Weebit Nano Limited (WBT) Earnings Call Transcript & Summary

Happy New Year to everyone. Thank you all for taking the time to join us. I'm sure many of you are on holidays and you too, Coby, Happy New Year and delighted to see you and particularly delighted to see you off the back of some positive news.

Happy New Year. Very glad to be here, and I'm actually thankful to all the people who, on January 2, are taking the time to be with us, and I can see the number of participating -- participants growing now down there. So it's quite impressive. So thank you, everyone, for joining us. Yes.

So as per usual, with the meet the CEOs, I'll hand over to Coby shortly just to give a brief update on today's news, a very exciting agreement with onsemi. A couple of short slides for Coby to walk through, some questions that have previously already come in, which I'll put through to Coby. And then, of course, I'm happy to open up the floor to questions from participants. [Operator Instructions] And I'll do my best to cover off all those questions with Coby. So Coby, you promised the market -- well, you didn't promise market. You promised the market, you do the best you could to get a commercial deal announced by the end of the calendar year. I think officially, you can still say that you did do that, which is fantastic news. So look, I won't steal any more of your thunder. I'll hand over to you now, Coby, so well done on the deal.

Thank you. Yes, we had that target and it was a very tough situation. The deal was really ready for signature a while back, and it was just -- I'll talk about it in a minute about that natural hesitance that people have to sign these kinds of agreements. But yes, it was signed actually before the end of December. And I'm very glad to announce it now. So I'm going to share the screen. Normally, we just do the talking. I will share the screen and present just a few slides to help people understand more about this agreement and the significance and so on. So first of all, I realize that in Australia many people don't know the name onsemi. It is a very big name in the semiconductor industry. Actually, it is a spin out from Motorola, which I assume more people know. So onsemi has been around -- this is really a major player in the semiconductor space. It's a Fortune 500 company. It's a NASDAQ 100 company. You can see here, market cap of over USD 30 billion. They are very, very strong in many markets. They're very strong in automotive, in silicon power solutions and so on. You can see here their revenues, more than USD 8 billion. So this is a very important and influential player in the semiconductor space. More recently, they announced their new platform, the Treo platform. It's based on their 65-nanometer BCD technology. And by the way, this technology is a very robust technology. There have been billions of products already, billions of units that have been manufactured there. But now they've introduced this new platform on top of it. It's a huge honor that they decided to integrate us into this new platform, into their future and this is really great news. So they see the potential of ReRAM. They see the power of ReRAM, and they're integrating it into their new platform that's going to be a key technology for them moving forward. So we're -- we've already entered into a very good relationship with them, a very positive cooperation. And I think the key point, and I'll touch that in the next few slides, onsemi is an IDM, an independent device manufacturer. These guys not only manufacture, they manufacture their own products. And I think that's a very important point to understand. When we talk about foundries, we basically, like DB HiTek, like SkyWater, we basically talk about a manufacturer that we need to transfer the technology to them. And then together, we need to go and find product companies that will come and manufacture there. And no matter how much we're trying to parallelize things, there is that natural reluctance of the product companies who say, we want to see this thing qualify. Finish your technology, transfer, finish the qualification. And once we see that this thing is really there and robust and all blah, blah, blah, that's when we'll start engaging with our product." In the case of onsemi, the product company is built in. They are the product company. So once we start moving forward. And we still need to go through the whole process that everyone already knows, technology transfer and manufacturing the first chips and testing them and qualifying and all of that, all -- that doesn't change. But the engagement with the product guys will start much earlier and getting to mass production of products, I believe, will happen earlier. Again, we need to get all of this going, but that's our plan. So...

A quick question. Just while we're on the topic of onsemi. Just a couple of questions are coming through. Just around the size of onsemi and Weebit has said that they've been in discussions with a number of top 10 IDMs and just maybe where onsemi sits in that list around -- is it a top 10 IDM?

So it all depends on how you look at the top-tier IDMs. Some of the IDMs are such that like they manufacture only memory chips, period and so on. So to a certain extent, they don't do embedded devices and things like that. Onsemi, is when you look at the IDMs that manufacture products, they are definitely in the top 10 and in a very good position there. So yes, it's a matter of how you count and whatever, and I don't think it really is important to those little technicalities. It is in the semiconductor industry, I can tell you, onsemi is the name that people respect. It's a name -- it's a big name. When you talk about the IDMs that manufacture masses of products. For example, in the automotive space, onsemi is a very, very important player. One of the top suppliers to the automotive space. They are in all of the sensor, analog, power domains, they are a very big and critical player in that market. So really looking at where Weebit is, and again, you hear the term BCD again and again from us, I think that's really the market that is pushing us forward. This domain, which is so critical for the power devices, the automotive, the sensors, the analog -- that is kind of the first domain that really gets even more value from ReRAM than others. As you know, every domain, every application has huge benefits from ReRAM. But here, they are overwhelming. So when I was talking to one of the top guys that are onsemi, he kind of looked at me and he said in a very simple way. He said, we're betting. This is a huge bet for onsemi, a younger company, relatively new, a new technology, it's not in mass production. We haven't seen millions of chips with your technology in there. And we are now betting so many products and such huge revenue expectations on your technology. This is a huge gamble for us. And we're -- basically, he said -- he didn't say that we're terrified in that word. But basically, that's what it was and that's what has held them back until they were convinced that they're in good hands. And I assured them and I will assure everyone, Weebit is going to make this product -- this project successful. We are totally committed to make onsemi successful with our technology. This is a very strong partnership. And we'll do what it takes to make this successful because this is the first IDM and a very important player, and it's just critical for us to make them successful. So of course, talking about power management, our ReRAM has very big advantages. You can see that table on the bottom right. We are much more efficient in this domain. You only need -- we can be embedded into the same chip of the power management. It's not a 2-chip solution, it's a 1-chip solution, much fewer masks, added wafer costs, much lower, et cetera, et cetera. That's what's really pulling all of these guys to Weebit. And I mentioned it, and I'll repeat. This is a huge advantage working with an IDM because now there are only 2 players in this agreement, that golden triangle that I was talking about in the past when we talked about foundries. Well, guess what, two of those players are all in one. We engaged with onsemi and there are -- I won't go into the commercial details. They are highly confidential. I know that many people are asking and wanting to know more. Basically, I'll say upfront, I think it's against shareholder interest that these details will be public because if they are public, all of the other IDMs will use them as the starting point for negotiation with us. And we'll be negotiating down from there instead of negotiating up and believe me, the next agreements that we do will be negotiated up and not down. So it's important that these details will not be made public. But there are license fees and NRE royalties, support and maintenance. I mean all of the standard elements that you have in any kind of licensing agreement like this, basically, we do this agreement directly with the customer. And the thing is now this -- the product company is built in. So it's the combination of an agreement that you have with a fab or foundry and with a product company all bundled into one. And I think that's a big advantage and will enable us to move faster. So this kind of maybe shows it better when you deal with foundries. The foundries then -- you need to find the product companies and then those product companies put you into their products. In the case of an IDM, you're directly engaged with the product -- projects and so on. And that's the big advantage here. So I'll stop sharing here. I think the message is, hopefully, clearer and people understand who onsemi is and why this is so important for us. And yes, I'll be glad to answer questions.

So Coby, a number of questions are coming through, so I'll do my best to put them into buckets. Let's just start with the first one. There's a couple of questions and also a bit of chatter around -- just around the share price reaction today. So why don't we hit that one off first. First, are we surprised to see the share price down and what are your thoughts around the share price reaction today?

Well, to be honest, yes, I was surprised. This is a huge announcement for Weebit. Maybe most likely the most important one that we've made. I think this is really, really big. As I said many times in the past, I don't understand the way the market reacts to all kinds of things. For me, what's important is the work and moving forward and growing the business. This is a very, very important announcement for us. The relationship with onsemi is very important. I believe this will open the door to additional agreements with the competitors of onsemi, with foundries, et cetera. As I said, onsemi is a highly respected name in the industry. And I believe that over time, people will start seeing. We -- again, we're not releasing the commercial terms, but as time goes by and people will start seeing the revenue coming in from this deal. And they'll realize how important and critical it is. So it's January 2, many people are on vacation. People are not really seeing. Not everyone saw the announcement. I don't manage the share price. I manage the company. And for me, the focus is on pushing the company forward and making sure that we're successful. And this deal is a major step forward in making the company successful.

