Member Info for Kooba

Dieter May Could probably tell a story or two from Osrams recent experience too.

Not sure we have to look that far from home to see examples of protracted and expensive r&d involving Apple where things changed and they moved away from commercial adoption even where targeted performance was achieved things can change in terms of market dynamics and cost efficiencies.

Not saying it’s the end of gen 1 but the company not guiding that build up in revenue recognition in the new financial year means effectively that guidance has been pulled irrespective of the delay comments.

Since the guidance was for further orders in cy2024 not fy2024 also questions why they have pulled guidance now as they could still have gained further orders in the last 5 months..and might ..so it doesn't add up well why they gave a trading update when they did..and appears are now buying for time to get some mitigating news before October.

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Nanoco say they don’t know where they stand and have never had a clue at any end user but were continually reassured about demand pick up from their customer until very recently …so what changed in STM expectation ..Nanoco are trying to understand what is going on and why they ramped up the fixed cost base for one tiny order just now and its cost the CEO their job..unsurprisingly …I know you don’t know..anything.

So there is no product on the market you say there is…just making stuff up with zero evidence is not clever ..it’s just making stuff up. If Nanoco don’t know what is going on how come you do ? Typical BS.

“We're not discussing a product that isn't on the market. We're discussing how a tier one component product might be taken up by OEM's - of whom there might be hundreds.”

What product is it then , they did much work talking the huge benefits of QD film in SWIR sensors over the past few years , the next big thing and you say it is on the market..yet none of their extensive listings of products is there one that mentions QD film or requisite spec or performance promised.

If it’s on the market why not market it if they want to grow sales??

Why is it not a delay in STM sensor product launch ..and now an unclear picture of when it might launch that is the issue?

If there is a product actually on the market just awaiting take up ..what is it then ?

If they are marketing the SWIR QF sensor and seeking markets and end users why are they not singing its praises…they did quite a bit of prepping the market at trade fairs in 2023..but don't seem to have mentioned QF this year or certainly around and actual sensor ..how come ?

That was for NGR..The hilarious..he just cant see it…much like his fwend.

Hilarious.

Idiot was “if “you don’t like…but spellcheck whipped out idiot ..spooky

Ngr..

More hypocrisy ..different poster.

When you don’t even realise you are part of the problem.

Nothing on the company just about the posters.

Block people ffs don’t just critise and moan idiot you don’t like the posts.

Otherwise maybe it is you that just enjoys trying to tell people off as if you have some moral superiority. ,,you really don’t.

Watching terry make himself look a bigger hypocrite day after day is always comedy though.

Though we seem to agree on the order..it was for stm sensors that have not been marketed or commercially adopted by an underlying customer as yet..and no one knows if /when they will be.

If the near infrared sensors containing the Quantum Film incorporating our materials have a major advantage both in cost and QE over the competition why does STM not publicise or market that prodt accordingly if they expect it to sell …if they are sampling with multiple underlying customers its hardly a secret in terms of spec and how they achieve performance surely. But they say nothing

Always found it difficult to know if there was an underlying customer of our customer or whether the order was merely for the sensor being developed by our customer !!

From the first order announcement Nov 2023

“…pleased to announce it has now fulfilled its first ever commercial production order, having completed shipments of two different first generation materials for use in infra-red sensing applications in electronic devices.”

A sensor is an electronic device itself I guess.

Following BT comments post results March 2024 was moving very much to there was not an underlying customer device application, so order was for the sensor itself ..but then we have no idea if there is a sensor with our materials commercially available anyway..no sensor application ..no end device . And round in circles again.

Hopefully at some point we will get some clarity on what they thought was going to build demand for Gen 1 ..but not holding my breath.

Something has caught their attention and not sure they normally operate much outside the USA so how they alighted on little old Nanoco would be interesting , as will whether they move to take a larger interest . I would expect minimum 5% and likely more like 10% interest could give them more leverage if needed..depending on whether they are looking at this short or longer term in where they see the opportunity.

