BluGlass (AU:BLG)
ASX:BLG
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BluGlass
(Sydney:BLG)
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Rating:48Neutral
Price Target:
AU$0.35
â–²(57.73% Upside)
Action:Reiterated
Date:06/11/26
The score is held down primarily by weak financial performance, driven by declining revenue and very large operating and net losses with negative cash flow. Technicals provide a meaningful offset, with the price trending above key moving averages and neutral momentum indicators. Valuation remains difficult to assess due to a negative P/E and no dividend yield data.
Positive Factors
Proprietary GaN epitaxy technology
BluGlass’s proprietary GaN epitaxial growth and device fabrication capabilities represent a durable technical moat. Such specialized IP and process know‑how support differentiated product performance, raise barriers to entry, and enable long‑term service/foundry revenue opportunities as customers seek reliable GaN sources.
Negative Factors
Deep operating and net losses
Severely negative EBIT and net margins show the company’s operations do not currently cover core costs, indicating structural unprofitability at scale. Prolonged heavy losses erode equity, limit reinvestment capacity, and force reliance on external financing, increasing execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary GaN epitaxy technology
BluGlass’s proprietary GaN epitaxial growth and device fabrication capabilities represent a durable technical moat. Such specialized IP and process know‑how support differentiated product performance, raise barriers to entry, and enable long‑term service/foundry revenue opportunities as customers seek reliable GaN sources.
Read all positive factors
BluGlass (BLG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$66.51M
Dividend YieldN/A
Average Volume (3M)93.41K
Price to Earnings (P/E)―
Beta (1Y)-0.15
Revenue Growth2.41%
EPS Growth23.50%
CountryAU
Employees25
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.09
Shares Outstanding190,022,920
10 Day Avg. Volume59,212
30 Day Avg. Volume93,413
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.44
Price to Sales (P/S)3.07
P/FCF Ratio-2.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BluGlass Business Overview & Revenue Model
Company Description
BluGlass Limited, along with its affiliated entities, is dedicated to advancing semiconductor manufacturing technologies and creating innovative devices. Their offerings cater to various demanding sectors, including industrial, defense, display, a...
How the Company Makes Money
BluGlass makes money primarily by selling GaN laser diode products and by providing related engineering/manufacturing services tied to its device and epitaxy capabilities. Key revenue streams include: (1) product revenue from the sale of GaN laser...
BluGlass Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
45
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.86M | 5.45M | 4.62M | 1.15M | 604.75K | 363.57K |
| Gross Profit | -2.61M | 2.28M | 2.55M | -11.84M | -10.22M | -7.94M |
| EBITDA | -10.43M | -7.97M | -12.00M | -15.88M | -10.23M | -7.42M |
| Net Income | -9.36M | -10.98M | -10.14M | -11.75M | -9.36M | -6.30M |
Balance Sheet | ||||||
| Total Assets | 16.84M | 23.93M | 23.14M | 21.70M | 20.46M | 13.56M |
| Cash, Cash Equivalents and Short-Term Investments | 2.98M | 5.74M | 5.57M | 4.26M | 5.35M | 4.18M |
| Total Debt | 9.39M | 7.10M | 4.68M | 4.49M | 4.63M | 3.51M |
| Total Liabilities | 9.69M | 12.34M | 8.25M | 7.81M | 7.24M | 6.05M |
| Stockholders Equity | 7.15M | 11.59M | 14.89M | 13.89M | 13.22M | 7.51M |
Cash Flow | ||||||
| Free Cash Flow | -9.03M | -7.96M | -8.42M | -12.48M | -10.53M | -4.90M |
| Operating Cash Flow | -6.85M | -6.15M | -6.95M | -11.88M | -6.26M | -4.81M |
| Investing Cash Flow | -2.46M | -2.08M | -1.47M | -681.82K | -4.28M | -90.10K |
| Financing Cash Flow | 8.47M | 8.40M | 9.73M | 11.47M | 11.67M | 3.64M |
BluGlass Technical Analysis
Positive
0.22
Price Trends
0.27
Positive
0.26
Positive
0.25
Positive
Market Momentum
0.02
Positive
57.37
Neutral
26.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BLG, the sentiment is Positive. The current price of 0.22 is below the 20-day moving average (MA) of 0.31, below the 50-day MA of 0.27, and below the 200-day MA of 0.25, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 57.37 is Neutral, neither overbought nor oversold. The STOCH value of 26.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BLG.
BluGlass Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | AU$1.92B | -38.70 | -57.61% | ― | 508.63% | -6.35% | |
48 Neutral | AU$66.51M | -4.99 | -99.85% | ― | 2.41% | 23.50% | |
48 Neutral | AU$360.66M | -12.22 | -89.98% | ― | 386.28% | 21.47% | |
47 Neutral | AU$90.47M | -16.53 | -36.17% | ― | ― | 13.49% | |
43 Neutral | AU$22.67M | -3.18 | -86.80% | ― | ― | 7.50% | |
41 Neutral | AU$1.61B | -38.80 | -27.53% | ― | 64.95% | -31.63% |
* Technology Sector Average
AU:BLG
BluGlass
0.35
0.15
75.88%
AU:AXE
Archer Materials
0.36
0.11
47.92%
AU:BRN
BrainChip Holdings
0.16
-0.04
-21.95%
AU:4DS
4DS Memory
0.01
-0.02
-57.69%
AU:SLX
Silex Systems Limited
5.77
1.91
49.48%
AU:WBT
Weebit Nano Ltd.
8.02
6.51
429.37%
BluGlass Corporate Events
BluGlass Seeks Quotation for Small Parcel of New Shares on ASX
Jun 16, 2026
BluGlass Limited has applied for the quotation of 3,590 additional ordinary fully paid shares on the Australian Securities Exchange, with an issue date of 16 June 2026. The small issuance arises from the conversion of options or other convertible ...
BluGlass investors back capital measures at general meeting
Jun 9, 2026
BluGlass shareholders have approved all resolutions put to a general meeting, with each item passed by poll in line with ASX and Corporations Act requirements. The measures ratify prior issues of placement and adviser securities, approve further t...
BluGlass options lapse without exercise, simplifying capital structure
Jun 5, 2026
BluGlass Limited is an ASX-listed company identified by the ticker BLG. The announcement concerns its issued capital structure and relates to listed options previously on issue to investors.BluGlass has notified the market that two classes of opti...
BluGlass issues 5.8 million new shares under option shortfall agreement
Jun 5, 2026
BluGlass Limited, an ASX-listed GaN laser diode specialist for industrial, defence, bio-medical, and scientific photonics markets, operates integrated manufacturing in Australia and the U.S. The company leverages its proprietary RPCVD process to d...
BluGlass Seeks ASX Quotation for 5.8 Million New Shares
Jun 5, 2026
BluGlass Limited has applied for quotation on the ASX of 5,769,230 new ordinary fully paid shares, with an issue date of June 5, 2026. The additional securities, which follow a previously announced Appendix 3B transaction, will expand the company&...
BluGlass lifts funding by $6.6m via option exercises and shortfall deal
Jun 5, 2026
BluGlass has raised approximately $6.6 million through the expiry and exercise of $0.26 options, including $1.5 million secured via a shortfall agreement with Amery Partners that resulted in the issue of 5,769,230 new shares. Each of these shortfa...
BluGlass Issues 6.4 Million Unquoted Options Expiring in 2028
Jun 4, 2026
BluGlass Limited has notified the market of the issue of 6,400,683 unquoted options, each exercisable at $0.38 and expiring on May 31, 2028. The options, recorded under the ASX security code BLGAR, were issued on June 4, 2026, as part of the compa...
BluGlass Seeks ASX Quotation for 6.4 Million New Shares
Jun 4, 2026
BluGlass Limited has applied for quotation on the ASX of 6,400,683 new ordinary fully paid shares, dated 4 June 2026. The move modestly expands the company’s listed share base, potentially improving liquidity in its stock and signalling ongo...
