Odyssey Semiconductor (OTCMKTS:ODII) Issues Q1 Results: Stock Sees Selling Pressure
Semiconductor device company, Odyssey Semiconductor (OTCMKTS:ODII) on May 11, 2022, announced the first quarter 2022 results.
Mark Davidson, Odyssey’s Chief Executive Officer said that the firm finished important technology milestones. Davidson added that this would have a positive impact in 2022. He expressed excitement on joining the firm at a crucial time and appreciated the team’s efforts in scaling vertical GAN at high volume for high performance in key applications such as renewable energy, electric vehicles, and industrial motors.
Market Stats
On Wednesday, ODII stock fell 11.18% to $1.43 with more than 100 shares, compared to its average volume of 3.6K shares. The stock moved within a range of $1.4300 – 1.4300 after opening trading at $1.43.
Key Details
Odyssey Semiconductors is developing innovative high-voltage and vertical power switching components. Davidson added that the firm is continuing to get requests from 1200-volt vertical GaN FETs from U.S. as well as European automotive OEMs and Tier 1 suppliers besides a large voltage industrial motor manufacturing.
The company said that the new US patent for been issued for its technology. Davidson, an experienced growth leader, also brings significant success and experience in the power semiconductor space. Earlier, he has served as Intel Corporation’s Vice President/General Manager, Global Power Products Business Organization, transforming the start-up company into a hyper-growth enterprise.
He has also served as Texas Instruments’ Regional Sales and Applications Engineering Director as well as National Semiconductor’s Marketing Director. Davidson has a Bachelor of Science, Electrical Engineering from Pennsylvania State University.
Key Quote
“During the first quarter, Odyssey completed important technology development milestones which will positively impact 2022. I am excited to have recently joined Odyssey at such an important time in its development as a Company. The team is progressing towards its goal to scale vertical GaN at high volume for high-performance, high-power conversion in key applications like electric vehicles, renewable energy, and industrial motors at lower price points than SiC or lateral GaN can deliver,” said Mark Davidson, Odyssey’s Chief Executive Officer.
Traders Corner
ODII stock is trading below the 20-Day and 50-Day Moving averages of $1.69 and $1.72 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.05.
