Lightwave Logic, Inc. (LWLG): Business Model Canvas [Dec-2025 Updated]

You're evaluating a classic pre-commercial deep-tech story: Lightwave Logic, Inc. is sitting on proprietary electro-optic polymers that promise game-changing speed and power efficiency for AI infrastructure, but the financials tell a clear story of a company still deep in the R&D phase. As of Q3 2025, they have $34.9 million in cash to fund a $21.8 million TTM operating loss, meaning the clock is ticking on securing those crucial foundry partnerships and design wins. Honestly, the 92% gross margin on their minimal $100.61K TTM sales shows the potential profit, but the real question is execution; this canvas maps out the entire structure of that pivot from lab to volume, so you can see the exact risks and the path to commercial payoff below.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Lightwave Logic, Inc.'s (LWLG) push toward commercialization, especially as they move past the R&D burn rate-their TTM Operating Income loss was -$21.8 million-and into potential volume. The company's market capitalization as of early November 2025 was approximately $621.96 million.

Fortune Global 500 companies for design wins and co-development

Lightwave Logic, Inc. is actively engaged with major players, which is where the real validation happens. As of November 2025, the progress with these partners is the clearest indicator of future revenue potential, which is currently minimal with TTM revenue ending September 30, 2025, at just $100.61K.

The company has two significant Fortune Global 500 engagements:

• The first unnamed partner advanced to Stage 3 of the Design Win Cycle on November 4, 2025, moving into a formal engineering program.
• A second, new Fortune Global 500 Company launched a technical program on November 25, 2025, focused on Co-Packaged Optics (CPO) for 400Gb/s applications.

The goal for 2026 with these partners is critical: building, processing, and testing Silicon Photonics PICs (Photonic Integrated Circuits) integrated with the Perkinamine® platform. The later phases of Stage 3 involve validating high manufacturing process yields and establishing volume production capacity and costs aligned with mutual expectations.

Advanced Micro Foundry (AMF) for silicon photonics fabrication

The collaboration with Advanced Micro Foundry (AMF) has been foundational for demonstrating performance at scale. This relationship is important because AMF was recently acquired by GlobalFoundries (GF) around mid-November 2025, which signals major industry investment in the platform Lightwave Logic, Inc. is using. The company's gross margin is a robust 91.58%, hinting at the future value capture if volume is achieved.

Key performance metrics achieved through the AMF collaboration include:

• Device drive voltage below 1 volt.
• Bandwidth exceeding 200 GHz.
• Fabrication on 200mm wafers.

This existing partnership is now complemented by expansion efforts.

Unnamed second silicon photonics foundry for volume scaling

To ensure they can meet anticipated volume demands, Lightwave Logic, Inc. is expanding its foundry network. This is a direct action to de-risk the transition from Stage 3 qualification to Stage 4 volume production.

This expansion is crucial because the later phases of Stage 3 involve establishing volume production capacity and costs.

European collaborators for accessing established photonic foundries

Lightwave Logic, Inc. maintains a dual operational structure, conducting R&D in Colorado while leveraging international resources. The company has collaborative partnerships in Europe specifically to access established photonic foundries and packaging resources outside of their primary US-based development and AMF relationship.

Industry consortia for product qualification and validation

To accelerate the path to market, Lightwave Logic, Inc. is actively involved with external bodies. They have engaged with multiple industry consortia for the express purpose of validating performance benchmarks and accelerating product qualification. This work is designed to ensure their Perkinamine® technology is compatible with the industry roadmap for integration and co-packaging.

Financially, the company is currently supported by a strong liquidity position, reporting Cash and Cash Equivalents of $34.9 million as of September 30, 2025, against total liabilities of $3.6 million at that same date. Also, CEO Yves LeMaitre's contract was extended through December 31, 2028, while CFO Jim Marcelli is set to retire at the end of 2025.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Key Activities

Research and development of Perkinamine® electro-optic polymers

For the three months ended September 30, 2025, Lightwave Logic, Inc. incurred Research and Development expenses of $2.91 million. This compares to a decrease in R&D expenses of 33% for the three months ended March 31, 2025, versus the same period in 2024. The R&D expenses for the three months ended September 30, 2025, decreased compared to the same period in 2024, primarily due to reductions in non-cash stock option and restricted stock awards amortization expenses, salary and employee benefits expenses, prototype device development expenses, and travel expenses. The entire Perkinamine production process is performed at the facility in Denver, Colorado.

