Weebit Nano Limited (WBT) Earnings Call Transcript & Summary

Good afternoon, everybody, and good morning, Coby. So -- and thank you for joining us today, Coby Hanoch, CEO of Weebit Nano. Coby is going to go through -- just talk about some of the things that came out of the last quarter and obviously, some announcements subsequent to that. But really, this is an opportunity for you as a group to ask the questions you want to. So after that introduction, we'll just move straight into Q&A. But without any further ado, let me hand back to you, Coby, to get things underway.

Thanks, Adrian, and thanks, everyone, for joining us. We had another exciting quarter. It started off with the end of last year when we managed to qualify at DB HiTek and to get initial wafers from onsemi that we saw were working. And of course, the TI agreement. So we started the year really at full speed ahead, moving forward and getting these projects running. We continue, as everyone knows, with the raise that we did. And that was a very important thing for us, really enabling us to get our R&D -- give our R&D a real push. We already have, basically, in many parameters, in a lot of parameters, we already have the best ReRAM in the market. But I really want to open a big gap between us and any other potential ReRAM that's out there that is trying to get out there. And we know what we need to do. We know how to significantly increase or lower the access time, increase the speed. We know how to increase the endurance. We know a lot of things that we want to achieve, and now we have the funds to actually do them. We also have the funds to really give a big boost to our AI program, and there's a lot of interest already out there in using our ReRAM for AI. And then more recently, at the end of the quarter, last week, we announced we're actually -- the revenue expectations have gone up. So the projects with our different customers are really progressing well, and there's a very big focus by everyone and by onsemi, by TI to really get things moving as fast as we can. And that basically -- I think as I've already explained in the past, Weebit is conservative in the way it does revenue recognition. We -- even though there are a lot of payments upfront and we -- you can see it in the cash numbers from last year, but we actually take all of these license fees and NRE support and maintenance, all of those fees, we basically lump them up and we recognize revenue over the project, the technology transfer project, which, as you know, can take order of magnitude of a couple of years. Now that things are actually moving even faster, obviously the recognition of the revenue, we upgraded it accordingly. And of course, the big news that we have this week is we actually already have 2 product companies. I mean we have quite a few product companies that are designing products with our ReRAM in them already. We're very glad that now 2 of them have crossed the line and actually gotten to tape out. So they sent their designs to manufacture. One of them already received the prototype wafers and already saw that they are functional. They actually managed to run software. So that's another very important step. At the end of the day, of course, the goal of Weebit is to get to the point where there are many projects in mass production, products in the market with our ReRAM, eventually IP companies live off of royalties. And of course, that's where we want to go. So this is one step on the way. I have to always caution everyone there are things -- we have our plans and then there's how the world works and not every product that every company plans gets to mass production or things like that. So we still have several hurdles to go before these products will be in mass production, but this is a very important milestone, something that we've been waiting for, for a long time. So I think that's kind of a quick recap of what happened. And I'll be glad to answer questions and address anything from the audience, from you, Adrian, and from the audience.

That's great. Thanks, Coby. And I'm sure you're all very familiar with how to ask questions because you're very familiar with this process. We've got a bunch coming in, Coby, but there are a couple that were e-mailed to me earlier in the week. So just to start with those. First simple one, is there any update on when Weebit will go into production at DB HiTek?

Well, I think now -- by the way, a good piece of news is one of those customers is Overlord. So now we can actually name one of those companies and Overlord -- Overlord is a company that is relatively new. But if you look at like many start-ups, they're new companies with people with a lot of experience, a long history in the market. And so Overlord designed a product for smart battery power -- smart battery management. And that's the product that they taped out at DB HiTek. So it was a very good cooperation between Overlord and DB HiTek and Weebit working together to make this happen. The first time that you go through manufacturing and all of these first products now that will go through, they always need to be more closely taken care of. So this was a very good cooperation. Again, we don't know. I think they are working on getting customers on board for that product. Everything in this case, goes in parallel. They have the product. Obviously, they've developed it based on their market analysis and their expectations of what the market will want. I can't go into details of if they already have customers or they're signing them up or whatever and who and so on, that's really for Overlord to announce whenever they are ready. And we just are supporting them and want to see that once this product is functional, working, I mean they need to go through a lot of testing now. Eventually, if there are any issues, they'll need to fix them and get things going. In parallel, they need to do their commercial work and get customers on board and signed up. And once they qualify this product, they can actually start shipping it. So I can't go into any details on their work plan. It does take time. We basically said 12 to 18 months, that's kind of a normal figure that people have in their minds when they think of these kinds of projects. I'm not saying that that's the Overlord plan or not, but that's to help people have a general sense of what's going on. Obviously, we'll do whatever we can to help accelerate it as much as possible.

Thanks, Coby. Next question. Do you think the much difference between ReRAM and flash is big enough that chip companies would redesign chips that they currently have in production and use ReRAM?

Honestly, when people already made that big investment of designing a chip and they have flash in it, I don't really expect many people to go and take an existing product and change it. Normally, what will happen is they'll already start thinking about the next generation of that product and how do they improve, add -- whatever they learned over the time that this product is in the market, obviously, they've been getting feedback from their customers and what added features or modifications customers want. And they'll already go and define the next generation and into that next generation, they will look at how do they improve, including replacing the flash with ReRAM. So not so much taking an existing product and changing it. But I do expect companies to look at how do they upgrade and already go out to market with a new product, which is more advanced in different ways, including the ReRAM.

Thanks, Coby. Next, I'll combine these 3 questions from the same investor because they've all got the same kind of thematic, and it's to do with the conflict in the Middle East and how it's affecting Weebit. And the concern is about the R&D located in Tel Aviv, but also as well as any armed conflict risk. Can you talk about the risk of sanctions on the company?

Well, unfortunately, you already have a track record since October 7. It's more than 2 years already, and I think you can see how Weebit is functioning during all of these crises, and we've had -- unfortunately, we've had so much going on here in Gaza and Lebanon and Iran and so many other places and things. I said it many times, the Israeli industry in general and Weebit definitely specifically, we are ready for these situations. We know how to function in these cases. We switch to working from home when needed. Only the critical people go to the office to the lab. The lab is in basically like a bomb shelter or something. So it's protected and it keeps going. The lab doesn't stop for a second. It just keeps running. And the work continues. Some people come to the office, many people work from home. We do have, by the way, a big R&D center in Grenoble. So that obviously isn't affected. But we -- I think now I can just point to the track record already and show in the past 2.5 years, you can see Weebit continues to work. And no matter what happens. And I was stranded, by the way, in the last -- as some of the people know, I flew out of Israel just before the Iran war. The latest round started, and I was stuck in -- stuck abroad for a while until I managed to get back to Israel. And I continue to work from wherever I am, wherever my laptop is, that's my office. So nobody felt anything there. We're ready for this. Unfortunately, hopefully, we never have to show that we are.

And Coby, just to follow up just on one of those questions was about sanctions and the risk of that with respect to...

Again, I haven't seen anything like that -- any hint for anything like that anywhere. In general, yes, Weebit, no, we're an Israeli company. But I haven't seen any sanctions on Israeli companies in general. I mean here and there, you hear about specific pinpoint cases that people do in -- I'm glad to say that in the semiconductor space, people are just focused on the real things and on getting their products out and getting the technology going. I haven't personally seen any even hint of any sanctions anywhere on Weebit.

Thanks Coby. And just a reminder for those in the audience, it's rather than being an anonymous attendee, you're better off putting your name and if you want your questions to be answered, just FYI. Next one, is there other unknown customers -- sorry, is there another unknown customer that has taped out earlier in similar start-up company to Overlord labs? Or are they bigger, more established? What space are they in?

I respect the customer requests. And in general, it takes time until people reveal themselves. We have several customers, some of them bigger, some of them smaller that are working on designs with our products. So really kind of across the board. The bigger ones are obviously known like TI and onsemi, of course, which are IDMs, so they are also product companies. So we have -- we name them when we can. We will try to give more details. As companies get to mass production, obviously, once they get to the point where their product is ready and they want to sell it, they announce it. It's harder before that. We'll give as much information as we can along the way. I think the people on this call know, I'd like to be as transparent as I can.

