Weebit Nano Limited (WBT) Earnings Call Transcript & Summary

Okay. Good afternoon, everyone, in Australia, and good morning to those that are perhaps joining overseas. My name is Eric Kuret from Automic. I'm delighted to be here hosting today Coby Hanoch, CEO of Weebit Nano to give an update on the recent Q3 FY '24 quarterly activities report that went out. Just quickly on some housekeeping, we will be taking questions from attendees today. [Operator Instructions]. So again, thank you, everyone, for joining us. Coby. Welcome. I'll hand over to you just to give a bit of an update on the quarter.

Thanks, Eric. So yes, it's been another extremely busy quarter. We've been working really hard with so many of these foundries and IDMs and it's hard to explain what's going on right now. I think that since the beginning of '24, we've started, I think, it's 4 or 5 new evaluations with these big guys. So there's really a very high level of interest with our ReRAM. In our ReRAM, we are very busy with these guys. We've been talking to, as I said many times before, we've been engaged with the majority of the big foundries and the IDMs. And there's been a lot of work going on. They are moving forward now more and more into detailed evaluation into negotiations. So there's really a lot happening. We had an amazing Embedded World Conference. For us, this was the biggest event for the year. I'm really happy that we managed to get the demo with the GF -- the chip that we manufactured the -- the GF wafers and that demo was really good. We -- I mean, the team -- I have to hand it to the team in about 2 months, they managed to take a first wafer that came out of a fab and make it into a demo that showed an 8-megabit array working. And I think so many people were very impressed with what they saw that really triggered so many engagements now also with product companies, some product companies that have been following us kind of in the background, they have now come to us and said, "Hey, let's really move forward." So there's really a lot of activity. These things -- the negotiations are really tough. These are very big companies, very cautious about what they do with their fabs and stuff and very cautious about their expenditures, and we're insisting to get bound for the technology. So -- but it's been a very, very exciting quarter, and I'm looking forward to the next one.

Great. Thanks, Coby, for that overview. So again, as a reminder to attendees. Happy to take questions. So please use the Q&A function at the bottom. Seen someone has raised their hand. You will need to type the question in the Q&A function. So Coby, you basically covered it, but I think I've seen one question come through already, and it's the -- I think it's on the -- on everyone's mind around customer contracts. You obviously got foundry contracts, you're in detailed conversations with potential customers. You probably can't give us defined timing. But how should investors be thinking about potential timing for a customer agreement?

So I think when you look at this, there's -- there's chicken and the egg situation with the foundries and the product companies. The foundries in order to really engage and move forward, they want to see some significant customer interest, the product company interest because if they're going to start committing time on their manufacturing line, which is so expensive for them. You need to understand, by the way, maybe I need to clarify here. When we engage with the foundry, it's not only that we want the foundry to commit to license fees and NRE and all of that stuff. Even during the initial engagement, the fact that they are allocating time on their manufacturing line that's what's called opportunity cost because during that time, they put the manufacturing products that generate revenue for them. They could have their team working on projects that generate revenue. So the fact that they are engaging with us, the fact that they are working with us to analyze this and so on. This is already a very big commitment from their side. So they really need to get the confidence that there will be a market for this. Now I think today, none of these fabs have a question anymore. They see the customer demand, but still, they want to have concrete demand. They want to know specific projects. They want to know specific things. So we're working with them in parallel. We're working with the customers, the product companies to basically push the foundries. Now a product company will not really commit to a product. They know that the whole process to transfer things to the fab is roughly 1.5 years, 2 years. We -- and I think our shareholders already know, we need to transfer the technology then we need to go and manufacture the first round of silicon, and we need to go test it and then in order to qualify, and we have to have actually at least 3 lots going through the line and going through the whole qualification process. So the product companies, they definitely are interested and want to move forward. And they are now giving the specific -- their specifications for their specific projects. And we're working on that and we're working with them to go to the foundries to push there. So it's really this complex game with 3 players here that we're playing and we're coordinating between them and so on. And everything here, unfortunately, I know people don't have the patience for it. But these things are taking time and when I say that we're moving forward rather quickly. It's rather quickly semiconductor scale and we are moving forward towards getting these agreements. It's a matter of going through this. We could, by the way, compromise and the term some people use is -- well, I don't even want to mention the term. But anyway, it's -- we could just give huge discounts or whatever to close that deal, but we believe that we have good value. And when we're talking to the foundries, we want to get the value for all of this hard work that we've done for so many years. So it's happening. The agreements with a product will come after because you first need to show them that you have the foundries, and that's the big focus today, the foundries, the IBMs that's where our big focus is. And as soon as we get those going, the customers are already lining up and I think we will have those as well.

Great. Makes sense. You talked about engagement with foundries. In the quarterly, it was mentioned that you're working with DB HiTek and having discussions with their customer base. Can you maybe give a little update about that? And also sort of more generally around how the tech transfer is going with DB HiTek?

Yes. So well, first of all, maybe this is a good point to mention Issachar, that we brought onboard as our Chief Revenue Officer. He -- he's an amazing guy. He has so much experience in building sales organizations from 0 in the semiconductor IP space. We've known him for years, and I'm very happy that he joined us. And he hit the ground running. I mean he -- I went with him to DB HiTek, we met their CEO and high-level team, the executive team we identified the profile of who would be an ideal customer for us to be the first one to start moving forward. They then connected him to their sales teams in the U.S., in China, et cetera, and he's been meeting with them, and we have already several customers that we're thinking of as good product companies to push forward with this. So we're really focused on bringing a strong, a good big name product company to DB HiTek to use our ReRAM as the first product company. And there's a lot of work going on there. And I guess, as I already mentioned, Issachar. He's already been working in different territories to find sales reps and start building the sales organization so that we can actually expand the sales activities. And we could already feel it at Embedded World now. We -- we have very good -- the booth was full all the time with a lot of people coming in really exciting.

Great. Thank you. There were a number of questions coming in on the Chief Revenue Officer appointment. So thanks for covering that off. A couple of questions coming through around the GlobalFoundries achievement and also what it means for Weebit. So the question here is, does this mean that the technology transfer has been completed with GlobalFoundries? And then maybe more broadly, how do you -- how should investors think about the opportunity with GlobalFoundries?

So our relationship with GlobalFoundries is very interesting. GlobalFoundries, as people know, have their own ReRAM technology they acquired from Adesto and they're working on different ReRAM solutions in parallel to Weebit. So I would love to tell everyone, "Hey, GlobalFoundries made a final decision to work only with Weebit." That's not the case. And by the way, I mentioned many times that Foundries work with multiple technologies in parallel. And this is what you're seeing with GlobalFoundries right now. We are working with them in parallel to their internal work. We demonstrated -- we don't have -- and I guess, again, just to be very clear, we don't have a licensing agreement to date with GlobalFoundries yet. I don't want people to misunderstand that there's an agreement and everything. We're still negotiating with them, we're still trying to get to the point where we actually have a licensing agreement with them. And I think getting these wafers where we demonstrated our ReRAM on their wafers was a very important step forward because first of all, GlobalFoundries saw the results and saw what we're achieving and much more important than especially at Embedded World, people saw the demo and there is significant customer interest here. And customers are now talking to us and also going to GlobalFoundries and talking about it. So we are working on pushing this forward and actually getting to the point where we have an agreement with GlobalFoundries. It's -- again, these are long processes that require a lot of I would say, patience and focus, we're just going to keep working on it until we get an agreement there.

Got it. Thanks, Coby. And so GlobalFoundries aside, there's just another question around how the conversations and discussions are progressing with other potential foundries. You've mentioned that you've been in discussions with many of the top 10. So an update on the other foundry conversations.

So yes, it's moving forward. These -- to give you maybe a feel for just how these things work. We engaged with some of these big guys, and they are very -- I mean, there is a very positive atmosphere. And then you start hitting [indiscernible] life. In one case, they had a crisis on a certain production line and they suddenly stopped all of the activity with us for 6, 9 months to resolve whatever other issues they just have to transfer all the manpower to resolve those issues before they could continue to work with us. In other cases, I mean, each one of them has -- we're having these situations which are not under our control, and it's normal. It's not something that is a big surprise for us. This is how it works with these big guys. They have so many different considerations. ReRAM is just one of them, and we need to struggle to get them to actually give us the attention of the team and give us the access to the manufacturing facilities and things like that. And I mentioned, sometimes they might say, you're all standard. Everything is standard. Everything is great. We love it. But one of the machines that you need is already at capacity, we'll need to get another one. And so we need to take a look at it because it's a big -- it's a big additional investment and so on. So we're making progress. I mentioned I think since the beginning of the year, we actually made significant progress now with something like 4, 5 of them moving forward to the next step. And there's really a lot of -- I guess, a lot of activity with them. So I can't go into the details, and I know it's frustrating for the shareholders that they hear from me that there's so much happening and they don't see anything. But I really don't think it will be good for me to start going into details. It won't -- it just hurt the cause. So we are moving forward towards getting agreements with these guys. It's not going to happen today or tomorrow, but it's going to happen, and we're pushing to do it as fast as we can in the next -- in the next few months.

Thank you. There's a question, Coby, you may or may not be aware that I think it was yesterday, it was announced that the Australian government is investing $1 billion in a quantum computing technology company, which is actually based in the U.S. And the question is, does the potential development of quantum computing offer opportunities for Weebit in the future?

So quantum computing is a very new technology. It's still something that is very much in research. It's going to take many, many years to get this technology out to the point where it's actually useful -- so at this point, I would say, neuromorphic computing and so on is going to happen much faster than quantum computing. The way that I see it -- and it's good that -- I'm very happy to see that Australia is taking a position now to move into these new advanced technologies. One of the things that was frustrating me as some people know is that I think it's so important to focus on semiconductors and all these technologies, and I didn't feel like the Australian government was really paying attention. So I actually looked at that announcement and said, "Wow, this is amazing news." This is so good. Finally, they're starting to decent focus on advanced technology in Australia. I don't think it's going to impact us in any way in the next 5, 10 years at this point, and we're still very focused on pushing forward on our technology.

Got it. Just a question here about the SkyWater relationship. The SkyWater customers who could proceed with Weebit ReRAM and does not need to wait for other IP that SkyWater does not have available.

We are pushing forward on that front. We actually have one project that I'm hoping will materialize already. We've had very good discussions with that customer, and the customer will need to make a decision before the end of '24. But I think there's positive more than 50% chance. I would say that we've actually managed to get that project going. So that's one that we already managed to identify and hopefully will happen. We are -- we already talked to several other companies, product companies trying to see how we get that going. I think it's important -- some people are under the impression that the whole investment with SkyWater was a waste of time and money. And so I want to, first of all, correct that impression. I think the investment in SkyWater was a really, really important one for us on several fronts. First of all, one of the things that's hurting us is the big focus that SkyWater has on giving R&D services but Weebit is actually a big beneficiary of that. We are now doing quite a bit of our R&D at SkyWater. Now that we transferred the technology and qualified it there, we are doing -- I would say, a lot of the R part is being done at Leti. A lot of the D part is being done at SkyWater. They have a much faster turnaround time. We have good pricing there. And so on the R&D front, we have a really good relationship with SkyWater, and it's enabled us to move forward faster right now. And so our R&D team is really benefiting, and we have a very good relationship with SkyWater on the R&D front. On the business front, the fact that we qualify at SkyWater is a big enabler for a lot of the other discussions that we're having, including the fact that we closed with DB HiTek, I think that was also a consideration. And so -- the fact that we qualify at 1.5 degrees there was really a very important milestone enabling us to push forward the other negotiations. And the last point is I do expect us to eventually get some revenue from manufacturing at SkyWater. Yes, it was a big disappointment for me to find out that SkyWater is not putting a big emphasis on their foundry service. They're putting more emphasis on the R&D services. But we do have projects in mind and we are discussing with customers on manufacturing with SkyWater as well.

Got it. An extension of that response, Coby, there's a question just around how your and your team's experience has been with the fabs over the last few months. Is the experience in line with what you expected? Or have there been some expected hurdles that have come up sort of maybe impeding a little bit on getting to commercialization and revenue?

I think it's been mostly what we expected. There is really a lot of excitement in the fabs around ReRAM because now they can see -- they can see that it's there. They can see that ReRAM is actually available now and that's a key element. They can see customer demand. And they're moving forward at foundry and IDM pace, that's how it works. By the way, I didn't mention something very important that also has been impacting the relationship. We announced more recently that we can demonstrate now that we can work at 150 degrees, and we also demonstrating -- demonstrated 100,000 cycle endurance. That's yet another very important step forward, showing the robustness of our technology. Many of the -- well, there aren't that many ReRAM solutions in the market. But the ones that are out there getting to 125 degrees is already a big challenge. Qualifying at 125 degrees is not something that everyone has managed to do yet. When we're demonstrating 150 million is showing even a bigger advantage that we have over other ReRAM solutions in the market. And it's really catching attention of many of these companies. Some people just have to have 150 degrees like automotive, et cetera, others just look at it and say, wow, that just gives us more confidence that this is really robust. And of course, the others that need higher endurance for them, this is very important. So -- we have been making a lot of progress. The fact that we're demonstrating now this GF demo, the fact that we can demonstrate 150-degrees -- it is giving these foundries and IDMs a lot more confidence. It's enabling us to push forward these discussions. Again, to answer your question, it's more or less what I expected. I knew that it's going to take a long time to close these agreements because this is how this industry works. But I am very happy with the progress that we're making. We haven't had a single foundry or IBM tell us, "Hey, we don't want your technology. We're not interested in talking to you go away." That's -- I think that's important thing they might be moving a little faster, a little slower. They might be putting us on hold because they have something else they need to deal with or things like that. But at the end of the day, we're continuing to proceed different speeds with the different foundries. We're continuing with the discussions. And I think that's the key point. People are -- nobody is saying we don't want this.

