Sivers Semiconductors AB (publ) ($SIVE)

Welcome to Sivers Semiconductors' Q1 Report for 2026. [Operator Instructions] Now I'll hand the conference over to CEO, Vickram Vathulya; and CFO, Heine Thorsgaard. Please go ahead.

Thanks, Xander. Good day, everybody, and a very warm welcome to our tremendously expanded international audience and investors who had interest in Sivers from such a broad investor base. The agenda for today is an executive summary on the Q1 results. Following which, our CFO, Heine Thorsgaard, will talk about the financials. I will come back and provide a business update, followed by key takeaways, and then we will go into Q&A. So from an executive summary perspective, 3 things of note. Number one, regarding 2027 and the future, we talk about our opportunity pipeline, which is a lead indicator of forward-looking revenue potential. And that has significantly expanded from an already good place at the end of 2025 to just shy of $800 million as of May. Near term, U.S. government shutdown related to defense spending approval delays and an adverse FX impact Q1 and the first half of 2026. However, we keep our annual revenue growth plans intact for 2026. Q1 revenues came in at SEK 61.9 million. And if you adjust for a constant effect, that's a SEK 70 million print. Adjusted EBITDA came in at minus SEK 13.8 million. And in order to support the opportunity pipeline, we have been proactively investing in our sales organization. And at the same time, as part of preparations for our potential U.S. dual list, we have been investing in making sure we are ready with the ISA and the U.S. PCAOB audit tasks. Let's look a little bit into the highlights themselves. So the opportunity pipeline strengthened significantly. That number, which is just shy of $800 million is a 77% increase in just the last 5 months over a $453 million number at the end of 2025. While different budgets did have some accrual delays, we did receive our second year U.S. chipset contract signed for the electronic warfare program. And the broad market beam formers and lasers we have announced are igniting very strong customer interest and engagement. 2027 is a very pivotal year, a transformational year for us, and we are executing well on multiple product ramps going into 2027. And therefore, 2027 will be a year of multiple product associated revenues. Our production builds are in progress for the automotive LiDAR customers ramp. We are on track for our product readiness as we have indicated before in 2027 for our AI data center lasers. We are already supporting production orders from Tachyon for fixed wireless access. And we're also engaged with them on a new 60 gigahertz product. Production orders are imminent from our lead SATCOM customer for their 2027 ramp, and that's very exciting. And our Tier 1 telco vendor is in advanced integration and trials with the product they want to release at the end of 2026. So I view this as a layer cake with multiple vectors of ramps for products coming up in 2027. That, coupled with a significantly expanded opportunity pipeline is very bullish for us. We are investing in higher standards of financial control for the intended U.S. listing, and we have made very good progress, which our CFO will talk about in the subsequent section. We have also nominated a new Board slate for approval at the AGM in June 2026. This brings a very experienced and balanced Board composition for us. And in particular, tremendous executive credibility and experience with U.S. markets as well as strong M&A experience as we look not only at organically growing our business, but also adjacencies, complementary portfolios as well for the future if that can help further accelerate growth for the company. We thank Erik Fällström, Tomas Duffy and Keith Halsey for their contribution to date and wish them best on their journey ahead. With that, I will now hand over the mic to Heine Thorsgaard, our CFO, to go over our financial results.

