Novaled SEC filing published
Novaled wants to raise $200 million on the NASDAQ or the NYSE, and today the US Securities and Exchange Commission (SEC) released the company's filing, which reveales some interesting details. Novaled is selling its doping materials (produced by BASF), licenses OLED technology and also offers R&D services
First of all, here's a summary of the company's financial statements (all in Euro): in 2009 the company generated revenues of €6.4 million and a loss of €1.3 million, in 2010 revenues of €6.8 million and a loss of €2.3 million and in 2011 €17.4 in revenues and a profit of €1.2 million.
Listed by country, the revenues from South Korea are obviously the majority (almost €13 million in 2011). Interestingly, the second leading country is interestingly France (€1.2 million) - probably from Aston Fiamm (Blackbody's parent company) which licensed Novaled's technology for OLED lighting products. The third country is Germany (€1 million) while the rest of the world contributed €2.2 million. You would have thought that Japan, Taiwan and China would be among the leading countries as well.
Novaled's major customer is Samsung, which is buying doping materials used in OLED displays. SMD accounted for 10%, 35% and 59% of Novaled's revenue in 2009, 2010 and 2011, respectively. Novaled anticipates that their short- to medium-term revenue growth in the display market will be significantly driven by SMD's increased sales of OLED display products and its corresponding increased usage of this doping material.
LG Display has also recently begun using the same doping material in its OLED smartphone displays, and both manufacturers are testing this doping material for use in their future OLED TV products.
Novaled says that using their technology and materials overall display product power efficiency can be increased by up to 40%, and overall display product lifetime can be increased by up to 500%. Use of their outcoupling solutions can further increase power efficiency by up to 80%, with approximately half of the gains coming from their proprietary outcoupling materials.
Novaled is collaborating with several companies: producers of emission and other OLED materials (including UDC, Sumitomo, BASF, SFC and Hodogaya) and producers of OLED substrates, electrodes and outcoupling materials such as Saint-Gobain. Novaled completed partnerships with other OLED substrate producers such as 3M and Asahi Glass. The company is engaged in R&D projects with lot's of companies, including Philips, Sumitomo, Heliatek, Bosch, Alanod, ArcelorMittal, TUD, the Fraunhofer Institute of Dresden and the Max Planck Institute.
Novaled is an OLED-Info sponsor for several years now, and I wish them good luck in the IPO attempt...