And maybe just an extension to that point there, Coby, obviously, it's very material for the company strategically but -- and commercially, but how do you see this in terms of more broader industry validation and potentially opening more doors or progressing conversations with some other potential customers?

I think I don't remember already in which forums, but people were asking me in the past, what's happening? How is it that you have such great technology, such great potential and it's been a year and you haven't announced anything? And what's going on, we don't understand. And I was telling people, all of these big guys, they see the potential of ReRAM. I mean they're not stupid. They can see the huge benefits of ReRAM. They can see Weebit as a serious company. But these big companies when you have more than USD 8 million or almost USD 9 billion revenue per year from these products. And now you're going to be putting this new technology that you haven't seen in mass production yet into your products. That is a huge gamble. And so all of these guys we've been negotiating, we have agreements that are exchanging hands and all. But we get the comment of, well, the project team decided to use flash one more time in the project. It just seems too risky for them. They're going to wait for someone else to make that first step. And so we're going to stick to flash one more project before we move through ReRAM. And this has been going on for a while. And I'm very happy that now with onsemi signing up, suddenly their competitors will realize, oh my god, these guys are actually moving forward. And now we're going to be behind. Suddenly, the competitors of onsemi are going to realize that, and the foundries are going to realize that. So each major player like this, we started with DB HiTek and now onsemi. The market is going to start realizing that, hey, if we don't move forward with ReRAM and we know ReRAM is the future, we know this is a -- Weebit has already shown us that it's qualified and it's working, et cetera, we need to start moving forward. And I'm expecting to see very good impact in the market because onsemi is a highly respected company.

Right. Coby, I know you'll be limited in what you can say here because you've talked about the commercial sensitivities and the reasons why but there are a number of questions coming through just around the structure of the license agreement. So the ASX release said there's manufacturing license fees, nonrecurring engineering fees and royalties based on production volumes. Any more color you can share around that? There's a number of questions coming through around what do the milestone payments look like, are there upfront fees? Just to the extent that you can provide some more color around that?

Well, first of all, I'll tell you that the requirements of onsemi and the requirements of the ASX are mutually exclusive. It's -- there is no overlap even between what onsemi wanted -- well, let's start off with the fact that these big companies just don't want to do press releases, okay? The mere fact that we actually have a press release and that onsemi is allowing us to say their name is already a big step forward. And I think that's important to understand. The big companies don't want to mention their name and to do press releases and all of that. And the ASX regulation is such that in order to meet their regulation and not violate the agreement with onsemi, et cetera, we were doing such acrobatics and the wording that we used in the release has been -- we really needed to be very cautious not to violate regulation on the one hand and to not to violate what onsemi is expecting. So I apologize that we couldn't do the release that we wanted. And believe me, I would have wanted to do more. What I can say is this is a license agreement. It contains the standard elements in a license agreement, the license fees and NREs and royalties and whatever. These are standard things that you have in any kind of license agreement. There's nothing different here. You have all kinds of commercial terms, defining milestones, defining what is paid, when, et cetera, et cetera. I can tell you that with each agreement, we made progress. The terms as we move forward are, I would say, more like a normal agreement and a good agreement. I apologize that I can't go into the specifics. And as I said before, I really think it's in shareholders' best interest that the commercial terms will not be public so that with every deal that we move forward, we can actually go up and not down.

Okay. That makes sense, Coby. There are a lot of questions coming through around onsemi products and where you could expect to find them and specifically around the Treo and where Weebit's NVM will be used. So I do want to get into that, but just one more question around the agreement. So the agreement does cover only the 65 BCD. So does that mean there's potential for other licensing agreements with onsemi again at different nodes, different processes?

Definitely. Definitely. Yes. The agreement is only on the 65 BCD process line. So once we ramp up there, hopefully, onsemi, we'll see that this is really working. It's a good technology. And I believe we'll expand it, I believe, I hope we'll expand it to additional process lines at onsemi and yes, definitely.