Thanks, Vickram, and good morning, everyone. In the next couple of slides, I'll take you through the financial performance and key drivers for the quarter, share a brief update on our preparations for a potential dual list and discuss how we are positioning the company for the next phase of execution and growth. The key message for Q1 is that performance reflects revenue timing and FX headwinds, while execution and pipeline development remain strong. Turning to our Q1 financials. Revenue in SEK for the quarter was down 22% year-over-year. This is driven by revenue timing effects and exchange rate movements in the U.S. dollar and British pound versus the Swedish krona. Adjusting for FX changes, revenue was down approximately 11% compared to Q1 2025. On currencies, we saw a meaningful headwind with the U.S. dollar down 14% and the British pound down 6% compared to Q1 last year. In addition, as Vickram mentioned, we experienced delays in defense-related revenue linked to approval delays following the U.S. government shutdown in late 2025. Importantly, this is a timing effect rather than a change in underlying demand dynamics. We continue to execute against our full year growth plan despite movements between quarters. And we continue to see strong pipeline movement with significant growth in our opportunity pipeline, supporting future customer ramps across all key end markets, including AI data centers, LiDAR, SATCOM, fixed wireless access and defense. Adjusted EBITDA for the quarter was negative SEK 13.8 million compared to negative SEK 6 million last year, reflecting both revenue timing effects and our continued investments in our processes and organization to support future growth. We are investing in sales team expansion to support our pipeline growth in operations and do U.S. dual list preparations. Overall, Q1 should be viewed as an execution led quarter where we are continuing to build the foundation for upcoming customer ramps. Let me also briefly update you on the ongoing evaluation of a potential U.S. dual listing. As previously communicated, we continue to evaluate a potential listing as part of our long-term capital market positioning and ambition to broaden our investor base. We've completed substantial readiness work, including aligning our financial reporting and audit framework through a PCAOB aligned audit uplift, which was reflected in our 2025 annual report published earlier this month. This work is about ensuring that we have the required financial readiness and governance framework in place should we decide to move forward. Any potential next steps will depend on market conditions and overall value creation considerations. So in summary, we are building optionality, are remaining disciplined and value focused in our approach. Let me then turn to how we think about the company's development and path to scale. As communicated earlier, we are in the middle of a structural transformation from an engineering and development led business to a product led company. We view this transformation in 3 phases. The first phase was validating our technology building, customer relationships and establishing a strong and growing pipeline. In the second phase, which we are currently in, the focus is on transitioning development programs into production, supporting initial volume shipments and increasing our product revenue mix. We are seeing continued progress across both Photonics and Wireless where key customer programs are moving towards production and ramp. As we execute through this phase, our revenue will become less lumpy. Visibility will improve and we'll see margin expansion and improved earnings. The third phase of the transformation is where increasing product revenues, strong product margins and operating leverage become more visible over time. The key point is that value inflection during our transformation happens at multiple points in time by a series of customers ramping into production, each contributing to improved visibility, mix and ultimately, profitability. And as we move through 2026 and into '27, we expect these ramp dynamics to become increasingly more visible in our financial profile. And we believe we are well positioned for a transformation of 2027. So to summarize, Q1 results reflect revenue timing and FX impact while underlying execution remains strong, and we are well underway executing through our transformation. In short, the quarter [indiscernible], it reinforces that we are moving towards scaling and value creation. With that, I'll turn it back to Vickram for the business update, outlining the market momentum, shaping the next steps of our journey. Vickram?

Thanks, Heine. So let's get into the business update itself for Sivers. We have a much wider audience this year. So I just wanted to reiterate one thing. It doesn't happen many times in my career. In fact, this is the first time that we are in the middle of 3 super cycles lining up on top of one another. These are secular trends that override traditional semiconductor industry cycles. AI factories, space and SATCOM and modern warfare are all trillion dollar economies, and they are having tremendous market segment momentum. And you can see that by the amount of shareholder interest and investment into either private companies, [ pre-revenue ] companies, public companies, large revenue companies. If these companies are making meaningful innovations in these 3 super cycles, they are warranting the interest and attention. Sivers is fortunate to have the technologies to meaningfully support different