The 10-Q report describes quarterly revenue of $22,917 from licensing and royalty agreements essentially from one customer, most likely Polariton. Commercialization has been stated as having started 2 years ago and the pace has been abysmal. The quality of the partnership with Polariton may well turn out to be very lucrative in the future as it takes a lot of time to be ready for Polariton to position itself to scale their MRRs and there is great promise in their technology. LWLG's focus on the large transceiver makers was exciting but didn't progress to any commercialization as we know. Hopefully we will hear some update on progress from Yves regarding partnering with companies, at least if there are clear progress on partnering new designs.
Michael Lebby's shunning smaller deals likely doomed his continuing as CEO. He banked on the Tier ones loving LWLG polymers as much as he did and as a result they would meet his expectations to develop pics together. He never realized they could pivot as they did away based on his demands. If they could come up with improved pics without LWLG they were ready to do so and would continue unless other companies were not utilizing polymers.
Small, emerging companies could have been nimble enough to work polymers into new designs that could have furthered commercialization by now to participate in current 800G and 1.6T pics, especially if their designs were chiplets which can be easily integrated into transceiver company designs for the final product. The benefit would be getting polymers into the market and prove the superiority of what they add to the device. That would have shaken things up by creating superior competition to what is out there now.
The new go to market plan to be a supplier of advanced materials opens up the possibility of many more partnerships but neglecting the smaller companies could be again a mistake as it is essential to get polymers into marketable designs as soon as possible. The more the merrier I would say. Small companies can move faster sometimes compared to larger companies who may be less focused. Developing chiplets can be the focus for small companies .who are looking to get into the market and grow.
The global chiplet market was USD 44 billion in 2024 and expected to grow to USD 233 billion by 2032. Not all of this will go into transceiver designs but a very large amount will as transceiver designs are very varied and chiplets make a lot of sense for them. Chiplet overall growth is huge, over 20% a year. Our company needs multiple avenues to grow and chiplets could be one of those avenues. Smaller companies would find this as a good way to grow if they came out with a superior product. LWLG would have to have confidence in the smaller company's technology know how to get on board as LWLG polymers reliability are also on the line with any final product. I hope Yves does not forget smaller companies like Michael Lebby did.
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