Weebit Nano Limited (WBT) Earnings Call Transcript & Summary

Okay. Hello, everyone. Yes. Thanks for coming. And I want to welcome you all to the AGM. As you know, I had a challenge to get here and with the Visa issues and everything. So thanks to some good friends here with Ash and Ron, pulled strings and helped me get into the country. So I'm very glad to be here. Unfortunately, Dadi, for other reasons, he didn't get the Visa on time, and he -- he's not here with us. He's here on the Zoom, and I'll be handing it over to him in a second. But I'd just like to welcome everyone, and especially, we have here 2 of our directors. We have Naomi Simson and Ashley Krongold that are here. And also Mark Licciardo, our Corporate Secretary, is here and Madeline, thanks for setting all of this up. And we have the people also from Automic that are helping us with Ron and Eric and [ Jazz ] wherever, yes. So over there. So thank you all. And I guess I'll hand it over to Dadi, who's on the Zoom so that we can start the formal meeting. Dadi?

Thank you, Coby. And good morning, everyone. Good afternoon. I'm sorry. My name is David Perlmutter and I have the privilege of being the Chair of Weebit Nano. It is my pleasure to welcome you to the 2023 Annual General Meeting of Weebit Nano Limited. I apologize for not being able to participate in a meeting in person. As Coby mentioned, some Visa problems. Hopefully, next time I will be in person again. We have a quorum, so I declare the meeting and poll open. Notice of the Meeting was distributed on 20th of October 2023 which is set to the business and resolution to be considered at a meeting, and I will take the Notice of the Meeting as read. It is now 3:00 p.m. AEDT, the time appointed for the meeting and have a quorum, so I declare the meeting open. I would like to start by outlining some of the procedural matters in addition to our special meeting -- in-person meeting in Melbourne, we are also conducting a meeting with a virtual component. This hybrid allows shareholders and proxies wherever they may need to attend virtually on shareholders and proxies, the ability to ask questions and vote today. For those of you online, should you experience any technical difficulties, according of our AGM will be available on our website following the meeting. If we experience any technical issues during the meeting, a short recess may be required. Should this occur, we will communicate accordingly. Shareholders will have an opportunity to ask general questions after the conclusion of the formal items of the business. For those attending virtually, please see the steps as outlined on the screen. For those attending the meeting in person, please raise your hand. When prompt, you will be to called upon to -- appropriate time. Voting today will be conducted by the way on all items of business. Instructions on how to vote through the Computershare platform is displayed on the screen in order to provide everyone with the opportunity to vote and in case everyone cannot stay for the whole meeting, the poll is now open, and you can vote on all resolutions. I will give you a warning before I move to close voting. All those voting holders physically in the room today, you will have received a voting card upon registration. Please complete the reverse of the voting card. Should you require assistance to do this, we have Computershare staff available to assist. Today, I'm joined by my fellow directors our CEO, Coby Hanoch; Ashley Krongold and Naomi Simson attending in person. We also presented in Zoom, our CFO, Alla Felder, representatives from our company's Secretary Office [ claim ] Australia. I'm happy to have Miranda, Janse Van Nieuwenhuizen our auditor from Nexia Perth and [ Julian Musin ] from our share registry, Computershare Investor Services, will also act as our returning officer. I would like to make a short statement as a Chair. The past year has been Weebit Nano's most successful to date and we have seen -- and have seen our transition from focusing on our technology development into a commercial company. We have laid the foundations and opened the gates to acquire customers: de-risking our embedded ReRAM with the successful qualification of the technology at industrial and automobile specified temperature in Sky Water Technologies. We have also signed a licensing agreement with Tier-1 foundry, Dongbu HiTek and generated initial revenues. Our program the ReRAM IP is now commercially available in SkyWater S130 CMOS process, marking our transition from a future technology to the industry-leading foundry agnostic provider of advanced Non-Volatile Memory. Our recent licensing agreement with global top 10 foundry DB HiTek is assisting our discussions with other leading foundries, Integrated Device Manufacturers and semiconductor companies. Under our licensing agreement with DB HiTek, our embedded ReRAM will soon be on the shelf in one of the largest semiconductors manufacturers in the world. In addition to further validating the quality and the maturity of our embedded ReRAM,-- our agreement with a Tier-1 chip manufacturer increases the urgency for other foundries to add our ReRAM on their shelves. The urgency is being supported by increasing industry recognition that ReRAM is a better replacement for flash memory than other emerging technologies like MRAM in most applications, given the significant manufacturing and cost advantages. The industry demonstrated its view of Weebit's ReRAM in a few months ago with the semiconductor engineering community naming it, the embedded solution product of the year in the electronic industry awards. While our first IP is already in the market, ReRAM is still very much of an emerging technology, much like flash, which has continued to evolve over the past 3 decades, we will continue to improve the baseline parameters of our ReRAM over the coming years to meet customers' demand for smaller, more efficient, nonvolatile memory. In parallel, we are also progressing our selected development for the discrete memory market, which provides an additional and much larger opportunity over the long term. To the best of my knowledge, there is no other team in the world, which has the same caliber of engineers across the disciplines required to drive such broad developments. Instrumental to our success in full year 2023 have been our enduring partnership with development partner, CEA-Leti and our collaboration with commercial partners, SkyWater Technology. On behalf of the Weebit team, I'd like to thank CEA-Leti and SkyWater for their support over the last year. We look forward into another successful year in 2024. This year has not been without its challenges. This includes volatile capital markets and geopolitical tension between the U.S. and China. With the semiconductor industry in the middle of it, we've also navigated increased shorting activity as we were added to the ASX 300 and then to the ASX 200, and delays in finalizing our first Tier-1 agreement. More recently, we have had to cope with the conflict in Israel. Our world-class leadership and Board have successfully steered the company through these challenges and our confidence in our technology, market opportunity and outlook has not wavered. I'm incredibly proud of our team for upholding the Israeli tradition of pushing ahead with milestones not losing a single day of work, any delivery or any customer despite the ongoing conflict. We are well organized to continue to do that in the future. Weebit continues to strengthen its governance credentials, welcoming a well-known Australian entrepreneur and marketing executive, Naomi Simson to the Board in August 2023. We are committed to increase our Board diversity going forward. It is a privilege and an honor to be the Chair of Weebit Nano, and I'm incredibly proud of our achievements over the past year. I'm looking forward with excitement for the future of Weebit. I'd like to extend my thanks to my fellow directors of Weebit and Weebit entire team across the world for all your hard work and dedication over the past year. We have an exciting year ahead. Before I hand over to Coby for an operational update, I'd like to thank our highly engaged shareholders for our continued support. Our successful capital raise of approximately AUD 60 million during the year ensures we have all the building blocks in place to capitalize on our position as the leading independent provider of ReRAM. Our strong start of full year 2024 provides the momentum for the exceptional year ahead, and we signed a new agreement with foundries and customers, growing revenues as ReRAM starts to replace flash in next-generation designs. Longer term, Weebit has what it takes to be the global leader in the ReRAM domain, underpinned by the world-class team and game-changing technology. Now we will turn to the formal part of today's meeting. I confirm that I propose to vote those proxies left to my direct discussion as the Chair of -- sorry, I confirm that I propose to vote those proxies left to my discussion as the Chair in favor of all resolutions. Proxy voting received prior to the meeting will be shown on the screen for each team -- for each item of the business to be voted today. Only shareholders, validly appointed proxies and corporate representatives are entitled to ask questions at today's meeting. It is my duty as Chair to ensure the shareholders here as a group, have the reasonable opportunity to discuss the management of the company and the item of business before the meeting. The following procedures have been adapted for this meeting. Questions and comments should be concise. Questions and comments must be confined to the particular item being discussed and to matters relevant to the shareholders as a whole, and shareholders are limited to one question at a time. As outlined previously for those attending virtually, please see the steps as outlined on the screen. For those attending the meeting in person, please raise your hand when prompt, and you will be called upon the appropriate time. The first item of business is to receive and consider the company's annual report, including the director's report and the auditor's report for the end -- for the year ended 30 of June , 2023. A copy of the 2023 annual report was made available to shareholders on 25th of August 2023. There is no formal resolution to put in the meeting in relation to the adoption of the 2023 annual report. However, I will respond to questions from shareholders in relation to the annual report. Miranda of Nexia Perth is also available online to respond any questions relating to the audit and the financial statements. We will also take questions about or any comments you may have in relation to the management of the company. Are there any questions or comments online or on the phone?

Thank you, Chair. There are no questions online in relation to item 1.

Thank you. There are no questions via the phone lines.

As there are no questions online or on the phone -- I'm sorry, that already passed. No questions in the room. So I'll now move to the next item of business. Resolution 1 relates to the adoption of the remuneration report for the year ended 30th of June 2023.

Hi Dadi, sorry, there's just a question in the room.

My name is John [ Sabeljack ]. I just have a question as to whether any of the directors -- or all the directors need to actually hold any shares that they acquire on market as opposed to options or performance rights or anything else? Because I noticed 1 or 2 of the directors don't have any actual equities? Or is there a plan to introduce such a policy?

We don't have a policy for holding shares. All directors, of course, have their options and performance rights. Most of the shareholders, including myself and the CEO have personal shares as we invested in the company. Any other questions?

No further questions in the room.

Okay. Thank you. Resolution 1 relates to the adoption of the remuneration report for the year ended 30th of June 2023 set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online in relation to resolution 1.

There are no questions via the phone line.

Any questions on the room?

As the next item relates to me, I will hand the chair over to Coby to address this resolution.

Thank you, Dadi. Resolution 2 relates to the reelection of Mr. David Perlmutter as Director of the company as set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments on the phone?

There are no questions via the phone line.

There are no questions online either.

Any questions in the room? There are no questions in the room.

Okay. So -- as there are no questions, I will hand back to Dadi Perlmutter to chair the meeting.

Thank you, Coby. Resolution 3 relates to the reelection of Mr. Ashley Krongold as a Director of the company as set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online in relation to resolution 3.

There are no questions via the phone lines.

As there are no questions online or on the phone? Are there any -- also no question in the room. So in that case, if there are no further questions to the room, I will now table the outcome proxy voting received prior to the meeting as shown on the screen. Resolution 4 relates to the election of Mrs. Naomi Simson as Director of the company is set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online in relation to resolution 4.

There are no questions via the phone lines.

Any questions in the room?

As there are no questions in the room -- if there are no questions in the room, I will now table the outcome of the proxy voting received part of the meeting is shown on the screen. Resolution 5 relates to the approval of issue of performance rights to Executive Director and CEO of the company, Mr. Jacob Hanoch is set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online regarding resolution 5.

There are no questions via the phone lines.

Any question in the room? No question in the room.

As there are no questions in the room, I will now table the proxy voting received prior to the meeting as shown on the screen. Resolution 6 relates to the approval of issue of options to Executive Director and CEO of the company, Mr. Jacob Hanoch is set out in Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online regarding resolution 6.

There are no questions via the phone lines.

Are there any questions in the room? There are no questions in the room.

As there are no questions in the room, I will now table the outcome of the proxy voting received prior to the meeting as shown on the screen. As the next item relates to me, I will hand the Chair over to Coby again to address this resolution.

Thank you, Dadi. Resolution 7 relates to the approval of issue of performance rights to nonexecutive Director of the company, Mr. David Perlmutter is set out in the Notice of the Meeting and displayed on the screen. Are there any questions or comments on the phone or online?

There are no questions online regarding resolution 7.

There are no questions via the phone lines.

As there are no questions online or on the phone or in the room, I now table the outcome of the proxy voting received prior to the meeting as shown on the screen. Resolution 8 relates to the approval of issue of options to Nonexecutive Director of the company, Mr. David Perlmutter as set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments on the phone or online?

There are no questions regarding resolution 8 online.

There are no questions via the phone lines.

As there are no questions, I will now table the outcome of the proxy voting received prior to the meeting as shown on the screen. I will now hand back to Dadi to chair the meeting.

Thank you, Coby. Resolution 9 relates to the approval of issue of performance rights to Executive Director of the company, Dr. Yoav Nissan-Cohen as set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments on online or on the phone?

There are no questions online regarding resolution 9.

There are no questions via the phone lines.

Are there any questions in the room? There are no questions in the room.

As there are no questions in the room, I will now table the outcome of the proxy voting received prior to the meeting as shown on the screen. Resolution 10 relates to the approval of issue of options to Executive Director of the company, Dr. Yoav Nissan-Cohen is set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online regarding resolution 10.

There are no questions via the phone lines.

Are there any questions in the room? There are no questions in the room.

As there are no questions in the room, I will now -- I have a problem in my computer, I will not show the results. Let me open the other computer. For some reason, there's a problem in the file that I'm reading from.

Is it okay? Or do you want me to continue?

No, I will continue in a second. I open another file on another computer. Good thing I have multiple computers in my room. I apologize for that. For some reason, the file is corrupted or maybe the computer. Resolution 9 relates to the -- and we also approved the resolution 10, correct, which we are in resolution 11. I'm sorry. Okay. Resolution 11 relates to the approval of issue of performance rights to Nonexecutive Director of the company, Mr. Ashley Krongold as set out in the Notice of the Meeting and displayed on the screen. Are there any questions or comments online or on the screen?

There are no questions online regarding resolution 11.

There are no questions via the phone lines.

Are there any questions in the room? There are no questions in the room.

As there are no questions in the room, I will now table the outcome of the proxy voting received prior to the meeting as shown on the screen. Resolution 12 relates to the approval of issue of performance rights to Nonexecutive Director of the company, Mr. Atiq Raza as set out in the Notice of the Meeting and displayed on the screen. Are there any questions or comments online and on the phone?

There are no questions online regarding resolution 12.

There are no questions on the front line.

Are there any questions in the room? There are no questions in the room.

As there are no questions in the room, I will now table the outcome of proxy voting received prior to the meeting as shown on the screen. Resolution 13 relates to the approval of issue of performance rights to Nonexecutive Director of the company Ms. Naomi Simson as set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online regarding resolution 13.

There are no questions via the phone lines.

Are there any questions in the room? There are no questions in the room.

As there are no questions in room, I will now table the outcome of proxy voting received prior to the meeting as shown on the screen. Resolution 14 relates to the proposed increase to Nonexecutive Director of Fee Pool is set out in the Notice of Meeting and displayed on the screen. Are there any questions or comments online or on the phone?

There are no questions online regarding resolution 14.

There are no questions via the phone lines.

Are there any questions in the room? There are no questions in the room.

As there are no questions in the room, I will now table the outcome of proxy voting received prior to the meeting as shown on the screen. I remind those shareholders that wish to vote today who have not already done so to please complete their voting in accordance to the instructions provided at the beginning of the meeting as the poll will be closing soon.

I would like to open the floor for any general questions from shareholders for the Board. I remind you of the procedures I have already outlined for questions on this meeting.

There are 2 questions online regarding general business. The first question is from Paul Dunay. I get confused about the revenue potential of Weebit when I'm presented with the NVM market size in the multibillions and what we can address specifically as royalties. So what would be the maximum royalties that Weebit could address from a company like DB HiTek?

I will be addressing this more in the presentation. I think the answer, just to give an initial answer, a foundry like DB HiTek has hundreds of customers, including many big name companies like Samsung and Sony, Toshiba, Texas Instruments, et cetera. And the deal with a foundry like DB HiTek enables us to access all of these customers and to license the technology to them, eventually resulting in license fees, potential engineering fees and of course, royalties. The royalties are calculated based on very different schemes, and it's really very hard to give 1 rule of how royalties are calculated. I would say, in general, the royalties are a function of the revenues that the customer has from the product that has Weebit's technology embedded in it. So you can try to think of the revenues that these companies have from different products and normally, these companies would not develop a product which doesn't bring significant revenues to them. And we will be getting a percentage of that. The percentage and the details and the order -- the way that we built it varies from deal to deal, and it's really very hard to give specific numbers or to give anything more exact at this point.

There is one other question from Robert Carmen, I don't know if you want to do it after your presentation, Coby, it references Slide 18 in the pack that was lodged with the ASX on Tuesday morning. And just asking, given the slide shows the predicted embedded ReRAM market growing by a CAGR of 131% over 2023 to 28%, could we expect this trend to continue beyond 2028?

So yes, again, I will be addressing all of these things during my presentation. What you saw on that slide is the prediction of analysts that are experts in this market. I believe that anyone can see that if the market is growing this fast, you can think of it as continuing. It won't stop at that point, but I cannot -- I personally can't make that prediction. And I think even the analysts beyond several years, it's hard for them to provide specific numbers. But again, everyone can apply their own judgment of what happens when the market grows so fast, normally it doesn't stop that at that point.

There are no further questions online regarding general business.

And there are no questions via the phone lines.

Are there any questions in the room? There are no questions in the room.

As there are no questions, that concludes the formal items of business to be considered at today's meeting, and I declare the poll is now closed as it takes some time for the poll results to be known that will be announced to the ASX later today. I thank you all for attendance and declare the meeting closed. I will now hand over to Coby for today's CEO presentation. The presentation was released to the ASX on 21 of November and will be now displayed on the screen. And before I do that, I didn't introduce Atiq Raza, who is online as well. So I'm very happy to have another Director joining us in the room. So Coby, go ahead.

Okay. Thank you, Dadi. And again, thank you, everyone, for coming, and I will also thank you for supporting us. As you could see, the resolutions, I'm hoping that everything is passing. I think it was known that there was a challenge with the recommendations that institutions got, and I just want to thank all of our loyal shareholders that jumped in and voted and helped us. So -- we really appreciate your support. Before I start the actual presentation, there's a video -- short video that I'd like to present and then I'll dive into the presentation. [Presentation]

Okay. Thank you. So -- and thank you for our marketing team for setting up this video. So yes, I hope that by the end of my presentation, you will all agree that Weebit has what it takes to become the leader in this market and even more than that, that as far as I can see, we are the only company that has what it takes to become the leader. So let's start. I will skip the few slides and let's skip-- I think the whole -- everyone here knows these intro slides. So let's go to the next section. Whoever doesn't know what's on the slides until here, I think we can talk about it later, but most of you can present it better than me already. So let's talk about the recent achievements. Let's talk about what happened last year because I think that this past year, for us has been a very, very important year, a year of success of moving forward, really, we've been talking about this transition to commercialization. And I think this year, has really been a very important year. It started with getting the wafers from SkyWater. It seems like ages ago, it was a year ago that we got the first wafers produced in a mass production facility in our hands. Since then, we went forward and we got, first of all, the 85-degree qualification. And then the 125-degree qualifications, which we announced just now, that really opens up the market it really projects to the market not only to the SkyWater customers that we have it, but the market in general, the other foundries are seeing that this technology is robust. It can withstand 125 degrees for 10 years, that's not negligible and it's very important. In parallel, we had other milestones this year. And I think more notably, we announced, of course, the GlobalFoundries, getting the global foundries wafer finally and working with them. And maybe the biggest announcement in the last couple of months, I think, was DB HiTek. So before I dive into that, I think it's also important to note, and maybe this is the first time that I'm putting an emphasis on it because Weebit also this year went through a real transformation on the operational side, on the governance side, just in March, we entered ASX 300 before we knew it, we were already ASX 200. Obviously, the requirements from companies at this level are different than they are from smaller companies and the company has been undergoing an important transformation to meet the expectations from an ASX 200 company. So part of that was setting up the Board subcommittees, the Board infrastructure has changed. The procedures we're working now on all of the procedures. I think you all know, our Board is I consider it one of the most conservative Boards on the ASX even before we became ASX 300, I think I stated that even last year. The Board has really been very, very cautious about its decisions and about the way that it works. Sometimes, we had surprises from the ASX during the year and things that we didn't expect, but at the end of the day, it is a very, very conservative Board. These are people that were on Boards of public companies, major public companies in this industry, be it AMD or Intel or Mellanox or others. They know how big companies need to be governed and we have that knowledge in the company, and they are driving the company -- actually from the very beginning, they've been driving the company to meet these expectations. Now obviously, we're even doing the next step. I'm very happy we also have Naomi who joined our Board more recently, and I think I referred to it just before this presentation, part of becoming such a company is the fact that institutional investors -- well, first of all, the index funds come in and invest. Unfortunately, the next day they go and they give their shares to shorters and I've been receiving so many comments from so many people about it. What can we do? The shorters have it. They do what they do. We don't control the shorters. We only control what we can, and I'm totally focused on just delivering. We see the achievements, the milestones we're going to continue and focus now is on the business milestones on getting more agreements with foundries, with customers, product companies, et cetera. That's the only thing that I can do against the shorting activity, and we're going to continue to deliver. We're going to continue to deliver on both the technical and the business side. And hopefully, at the end, the shorters will understand the message. So that's very important. And also, since some of you guys had these questions, we became -- it happened so fast that we got into the ASX 200. And suddenly, we have these institution advisers that start analyzing the company. We didn't really have a relationship with them before. We didn't have time to even set that up. They have their own way of analyzing companies and of deciding what they recommend to vote for or not. They don't know Dadi or his contribution to the company. So I think, it's public knowledge, that they were recommending to vote against Dadi. They consider the fact that we are allocating options to him is something that makes him not independent. I strongly disagree with that because all of the major companies in High Tech that I'm aware of from Intel, Microsoft, Google, Facebook and Amazon, you name them, they all give options to all of their directors and nobody claims that their Boards are not independent. In any case, obviously, before next year, we'll be working with these advisers, and I hope we won't get to the same place as we did this year and asking you guys to help us, and that's part of this transformation. It doesn't happen overnight, but the company is getting organized and set up to be an ASX 200 company with all everything that it implies. So we're doing that, and thank you all again for the support meanwhile, as we're doing that transition. So let's talk about the good things. DB HiTek and excuse me if sometimes I refer to them as Dongbu in their previous name, they are, for me, a very, very important achievement. This is already 1 of the top 10 foundries. They're actually one of the leading foundries in the analog and power management domain. As I stated already, they have hundreds of customers, big name customers behind them. This is really a very well-organized foundry, and we're very happy. They took us through quite a bit of due diligence and checking their facilities, as you know, cost them billions of dollars to set up, and they were very cautious in bringing us in. I'm really happy. We have a very good relationship with them. We started already the technology transfer. They actually already identified 20 of their customers as the first potentials for us to work with. We're now engaging with them. We will start working with those customers to get them to know and understand Weebit. So this is really good. As you can understand, the potential here is very big. Each one of these customers -- I mentioned -- I answered that question already before the presentation, but there is a potential for a very nice revenue from royalties from each one of them, and we expect that to obviously grow. Again, the comments that I get from you guys somehow ASX didn't understand that potential. And just when we were releasing the announcement, they took off the price sensitivity of it. And many of you were asking why, well, we had it price-sensitive. And unfortunately, the ASX for some reason thought that it wasn't. But anyway, it's a very good thing. By the way, having DB HiTek sign up with us, definitely, and I can feel the impact that it had already on other foundries. So we are working with many of the other big foundries, and they are taking us through intensive evaluations and due diligence, et cetera. But the SkyWater announcement, the Dongbu announcement, these things are impacting and helping us to move forward, and we will have additional foundries over time signed up. The other big announcement that we had, and I know many people were asking me again over time, what happened with GlobalFoundries. You taped out in January, what's going on. Unfortunately, they give priority to wafers that generate revenue for them, and they have customer wafers running through the fab. We got lower priority. It takes time. I know I say it many times in semiconductors, these things take time, and that's the nature of this industry. But we're very happy to have those wafers now. And initial testing has already shown that the memory array is functional. We're going to go into much deeper testing, analysis and eventually, we hope to get to the point where we can start qualification. There's a lot of work going on. I'll talk about it more later, but I think you know that GlobalFoundries has also acquired the ReRAM technology that used to belong to Adesto. So we're actually running in parallel on both technologies, they basically are trying to figure out if they want to work with one of these technologies with both of them in parallel. They're trying to decide how they move forward. I remind you that these technologies for a foundry are only enablers to selling wafers, right? And this is something that I will repeat again later on in this presentation, but it's really important to understand for a foundry, the key is to sell wafers. That's where they make their billions of dollars from selling wafers. And having all of these IPs are an enabler to that. So a foundry because -- and maybe I'll stop here just for a second and try to explain the concept. You all know that we're focused now on the embedded market on embedding our ReRAM into what's called the system on a chip. The system on a chip because everything has been shrinking in semiconductors, people now can put a full system on a single chip, including a processor, WiFi, Bluetooth, sensors, whatever and also memory, right? Now when a company goes to a DB HiTek or goes to a global foundry, they basically, in order to make their system on a chip, they don't want to redesign the whole world again. They don't want to reinvent the wheel. There are very good IP modules out there that perform WiFi or that perform Bluetooth or that perform whatever. So normally what they do is they design the heart of the system. That's their IP. That's their smarts. And then the rest of the stuff, they take IP modules that are already out there that do that function. They do them well. By the way, ReRAM is one of those modules, and they take our ReRAM module and embedded as well. That's what we're doing, right? So customers need all of these modules so that they can quickly finish their design and send it to mass production to the manufacturing, right? So that's the concept that I hope that you have. And for these foundries, ReRAM is one of those IPs that is an enabler for their customers to manufacture their products. Okay? So GlobalFoundries, the fact that they have the Adesto ReRAM, it's not a competitor to Weebit. They have several versions of processors that are available for their customers and customers can choose whichever one they want. They have several versions of Bluetooth and WiFi and all these other things. And for them, if they have both of us on the shelf there, it's fine. It just even enables maybe more. So it's really important that everyone understands we're not in competition with GlobalFoundries there, and they are looking at our technology and trying to decide what they're doing. So I side step a little bit, but I think it's important for everyone to understand this concept because it's a basic concept that you'll see also, I'll refer to it in the -- when I continue the presentation. Now of course, the qualification at SkyWater, I already mentioned that 125 degrees is already automotive grade. It opens up an additional market for us. Many, many applications, which are more consumer, which are industrial, et cetera, a lot of them, 85 degrees are enough, and that was the first level that we did. Getting to automotive grade, that's already an important step forward, showing the robustness of this technology. And it's a very important milestone for us. And it sends the message also not only -- by the way, SkyWater's customers, you know are a lot of them from the Department of Defense in the mail aerospace, they need the ability to work in high temperatures in many cases. So it's important for Sky water customers, but it's also much more important for us showing to other foundries, hey, we achieved this. We're robust. You stop evaluating us and let's sign the agreements, right, okay? So that's kind of a key step here. I will, at this point, also address the question, and I got so many of them already about so what -- where are these SkyWater customers. What happened to them? You said that you're going to have a customer already signed up by the middle of this year, before the end of this year. And I want to address that openly with everyone. We actually had customers that were already lined up and we even negotiated and had agreements on the commercial terms with them. I mean we -- I was sure that I was going to have -- in some of the interviews, you could have sensed my confidence that I was going to close these agreements. Unfortunately, SkyWater is a relatively younger and newer foundry. And we found out these customers when they went to SkyWater, and they said, okay, we need these IPs in addition to the ReRAM, and they found out that some of the IPs are missing. And as you can understand, they couldn't do their chip without all of those IPs, and they came back to us and they said, "Listen, we want to work with you, but we're kind of stuck here." So those deals fell apart. Those customers definitely didn't disappear, and they're going to come back to us in their next project, and we are working with them. The good news is that SkyWater today realizes that they have that issue. They hired a new President and COO that came on board 1.5 months ago. During this 1.5 months, I already had 3 meetings with him to discuss this and discuss how we move forward, and he is very focused on fixing this situation. So we have that surprise kind of happened to us that we didn't realize it was going to have such an impact. But the good news is that we're working with them and I hope I can't tell you exactly when, but we will be engaging with them with the customers and working to fix this issue. So I just wanted to address that question that I get very often. So that's the achievements that we had in the past year. Again, going through the -- just getting first wafers from a mass production facility all the way to having now Dongbu and DB HiTek and achieving 125 degrees and having wafers already in GlobalFoundries, et cetera. I think we managed a lot over the year. But where are we going now? And what's ahead for EBIT? So first of all, I remind everyone, we're part of the semiconductor space, which is a very fast-growing space. Everything is becoming digitized. Electronic components are now everywhere. You all know that. I won't spend time on it. The semiconductor market is going to be more than USD 1 trillion by the end of the decade. That's a very big number. And Ron -- and in that market, memory is the biggest segment or you could say 1 of the 2 largest segments with logic, it's a very critical element in semiconductors. Both you have the discrete and you have all of these other domains that actually require embedded memory to operate. So there's a lot of work here. And you know that the nonvolatile memory market is a market that's going to be USD 124 billion very soon. So it's a very big potential that we have. And another important part of this is really the fact that we're going down in the 22-nanometer. Now that we have wafers and we can already see that the initial functionality is working, and we're going to be moving forward. We've already started working. I think I mentioned it in the past, analyzing going into the -- what's called the teens, the different foundries are working at 12, 14, 16, whatever, that level, it's already a more advanced technology called FinFET. And we are already working on that in simulations and analysis. So there's a huge market there and going down to smaller geometries. So the bottom line is the market needs a technology like ReRAM. Today, it's not a question. Everyone is talking about it. The largest automotive supplier in the world, Infineon, made a clear announcement all of their future chips are going to be based on ReRAM. And that really shook up the market. Everyone is now aware of the fact that the big players, Apple has a chip with ReRAM in an iPhone. People know that it's here. ReRAM is here, and this is a technology of choice. By the way, to look historically, I mean, we've had flash for so many years. People have been looking for a new technology, and MRAM came out first. It's already out in mass production for a few years. You have, I mean, companies selling it and being profitable. But as time goes by, it's very clear to people that MRAM is not the solution. First of all, it's just such a contaminant in a fab, you have to set up the whole manufacturing in a separate facility. It's a very expensive production line for MRAM. They have so many steps and so many very thin layers that they need to do. And this is really a big challenge. The cost of manufacturing MRAM and you guys, I think, already know, it adds about 30, 40, even more percent to the cost of a silicon wafer. That's huge. Flash is only 10% to 20% added cost, and ReRAM, it's 5% to 7%, okay? So obviously, people -- some people are using MRAM, they couldn't wait and it has some advantages. The big advantage of MRAM over ReRAM, by the way, is the endurance. Very few people need that big endurance that MRAM has. We are already, as you know, 100x better than flash. But MRAM has its phase. I've had already quite a few consumer and other companies tell me, no way on Earth will we ever touch MRAM. This thing is too dangerous for us because if a guy has an MRAM in his cell phone and he walks through airport security, he goes to a hospital next to an MRI machine or whatever, that thing can erase the memory eventually, a big consumer company was telling us about their ear pods that are in a case that snap shot with a magnet and they're afraid that over time, that will raise the memory. So people are looking for ReRAM. Now the ReRAM is out there. It started with TSMC announcing it. Now Weebit and UMC have ReRAM. The market is very interested in this, and we're getting people from all over that are interested and want to work on it. Now -- so and I guess the previous slide showed that ReRAM will be taking over the MRAM market very soon. I mean the expectation is that 60% of the wafers that have new memory technology on them will be with ReRAM in just a few years. So I think, again, it just shows the potential of this market. Now before I dive into a little bit more of the -- exactly the analysis of the market and so on, I want to just remind everyone a few details about how this market works. So in terms of the business model -- and by the way, I'm focused now talking about the embedded side of things. I will mention the discrete a little later. Today, the focus of Weebit is embedded. I want to make the maximum out of this. We need to get as many deals as we can with foundries, with customers to start ramping up the revenues. So the discrete is happening in the background at lower priority. We are making progress. We are making progress on the selector and so on, but I will be focusing over the next slides on the embedded side of things mainly. So just a reminder, the way that this thing works is, first of all, Weebit needs to work with a foundry. That's why working with DB HiTek is so important. We sign up the foundry. We -- they pay us the license fee. They pay us NRE, which is nonrecurrent engineering, it's for all of the work to transfer the technology and we transfer the technology to them. The license fee very often is paid upfront. That's what will happen in future deals. We will insist on getting paid upfront. Today, with these initial deals with SkyWater and DB HiTek, et cetera, obviously, we have to compromise. They have their concerns, and the license fee is actually paid in payments tied to certain milestones and so on. So I'm very happy to say we have first revenue, and you guys saw that announcement. It's a small number. It's $100,000. That's the initial payment of the initial license fee. The dollar amount isn't so important. It's the fact that we actually are no longer pre-revenue, okay? The company made another very important transformation in the past year. We are now a revenue-generating company. And this was only the first payment, and we will see more payments coming in and things will start moving. And we'll talk in a minute about projections and about how exactly this will happen. But I think that's an important thing. And then once we work with the foundry like a DB HiTek, we already engaged with them and start looking for the product companies. We want to bring them on board. As I mentioned, with DB HiTek, we're already identifying customers. By the way, with SkyWater it's the same thing. We have -- now that they're focused again on getting customers, we are identifying customers with them and starting to talk to these customers. These product companies, some of them will be small and maybe we don't want to waste energy on too many accounts which don't generate a lot of revenue. So some of them will go, and basically, we will be working with them through the foundry. We won't have a direct relationship with them when they go to the foundry and they buy wafers, they will tell the foundry we want this IP, that IP, that IP, the foundry uplift the price of a wafer. And then from that uplift, part of that will be paid to EBIT as royalties. So that's one way of working. And in that case, just so -- because people are asking me about royalties, and there was a question even earlier. In this case, the royalties will actually be a function of the wafer price, as you can understand, which eventually reflects also the revenue, but that's one way. With the big important strategic product companies, the Apple, Broadcom, Google, whatever of the world, we will want to engage directly. So we will actually work with them to get the license fee directly paid from them to get paid the NRE from them for tailoring the module to their needs. We will want to tailor the module so that it is the most optimal possible for them that they will be as happy as they can. They will come to us again, they will tell their friends that they're happy. So there will be a very close relationship with them. And then we will actually get paid the royalties directly by them as a percentage of their revenues. So there are -- as I mentioned earlier, there are so many different ways that royalties are calculated. And I won't go into all the details but different companies function differently. Some companies have one division developing the chip and then they do an internal sale to another division that sell -- that builds the product and sells it and you need to adapt to all of these different scenarios. So I'm not going into the detail, but at the end of the day, it's a function of the revenues. And it's really important, and this is really a key element. When we sign with one of these foundries, Ron is busy there again. We actually engage all of their customers behind them. I'm repeating this. Again, I was so surprised that the ASX couldn't understand this concept, but I know that you guys understand it. So there is a huge potential behind every one of these foundries. Now it's important for me that everyone understands, and we set expectations properly, I don't want to mislead anyone. You've heard me say many times. In semiconductors, things take time. It's a very expensive environment and the manufacturing is so delicate. So the -- basically, the flow is when we sign, I don't have a pointer here, but when we sign an agreement with a foundry, we start transferring the technology to them. It's a process of roughly half a year, then we go and we manufacture the first wafers, another roughly half a year to get those wafers back to start testing them and eventually to do the qualification. Now qualification, I think you already realized is a long process. We need to put -- part of the qualification process is to put these chips in ovens, in high temperatures for thousands of hours, okay? And no matter what I do, thousands of hours are many days, and I can't shorten that. So it takes that time. After roughly order of magnitude of 1.5 years, we are qualified, assuming everything goes well, and we're ready for mass production. Now we don't wait for that in order to engage with the customers. We will go to the product companies earlier, like you can understand, we already started talking to DB HiTek about their customers. And we will start exposing their customers to our technology. We will start learning their needs. We want to get in their mindset so when they're starting to think of the next project, they will have us in mind. And they will come to us with questions, we'll answer. And maybe even we'll modify the module that's running through to do that qualification to already start addressing their needs. So the goal is as quickly as possible, get these customers on board and have them decide that they want to run with us. Once they decide that, that's the long period that, okay, they decided now they want to make this product. Our ReRAM is part of it. They have all of these other IPs. They have their own IP. It's a process of between 9 to 18 months for them to design this new product, get it ready to tape out and manufacture. Then they go and manufacture and as you know, order of magnitude of half a year, they get the chips, they do the testing. They do the qualification, et cetera. Again, roughly order of magnitude of 2 years. I'm saying this not to scare you off and to say, "Oh my God, no." But it is what it is. This is how this industry works and we just need to accept that fact. The good news -- and again, the thing that I really want to emphasize, the day that I signed with DB HiTek, you know, yes, it's going to take us this process, and it's going to take this time. But DB HiTek would not engage with Weebit if they didn't believe. I mean it's a huge effort on their part. They are allocating their teams. They're allocated time in their fab. Do you know how much each second in a fab costs? Again, these are multibillion dollar structures that are supposed to be manufacturing wafers that generate revenue to DB HiTek. When they are working on our wafers, they're not running wafers they're generating revenue. So -- the fact that they are now working with us on this shows you that they see that potential. They see the revenue potential and it's worth it for them to work with us and to push this. And they know because they did the survey with their customers, they know that their customers want ReRAM. Okay? So yes, it's taking time. But the revenues there, you can already predict them. You can already look at it and say, we know that they're going to be coming because there's all of that that's happening towards that point. And that's really the important point. So we're not giving any guidance yet because it's just too early and there are too many questions. But I do think kind of helping you understand the concept and the general potential that we're talking about. In 2024, 2025, Weebit will be engaging with more and more foundries as we go. And as we do that, we will start getting those customers on board. 2 years later, in 2026 time frame, we will very hopefully start seeing some of these royalties coming in. The royalties are really what generates that hockey stick effect, okay? So again, I always try -- I think you guys know, I always try to be as transparent as I can on what's happening, where we're going. I don't like to sugarcoat things. And I think that the potential here is very, very good. It does take some time to get there, but you can already try to think of the DB HiTek customers and the type of products that they have and how much revenues they generate and think of the fact that we will get a small chunk of each one of those revenues, and that's what's going to grow here, the royalties. So now I'm getting maybe to the most important point of this presentation because, again, people are constantly thinking of, okay, there are other ReRAMs here. And what exactly -- I mean, where does Weebit fit in this thing? And what is the future of Weebit? Where are we heading? So first of all, you know that there are other ReRAMs in the market. TSMC announced that they have a ReRAM. UMC announced that they have a ReRAM solution. You know that GlobalFoundries acquired what was left of Adesto when they're trying to make it work. There are actually 4 ReRAMs in the market. Now the first thing that I want to point out is developing a ReRAM technology is a very, very difficult task. It takes a lot of time actually each and every one of these ReRAMs that is in the market has been in the making for about 20 years. Weebit is 8 years old, but our partner, Leti, has been working on ReRAM for 20 years, and they already have so much know-how, and we are working with them. We licensed some of their technology. We developed some technology on our own. We have some joint technology. By the way, whatever we license from Leti is exclusive license to us. And yes, there were foundries that tried to go behind our back and go to Leti to get that technology and Leti told them no way, okay? So they are a very close partner. We're very well aligned, and we're moving forward. But the key point here is ReRAM is a difficult technology to develop. And you can look at the marketplace now, since it's a 20-year process, you can look around and say, when -- who else is even close? Nobody really. It's these 4 technologies right now. So 3 out of these are foundries. That's the first point that I want to make out. Okay. UMC, TSMC and GlobalFoundries, they will never give their technology to anyone else, okay, to any other foundry, right? These are direct competitors, no way that they will ever give it to anyone else. So the other foundries, they really have one solution right now. They have Weebit. And that's why when I tell you, we're working with the majority of the major foundries, you can understand why because they know that they need ReRAM and we're it, okay? The second point that I want to emphasize, and I already talked about it when I explained GlobalFoundries. For these 3, the ReRAM is an enabler for them to sell wafers. This isn't their big focus. This isn't the thing that they're putting everything they have into it, okay? They developed something. By the way, we had customers come to us, product companies, more than one. They come to us and they tell us, we went to TSMC. We wanted their ReRAM. And they told us, "Oh, yes, here, we have several options for you." And they looked at it and they said, "No, but we need a different version. We need something which is more low power or more faster or whatever." And TSMC said, "Well, guys, this is what we have, choose one." And so they came to us, they said, "We really need something that is tailored for our needs." What does it take to really develop ReRAM technology? What does it take to make this technology the leader in the world? There still is so much R&D that needs to go into ReRAM technology. We are a young technology despite 20 years, yes, in semiconductors, 20 years is not much. And this is a new technology that is just getting to market, and there will be a lot of work to improve the quality, to lower the power consumption, to speed it up, to have smaller cells, et cetera, et cetera, et cetera. There's still a lot of work. Just to give you a feel, by the way, flash technology, which has been around for ages, right, I think it was about 20 years since they started mass production until they finally had what's called 3D NAND, okay? 3D NAND is basically that ability to go 3 dimensional. Okay, which is critical for them, right? That's what makes them so competitive today. Otherwise, they would be dying very quickly, okay? So 20 years after they started mass production, that's when they finally had that breakthrough. There needs to be continued R&D all the time of a very strong team. And we're talking about a very strong device team, the physics side of things. We're talking about a very strong process team, the chemistry side of things. We're talking about a very strong analog design, a very strong digital design, a very strong test and characterization and qualification team. And all of this needs to be working in very close harmony and they need to be working together because they feed each other. You have issues that come up from one side of things, and I was giving the example of a meeting we had just recently where the process guys were saying, this foundry wants us to achieve voltages that are -- we can't get there. We're trying, but we're not managing to make it. And the analog design guys came, "Oh, don't worry about that. We'll take care of it. It's on us. We'll make it work." And so you need to have that working and you need to have the management focus. This is critical to have the management team that is focused on this that makes this happen, okay? Without one of these elements, it's very hard to become the leader in the ReRAM space. Now TSMC, I mean, their device and process teams are second to none. I mean they're amazing, right? And I'll never say anything about that. But as you can understand, customers that came to them and wanted to start tailoring things, they said, "Oh, the design side, it's not really what we do. We manufacture wafers. We're not going to start putting so much effort on the design side." You look at UMC, it's even worse because the process and device technology doesn't even belong to them. They're licensing it from -- I won't go into all the details, but they license is from Panasonic. Panasonic, actually sold it already to Nuvoton as part of a big sale of the whole division. Nuvoton doesn't want it, et cetera, et cetera. Never mind. The bottom line is there isn't enough focus. Weebit has more than 10 PhDs in ReRAM, in memory that are working in our device and process teams. These are guys that -- I mean I said in those meetings and oh my God, I don't understand anything what they say. It's amazing the work that they're doing. Our Chief Scientist is a PhD in ReRAM that has been researching ReRAM for 20 years. Our CTO, Ishai, he's a co-founder of Adesto 18 years ago. He founded Adesto in the last 18 years. The only thing that he did is ReRAM. These guys are what it takes to get that process and device engineering going. And we have on the analog and digital design, our VP R&D, again, 25, 30 years doing memory modules and he's well-known worldwide in his abilities there. And by the way, he's already built the memory module in such a way which is configurable and parameterizable and all of those nice things so that once we have more and more customers, we'll be able to automate things and have a compiler which generates these memories so that we don't have to do everything manually. 90% of the work will be done by the compiler, and we'll do the final tweaking. So it's really important to understand, I really can't see any other company in the world today that has what it takes to take this ReRAM technology and move forward and become the leader, and that's even before I start talking about developing things like the selector and so on, which is a very massive effort. And again, it's really -- TSMC might be working on it. I can't see UMC or GlobalFoundries doing something like this. So Weebit is -- and let's go to the next slide. Weebit is the only company that I can see that has these abilities and has what it takes to become the leader in the ReRAM space. And you're talking about the whole infrastructure if you're looking around this slide that we're doing. So now that I talked about all of that, what's coming up, where are we heading and what's going to happen in the next half year or so in the next several months. So first of all, I already talked about SkyWater. We're now at the point where we're working with them to get these customers on board. And I'm really sorry that we don't have the first customers on board as I expected, but we're definitely working hard at it, and we will have them over the next several months. With DB HiTek, we're just in the beginning of this process, but we will be pushing forward and again, try to go through the milestone authority tape out and be in production as we move forward. You went back. Next one. And overall, again, you know this slide, we are engaged now with the majority of the names that you see on this slide, evaluations, negotiations, different stages. I'm expecting to be able to close with another 1 or 2 foundries or we'll see how it goes. They are extremely cautious. I can definitely understand it. But as we move forward, as we show them the progress, it becomes easier, and once we have 1 or 2, we'll be getting there. So bottom line is -- we'll be starting to grow revenues. We'll be getting fab partners. We'll be getting customers and, of course, continuing all of the R&D work, and despite anything that happens no matter what conflicts we have in Israel or elsewhere, we will be delivering no matter what it takes, and that's really the key message for you guys. So that's -- I guess, that said, I talked a lot, and I hope you guys kind of get the feel of where we are. And I don't know if you have any questions or anything.

Coby, there's 3 questions online that have come through. The first one is from Aaron Twig. In order to streamline the road to revenue, does the tape-out to DBH have a particular end customer in mind?

So I won't go into exact details, but yes, we have a knowledge of the application area, and we are looking at how we tailor things to them.

We've had a few more questions come in. This one is from Boyd Hunter, who will be qualifying the wafer recently received from GlobalFoundries?

So qualification in general is done by Weebit. We need to meet the requirements that were defined by the JEDEC standard and then show the results and demonstrate them to the world.

Two questions from Nathan Vanavas. The first question, I appreciate Naomi Simson's background in marketing, what is she doing? How is she assisting in winning business for the company?

Well, she is a great consultant for me, and we've been talking about this, and I'm extremely happy to have her on board and the brainstorming that we're already having about how we build the marketing and the different positioning of the company.

The second question...

Okay. Yes, let's have that and then let people in the room also ask.

Yes. Well, the second question from Nathan noting Everspin's MRAM revenue of $16.5 million in Q3 '22, around $80 million annually, are we talking roughly in the same ballpark for Weebit over time once we start ramping up?

Well, I think I mentioned already the comments that we're getting from customers about MRAM and the fact that MRAM has not taken off as much as people were thinking. And I think those numbers reflect that. I believe that the potential is much bigger than that with the ReRAM.

Last question online from Robert Carman. Could you give a brief explanation on how Weebit's ReRAM could be used in cybersecurity applications?

So it's -- there are many different ways that it can be used in cybersecurity. First of all, we are a robust technology that is hard to kind of play with from the outside. I won't go into the technical details. But one of the things, by the way, when you go down to the small geometries today and since there isn't flash technology there, many companies actually have their system on a chip and then they grew on top the flash, which was manufactured in a larger geometry. People can eavesdrop there. And that's one of the big concerns that companies have that because of that communication between 2 chips. So we obviously can solve that part. I won't go into technical details, but there is a technology called POF that ReRAM is very good for, again, for that application. Yes, I really don't want to dive into technical things right now.

There are no other questions online.

Yes, Benny?

Coby, can you elaborate on some of the advice you're receiving from your corporate advisers about, I guess, approaches the company can take to counter the shorts at the moment?

I think they're very unanimous. We just need to have good news. That's basically what everyone is telling me. I haven't received anything beyond that, that is relevant. So that's what I'm focused on doing. 2 of you there. So one after the other.

Good presentation, Coby. Would one of the fabs or even Leti ever consider investing in someone like Weebit, if it's so great and so hot?

So Leti, first of all, belongs to the French government. They definitely don't invest in anything. The other fabs or foundries and so on, they -- it's possible. And by the way, it's not like these kinds of things don't happen. If they want to, we'll be glad to have them invest. We will never give any one exclusivity. If that's your next follow-up question...

I'm looking for some good news and even putting it out there is always a possibility.

Yes. So it's -- we'll be glad, I mean, to get investment from anyone. By the way, a question that was still not ask, but we announced that in the last quarterly, we have $84 million in the bank. So we have money. We're not looking for money right now. It's not like we're planning a raise or something like that at this point. But if a strategic investor comes in, it's something that you consider, of course. And...

Because easily someone like Samsung or something gives the whole business a lot of credibility and that probably...

It's their decision, it's not mine. I mean they need to decide if they want to do something like that. Behind you.

Coby, just -- does the company has a target number of foundries to sign up in the next 1 to 2 years. And I'll preface that question by saying Weebit is obviously a small company in semiconductor terms. So do we have the human capacity, the capital capacity to say, sign up all the top 20?

Well, we have the capacity now to sign up another couple of foundries. As we progress with that, we will be hiring -- we're very controlled in all our budget spending and our growth. But as I see that the potential is growing as I see more and more potential engagements, we will hire more. We have contractors that we actually have ready in case hopefully, and I really wish we have this problem of all 20 of these guys signing up tomorrow, I mean that will be great, and we have contractors that are available for...

It's not about signing with you. Can you service them properly? That will be detrimental to...

And believe me, we will service them properly. We have a plan for how do we grow. And as soon as I see that a certain agreement is materializing. I already start moving in that direction. We'll hire more. We have quite a few contractors today that we have trained and ready. And if I need them, I can bring them on board as a stop gap or even beyond that. They might be working with us long term on that.

Yes. Okay. And one more question. As you sign up all these foundries and as you progress with them, are you able to learn from one foundry for the next?

Definitely. I mean, again, we have this phenomenal team. Every tape-out that we do is better than the previous one. When we did tape-out's at Leti, we improved them. When we move to SkyWater, every tape-out at SkyWater, we've already done quite a few. They've been improving. And now moving to DB HiTek, we already have taken whatever we learned and improved. And again, the device and process team are constantly working on the core technology. And every time that they have something that improves, we use that already in the next tape-out. So that's why I'm saying, in order to become the leader in ReRAM, you need to have that ability to constantly improve, constantly move forward. Okay. Well, I guess, I'll say thank you to everyone. I really appreciate you guys coming. I really appreciate the support, looking forward to continuing to work with you and giving you good news. I'm working as hard as I can. The team is working as hard as it can to achieve that and see you, as always, next year. I'll be coming a few times, and I'm looking forward to seeing you again. Thank you.