elements of deployment to make these super cycles happen and deliver upon the innovations. It is also to be noted that in all of these 3 super cycles, it is not a winner-take-all market. There is enough demand and there is a lot of need for supply that multiple innovative companies can actively support and make these super cycles happen. Let's jump into the pipeline itself. Just a quick recap, this is a lead indicator for future revenue growth potential with stages clearly identified. While we have many leads and raw opportunities, they only enter the qualified portion of our funnel if we have had meaningful discussions with the customer, and we have a good conviction around the customer's product, the customer's market leadership or the customer's prior successes. And we have determined that the Sivers technology we offer is a good fit, and the customer has provided us line of sight to when they would want such a product out in the market and associated forecasts. From that point on, there are different stages, including a design-in stage at which point they have tested our silicon, they have tested our solutions, and they feel that we deliver the performance they need. From which point on, it moves into a design win stage where they've done additional work in terms of qualifying their product and field trials with their customers, and are ready to start placing initial production orders. With that in mind, I wanted to recap that at the end of 2025, our opportunity pipeline grew to $453 million from $276 million at the end of 2024. That was a 64% increase over 12 months. And in the last 5 months, this has additionally grown by 77% to just shy of $800 million. Another noteworthy thing here is there is a 70% growth in the design-in and onward categories, which means those are the ones where the customer has actually worked with our technology and find our technology and performance a good fit for the products and solutions they are building. Qualified opportunities in terms of number continue to grow. We have about 109 opportunities in the pipeline that are qualified opportunities and onwards, with about 71 in Wireless and 38 in Photonics. It should be noted that Photonics is a smaller cluster of customers so it's a little bit more concentrated than the Wireless, which has a longer tail. So that bodes very well for our future revenue potential. And as Heine mentioned, 2027 is a pretty pivotal year for us. And I wanted to talk about multiple vectors that are converging for 2027 onwards at Sivers. We talked in Q4 about our automotive LiDAR customer ramping from Q4 onwards. Our production wins are in progress for this customer already, and we look forward to supporting them with our indium phosphide lasers as well as our optical amplifiers, and this is going to be a meaningful contributor of revenue 2027 onwards. Secondly, indium phosphide lasers, I'm sure most of our audience understand, is a pretty critical enabler for AI data centers, and I see a massive demand supply imbalance for at least 3 to 5 years from now on. We also made a conscious decision to not just support XPO, meaning co-packaged optics or near package optics, but also support the evolution in pluggables. And we are bringing relevant indium phosphide laser technology as well as optical amplifier technology to both these markets, one of them which exists in the data center today, which is pluggables that need to get faster, and XPO markets, whether they are CTO architectures or near pluggable optics architectures at the right time. We are also actively developing meaningful manufacturing capacity to add to the ecosystem, whether it is with our Glasgow location or with our announced partnership with WIN Semiconductors as well as other partnerships we are actually developing and actively developing for meaningful manufacturing capacity. We continue to drive critical relationships with partners as well as customers through the value chain and are also active in the standard forums to make sure the laser technology that's being developed fits the needs of these rollouts. So what I want the audience to take away is this is not a quick hit scheme. This is about conscious, deliberate strategic planning to make sure that the business is viable in the long term on a profitable, sustainable basis while being part of the solution to the ecosystem as these rollouts have. A prime example of us opening our aperture up to pluggables is the collaboration with Jabil on 1.6T pluggables with the linear receive optics solution. Jabil is a world-leading contract manufacturer, more than $30 billion in sales. And recently, I believe they even guided annual sales to be higher. They are investing in what they call Intelligent Infrastructure segment very rapidly. It already represents about half of their Q2 revenues. While there may be newer entrants, they are making a very strong entry into the existing pluggables market in AI data centers, and we are very, very appreciative of being able to support them, and we are supporting them with builds for upcoming product qualifications and field trials as we speak. When we partner with somebody like a Jabil on a very important evolution needed in pluggables, that collaboration has triggered strong interest from other pluggable potentials who are actively working with us to ensure that we are able to support them as well in addition to us being able to support Jabil, and that's also part of the pipeline expansion we see on the Photonics side. In fact, I'm currently taking this call from Asia, where there have been