What do you think he means by "Locking in a date on invention has been our challenge over the past year or so. "?
The way I read the whole thing is that QTMM can make better cadmium dots at scale more cheaply, but not when it comes to the cad free variety - which is where Nancoco surely must be the leader in the field - Edelman was plain about that - but as I see it cannot ramp up easily without cost and time.
At Runcorn they are now running at higher capacity / efficiency but have problems with expertise of labour and costly factories needed for scale. They can do 500kg/year out of Runcorn, and quite a bit more out of DOW but the ramp up there will be costly.
My best guess is that DOW are in line but to ramp up to higher capacity now but they want a better margin on the product. This is a squeeze which is taking time to resolve hence Nanoco ditched the exclusivity contract with DOW and took their chances to develop business of their own elsewhere - which has been successful for them so far in a short 6 months period- with Merck and Wah Hong now on board.
If QTMM can keep the core manufacturing capability "in house" with a high performing QD product (cad free) then this stock is a massive winner. Nanoco has to take a smaller cut of royalties from outsourced manufacturing capacity which is very expensive to build. Nanoco does have an advantage currently on that score though which is that WH appears to be paying for Runcorn resin now - I would be feeling much much better with my investment here as and when we get something similar agreed contractually with Nitto Denko and money coming in regularly from that source.
I wish I was buying at these levels for the first time but either way I still want more from the company to show this is has a real prospect of succeeding - the timelines from Sri do not appear that close IMO.
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