The pioneer manufacturers of lamination film in China.

uni-pixel\'s commercialization runs into a brick wall

by:Top-In     2020-08-04
Sensor without customerUni-Pixel (NASDAQ:UNXL)
To launch its first product, a fullin-one (AIO)
Touch sensor with 23-
At some point in the quarter, the inch diagonal (
Minutes of the conference call and report of the meeting of Needham, February 9).
This could be a problem because the end customer clearly does not know that it will receive commercial goods for this sensor. Uni-
Pixel official with AIO original equipment manufacturer (OEM)
As a development customer in last August (
Call Record August).
On September 2014, Uni-Jeff Hawthorne was identified as Elo Touch Systems at the Liolios conference. Pixel\'s CEO (
Personal communication).
According to Elo\'s customer service, the company neither sells nor sells 23-
Inch AIO equipment (
View current AIO products).
The closest comparable product offered by Elo is 22-
Inch AIO, optional resistance or surface-
Not Uni-
Pixel projection capacitance (procap)touch sensor. Uni-
Pixel was asked to reconfirm that Elo is still aio oem and explain the size difference between the sensor and the Elo product, but the company did not respond.
Owned by a Private equity company, Private is one of the oldest companies in the touch industry, offering a wide range of touch solutions, including touch screen components, touch displays and AIO touch computers, using multiple touch technologies, for digital signage, retail, pointof-
Medical/medical IT, industrial and consumer.
However, since most of these are mature or low competition, the business of Elo has been gradually declining. volume markets.
Now the company\'s annual income has fallen from $0. 37 billion in 2011 to $0. 413 billion, and the company\'s debt default risk is high.
Elo declined to comment on specific issues regarding the nature of the relationship with Uni-
Pixel, citing company policies and secrecy.
But Elo is familiar with Uni.
Pixels are earlier than August.
According to Uni-evaluation, at least since the beginning of last year, Elo has been evaluating the technology
Elo, CEO of Pixel, received a feature 15-
Uni-inch sensor prototypePixel. Uni-
Pixel previously claimed in November 2013 that it had received 23-
Inch AIO sensor and 15-
Inch touch display delivered in the first quarter of last year, but never achieved product sales.
The YouTube video released on last May shows that in 15-inch Uni-
Pixel touch sensor made for Elo.
There are a lot of clues to the launch.
Pixel is not prepared to ship or even accept orders this quarter.
For example, Uni-
Pixels are no longer a production-stage company.
From 2010 to this year\'s University
Pixel uses this tag in all of its SEC files, but now it\'s only in \"pre-
\"Production phase\" according to the latest 10 k file \".
The document also outlines a less radical roadmap for commercialism, the guidance document of February --
The production target of \"viable commercial InTouch touch screen\" is at 6-12 months (
Sometime in late 2015)
Should be 1-4 months (this quarter).
The AIO integration test originally scheduled for January (
Meeting Report of Needham, 29: 00)
Although the samples have been delivered to two module integrators vying for the Elo business, they have not been completed (
Call Record February).
The development customer has not yet chosen which of these module integrators is responsible for assembling the sensors into modules, nor has the price set. Uni-
Pixel has not even updated product data sheets-
The one shown on Uni
The last modification of the pixel website was in December 2013 (
View pdf metadata)
There are still spelling mistakes (
For example, \"link\" instead of \"ink \")
, No mention of the new \"proprietary Blackcoat \"(
Monthly Company introduction, slide month)
, There are important specification differences compared to the latest 10 k (
Line width of \"6 /-\"
With \"~ 6-\"compared to 1 μm8 μm\").
The company also missed the key Windows 8/8.
Although it has been committed to the 1/10 certification of sensors since 2013 (
Personal communication). Uni-
Pixel was advertised on analyst day December as a \"unique opportunity\" to showcase the company\'s commercial readiness, but it was only open to selected audiences and the media was excluded.
Although the event was held in Kodak (NYSE:KODK)facility (
Based on pdf metadata, the presentation is written by Kodak)
Kodak\'s investor relationship explains that there are no Kodak invitees and Uni-
Pixel is managing all aspects of events (
Personal communication).
In the past, universities
Pixel was very successful in the factory visit and presentation, deceiving people willing to attend to believe that production is coming --
Like the Touch Display Research analyst, he believes mass production will begin in July after going through an entry
Fab survey of personal travel and operations in April 2013 (
Personal communication)
Analysts at Cowen & Co believe there will be 2013 production in the fourth quarter after the August tour.
In contrast, when Atmel (NASDAQ:ATML)
A visit to the touch sensor facility was organized in November 2013 and the media was welcome, and the company was actually doing commercial production as tablet devices using sensors appeared in stores later in the month
Personal visit to the office warehouse store).
More importantly, Kodak, who signed up for the actual production of sensors, has not yet confirmed Uni-
Pixel guidance for commercial releases this quarter.
Under the manufacturing and supply agreement with Uni-
Pixel is closely involved in business planning and project operations, affecting potential order plans, pricing, costs, etc.
But Kodak claims to be developing tablet sensors, not AIO sensors: comment further on Uni-
Kodak CEO Jeff Clarke admitted that the Pixel project \"still has technical barriers\" and did not mention the upcoming business income.
At the same time, he hopes that the commercial shipments of another touch sensor partner Kingsbury will receive moderate revenue this quarter, a direct university in Kingsbury
Pixel competitors using silver
Halogen technology developed by Kodak.
Kodak CEO also said he would not \"invest in start-ups \". the 2015]
\"Emphasizing touch\'s revenue and EBITDA contributions will be a\" very small number \"this year \".
This is different from Kodak\'s conference call in August, when he expected the revenue of the touch sensor project to be \"tens of millions this year \"(
Actual business income of two universities
Pixel and Kingsbury were zero last year).
Requests submitted to Kodak and Uni
Pixels that explain the obvious differences in product release expectations for this quarter are still not answered.
Commitment and management in the past
Pixel has a history of commitment to commercialize in the coming quarter, but predictably it is not.
For example, in the Q & A of the Liolios conference, about three weeks before the start of the fourth quarter of last year, Uni-
Pixel\'s CEO was explicitly asked about possible delays, but insisted that the target for initial revenue was still the fourth quarter.
As expected, Uni-
Pixel has not been commercialized and shipped this quarter.
Previously, Uni-
Director and interim partner of Pixel
In a press release on January 2014, Ceo Carl Yankowski and Bernie Marren responded with the same effect in response to initial manufacturing growth in the second quarter of last year.