many meaningful conversations and there is tremendous interest in the Sivers technology that we have to offer into the space. Let me switch gears and talk about our Wireless business. We have been working for a long time with our strategic SATCOM customer, ALL.SPACE. And you may have noticed that York Space Systems has signed a definitive agreement to acquire ALL.SPACE. This is fantastic news. In addition to new production orders imminent for the 2027 ramp with ALL.SPACE Hydra 4. As I've mentioned before, ALL.SPACE has reached technology readiness Level 6 with the defense -- U.S. defense, and that has expanded their opportunity pipeline, and this is the first signal of that with the imminent production orders coming in for their 2027 ramp. This is a very strong, well-funded combination. People may know defense primes as a phrase. Defense primes are companies like Northrop Grumman, Lockheed Martin, BAE Systems, who continue to support the U.S. defense industry. But as we all know, space is an actively contested domain and tremendous amount of budget dollars are going into it. York Space is one of the fastest emerging mission primes. So that's the phrase to keep in mind, mission primes. York Space is also a prime contractor for the U.S. Space Defense Agency. The takeaway from this slide for the audience should be the combination of York Space and ALL.SPACE means they are capable of full space mission deployment, including hardware, software, systems and services. That makes them quintessential to the rollout of space defense and even space commercial in the U.S. market and abroad. As we speak, they are rapidly expanding support for multiple SATCOM networks. And in addition to supporting ALL.SPACE, who is our long-standing strategic customer, this opens a broader possibilities with U.S. Defense and York Space. So it's extremely exciting for Sivers to see this news. Fixed wireless access or last mile access is an output, as I've outlined before, for the wireless business. And these products and product revenues are growing. We already have production orders for 2026 from Tachyon Networks, and we have a new contract to deliver 60 gigahertz products, which will add on top of the 28 gigahertz products. Additionally, our Tier 1 telco vendor is in advanced systems integration and trial space for their product releases, which are targeted for end of 2026. And that will also then start producing revenue contributions 2027 onwards, which means in 2027, we'll have 2 fixed wireless access customers in production mode layering in on top of ALL.SPACE's imminent production orders and on top of our automotive ramp as well. And that is in addition to our laser products being ready for pluggables and the XPO markets in 2027. While there have been delays, which have contributed to first half revenue softness, we have secured the contract for the U.S. CHIPS Act, that's $6.6 million for year 2. That's 20% higher funding than year 1. And even more importantly, our progress has been appreciated to the extent that we have already received invitation for Tier 3 proposals. To top that off, our defense partners such as BAE Systems are identifying product platforms to commercialize this technology '28 and '29. And so that can come in and layer on top of all these production ramps that are in play for 2027. Last but not least, the Europe IRIS2 effort, which is the biggest revamp of European satellite infrastructure, is gaining momentum. This itself is a north of $80 million pipeline opportunity for Wireless through 2030, and that represents not even 50% of the lifetime revenues from the IRIS2 rollout for us. The selected subcontractors will start development of user terminals in 2027, and we are currently engaged with 5 subcontractors entering the final RFP stage. Sivers is also uniquely positioned as an EU-based SATCOM BFIC provider, which is pretty relevant in the realm of European sovereignty for the IRIS2 infrastructure. Now what I talked about so far are primarily layered opportunities coming into 2027 for production ramps and a couple of areas that then add on top of that from '28 onwards, but there are many more exciting opportunities on the horizon, so stay posted on that as we make more progress in the coming quarters and we are able to bring more news to the market. With that, I want to move to the key takeaways for our audience. We are extremely well positioned for a transformational 2027. The U.S. government shutdown and FX impact softens Q1 and Q2, but we are holding our revenue growth plans for 2026 intact. The opportunity pipeline, which is a lead indicator for future revenue has significantly strengthened over the last 5 years. And there is tremendous interest for the standard products we have announced both on the Wireless side, and we are getting ready on our Photonics side. The markets we are focused on have tremendous momentum, as I've indicated. That coupled with a rapidly growing pipeline are driving potential for higher composite aggregate growth rates than what we have indicated to the market in the past. We have an exceptionally strong balanced Board slate for 2026 that we will be presenting at the AGM, and that brings in much needed expertise both on the U.S. capital markets side as well as M&A-related activities. We have made solid progress on the U.S. dual listing topic, and we continue to make strategic investments in strengthening our financial control systems for the same. With that, I would like to conclude the presentation today and move into Q&A.

Xander, will you read the questions?

