Translation: Original published in Finnish on 9/16/2026 at 7:35 am EEST.

Modulight announced on Tuesday that it has received a pilot production order worth 1.5 MUSD from its American customer in the field of neuroscience. In our view, the order is significant relative to the company's current scale and provides much-needed concrete evidence of the progress of long-term product development projects toward the commercial phase. The order will be delivered and invoiced gradually over the next 12 months. Our forecasts already include expectations of successes similar to this news, so we do not see any immediate pressure to change our forecasts.

Long-term product development cooperation is bearing fruit

The order concerns semiconductor laser products used in a neuroscience application, which the customer utilizes in its technology being developed for measuring brain activity. According to the press release, Modulight has been working with the US-based customer in question for several years. The new order marks a transition from product development to pilot production, which will multiply the delivery volumes compared to before. We consider this step forward important, as Modulight's investment story relies heavily on the company's extensive early-stage project pipeline maturing into the commercial phase over time and starting to generate scalable revenue. In our view, the application area related to the combination of neuroscience and artificial intelligence is also an interesting addition alongside the company's more traditional cancer and ophthalmology applications.

The order supports the growth outlook for 2026–2027

The order of approximately 1.3 MEUR is large on Modulight's scale, as our forecast for the full-year 2026 revenue is 7.2 MEUR and 9.8 MEUR for the following year. According to the press release, deliveries will begin immediately and continue on a monthly basis for the next 12 months, meaning the bulk of the project will take place next year. The customer has committed to advance payments that cover the materials needed for the ordered products. This reduces the working capital requirement associated with the order, which is welcome, as Modulight is still unprofitable. Since our forecasts already include expectations of similar successes, the order does not cause an immediate need to change our figures, despite the positive news.