Securing 'Design Wins' through multi-stage customer qualification

As of November 4, 2025, a Fortune Global 500 Company progressed to Stage 3 (Prototype to Final Product) of the Design Win Cycle. Key milestones for this engagement in 2026 involve building, processing, and testing Silicon Photonics PICs augmented with electro-optic polymers. Furthermore, Lightwave Logic, Inc. announced a technical program launch with a second Fortune Global 500 Company on November 25, 2025, targeting Co-Packaged Optics (CPO) applications.

Optimizing manufacturing processes for high yield and volume

Later phases of Stage 3 qualification include validating high manufacturing process yields and establishing volume production manufacturing capacity and costs aligned with mutual expectations. The goal of the second technical program is to demonstrate that electro-optic polymers can deliver high yield products and scale to high volume production.

Developing Process Design Kits (PDKs) for foundry integration

Lightwave Logic, Inc. intends to co-develop a Process Design Kit (PDK) for electro-optic polymer integration into a standard silicon photonics foundry process with its second partner. An earlier Process Design Kit (PDK) release was noted in March. The company previously announced the successful initial testing of its optical grating couplers, which will be part of the Design Tool Kit/PDK, in January 2022.

Protecting core Intellectual Property (IP) via patents

Lightwave Logic, Inc. has over 70 U.S. and international patents and applications that are issued or pending. Globally, the company holds a total of 78 patents, with 41 granted and more than 60% active. A new patent application, Publication ID 20250155775, concerning nonlinear optical chromophores, was published in May 2025.

The patent portfolio covers several areas:

• Materials, including US Patent 7,902,322
• Optical Devices, including US Patent 10,520,673
• Fabrication, including US Patent Application 20190353843
• Integration with Semiconductors

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Key Resources

You're looking at the foundational assets Lightwave Logic, Inc. relies on to execute its strategy in late 2025. These aren't just line items; they are the core differentiators that support the entire value proposition.

The most tangible resource right now is the balance sheet strength, which provides the necessary runway for continued development. As of September 30, 2025, Lightwave Logic, Inc. held $34,942,070 in cash and cash equivalents. This liquidity is critical, as management indicated this position financed operations through March 2027 based on the then-current burn rate. The company reported quarterly operating expenses that included R&D spending of $2,917,473 for Q3 2025, showing the ongoing investment supporting the technology base.

The intellectual property forms the moat around the technology. Lightwave Logic, Inc. protects its electro-optic (EO) polymer systems through a broad IP portfolio. This portfolio is a key resource that provides freedom to operate for its core materials and device technology.

Here's a quick look at the scale of that IP as of the latest available data:

• Total global patents and applications: Over 70.
• Total global patents: 78.
• Granted patents globally: 41.
• Active patents globally: More than 60% of the total 78 patents.
• Primary filing jurisdiction: United States of America.

The proprietary Perkinamine® electro-optic polymer materials are the fundamental building blocks. These materials are designed for high electro-optic activity and stability, targeting next-generation needs in AI and data center infrastructure. Complementing the materials is the CMOS-compatible polymer technology platform, which is designed to integrate this innovation into existing semiconductor manufacturing flows, a key enabler for market adoption.

Physical assets supporting this development include specialized R&D and small-scale production facilities located in Colorado. While the initial investment in the Colorado headquarter facility and labs was noted in prior periods, the current operational commitment is reflected in the recent R&D expenditure figures.

You can see the key financial and IP statistics summarized below:

These resources define the company's capacity to innovate and scale. Finance: draft 13-week cash view by Friday.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Lightwave Logic, Inc. (LWLG) believes its electro-optic (EO) polymer platform is essential for the next wave of high-speed data infrastructure, especially as AI compute demands skyrocket. The value propositions here aren't abstract promises; they are hard-won performance metrics.

