Ann: Company Presentation - Path to Commercial Revenue, page-4

I could be wrong but I believe this is the first time BLG have published forecast earnings. Previously, discussions with analysts have led them to forecast potential earnings, not BLG.

This preso is clever (tricky) in publishing lines on a graph vs actual numbers. Very hard to pull the revenue number for 2020 & 2021 from that graph, but, then again, that is not the point. They are providing a high level view of what they conservatively think is possible and the revenue trend is definitely up.

We all know BLG will need to raise some funds, but it is important to note, it will probably only be for operational expenses + some capital for setting up the laser diode test facility. The outsourced packaging work is an opex expense. I would expect the results of laser diode prototype development will be announced to support their financing endeavours. It may be a mix of debt and capital raising (sophs + SPP).

BLG has control of laser diode development. BLG has less control over the other development pipelines, and these could bear (financial) fruit at anytime.

The question is - Does history repeat? If it does, have a look at the 5yr chart. That may be a guide of what could happen. Note - You can see the impact of two capital raisings. The second was for the facility upgrade and scaling, which is still in progress (i.e. G4 conversion to RPCVD).