I will take the questions. I'll look at this here and then we will respond, okay? There's a question on defense spending approvals related to the U.S. government shutdown. And the question is, now that we are well into 2026, have you started to see these approvals clear? And when do you expect the delayed defense revenue to fully reflect in your financial results? As I said, we are holding to our full year revenue targets as per our plan. So we do expect to catch up on the work even though we have given less time in the year, we're able to work on making sure we deliver the key deliverables against year 2 as well in our defense related programs. There's a question on what specific customer programs are far enough for high confidence on revenues in 2027? I believe I've covered that with the primary vectors that are driving 2027 momentum for us. There are questions on how the pipeline is put in place. I believe I've explained how the pipeline is put in place in the various stages on that one. How is the shutdown in U.S. affecting your business? And why is the fallout lasting for the whole first half of the year? As you know, for example, I'll use one of the examples related to defense spending delays. The actual full contract approval of the ME Commons U.S. CHIPS Act came in April, May. So a full year program getting its final blessing in April and May does have impact in the first half of the year that we work to recover in the second half of the year. There a question on growing momentum for Tachyon Networks. And the question is, are these primarily expanding existing customer deployments? Or are they opening up new geographic markets? I believe it's a combination of both. They are seeding new products into their existing zones, but they're also looking at new geographic markets for deployment. There's a question on pipeline conversion. And the question is, how is the split between Photonics and Wireless? And then how much of the [ 369 ] is between design win versus design-in? We don't yet break it out into that granularity. But what I would say is anything that is in the design-in, design win plus sections do have higher judgment convictions on how we model revenue plans. And regarding the question on Photonics versus Wireless split, the way to think about it is back at the end of December, Wireless had a bigger stake in the total pipeline. But over the last 5 months, the Photonics additions to the business opportunity pipeline has significantly strengthened to where they are now comparable numbers to each other in the total opportunity pipeline. There's a question on directional revenue range for '27, et cetera. We don't give annual revenue growth targets, but we have been very clear with the market that over the next several years, our CAGRs are expected in the 25% to 30% range. But I did make a comment today on my closing slide that between the combination of focused markets momentum and rapid growth of our opportunity pipeline, we see the potential for those -- that type of CAGR to upside, although we have not yet quantified it. There's a question on what's the next step in dual listing. Heine, would you like to take that question, please?

Sure. So we, as mentioned, we've been through substantial work preparing for a potential dual listing. Any timing and structure is dependent on market conditions. So we've been doing all the preparatory work, exactly if and when things would happen, we will have to see and we are making sure that we have the road blocks moved in front of us, so we can move fast if and when we take any decisions on that.

Thanks, Heine. There's also a question, Heine, on cash and runway. Can you just talk about a little bit of color for the audience?

Yes. So between the quarters, with the current state the company is in, we'll see some fluctuations on movements in net working capital. So cash burn, cash generation through the quarters will vary. It's not just any linear thing in that. We've, this year, strengthened the balance sheet, and we are managing liquidity proactively. And this combination of the recent financing actions and our disciplined cash planning gives us the funding needed to support execution of the current plan.

Thanks, Heine. There's a question on, is Q2 also impacted by the budget delay? I believe I've answered that there is effect on Q1. There is some effect on Q2, but we expect our back half of the year to help us get on track with our plans for 2026. Milestones over the next quarter that would prove more confidence on 2027 revenue plans. Right now, there's a lot of it that's basically on our execution and our customers' execution. As I said, orders on our SATCOM, then us making sure that we deliver to those orders, we make sure our automotive customers get their initial production bills and then we continue the momentum on that, making sure we continue to support the fixed wireless access production shipments for Tachyon, while we also help our Tier 1 telco get to the end of their advanced trial testing and get to the product release, right? So these are all things that is primarily based on execution. So 2027, a lot of it is in our hands to execute along with our customer hands to execute going forward. There's a question around, okay, where's the confidence for near-term revenue? Photonics, defense, SATCOM, LiDAR, wireless, and where is the execution risk? Again, kind of piggybacking on the previous question. The last couple of years, growth has been driven by Wireless. And I mentioned this many times, our Wireless business is at a further stage in terms of productization and commercialization, while Photonics is getting ready for 2027 and beyond. So therefore, that's kind of how you would look at the revenue pipeline converting into revenues in 2027 as well. There's a question on quarterly revenue fluctuations. As I mentioned, we are currently moving from an NRE-based revenue company, focusing on specific custom development that can release into the market and slowly but surely going into standard product releases. In that journey, lumpiness will be there in quarter-to-quarter along with areas we cannot control such as defense spending approval delays, et cetera. So the best way for our audience to