During his tenure as former CEO, Reed Killion, many failed commercial targets have been recorded elsewhere.
Some notable people leave the university
Pixel and Kodak have also expressed doubts in recent months about the upcoming products.
Robert Berg of the University
Pixel\'s senior vice president of sales and marketing, more than a year, left in last June, re-
Unite with his former employer.
This is a surprising move if a large sales commission is coming. Uni-
Although he has been listed on the company\'s management page, Pixel has not announced his departure.
Daniel Van oslande, founder and senior vice president of engineering and R & D, left in last September after 15 years of working with the company, \"pursuing other interests, that is, acting as a\" consultant in the printing electronics industry \"(
List of Speakers of the meeting)
There is a website that claims to be \"home to the future of cool things \".
And he sold all his universities.
Pixel shares were held on December, the day the company hosted analyst day.
Martin Kykta of the University
Advanced research scientist in pixels
Responsible for the development, improvement and measurement of \"flexible electronics for touch sensors-
After seven years of working in the company, he left office in August and became a full-time employee.
President of his own timeman electro-
Optical Consulting (speaker list).
Kodak functional printing director Douglas Edwards has been in charge of the touch sensor project since 2013, and he left in December after restructuring.
The business under the new name is now temporarily managed.
Tablet sensor flopIn last May, less than a month after his appointment, Uni-
Pixel CEO announces \"technology workflow based on the new roadmap [had]
Now focus on the development of initial products for the tablet market.
\"He chose a new product, a 7-
Inch tablet because single
The technology of pixels is \"easiest\" to apply to this size (
May be called transcript).
Previously, the company focused on laptops and larger-sized sensors.
The company also hired new development customers and finally \"gained recognition for touch and optical performance \"(
Slide 15) Analyst Day presentation.
The customer should purchase this sensor when the product is \"fully ready (
May be called transcript)
, But on October, the customer decided not to place the order and instructed Uni-
Pixels start the design of another piece, according to Uni-Pixel. Uni-
Pixel\'s CEO blames the market: there is no point in this explanation for three reasons: first, the May press release insists that \"other touches
Only after \"This initial []\" will the screen segment be resolved7-inch]
Product release, \"however Uni-
Pixel rushed to start work on the AIO project in August, and then started the new 10-
Inch plan October (
Monthly Company introduction, slide month)
No shipping 7-
Revenue inch products.
Second, the development of customers decided not to conduct 7-
Inch sensors should not affect purchase orders from other interested parties.
In a possible phone call, Uni-
Pixel believes that as a potential developer of this sensor, there are a variety of candidates queuing up.
Third, the weakness in tablet shipments did not pop up in September or October --
Any oversupply should occur earlier.
Last summer, the tablet market had \"collapsed.
Figure 1: Kodak manager Mike Smith is in 7-
Inch sensor rejected by customer (3: 40 New York Times video)
Display search, a research institution often cited by Uni-in last May
Pixel, has warned that tablet shipments are registered for the first time in history-over-
It fell in April. Yet Uni-
Pixel believes the tablet market is healthy. underscoring]
The size of the university\'s initial opportunity
The pursuit of pixels \"(
May be called transcript).
Even recently, at a conference call in last February, despite a year of growth in tablet display shipments, the CEO described tablets as \"growing market opportunities\"over-
The capacity of 9% and 24% decreased in January and February, according to WitsView (
Please see the table marked \"shipment\" and get early data using the shipping back Machine).
Huge market, but no major tablet maker ordered 7-except Apple-
Today\'s inch tablet.
These small tablets still dominate market share in total shipments (about 50%)
Search Press Release displayed). The 7-
The inch segment has always been very competitive, 7-inch white-
Label tablets have been selling for as low as $50 since last summer.
If the customer actually produces and sells 7-
Inch tablet, if Uni-
Pixel\'s sensors have good performance and price advantages, and customers should be more eager to order sensors to offset the impact of the decline in tablet prices and maintain profit margins.
Also, as described in the February conference call, the \"patient\" customer should place an order earlier so that once the market balance is finally restored, it can become the first company to receive the goods, and have a cost advantage in the competition.
Figure 2: 7-
Inch sensor sheet and packaging label (
4: 40 Analyst Day video)However, Uni-
Pixel and its partners seem to be more interested in development than in actual sales. Uni-
Pixel continues with 7-
There were inches sensors all year last year, but not much. In August Uni-
Pixel announced the delivery of the first batch of \"dozens of samples\" to tablet development customers \"(
Call Record August).
In the analyst day video recorded by the Kodak factory, the product is displayed as a test and packaging shipment (
From 3: 30 to the end)-
The sensor does not look very transparent (
Probably because the sensor width is not within the specification)
Waste too much film (
It takes about 2 square feet per sensor piece instead of the best 0. 4 sqft)
The final verification and packaging process is too labor intensive.
At a conference call on August, the CEO initially stated that the sensor sample had been accepted by the customer for integration and performance evaluation, providing \"valuable integration generates data and generates data for sensor performance
\"But when asked on the phone how many modules were actually assembled into modules, the CEO refuted himself and replied that the customer was still\" committed to assembling all the modules into modules \", \"It is that integration and evaluation have not yet been fully completed. Uni-
Pixel never disclosed the integrated benefits achieved by the development customer in the first trial.
As of the beginning of November, management still had no indication that there was a problem with obtaining a product order the previous month, the initial 7-
The design of the inch was abandoned.
Although the initial revenue has been delayed until 2015, the initial tablet design work has been carried out as usual: Slide 15 also reiterated in the company presentation on November, the company is working to finally develop the tablet.
\"The company waited until December for the first time to disclose the new 10-
The design of the Inch tablet computer started in October (
Analysis day report, slide 17).
The practice of sending samples but never obtaining and fulfilling actual product orders is similar to what happened in last January, when it was clear that the expected product was not delivered by the end of 2013, the company is only \"providing hundreds of samples and demonstration units to key potential customers\" but has no commercial production orders to ship \"(
Press Release of January 2013). Dell is outUni-
Pixel CEO told investors that the company is doing too much product design (\"SKUs\")
In early 2014, so he chose little 7-
Inch flat panel sensors focus on the company\'s development efforts (
08: 50 and Slide 14).
But by doing so, the university
Pixel actually went against a contract with Dell when Dell asked for another tablet sensor.
Jeff Thomas of the University, last February
Pixel\'s CFO has signed a revised \"work statement\" with Dell for the larger 11-
Tablet sensor: Sensor for Dell Venue Pro 11, an 11-
Inch tablet with removable keyboard (a \"hybrid\")
Code-named \"Midland\" or \"another applicable platform \". \" Uni-
Pixel did not disclose the order last year and did not deliver it.
Pursuant to the revised Dell agreement text, the relationship was terminated on last November (
No further amendments were submitted).
However, in the latest 10 k, Dell is still listed as a \"current partner \"(page 10)
Investors were misled.
Pixel \"will sell a large number of InTouch touch sensors through this relationship.
\"Ironically, unlike Dell, there is neither mention nor description of tablet and AIO Development customers in 10 k.
It\'s also interesting that Dell plugged in an-
Bribery and anti-bribery
The corruption provisions in the February amendment raise questions about the situation of the original agreement signed at the end of 2012, particularly why Uni-
Pixel received $5 million with no clear obligation to return. Uni-
Pixel did not respond when asked to comment on the status of the Dell agreement and the failure to disclose the termination. Uni-
According to the agreement with ecosystem partner Intel, Pixel has not made any progress (NASDAQ:INTC)either. Uni-
Two years ago, Pixel received another $5 million in revenue for the purchase of equipment, but no revenue has been confirmed --
This is still a current liability on the balance sheet.
The agreement is scheduled to expire on next March and it is not entirely clear what will happen at that time, as an amendment a year ago actually removes all interim deadlines.
Yield Chart No matchUni-
There was a problem with the production reported recently by pixels.
Production yield is an important determinant of the manufacturing cost of touch sensors, and the company\'s yield data is contradictory.
There are three charts showing the most recent rate of return measured on scrollingto-
The Kodak company produces the roller tester in the factory.
Kodak should maintain the yield database (
Section V agreement on manufacturing and supply. 1 and 6. 3)
Has been operating pilot lines since the end of August (
Report of the Needham Conference).
The chart on slide 20 in Analyst Day presentation shows personal gains for the period August 20, 2014
November 19, 2014.
The chart on slide 21 in the Needham Conference presentation is for August 20, 2014-
December 12, 2014.
The chart on slide 22 in March Seagate presentation only covers the AIO test, does not show a single run, but seems to be the average yield or one run, every day in three weeks, or 14 working days in a row, sometime from the end of February to the beginning.
The first two charts contain August 20, 2014-
November 19, 2014, but the chart does not match.
Although the chart does not show the value on Y (yield)
Axis, the maximum yield on the second chart is about 85% (
Meeting Report of Needham, 31: 20)
And assume that the x-axis passes through the y-axis at 0%.
Using these values as calibration points, data from the first two charts were extracted with the digitizer tool and plotted on Figure 3. Picture 3: Uni-
Production yield map of pixels, the estimated accuracy of the side-by-side data extraction process is /-
1%, its limitation is that it cannot identify more than three runs per day, nor can it distinguish between multiple runs of a given yield in the same run.
Overall, the resulting graph is very similar to the original line, including the linear fitting line.
The \"analyst day\" line did not match the \"Needham\" line at all during the overlap period, and the difference looked random, with no difference from days like September 23 to about 37% in September 5.
Of the identified gains, only about 45% are similar.
When the chart in the face of two slides does not match, Uni-
Pixel\'s investor relationship first believes that the data in these two charts is the same in the common period. In a follow-up, Uni-
The CEO of Pixel reiterated that the data was the same and came from the same database, saying \"I don\'t know why [
Microsoft PowerPoint]
Slightly different, \"then declined to explain further.
Kodak did not respond to requests for comment on the apparent data differences.
There are two more problems with these charts, which complicates the interpretation of yield data and yield trends for a single run.
First, the reported output overstates the true proportion of good sensors to the total number of sensors manufactured in the volume for the entire period.
According to Uni-
CEO of Pixel, roll-to-
The rolling test equipment was unable to capture some of the defects identified as \"micro scratch\" and the company \"escaped some of the defects through\"its]
Integrated partners \"(
Report of the Needham Conference).
In other words, the company has been shipping well-registered but actually defective sensors.
University as of mid
Pixel is still doing \"final test optimization \"(
Monthly Company introduction, slide month)with a third-
Party equipment vendor trying to add a new check method (
Report of the Needham Conference).
Second, there is no information from the data points about the sensor size, line resolution and sensor design, all of which affect the yield.
For example, there are at least three different sensor sizes
Pixel tried to produce during this period-the 7-
Tablet sensor (
About October), the 10-
Tablet sensor (since October), and the 23-
Inch AIO sensor (since August)
Different rate of return behavior.
So even if production seems to have increased in November, it is not possible to tell from the chart whether there is an actual improvement or whether Kodak has just made more higher products
Generate sensors.
Again, with 6-micron-
The wide wire guide road ratio is 10-or 15-micron-
Wide lines and Uni-
Pixels have provided price lists for all these resolutions in the past (
Intel protocol, part 5. 1).
Finally, the sensor design itself affects the yield.
For example, a sensor with redundancy in a sensor grid may have a higher yield, but at the expense of a reduced transparency of the sensor.
Poor production 4 shows a monthly summary of calculations using data extracted from both charts
Median and average yield of standard deviation bars.
The number of month-to-month observations from the Needham chart are 6, 16, 13, 6, and 12, and from the analyst daily chart are 6, 15, 12, and 5.
Figure 4: Summary yield statistics show that, contrary to the management\'s explanation, there is no obvious upward trend in yield in figure 4.
For example, Uni-
Pixel said in early November: However, the statistics in figure 4 and the individual data points in figure 3 show that the average yield in September and October is actually falling until the day before the news release.
Daniel Van Ostrand confirmed the lack of improvement and he listed manufacturing production as one of the two challenges of metal mesh sensors in the late October s, about a month after leaving universityPixel (
Demo of touch gesture meeting, Slide 5).
The linear fitting line of positive tilt in Figure 3 is not an appropriate statistical indicator to improve the yield trend.
By expanding trends in both directions, these lines inevitably span 0% and 100%, meaning that there is a negative yield before a certain point in the past, after a certain point in the future, there is a yield of more than 100%, by definition, between 0% and 100%.
At the beginning of January, the CEO reiterated that, despite the \"somewhat volatile\" rate of return, this trend is one of the \"increasing rate of return\" trends (
Report of the Needham Conference).
He was also encouraged that \"from November to December ,[Uni-Pixel]
Beginning to see more consistent production capacity, \"that is, production variability is reduced.
It is true that in November, production suddenly soared and variability declined, but in December, production returned to its level in September and production variability deteriorated sharply.