Thanks, Coby. This next one is a very difficult one for you to answer, but let's have a crack. So will TI use Weebit's ReRAM in any of their analog product suite, specifically replacing EEPROM and OTP, for example, [indiscernible] clocks, logic, drivers, PMICs, et cetera?

So again, I can't really talk about TI's plans, and this is confidential information of TI. So TI is a major analog player, the #1 analog company in the world. And obviously, when considering all the advantages that ReRAM has, and this is their big focus, you can imagine that they are looking at that. I can't go into details what exactly they're doing and which product and so on. But they are making a very big investment in Weebit. They are working very hard with us to see how we can shorten schedules. The relationship is really good. And we obviously expect to see many products using our ReRAM TI.

Next one, I suspect this is another difficult one to answer. Have you talked with BrainChip to see if any collaboration is possible with their Akida neural processor? So...

We know BrainChip, actually, we know the people there, and there have been 2 tech companies that are traded on ASX, and there's been a lot of collaboration in Australia between semiconductor companies or semiconductor-related companies, I'll even say, on different issues that we needed to deal with. So there have been discussions with BrainChip and with many other ASX-traded companies in the field. I cannot go into the details of what kind of collaboration; if there is any, what kind of collaboration there is, these kinds of things, we -- once there is something material, we announce them.

Thanks, Coby. Next one, quite lengthy. Are you surprised by the speed with which the humanoid robots industry is growing? There are so many humanoid prototypes, and in limited production, they need PIM semiconductors. Does it worry you that a crop of new innovators work on neuromorphic memory chips perfectly suited for edge computing capable of fast reaction and learning may take a significant market share before Weebit Nano develops its own competitive PIM ReRAM.

So first of all, for the audience, I'll say PIM is Processing-in-Memory and many other people call it in-memory compute. It's basically the same thing. And so to start off with, yes, this domain of AI in-memory compute, humanoid robots, all of these things is progressing so fast. It's really unbelievable, and it's very impressive. Now like any new domain, there are so many companies trying to address this field. That's how any new -- I don't know if to call it -- it's not a hype. I think it's a very real thing. So -- but any time there's a new application domain, you suddenly see a lot of companies trying to address it each one from its own angle, each one with its own technology, really very exciting. And then over several years, these companies start dropping off, technologies don't work, they miscalculated things, their algorithms are not efficient enough, et cetera, et cetera. So that's what we're seeing today. It's very normal. And this is a huge market, right? Now what I can say is that ReRAM is a very good solution for PIM or in-memory compute or whatever you want to call it. We've been aware of it for a long time. You look at -- I think with the Technion in Israel, we announced working on processing in memory in 2019 or 2018 even. So we've been looking at this. Obviously, it was at a much lower focus for a long time. We now know what we want to do. We set up an AI team inside Weebit headed by Gideon Intrater, who's a really strong person in this field and studying this. And now that we did the raise, we're starting to build the team there. We've been hiring some people, already some real experts in in-memory compute to work with him and define our product. And we have our goal for this year. By the way, we set the goal of having a first AI customer this year, and that's definitely something that we're working on. We -- I think that we have a big advantage over many others. Most of these companies that are now trying to make AI work, they basically use standard memory chips because that's what they have, and they will try to make them work. Weebit has a big advantage. We are the ones who develop those memory bits. We have the device and the process engineers who can actually tailor the memory bit to the needs of AI in-memory compute and in that sense, make them better suited for this application. So one of the things that we're looking at right now is what are the real needs, what do we need to do to have a version of our ReRAM bit, which is really better tailored for AI. That's part of -- we announced that part of the use of proceeds of this recent raise is now to enable moving forward on that. So we have this advantage that many of these other companies don't. We have a very strong team. By the way, people on the Weebit Board, for example, Atiq Raza especially, but also Dadi and Yoav are involved in AI companies. And so they know what's going on in this field and help us with directives as well. We're feeling confident that we will have a very competitive solution, and that's a big focus. Weebit has a very experienced team, and I think we'll be very competitive in this domain.

Thanks, Coby. This, kind of, you answered a lot of that. But just anything to add with respect to this same question with respect to Gideon and his team, just which you're working on. Is there any announcement of a formal AI strategy that will come to market with respect to this?