look at it is more from a -- the North Star is supporting these 3 super cycles. On an annual basis, we want to continue to deliver growth in line with our CAGR indications. There's a question on how pipeline transfers into revenue. This is pretty classical in the semiconductor industry, not everything in your ops pipeline converts into revenues. But the further along you are in your ops pipeline, the probabilities of those converting into revenues gradually increase, and we use that to basically model our revenues for the future years. And that's why we are always looking for faster opportunity pipeline growth than our planned revenue growth. There's a question on Sivers' competitors in the CPO photonics space who are more established. How do you feel you can compete with these competitors? I kind of mentioned this before. So viewing the ecosystem vendors as competitors is a wrong way to go about it in super cycles where demand far outstrips supply. There is a need for relevant technology. There is a need for manufacturing capacity, and we have this situation on both sides of our business, whether it's Photonics or Wireless. And therefore, our ability to drive our technology to the correct proof points and deliver those to our customers, we have a seat at the table. And that is very useful for us to build our revenue from where we are as a smaller company. So right now, we're not talking about share and competitors. We are looking at providing the right products at the right time and being there to support customers who need the supply and growing our business. There's a question about how much of the $799 million is from existing customers versus new prospects. It's a mix. We don't break out the percentage between those. Of course, with existing customers, there are also multiple projects that can come in, but there's a big list of new customers as well. There's a question on, given the product releases targeted for the end of 2026, how should we look at the R&D spending trajectory? For R&D, we mostly have the resources we need. We might need small adjustments here and there depending on the number of standard products we will bring out. But as you see, we are moving from custom products for an individual customer to R&D that can support multiple customers with standard products. So we're managing that mix. We're being very disciplined on our R&D spend. Now sometimes you have to spend on the masks to bring new products to the market. So we'll, of course, do those for the most attractive products. Our main area of spend is more in the go-to-market right now because with a rapidly increasing opportunity pipeline, we need field resources to support our customers on a timely fashion and not have to reach into our core R&D teams for customer support. There's a question on margins. And again, Heine touched upon this, but we have given our financial models at breakeven and beyond. So between Photonics and our Wireless products, we expect to run a business that has 50% to 60% plus gross margins once we are firmly and predominantly product revenue driven. There are questions on qualifications for CPO, pluggables, LiDAR. As I mentioned, LiDAR, we are in production builds now. And then the qualification for CPO and pluggables, I believe I already mentioned with our customer Jabil, we are in advanced sampling for production calls and field trials. CPO is still an evolving emerging market, so we are working with multiple customers as we bring on the right laser configurations out in the marketplace. There are a few questions on the cash position. I believe Heine has already announced that. There's a question on the ALL.SPACE orders that we are looking ahead to. As I mentioned, those are for 2027 ramps. There are questions around the yields of our products, et cetera. We do not talk about the yields of our products with the outside audience. We basically work on delivering the financial models that we hold ourselves to. There's a question on, do you have enough capacity for all the Photonics products you are bringing out? And as I mentioned, we have some capacity in Glasgow that we're working on. We have a production partner in WIN, but we are also actively developing other manufacturing capacity with discussions with partners as well. And when the timing is right, we will bring those details to the market. There's a question on NRE revenues dropping while pipeline is growing. I just want to make sure everybody understands, this is a conscious choice in some ways. We are trying to make sure we are not focused on growing NRE revenues because those are nonrecurring revenue streams. And instead, we are moving and pushing towards product-related revenue streams. And therefore, we are conscious in making sure that the bulk of the opportunity pipeline growth is from developing or selling products that make revenues. At some point, we will consider breaking out the opportunity pipeline between Photonics and Wireless. But as I mentioned earlier in the presentation, end of December 2025, Wireless was a stronger contributor. But over the last 5 months, there's been a rapid increase in the Photonics pipeline as well. And both these businesses will continue to compete and contest with each other for who's going faster. There's a question on the New York dual listing, expected time line, what work remains, the structure. These are all actively being discussed among our team. And as soon as they complete all the audit uplift activities, we got to look at market timing, et cetera, and make the right choice for the company. Heine, there's a question, maybe you can provide a little bit of clarity. It says, to what extent does the transition to PCAOB audits, U.S. GAAP revenue recognition rules impact Q1? Are we seeing meaningful buildup of deferred revenue that will unlock later this year? Can you make a comment on that?

So the change that we commented on with the 2025 annual report publication is related to how we have all the external audit evidence in place to comply to the audit requirements that you need to live up to in a potential U.S. environment. Those impacts were accounted for in the '25 report. And basically, for the Q1 report, no material effects is in the numbers there.

