{ "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": 175, "pageCount": 334, "prevPage": 174, "nextPage": 176, "slideType": "quote_slide", "function": "cite_precedent", "density": "dense", "nDataPoints": 2, "notes": "Contains two distinct expert quotes regarding technical challenges and backlog delivery issues.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/175", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-175", "components": [ { "bbox": null, "kind": "callout", "text": "Lasertec “cannot deliver” on their backlog due to their lack of a functioning EUV light source", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc85-59b271ce67d6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "Lasertec “cannot deliver” on their backlog due to their lack of a functioning EUV light source “In order for them to succeed and deliver all the - they have a $2 billion backlog, which means that they probably have orders for 40 or 50 systems that they cannot deliver right now, basically something like that. I think it's publicly known that Lasertec has more than $2 billion in backlog—they did announce it. Everybody suspects that 90% of that is EUV mask inspection; maybe it's a little bit of that is EUV blank inspection. If they have a few-plus billion dollars in backlog, it means that somebody placed orders for their EUV mask inspectors.” – Leading figure in the development of Cymer/ASML's EUV light source; headed EUV source effort at one of the largest semicap equipment companies; one of the top scientist/experts in the field", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "502012a9-011f-40fb-bc6e-352a2694dc93", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "Lasertec needs “significantly more light” from their source and “are struggling”; have never gotten any solution to work “They started from a much simpler tool they call a blank inspector. The blank inspector - they use an Energetiq source, which is sufficient for that one. It's the only available commercial EUV source. It's not tin-based; it's Xenon-based. This company, which is Hamamatsu, which used to be called Energetiq, just outside of Boston. Now there are problems since the optics are much more complicated, and they need significantly more light. And that's why they are struggling. They moved to Ushio, tried to make it happen. They're still struggling. They have to move to something else.” – Leading figure in the development of Cymer/ASML's EUV light source; headed EUV source effort at one of the largest semicap equipment companies; one of the top scientist/experts in the field", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "78ce52d4-c217-40f1-b8a8-ed747e191b17", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“the optics are much more complicated and they need significantly more light...that’s why they are struggling...they moved to Ushio...they’re still struggling...they have to move to something else.” — Leading figure in the development of Cymer/ASML’s EUV light source; headed EUV source effort at one of the largest semicap equipment companies; one of the top scientist/experts in the field", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc85-5e4d8d25ddb9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "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": "5614cc22-1dd1-4151-ac73-fe704f80acbb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The expert detailed Lasertec’s history of trying to use different light source suppliers and repeatedly failing, stating that they failed to scale from the simple Xenon-based EUV source they procured from Energetiq for their blank inspection tool, as actinic mask inspection is more complex: “the optics are much more complicated and they need significantly more light...that’s why they are struggling...they moved to Ushio...they’re still struggling...they have to move to something else.” He stated that Lasertec “cannot deliver” on their purported $2 billion backlog due to their lack of a properly functioning EUV light source: “they have a $2 billion backlog, which means that they probably have orders for 40 or 50 systems that they cannot deliver right now.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9de9d68d-4544-4db5-92fc-18c4e9668cf4", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "cffad4ce-a2d6-479c-89d4-4898dbaf3e7b", "evidence": "Citing expert testimony to validate claims", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }