Nanoco has announced that a sequence of purchase orders from several existing customers for development work and validation materials means that FY23 revenues are likely to be 20% higher than FY22 rather than at a similar level. We adjust our estimates accordingly, noting that these still exclude any revenues from potential production orders, the value of which will depend on the initial use case and ramp-up timing.
Customer engagement strengthening
As discussed in Edison’s April note, Nanoco is working on sensing materials for five different customers. The revenue uplift results from additional purchase orders for development and validation materials for the European electronics customer, who we have previously inferred is ST Microelectronics (ST), an additional development work package and orders for materials from the major Asian chemical company and work for the other customers. Nanoco is supplying nanomaterials to ST and the Asian customer so that they can both manufacture sensing devices for their respective end-customers to try out in complete electronic devices.
Nanoco Group PLC (LON:NANO) leads the world in the research, development and large-scale manufacture of heavy metal-free nanomaterials for use in displays, lighting, vertical farming, solar energy and bio-imaging.