The LED market’s downturn resulted in net losses for certain manufacturers, such as Taiwanese LED die manufacturer Genesis Photonics Inc., leading to rumors that it is on the brink of a shutdown, reported Apple Daily.

GPI reported a net loss of NT $360 million (US $11.31 million) during the third quarter of 2016, due to ongoing price wars in the LED market sector.

In response, GPI emphasized the company’s operations and finances were normal.

The company’s leading LED technology deployed on the market includes flip chip LED and CSP LEDs, which acquired many key patents in U.S., China, Japan, Taiwan and other countries. GPI is one of the forerunners in the global flip chip LED and CSP LED sector.

GPI strategies are focused on diversification, customization and adding market value to its products, which are used in TV backlight and other ultrathin CRI, smartphone flash lights, automotive lights and niche lighting markets to turn around market operations.

GPI LED headlight solutions have entered Taiwanese headlights and aftermarket, especially the top two out of three manufacturers. The company also entered the original equipment supply chain of a century old American truck headlight company’s certification process. The company will be shipping small volumes of automotive headlights, additionally, it is currently undergoing the certification process with four Chinese automotive lighting makers.

It is projected the company’s revenue will surge by first half of 2017. CSP LED make good smartphone flash lights, due to its high current and high-intensity lighting features, which has led to the trend of Apple adapting CSP in its smartphone flash light. It is expected to spur other smartphone brands to follow its lead, and GPI CSP LED applications currently are being offered throughout Chinese smartphone brands certification process. These new LED revenues are projected to contribute to the first quarter of 2017.

GPI CSP LEDs are used for LCD TV backlight, and successfully entered Japanese and European TV brand supply chain and design. The company has started to ship small volumes of the product in the third quarter of 2016, additionally, CSP LED end market demands, include commercial lighting, public infrastructures, sports venues, niche lighting and professional outdoor flash lights. Fields where GPI has deployed its market strategy.

GPI is lowering its traditional LED die and low power LED chip market shares, and exiting the low priced lighting application market. In third quarter of 2016, the company’s traditional LED chip revenue was halved, and the company entered niche application market and OEM business. The company’s gross margin outperformed traditional blue LED applications, and its green LEDs are applied in large international enterprises wearable device applications. These are used to measure heart rates, pulse using Pulse-Position Modulation (PPM) technology, and blue LEDs for Japanese automotive makers and interior automotive lighting. These blue LED OEM orders are from niche lighting orders from large international LED manufacturers.

GPI has been focused on R&D and management to make LED products with leading specs, and by slimming down operation costs and new products are launched onto the market the company is planning to reallocate real estates and new product strategies. GPI will also be introducing new finances to improve its financial structure. GPI will be moving towards flip chip, CSP LED and patents that will be integrated to form a new LED company.