Ultra-low power consumption via sub-volt modulators

The drive to reduce power consumption at scale in data centers is relentless, and this is where Lightwave Logic, Inc. claims a significant advantage. They have demonstrated modulators capable of operating at a record-breaking low drive voltage of below 1V when operating at 200Gbps PAM4, achieved in collaboration with Advanced Micro Foundry. Furthermore, the technology has shown drive levels below 0.5V, which directly translates to cost savings and reduced power draw for massive data center operators. This efficiency is critical when targeting the 800 Gbps, 1.6 Tbps, and 3.2 Tbps segments of the market.

Significantly higher speed and bandwidth than silicon-only solutions

The core argument is that while silicon photonics is great for integration, it hits limitations at the extreme speeds required now. Lightwave Logic, Inc.'s polymers offer the unparalleled bandwidth needed for these next-generation platforms, specifically mentioning the 800 Gbits per second systems. The hybrid approach-combining silicon for integration with their polymers for speed-critical modulation-is the key to unlocking performance beyond what pure silicon can manage at these high data rates.

CMOS-compatible integration with existing silicon photonics chips

A major hurdle for new materials is integration; you can't force customers to rebuild their entire fabrication line. Lightwave Logic, Inc. addresses this by ensuring its materials fit easily with existing chipmaking processes, often referred to as BEOL compatible (Back-End-Of-Line). They are actively preparing their fourth-generation encapsulation material for the next-release Process Design Kit (PDK) specifically for integration into standard silicon photonics foundries. This compatibility is what allows them to partner on solutions for Co-Packaged Optics (CPO), aiming to integrate with next-gen Electrical Integrated Circuits (EICs) and ASICs.

Small form factor for high-density Co-Packaged Optics (CPO)

The push toward CPO is driven by density, and the small form factor of the polymer modulators is a necessary component of this value. Lightwave Logic, Inc. is working with a second Fortune Global 500 Company to co-develop a technical solution optimized for 400Gb/s CPO applications. This collaboration focuses on demonstrating that the polymer technology can scale to high volume while being fully compatible with new packaging tools being developed by the semiconductor industry.

Proven material stability and reliability, addressing historical polymer concerns

Honestly, the historical concern with polymers has always been their long-term stability, but Lightwave Logic, Inc. has put significant data behind their latest Perkinamine™ polymer to counter that doubt. They successfully passed the rigorous Telcordia GR-468 85/85 environmental stress test, showing only a 1.6% average loss after 1,000 hours under harsh conditions (85 °C at 85% relative humidity). To further prove environmental robustness, their fourth-generation atomic layer deposition (ALD) encapsulation achieved an oxygen transmission rate (OTR) of 1.4 × 10⁻⁶ g/m²/day. That figure is impressive because it crushes the industry 'gold-box' standard of 7 × 10⁻⁶ g/m²/day by nearly 5 times.

Here's a quick look at the key performance metrics that underpin these value propositions:

The company is positioning itself to capture a piece of the optical transceivers market, which is projected to reach $100B by 2030. To be fair, the current revenue base is small-Q1 2025 net sales were just $22,917-but the value proposition is built on enabling the next generation of that massive market, with the company achieving a market cap of $600M as of November 25, 2025.

Finance: draft 13-week cash view by Friday.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure Lightwave Logic, Inc. (LWLG) maintains with its key potential customers, which is heavily weighted toward deep, pre-revenue technical integration as of late 2025.

The company's current financial reality reflects this stage: net sales for the third quarter ending September 30, 2025, were only $29,166, alongside a quarterly net loss of $5,100,559. Still, the cash position as of September 30, 2025, stood at $34,942,070, which management stated finances operations through March 2027.

Close technical collaboration and co-development with Tier-1 partners

Lightwave Logic, Inc. is actively engaged with at least two major partners, both identified as Fortune Global 500 companies.

• A technical program launch with a second Fortune Global 500 company is focused on Co-Packaged Optics applications for AI networking.
• This second collaboration extends through the first half of 2026.
• This second partner is also in Stage 3 of the Design Win Cycle.

Multi-stage Design Win Cycle for product qualification and prototyping

The customer qualification process is formalized through a multi-stage Design Win Cycle, which is the primary mechanism for moving a prospect toward volume revenue. The first Fortune Global 500 partner has reached the critical prototyping phase.

