Edison Investment Research Limited
London, UK, 9 June 2021
BluGlass (BLG): Initiation - Brighter future, lower temperature
BluGlass has pivoted its innovative compound semiconductor manufacturing technology onto the development of high performance laser diodes which it intends to start shipping at scale over the coming year. This will be a key step to achieving management's goal of capturing 8% of the laser diode market by calendar year 2026, potentially generating almost A$75m revenues annually.
While management has not provided formal guidance, it aims to secure 6-10% of the global laser diode market by 2026, which it estimates will then total US$658m (A$849m). This represents annual revenues of around A$60-90m. It is dependent on BluGlass successfully completing the development of the next generation of higher performance laser diodes using its RPCVD technology. Based on our assumed gross margins ranging from 35% to 45%, our scenario analysis calculates this level of revenues would generate EBITDA of A$14.1-21.6m.
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