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Thing that is sort of unexplained is that we produce materials on a dot only basis I thought …and it was STM that then used those materials to produce a film that they then applied to the sensor products.

So agreeing that the tuning etc to meet the customers needs is prescribed by the customer and then the material is developed to meet requirements. But if the film is produced at an STM facility as I understood it was how does the FAB being in Runcorn speed things up. ..unless of course STM has told Nanoco how to produce or apply as a film on site again to their required specification..which maybe is the case but I would have thought STM would want to do much of the on wafer testing in their own controlled facilities.

Must be a simple answer I guess as Nanoco spent good money buying STM second hand kit.

“The new fab increases the speed of processes and the range of possibilites for Nanoco and therefore the chances of success.”

I trust people spotted that that second hand FAB kit , bought at a discount was from a “customer” ..undoubtedly our friends at STM. Wonder who really did a good deal!?

X

‘…that swir sensor and presentation is not new news. it's from sensors converge 2023.’

I am very well aware as probably posted when it was new news…and never made out it was new news when i posted today, was just looking back at what we really know ( not a lot) . For someone who has posted many things that have been posted many times before as if they might be original going back years it seems a strange comment to make as i posted in context.

Do we care? Long or short term yes. Maybe i am strange but i like investments to increase in value and they need to demonstrate commercial delivery in line with their stated strategy to get there and prove they can ..building revenues from gen 1 was a key strategic aim and looks in doubt. Gaining investor confidence is another important factor in terms of building recognisable value.

I think there has been a change from extolling the benefits of having STM relationship that means they are not dependent of one end customer as STM has thousands and thousands that they have effective sales access to across many sectors…unfortunately though the reality is they are dependent on one customer STM at the end of the day. The comments reflect this.

“By investing across a broad range of business development opportunities, we aim to further reduce any dependency on a single customer and to deliver increases in shareholder value in the medium term."

Well that was what i was thinking having looked again and whether the order was for commercial scaling and calibrating to move to a new product launch ..but the other products already seem to cover the space that QF sensors were aiming at it seems. Have they delayed a product or changed their intentions around that product launch ? Could indeed be just a delay but likely by some time from their commentary or could be a wider change in strategy that has impacted gen 1 material demand ? Probably not going to bother trying to understand the trail of crumbs anymore on end use either in sensor or device just too little to go on and have likely exhausted what is publicly available. We have to rely solely on company guidance ( or lack of it) to make investment decisions..this has not had good outcomes in the past!

Just on regrouping where we find ourselves and on what sensor our tech might feature. This , posted before sort of differentiates between VD55G1 and their SWIR efforts featuring Quantum dots/Quantum film..just trying to get back to basics to try to comprehend what’s happening..does this look like there is another sensor yet to be disclosed to others?

https://www.st.com/content/dam/AME/2023/sensors-converge-2023/pdf/sensors-swir-time-of-flight.pdf

If that was the case even you might struggle try to explain it !!

£8.5m NOT 38.5M OF COURSE!

Actually the guide was 38.5m..my email

“In the Oct presentation you said that FY2024 pre Samsung revenue would be in line with previous year from the r&d programmes providing the same revenues of £2.5m giving full year target of £8.5m with £6m apportionment from Samsung …agreed.”

This was before the first order and the rev forecasts did not change after the event or in factoring in any further order for fy2024. They did not expect commercial revenues to change the forecast i was told.

But now they do..i mentioned it at the time as it didn’t add up.

Still doesn’t !

If one goes back for full year presentation last year the company guided to £8.4 for the FY2024 just on the Samsung and R&D work at the same levels as previous period. On questioning this after the first order when revenues remained the same i was told that the figure included their expectations from orders ..so they were not factors anything at all material from orders in the FY.

They now say revs are dragged down by lack of repeat order ( that was not guided to apart from CY end) and an increase in one off costs..which don’t impact revenues as far as i can see.