The progression to Stage 3 means the prospective customer has moved to a formal engineering program. Key milestones for this stage, specifically for 2026, involve the building, processing, and testing of Silicon Photonics PICs augmented with electro-optic polymers.

Dedicated technical support for foundry process integration

To support the Stage 3 prototyping and future volume scaling, Lightwave Logic, Inc. is actively managing and expanding its manufacturing partnerships. This is where dedicated technical support for foundry process integration becomes essential.

• The company supplements its existing collaboration with Advanced Micro Foundry (AMF).
• Lightwave Logic, Inc. is expanding its network by adding another unnamed silicon photonics foundry capable of producing chips compatible with the Perkinamine platform.
• This expansion is critical to preparing for the eventual scaling of volume production.

Direct engagement with executive and engineering teams

The nature of the Design Win Cycle implies direct engagement at high levels, as evidenced by the structure of the partnerships. For instance, the contract for the Acting Vice President of Engineering was terminated effective December 31, 2025, due to the hiring of multiple product and engineering executives. Also, CEO Yves LeMaitre extended his contract through December 31, 2028.

Openly sharing performance data to demonstrate superiority

Demonstrating the superiority of the Perkinamine platform over established technologies like lithium niobate is key to securing these deep design wins. The performance targets shared relate directly to the speed required for next-generation AI infrastructure.

• The technology is targeted to handle speeds of 400 gigabits per second per lane in the modulator component.
• These faster lanes are the building block for overall transceiver speeds like 1.6 Terabit.
• A ballpark price for a current short-reach 1.6T transceiver is cited around $1,000, suggesting potential for lower-cost versions enabled by Lightwave Logic, Inc.'s material.

Finance: draft 13-week cash view by Friday.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Channels

Direct sales of electro-optic materials to chip manufacturers are currently represented by minimal, volatile net sales figures, which are generally small-scale development contracts or material shipments. For the quarter ending September 30, 2025, Lightwave Logic, Inc. reported net sales of $29,166. This follows a Q1 2025 net sales figure of $22,917. The trailing twelve months (TTM) revenue ending September 30, 2025, totaled just $100.61K.

Technology licensing agreements for IP and PDK use are a stated focus for expanding revenue streams. For the nine months ended September 30, 2025, the company generated licensing and royalty revenue amounting to $77,688.

Process Design Kits (PDKs) for foundry partners and customers are a key channel for integration. Lightwave Logic, Inc. announced the launch of a technical program to co-develop the associated Process Design Kit (PDK) for electro-optic polymer integration into standard silicon photonics foundry process with a new partner. The company's fourth-generation encapsulation barrier, which will ship as part of the PDK, demonstrated a record-low oxygen/moisture-leak rate of 1.4 × 10⁻⁶ g/m²/day.

Direct engagement with hyperscale data center operators is evidenced by significant partnership milestones. As of November 25, 2025, Lightwave Logic, Inc. announced the launch of a technical program with a second Fortune Global 500 Company. This collaboration targets Co-Packaged Optics (CPO) applications, aiming for a technical solution optimized for 400Gb/s CPO applications. Furthermore, one Fortune Global 500 company progressed to Stage 3 of the Design Win Cycle as of November 4, 2025.

Technical outreach through industry conferences is a necessary part of the process, though specific financial metrics tied to these events aren't publicly detailed. The company is actively engaging with multiple industry consortia to validate performance benchmarks. The focus remains on positioning the technology for rapid adoption in markets requiring scalable, cost-effective optical solutions.

Here is a snapshot of the reported 2025 performance metrics related to these channels:

The key activities supporting these channels include:

• Developing custom Perkinamine® polymer variants.
• Co-developing a technical solution for 400Gb/s CPO.
• Integrating the new barrier into the back-end-of-line PDK.
• Demonstrating high yield and volume production compatibility.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Customer Segments

You're looking at Lightwave Logic, Inc. (LWLG) as of late 2025, and the customer segment focus is clearly on the highest-speed, highest-density parts of the digital infrastructure build-out, driven by AI capital expenditure.

