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Thursday, 23 Nov 2017

Thin Film Electronics reports interim financial results for Q3 2015

The company continues to invest in the development and scaling of sheet based and roll-to-roll production of logic, displays and batteries as well as roll-to-roll assembly

6 Nov 2015 | Editor

Thinfilm’s revenue and other income in the first nine months of 2015 amounted to US$ 2,814,000. Excluding the other income recognised in the period, total revenue was US$ 2,531,000, a decrease of US$ 258,000, or 9%, compared to total revenue in the first nine months of 2014 (9M 2014: USD 2,789,000). Sales revenue amounted to US$ 1,225,000 in the first nine months of 2015, compared to US$ 1,335,000 in the first nine months of 2014, and was largely related to product deliveries, technology access fees, product development projects, and delivery of prototypes and products to strategic customers and partners.

Operating costs (excluding depreciation and amortization charges) amounted to US$ 23,805,000 in the first nine months of 2015, including the cost of share-based compensation of US$ 588,000. The corresponding figures for the same period in 2014 were US$ 20,337,000 and US$ 308,000, respectively.

The cash balance on 30 September 2015 amounted to US$ 24,622,000, while cash net of receivables and payables amounted to US$ 22,224,000 (including share-based liability of US$ 614,000, i.e., provisions for employer´s tax associated with future exercise of subscription rights).

Thin Film Electronics reports financial results
for Q3 2015 (US$ ,000)
2015
Q3
2014
Q3
2015
9 months
2014
9 months
Sales - revenues 494 578 1,225 2,434
Other - revenues 434 709 1,306 1,454
Other - income 111 (7) 283 501
Revenues - Total 1,039 1,280 2,814 3,290
Operating Costs (8,925) (7,031) (23,805) (20,377)
Operating Profit (loss) (8,313) (6,103) (22,070) (17,974)
Net (loss) Income (6,388) (5,945) (20,032) (17,406)

Outlook

  • Thinfilm is concentrating its efforts around commercialising and scaling of printed memory and logic
  • The company continues to invest in the development and scaling of sheet based and roll-to-roll production of logic, displays and batteries as well as roll-to-roll assembly
  • The combination of a licensing-based business model, low CAPEX requirements for production relative to other electronics manufacturing techniques, and a focus on leveraging ecosystem partnerships reduces the Company’s dependence on CAPEX for growth
  • Thinfilm expects that the technology transfer to Xerox will be completed according to plan in 2015, and it is anticipated that Xerox’s production facility will be operational from the first quarter of 2016.
  • Thinfilm has shipped 9.9 million EAS tags to date, and expects to deliver the balance of the 13 million unit order in the second half of 2015
  • The commercialization of PDPS-based near field communication (NFC) tags offers significant growth opportunities
  • Applications for mass markets are expected to include brand authentication, supply chain track and trace, digital marketing and consumer engagement
  • Thinfilm prototypes and products has attracted significant interest from prospective customers and partners
  • Thinfilm will work toward commercialisation of integrated systems such as Thinfilm sensor labels for consumable goods, health care, packaging, and more
  • Thinfilm has established partnerships for display, sensor, and battery technology, as well as software and distribution
  • Since the launch of NFC OpenSense in late February 2015, Thinfilm has experienced significant interest in the technology and has received orders for its products
  • The Board of Directors and management expect that Thinfilm will be able to continue entering commercial agreements for printed integrated systems during the remainder of 2015 and into 2016

www.thinfilm.no   

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