Silicon Photonics — Photonic integrated circuits fabricated on silicon and silicon-on-insulator substrates — modulators, photodetectors, waveguides, grating couplers — used mainly in optical transceivers for data-center and telecom interconnects, with growing roles in co-packaged optics, LiDAR, and biosensing.
Optical Transceivers — Optical modules for data center and telecom interconnects
Compound Semiconductor Epitaxy — Epitaxial wafer manufacturing for compound semiconductors — III-V materials (GaAs, GaN, InP) and IV-IV SiC — grown by MOCVD, MBE, or CVD onto native or engineered substrates. Serves wireless RF (GaAs/GaN HEMTs, PAs, filters), optoelectronics (VCSELs, DFB lasers, photodiodes, LEDs), power electronics (SiC and GaN switches for EVs, chargers, PV inverters, datacenter PSUs), and sensing (LiDAR, imaging).
Thesis milestones & bottleneck markers
SiPho Market Share: ALRIB Tools in 2+ Foundries — Contingent on the first SiPho foundry customer milestone (Dec 2026). With ZERO named customers, Riber H1 2026 update ~66 days late with no communication, and downstream photonics chain weakness (AAOI -24.7%, IQE -24.6%, CIEN -17.9%, LITE -8.6% since thesis inception), the premise of 2+ foundries by 2027 is not credible. Invalidated.
ALRIB Market Cap ≥ €120M — ALRIB.PA — At €9.25/share × ~8.7M shares ≈ ~€80.5M market cap as of Aug 4, 2026. Well below the €120M threshold. Stock down ~28% since thesis inception. Target missed — market cap is nowhere near €120M.
ALRIB Revenue +15% YoY in FY2026 — ALRIB.PA — FY2026 revenue +15% YoY requires ~€46M. H1 2026 report is now ~66 days overdue with zero communication from Riber. Revenue cannot be verified. The prior ACHIEVED marking was premature — no public filing confirms this. Status reverted to PENDING until audited financials are published. If the H1 report does not surface by the FY2027-03-31 deadline, this should be marked FAILED.
ALRIB Order Backlog +20% YoY by H1 2026 — ALRIB.PA — H1 2026 deadline (June 30, 2026) has passed. No trading update from Riber. The company is ~66 days past its mandatory reporting deadline. Order backlog metric cannot be verified, and the reporting delinquency itself is a negative signal. Marked FAILED: deadline missed, no public data to support achievement.
SiPho Tool Revenue Ramp: first foundry customer named — ALRIB must name at least one SiPho foundry customer by Dec 31, 2026. As of Aug 4, 2026: ZERO named customers, ~5 months remaining. H1 2026 update now ~66 days overdue with no communication. The downstream photonics supply chain is in broad contraction (AAOI -24.7%, IQE -24.6%, CIEN -17.9%, LITE -8.6%, COHR -8.1%), reducing the pool of likely SiPho foundry customers. MSFT's latest earnings may provide optical demand signals. UPCOMING: TSEM earnings today (SiPho foundry), AMD earnings today, AAOI Aug 6, LITE Aug 11, COHR Aug 12 — this earnings cluster will be the most informative data point for this milestone's viability.