SmithyB I think the Nanosys take over last year and recent onsemi transaction for SWIR vision are moving the landscape and further reducing the small independent players in the sector ..Nanoco whilst not commercially successful remains one of the few “available” companies in a sector that is expected to show strong growth even if there remains uncertainty where and when that happens. So if someone does have a tilt at Nanoco I would be surprised if it did not become contested as a number of the larger players would not want a competitor to steal a march or worse impact their ambitions through aggressively defending IP. So a bidding war??

It seems and each way bet either they do get to achieve commercial traction and emerge as a sustainable profitable business or the don’t and get taken over for the IP know how and production ability by one of the big players to bring development in house.

Key now is restoring confidence in the senior roles , finding a good ceo with experience at introducing new technology into major supply chains and dealing with major global players ..unlikely from the nano material sector , because there aren’t many..but from related semi conductor fields. Also a respected and experienced Chair to oversee communications with shareholders and to be the critical friend most ceos need.

Difficult to see much short term upside in the price and obviously the Oct ( or earlier ) clarification on near term revues remains key. The cash flow break even CY 2025 is still effectively in place if they become aware at any point this is unobtainable they should update the market further ..but the shares are already likely discounting that outcome it seems to me.

I certainly don’t think stm has walked away they have confirmed the ongoing work programmes on gen 2 for both customers and the FAB expenditure is there in supporting that r&d. Unfortunately it would appear the commercial adoption of gen 1 materials is far from certain as things stand, that was the only near term prospect of revenue and cash generation. Use of the gen 1 would also have been a good demonstration of commercial demand prior to gen 2 being fully developed and available and would have de-risked the focus on sensor materials and the reliance on effectively having one customer for the years of work gone into gen 1.

So all is not lost and the prospect of commercial action for gen 2 remains facing a far larger potential market.

Forecast cash end this month shows just under 10p cash per share..forecast for end FY 2025 shows close to 8p.

So that remains support as does the potential for new senior management that the market can support and some ongoing engagement in display.

The tone of the last update was a big change from the previous very upbeat ones but i think the ceo already knew he was toast.

So there is £1m of the buyback to go , the ongoing r&d and display possibilities

There is also the greater prospect of a bid from one of the big companies Nanoco do business with or other majors competing in the field…like Samsung.

Defence to a competitive offer just now might prove rather tricky.

They are odd .

I think they like throwing in a grenade and causing as much upset and disruption as possible and get their jollies from that. Just an attention seeking nobody.

The legal action…”doesn’t involve us”

The Third Party is an English technology company, listed on the London Stock Exchange, that has developed and patented techniques for the manufacture of quantum dots, minute semiconductors the usages of which include flat-screen televisions. Its chief executive officer at the relevant time was Mr Brian Tenner. The Chair of the Board was Chris Richards. Mr Liam Gray was Company Secretary and, from November 2021, the Chief Financial Officer.

https://www.bailii.org/ew/cases/EWHC/Comm/2024/1314.html

Link

https://www.thisismoney.co.uk/money/markets/article-13243763/Nanoco-eyes-new-chapter-Samsung-settlement-attempted-boardroom-coup.html

“There may also be ramifications following the Tariq Hamoodi legal case closing in on him and Chris!”

My understanding is that the LOAM appeal failed with costs to TH.

So there is still an outstanding case to be heard…which could be an issue overhanging.

In the this is money interview only a few months ago where Mr Tenner said

'It'll just be nice to spend more time looking forward and focused on positive developments,'

Well he didn’t get much time to do that before being dropped!

But he also said of the case..

“Tenner says: 'Ultimately, what [Mr Hamoodi] decides to do is what he decides to do - he's currently got legal action ongoing with one of our other shareholders [Lombard Odier] that doesn't involve us.“

That turned out to be far from the truth as they were represented and were a party in the case.

So as well as the profit warning and renewed uncertainty the communications around this case and the reputational and financial implications of the case may be an outstanding issue for the board.