Thanks, Heine. A couple more questions here. At what level of quarterly revenue and at what day do you project sustainable adjusted EBITDA breakeven? We are maintaining our Q4 2025 commentary on that. We don't break it by quarter, but we have said that at about a $50 million to $55 million top line, we would be at the breakeven stage, and that we expect as a exiting 2027 and entering 2028 time line. There's a question about, is Sivers technology more protected by patents versus trade secrets? It's a combination. There are patents in both our Photonics and Wireless business that are also designed and trade secrets on both sides. It's a combination of both. I'm just scrolling through the remaining questions, make sure we're addressing things that are distinctly different. Many questions on the cash, which I believe Heine has already answered. There's a question on, do you guys plan on fully converting to a CPO only company in the future? I just want to reiterate that there are 3 super cycles going on, and we have 2 technologies that are able to feed into 3 super cycles. So that is pretty unique for a company our size, and we continue to do justice to both our technologies to feed into these 3 super cycles. Do you expect the pipeline to grow so strongly again in the next months ahead? We continue to see a lot of opportunities, the exact scale of it and the percentages we'll have to watch. Of course, as everybody realizes, as the absolute number gets -- 2 things to note. As the absolute number gets bigger and bigger, percentage increases and the compares becomes tougher. And also the opportunity pipeline that we publish to the audience is what is revenue potential for '26 through '30. As we get to the end of '26, that whole time line will shift out by another year because now, 2026 will be behind us. Now we'll be looking at 2027 on to 2031, et cetera, right? So it continues to roll over time as well. There's a question on, as demand for high-speed optical and wireless solutions grow, how does Sivers plan to defend its differentiation and pricing power against larger vertically integrated competitors? This is an age-old question of how small companies stack uop against big competitors. Big competitors have certain advantages. Small companies, if they stay nimble with their technologies, stay ahead of the competitive trends, et cetera, continue to be relevant and important in the ecosystem, right? So of course, we are not static as we support our current customers with our current products that are being released. We, of course, have active technology road maps on what's coming down the pipe next and how do we prepare for those. One important thing for the audience to keep in mind is the opportunity pipeline is a multiyear revenue potential. And I've said Sivers is in a transformational journey where it's not about quarter-on-quarter, it's more about annual progress towards the North Stars. And that's the way in which the opportunity pipeline should also be taken given things that are in our control and that are not in our control when it comes to a quarterly basis. There's a question about, how are you building meaningful manufacturing capacity? I want to reiterate. We are a small company. So we, of course, are very careful about our CapEx as well. But we are also partnering with people who are manufacturing companies. So it will be a combination of those two. And as I said, it's not just Glasgow and WIN. We are having discussions with other partners as well. There's a question on the -- hey, is the Jabil collaboration triggering more interest? Is there more interest from other CMs, optical module companies, switch vendors, hyperscalers or a mix? On the pluggables side, it's primarily optical module manufacturers, but beyond the pluggable side, it's a mix. There's a question on, I believe, the new inclusion of the small cap index in the Stockholm Index is not mentioned. And no reason for not mentioning it. We are very happy to see those 2 activities happen, and we are thankful for the recognition. There is a couple of more questions and then we'll be at the top of the hour. One is if the laser opportunity supply constraint, why are you not seeing a sharper near-term revenue ramp? As I mentioned before, Sivers' entry point into the AI data center market is with our CW lasers, which only recently opened up beyond EMLs. And therefore, we need to make sure we are releasing these products for 2027 as we have always maintained. And there are also qualification cycles we work with our customers. So it takes this natural cycle time to get into the revenue-generating side of things. There's a question -- and again, I think I addressed this. It says, Sivers is evolving from a component supplier into a company with multiple strategic growth vectors. What do you think investors are still underestimating most about Sivers' position in those markets? I want to kind of connect the audience back to a small company like Sivers, having differentiated technology for -- and in the world currently is looking at 4 super cycles. AI factories, space and SATCOM, modern defense and quantum computing. We are in 3 of these with legitimate differentiated technology. That, I believe, is one of the key takeaways that needs to happen with our audience, which is we are not a one-trick pony. We have good technology, excellent talent, we're putting together very meaningful manufacturing capacity and technology road maps to be able to support as many customers and the ecosystem as possible in the coming 5, 10-plus years. We want to be able to look back 10 years from now saying, we were there for the ecosystem and we were relevant and we grew along with the ecosystem. I believe that covers pretty much all the types of questions. So I really, really appreciate the tremendous engagement from the audience. And once again, super thankful for worldwide audience and shareholdership. And we will continue to do our best to make sure we are commercializing our technologies and executing on our transformational journey. And again, thank you for all the support. That really drives us to do better and better compared to yesterday. Thanks, everybody.