Comet (COTN) Investor presentation summary

Business profile and positioning

• Portfolio spans RF power delivery for plasma applications, industrial X-ray systems and X-ray modules; FY22 sales mix was 65% Plasma Control Technologies, 22% X-Ray Systems and 13% X-Ray Modules.

• Ranked #1 in vacuum capacitors and matchboxes and #1 in metal-ceramic X-ray modules; Top 3 in served markets.

• More than 1,500 employees across 12 worldwide locations, supporting production, R&D, sales and service near customers.

• Products address semiconductor front-end, middle-end and back-end processes, with demand drivers including miniaturization, novel materials and greater process complexity.

Market trends

• Semiconductor revenue forecast to grow from USD 574bn in 2022 to more than USD 1tn by 2030; semiconductor sales were 71% of FY22 net sales.

• Wafer fabrication equipment spend projected to rise at ~9% CAGR from 2022 to 2027; FY24 estimates ranged from -4% to +15% YoY after a -12% YoY decline in FY23.

• Advanced packaging revenue projected to grow at ~11% CAGR from 2022 to 2027, driven by applications including AI/ML, high-performance computing, AR/VR, 5G and smart automotive.

• 82 fabs were expected to require equipment in 2022–2024; semiconductor industry investment and geopolitical tensions create growth opportunities alongside overcapacity and supply-chain risks.

• SAM projected to expand 83% from USD 1.8bn in 2022 to USD 3.3bn in 2026, exceeding TAM growth of 35% to USD 5.8bn.

Strategy and execution

• Strategic pivot toward semiconductors began in 2019; initiatives include market-share gains, Synertia RF power platform launch, stronger Asian presence and successful semiconductor entry for X-ray divisions.

• Growth priorities include expanding semiconductor exposure across divisions, forward integration, deeper penetration of tier 1 WFE customers and regional champions, and a broader product portfolio.

• Penang capacity was doubled after production began in 2020; further expansion planning includes secured land and a potential owned facility to support scale and business continuity.

• Efficiency priorities include site consolidation, workforce adaptation, lean production, regional and supplier balance, digital transformation and talent development.

• Sustainability roadmap targets 80% renewable electricity by 2025, 100% by 2030 and net zero by 2050 at the latest.