AES Semigas


12 August 2022

Odyssey’s foundry revenue recovery in Q3 to offset cash used during product development

Odyssey Semiconductor Technologies Inc of Ithaca, NY, USA, which is developing high-voltage vertical power switching components based on proprietary gallium nitride (GaN) processing technology, has reported revenue of just $20,581 for second-quarter 2022 (following just $29,938 in Q1), down from $287,153 a year previously, with net loss remaining about $1.3m ($0.10 per diluted share).

“We expect a significant sequential revenue improvement in Q3/2022. Our foundry revenue will be approximately $195,000 in the third quarter,” says CEO Mark Davidson. “This revenue is generated from our foundry services, which helps to offset our cash use while our products are being developed. We’re focused on re-building our foundry services revenue to approximately $300,000 per quarter or better. Our opportunity pipeline for foundry services has recently increased to approximately the $2m level,” he adds.

“Odyssey completed important technology development milestones in Q2,” notes Davidson. “The team has made substantive progress in fabricating vertical GaN power transistors for high-performance and high-power conversion in key applications such as industrial motors, electric vehicles, and renewable energy,” he adds.

Technology development and business milestones accomplished recently include the following:

  • Odyssey has now validated its approach to a vertical 1000+ volt transistor, while the firm is extending the architecture to the next milestone of a 1200V rating. The existing devices will provide what is claimed to be industry-leading efficiency with low on-resistance at high switching frequencies for reduced solution size.
  • Validated process for large-scale device fabrication.
  • Secured commitments from three customers to evaluate Gen1 engineering product samples.
  • Secured and received $1.25m bridge loan financing, and completed filing of Form S-1.
  • Positioning the firm to receive funding through the USA’s CHIPS and Science Act 0f 2022.

“Our 1000+ volt milestone further validates our approach to deliver industry-leading efficiency with remarkably high switching frequencies at lower price points than more expensive alternatives, including silicon carbide,” says Davidson. “Odyssey is on-track to build Gen1 engineering product samples in Q4/2022.”

See related items:

Odyssey receives bridge loan from chairman

Odyssey appoints Mark Davidson as CEO

Odyssey demos 700V vertical GaN power FETs; targets 1200V next

Odyssey announces CEO transition and appointment of John Edmunds as chairman

Tags: Power electronics


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