BluGlass plans issue of 5.8 million options to bolster capital flexibility
May 31, 2026
BluGlass Limited has lodged an Appendix 3B with the ASX outlining a proposed issue of up to 5,769,230 options as part of a placement or similar capital raising structure. The options, carrying the ASX code BLGAR, will have an exercise price of $0....
BluGlass Secures Up to $1.5m in Option Shortfall to Accelerate GaN Laser Growth
May 31, 2026
BluGlass has secured a firm $1 million capital commitment, with the potential to raise a further $500,000, through an option shortfall agreement priced at $0.26 per share following the expiry of earlier options. The deal, arranged with Amery Partn...
BluGlass Issues Over 1.4 Million Unquoted Options Expiring in 2028
May 29, 2026
BluGlass Limited has notified the ASX of the issue of 1,411,265 unquoted options, each exercisable at $0.38 and expiring on May 31, 2028. The options were issued on May 29, 2026, expanding the company’s pool of unquoted equity securities and...
BluGlass Seeks ASX Quotation for 1.41 Million New Shares
May 29, 2026
BluGlass Limited has applied to the ASX for quotation of 1,411,265 additional ordinary fully paid shares, effective 29 May 2026. The new securities arise from the exercise or conversion of existing options or other convertible instruments, modestl...
BluGlass Issues New Tranche of Unquoted Options
May 28, 2026
BluGlass Limited has notified the market of the issue of 1,773,525 unquoted options, exercisable at $0.38 and expiring on May 31, 2028. The new options, recorded under ASX code BLGAR, expand the company’s pool of unquoted equity securities a...
BluGlass seeks ASX quotation for new share issuance
May 28, 2026
BluGlass Limited has applied to the ASX for quotation of 1,773,525 new ordinary fully paid shares, with an issue date of May 28, 2026. The additional securities, resulting from the exercise or conversion of existing instruments, will expand the co...
BluGlass Issues Over 3 Million Unquoted Options Expiring in 2028
May 27, 2026
BluGlass Limited has notified the market of the issue of 3,076,491 unquoted options, exercisable at $0.38 and expiring on 31 May 2028. The new options, recorded under ASX code BLGAR, expand the company’s pool of equity-linked instruments and...
BluGlass Seeks ASX Quotation for 3.1 Million New Shares
May 27, 2026
BluGlass Limited has applied for quotation on the ASX of 3,076,491 new ordinary fully paid shares, to be issued on May 27, 2026. The shares arise from the exercise or conversion of existing options or other convertible securities, incrementally ex...
BluGlass issues 2.5m unquoted options expiring in 2028
May 26, 2026
BluGlass Limited has notified the market of the issue of new unquoted equity securities in the form of options. The company, listed on the ASX under the code BLG, continues to use equity-based instruments as part of its capital and incentive struc...
BluGlass seeks ASX quotation for 2.5m new shares
May 26, 2026
BluGlass Limited has applied to the ASX for quotation of 2,522,041 new ordinary fully paid shares, with an issue date of 26 May 2026. The additional securities, arising from the exercise or conversion of existing instruments, will expand the compa...
BluGlass Issues Over 1 Million New Unquoted Options Expiring 2028
May 25, 2026
BluGlass Limited has notified the market of the issue of 1,012,892 unquoted options, exercisable at $0.38 and expiring on May 31, 2028, under a new Appendix 3G filing. The securities were issued on May 25, 2026, and form part of the company’...
BluGlass Seeks ASX Quotation for Additional Ordinary Shares
May 25, 2026
BluGlass Limited has applied to the ASX for quotation of 1,012,892 ordinary fully paid shares under its existing ticker BLG, with an issue date of 25 May 2026. The new securities arise from the exercise or conversion of existing options or other c...
BluGlass Issues New Tranche of Unquoted Options
May 22, 2026
BluGlass Limited has notified the market of the issue of 736,122 unquoted options, exercisable at $0.38 and expiring on May 31, 2028. The new options, recorded under ASX security code BLGAR, were issued on May 22, 2026, and represent a structured ...