Right. Okay. So maybe, Coby, it would be great to talk a little bit about maybe where the expectation for some of these products where Weebit ReRAM will be in, we would expect -- what sort of products we might expect to see them in? There's been quite a few questions around on onsemi's Treo product, and this is where Weebit's non-volatile memory will sit. So maybe just a little bit around what you know about Treo and how big it might be and how much of a focus it will be for onsemi going forward.

So Treo is their new platform that they announced recently. They did quite a bit of a splash around that. And they are -- I mean, when you look at onsemi in the 65-nanometer BCD, et cetera, they are a leader, one of the top leaders in the automotive space, especially when you talk about power chips, et cetera. They are a very big, important player in this domain. So automotive and power and sensors, that's where they are very strong with this 65-nanometer. And for us, it's an honor to be part of their new platform, their flagship platform, the Treo. Again, such a big and important company and basically integrating us into this platform, it's a big honor for us and a very important opportunity.

Right. So a couple of more specific questions, which I'm hoping you can answer about Treo. I think one of the people online have talked about a 175 degrees benchmark, and whether there's an expectation that we will achieve qualification at 175 degrees. And then also extension is, is Weebit's ReRAM going to be in every part of the Treo product line? Or is it just a suite of products within the Treo product line?

So I'll start with the second one, and then I'll go back to the temperature. I cannot commit for onsemi where they will put our technology. I believe that they will see the benefits, what the value is, and they will want to put us in most of their products. I think being in every single one of the products is may be extreme and some of the products might not need such an advanced memory like ReRAM. There are very simple NVM technologies that for some of the very simple chips are enough. So again, this is something that is onsemi's decision where they will want to put us and so on, but I believe that in their advanced chips, I believe, I hope that they will want to put us there. In terms of the temperature, we've already demonstrated that we can operate at 150 degrees. This is something that we're pushing forward. We've already had companies. I can even mention that -- I think I mentioned it once mining companies, which are so important in Australia, their drills reach extremely high temperatures. And they've been asking us about chips that can operate in much higher than 150 degrees, and then we're looking and working on that. They have their own operation profile, et cetera, et cetera. There's always the question of how long do you need to operate in those high temperatures. When we're talking about 125, we basically said 125 for 10 years. 150 degrees, again, we're looking at long term, 10 years, et cetera. But when you go up to higher than 150, many times you start going into different operation profiles and some people will say, unlike those guys with the drills, they will say, well, if the drill -- if we need to replace a drill once every -- whatever amount of time, that's fine. It won't be 10 years. The drill won't work for 10 years, right? So now you go into the specific operation profiles and so on, we can withstand very high temperatures. The question now is how long? The shorter the period, the higher the temperature we can withstand, et cetera, et cetera.

Just one last question on Treo has come through. And just whether you're aware if onsemi has made this publicly available and when they expect to start earning some revenue from the Treo chips to customers?

I think this is a question for onsemi. I really don't want to try to be a spokesman for onsemi here.

No problems. So now just sort of thinking through the process, where through from here? Is the process -- does it follow a similar path as you've done with DB HiTek in terms of tech transfer, qualification and so maybe if you can just provide some color around those next steps and sort of some of the high-level timing for those milestones?

Transferring the technology to a fab is transferring the technology to a fab. I think you've seen it with SkyWater. You've seen it with DB HiTek, and that's what you will see with any fab. We need to work with the team at the fab, teach them how to manufacture our technology, do the technology transfer and et cetera. Manufacture the first chips, test them, get them to the point where we can qualify and do the qualification. That's any fab, it's basically the same story. You need to go through those steps. Again, the key thing about an IDM is, they are also the product company. And so you can actually start talking to the product guys in parallel and try to ramp up. I mean, first of all, you take the requirements of the product guys into account when you are doing the technology transfer already. When you're doing that first module that you're running through the line, you can already start tailoring it to the needs of the product companies. So I believe the big advantage will be in that parallelizing that we can start working with product companies earlier. It was a product -- project earlier because now it's the same company.

Makes sense. All right. Coby, there's a bunch of other questions, which are all a little more unique. So I'll do my best to get through them. So I'll just fire them off at you in no particular order. There's a question from an investor saying, with the additional engineering required, does this mean other agreements will also require a deeper collaboration and engineering efforts from Weebit. And can you give a sense of how much effort from the technical team that Weebit is required to support the collaboration with these bigger agreements?

