MetaOptics is a leading player in semiconductor-style wafer-level manufacturing of ultra thin, flat optical lenses, called metalenses.
These metalenses can manipulate and focus light, enabling the mass production of ultra-thin, high-precision optical components.
“This differentiates it from traditional glass-lens makers and positions the company as an early leader capable of supplying high-volume consumer electronics and automotive applications,” writes Ling.
The company addresses a “critical industry bottleneck” with its ability to leverage semiconductor-style, wafer-level manufacturing, leading to the consistent, high-volume production of up to 30 million lenses per year, which positions the company for “mass market” adoption.
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Presently, as a sub-five-year start-up, MetaOptics remains loss-making. It recorded $79,440 in sales; in FY2024, its net loss reached $2.34 million, up from $1.23 million in the preceding FY2023. In the most recent 3MFY2025, it reported a revenue of $52,648 while reporting a net loss of $706,391.
Despite this, Ling sees with development agreements secured with leading consumer electronics players and active sampling of metalens modules underway,
MetaOptics is “well positioned” to scale production and accelerate commercial adoption of its technology.
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She adds: “Furthermore, collaborations with Nvidia and Qualcomm also help to accelerate MetaOptics’ integration into the mainstream product supply chain. We expect MetaOptics to reach breakeven in FY2027–FY2028.”
MetaOptics was listed on the Singapore Exchange on Sept 9, 2025, raising capital through a placement of 30 million shares at 20 cents each.
Two months later, in November 2025, the company completed a strategic share placement, issuing 6.7 million new shares at 72.55 cents per share to raise $4.85 million.
The proceeds went towards strengthening the company’s capital base and working capital while supporting the scale-up of metalens production amid rising global demand.
On this, Ling writes: “The placement drew participation from both new and existing shareholders, underscoring growing investor confidence.” The analyst notes that the global metalens market is in an “early but rapidly accelerating” stage, with a market size of US$30.2 million ($38.3 million) in 2024.
This, Ling adds, is projected to reach US$287m by 2028, implying a CAGR of 75.6%.
“Growth is underpinned by rising demand for miniaturised, high-performance optical systems across consumer electronics, IoT, automotive, and industrial sensing, where conventional multielement lenses are increasingly constrained by size and performance limitations,” writes Ling.
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Another driver in metalens is the global camera modules market, where according to a study by global growth insights, was valued at about US$77.6 billion in 2024 and is projected to grow to over US$420 billion by 2034, implying a robust an about 18.4 % CAGR, driven by demand in smartphones, automotive systems, augmented reality/virtual reality (AR/VR) devices, and internet of things (IoT) imaging applications.
“On the AR/VR front, research firm IDC forecasts AR/VR headset shipments could rise from an estimated 6.7 million units in 2024 to 22.9 million by 2028, driven by more affordable designs and artificial intelligence (AI) integration in smart glasses and headsets,” writes Ling.
Global smartphone camera module shipments meanwhile exceeded 2.5 billion units in 2024, driven by multi-lens configurations and higher imaging requirements in consumer phones.
Additionally, the smart glasses industry “alone” recorded 110 % y-o-y shipment growth in the first half of 2025, to which the analyst notes highlights an “accelerating interest” in wearable optics.
Beyond this, Ling sees that MetaOptics has secured development agreements with leading consumer electronics players and is actively sampling metalens modules, which signals “early industry validation”.
She writes: “Backed by the Agency for Science, Technology and Research (A*STAR) as a minority equity investor, providing capital and access to research and production facilities, the company is well-positioned to scale production and accelerate commercial adoption of its metalens technology.”
With this, Ling believes MetaOptics has the “potential for multi-fold revenue growth” over the medium-to long term as development agreements with leading consumer electronics players convert into commercial production, likely from 2028 onwards.
Assuming a long-term revenue target of above $100 million, and applying an around two times price-to-sales ratio (P/S) multiple, in line with the average forward P/S of of around two times for the “closest comparable universe” within the smartphone and consumer electronics segment, Ling views her fair value of $1.80 as “reasonable”.
In the FY2025, she expects MetaOptics to post a surge in revenue to $715,000, primarily driven by robust equipment sales.
Growth momentum, she notes, is projected to accelerate further in FY2026, with revenue set to double y-o-y.
“This reflects the company’s significant growth optionality and early leadership in scalable metalens manufacturing. We believe this valuation appropriately balances execution and profitability risks against the company’s strong growth outlook, improving revenue visibility, and long-term operating leverage as scale benefits begin to materialise,” surmises Ling.
One key risk noted by her is that MetaOptics is “highly contingent” on securing revenue-generating contracts from on-going engagements with potential customers.