Hyperscale Data Center operators building AI infrastructure

The primary near-term focus for Lightwave Logic, Inc. is securing design wins within the hyperscale data center and AI factory ecosystem, which is demanding speeds like 200G and 400G in 2027 timeframe.

You have direct evidence of traction here:

• One Fortune Global 500 Company has progressed to Stage 3 of the Design Win Cycle, initiating a formal engineering program for silicon photonics chips in data centers and AI networking.
• Key milestones for this customer in the first half of 2026 include building, processing, and testing Silicon Photonics PICs augmented with electro-optic polymers for final product deployment.
• The estimated market opportunity specifically for AI optics (transceivers and Co-Packaged Optics or CPO) is around $10 billion by 2028, potentially requiring 160 million individual modulators.

The company's current revenue profile reflects this early stage, with Q3 2025 net sales reported at $29,166 and trailing twelve months (TTM) revenue ending September 30, 2025, at only $100.61K.

Tier-1 semiconductor and transceiver manufacturers

Lightwave Logic, Inc. is positioning its Perkinamine® material as a necessary augmentation to traditional silicon photonics, making semiconductor and transceiver manufacturers critical partners for integration and scaling.

The engagement here is technical and developmental:

• The company is developing a custom Perkinamine® variant for co-packaging silicon photonics with Electrical ICs (EICs) with a second Fortune Global 500 Company.
• This technical program targets 400Gb/s CPO applications, focusing on high-yield products compatible with standard CMOS processing.
• Lightwave Logic, Inc. is expanding foundry relationships, including a new unnamed silicon photonics foundry, alongside ongoing collaboration with Advanced Micro Foundry (now part of Global Foundries).

The company's electro-optic coefficient claims suggest a significant performance advantage, with their polymers achieving over 200 picometers per volt compared to traditional lithium niobate at around 31.

Telecommunications equipment providers for 5G networks

While the immediate focus is AI/Data Center, the core technology is aimed at next-generation photonic devices for high-speed optical communications, which includes the telecom sector.

The potential market size in telecom is substantial, though the product mix is different:

The telecom segment is estimated to require approximately 4 million modulators. The company's overall estimated addressable market by 2028 is between $1 billion and $2.5 billion based on the value of the modulators themselves.

High-Performance Computing (HPC) system integrators

HPC system integrators are implicitly served by the same technology driving AI infrastructure, as the need for faster, lower-power interconnects is shared across massive compute clusters.

Lightwave Logic, Inc.'s technology is designed to relieve key bottlenecks in AI infrastructure, which directly benefits HPC deployments. The company is focused on achieving low drive voltage, which translates to lower power consumption-a critical factor for power-hungry HPC racks estimated to consume potentially 1,700 kilowatts per rack for the latest GPUs.

Potential future markets like quantum computing and aerospace

Lightwave Logic, Inc. explicitly cites future markets as drivers for overall market growth, even as the company focuses on near-term commercialization.

The overall market Lightwave Logic, Inc. is targeting is expected to grow to approximately $100 Billion by 2030, driven by Capex addressing AI, quantum, datacomm, and space communication requirements. The company's customer profile also includes potential sales to aerospace companies and government agencies and defense entities.

You should note that the company is currently in Stage 2 (2025 - 2026) of its plan, focusing on Product Design-ins, Silicon Photonics Foundries, and AI Ecosystem Integration, with Stage 3 (Starting in 2026) targeting Scale-up & Diversification into new markets and applications.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep Lightwave Logic, Inc. running while they push their Perkinamine® technology toward volume manufacturing. The cost structure is heavily weighted toward the development phase, which is typical for a deep-tech company in this stage.

Heavy Research and Development (R&D) expenses remain a primary cost driver. For the third quarter ending September 30, 2025, R&D spending was reported at $2,917,473 for the quarter. This follows a period in Q1 2025 where R&D expenses were $3.1 million, which represented a 33% decrease from the prior year, showing some cost management efforts in that specific area.

The result of these ongoing development costs is consistent operating losses. The Trailing Twelve Months (TTM) Earnings Before Interest and Taxes (EBIT) for 2025 is reported as -$21.21 Million USD. The accumulated deficit for Lightwave Logic, Inc. stands at $155 million. For the single quarter of Q3 2025, the net loss was $5,100,559. Management noted expected expenditures of approximately $2,200,000 per month, which the cash position was expected to finance through March 2027.