BluGlass Seeks ASX Quotation for Additional Ordinary Shares
May 22, 2026
BluGlass Limited has applied to the Australian Securities Exchange for quotation of 736,122 new ordinary fully paid shares, with the securities to be issued on May 22, 2026. The additional shares arise from the exercise or conversion of existing o...
BluGlass issues new shares under performance rights and affirms regulatory compliance
May 11, 2026
BluGlass Limited has issued 40,138 new fully paid ordinary shares following the exercise of vested performance rights, expanding its share base without requiring a disclosure document under Australian fundraising rules. The company stated it remai...
BluGlass Seeks ASX Quotation for Additional Ordinary Shares
May 11, 2026
BluGlass Limited has applied for the quotation of 40,138 new ordinary fully paid shares on the Australian Securities Exchange, with an issue date of May 11, 2026. The modest size of the issuance suggests a routine exercise of options or conversion...
BluGlass Issues New Tranche of Unquoted Options Expiring 2028
May 8, 2026
BluGlass Limited has notified the market of the issue of 14,599 unquoted options under ASX code BLGAR, each expiring on 31 May 2028 with an exercise price of $0.38. The new options, issued on 8 May 2026, modestly expand the company’s pool of...
BluGlass Seeks ASX Quotation for Additional Ordinary Shares
May 8, 2026
BluGlass Limited has applied for quotation of 14,599 new ordinary fully paid shares on the ASX, following the exercise or conversion of existing options or other convertible securities. The additional shares modestly expand the company’s fre...
BluGlass Sets June Date for In-Person General Meeting in Sydney
May 8, 2026
BluGlass has called a physical General Meeting for shareholders on 9 June 2026 at 2:00 pm in Sydney, with the formal Notice of Meeting to be accessed electronically via the company’s website and ASX announcements page. The company is encoura...
BluGlass issues new shares on exercise of performance rights, affirms regulatory compliance
May 1, 2026
BluGlass Limited has issued 25,000 new fully paid ordinary shares following the exercise of vested performance rights, expanding its share capital without requiring a prospectus under Australian disclosure rules. The company affirmed it is up to d...
BluGlass Seeks ASX Quotation for 25,000 New Ordinary Shares
May 1, 2026
BluGlass Limited has applied for quotation on the ASX of 25,000 new fully paid ordinary shares under the code BLG, with an issue date of May 1, 2026. The securities arise from the exercise or conversion of options or other convertible instruments,...
BluGlass issues 150,000 unquoted options expiring in 2028
May 1, 2026
BluGlass Limited has notified the market of the issue of 150,000 unquoted options, exercisable at $0.38 and expiring on May 31, 2028, under ASX code BLGAR. The new options issuance forms part of the company’s capital and incentive structure,...
BluGlass Seeks Quotation for 150,000 New Ordinary Shares on ASX
May 1, 2026
BluGlass Limited has applied for quotation of 150,000 new ordinary fully paid shares on the Australian Securities Exchange, with the issue dated 1 May 2026. The additional securities, arising from the exercise or conversion of existing instruments...
BluGlass lands major GaN laser contracts and $8m raise as U.S. defence and quantum demand builds
Apr 29, 2026
BluGlass reported one of its strongest quarters, securing four development contracts with marquee counterparties including the U.S. Department of War, a Tier 1 defence prime, a Fortune 500 data storage leader and TOPTICA Photonics. The deals span ...
BluGlass Issues New Tranche of Unquoted Options
Apr 24, 2026
BluGlass Limited has notified the market of a new issue of unquoted equity securities in the form of options. The company reported the issuance of 61,282 options with an exercise price of A$0.38, expiring on 31 May 2028, effective 24 April 2026, i...
BluGlass Seeks ASX Quotation for Additional Ordinary Shares
Apr 24, 2026
BluGlass Limited has applied to the ASX for quotation of 61,282 new fully paid ordinary shares under the code BLG, following the conversion or exercise of existing options or other convertible securities. The modest share issuance marginally incre...
