Odyssey Semiconductor Technologies, Inc., a semiconductor device company developing innovative high-voltage power switching components based on proprietary Gallium Nitride ("GaN") processing technology, has announced its third quarter 2022 results.
CEO’s Commentary
"I can't over-emphasize the impact that achieving the 1200-volt threshold on our vertical GaN power devices has had on our company," said Mark Davidson, Odyssey's Chief Executive Officer. "Our company was founded to accomplish this very goal. The content of that announcement in September enables us to focus on delivering samples to customers."
"As a direct result of our press release on September 14th, our backlog of customers interested in receiving product samples has grown significantly. As a company, we remain focused on executing our milestones as we know the market and the customers are there. I am confident in our team's ability to deliver the performance and commercial advantages relative to silicon and silicon carbide for our initial key applications in industrial motors, electric vehicles and renewable energy markets," concluded Davidson.
Recently Accomplished Technology Development and Business Milestones:
- Achieved 1200-volt threshold of vertical GaN power devices in development utilizing Odyssey's industry-leading vertical GaN intellectual property.
- 650 and 1200-volt product sample fabrication is underway, planned for completion in Q4 2022.
- Customer commitments secured for product evaluation, commencing in Q1 2023.
- Generated $208,780 foundry service revenues in Q3 2022, favorably higher than expected and a significant sequential increase from $20,581 in Q2 2022. Pursuing $2 million pipeline value for foundry services as the Company continues to pursue new opportunities in foundry services.
- Secured and received $1.25 million bridge loan financing from our Chairman, John Edmunds.
- Appointed Laura Krauss as Chief Accounting Officer. This officer appointment supports the Company's uplist plan to Nasdaq in 2023. Ms. Krauss, an accomplished financial executive and certified public accountant, joined the Company in September 2022 in this recently created role. Her 18 years of career experience strengthens our finance and accounting team.
- Positioning the Company to receive funding through the CHIPS and Science Act.
Odyssey Uniquely Positioned in High Growth Megatrend Movement to High Voltage
40% CAGR to 2027 in Odyssey's Addressable Market
Odyssey's approach to vertical GaN will offer even greater commercial advantages over silicon than silicon carbide or lateral GaN. Vertical GaN offers a 10x advantage over silicon carbide (SiC) at performance and cost levels unattainable by competing technologies.
The market the Company is pursuing is large and fast-growing. The 650-volt segment is the larger market today, expected to grow at a 20% compound annual growth rate. The 1200-volt product market segment is expected to grow faster at 63% CAGR and will become the larger market in the second half of this decade. Together, the 650 and 1200-volt power device market is expected to exceed $5 billion in 2027, a 40% combined CAGR according to Yole Group, a French market research firm.
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