Participants on analyst day may be surprised to learn that the on-site pilot production operations they observed resulted in yields of 1%, 4% and 63% (
Average 22%)
The day based on the extracted data.
The CEO\'s explanation of the change in yield is not credible.
According to him, this is due to three factors --
Micro scratch testand-
Error engineering experiment, followed by \"holiday in the second half of December \"(
Report of the Needham Conference).
But scratching is not the culprit. by Uni-
The company automatically rolls in the pixel itself-to-
The rolling tester still cannot detect micro-scratch defects and measure the yield correctly, so even if all the sensors in a particular roll are affected by the defect, they are still considered good, the yield shown on the test run chart will be 100%, not 0%.
About Trial-end-
Error is a factor, and it is puzzling that Uni-
Pixel will carry out intense experiments on the pilot production line operated by Kodak, when the factory has 2 presses and at least 4 electroplating production lines, another factory in Texas should focus on R & D and process development (
Minutes of conference call on November and report of the meeting of Needham, 33: 30).
Finally, the data ends in December, so there is no yield observation at all in the chart for the second half of December or for \"holidays.
Poor output and high yield variability are easier to explain due to the basic defects of Uni-
Manufacturing process and equipment of pixels.
The company and Kodak are trying to reliably deposit microscopic continuous patterns on both sides of a mobile flexible substrate using equipment designed to print bottle labels (only 50-
Micron registration, see Intel protocol, Annex).
They then aim to use the inherently unstable chemical processes to reliably metalize these patterns.
Mike Smith, Kodak operations manager, university
Pixel project, trying to explain the twopart sensor-
Hold the rejected 7-
Inch tablet sensors, apparently unaware of the irony that the process and its economics may not have been fully considered: the only competitor to try to use the process that includes the creation of catalytic patterns and chemical plating is Atmel, working with CIT (OTCPK:CCEGF)(CAR. UK)(Uni-
Pixels have been the licensee of CIT in the past).
Before college, Atmel
The Pixel has been added for at least two years in the process of patterned and metallized, as it has been using contact-free plating from printing to fine workmanship, flat print printing.
Atmel began shipping commercial volumes in 2013, barely achieved anything last year, eventually giving up, and announced the closure of the sensor business in early February.
So far, two other metal mesh competitors have achieved some success, MNtech (095500:Korea)and O-film (002456:China)
Instead of using a separate metal processing process, rely on a simple printing process, followed by a short curing period.
The self of Cima nano technology
The formation of a metal mesh also shows hope.
On the phone on February, Uni-
Instead of providing new production data, Pixel\'s CEO only discussed integrated production.
New yield chart in Uni-
Pixel\'s March company presentation has been completely redesigned, given that the first two yield charts do not show Uni-
Pixels and Kodak \"make the right progress\" or \"learn how to reduce variability and increase production \"(
24: 25 report of the Needham Conference).
There is no continuity in the first two charts
No overlap during the period;
The chart has only one point per day, not a separate run;
The actual yield value is not given;
The chart only covers the output of the AIO sensor.
It can be speculated that each major interval on the y-axis corresponds to 10%, meaning that the average and median yield for the period is about 40% and the estimated standard deviation is about 6%.
This will improve from the results of December, but the yield is still below the target of 50% \"net yield (
Section 7 of the Kodak agreement. 7).
If the production is so much better than last year, Uni-
Pixels place values on the y-axis in this new graph.
In addition, since the micro-scratch test has not yet been finalized, the measured rate of return still overestimates the actual rate of return.
Integration creates the same problem.
Pixel\'s story about integrated benefits is also confusing.
Integration or backup-
At the end, yield is the yield experienced by module integrators when assembling sensors received from Uni-
Pixel becomes a complete touch module and is an important determinant of the university\'s competitive power. Pixel products. Uni-
Pixel\'s CEO reports on the achievement of \"integrated yield with [the high 80 percent ile]the]
Tablet Development Partners\" (
Press Release of February)
But in a question and answer call, he hinted that he meant high.
Integrated yield of 80% (
Subsequently confirmed by 21 pages of March company presentation).
The CEO of the former inspection system application engineer should be aware that the percent system and the percentage have very different meanings.
The percentage is defined as a value on the 100 scale that indicates the percentage (%)
Distribution equal to or below it.
For example, if Uni-
Pixel Sensors produce yield in 85 percent ile, which means less than 15% of the output is higher than Uni-in all yield observations recorded by module integrators in the past-Pixel sensors.
Similarly, as an example, if the rate of return of points observed in the past is evenly distributed between 0% and 80%, the rate of return of 68% will be at 85% percentile.
He also claimed on the phone that \"the yield on ITO Films is generally lower [the high 80%s]
That means Uni-
Pixel and its Development customers should be \"very happy \".
\"This is a surprise for leading module integrators as their yield is already 80-
Between 2013 and 95% (
KDB Industry Report, 33 pages).
Module making has always been a very competitive and cost
Gross profit margin has often approached 10% since the end of 2013, even if the yield is 95% (
CS Industry Report, page 2)
This means selling at a zero gross profit margin at a yield of 85%, that is, selling at cost.
In addition, according to Uni-
The CEO of Pixel, this is just an \"integration trial\" and a \"sample\", which makes no sense because a trial can only be associated with an integrated yield --
The proportion of good modules is divided by the total number of modules assembled by sensor samples used during the test.
Also, as he further elaborated, the result could not have been \"80% more consistent than the sample\", but there was only one yield data point of 80%, or actually a 80% higher, if only one trial
During the call, he also described the integration trial as \"a large number\", \"a large number of sensors\", although in January only mentioned \"low-capacity sampling of InTouch sensors integrated for customers \"(
Meeting Report of Needham, slide 26).
At Kodak, the CEO described the recent performance as \"low sales\", but did describe the consolidated earnings as \"favorable \". \" (
Kodak March call record).
Neither CEO has news of dozens of 7-integration gains.
Inch flat sensor shipped in last July-
They should all be assembled into modules (
Call Record August).
There has been no progress in the past two years. When comparing recent production with past disclosures, it is concluded that there is no measurable progress in commercialism --
Yields remained roughly in the same range as in early 2013.
Robert peachevich of the University
Chief technology officer of pixel (CTO)
Together with the former CEO in March 2013, investors were told that once Commercial production started in a month or two, the expected yield on the printed/plated production line that has been put into operation will be \"85% and continue to increase \"(
Roth Conference presentation and WFG investor call at 23: 21 and 20: 00.