General and administrative (G&A) costs are the second major component of operating expenses. In Q3 2025, G&A was $2,290,839. This followed a Q1 2025 G&A figure of $1.8 million, which was a 46% increase influenced by higher stock compensation and salary costs. These G&A figures inherently include costs associated with protecting the intellectual property, such as legal and patent fees.

The push toward commercialization means costs are incurred for securing and optimizing foundry manufacturing capacity. Lightwave Logic, Inc. accesses established photonic foundries and packaging resources through collaborative partnerships in Europe. The company conducts its research, development, and small-scale production out of its facilities in Colorado. Specific dollar amounts tied directly to securing or optimizing these external foundry arrangements are not explicitly itemized in the latest public reports.

Personnel costs for specialized materials scientists and engineers are embedded within the R&D and G&A lines. The company operates under the leadership of seasoned executives with backgrounds in materials science and semiconductor manufacturing. The reported increase in G&A in Q1 2025 was directly influenced by higher salary costs.

Here are the most recent detailed operational expense figures available:

The composition of these costs reflects the current strategic focus:

• R&D expenses were down 33% in Q1 2025 compared to Q1 2024.
• G&A expenses increased 46% in Q1 2025 year-over-year.
• Expected monthly expenditures are approximately $2,200,000.
• Cash and cash equivalents as of September 30, 2025, were $34,942,070.
• Net cash used in operating activities for the nine months ending September 30, 2025, was $10,436,426.

The company is actively managing its burn rate, as evidenced by the reduction in R&D spending in early 2025, but the underlying cost of maintaining the specialized scientific team and securing manufacturing access persists.

Lightwave Logic, Inc. (LWLG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Lightwave Logic, Inc. (LWLG) and seeing the classic profile of a deep-tech company still in the pre-commercialization phase. The current income is minimal, but the structure hints at where the significant future value is expected to come from.

Minimal current revenue from material sales/small shipments is the reality right now. For the trailing twelve months (TTM) ending September 30, 2025, Lightwave Logic, Inc. reported total revenue of just $100.61K. This low figure reflects a business still heavily focused on research and development, with sales tied to early-stage validation and small-scale material transfers, not volume production.

To give you a clearer picture of the current, nascent sales activity, here are the latest quarterly figures:

The future revenue potential is mapped to two primary, high-value channels. Management remains focused on expanding these streams as the technology matures and finds broader adoption in the telecommunications sector.

Future revenue from volume sales of Perkinamine® electro-optic materials represents the core product monetization path. This is where the company transitions from small sample shipments to supplying material for mass-produced photonic devices, which would drastically alter the top line.

Future revenue from technology licensing and royalty agreements is the second major pillar. Lightwave Logic, Inc. is actively working on securing these agreements, which typically provide a more stable, high-margin revenue stream based on the use of its intellectual property by larger manufacturers.

Small revenue from technical evaluation and development contracts continues to supplement the minimal sales. These contracts are essential for proving out the material's performance in real-world applications, even if they do not contribute substantially to the overall income yet.

What's compelling, even at this low volume, is the underlying margin structure. The gross profit margin on current low-volume sales demonstrates the theoretical profitability of the core technology. For the fiscal year ending December 31, 2024, Lightwave Logic, Inc. reported a Gross Margin of 92.27%. To be fair, the TTM Gross Profit Margin ending mid-2025 was reported as close to 100%, though the Q2 2025 Gross Margin was slightly lower at 86.48%. This high gross margin is the key financial indicator suggesting that once volume scales, operating leverage could become significant.

Here's a summary of the revenue stream components:

• Minimal current revenue from material sales/small shipments (TTM $100.61K as of Q3 2025).
• Future revenue from volume sales of Perkinamine® electro-optic materials.
• Future revenue from technology licensing and royalty agreements.
• Small revenue from technical evaluation and development contracts.
• High gross profit margin of 92.27% on the last reported full fiscal year.

Finance: draft a sensitivity analysis on the impact of a 10% royalty rate on a projected $50 million revenue stream by next month.