Corporate Connect Research updates coverage on BluGlass (ASX:BLG)
6 June 2025
Corporate Connect Research has provided updated coverage on BluGlass Limited (ASX:BLG) following the Company’s Q3 results, announcement of the Company’s US$90-100m project pipeline, placement and SPP.
The report highlights:
- Pipeline scenario analysis
- Investment summary
- Competitive Position
- DCF value of A$0.06 per share
The full report is available to download here: Corporate Connect Research BLG update final
Corporate Connect Research initiates coverage on BluGlass Limited (ASX:BLG)
19 March 2025
Corporate Connect Research has initiated coverage on BluGlass Limited (ASX:BLG).
The analyst report provides:
- BluGlass overview
- Investment summary
- Growing visible GaN laser market opportunity
- Defence and space market
- Quantum sensing & computing
- Biotech and biomedical
- Products and services
- Key partnerships
- Competitive Position
- DCF value of A$0.063 per share
Key insights from the report:
- The global laser market is forecast to reach US$38bn by 2033, driven by next-gen applications that demand the power, precision, and reliability of GaN lasers
- GaN laser diodes require complex manufacturing, with only a handful of suppliers able to meet demand. BluGlass’ vertically integrated capability and unique RPCVD technology provide a distinct competitive advantage.
- BluGlass is delivering revenue-generating projects with leading industry players and research institutes, including the US Department of Defense-funded CLAWS Hub.
The report is available to download here: BLG Report Final
Disclaimer: This report has been commissioned by BluGlass Ltd (Company) and has been prepared and issued by Joh Snyman of Corporate Connect Research Pty Ltd (“Corporate connect Research’). (ABN 95640 464 320 – Corporate Authorised Representative (AR001304496) of Australian Financial Services License (AFSL) (Number 518031) in consideration of a fee payable by the Company. Corporate Connect Research may be paid additional fees for the provision of additional services to the Company. Where Corporate Connect Research has been commissioned to prepare content and receives fees for its preparation, fees are paid upfront in cash and NO part of the fee, compensation or employee remuneration paid will either directly or indirectly impact the content provided.
The Company does not endorse the findings or contents of the report, including any price target, earnings forecast or other statement about the Company’s prospects, and will not be responsible for any loss or damage arising in any way from errors, omissions or misstatements in the report or the use of, or reliance on, the report in any way.
Pitt Street Research publishes Update Note: BluGlass Ltd (ASX:BLG): Building a bright future
BluGlass (ASX:BLG) continues to gain momentum in the development and commercialisation of its gallium nitride (GaN) lasers since launching first products to market earlier this year. With product enhancements, vertical integration progressing and several customers qualifying BLG’s products within their own applications. Once qualified, BLG expects to secure recurring and larger-volume orders, and orders from new customers.
Constantly innovating
BLG also continues to advance its product portfolio, to address gaps in the market and establish itself as an emerging partner of choice in the rapidly growing market. The company is showcasing improved GaN lasers at Europe’s pre-eminent industry conference, Laser World of Photonics. BLG, with its collaboration partner the University of Santa Barbara California (UCSB), has also made significant improvements to its GaN Distributed Feedback Laser (DFB) demonstrations using its proprietary RPCVD technology for longer-wavelength demonstrations. GaN-based DFB lasers are not commercially available in visible wavelengths at this time, but BLG could potentially offer this in the future. The company will feature an updated GaN DFB white paper at Laser World.
Fremont vertical integration is nearly complete
BLG acquired a semiconductor fabrication facility in Fremont, California, in April last year, pivoting from outsourced contract manufacturing. This move is significantly fast-tracking development and commercialisation progress. As of late June 2023, BLG has nearly completed vertical integration. Production has been transferred from four out of five contract manufacturers and the move from the final contract manufacturer is in advanced stages.
Valuation of US$216.2m/A$324.9m
In light of the developments over the past few months, we reiterate our valuation of BLG at US$219.2m or A$324.1m at current exchange rates, using an M&A model. This equates to A$0.20 per share. We are confident that the company can re-rate towards our target range as its sales continue to ramp up and the GaN lasers sold earlier in the year become fully qualified.
Download the research note here: PSR BluGlass Update Note 20 Jul 2023
Pitt Street Research: BluGlass (ASX:BLG) All Systems Go
Pitt Street Research have published an updated note on BluGlass.
The report discusses:
- BluGlass launches first products and secures inaugural orders
- BLG’s product suite caters to unmet needs
- Advantages of GaN lasers
- Valuation of A$324.9m ($0.20/share)
BluGlass (ASX:BLG) All Systems Go
Pitt Street Research: BluGlass (ASX:BLG) A Major Hurdle Passed
Pitt Street Research have published an updated note on BluGlass.
The report discusses:
- Major commercialisation milestone
- Demonstrating feasible reliability of GaN lasers
- New collaboration with Ganvix
PITT STREET RESEARCH REPORT: A MAJOR HURDLE PASSED
Pitt Street Research Initiates Coverage of BluGlass Limited (ASX:BLG)
Pitt Street Research have initiated coverage of BluGlass Limited:
The report provides:
- BluGlass overview
- Seizing the opportunity in laser diodes
- New Fremont facility is a game-changer
- The key growth drivers of the GaN Laser Diode Market
- Competitive analysis and key global players
- Laser diodes 101: Shining a light on complex technology
PITT STREET RESEARCH REPORT: SEIZING THE OPPORTUNITY IN LASER DIODES
This report has been commissioned and paid for by BluGlass Ltd (Company) and has been prepared by Pitt Street Research, an Authorised Representative of BR Securities Australia Pty Ltd. The report solely reflects the views of Pitt Street Research.
Any opinions, forecasts, recommendations or forward-looking statements in the report reflect the judgement and assumptions of Pitt Street Research at the date of publication of the report. The Company does not endorse the findings or contents of the report, including any price target, earnings forecast or other statement about the Company’s prospects, and will not be responsible for any loss or damage arising in any way from errors, omissions or misstatements in the report or the use of, or reliance on, the report in any way.