BluGlass Issues New Tranche of Unquoted Options
Apr 17, 2026
BluGlass Limited has notified the market of the issue of 186,156 unquoted options, exercisable at $0.38 and expiring on May 31, 2028. The options, recorded under ASX security code BLGAR and dated April 17, 2026, modestly expand the company’s...
BluGlass Seeks ASX Quotation for Additional Ordinary Shares
Apr 17, 2026
BluGlass Limited has applied to the Australian Securities Exchange for quotation of 186,156 new ordinary fully paid shares under its BLG ticker. The shares, issued on April 17, 2026, arise from the exercise or conversion of existing options or oth...
BluGlass expands capital base with new share placement and planned options issue
Apr 17, 2026
BluGlass Limited has raised capital through the issue of 23,464,588 new fully paid ordinary shares via a placement at A$0.24 per share, alongside 443,892 shares issued to advisers as consideration for services. A further 625,000 placement shares a...
BluGlass seeks ASX quotation for 23.9 million new shares
Apr 17, 2026
BluGlass Limited has applied to the Australian Securities Exchange for quotation of 23,908,480 new ordinary fully paid shares. The new BLG securities, issued on April 17, 2026 under a previously announced transaction, will be admitted to trading s...
BluGlass Updates Market on Lapse of Performance Rights and Option Expiry
Apr 16, 2026
BluGlass Limited has updated the market on changes to its capital structure, confirming the cessation of a tranche of performance rights and listed options. A total of 76,321 performance rights lapsed after vesting conditions were not met, while 2...
BluGlass outlines GaN laser technology update ahead of capital raising
Apr 13, 2026
BluGlass Limited has released a presentation outlining an update on the company and its GaN laser technology in the context of an upcoming capital raising. The document emphasises that the information is indicative, based on internal assumptions a...
BluGlass plans new share and option issue to raise growth capital
Apr 13, 2026
BluGlass Limited has notified the ASX of a proposed issue of new securities under a placement or other form of capital raising, comprising up to 9,443,752 fully paid ordinary shares and 33,533,340 options exercisable at $0.38 and expiring on 31 Ma...
BluGlass Plans New Share and Option Issue on ASX
Apr 13, 2026
BluGlass Limited has notified the ASX of a proposed issue of new securities, comprising up to 24,533,480 fully paid ordinary shares and 2,000,000 options. The options are exercisable at $0.38 and are set to expire on 31 May 2028, with the proposed...
BluGlass raises A$8m to scale GaN laser operations and deepen U.S. foothold
Apr 13, 2026
BluGlass has completed an upsized A$8 million equity placement to institutional and sophisticated investors at A$0.24 per share, with one unquoted option attached for each share, to fund scaling of its GaN laser operations, new fabrication equipme...
BluGlass Halts Trading Ahead of Material Capital Raising
Apr 9, 2026
BluGlass Limited has requested and been granted a trading halt on its securities on the ASX, effective from 9 April 2026, as it prepares an announcement regarding a proposed capital raising. The halt will remain in place until the earlier of the r...
BluGlass seals A$1.3m photonics deal with Fortune 500 data storage leader
Apr 6, 2026
BluGlass Limited, an ASX-listed GaN laser diode specialist serving industrial, defense, bio-medical, and scientific photonics markets, operates end-to-end manufacturing in Australia and the U.S. The company leverages proprietary RPCVD technology a...
BluGlass issues small tranche of unquoted options under Appendix 3G
Mar 20, 2026
BluGlass Limited has notified the market of the issue of 667 unquoted options, exercisable at $0.38 and expiring on 31 May 2028, under its ASX Appendix 3G obligations. The small-sized grant modestly expands the company’s unquoted equity pool...
BluGlass adds small parcel of new shares to ASX quotation
Mar 20, 2026
BluGlass Limited has applied for quotation of an additional 667 ordinary fully paid shares on the Australian Securities Exchange, with an issue date of 20 March 2026. The small parcel of new shares arises from the exercise or conversion of existin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.