Weebit Nano Limited (WBT) Earnings Call Transcript & Summary

Good afternoon, everybody. My name is Ronn Bechler. Welcome to the next in our series of meet the CEO. I'm delighted to have Coby Hanoch, CEO of Weebit Nano with us again this afternoon for another conversation that I can have with him to update investors on latest developments within Weebit, what Coby and the team are doing; and answer any questions that you might have. This obviously follows the recent quarterly activities report that the company announced. And there was a fair bit of information in there about developments, but maybe we can -- sorry. [Operator Instructions] Once Coby has provided his initial overview, we'll then throw to Q&A, and I'll moderate them. And we've got until about [ 2:15 ] to run this Meet the CEO. So Coby, thanks for your time this morning in Israel. I appreciate you getting up...

Good afternoon.

We -- if you can just maybe give a bit of an overview for investors on latest developments over the quarter, the December quarter; and then importantly, how you're seeing things going forward. And then we can open it up to questions.

Okay. So I guess Weebit is really in a crazy time now. We have -- we're literally swamped with work and it's kind of crazy. We're working -- I already said in the past we're working now with the majority of the top -- the Tier 1 fabs. And by the way, to help people clarify since we'll start using terminology: There are 2 main types of fabs. There's foundries, which are fabs that give services to other companies, what's called the fabless companies. And they are open to the public, more or less. And then there's the IDMs, which are basically fabs that belong to a specific company that manufactures its specific products there. So the big IDMs like Intel and Samsung and so on, those are companies that have their own fabs and manufacture in their fab. And there's a long list there of the IDMs, of course. So we're working with both. I guess the key point to make here is we're working with many of the top foundries. We're working with many of the top IDMs. There's really a lot of interest now in ReRAM. It is here. It's finally not that future technology like everyone used to tell me just 1 year, 1.5 years ago. Now it's really [ in sense ]. There's very big interest. And each one of these is a huge project. We have several of these going in parallel. It's really a huge task that's going on right now. And each one of them -- these are big companies. These are companies that -- they invested obviously billions in setting up the fabs and so on, so they are very cautious in touching whatever goes on in the fabs. They have a lot of requirements, due diligence. They want to check and verify that everything is okay with [indiscernible] that it won't cause them any problems, any contaminations, any -- whatever and that the parameters of our ReRAM or like we say and like they want them to be, et cetera. So I guess what I'm trying to say is there's a lot of work going on right now. We are trying to see how we organize this. We can't, obviously, work with all of these fabs at the same time. We'll be prioritizing according to [ who's ] faster and where it's going to be easier and faster for us to close the initial agreements, so there's really a lot of work going on with these fabs on both the foundry and the IDM side. And beyond that, even though the natural course of things is that you first closed with the foundry or -- with the foundry basically here or even with an IDM. And then you go to the product company or product teams and start working with them. You [ can ] first qualify in a foundry -- or in a fab and then you work with the product team. We're really working on parallelizing this and getting the product teams to start working with us earlier even though the technology isn't qualified yet in the specific fab that they want. We're working with them, with these potential companies, the product companies; and trying to see how they can start ramping up in parallel because it does take them time to actually do their design. And by the time they are ready for mass production, we will be qualified [ or in ]. So that's kind of the logic here. Again, just so much work going on; very, very exciting right now. And I'm looking forward to a great 2023.

Thanks, Coby. [Operator Instructions] And please also put the questions in not as anonymous. We obviously won't be asking questions by anonymous.

Maybe just a couple of questions, to start; and the list is starting to build up. There was reference to a number of recent hires in various disclosures that companies put out. Can you give us a sense of who's been brought on and how they help the company grow in the markets that you're looking to develop?