These yields match the highest measured yields in November and December (Picture 3)
According to management, commercial production is about to begin again.
Despite reports of continuous progress and breakthroughs over the past year, the measured rate of return has not improved.
Real yield at the beginning of 2013 was 20%
40% on average, the manufacturing process is unreliable
Not much different from the average output of about 30% during August and the variability of about 30%December 2014 (Picture 4). A former Uni-
Pixel employee, confidential witness of plaintiff in class auction action at university
Pixels have agreed to settle and have explained why the yield is low.
He testified until he left in the spring of 2013, Uni-
Pixel is always changing the production process, \"sometimes twice a day or even twice,\" because the company \"will never shoot it down.
\"Recurring problems include: all factors that affect manufacturing production in early 2013 may still exist --
For example, improving the optical quality of the sensor may still destroy electrical performance and speeding up production may still lead to an increase in the number of defects.
The three pilot announcements \"rolling technology breakthroughs --to-
The rolling plating process, announced in last June as \"great progress\", should have brought manufacturing from \"laboratory\"
To a new level based on developmenta fully-Function volume-to-
Rolling pilot production line.
However, the next step is the beginning of actual production and the transition to commercialism, which has not been achieved and the output has not increased, indicating that there is no substance behind the progress of advertising.
After Intel was told that production had not yet started, the announcement originally scheduled for earlier in the month now appears to be before the shareholders\' meeting in last August, supporting stock prices and shifting investors\' attention to several developments in the month seems like a questionable trick --
Robert Berg\'s departure, the liquidation of all shares by Destrier Capital, the company\'s largest shareholder (
Compare the shareholding in the agent with the 13F filing)
And the inability to deliver the 1,000 sensor to Dell.
The historical review shows that this is not the first university
Pixel has declared a completeFunction volume-to-
The trial production was successful.
According to Uni\'s past statement
Chief technology officer of pixel, volumeto-
The trial production of the volume was first realized more than three years ago, in March 2011, and then again in February 2013.
On March 2011, CTO updated the scrolling just completedto-
Trial production operation of volume (
March 10, 2011: 00)
: Actual production and commercial shipment will follow up soon: Then, after nearly two years, he described it again
Functional production line, ready to start production in the next quarter: Uni-
In April of the same year, Pixel managed to make and ship 50 samples, but Dell did not accept them and the actual production never started.
As in 2008, non-contact plating is another recent milestone and should be a major innovative step towards commercialisation, but actually an 8-year old idea.
\"Proof of engineering-of-
The concept announced at the conference call on February relates to \"converting the components of the web transmission system on one of the electroplating production lines from the mechanical roller system to the\" no contact \"system, \"The further work is to make a full upgrade to touch-free web processing. The non-
The contact system modification should make the actual output closer to the output measured by the automatic rollerto-
Especially the rolling tester for tablet sensors. Chemcut, Uni-
Atotech, a supplier of electroplating equipment and electroplating chemistry for Pixel, is confused about the announcement (
Personal communication).
The InTouch volume should be double.
The engineers at Chemcut don\'t yet know how to convert their plating lines into contact-free lines on both sides (
Only one side without contact).
According to a technical engineer, the university
Pixel and Kodak do modify one of the lines by simply removing most of the mechanical rollers, but this is not a complete touch-free system.
They also work on the other line, he believes, to make it really untouchable.
His guess is that they are trying a configuration similar to the one used by British electroplating equipment supplier Cemko to keep the film \"surface up\" using fluid pressure \".
\"Figure 5: contact-free plating system for atoko, in 2008, Atotech has worked with Chemcut and Cemko, but the engineer recommended Cemko as a contact-free roll-to-
Roll film system.
Cemko\'s system, pictured above, is very compact and worked with CIT in 2008 to develop specifically for exquisite print electronics applications.
In contrast, the Chemcut system is mainly used for electroplating strong printed circuit boards (PCBs).
Atmel, in partnership with CIT, has been using Cemko\'s touch-free system for two years in the mass production of touch sensors until exiting the business on February, so Uni-
Only three weeks later, Pixel proposed a no-touch milestone.
The Cemko line can also prevent defects due to bubbles that are glued to the film and visible on the analyst day video (2:05).
Kodak\'s technology is expected to \"make Uni-
Pixel will expand production to meet the growing demand \"and start commercial production in 2013 (
Kodak press release April 2013).
But for the university, the only tangible benefit
The pixels in the Kodak manufacturing protocol appear to be a facility with a license for an electroplating operating environment (
See \"harmful liquids\" warning, Analyst Day video, 2: 01)
Share half of the project operating expenses with Kodak (
Section 7 of the Kodak agreement. 13).
Another unexpected benefit is that Kodak may be creating Uni-
Demonstration of investors in pixels (
See author pdf metadata in the March company presentation)
Kodak management seems to know very little about touch sensors.
At about the same time, Kodak\'s CEO joined the company.
Like him, the CEO of Pixel also lives all over the country.
He solemnly said this: he believes that he agrees with Terry Taber, the chief technology officer of Kodak, who expects the market to grow to more than $30 billion a month in July 2013-
The demand for KODAK sensors will be \"extremely high \"(
First video on July 2013, 1:39).
However, the market for touch sensors is far from nearly $30 billion. Even Uni-
The number of pixel expansion comes from the number behind itof-
The envelope estimated by display search instead of the actual transaction data shows that the market total for addressable procap touch sensors is about 5-6 billion (
Monthly Company introduction, slide month).
The real addressable market is only a small part of this value, and while it is still growing in units, it has been flat with the dollar decline due to the continued reduction in sensor costs.
In addition, both universities
Pixel nor Kingsbury, another Kodak partner and Uni\'s direct competitor-
Pixels that have reached the production quality or are ready to be produced.
Kingsbury is also targeting initial commercial shipments for this quarter, but this target used to be the fourth quarter and then the last quarter, similar to Uni-Pixel.
The original touch sensor film project announced by Kodak in 2011 based on PEDOT technology is expected to bring better performance and cheaper touch sensors, but never achieved significant sales.
Kodak CEO also believes that indium is a rare metal and an expensive part of the list of materials for touch screen devices (
Video of 1:58.
But indium is not a rare metal.
It is as rich as cadmium or silver.
Its price is currently close to the price of silver, about $550/kg, and the actual indium metal content in the normal ITO touch sensor is a few mg, or less than a penny
The manufacturing cost of the touch sensor is mainly determined by the production and length of the production chain, in part by the pattern formation technology, not by the initial raw material used, if Kodak really makes any touch sensor, it will know.