Yes, we will -- as soon as we have some clear plans that we're ready to share. Right now, they are looking at a lot of different ideas. We'll be formalizing our plan. We will be exposing it to the market. I said we want to have a first AI customer this year. That means we'll need to be announcing the AI solution or AI offering before that, obviously. So you will be seeing some announcements. Our plan is to do this in a staged way. So we'll have an initial offering and then over time, we'll be improving and coming out with more advanced offerings. So this is really something that we're working on building the plan. And we'll expose it to the team. Again, I'd like to be as transparent as I can and during this year as things progress and as we have the initial offering and we'll be announcing it. We'll be hopefully able to announce the customers that are signing up. And I can tell you there is a very high level of interest in this.

Just a follow-up from the investor who asked a question about TI's analog product suite. So just the question is kind of more broadly, will they replace EEPROM with ReRAM?

So there are -- in general, I'm not going to talk about TI or a specific customer. But in general, ReRAM has many advantages over EEPROM or there are different versions of what's called onetime programming or multi-time programming type devices. So ReRAM has a lot of advantages over these devices. And I do expect that people using, for example, EEPROM will be moving to ReRAM at least part of them, depending on the application, depending on their need, the size of the memory and all kinds of other things. But yes, I do expect people, again, not addressing a specific customer, but there will be people moving to ReRAM from EEPROM.

Good answer. So looking at this calendar year, just a general question. Just the potential signing up of fabs, IDMs, customers and with AI developments. And you've spoken a bit about this already, but how do you see this year playing out with respect to those?

We obviously have high hopes to sign at least one more. Hopefully, we definitely want to sign more foundries and IDMs. As time goes by, I do expect that we will be able to get more of these deals signed with somewhat shorter cycles. With TI, it took 3 years. I'm expecting the cycles to shorten. I'm expecting people to move forward faster. There I talked about it many times. These negotiations are really tough. These are big companies that are always hesitant. They have a lot of considerations, which are also irrelevant to ReRAM. It's just if the fab is at capacity, and you can see now that the semiconductor industry is in this boom where fabs are full and people are totally focused on just let's squeeze this lemon and let's get -- every second in the fab, let's have it generate revenue. So having test wafers and things like that for them is a hit on revenue. So they're cautious. There's just not much focus on new technology when everything -- when the fabs are so full. So we have sometimes those kinds of challenges. Some of them -- and in our industry, there's a term silicon proven. People always want to see that technology or whatever, it's really in mass production and being used and working. So some of these guys are just continuing to be hesitant until they see silicon proven. Now we made a major step forward now with product companies actually taping out already. So hopefully, that will also help to push these guys. It's just a tough negotiation with ups and downs and sometimes they move forward faster, and I'm sure we're going to close the deal soon and then they suddenly kind of go into idle mode for a while. But we -- I mean, the bottom line is we do plan to sign more agreements this year.

This is -- I mean you've already answered some of these questions, but narrowing a little even further. So are you on track to meet the yearly objectives for signing fabs, IDMs, I think you've already spoken about that. But is there any update on the agreement you mentioned previously that slipped into 2026, given we're now in May? And could it still be multiple?

So yes, I know we expected last year to sign another one except for TI. Those discussions are ongoing with that. Actually, we have more than one even that we were discussing with last year, and those discussions are continuing this year. So -- and I do definitely want to close those. I think we will be closing those or at least one of them, and we're pushing to close as many as we can. It's really not always in our hands, like I explained. But I do expect to sign more this year and going into next year, hopefully, things will start being even easier, and we'll be getting additional ones.

Thanks Coby. You've spoken a bit about this already, but wondering if you can provide an update on the in-memory compute project, also when that solution is launched? Will it be an easier process for TI and onsemi to integrate into their processes given they're already manufacturing the ReRAM?

Yes. Once they know how to manufacture ReRAM, it will be definitely easier for them. If and when -- and again, I need to be cautious about not making any commitments for them. But if they will want to use this technology, they will be able to move forward faster because they already know how to manufacture that.

Thanks, Coby. Next question, do you see royalties happening before the end of calendar year 2026? Or would it be more likely into 2027?