Yes. I think recently we brought onboard 2 people that are also very, very helpful for us. Ed has been brought on as Director of North America Sales. He has a lot of experience in selling nonvolatile memory technology. Actually he was many years at Adesto. For people who remember when I was talking about the competitors of Weebit: Adesto was actually a leading competitor before they were acquired by Dialog and then acquired by Renesas and so on, so we know him from the past. Ishai, who also came from Adesto, knows him. And he joined us in December and he's been doing an amazing job in reaching out to the U.S. customers. And I'm very, very happy with his work. Obviously right now there's a focus on getting customers to SkyWater, but it's not just SkyWater. We're already talking to other customers about other technologies in fabs that we're working with in parallel. And then there's Giddy Intrater. He is really well known in the industry as a strategist, as an architect. He's been -- he was working at MIPS for many years. MIPS was one of the bigger processor companies. He was also at Adesto. He actually was leading the marketing and, I think, the business development activities at Adesto. So I know Giddy for many, many years. He's a very good friend. And now he's helping me with the strategy, with analyzing different options, so he's working as a consultant that's helping me part time, but his contribution is very important. You're muted, Ronn.

I mean, after 3 years, you'd think you'll get this right. We've got a bunch of questions on both the market environment and the various fab conversations, but maybe I can start with the market environment because several shareholders, investors have asked about eMemory. So whether you have any insight you can share regarding a Taiwanese company called eMemory that appears to have a ReRAM IP available in 40 and 22 nanometers and how it compares to what Weebit is offering.

Yes. So by the way, eMemory is -- many people are asking me about valuation, what they should expect with Weebit and so on. eMemory is maybe a good example of a company that focuses on license and memory IP. Their sales are something like only USD 80 million or USD 90 million. And their valuation is -- I think it's USD 3.5 billion. So again in the licensing business the multipliers are very high. eMemory are a leader in the simple memories, the -- what's called the OTPs or MTPs or flash memories. And they recently managed to -- not recently actually. It's already been a while that they got the rights to the ReRAM from Panasonic. Panasonic used to develop their own ReRAM. That's an example of an IDM, so -- but they've been working with it in Taiwan somewhat. We're not seeing them actually pushing this in the market. We're not seeing them push this. I don't know how much they really have -- they haven't developed it on their own. They don't -- I don't think they have the internal knowledge there, and they're maybe trying to learn it better. We haven't seen them pushing this anywhere, except for in Taiwan, right now.

And just staying on ReRAM product, another question from an investor: They said that they read somewhere that TSMC has been offering a ReRAM product. "How does our product compare to theirs? And with TSMC now offering ReRAM, this must lend credibility to the semiconductor industry that ReRAM is the next-generation memory. Can you comment on this, please?"

Yes. I think I mentioned -- I don't remember if it was at the AGM or not. Probably in several places. For us, TSMC announcing that they have ReRAM was really the turning point in the industry. TSMC is the largest foundry and they got a ReRAM from a Taiwanese research center. And the fact that TSMC has ReRAM, clearly that gives the industry the confidence level that, okay, ReRAM is here. Now it's not that future thing anymore. There was also a big announcement on Infineon, which is one of the bigger companies, planning to move all of their designs, their flash designs. Infineon, by the way, is a very, very big supplier to the automotive industry. And they announced that they're going to transfer the automotive chips from flash to the TSMC ReRAM, so that again gave people a lot of confidence in the ReRAM technology. For us, it also steered up all of the other fabs and caused them to look around and say, "Wait a minute. We need to compete." The foundries have to compete with TSMC. And I think that's been a key trigger for many of them to talk to us and start moving forward. Of course, beyond the fact that we qualified already in the -- we have wafers at SkyWater, so we showed that our ReRAM is actually working as well, but it's good when the big guy in the industry has this technology. It gives people confidence that, okay, now that -- it's here and that customers are actually using it. And TSMC already manufactured -- there's a first chip that we know of that was manufactured at TSMC that is now in the iPhone 14 that has embedded ReRAM. So again, all of this gives confidence in the industry that, yes, ReRAM is here. We're going into the age of ReRAM now, and I'm very happy with that. By the way, I know that many people are concerned. "Oh, my god. The big guy has ReRAM, so they're -- Weebit is trying to compete with TSMC." And clearly Weebit is not competing with TSMC. TSMC is a foundry. They make their money off of selling wafers. They add a lot of technology like different Bluetooth and WiFi and microcontrollers and all kinds of other IP. They have a big library of these things which are enablers for their customers to manufacture in TSMC and buy wafer, so it all goes down to TSMC wants to sell more wafers. We'll be working on demonstrating to TSMC that our ReRAM is at least as good as the ones that they have and better than that. And so they won't have a problem once we do that, to put it on the shelf next to their ReRAM. They have several versions of Bluetooth, several versions of processors, et cetera, et cetera, so I don't consider them a competitor. It -- for us it was more of an enabler to show the market that, hey, ReRAM is here and now we can run forward.