The CEO of Kodak may not be entirely to blame, because with Uni-
Pixel and Kingsbury, as well as the entire sensor market strategy, were conceived and developed in his previous bankruptcy restructuring.
For example, an agreement with Uni-
Pixels are likely to be pieced together in a hurry.
It states on page 5 that \"income and profit will be distributed between the parties pursuant to Section VI of this agreement,\" but Section 6 only covers facility utilization, revenue and profits will be discussed in a subsequent section.
If the goal is to get a huge market share, if Kodak has a good grasp of the market and cost, then there is no economic point in supporting three different touch sensor technologies --
Copper, silver and PEDOT.
Kodak should first try to select a cost winner among these sensors and make sure it competes with sensors already manufactured by the module integrator.
Instead, these three technologies compete directly with each other to confuse potential customers.
For example, Kodak and Uni-
Pixel has explained why Kodak and Kingsbury announced early last year that J Touch for customers could not work with Uni-
Pixel, not interested in UniPixel\'s copper-
Based on metal grid technology, when both
Pixel and Kingsbury are trying to make the same touch sensor.
Kingsbury and Kodak have been unable to explain why J Touch has never mentioned Kingsbury, Kodak or any silver --
Since the initial press release, the halide touch sensor has also not ordered any commercial quantities, but said in the press release that it \"offers a touch screen solution that leverages copper\"
Based on the metal mesh, \"from 1. 6 to 23 inches.
It seems that Kodak now intends to make the touch sensor project run as long as possible in order to get investors excited about the imagined \"growth opportunity (
Kodak March call record).
Kodak\'s business is mainly in a depressed, mature and declining market, with revenue and operating profit margins falling, so it is tempting for management to try to inspire a little hope (NYT article).
But it may also backfire.
For example, in last August, Kodak account manager uploaded a marketing video promoting the company\'s expertise in feature printing and touch sensors, but did not realize that the video showed a defective Uni-
Pixel sensor under the microscope (
See the snapshot below).
After asking Kodak, the video quickly disappeared from his YouTube account without any explanation.
Image 6: defective sensor in Kodak video (Kodak U, 5:50)
Redundant sensor
Pixel exaggerated the potential advantages of its touch sensor.
For example, Uni-
Pixel claims that its sensors are \"suitable for applications of all sizes \"(
Monthly Company introduction, slide month). However, Uni-
Pixel\'s sensors are not suitable for smartphones, whether in units or dollars, and this is the most important application in the touch market.
The company still uses mobile phone pictures to illustrate its sensors and their \"many benefits \"(
Slide 5 and Slide 13)
CEO once touted \"the huge market potential of Uni --
Pixel touch sensor for smart phones \"(
Press Release of April).
However, since the Liolios conference, smartphones are no longer included in Uni-
Pixel addressable market (
Liolios conference presentations, slides 6 and 7).
CEO acknowledged in Q & A: About addressable market, Uni-
Pixel mistakenly pointed out that the existing touch technology faces unmet customer needs (
Monthly Company introduction, slide month).
While there is no perfect touch technology, the slides themselves illustrate the current ITO-
Embedded-based touch sensors meet the needs of all customers and at least meet the important needs.
Image 7: The existing touch technology meets the needs of customers, for example, in order to show that the ITO is not scaled, nor is it suitable for larger displays, Uni-
The Pixel is actually using a huge 82-inch ITO-based touch-
AIO, developed by perceptual pixels, is now part of Microsoft (NASDAQ:MSFT)
And appeared on 2011. Even a 24-
Inch sensor beyond Uni-
According to the footnote on the first page of its data sheet, Pixel\'s function. Uni-
Pixel also claims that the existing touch technology is not enough in terms of touch response speed and accuracy as well as pen support.
But the picture in this section is the one used by the Dell Venue Pro 8 tablet with the stylus.
This popular device actually has a regular ITO touch sensor.
To illustrate that the current touch sensor is fickle, the signal is poor --to-
Noise ratio, the company has attached a chart of the touch events detected by the normal display, where there is no touch sensor, which actually shows a very high signalto-noise ratio.
The graph comes from a study that shows how to use regular non-
By performing some signal processing on the weak noise transmitted through the power cord, touch the LCD display.
In fact, the study is a recognition of embedded sensors that also rely on the circuits of the display itself and are rapidly gaining high levels this year
Because they are actually free. Finally, Uni-
Pixels use pictures of three simple resistors instead of procap, ITO-
It is believed that the cost of the current popular ITO touch technology is too high.
However, due to inherent functional defects, resistance sensors and modules have almost disappeared from large-capacity applications.
They are no longer the lowest.
Cost of ITO touch sensor options.
Slide 13 has a similar problem designed to illustrate Uni-
Pixel Sensor (Picture 8). Picture 8: Uni-
The pixel sensor is inappropriate or has no functional advantage. The first two photos on the right show LG (066570:Korea)
G. Flex mobile phone and its curved display
This is the first flexible mobile phone commercial in 2013.
That is to say, the design of bending and the flexible touch sensor have been solved through the existing technology. Moreover, Uni-
The CEO himself admitted that Pixel\'s sensors were not suitable for smartphones.
The third picture is 55-
The Inch touch display module made by Inch with infrared instead of procap, from a blog post, discusses the poor availability of multi-touch on large displays.
Other functional advantages in the list on the left side of figure 8 either do not matter or are misleading.
Indeed, metal mesh and other non-
ITO technology can have a lower resistance, but modern touch controllers that enable quick touch response even in large formats are no longer a problem.
Many ITO sensors for smartphones and tablets are also one-
ITO sensors such as OGS or some embedded sensors do not require any film. Uni-
The technical optical performance of pixels is poor, and the color reproduction is inaccurate, because the mesh part covers some pixels, resulting in color noise and cloud pattern-
This is one of the reasons why it is not suitable for smartphones and high phones.
Resolution of tablets and laptops.
The prospect of selling lower than costA products without a significant feature advantage is a tough sale in the touch sensor business.
Compared to the active market for some touch modules, the market for touch sensors is actuallyexistent.
There are very few touch sensors actually sold and purchased, most of which are produced internally by module integrators or display manufacturers, and they are also potential customers.
Therefore, unless there is some temporary shortage, the sensor sales price needs to be much lower than the customer\'s current internal manufacturing cost to compensate for the situation where the sensor manufacturing capacity is idle.
Then, the production cost of the sensor needs to be lower in order to obtain viable products with sustainable gross profit margin.
That\'s why there\'s no success-
Play sensor manufacturers today.