So I think there are 2 very important milestones in the life of a company, a growing company. The first milestone is obviously getting the first customer. That's a very important milestone, and you start being a commercial company and moving forward. The second important milestone is the moment that you start having parallel customers, so you stop being a company that the whole company is focused on just 1 project and you start working on multiple customers in parallel. I'm really happy that Weebit is now passing the second milestone. 2025 is going to be a year where we start working on more and more projects in parallel. Now this is -- why is this so critical because suddenly, the company will need to set up or continue in a much stronger way, setting up that infrastructure so that we can work with all of these guys in parallel. And now we have that -- if it's the project organization, et cetera, et cetera, it needs to start being replicated and more automated and all of that. So this is a very important milestone for us. We are working on duplicating, on automating as much as we can so that we will be more and more efficient when we start working with more projects. There's still a lot of work that -- every fab is different. Every fab has their own PDK with their own particularities, et cetera, et cetera. But as much as we can, we're going to be defining standard modes of operation, duplicating things, having the basic framework that's being copied, et cetera, et cetera. That's the big challenge that we have this year growing and we will need to hire more people as we sign more agreements to work in parallel on more projects. And it's going to be a very interesting challenge, but we have a very experienced management team who's done that before and knows how to do it, and I'm sure we'll do it in an efficient way.

Coby, I was going to save questions around sort of 2025 and other potential deals to the end, but you've sort of led me into it now, and there are a lot of questions around that. So I'll try to wrap a few in here. One of the investors has asked, how much resources has these negotiations with onsemi taken? And has that taken away -- focus away from other negotiations? Or are those still progressing along? And then how are you still -- how are you feeling about this year ahead and in terms of the goals that have been set for you by the Board in terms of commercial agreements and where are you sitting at those right now?

Well, we've been negotiating quite a few of these in parallel, negotiating, running evaluations. There's a lot of due diligence going on, technical due diligence and so on. So there's been a lot of stuff going on in parallel. We have an amazing team. I mean I keep telling the Board, I am so, so proud of this team. Each and every one of our engineers and so on. One of my guys was telling me, I worked in another non-volatile memory company in the past, and we're managing to do with 40 people what they had 200 people doing. And it's true. It's true. And I think that's part of our success. We have such an experienced team and really very focused and dedicated and working hard. And we're doing a lot of these things in parallel. A lot of these evaluations and negotiations going on in parallel. Moving forward to next year, obviously, we will need to hire a few more people to do all of these things in parallel because I am expecting this announcement with onsemi to influence their competitors, other IDMs and foundries and so on. We will be working on more projects in parallel. I, as you know, 100% of my equity compensation is tied to closing more agreements. Weebit has always taken very aggressive goals. And then our challenge is to meet them, and I'm very happy to say that despite the fact that our goals are very challenging. I think in general, in practically all cases, we are managing to meet them. Even last year, I kept saying -- before the end of 2024, we got to the last few hours when it was actually -- the ink was put on the paper or now it's done all digitally, but -- so that's really we -- I'm looking for an amazing year. I believe we will be signing more of these agreements this year. And it's going to be really exciting starting to ramp this up and having more and more of these happen in parallel.

Right. Thanks, Coby. A couple of questions just around existing agreements around DB HiTek and SkyWater, which I'll get you to cover off in a moment, but just one more question come through just about onsemi and how they have multiple fabs. And will they be qualifying Weebit's technology in more than one fab?

Well, you start off with one manufacturing line and get that going. I want to believe, I think it's a very natural path of progress, once you're qualified on one production line and people see the good results, that onsemi will decide to expand to the other production lines and fabs and so on. So it's their decision. It's not mine, but I'm going to do everything I can to show them that it makes very, very normal sense to move on and expand to other manufacturing lines.

Right. And maybe to take this opportunity just to give a general update on how things are progressing with DB HiTek, SkyWater, and there's been a question here around GlobalFoundries as well. So obviously, nothing has been announced on any of those, but just maybe a general comment on those.

