Makes precision lenses and optical systems for night-vision goggles, medical diagnostics, and consumer gadgets like VR headsets and laser scanners. Think of them as the custom eyeglass lab for high-tech hardware.
Revenue is tiny at USD 0.03B annually, with gross margins around 20% but net losses in most years—no clear profit engine yet. Money comes from one-off project contracts, not recurring subscriptions.
Decades of niche expertise in diamond-turning and molding for defense and medical clients create switching costs, but giants like Edmund Optics and Jenoptik can outspend them on R&D. Moat is eroding as larger competitors scale similar capabilities.
Key events, in time order
After index inclusion news, shares fell 1.3% on Wednesday, trading as low as $8.20 with volume down.
Q1 revenue fell 8% YoY to $6.5M, operations stumble but balance sheet secured
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The stock has fallen significantly from its peak, and its status as an Anduril supplier is no longer seen as a strong positive.
Main discussion
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