Okay, good afternoon, and welcome to the Weebit Nano investor briefing. My name is Danny Younis, and I help with investor relations for Weebit. With me this afternoon, we have the CEO of Weebit, Coby Hanoch, the Chair, Dadi Perlmutter, and the CFO, Alla Felder. Before I hand over to Coby, just to note that we will be having a Q&A session at the end, starting first with those present in the room. For those online, and there are lots of you, if you have any questions, please type them into the Q&A box that you see at the bottom of your screen. We are expecting a lot of questions to come through as per previous webinars, so I will try and get through as many as possible given the time constraint. I would now like to hand the webinar over to Coby. Please go ahead. Okay, thanks, Danny. Thanks, everyone, for coming. Wow, it's a very nice crowd. I definitely missed you guys here in Perth. I guess we had the AGM on Monday in Melbourne, and I guess maybe some of you were also there. It's going to be somewhat of a repeat of what we did at the AGM, but of course, the most important part is the interaction and having you guys ask questions both in the room and online, and we try to be as transparent as we can and to help you understand what's going on. I'm really glad to have Dadi here. I guess many of you know him. He was here with me in previous visits. Alla, now that we're reporting financials, I think it's time for everyone to get to know our CFO. Amazing, Alla. She will have a few slides as well. I think right now, let's see that this thing will react. Okay. I guess in the beginning, I'm going to ask Dadi to come and give a little bit more of her perspective on the market in general, the higher-level perspective before I start diving into the details. Dadi, please. Okay, I hope people online and people here hear me well. Always a pleasure to be here. I always start with the same thing. I wish I was able to wear things the way you wear things, but noblesse oblige, I don't have a choice, and I have to show up, but I took my jacket off, so we're in good shape. I think the first time I've been in Perth was about nine years ago when in the early days of Weebit Nano, we were doing a lot of promises, making a lot of statements, talking about the path that a technology company has to go through. Many of you have been in the room or been investing in Weebit. When we use the term semiconductor, many people say, "I know what a semi is, I know what a conductor is, but together we have no clue." In the rest of the world, it was like even worse. Very few people, definitely up until two, three years ago, never heard about this term, even though they had in their pocket hundreds or thousands of those, let alone in a car and around them, and everybody's using the cloud. They didn't make the connection between a semiconductor and anything that they do, but it doesn't matter. Just a couple of years ago, maybe three years ago, the whole tension, geopolitical tension, China and the U.S. all around semiconductor technology, all of a sudden, I don't want to say small, a huge Taiwanese company called TSMC, nobody heard about, now everybody understands that whoever holds the TSMC has a huge control about the world economy. Few kind of numbers about first, the technology is amazing. There's nothing even closer in human history with respect to any technology. The level of progress is kind of mind-boggling. When I started my career 45 years ago, I was developing chips, computer chips that had 80,000 components called transistors. That was the top of the state of the art of a product. Can anyone guess how many of such devices, transistors, exist on a single chip, let's say NVIDIA top-of-the-line GPU? Anyone could guess a number? Throw a number, whatever. We're not going to, you're recorded, but we're not going to send it. Billion. Sorry? A billion. A billion, okay. Half a trillion. Half a trillion is closer, yeah. Just made the calculation, how many orders of magnitude the industry have jumped along the way? There is an echo for some reason, so if you could turn off your stuff, thank you. From about 100,000 to 500 billion, it is how much? Seven orders of magnitude. You know how much the yield of a wheat crop in the field was improved since humans started doing agriculture? About 10x. The speed of a car from the 19th century to today improved by how much? Not that much. Let's talk about even fuel efficiency. In order to build such a technology, it requires a huge amount of capital. In the example of the new TSMC 1.4 nm, which is the size of this transistor element, it is very small, cost AUD 49 billion. U.S.? Sorry? U.S. U.S.? U.S. U.S. dollars. What did they say? No, you said dollars. Dollars, okay. Unfortunately, I'm still living in U.S. dollars. Forgive me this mistake. This is a huge number. Not too many companies. There's a lot of government involvement in that. Taiwanese government subsidizing TSMC for 30 years plus. U.S. government start putting a lot of money. You see NVIDIA investing in Intel. It's all that you are able to play the game of creating the next generation. By the way, developing this technology, the R&D for this technology is way north of AUD 15 billion-AUD 20 billion to do the investment, the R&D to create this technology. It's absolutely huge. We talked about transistors and the number are huge. One day I'll have to do an analysis. Sorry, Coby. How many transistors exist on this one, but for sure, hundreds of millions easily, if not billions. The factories are 10,000 times cleaner than a surgery room, operation room. The size, I will not be able to even go and talk about this one. It has a huge impact on our economy. About 40% of the global GDP hinges on semiconductors. I'm not sure how exactly this analyst did the calculations. It may be even larger. I was interviewed about 15, 17 years ago by the Saudi Arabian journalist. I'm not sure he knew what kind of passport I'm having, but nevertheless, he was interested. I talked about semiconductors. He had no clue what I'm talking about. I said, "Semiconductors for the digital economy." Today, I would have said digital and AI economy is like oil to an industrial world economy. He understood this quite well. I think it's unbelievable. When Coby talks about the foundries that did Willy's are cheaper one. They are about AUD 5 billion-AUD 10 billion apiece. When you could understand that these people that put so much of a capital investment and so much of an R&D development of their stuff, they're not going to take lightly, "Oh, I'm the new guy coming from this place and have this technology. Please move things around for me in your factory and add these things and change this stuff." It has to either to feed the way they do or they don't even answer your phone calls. That is why when people say, "Why does it take so long?" Putting a new technology on this kind of a factory, it takes long, not because people are lazy, and Coby will describe, but it's a huge amount of work because the last thing these people want to have that because they put Weebit's rhythm on the factory, the factory was shut down for a week. Anyone that does economy does not want to have a 10, for sure not a AUD 50 billion company stand still for that long. It is huge. This, and I am more than 45 years in this industry. When I studied this material in university, I was told that I am an idiot