{ "docId": "019dd923-622c-750b-8b9a-0f4bec37392f", "docSlug": "f982379e2e48", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 132, "pageCount": 334, "prevPage": 131, "nextPage": 133, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 2, "notes": "The slide uses a Q&A transcript format to highlight operational failures and high maintenance costs.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/132", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-132", "components": [ { "bbox": null, "kind": "callout", "text": "I’m telling you, the problem...started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...it’s consuming all the margin.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc81-a95f127914bd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "annual maintenance cost: $2.5 million", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-78b6-764f-bc81-b1778eeac21d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "paragraph", "text": "Light source and optics needs to be sent to Germany monthly for cleaning; takes days and costs millions a year to make them usable again; expert has seen \"unbelievable amounts\" of Lasertec optics components piling up in Germany\nQ: \"Do they have to replace their source or they just have to clean the mirrors and the optics?\"\nA: \"They don't replace the source. The source is the size of a mini-bus and weighs like - it's massive. You cannot replace it. Therefore, the only way you do it open the entire chamber of the source. You replace the collector and send it to Germany and I've been visiting my favorite vendors in Germany for optics, and I've seen a bunch of these unbelievable amounts of collectors there from Lasertec. They strip it, and then they polish it again and then they coat it. And it costs hundreds of thousands of dollars to do this operation for each collector. And you need to do it for every month...it takes almost two days to chisel all this debris and make the source workable.\"\nQ: \"And they have to do this every month, and it costs a couple of hundred thousand dollars?\"\nA: \"Correct.\"\nQ: \"That's like $2.5 million a year just to clean the collector.\"\nA: \"That was the beginning. How much it improves the tin, that's exactly the reason why they went to the Urashima light source...I'm telling you, that's where the problem started two years ago and they said that we cannot ship - and that was why they are not shipping because it's a liability. They ship something and they know that it's consuming all the margin they have.\" – Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "089ab324-870d-4d05-b91b-dd4d818286ff", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "An industry executive in touch with Lasertec detailed the vast amount of cleaning and maintenance required to service and maintain the other optics besides the light source, such as the collector and mirrors that direct EUV light. He described seeing piles of Lasertec EUV collectors in Germany awaiting cleaning at a specialized vendor: \"you replace the collector and send it to Germany\"; \"I've seen a bunch of these unbelievable amounts of collectors there from Lasertec\"; \"it costs hundreds of thousands of dollars\" to clean each collector every month; \"takes almost two days to chisel all this debris.\" The expert suggested the annual cost to clean each collector is $2.5 million: \"I'm telling you, the problem...started two years ago and they said that we cannot ship...they are not shipping because it's a liability...it's consuming all the margin.\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f650d757-0c3a-4e4f-afc7-561356140ee4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“You replace the collector and send it to Germany”; “I’ve seen a bunch of these unbelievable amounts of collectors there from Lasertec”; “it costs hundreds of thousands of dollars” to clean each collector every month; “takes almost two days to chisel all this debris.” — Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc81-ae4a947d43c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "896ece4b-3ccb-4e32-9faf-f87ecc6441e9", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }