Focuslight Technologies Says European Client Cancels Lidar Module Orders; Shares Down 5%

MT Newswires Live04-07

Focuslight Technologies (SHA:688167) said a European automotive supplier canceled its order of lidar linear spot emission modules from the company after terminating its project involving the module, according to a Saturday filing on the Shanghai bourse.

The semiconductor products distributor's shares dropped 5% during Tuesday's afternoon trade.

The company was scheduled for mass production this year, of which about 2,700 had been delivered. The original demand was 500,000 units.

The company added that due to the cancellation, it will miss its third-quarter revenue target, as the project's revenue accounted for 0.81% of the company's total revenue.

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