Well, going through them maybe in chronologic order. With SkyWater, I think people know the situation, as disappointing as it is to me, they have decided to focus on their R&D services. They're putting a lot more effort there than on their foundry services. We are -- I've never given up on managing to get a customer directly engaged with SkyWater, and we still are talking to companies that potentially we could bring to manufacture their products at SkyWater directly. We are working in parallel with Efabless. We made that announcement. I don't remember when we engaged with Efabless. We're making good progress with Efabless now to offer the ability to manufacture at SkyWater through Efabless. So they will be kind of an enabler to get projects at SkyWater. With Efabless, I remind you, you start off working more on samples, on demos and things like that. But once you have something that looks better, you move forward to the next step of mass production. And I believe we can actually achieve it through Efabless. So that's work that's happening in parallel. With DB HiTek, we are in the process. We taped out. And the initial wafers are coming and we'll be testing and hopefully, going into qualification soon. Goal is to qualify as fast as we can and move forward. We are talking to customers, product companies that we want to manufacture at DB HiTek. So there's a lot of activity going on around there, and that's moving forward. GlobalFoundries, it's been a situation where they announced that they are trying to work on another ReRAM. To a certain extent, our relationship with them have their ups and downs and so on. We still have our chips, our demo chips that we're testing and improving on their platform. But to be very clear, there isn't any licensing agreement with GlobalFoundries. I personally hope that they will realize that it makes more sense to engage with us, with a technology that is much more advanced but it's their decision, and I'm really -- all we can do is try to show them the value of our technology and hope that they will decide to engage. I can't commit on anything there.

Great. Thanks for that update, Coby. Getting through the questions, still a few more to go. Hopefully, we get those done in time. Just another attendee question. With TSMC continuing the rollout of their ReRAM, are discussions becoming easier with future potential customers understanding the advantages versus flash memory?

TSMC has been, for Weebit, the best thing that really is helping us push forward. Having such a key player push forward with ReRAM has helped the market realize that ReRAM is here, that ReRAM is legit. And especially TSMC themselves have undergone a transformation. It's only 1.5 years ago, their road map, their official public road map was completely full of MRAM with very -- a comment on ReRAM really at the bottom of the slide, but everything was focused on MRAM. Since then the big consumer companies have made it very clear. They will never use MRAM. The issues with magnetic fields that are all around us impacting the memory are such that they cannot take that risk. And so TSMC, their road map that was published just half a year ago is now all ReRAM with MRAM as a comment on the bottom. So all of that has been very important, and it influences the market. The market is realizing that ReRAM is the future. It's -- 10 years ago, there were so many different technologies that we're contending to replace flash with PCM, 3D XPoint, Optane, et cetera, ferroelectric RAM, you had MRAM, of course, and others. Over the years, one after the other, they basically dropped off. It's not like they don't exist at all anymore. But each one of those kind of faded into a specific niche that is -- they're being used at. And now I think I can say that the market today across the board understands ReRAM is the future. This is the technology that will be pervasive throughout the industry and TSMC now has it as their key technology in their road map. Weebit is pushing forward and we're in a good position. So I think we've gone a long way and now I don't think people really have a doubt that ReRAM is it, and many people are engaging with us, thanks to that.

Right. And maybe an extension to that point around the competitive environment and other potential players, are you aware of anyone else other than TSMC that's implementing ReRAM in any applications?

So first of all, as I think everyone already realize is developing a ReRAM technology takes many, many, many years of hard work. So we can see who is out there around us that has ReRAM. TSMC has their ReRAM. UMC has announced that they have qualified ReRAM. I personally am not aware of a company using it. But I -- again, I'm not UMC and I'm not an official source for that. But TSMC, we definitely see out there moving forward. As I mentioned, GF decided to try to develop their own ReRAM. We'll see what happens with that. There's -- I think I mentioned in the past, there was a company called CrossBar that eventually sold their technology to a Chinese vendor that's, again, trying to make it work. We need to see what happens with that, but I'm not seeing it really moving. So I think I can confidently say today Weebit is the only independent provider of ReRAM. Definitely, the only independent provider that's qualified. But even not qualified, I really don't see another independent provider for embedded ReRAM that is anywhere close or -- I think we're in a very, very strong position now.