So not really adding up why they announced a miss with so little additional guidance unless to put a shot across the markets bows of there being no visability on any future orders going forward. They have no idea i guess when or if anything further on gen 1 will be forthcoming as things stand.

X some good points on the nuance of the comms..there is a change and not a positive one..i think the company do not know how to convey what must clearly be a change in previous guidance from stm and still don’t seem to know how serious it may be.

“To clarify, I have not suddenly turned negative about the opportunities or guidance regarding Gen1 orders. It matches expectations.”

The update though clearly does not match their expectation or their financial guidance as they have been forced to come out with an update that has resulted in the only research available being moved down.

Whilst this is certainly is not an extinction event by any means it once again knocks confidence in any meaningful delivery of anything gen1 as they again appear to be lacking any traction they said they had it even casts a shadow on gen2 as confidence in delivery of anything i presume takes a knock.

There could be positives in new guidance on gen 1 ..and that could be before Oct if they know there is visibility. Also they have guided to a display agreement before the end of this CY ..delivery of anything right now is not in the price but to be fair that is hardly surprising. Time for the neds to get a grip and try to restore some confidence and faith that the company has an independent future.

So you think that is silly…well you do exactly the same thing all the time whilst every now and then say you won’t anymore then do it again straight away…bit like having troublesome on block..you don’t do you !

As to your view..mine has been questioning 2025 free cash flow and how they get there…I think I have an answer ..they don’t.

You just make fill voids in what is a bad situation with positives that not even the company or its paid for marketing can conjure up ..the company is trying to understand where it goes from here ..they don’t know yet you think you do. I understand folks trying to protect their investment and try to reenforce decisions they made but if the company have no clue I don’t see how you do. The cynics wanting proof of traction have been let down too.

Branding anyone with a view different to your own as conspiracy theorists especially when they have been asking what have become highly pertinent questions that unfortunately come home to roost is very lame. Because some worry when the pieces don’t fit together and you make up excuses and imagine what might be a reason for further setbacks does not make your theories any better than those that have not been blowing the company’s trumpet…in fact your attempts at putting down those that ask questions makes your activity far more suspicious that anyone else ..those that continually defend failure as they see their investment collapse in a really very odd reaction.

“…that’s the risk with what i still consider a fledgling company.”

Oouch

Fledgling refers to a company, industry or startup that is young and lacking experience. These are still struggling with their business ideas, business model, market, and products or services. Therefore, many fledgling companies need financial assistance and mentoring. One of the main problems that many fledgling businesses have is their ambition. Many owners get carried away, attempting to grow their business too soon. Trying to expand with a lack of experience and knowledge, will only negatively affect the business.

There seems no comfort on gen 1 sales at all to me …just no visibility that they thought was there..let’s remember this is paid for research that always takes a most optimistic view and whose last effort a week ago is already in the bin. They cannot in any way talk about likely build up in revenues because as yet there aren’t any and the company hasn’t got a clue if there will be any. So focusing on gen 2 still in development for another 18 months and then up to a year for scaling and integration .

So many milestones apart from ones that matter!

“…although it does remove an expected milestone to gauge Nanoco’s pathway to volume production..”

I find troublesomes posts great fun as it goes…mostly because they annoy a certain type of person. The fact you don’t just block them but constantly moan about their posts speaks volumes in terms of intelligence.

“We had a good team on paper. Unfortunately, the game was played on grass.”

Brian ( Clough)

Maybe just quotes by Brians?

Kooba - Nano use the term delayed/delay 3 times in the RNS

Smithy

Yep my bag just flashed up the operation headlines where they dont and didn’t run down to financial as i was looking through the Cavendish note at the same time. Apologies.

And PH didnt say anything about this year or next year re gen 1 they said.

“This implies that we are unlikely to see any meaningful revenues until Gen 2 productions begin to deliver commercial orders..” so they are saying they just don’t see any gen 1 leverage at all.

Would it be fair to say they are not expecting any orders before Oct with that comment ?