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 — With ZERO named foundry customers and all other milestones now definitively failed, this contingent milestone has no viable foundation. The broader SiPho supply chain continues to surge while Riber remains entirely absent.
ALRIB Market Cap ≥ €120M — ALRIB.PA — Market cap at EUR 8.50/share with ~5.2M shares is approximately EUR 44.2M — far below EUR 120M threshold. Previously incorrectly marked as achieved. As of Sep 2026, this milestone is definitively failed. Stock down 33.8% since thesis inception.
ALRIB Revenue +15% YoY in FY2026 — ALRIB.PA — FY2026 revenue +15% YoY would require ~EUR 46M. H1 2026 filing is ~100+ days past Euronext deadline with zero communication. Stock at EUR 8.30 (-35.4% since inception). The thesis is structurally dead — no credible path to this target. Invalidated alongside the broader thesis collapse.
ALRIB Order Backlog +20% YoY by H1 2026 — ALRIB.PA — H1 2026 deadline (June 30, 2026) definitively passed — now Aug 27, 2026. Riber is ~86+ days past mandatory Euronext reporting deadline with zero communication. Order backlog data completely unverifiable. With the reporting blackout itself a major red flag, this milestone has objectively failed.
SiPho Tool Revenue Ramp: first foundry customer named — Dec 31, 2026 deadline approaches but milestone has already proven impossible. ZERO foundry customers ever named. H1 2026 filing ~100+ days late. No SiPho tool revenue disclosures. MSFT-Anthropic-Intel SiPho routing means merchant MBE pathway is bypassed permanently. This milestone failed structurally, not just temporally — marking as failed now.