It's great to hear. Just a question, Coby, an investor saying, what have you learned from the recent agreement with onsemi? Just the negotiations and the process, if you've learned anything. And maybe that's an opportunity for you, Coby, just to sort of, I guess, talk about the fantastic team that you've gotten and their ability to get this over the line.

Well, what did I learn from this agreement? I learned that the semiconductor world hasn't changed over the last 40 years that I've been working in it. I've -- my -- I really love working with the start-ups, the smaller companies. I love this challenge of taking a new technology and bringing it out to market and growing it, et cetera. And every single time, the human fear factor is the #1 obstacle in getting a smaller company up and growing and into market, and human nature hasn't changed. The technology has changed. We've moved so much forward in so many different ways. But at the end of the day, that basic human fear of something new is always there and you always need to overcome it, and you always need to get to the point where they realize that, hey, I can trust these guys. I can work with them and they are committed, and they have a good technology. And that's where the team comes in, and you mentioned the team, when they look at our Board, when they look at Dadi Perlmutter as a Chairman or Atiq Raza or Yoav Nissan-Cohen, people like that, that gives them confidence. That gives them confidence that, hey, these people, these amazing people who have done so much in their life, they're putting the reputation on Weebit. They are actually putting the reputation, supporting the company, et cetera. It's very, very important. And then they start talking to our management team and to the people reporting to the VPs, and they realize, oh my god, these guys really know what they're talking about. These guys really have so much experience. And I believe there were other companies trying to develop embedded ReRAM and one by one, they basically -- they're not really around anymore. And I think the, by far, the #1 reason for success is this team, this amazing team that we have. I always talk about the 13 PhDs in chemistry and physics that are just so amazing that they're constantly improving the technology, pushing it forward, the design team, the analog team, again, what we call the 4 pillars with the device and process, analog, digital design, I don't see other companies. I actually don't see any company in the world that really has such strong people on all 4 fronts. And I think the customers are also seeing it. So I think that's really the big thing. We have the team that can deliver, and that's the big message to the industry.

Right. Time for one more question, Coby. And I realize we've sort of gone off track from onsemi a little bit, which we'll just finish back on top of. But a question just around, is it correct that Weebit attended a semiconductor conference in China recently? And maybe just more broadly, how you see China as a potential opportunity for customer agreements?

So yes, we were at a big conference in China. We are -- you can't really ignore such a huge market like China. And even Intel, Nvidia, Apple, they're all involved in China. They're all selling in China, they manufacture in some cases in China. So it's -- it's a type of situation where you can't ignore China. At the same time, you need to be aware of the geopolitical situation. Obviously, Weebit will not engage with anyone who's on the black list, and we're very cautious about that. We are very cautious about our IP and protecting it. And even if/when we engage with the Chinese company, and I think it's, to be realistic, Weebit, as I said, you can't ignore China, and we will be engaging with some Chinese companies, but we will do it in a very cautious way in a way that we protect our IP properly. And we'll see how things go, but we are engaged with some Chinese companies, yes.

Great. Thank you, Coby. I pivot you with, I think, about 40-plus questions this afternoon, our time. So thank you very much. There are a couple of last questions that I haven't got through. One also just around the ASX process and getting the announcement lodged. Please feel free to e-mail me. My e-mail address is on the ASX release. I'll come back to each of those questions separately. But Coby, just back on the onsemi deal, a fantastic outcome. You delivered on your word of getting that deal done by the end of the year, which obviously would have been difficult given the time of the year but to have a Fortune 500 company licensing Weebit's technology, I think, is super exciting. So a big well done to you and the team, and we're very excited for 2025. So I'll just hand back to you to close things out.

Yes. Thanks. It's -- well, first of all, I really want to thank so many people that are on this call on January 2. I can imagine some of them are on the beach somewhere or I don't know and calling in. So I really want to thank everyone. This is really a very important milestone for us, a great way to start 2025. And we are so pumped and full of energy to move forward and get more agreements done. So thank you, everyone, and we'll definitely continue to talk and to deliver.

Right. Thanks, Coby, and thank you, everyone, for joining. Bye-bye.