First Hyperscaler Purchase Order Lands for GaN MicroLED AI Interconnect Chips
PALX has more than doubled off its 52-week low of $4.
Summary
Palomino booked its first commercial purchase order from a strategic hyperscaler, with a statement of work to deliver GaN MicroLED chips for AI optical interconnects. The company says this hits its previously stated goal of landing a development contract from a strategic AI customer in Q4 FY26. No dollar value, unit volume or delivery schedule was disclosed, so the revenue impact is unknown — the significance is validation, not cash. It follows the August close of the Vega Links acquisition and the October 14 8-K/A filing of audited and pro forma financials, which put the combined business on a reporting footing. The company is still pre-revenue scale: the last 10-Q showed a $2.6M loss and material weaknesses in financial controls, so execution and supply-chain ramp are the real risks. Watch for the next 10-Q for any revenue recognition tied to this SOW.
At the time of this announcement, PALX was trading at $14.00 on OTC in the Technology sector. The 52-week trading range was $4.00 to $18.10. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.