A PDK (Process Development Kit) is what potential customers use to design/customize their own products for a foundry to manufacture.
Dr Lebby first mentioned them in the 2021 ASM meeting when he said the company was working with 5 foundries.
The market went ballistic as they saw the Foundry work as the road to mass commercialization, and investors got busy reading up on what a PDK is.
Investors computed that they should have a PDK in a foundry within 6 months, and assumptions were made that targeted 2021 EPIC as the date they would be announced along with the names of the foundries. Never happened.
At the 2022 ASM Dr Lebby explained that the process with foundries takes time and that he would report on them by year end.
Investors again expected completed PDKs first at EPIC in the fall, and then by year end. In the fall Dr Lebby repeated his "kitchen recipe" analogy and implied that foundries were having diffculty matching results Lightwave had been getting independantly.
The Dec 2022 shareholder letter didn't give investors what they expected. That didn't keep Proto from declaring that the word 'operational' as applied to the front-end process meant they were 100% complete in as many as 7 foundries. What a joke.
They may well be coming along as they have reported, showing some examples of nice modulator results, but KCC has helped people understand that there is an entire back-end process that it appears they have been working on for at least 9 months now that must be completed before a PDK is considered complete.
To date not a single completed PDK has been announced, so any claims that customers are working with the results and beginning their own evaluatation and new design process with existing PDKs that incorporate Lightwave technology appear to be wrong. This is especially likely since the company has clearly stated customers are demanding reliability data - and lots of it - before they are satisfied.
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