Just maybe staying on the topic of fabs and the work you're doing with them. There's a bunch of questions that have come in around that. First of all, can we assume that fabs are conducting tests using Leti's 22-nanometer demo chip?

Actually we're beyond that. The Leti demo chip is great to show the feasibility. And then these fabs want us to actually take their PDK, what's called, and we actually are taking their process. So the PDK is process development kits. And they -- it includes all of the details of their process, so not the Leti process but the one that's actually used in the foundry. And we take those and we do kind of demo implementations with them. And then we run simulations on them in order to show the fab the specific results of our ReRAM in their process because each process here is different. Each one of these fabs has a different geometry, different variants of geometries; and they want to know that it works not only on the Leti technology. They want to see it actually working in their environment, so when I'm saying that they take us through a long process of due diligence, this is part of it, giving us their PDK, asking us to do all kinds of things based on their technology, run simulations, do analysis. And then they come back to us and they say, "Oh, you know, but the size of the cell is -- maybe you want to change the voltage levels, the current levels. We want to have a bigger cell, a smaller cell, higher voltage, lower voltage, more current, less current, the power." There are many, many parameters here. And each one of these fabs want -- they have specific preferences, specific kind of things that their customers are normally asking for, so that's what's really taking us time, if people are wondering why does it take so long to work with these Tier 1 fabs. They have a very, very expensive facility. They know what they want. And each one of them wants us to put an emphasis on a specific feature or features of our ReRAM and it's different. And we need to show them that on their specific process we can actually make this ReRAM. We can manufacture it with very good parameters. So that's really this whole due diligence that's going on now with these Tier 1s. It's exciting, but it's a lot of work because each one of these things is a project.

We'll stay on the topic of the Tier 1s, but just before I ask the next question, just to let everybody know: There's a bunch of questions coming through asking about timing of future announcements, guidance on revenue and so on. I mean clearly we can't ask or answer those questions. The company is very aware of its continuous disclosure obligations and there's no point asking a question which the answer will be we can't answer it, so if your questions get [ adapted ], it's because of that. And I'm not going to sit here asking a whole lot of questions, Coby, about timing of future announcements to come and future developments outside of obviously what's been already disclosed to the market. Just turning to the Tier 1 fabs. We've got a question that also came in around how did Weebit release its IP to the Tier 1 fab without a nonbinding MOU. What's the arrangement? And is the fab waiting for successful completion of the 22 nanometer testing before allowing you to disclose who they are?

Well, I guess my first comment is that I can't comment on nonbinding MOUs and if we have or have not signed any, so -- but we are working with them. We get their PDKs. We -- and that's a key step. Getting the PDK from a foundry is -- not all foundries give the PDKs out so easily. They only do it when they know that there's something important [ for them ], so we have ...

Can you just explain the PDK? Sorry. For those that don't know, can you just explain...

PDK is process development kit. That's really the PDK is the definition of the exact process and how it's manufactured, what kind of transistors they have and how exactly they do the different steps in the manufacturing. So it's the specifics of their process and we basically take that. And we kind of implement our ReRAM based on their PDK so that we'll know what it will look like in their specific fab based on their specific way of manufacturing. And then there are simulation tools that can take these ReRAMs that we implement, you could say, kind of in software; and run those simulations; and show us the results that under this PDK, with this implication of the -- with this implementation of the ReRAM, you will need these levels of voltages, these currents, these -- you will be consuming this amount of power. You will be -- et cetera, et cetera, et cetera. This is going to be the cell size. And then based on that, we can work with the fab on the analysis of, okay, is this what you want. You want us to have a smaller cell size. You want us to have lower voltages. You want us to have this. And our team goes back and tries to implement the requirements from these fabs, and that's basically what's going on right now.

