Enclosed in pdf file is the interim report for the first quarter 2012 for the Thin Film Electronics ASA group. See below for the business review section of the report.
For more information contact:
Torgrim Takle, CFO: +47 95 14 07 82 /tt@thinfilm.no
10 May 2012
Thin Film Electronics ASA
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Business review
In the first quarter of 2012, Thinfilm announced the first public application featuring printed memory cards and continued its progress towards full-scale commercialization of stand-alone memories by receiving the first order for a scalable array printed memory. In March 2012, Thinfilm raised capital from both new and existing shareholders to fund operations into 2014.
In the first quarter of 2012, Thinfilm announced the first public application featuring printed memory cards and continued its progress towards full-scale commercialization of stand-alone memories by receiving the first order for a scalable array printed memory. In March 2012, Thinfilm raised capital from both new and existing shareholders to fund operations into 2014.
Highlights:
- Successful first public application of Thinfilm memory cards at "Hiss-Pop" event: Exceptional participation in a live interactive adult game at Exploratorium in San Francisco.
- Continued commercial traction by receiving first order for scalable array memory from Japanese customer: Delivery of engineering quantities in Q2 2012.
- Received international recognition by winning both the Flexi Innovation Award for 2012 and the IDTechEx Product Development Award, PE Europe 2012: Strengthened industry leadership position.
- Raised capital to fund operations into 2014, from both new and existing shareholders: The placement closed in five hours and was substantially oversubscribed.
In March 2012, Thinfilm memory cards were used in conjunction with Exploratorium's "Hiss-Pop" experience event, marking the first public application featuring fully-printed rewritable memory. The successful event demonstrated the uniqueness of Thinfilm memory by fascinating and engaging more than 1,300 participants in an adult, adventure-style interactive game. VentureBeat, a US technology media company attending the event, stated that the game "wowed the crowds".
"The simplicity of storing and updating data on the card makes the technology very appealing for these types of exhibits and events," adds Ken Eklund, "Hiss-Pop" co-creator.
"The simplicity of storing and updating data on the card makes the technology very appealing for these types of exhibits and events," adds Ken Eklund, "Hiss-Pop" co-creator.
During the first quarter of 2012, Thinfilm took another step towards full commercialization of stand-alone memories by receiving the first order for a scalable array memory from a Japanese customer. The delivery of engineering quantities in Q2 2012 will mark an important milestone in Thinfilm's roadmap as the passive array memory adds several advantages to the already commercially available 20-bit single-line memory: More compact design allowing for lower cost, improved bit-count scalability, and reduced number of contact points (enabling lower integration cost).
In April 2012, Thinfilm also received a new commercial order for a parts identification prototype system that will utilize printed rewritable memory. The prototypes will use Thinfilm Memory(TM) to identify parts contained in custom manufactured hardware and will be delivered to the customer, an international manufacturer of security products, in Q2 2012.
"These orders do not only demonstrate the stand-alone attractiveness of our memory technology, but also prove customer pull and commercial market opportunities outside the industries we have been targeted so far," says Davor Sutija, Thinfilm CEO.
In April 2012, Thinfilm also received a new commercial order for a parts identification prototype system that will utilize printed rewritable memory. The prototypes will use Thinfilm Memory(TM) to identify parts contained in custom manufactured hardware and will be delivered to the customer, an international manufacturer of security products, in Q2 2012.
"These orders do not only demonstrate the stand-alone attractiveness of our memory technology, but also prove customer pull and commercial market opportunities outside the industries we have been targeted so far," says Davor Sutija, Thinfilm CEO.
In the first quarter, Thinfilm also passed several milestones, and continued its progress towards enabling integrated systems and smart tags for the "Internet of Things" (IoT). In January, Thinfilm announced partnerships with PST Sensors, Acreo, and Imprint Energy, each of which has components for system integration that cost pennies per tag; i.e., printed temperature sensor, display and battery for 1.5-3.0 cents each. The development work of incorporating these low-cost components into the first integrated system prototype, a temperature sensor tag, continued during the first quarter and is on schedule for completion in 2012.
In February and April, Thinfilm received international recognition by winning both the Flexi Innovation Award for 2012 and the IDTechEx Product Development Award, PE Europe 2012. The Flexi award (won jointly with PARC, a Xerox company) was received for developing the Thinfilm Addressable Array Memory(TM), while the IDTechEx award was received for developing the Addressable Array as a platform for enabling integrated systems and for building out a technology partner ecosystem. Also in April, Thinfilm CEO Davor Sutija was invited as a guest panelist to discuss technology innovation with Michael Raynor at PARC's 10th anniversary symposium.
"The collective recognition received from these events has strengthened Thinfilm's leadership position in the industry, which is important for attracting new potential technology partners, strategic partners, commercial partners, and financial partners, as well as for continuing existing collaborations and ongoing discussions with such parties," explains Davor Sutija, Thinfilm CEO.
In February and April, Thinfilm received international recognition by winning both the Flexi Innovation Award for 2012 and the IDTechEx Product Development Award, PE Europe 2012. The Flexi award (won jointly with PARC, a Xerox company) was received for developing the Thinfilm Addressable Array Memory(TM), while the IDTechEx award was received for developing the Addressable Array as a platform for enabling integrated systems and for building out a technology partner ecosystem. Also in April, Thinfilm CEO Davor Sutija was invited as a guest panelist to discuss technology innovation with Michael Raynor at PARC's 10th anniversary symposium.
"The collective recognition received from these events has strengthened Thinfilm's leadership position in the industry, which is important for attracting new potential technology partners, strategic partners, commercial partners, and financial partners, as well as for continuing existing collaborations and ongoing discussions with such parties," explains Davor Sutija, Thinfilm CEO.
12 March 2012, Thinfilm completed a successful substantially over-subscribed funding round which raised a total of NOK 72.5 million (including proposed warrants which would raise gross NOK 27.5 million). This founding round, together with the outstanding warrants from the private placement in October 2010, which would raise gross NOK 23.1 million, would fund operations of the Company into 2014 if the proposed and outstanding warrants are exercised. "The resolved financing situation provides the company with longer term stability to focus on what it does best: Develop groundbreaking technology for mass production of low-cost, low-power, ubiquitous smart tags," concludes Torgrim Takle, Thinfilm CFO.
