Interesting from the last release (Nov 2)
One of the first decisions made was to combine global sales teams and to wind down Aurora’s Chinese operations placing the commercial responsibility for the Insight product with BT Imaging in Sydney and Shanghai under a revised organizational structure
By placing the commercial responsibility for the Insight product inside BT Imaging, the Company will be able to improve its technical sales capability to secure potential customer orders.
As part of the Company’s renewed focus, it is now in the process of delivering an important reporting milestone for the existing Insight evaluation project in China which is the basis for negotiating a commercial outcome.
In addition, the combined business is beginning to show signs of diversification with a new Insight evaluation deployed last week in Malaysia with one of the world’s largest PV manufactures.
The Company’s objective for this new Insight evaluation is to obtain technical acceptance within sixty days of deployment together with a commercial arrangement secured to confirm product viability.
BT Imaging is also diversifying with a recent product sale for a new in-line cell manufacturing application in Europe along with a first sale for a newly developed product regarding perovskite solar cells.
From the most recent MD&A (related to DM)
In July 2022, a historical five-unit DM delivery at a customer site in Malaysia was successfully installed following a multiperiod delay.
During the six months ended 30 September 2022, the Company’s legal representative in China attended an arbitration hearing in Shanghai, China regarding one DM installation. Due to the complexities of the issues involved no arbitration decision was made during this hearing. The arbitration panel recommended that both parties seek an amendable settlement. Subsequent to the period ended 30 September 2022, there has been no further actions taken.
from the most MD&A (Insight) (Nov. 29)
Aurora’s application engineering team located in Shanghai has continued to support the Research and Development team with onsite data collection, product testing and product utility criteria.
The impacts of the Covid-19 crisis that have or may have an effect on us include: a decrease in short-term and/or long-term demand and/or pricing for our products; reduced sales as a result of travel restrictions: 1. (affecting support for our product as well as for technical sales) (Insight); 2. delays in the collectability of amounts receivables as a result of travel restrictions, impacting the ability to send qualified technical personnel,
Take away: What's encouraging here is that a five unit DM delivery in Malaysia was completed in July 2022 (MD&A) and there was a mention in the last press release Nov 2 that a new Insight Evaluation began in Malaysia. Same client? Perhaps.
Again, technical acceptance in sixty days with commercal aggreement seemed overly ambitious... Especially at this stage of the process. Its a new product and bugs are bound to be found.
As for this phrase from the last release: As part of the Company’s renewed focus, it is now in the process of delivering an important reporting milestone for the existing Insight evaluation project in China which is the basis for negotiating a commercial outcome.
This is not encouraging because it assume that this had been in the works and needs to be clarified... Not sure if the DM dispute is related to this client but think not. Hard to believe that they can implement Insight only with one DM..And the issue with the DM does not seem to align as they
would not be talking about an Insight Evaluation if they did not get paid for the DM.... You'd think.
Anyways, an update is long long overdue and financial should be filed end of this month....