer for its business operations is clearly a setback.”

Please dont tell Terry and his bot!

No forward revenue estimates into 26/27 which might have been interesting just historics and parroting the rns.

Well it really is an exercise of how absolutely awful AI is in the wrong hands.

Nothing ever posted has come to fruition , every take is wrong yet terry keeps on posting his total guff.

The company received no firm offers in over a year of actively seeking a buyer…so hardly their chose to u turn to an organic model.

They categorically said that their favoured strategic option was to sell the operations and IP and no one wants it. It’s not a case of recieving offers that they didnt think recognised the value they think is there…they received no offers. So they have to now say that organic might be a better way forward because there is no option but.

A transaction would only have come under scrutiny if it had taken some form…there has never been a firm transaction to refer to the relevant authorities to take any view on.There is no ongoing research, JDAs or even known product use in areas of national security anyway..in fact we dont sell anything to anyone.

Samsung has a licence over all our IP as far as can be ascertained so what’s to protect against foreign powers anyway ?

Wake up .

I was not that hopeful as i have expressed doubts many times but the finals update in Nov still said CDX process progressing well…that was over 12 months after it started so there were grounds to think something might still happen. That was also just before the LG settlement but a week before the Shoei tilt….maybe this changed much but it strikes me that little progress in the way of getting even indications of interest let alone any conditional offers was made since early summer so they’ve been stringing it out however unlikely an acceptable offer may have been .

Still doesn’t really explain Shashkov departing …it could be Bagherli is used to running the show and stepping up to executive Chair maybe indicates thats the case…it might suit him to keep the CFO in position as CEO there he can do all the boring stuff and Bagherli can do the more strategic stuff and dealing with the JDAs…of which there are meant to be more in the pipeline.

So bust up, not up to it or just cutting costs??

Maybe the odd thing here is if as they are saying the organic growth now offers the best opportunity in getting value out of the IP why is shashkov going if the outlook is better?? He was more there to define and drive the organic side than lead the sale i always thought. ..and he said that he had made great strides on this side. Why has he been canned it seems…maybe Dr Bagherli just wants to run the show ..maybe not a bad thing. But having a bean counter at CEO doesnt normally move things on especially in such businesses where a wider skill set is needed..or is it just the easiest way to cut costs! Either way didnt last long when the last two lasted far too long in the roll,

“With the increased commercial pipeline, the group is aiming to achieve break-even and financial sustainability in the calendar year 2027.”

This with results 18th nov 2025.

Breaking even at the time would mean additional revenues of £5m plus in 2027..well above the anticipated revenues of £7.6m ( £6m samsung accounting entry) for 2026. A jump from £1.6m to £7m of revenues…that can only be coming from Asian Customer 1 but is this total wishful thinking or based on realistic assumptions of how the 3 year extended JDA will progress to a final product. One would expect a decent build up if the sensor being worked on is to be used in mass market device..but what is the confidence on this statement by the chair?

They to my knowledge are not currently and for many years have not been working on any sensitive areas that might be relevant to National Security and we certainly have no ongoing work in those areas…if our IP could be used in such fields i’m sure someone already would be using it anyway.

The long list of possibilities for the technology that is now decades old and falling out of patent protection increasing in the next few years is quite exhaustive and Nanoco has tried and failed in most of them!

There is much criticism of the lack of investment support in uk technology startups ups and academic spin outs …if this was used as an example it’s doubtful that will change anytime soon. We might have good ideas but we have crap managements that cannot find a route to market or just see (allow) their IP to be nicked. The other criticism is that technology businesses are sold too quickly ….here its far far too late!

The problem is what has happened is that no one is interested in reality and the company is doubling back on the outcome of the strategic review that being a small listed entity was not in the companys best interests. Now they think it is and value can be achieved by doing exactly what they have been doing for decades being an academic institution with no commercial revenues.

"As it currently stands, we believe that the process is now unlikely to deliver a compelling transaction when the Group could instead deliver comparable or superior value by carefully investing its resources in existing high-potential business areas.“

This is not a plan , carefully investing in existing high-potential areas…what does that even mean??

The now ex Ceo said they were targeting cash flow breakeven from activity with the Asian customer 1 in 2027 …perhaps we should be given more light on that …or has that all changed again too.

F’ing shambles.

The National security angle is likely just an excuse, they have already licensed global rights to their IP to a Korean mega company who seem the only ones who have actually used the technology for commercial ends. Why would the Government think to block a company that has no commercial revenues declining IP portfolio and the end products are in displays or maybe SWIR sensors. If they hadn’t considered this before engaging in a sales process then that would be shocking anyway.

“The National Security and Investment (NSI) Act 2021, in force since January 4, 2022, empowers the UK government to scrutinize and intervene in acquisitions, mergers, and investments that may pose national security risks. It requires mandatory notification for 17 sensitive sectors and allows for voluntary notifications, enabling the government to impose conditions or block deals.

Key Aspects of the NSI Act 2021:

Mandatory Notification: Parties must notify the Government of acquisitions involving 17 sensitive areas, such as AI, quantum technology, and defence.

the market is not wrong often…down 36% over last 6 months and now they end the process having had no offers.

they have clearly been stringing it out and no talks were really going anywhere.

ceo going …replaced by the inept cfo who has been a key player in much of the value destruction.

pickett off next month …all jumping off the sinking ship?

some have done well from the serial **** show …shareholders have not.

Hi sammy,

Whilst on LinkedIn I really don’t use it at all so not good at navigating in it. I’ve easily found Dmitry but how do you see his likes…just interested in what he likes! Any help appreciated.

“Nanoco’s Runcorn facility, the world’s first large-scale CFQD manufacturing plant, achieved a milestone by producing 1 kilogram of red CFQDs for a Japanese LED customer, showcasing the scalability of cadmium-free technologies.”

Erm sounds good but I think this is somewhat out of date!

https://www.ledinside.com/news/2011/12/nanoco_20111214

Another industry piece and how the market and competitors progress around Nanoco as we sit doing piecemeal development work .

https://www.globenewswire.com/news-release/2026/01/19/3221107/0/en/Quantum-Dots-Market-Trends-and-Investment-Opportunities-2025-2033-Featuring-Profiles-of-15-Companies-Astute-Analytica.html

Nanosys: Brighter QD-OLEDs in 2026, NanoLED (QDEL) by 2029

14 Jan 2026 | Rasmus Larsen

https://www.flatpanelshd.com/news.php?subaction=showfull&id=1768388916N

The read is it is a single shareholder. So unlikely anything to do with Pickett who owns less than 4% and who is still employed at the company until next month working notice. I would guess he will remain a consultant thereafter supporting the litigation cases. As a still large shareholder that would be in his ( and other shareholders) interests.

More likely Milkwood voting their physical holding would be my guess…but not really that relevant to be honest.