Well, we're very glad that we have product companies taping out. This is still a long process. They need to get the silicon back. They need to verify that it's functional. If they have any issues, they need to fix them. They need to very often do another, what we call a respin of another round of manufacturing and then they need to go to qualification. So this is a long process. I mentioned earlier that in general, people expect the whole process to be 12 months or even longer. So it's -- I can't commit. We haven't given any guidance on royalties, and I won't go into when we expect to see royalties. But you can understand there's still a lot of work to be done with these guys and other products that are being designed.

Thanks, Coby. This next question goes to kind of the pace of those announcements and keeping in mind your preparedness to be very, very transparent with the market. But as you hit these milestones, should we expect to see announcements over time?

Yes. We -- by the way, I think people are starting to see that as Weebit is growing, as Weebit is -- starts having more of these agreements, we'll be focusing on having a lot of the updates in the quarterly reports. We don't want to get into the point of -- every time -- I mean, you don't normally announce when a product customer hits the tape-out milestone, for example. That's something that in the industry is not common. We did it now because it's the first time. And obviously, we consider it an important milestone when it's the first time, and it was also one of the 3 targets that we set for this year. So it was important for us to update the market. But we will focus on updating in the quarterly reports when we sign up more customers. We'll be mentioning it there when there's significant news. Obviously, when there is an important milestone or a very significant deal or something like that, we might be doing a special release. But I think that's also following the directives that we have from the ASX of not just announcing every little thing and focusing on making the announcements material.

Yes. No, that's good. That's a good message for this group to be listening to. Thank you, Coby. Just on the similar kind of theme, can you talk to revenue recognition alongside milestones rather than receipts and kind of really just what's the most important for the investors to be focused on with respect to that?

Actually, that's a very good question, and I should clarify and touch that. So first of all, cash comes in based on 2 things basically. One is hitting milestones. In some quarters, we have major milestones, some quarters might not have any milestone. So first of all, it depends on the -- on just hitting those milestones. And second, it depends on the customer actually paying on time and not slipping and missing a payment. So those are the 2 things that impact the cash coming in, in the quarter. And that will go up and down, and we can see that it's not something that you can really trace. I really recommend that people focus on the revenue. Revenue is something that is -- that is the real measure for progress. We are, I mentioned earlier, very conservative in our approach to revenue recognition. Even though we get big payments upfront sometimes, et cetera, we will not recognize until we actually do the work. So we take all of that -- the whole commitment in an agreement. So if a customer signs an agreement with us and there are, let's say, 3 or 4 payments based on different milestones, et cetera, we will take the total amount of license fee, the total amount of NRE, support and maintenance, all the different payments that are in that agreement. We basically just lump them up into one big sum. We then look at the plan and we recognize the revenue prorated over time. And what I mean by that is some months, we might put in a lot of work. Some months, we're just waiting for silicon and there's less work being done. So we're not just -- it's not a uniform over time recognition. It is -- it actually does take into account how much work is being done and really recognizing it over time based on that. And then if we see on the one hand that the schedule is slipping, then revenue needs to be recognized over a longer period of time. If the schedule is being shortened, we actually recognize the revenue faster.

Thanks, Coby. I'm going to combine 3 questions. Hope you don't mind me doing this with respect to the capital raise. So kind of, firstly, what does it allow you to do, which is important? What runway does it give the company going forward? And there's other point about, can you reference the amount of reserves you need to keep on hand to weather any stock market downturn, for example? So kind of what does it allow you to do? What runway does it give you? And in that calamatic situation, what kind of powder dry do you need to keep kind of obviously to manage that environment itself?

