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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a Q&A format to present expert testimony as evidence of fraud.",
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      "text": "The answer, as we detail shortly, is that the ACTIS system is defective and unreliable to the point that Lasertec has no functioning EUV technology.",
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      "text": "The elephant in the room and the question no analyst asked is key to Lasertec’s fraud: why did the ACTIS tools “sold” in Q1 – its flagship EUV product and driver of its stocks – have “very low gross margin”?",
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      "text": "An expert shared the bill of materials and staggering cost for key components: source ($8MM), stage (>$3MM), optics ($6MM), collector ($4MM) – before millions more for enclosure, assembly, fixed costs – all prior to adding gross margin.",
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      "text": "ACTIS bill of materials is ~$25MM; “it doesn’t” add up... “No-no. Gross margin is after. I gave you building materials. To turn it to cost, you need to add another... we are $23-24 million.” –Former KLA executive",
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      "kind": "quote",
      "text": "“because we had to change parts and add resources,” — Lasertec CEO; “...the current source cost, together with the current stage cost, doesn't make sense. I don't think they can shave a lot compared to KLA and, in a 2x-led price war, it doesn't add up to me... we are around—we are $23-24 million.” — Former KLA executive in a leadership role in their EUV mask inspection group",
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      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials",
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