Yes. No, that's super positive. Do you have -- do you think the market, the broader market in terms of IDMs and customers know enough about Weebit? And obviously, you've just appointed a Chief Revenue Officer. But how do you get out and market a fantastic update around 150 degrees demonstration. How does Weebit get us [ naming up ] for these potential customers?

I think it's a combination. First of all, Embedded World was really good for us to really get the name out there and the demo that we have people are hearing about us in the industry. People -- well, when you have a board like we have and a management team, an executive team like we have, you kind of avoid spotlights and people notice us and people are contacting us. The engagements are still -- when we engage with the customer, we do need to -- in order to dive deep and all of these customers want to dive deep, get a lot more data, a lot more information about our technology. So we need to engage with nondisclosure agreements and everything and demonstrate things to them and then they need to give us their spec, and we need to do some simulations to show them that we can meet their spec. There's a lot of work around all of these engagements. There's really a lot of work, especially Ilan's team on the design side with each one of these customers. It's not just the customer gives us a spec. We look at it and say, "Oh, yes, we can do it. we need to take it." We normally need to do some simulations. We need to build some initial system in order to really demonstrate to them and tell them, "Hey, this is what we can achieve. These are the current, the voltages, the sell size, the -- all of these parameters." So the engagements are very -- they're very deep. And now Issachar is obviously steering up a lot of activity. He's calling on companies, and we're getting more and more requests and this is where we really need to manage things. On the one hand, we want to work with more customers. On the other hand, we don't want to just hire a huge team before we're actually sitting confident with more revenue and stuff. So this is where the juggling and the balancing act comes in to do things in a controlled way, and we are -- I think we have a very experienced team that knows how to do it, and that's -- that's part of the focus of this year to expand, to grow, to work with more customers, but not just go crazy and spend all the money on hiring and run out of money. So we're doing this in a very controlled way.

We've talked a lot about the embedded memory technology. Let's shift to the discrete memory development. Question here about saying, can you provide an update on the discrete memory development? And has there been any advancements in this area?

Yes. There has been progress. We are -- I think I mentioned this in the past. We're actually looking at more than one options for the discrete and for selector technology, et cetera. This is obviously a very, very complex technology. It is a second priority -- when at Leti, we need to decide if a certain machine will work on moving forward, the project that we're doing for a certain foundry or in the research on embedded to improve something for a customer, we'll normally give the priority to the embedded activity and the discrete is right now in lower priority. I think everyone here is looking forward to seeing some revenue and the revenue will be from the embedded side. So obviously, that's my big focus and the priority. But we are making progress on the different options of discrete. Actually even one of those options we're looking at and how we work with a certain foundry. And there's really a lot of -- well, there's activity there. I don't want to say a lot of activity. There's activity there. We're making progress, but it is in the background. It's not the big focus right now.

Still a bunch of questions here. We'll try to get through quickly. Question, given the interest from the foundries, is there a realistic possibility of one of them taking a strategic stake in Weebit at some point in time?

Definitely something that's possible, and you can see that I guess, GlobalFoundries did actually acquire ReRAM Tech or whatever was left of that ReRAM Technology. I can't rule out that option. I think people know my position about the exit strategy and M&A and so on. I believe that what we're doing now is building a name for Weebit as a big, strong company. We will be signing agreements with some of these big foundries and big IDMs and establishing ourselves as a big player the leading player. My goal is definitely not just to be a big player. We are definitely targeting to be recognized by the market as the ReRAM company, the leading ReRAM company. And I think that's what we should be doing. When we start thinking about exit strategy and who's going to acquire us and things like that, that's when you lose focus. That's when you start not investing in some of the things that you say, "Oh, maybe that's not critical for my exit and then the company doesn't become strong enough." And then when an offer comes, you end up compromising and I don't want to compromise. So if and when someone comes to us, the Board will obviously have to consider it. That's their job, and we'll see. But at this point, I'm just totally focused on making Weebit the leading ReRAM company, and that's what we're going to be.

You could probably spend 10 minutes answering the next question, but maybe do your best to provide a summary. Where do you see the semiconductor industry heading in 10 years?

That's -- yes, that's a big one. I think it's very obvious now to everyone that semiconductors are key to anything that we do. And AI is even giving that a huge boost. You certainly have this big, huge rocket, just pushing semiconductors forward. it's everywhere. It's everywhere anything that you look at has semiconductors in it. The expectation -- analyst expectation is for a rapid growth that semiconductors will already be more than USD 1 trillion market by 2030. That's not far away. And I think that AI will actually accelerate that process. And then you have quantum computing and stuff. But just the AI side, and of course, Weebit is going to be riding that as well. We do impact AI, especially the Edge AI, and we've been talking about neuromorphic. So this is a great market to be in a very exciting market. For me, having joined this market disclosing age and stuff in 1980 when I just joined the market, it was just this little tiny market -- it was just starting and to see where we are today and just to see where we're heading. It's just amazing. It's just so exciting. And I'm so happy to be part of this market, even though it's extremely frustrating to think that things move forward.

Coby, a question from an investor, just to ask you for a little bit more direction around the future R&D. Are there any specific areas and milestones that are being targeted around speed, performance, reliability in the embedded non-volatile memory and also or anything else around selectors or the transistor is being done?

There's constant pressure by the different fabs and customers that we continue to shrink the cell size that we use lower voltages. And we are looking at how we can achieve those things and move to smaller geometries, et cetera. So there's -- we have now and the good news is that especially after the raise that we did a year ago, we have the funds to do multiple projects in parallel and explore different opportunities. So we are now working, as I mentioned, at Leti and at SkyWater to check different ideas we're constantly trying to challenge ourselves, use sometimes different methods of manufacturing, which enable us to get better results. We sometimes look at if we add another standard material, if we don't use just pure silicon or hafnium or this. There are different materials that are standard in the fab that fabs are used to using that sometimes when you add -- when you play with combinations and things like that, you can actually achieve higher temperatures, lower voltages and so on. So we're constantly exploring these things. I remind you that around silicon in the fab takes many months. So all of these things -- but we are getting good results. Actually, some of the ideas that came up are resulting in significant improvements in our ReRAM, and there's constant improvement in the results, and we'll continue to do that. We'll never stop the R&D. I mean, if anything, we'll increase and push forward stronger because in this industry, if you stand still, you're falling behind, you have to constantly be moving forward.

Coby, a question just about the revenue that was recognized by Weebit in Q2. Can you just provide a bit more detail about where that came from and why there wasn't sort of continuing revenue this quarter?

It's -- I talked about it in the past that we'll be seeing a trickle of small amounts coming in. The agreements when you sign an agreement with someone like DB HiTek, obviously, it's a big agreement with many aspects. Now normally, you'd like to ask the foundry for a payment upfront of license fees, et cetera, and then there's the NRE that comes, they are the first people that sign up, they are more cautious and you need to end up compromising on things. For example, on the payments of license fee with SkyWater, DB HiTek, license fee, NRE, et cetera, is more tied to different milestones and so on. So what we saw were initial small payments that came based on some milestones that were achieved. As we move forward, as we achieve more milestones, we'll see more of these payments come in. As we sign new agreements we'll see additional payments. I repeat, it's going to be in the next year, it's still going to be a trickle of small payments that we'll be seeing here and there and not a big payment. It's going to take time to -- we are established enough in the market that we can actually go and just ask people or demand to just be paid license fee upfront et cetera.

All right, we've got you for 5 more minutes, Coby. Can you talk a little bit about the China opportunity is mentioned in the quarterly that you're dipping your toes back there. Can you just talk a little bit about that?

Yes. It's -- China is kind of this interesting situation. On the one hand, it's a huge market for semiconductors. We talked about it back in 2019 and so on. On the other hand, you have the whole geopolitical aspect of it. So we're very cautious in the way that we approach China, but you can't really ignore such a huge market. So we are working with companies that are okay by U.S. government. We're engaging with them. We're looking at it. We're taking different steps to protect ourselves more. So by the way, Issachar has a lot of experience in China. If you look at CEVA where he was before, which is another semiconductor IP company, they really grew rapidly in China. So he knows the Chinese market. We're not totally ignoring it, and we are looking at different opportunities there in a cautious manner.

Got it. Just a quick one here. Questions come through about -- in your opinion, will the ASX better understand or appreciate future announcements? So maybe just a quick update on your engagement and dialogue with the ASX.

Well, I guess it's not a secret that we've had some issues with the ASX and with some of the announcements that we made with the DB HiTek announcements with the whole situation that happened when Fred left and so on. We've had very good discussions with the ASX despite what these articles that came out, whatever, 2 months ago or something like that, stated, Weebit is definitely not an ASX hater. The bottom line is, and I said it many times, I think the ASX has been good to us. We managed to raise money. We have very loyal shareholders there. And we had our disagreements with the ASX. We've had a series of discussions with them. I'm glad to say that today, we have an understanding with the ASX, we resolved the open issues. And I feel like we are opening a new phase with the ASX now and hopefully, we won't be seeing any more of those misunderstandings that we have with them in the past. So we have a very good communication channel with them now. They requested that we show them that we've upgraded some of our procedures, and we did what they requested. I believe we're off to a good restart with the ASX and -- we have a good relationship now with them.

A couple of industry questions. One is there's a lot of activity in the development of chiplets. I can't say I've heard of that, but will -- will Weebit be involved in this aspect of the industry. And then there's a question about Silvaco. It looks like they're moving towards a NASDAQ listing? And is Weebit still working with them? And can they potentially help bring on potential customers?

Well, chiplets are a hot topic in our industry right now. We definitely actually you should have heard the meeting that we had yesterday and all the discussion about chiplets. So we're definitely looking, working on this as well. This is something that is an important potential for Weebit and so we're definitely looking at it and defining what -- how we want to address chiplets. And regarding Silvaco, we have a very good relationship with them. It's -- I mean, they're very good partners and ongoing let's say, supporting each other and discussing different things. So they're a great company, and I'm happy to have them as our partners.

All right. Two last questions. One, just around the share price and potential shorting or manipulation that can happen with the share price. Just asking for what your view is on that.

I can understand -- we're one of the most shorted stocks on the ASX for a long time now, and the shorters have managed to push down the share price quite a bit. I think that I can understand that they don't understand what we do. And so they are -- they're looking at a company that hasn't made big announcements hasn't shown big agreements yet and whatever. I said it many times, I don't control the shorters. I don't even know who they are, and they have their considerations. I am focused on what I do have at least some level of control over, and that's getting these agreements done and pushing Weebit forward. Weebit is making very good progress moving forward. I'm feeling very bullish about Weebit. I think we're in a very good position. As I said, we started new evaluations and new engagements just in the last few months, several new engagements. And it's really exciting for us. So I'm focused on that I believe eventually -- again, I can't predict anything about share price, and I'm not allowed to and so on. But our goal is to get these agreements done, to get to the position where we're clearly accepted as the leading ReRAM company in the market. That's what I'm focused on. I believe, I hope that eventually, the share price will reflect the true value and the true potential of Weebit. And that's what I focus on. I can't really -- if I start looking at the shorting and if I start trying to deal with that. I'll be losing focus over what's really important. And so I'm not really spending much time on it or any time actually on it.

Thanks, Coby. All right. One last one. You probably alluded to part of it in that response there. But what should investors look forward to over this next 6 months? And what are you excited about?

Well, I really want to have an agreement with one of the big guys in 6 months. I really that's the #1, 2 and 3 priority on my list. I mean that's what I wake up with and that's what I go to sleep with is pushing the team and pushing these negotiations to really get to an agreement, at least one major agreements in the next 6 months, definitely making some significant progress with others. It's -- we've talked about it in the past, getting this agreement will be difficult once we get the next one, it's going to be -- and we're already engaged with so many others. I believe it will be easier to get following agreements and get into a flow of agreements in '25.

Exciting times. And as always, Coby, thank you so much for your generosity of time I think we've got through all the questions. If we've missed anything, why e-mail is on the ASX releases, so please e-mail me and I'll be more than happy to arrange your response. But otherwise, thank you, everyone else for taking the time to join us for today's update, and thank you again, Coby. I'll let you close things out.

Well, thanks, Eric, for organizing this. And again, the most important people around here are the shareholders that I know so many of them have been loyal and holding and despite all of the ups and downs, I know that they're with us, and I really appreciate it. I definitely don't take that as granted, and we're definitely focused on giving these shareholders a good value for their investment. And that's what we really want to do. So thank you, everyone.

Thank you all. Thanks, Coby.