So well, we're very glad even in very tough times to have done this raise. And by the way, the SPP is still continuing until the end of this month. So it was very important for us to have also the SPP. Again, people know I have a very strong commitment to our retail base not to keep them, I mean, not at a disadvantage relative to people of the institutions that come in during the raise. So we always want to have an SPP or an entitlement offer to enable people to join at the terms of the raise. And so I'm very glad we did that. There were requests basically to extend it or people -- we realized that not everyone managed to use this option before the end of last week. So we extended 1 week and always encouraging everyone to take -- to make use of that option that we gave them. In terms of the raise itself, yes, now we are definitely well funded. We can do these big projects that we want to do. We can actually focus on improving the technology. To give you a sense, by the way, we -- today, there is a certain common understanding in the industry of, for example, how fast you can access a ReRAM. And we fall into that category just like TSMC and other people developing ReRAM. We're all in the same order of magnitude of access time. We realize that we can have that, so we can access the memory pretty much twice as fast as the industry currently considers standard and what the state-of-the-art is. We just need to go through that work. Most companies today are still struggling or working with endurance levels of 10,000 cycles. We already qualified at 100,000 cycles. We are demonstrating higher than that. Our goal is to achieve 0.5 million and 1 million cycles in what in semiconductors is considered short term over the next couple of years time frame, et cetera. So -- and those are just 2 examples. There are many other examples, other functional elements that we expect to really break through barriers and have a much, much better ReRAM. And that will put us as the clear leaders, undisputed leaders in this domain. So the raise is enabling us to do that. The raise is enabling us to really hire top-notch people in the AI field, set them up with the appropriate tools that they need and really move forward with our AI offering. Overall, now that we have this funding, we are feeling very comfortable for the next 3, 4 years. And we are also expecting, obviously, growth. You can see in terms of the revenue numbers, we're expecting growth also in revenues and in cash coming in from customers, et cetera. So we're feeling very bullish right now. We have the funds that we need. Thinking beyond 3 years now is -- there are so many things that can happen, but we are well funded. We're feeling very good and moving forward and now focusing on doing these -- basically mainly these 2 projects, getting the technology to be much better, doing the AI and of course, all of the commercialization, the marketing and sales work.

Thanks Coby. And -- thank you for that investor who pointed out. Just to clarify, just so everybody is aware, the SPP closes at 5:00 p.m. on Friday, the 8th of May, Australian Eastern Standard Time, just to make that doubly clear. So just to -- but thank you for that investor who just called that out. Next one, still on the raise, Coby. So after the raise and now that Weebit is very heavily funded, is there going to be a lot more resources put towards discrete? We know you're taking advantage of the embedded opportunity, but what does the timeline look like for discrete?

It's a good question. People know that in the past, I said we're focused on embedded, but the next big thing is going to be discrete, and we had a lot of effort going in that direction. However, we are reacting to the market demand. And suddenly, AI became the big thing and ReRAM is really such a great solution there. So AI became our -- I don't even want to say # 2. We really have, you could say, 2 #1s or embedded is really the big thing because we just -- that's revenue generating in the short term, and we really want to get that going, but AI is right there at the same level. It is a challenge for a company to have a lot of high-priority projects. And in discrete, we still have a lot of R&D to do. We still need to look for a solution, which is not something straightforward. So work on discrete is continuing this R&D, but it is at a low priority right now. We just can't -- you can't have a company, especially not a small company running forward so fast, have 3 main projects that's really not -- you lose focus. So discrete is still there. It is still in our plans. We are working on it in the background, but I admit it is at a much lower priority.

Just with respect to the upgraded revenue guidance, just kind of what the primary drivers were or the reason for that upgraded revenue number?

I actually saw very good analysis from both UCP and MST that they were doing the analysis and they said, well, the thing that causes revenue suddenly to -- revenue guidance to go up is the fact that we recognize the revenue over the project length. And if the project -- the main thing that would cause it to go up is maybe the projects are progressing a little bit faster or something like that. So that's -- again, we are making very good progress now. The customers that are already signed up are really focused on moving things as fast as possible, and we're very happy with that progress.

Thanks, Coby. Next one, how many agreements with product customers has Weebit signed now?

I need to check -- I mean there is order of magnitude of a handful. We -- yes, something like that. I need to check the exact number, but it's already more than the 1, 2 or 3 that -- so we're starting to see more customers signed up, and that's the good news. And of course, I should comment, onsemi and TI, each one of them is a very big product company with many, many, many products that obviously, once they're signed up and they know how to manufacture ReRAM, they're not going to keep it for one product.

No, no. One size doesn't fit all. So a very technical question here. What does the data sheet for DBH say -- sorry, why does the data sheet for DBH say the endurance is only 10,000 cycles?