The company has tried to commercialize production, so --called ITO-
The alternative space is usually the module manufacturer making new sensors by itself, such as O-film or TPK (3673:Taiwan)
, Or can be bundled with other components such as touch controllers such as Atmel or optical films such as MNtech, or can withstand losses such as Fujifilm (4901:Japan).
Current mainstream capacitive touch solutions
Various independent ITO-
Glass or film sensors made of module integrators and various embedded sensors (in-cell, on-Cell or mix)
Manufactured by display manufacturers
Good enough to be cost competitive with alternatives offered today (such as metal mesh (
Copper, silver, silver halogen)
Silver nanoparticles, CNT, PEDOT and graphene.
Despite plans to launch commercial ads this quarter, Uni-
Pixel has been reluctant to discuss specific pricing and costs, but its poor production guarantees that the company is not cost-competitive.
It must be sold at a negative gross profit margin to generate a significant demand for its sensors and \"drive touch applications to improve profitability in the product chain \"(
Monthly Company introduction, slides to be taken).
Last University
Pixel provides details on its internal model of average selling price and cost, which was during a conference call on November 2012, in price negotiations with Intel and Dell, and in a shortage of touch modules
The company revealed $20.
Its preferred price for touch sensors is $22/square foot with a 30% discount compared to $31 \"street price\"$32/sqft.
Its manufacturing costs can be modeled at around $10/square foot implied by the gross profit margin \"over 50%.
\"The price and cost structure of this model is similar to that of Atmel, which withdrew from the touch sensor business mainly due to price pressure and originally wanted an annual income of US $100 million.
In November 2012, the actual manufacturing cost of some competitors may indeed be around $50/square foot, Uni-
Pixel hinted that the cost of ordinary touch sensors at the time was as high as $70-
$100/square foot from $40-$60 for 10. 1-
Inch module and 30%-
Discount with Uni-50 %Pixel\'s sensor.
By June 2014, sensor costs had collapsed due to higher production and price pressures in the touch module market. Uni-
Pixel\'s own sensors are now only described as \"competitive \"(
Call Record June)
This means that their prices are slightly lower than the cost of \"regular\" touch sensors.
The company\'s estimate of these costs fell to $12.
$20/square foot, about 1/5 of the original range at the end of 2012, but still higher than the actual cost of module integrators or display manufacturers.
Intel does not believe Uni-
Pixel has the market-
\"Leading cost structure \"(
Introduction to March company, Slide 12).
At the end of 2014, SID published a review article written by Intel\'s senior touch technology experts, in which he said, his estimate of the price of metal mesh sensors at the end of 2015 was about $1/square foot\"$10-12/m2\"). Uni-
The CEO of pixel stumbled when asked in a meeting address in Needham to comment on the prospect of $1/square foot in a Q & (33:55)
But in the next timeup, Uni-
The Pixel investor relationship replied that the CEO was wrong and he actually meant $15/square foot instead of $12$15/m2.
The CEO himself came up with $18/square foot or $5.
A price of 10. 1-
Inch sensor, citing display search, is an amazing retreat that is absolutely competitive compared to the $1/square foot number. If Uni-
Pixel maintains close contact with Intel and \"monitors and feedback relationships\" as claimed \"(
Call Record June), Uni-
Pixel\'s CEO should not be surprised by the Intel touch expert\'s view of the pricing prospect of the touch sensor business.
In the last 10 k, Uni-
Pixel will \"sell a large number of InTouch touch sensors through [Intel\'s]
It sounds ridiculous now.
It\'s really too late for college.
With the cost of independent procap sensors falling and embedded sensors starting to gain a share, Pixel tries to do commercial sales in the field of sensors for tablets and even small laptops.
About 50% yield, this is Uni-
The current commercial target of pixels (
Call Record August)
, The manufacturing cost will be more than $10/square foot, maybe even more than $15/square foot, but now the actual manufacturing cost of conventional procap sensors can be as low as $5/square foot.
Embedded sensors are also exploding not only in smartphones, but also in larger screen sizes. Synaptics (NASDAQ:SYNA)estimates (page 6)that in-
For example, battery sensor technology can eliminate the cost of touch modules up to 60%.
Since conventional procap sensors are typically 10%-
25%. the cost of the entire module, depending on the configuration (
KDB Industry Report, Page 37-38)
Embedded sensors are actually free.
For example, if you simply remove the sensor cost from a regular \"discrete\" touch module of $10, the module cost will drop to around $8, but similar
The unit \"module\" can be as low as $4.
BoE even offers free touch modules for smartphones to sell touch monitors for the same price as non-smartphones
Touch display with the same size and quality.
The AIO touch sensor is not yet free, but even in this small part, fierce competition erodes potential profitability. Uni-
When pixels obviously rely on the wrong market research (
Monthly Company introduction, slide month)
AIO sensor \"represents the fastest-growing and most profitable segment for $0. 235 billion
Addressable marketby 2018.
\"While the estimated number of procap units may have been overestimated, the real problem with the dollar value and the entire chart on the right is the implied sensor\" pricing.
\"For example, use the digitizer tool to extract the segment dollar size from the chart and divide them by the procap sensor unit projected by display search (
November 2014 touch screen market, slide 9)
In 2013, the average cost of the AIO procap sensor was about $40 and $50 ($40/sqft? )
It was $70 in 2014 and $2016 in 2015.
These numbers are unrealistic for three reasons.
First, the $70 AIO sensor cost for 2016 is inconsistent with the $65 figure in the module ASP chart for 2016 (
Monthly Company introduction, slide month)
It also comes from display search because it means that the sensor will be more expensive than modules that contain sensors, flexible cables, controllers, lid glass and adhesives.
Second, the industry\'s continued overcapacity does not support an increase in sensor costs at all, and overcapacity may actually be deteriorating.
It\'s not just a tablet, but the touch laptop is getting weaker. Compal (2324:Taiwan)
One of the two major contract manufacturers of laptops predicts (see also this)
Traditional touch
The enabled laptop will begin to disappear by the end of the year, while 2-in-
A tablet/laptop hybrid is unlikely to make up for this gap.
As embedded sensors are already in the notebook world, more independent sensor manufacturing capabilities may penetrate into the AIO world. AUO (NYSE:AUO)
For example, mass production is expected to begin in-
Battery touch panel for laptop this quarter.
Third, the market for AIO procap sensors is very limited due to ergonomic problems in contact with large vertical surfaces (\"gorilla arm\")
Because of simple aesthetics (
Distracting fingerprints and stains).
