PlayNitride is planning for an IPO, and if all goes according to plan, the company will issue new shares and will start trading at the newly launched Taiwan Stock Exchange Innovation Board in Q3 2022.
PlayNitride's CEO recently participated in an investor conference, during which he said that the company aims to be break-even (on a monthly basis) by the end of 2023, and to turn a profit in 2024.
The company disclosed that 63% of its sales revenue come from TV applications, 17% from wearable applications, 12% for automotive and 8% for small/medium displays and microdisplays. Most of these applications are still at an early stage of R&D.
PlayNitride's largest shareholder is Samsung Electronics, followed by AU Optronics, Ennostar and Lite-On Technology.
PlayNitride is already supplying microLED chips to its customers (and for its own use), and the company aims to reduce costs by 95% by 2025 compared to 2020. The company will also reduce the size of its microLED chips by 75% by 2025.
The company has a full-process microLED display production line in place, with a production capacity of 1,000 6-inch microLED panels, and the plan is to increase it to 1,500 panels in the near future, and to 3,000 panels as a second step. The company is also considering to outsource some of it production to external partners.
Founded in 2014, PlayNitride has raised funds in a few rounds and thereby Samsung Electronics has become the largest shareholder, followed by Taiwan-based TFT-LCD panel maker AU Optronics, LED maker Ennostar and EMS provider Lite-On Technology.