BluGlass (BLG) Q1 2025 TU earnings summary

Executive summary

• Secured a A$1.2 million contract for the first phase of a multi-year joint development agreement with a US start-up in integrated photonics.

• Negotiating Year 2 core development contract with CLAWS and Microelectronics Commons after successful completion of Year 1 milestones.

• Partnered with Macquarie University and Aurizn to develop blue ocean LiDAR for subsurface water measurement using GaN lasers.

• Hosted Australia's first national semiconductor investor conference, Semiconductor Australia 2024, with over 200 in-person attendees.

• Continues to expand revenue pipeline and advance customer negotiations for custom and semi-custom laser solutions.

Financial highlights

• September quarter revenue was A$1.04 million, including contract revenue, laser orders, foundry services, and conference income.

• Quarterly R&D expenses totaled A$3.3 million, covering salaries, materials, and fabrication.

• Net cash used in operating activities was A$2.5 million for the quarter.

• Cash balance at quarter end was A$2.63 million, before receipt of A$682,000 from NCSU CLAWS and an expected R&D rebate of ~A$5.37 million.

• Aggregate payments to related parties in Q1 FY25 were A$104,000.

Outlook and guidance

• Expects continued revenue from product and project sales, with additional funding from R&D grants and rebates.

• Anticipates sufficient working capital to meet operational and business objectives, supported by incoming grants and project payments.

• Ongoing negotiations for follow-on production contracts and manufacturing supply agreements.