In addition to the Tier 1s, are you also talking to the Tier 2 fabs, fabs like SkyWater?

Right now we're talking to fabs at different sizes, so there's also smaller fabs. Not all of the fabs are big fabs, huge fabs. Some of them are some -- again, it's hard to really classify. There isn't any place that there's a definition of what is a Tier 1 fab and what is a Tier 2 fab or something like that. I kind of -- if I looked at the list of the top 10 foundries and the top 10 IDMs -- and I basically saw that we're working with the majority of those. And that's kind of my definition. I don't think anyone has an official definition of what is a Tier 1 and what is a Tier 2.

Right. And...

We're just working with a lot of them. And obviously we're already with -- working with more than we can chew, to a certain extent. And once we actually close agreements with the first ones, some of these guys will just have to wait because there's -- it's just way too much work to work with so many fabs in parallel. You need a team which is 10x bigger than what we have today, I think.

And then just in terms of closing a commercial agreement with a fab, another question that's come in: Does having a commercial agreement with a fab for embedded memory production [ ease the way ] for discrete memory production by the fab? Or are the two unrelated?

Actually this is a good opportunity to comment also a little bit on the discrete side. So if you can manufacture the technology in a fab, you can basically also go for -- not only for embedded. You can go for discrete. One of the things and, I think, that's important for the shareholders and investors to also know -- I commented on it in the past. We're realizing now that -- we're actually talking to real potential customers, and some of them are coming to us with requests. We're realizing that there are some niches in the discrete market that you don't have to have the selector for. And these customers are very happy to have us take the existing ReRAM cell without the selector and actually have us implement a discrete component for them. So today, we are talking also about projects where we implement stand-alone memory chips for a customer or discrete products for customers. And so in some cases, with some of the fabs that -- there's actually also a discussion going on, on potentially doing that in parallel to the embedded.

Just staying on that, another question that came in was what's the status of the discrete nonvolatile memory. And how are you thinking about its time frame for development?

I think I've said it many times in the past that the discrete market -- the big part of the discrete market does depend on the selector. And the selector is a big project. We're making good progress on it, but I think I always said that's kind of the midterm for Weebit. There's a lot of work to be done to make that selector work. It's really not a trivial technology. It's a very difficult technology to make work. We're making progress all the time. We'll be reporting, as we achieve key milestones, and let the market know. So using the selector, that's still down the road. That's still, I would say, at least a couple of years out to actually have the selector at the point where we can start really trying to use it in talking to customers, et cetera about it, but as I said, we're realizing that there are niches in the NVM market. Without trying to confuse everyone, but there are OTP and EPROM and NOR flash. There are these segments. The NOR flash segment is a USD 3 billion market segment that -- actually we've analyzed it based on customer requests, and we've realized that we can have a competitive product there as a discrete chip. And customers are already asking for it, so there's actually work going on also in that direction right now, in looking at if how -- what we do in that space, but clearly this -- for me -- I used to say embedded is short term. Discrete is medium term. Part of the discrete is actually going to most likely become shorter term as well.

And then if you look at further in terms of the AI neuromorphic stuff, there's a question that's coming around is there any update on the research that's been undertaken in that space.

There's ongoing work. We're talking about short and midterm. I always said that's the longer term. That's not something that's really anywhere in the near term. So there is work going on with these research institutes. There's progress being made, but it's right now we're so swamped with the short term, with getting these initial fab agreements, customer agreements; building -- I've talked about it many times, about these triangles that we need to set up for the embedded side, having a product company and the foundry that will work together with us and form this triangle so -- to move forward. In some cases, we have product companies that are saying, "Okay, we're interested," and -- but they're saying, yes, "We work with this foundry." And the foundry hasn't -- we're still working with the foundry to formalize things. We obviously can't close an agreement with the customer before there's an agreement with the foundry. So there's a lot of that going on. And right now -- I mean neuromorphic is always in the background. The research institutes are continuing to work. We give them the chips and they work on it, but it's really not my big focus right now.

Yes. And just one last question maybe on the fab discussions and then just a bunch of other topics to cover off. And this has come up before in the past in terms of the discussions that Weebit has previously had with some Chinese fabs; just a question in terms of, with the current geopolitical situation, are those discussions with the Chinese fabs dormant. Have they been put on hold? Are they still going on? Like where are you at with those early-stage discussions that have happened?

So if you look at the top 10 foundry list, you will see that there are 2 Chinese foundries there. And at least 1 of them is actually very interested in working with us, but like you said, right now at this point, in the current geopolitical situation, on the one hand, risk management -- and on the other hand, we're just so swamped with the big foundries and IDMs in the Western world. I don't see a reason for Weebit to take that risk right now and work with the Chinese foundries when we can't even handle all of the requests from the Western world. I consider it a higher risk, and so at this point, we're -- it isn't that we totally disengaged from them, but it's clearly a much lower priority right now.

Yes. Maybe we can touch on the revenue side of things. Can you just remind investors and for those that are new, explain to them, how the revenue model works in terms of the NRE payments and then the royalty from licensing the technology and how it plays into what you've told the market in terms of what you're expecting or planning to achieve this year in terms of new sign-ups?

So to be clear and really state it in a -- there are actually 3 types of agreements that we are now working on, okay? One agreement is licensing the technology to a fab, okay? So we want fabs to manufacture the technology. We need to transfer the technology. And those that want to manufacture it for embedded, we need them to license the technology for that. So with the fabs and specifically the foundries, more than fabs, there are these 2 elements that are license fee and the technology transfer fee. That's the NRE. And basically with the fabs it's technology transfer. So those are the 2 payments that we expect to get from foundries. Now obviously, right now when Weebit is in -- is still -- in their eyes is still somewhat of a risk and they want to make absolutely sure that everything is working, et cetera, we -- probably the first agreements will be set up so that there are several milestones and some of these payments will be based on milestones and so on. Now the level of the fees, it varies quite a bit based mostly on geometry. The difference in license and technology transfer fees between all the geometries and the [ leading ] geometries can be tenfold, so it's very hard to give an indication of what we're expecting. And I also -- since we're negotiating right now with the fabs, I prefer not to mention the numbers and give them ammunition against us, but it does vary wide. And so with the fabs, the deal mostly consists of license fee, technology transfer. And obviously when they go -- when they start manufacturing for fabless companies, when they start manufacturing devices with embedded ReRAM, they will pay us a certain percentage of the wafer cost. So they uplift the costs of a wafer to the customers and they pay us a certain royalty based on that. So that's the model with the foundries. Then there's the embedded customers, the customers that want to embed our ReRAM in their system on a chip. So those customers, again, there's a license fee. There's an NRE fee. And what it means is NRE is nonrecurring engineering, which is basically they come to us and they say, "The module that you designed is really nice, but we need it to fit in our SoC in this specific way." Either we need it to be really long and narrow. We need it to have an interface [ to a ] different kind of bus. We need it to have all kinds of specific [ risks ]. And then we go and do those adaptations for them, so that's actually engineering work that goes into this to make it fit what the customer wants. Again these things -- so the license fee normally is paid upfront. In our case, some of these might be paid -- the initial deals are going to be -- each one of the initial deals is going to be a work of art. We're going to have to work with the customers. We'll be agreeing, in the beginning, to some level of milestone-based payments on things and so on just because, I mean, realistically people want to feel like they're lowering their risk. And then of course, those customers will be paying us a royalty once they go into mass production. Now there are different business models. Sometimes, you can get the royalty directly from them. Other times, the royalty will come from the foundry as a percentage of the costs of the wafers that these customers use, so you start going into a lot of variations of these business models. And that's part of what we'll need to negotiate with the foundries on exactly how, but the fact is there's always this license fee. Then there's the NRE fee, which in the case of a foundry it's the technology transfer fee. And then there's royalties once there's mass production. The last business model that I will mention, since I said we are starting to look at some discrete chips -- again, I don't want people to think that now we're going full blown into the discrete market, because we do need the selector for the majority of that market, but we will be potentially doing some discrete chips. And those are chips already that we manufacture ourselves. We package them ourselves and then we sell the chips to customers, so it's actually chip sales already, where they pay us just a certain amount of dollars per chip or something like that. So those are the 3 key models. In terms of costs, they vary so much based on geometry, based on all kinds of other parameters, volumes, et cetera, et cetera. I really don't feel like right now is the time to start going into all of those details of how much exactly each one -- what are the -- because the ranges are extremely wide. They can be 10 -- the [ maximum, minimum ] can be 10x apart.

Yes, yes, I understand. It's just good for people, for investors to understand the different revenue models because, as you sign up new customers, everyone is going to be on a -- it's not like a widget where you pay so many dollars per unit. It's dependent on the different structures that are put in place. I'm just conscious of time. We've got about 5 minutes. And for every question I ask, 5 more come in, so I'm just trying to cover as much ground as possible on this session, if we can. And I do apologize. There will be people whose questions won't be asked, unfortunately. Just in terms of -- and we've had a few coming on this: Just very quickly, a bit of background in relation to last week's suspension and what happened. "If you could please provide, that would be great." A few shareholders have asked about that.

Yes, okay. No, I think shareholders deserve to understand what happened. It was literally a very, if I can say, stupid human error that blew up to become something much bigger. In Australia, when people exercise options or performance rights, they need to -- or we need to issue a cleansing notice, except for cases where the options are under what's called ASIC class order 14/1000. Now our employee options are under this 14/1000, but the directors, and I won't go into the technicalities why, are not covered by that, so when Yoav exercised his options and then went ahead and sold them, we were supposed to issue a cleansing notice. It was the end of the year. People were on vacation, and it was a very simple oversight. The people that were in the office in -- our Corporate Secretary mistakenly thought it was covered by the 14/1000 when it wasn't. And so we mistakenly didn't issue that, but as soon as we found out, we immediately took action, went to ASIC and immediately went to the court to ask for an ability to extend the period to issue the cleansing notice. And we just issued it late. The court approved for us to issue it late. So that was the court ruling last Thursday. I'm glad that the court understood. I mean the court had -- some of you guys noticed, and we're commenting on it, that the court had a human error themselves when they posted the wrong time for the court hearing. I mean human errors happen. It's very unfortunate. We're now taking action to put in additional controls so that these kinds of things won't happen again. I'm very, very sorry. And it's a good opportunity for me to apologize for this trade halt and what happened last week. I'm glad it's over, and now we're focused on moving forward.

So let's go to a question about moving forward. There's been some commentary about the auto industry and the company's recent updates in terms of a sector that's a target sector for the technology. We've got a question that's come in here just following up on your mentioning that TSMC and Infineon were producing products for the auto industry. Does that help or hinder Weebit's aspirations to build a significant market share in automotive?

First of all, I think, if anything, it helps us. Again it shows that ReRAM is fit for automotive. I mean it's the proof that ReRAM is fit. By the way, Infineon and TSMC are working on getting it ready for automotive. It's not like they're already manufacturing mass production. The automotive industry, because human lives depend on it, has very, very strict regulation. You need to go through a lot of testing before they allow you to put a chip in a car where there's a risk [ of ] human lives and so on. We are working today already with -- we're talking to some automotive companies. There's a lot of interest because there's -- there are many advantages for ReRAM in the automotive space. This is a space that will require a lot of hard work. And really meeting these regulations [ is not simple ], so we're working on it, but yes, I think [ it's a -- again ], whatever is happening with TSMC, I [indiscernible] more positively than negatively because it really [ gives them lots of ] confidence that, hey, ReRAM is here. It is good for automotive. It is good for these extreme things, so that encourages people to talk to us.

I'm conscious. We've come up to [ 2:15 ] and maybe just down to just 2 more questions more bigger picture because we've spent a fair bit of time sort of into some of the detail. What do you see as the unexpected opportunities over the next 12 months for ReRAM?

Well, unexpected opportunities. I guess, my definition, they're not expected, but I think that right now, well, I think we're just so swamped with work. I'm -- literally I am working from morning till late at night on all of these fab opportunities. And we have so many of these that we're trying to sort our way through. I don't know right now. I think, for Weebit, this year is really going to be a big focus on just getting into some of these big fabs and getting some of these customers onboard, so I don't have anything beyond that. There's the selector. There's neuromorphic but not ...

Okay. And maybe one last question: What keeps you up at night? What most taxes your thoughts in terms of the company and the way forward?

Well, I guess you can see the gray hair on my head. I'm at the point where, when I go to sleep, I sleep well at night. And that's very important, I think, also for Weebit, that I have a good night's sleep and I wake up in the morning like now and I'm already full of energy and ready to run forward, but in the sense of what worries me, there's always my Chairman is Dadi Perlmutter. And whoever doesn't know that: He comes from Intel, where the model was only the paranoids survive, so yes, I'm paranoid. I'm constantly thinking of can a big competitor pop up from somewhere. Can -- maybe something will go wrong with one of these Tier 1 fabs, and for some reason, we won't reach the voltage level or the cell size or whatever. So there are these challenges that we have and both on the business side and on the technical side even though on the technical side we really have -- are beyond the big risks, right? We showed that it works. We qualified it. We have wafers in our hands, but there's always the little things and -- with these big fabs. They're -- they keep pushing us to the corners, so there's -- I just want to see these agreements formalized and -- yes. I mean it's I'm feeling very, very good right now about the potential of Weebit, but we should always remember Weebit doesn't control the market. And somehow, somewhere, a competitor camp up. I have no guarantee on that. Or some -- I don't know what will happen with some of these big fabs or something like that. So there's always risk in investments, right, and people should always remember it.

Yes, but I think, to be fair to you and the Board and the management team: If you look back the last, what, 6, 7 years now since you've been CEO, pretty much every time you've set targets -- I mean not -- it's not 100% perfect but nearly perfect. Pretty time -- every time you've set a target where you said you were going to deliver something, you have within the time frame that you had indicated. So I think, yes, nothing is without risk, but at the same time, if you look at the track record of the Board and the management team from 7 years ago to today, it does, I believe, give confidence in your ability to deliver on what you say you will do because you've done that for the last 7 years.

Did I mention the gray hair on my head...

[ That too ]...

We've, I think -- I love my Board. It's an amazing Board with so much experience. And I think we -- when we set targets, it's targets that we believe we have a very good probability of hitting. And that's what you're seeing, right? I mean I always take into account that there can be surprises. And I take some spare if I need -- when I set the target, just in case. I mean that's part of being a manager for so many years. You learn how to set the right targets. And again, my Board is amazing. And together, we're constantly looking at what targets we want moving forward, so yes, I'm very proud of our record and I'll do everything I can to maintain it.

Coby, thank you very much for your time today. I know we've gone overtime. I do apologize to all those investors who we weren't able to ask your questions. We could have probably gone on for another 1.5 hours, based on the questions that were there. I've tried to get a snapshot of all the various questions to give as broad a discussion as possible. And we will have, obviously, results coming out at the end of the month. Coby has plans to come out. We haven't finalized dates yet but plans to come out, hopefully, if all goes well, sometime in March or April, but when we do, we'll obviously arrange those sessions like we had last time. You came out in the major cities for investors to come and get an update and get an update in person, not have to hear me interview you. You just answer the questions direct. So thank you all for your time today, this afternoon; and Coby, for your time getting up early this morning and giving us some further insight on the developments at Weebit and, importantly, also the exciting path ahead as you commercialize.

Well, thank you. Thanks to all the shareholders. I'm always so glad to have you guys with us and I never take it for granted. So thank you to all of you guys that joined this call. And have a good afternoon.

That ends our session today. We look forward to seeing you at future Meet the CEOs with Coby. Thank you, everybody. Bye.