Unit shipments are estimated at 2-
3 million and 2015 in 2014 (
November 2014 touch screen market, slide 9). Almost all ITO-
Alternative competitors (over 100)
It is now targeting this segment and forcing prices to fall.
Other technology companies, such as optical and infrared, who still have a significant share in the AIO field are also trying to defend their territory.
On February, a coat that was hard to sell, Uni-
Pixel Announces Receipt of its first purchase order for \"two [s]55-gallon]
Diamond protected resin barrel for film coating test, shipped (
Call Record February).
According to Uni-
Pixel, resin shipments generate revenue, but the sales price is not set.
As of the third quarter, commercial shipments are expected to start from this quarter (
Introduction to the monthly company, sliding 29).
The \"film manufacturing partner\" of the diamond guard listed in the latest 10 k is Carestream, but the following language found in 2013 10 k has been deleted: last year, carestream has announced its own \"proprietary hard-coated Formula \".
\"It should provide basically for all Uni-
The expected market for pixels such as touch screens, tablets, film switches, decorative graphics and whiteboards (
Introduction of monthly company, sliding 24).
When Carestream was recently asked to explain how this product was not a direct competitor to Diamond guards, the company only replied that the product was intended for a \"completely different market \", and refused to talk to Uni-Pixel.
By the way, Carestream has also been working with Uni-
Pixel in touch sensor, development silver-
Nano solutions since 2010.
The \"sale\" announced on February is not Uni-
The first batch of pixel film applications Diamond shield.
In the 2012 quarter, Uni-
According to Pixel, Uni-
Pixel is marketing hard coated films, like resin, but, as with recent shipments, these are just \"test level running\", as explained on the phone. Uni-
Pixel confirmed revenue of about $70,000 during the quarter, but since no sales costs were reported, those revenues were not product revenue.
Earlier, on March 2012, the company signed an agreement with Carestream to manufacture and distribute coated films and received the first \"test pilot\" purchase order.
On July, the company announced production-
Level qualifications and capabilities of 100 million square feet/year or more to support large-
Production on a scale with a potential income of more than $0. 15 billion (
3: 50 report on the meeting of Roth). Full-
It is expected that there will be purchase orders and shipments later in the quarter, but it has never happened --
The excuse provided by CTO and former CEO is that hard coating is a difficult \"technical sale\", the specifications and integration steps of the customer are complex, and the ramp of the diamond guard takes time. (
November 2012, 30: 15).
Based on public sparse technology and marketing information about Diamond shield, it is an acrylic resin
Hard coated resin.
This makes it a commodity product that is easy to get from numerous suppliers.
Companies like SartomerAKE:France)
For example, Allnex would be happy to provide these components and suggest specific recipes that best meet customer requirements.
For example, both companies recommend buying transparent UV-for about $100 a gallon-
For coating PET film to 6 h pencil hardness (
Personal communication).
So the value of Uni
Pixel\'s diamond shield shipments in January should be around $11,000 and if the product is sold commercially it will be cost-effective or single
The best gross margin is a few digits.
Many suppliers, including companies with marketing capabilities and a large customer base, have been trying to launch glass replacements of better specifications than diamond Shields since at least 2012, but there is little commercial success in mainstream applications.
For example, 2013 Finetech Japan Expo (slide 9)
List products from four different exhibitors, including 9 h hardness cover for the Japanese Printing Company, Ltd. (7912:Japan)(press release)
Sumitomo Metal Chemistry of Japanese steel (datasheet)
Announced in 2012.
In addition, MNtech has 4 h taf in the window of some Samsung\'s S View novelty cover cases (005930:Korea)
Mobile phone since 2013, but it is a low
Batch Application. Uni-
Pixel\'s own documentation shows why there is little demand for diamond shields even when sold at cost.
For example, Figure 9 notes slides that allegedly show three applications of resin (
Introduction of monthly company, sliding 24)
: Image 9: Diamond guard is unnecessary, however, the metadata in the picture shows that the broken glass of the iPhone 4 is actually replaced by glass (
Image from advertisement for glass replacement service).
The use of glass is because hard coated plastic simply fails to provide enough strength and support to protect the display of mobile devices and is too easy to be scratched by pens, coins, keys, sand and even glass
If there is any benefit to the diamond shield or similar hard coating compared to glass, Apple will turn to the plastic screen of the iPhone 5 released on 2012.
Photos allegedly showing protective film and shell parts were taken on 2012.
Again, as there has been no commercial sale of diamond guards in the past three years, demand must be low.
The last photo is Akzo Nobel (
The product is a polyfluoride cast film designed to replace the mechanical brushed decorative metal and has nothing to do with the acrylic Diamond shield.
Again, the picture on slide 25 on the next slide is the Samsung Galaxy phone taken in 2011, and Samsung still uses glass on all mobile devices.
The arguments listed on the slide about the benefits of the diamond Shield and the need to eliminate the glass in the cap lens assembly are invalid. Corning (NYSE:GLW)
Similar products provided by Gorilla Glass and other glass companies are difficult to break, cheap, can be very light and thin, protect the display very well, and are actually scratch-resistant, unlike the plastic surface covered with a diamond shield.
Slide 26 is also misleading.
For example, it states that the minimum effective thickness of the glass is 0.
Compared to 0 5mm.
Diamond guard film 12mm
This is not true at all.
Corning\'s flexible but tough Glass Willow Glass is available in 0. 1mm thickness. Schott\'s ultra-
Thin glass can be as thin as 0. 025mm.
Cash runs out on 2016 \"We\'re definitely on the right track\", Uni-
The CEO of pixel told investors ahead of a general meeting to be held in last August.
He was referring to production income in 2014, but did not meet that target.
The same has led to continued cash flow losses of about $3 million per quarter and repeated commercial delays.
The company is about to miss its product launch target again, fail to receive orders for tablet sensors last year, and it is difficult to measure and increase production.
Due to the cost reduction and performance improvement of conventional ITO and embedded touch solutions, its technology is now redundant.
Even if the company finally starts shipping in bulk, it must sell at a loss.
As this trend continues, cash should be used up at the end of next year or even earlier if management has an excuse to speed up capital expenditures, such as establishing or purchasing a no-contact system.
Although the company has repeatedly denied that a new round of equity transactions may still be in progress. Uni-
The story told by Pixel Management is fictional, but with the approval of the board, successive CEOs have been able to repeat for many years and raise millions of dollars without adverse consequences.
The recent class action is about to address a small portion of the losses suffered by investors involved in 2013 eq
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