The team notes that the global optical metalens market is projected to grow at a five-year compound annual growth rate (CAGR) of 75% to US$493 million ($633.7 million) by 2029. This is supported by demand across consumer electronics, AR/VR (augmented reality/virtual reality) and automotive sensing. “Penetration remains low, indicating a significant runway.”
MetaOptics operates across the metalens value chain — including equipment, fabrication and end products — enabling customers to develop, validate and scale within a single ecosystem. This integrated platform supports recurring demand and strengthens customer stickiness, the team adds.
The group has also built an established presence in Silicon Valley, having joined Stanford Engineering’s SystemX Alliance and participating in Qualcomm’s innovation ecosystem. “These initiatives support technology validation and collaboration with leading industry players, potentially accelerating adoption.”
For the FY2025 ended Dec 31, 2025, MetaOptics’ revenue surged 891% y-o-y to $787,388, driven by the first commercial delivery of the firm’s direct laser writer (DLW) to a semiconductor partner in Taiwan, which marks an important transition from research and development (R&D) to early-stage commercialisation, the team notes.
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However, the group remains loss-making.
Gross profit for the year rose 502% y-o-y to $0.16 million, although gross margin declined to 20.3% from 33.4% due to a higher contribution from lower-margin equipment sales.
MetaOptics’ net loss for the FY2025 widened to $5.4 million from $2 million in FY2024, mainly attributable to one-off listing and dual-listing expenses of $2.4 million, along with higher R&D spending of $1.8 million for next-generation products and other non-cash costs. Excluding one-offs, MetaOptics’ core net loss was around $3 million.
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As at December 2025, MetaOptics had $8.8 million, supported by its initial public offering (IPO) in September 2025 and placement in December 2025, which raised $8.6 million. The group also carries a non-current liability of $2.1 million due to a strategic shareholder, repayable from 2027.
To the team, MetaOptics’ valuation reflects an early-stage growth profile.
The group trades at price-to-sales (P/Sales) of 55 times, compared to companies like Canon, Nikon, Hoya and Sunny Optical, which are significantly larger and profitable. These companies are trading at an average of 17.6 times FY2026 P/E and 2.4 times P/Sales. That said, comparability remains limited given differences in scale and profitability.
“While MetaOptics remains loss-making, its FY2025 revenue growth reflects the early commercialisation of its technology,” says the team.
“Further upside depends on additional DLW orders and customer engagements progress, with a potential path toward breakeven as scale improves. We view MetaOptics as a deep- tech company with valuation driven more by technology validation and scalability rather than near-term profitability,” it adds.
Shares in MetaOptics closed 5 cents lower or 7.19% down at 64.5 cents on April 2.