I think they are being conservative. They actually want to have their own tests now on the Endurance and on other things. The qualification that we did on 100,000 cycles was actually on the SkyWater wafers, and now we're working with the other fabs on it as well.

Thanks, Coby. I think this next answers will be no doubt it's with the company in terms of its own discretion. Will you consider taking more than $15 million in the SPP if it's oversubscribed? And will once Holding come into play if it's scaled back pro rata?

We'll see -- once the SPP ends, we'll see where we stand. in general, when we announce a certain target and people take that target into account, we don't want to just go up. The same thing happened, by the way, when we worked with the institutions, there was actually much more demand than $80 million from Australia, and we did end up scaling back. I personally -- we'll see if we need to scale back, if we do need to scale back, we normally, first of all, do it with people who have just one share, opportunistic people who just come in and play all kinds of games. So we'll see what happens, and I can't really commit yet. We'll know once we see the numbers.

That's great. Next one, Coby. How is the FinFET project going?

So I think I stated in the past, we already have 3 PDKs of FinFET, and we simulated them. We showed we can get good results. Obviously, to go beyond that, we need to have an agreement with a company that has a FinFET technology. And for the audience here, I'll explain. FinFET is a more advanced semiconductor manufacturing technology that is normally used in the -- what we call the teens, between 10 and 20-nanometer. So just so that everyone understands what we're talking about. We are engaged with companies that are doing FinFET. Again, we need to get to the point of an agreement with them so that we can go beyond just simulations.

Right. Okay. Just a couple more. From a share price perspective, it's hovered around $4 to $5 for some time now. What do you feel are the catalysts to get the share price much higher than current levels? -- crystal balling for you, Coby.

Yes. Well, in the Bible, it says that prophecy was given to the fools. So I'm going to try to avoid being a fool. But I mean, one of the things, obviously, that happens when you're doing a raise and when you have an SPP, that kind of keeps the share price at a certain level. We'll see after Friday when the SPP is over, we'll see what happens. Again, I definitely don't want to end up being a fool. So I don't -- and many people, by the way, I had several times people call me up and say, "Hey, the share price is doing this, why don't you do that? What that -- and I would like to clarify to everyone. I manage Weebit. I manage the company, I manage the technology development. I manage the commercial side of things. I don't manage the share price. I don't think anyone can really manage the share price. And I don't think that people here would want me to waste my time on trying to play with whatever -- what am I going to do to impact the share price this way or that way? I think long term, I believe Weebit has a very strong future. You can see over the years, the progress that has been made, developing the technology, improving it, going from smaller arrays to bigger arrays to qualifying at 125 degrees, qualifying at AEC-Q100. Now we're already improving the endurance, improving the access time and all of these things. On the commercial side, you could see we started with SkyWater. We went up and got DB HiTek and then onsemi and TI. So I'm focused on really continuing that path, getting product customers to eventually get to mass production, getting to the point where we will be getting royalties. I'm really focused on just building Weebit to be a big, strong, solid company, adding now the AI and making it also a significant player in the AI field. Those are things that I have control over. I know what we need to do. I know we have the team that can deliver on them. When we talk about share price and stuff like that, I don't know how to manage share price or how to predict what the share price will be. I will comment that, for example, Dadi is in the top 10 holders. I'm in the top 20. I definitely feel what the shareholders are feeling, and I definitely have my interests aligned with the shareholders because I am definitely one of them. So I can assure you that I, just like anyone else, any other shareholder want to see the share price go up. But I'll just focus on doing the right things on keeping Weebit progressing, improving, growing, getting a better technology, getting more deals. I believe, maybe naively, that the share price will eventually reflect that progress.

Coby, that's -- we've exhausted the audience. That sounds like a really good way to finalize today's discussion. So unless you had anything else to say, I just wanted to thank everyone for joining us. But if you -- any final kind of remarks at all, Coby, before we wrap this up.

No. Thank you, everyone, for joining us. We really have so many good things still planned for the year. Whoever hasn't participated in SPP, you still have that opportunity. And we'll talk again during the year and give more updates.

Thanks again, Coby. That ends the webinar. Thank you.