while I am studying semiconductors. Who would need it? That is a true story. Everybody was doing communication and software and all kinds of stuff. Each time there is a new technology coming in, which kind of sounds like stupid calling it an application, but AI is an application. It is a new way people are using computers to get things done in a completely different manner than it was done before. It made huge changes in technology, and Coby will describe that later, what does it mean to what we do. Nevertheless, the impact on the business is absolutely huge. You see the race for building data centers for AI nowadays. Every day there's at least a few articles. Governments putting money to build them, big companies putting big money to build them. It's more like an armory. The risk of not building one is bigger than if you build a bit too much than what you need. Because if it's a bit too much this year, it's going to be okay a year or two from now. This creates a huge amount of opportunities in business. For every new technology, there's a new king or a new queen of the hill. Whoever was the key company a decade ago may not be the big key company today. A decade from now, who knows? Around all these things that I was describing, and even without it, the world is very different from what it used to be even a couple of years ago, for sure not five, six, seven years ago. The U.S. and China tensions. For tech world especially, the world was a global place. I could go and travel to China and then to Taiwan and then to Europe and then to the U.S. and sell my business and talk to people about technology, collaboration, and everything. It was a huge global market. It was wonderful to be there. It's not anymore. Today you have to pick side. For us in Weebit, we pick side. If you are going to get investment from Chinese, you will not get investments from anyone in Australia or U.S. You don't engage, and we used to get engaged five, six years ago with Chinese foundries. We don't do that anymore. It's a big no. Does it make our life easy? Hell no, but this is the way of life. The global instability, who knows if Trump will succeed with the wishes to do to get peace to the world and finish the wars in the Middle East and Ukraine and all kinds of many other places. It creates a lot of tensions, a lot of opportunities too. Rare earth material, mining, all kinds of stuff that is very important for the semiconductor industry. Whoever has it, makes a lot of money and uses it politically to get power over the other side that may need it. AI revolution changing our life. It's unbelievable what it does. I'm not sure how many of you use AI and how it changes, but there was research done and published the day before yesterday by the Israeli Innovation Authority. In Israeli tech, 95% of the people working in tech in Israel using AI. About 60% of those report that they have at least 2x-3x more productivity on the thing they do. Is that going to make big changes on education? That's going to be a big change on the workforce, on the job market, politics, whatever that may be. Supply change relates to global instability. If you're not in the right market, your ability to raise capital is going to be a nightmare. Not going to be, is a nightmare. If you have the top-notch people in AI and bring a technology which is critical, I think it's going to be easier, let alone things are going well. Anything today in semiconductor used to be very difficult to raise money for semiconductors a decade ago. If you have the right messages and the right things, I think people will pay a lot of attention. I think we have shown, and in many cases, that Weebit is, I said, either fortunate or unfortunate, but we've been trained to live in this kind of unstable environment at extreme uncertainty. The management team and the employees, we know how to deal with this stuff. It's kind of the way we do things. We are not AI, bring it in. Political problems, no problem. Wars? We know how to handle it, not necessarily like to deal with it. I think that this is very strengthening. It's kind of quite true for many of the Israeli companies. We continue to strive. I know Coby and I, when the war started two years ago, we both wrote to all of you investors that it's a horrible situation, but nevertheless, we know how to cope, and we haven't missed any milestone because of that. There are other reasons to things that work not exactly the same. I am very proud of the way the team, Coby and his team, have operated and continue to operate. The ability to cope with whatever big change and the big transformation that will happen, this is the right team to go focus on this one. I remember every talk. I talk about the experience of the team as the key element. It's not just the technology. It's how you are able to manage innovation. Coby will talk, so I'm not getting into this one. When we started, there have been three, four other companies that said that they are going to have a way better rhythm than we are. I'm not sure where they are today. Because in this technology and this world, both business and technology, you need to know and understand not just what needs to be done, but what are the things that you want to avoid. The strategy that we picked worked eventually extremely well for us. People that picked different strategies found out that they went one bridge too far. When you go one bridge too far, failure is imminent. We have an extremely strong and diverse team, people with a lot of technology experience on our board, people with a lot of governance and marketing and finance sitting on our board. We have extremely strong people in the team, and Coby will talk about them in the future. Each of these people have dozens of years of experience doing semiconductors, not just semiconductors, memories and ReRAM. The experience eventually shows up and makes the difference. If Lilach had to go to one of the foundries to solve a problem, she was a fab manager. She knows what she's talking about. The other side knows she knows what she's talking about. That's how you come and reach a solution to whatever problem and problem there on a daily basis. If you're lucky, there's one problem per day. Usually, it's more, but if you have the right people, they know how to do it, how to deal with it, how to find the right solutions. I'm going to leave it over here. We spent a huge amount of time to kind of get ourselves ready for the next phase, going from ASX 300 to 200, put a lot of effort on our governance, on risk analysis. You may understand that analyzing risk was always important, but these days, having not just understanding the risk, finding solutions to either deal with the risk or avoid the risk, even though we are not obliged to do, we've done an ESG analysis, a very detailed and wonderful. We have hired another Australian director, very experienced, very knowledgeable, and she is going to help us to continue to navigate or even better navigate all kinds of governance issues of Australian regulation that, even though we all understand very well regulations and governance, Australians do it a little bit different. If you do not have the local expert here, it is the same as you have to have the experts on the foundry and the expert on the technology and the expert on the sales and marketing. With that, I will pass the baton back to Coby. Thank you. Thanks, Dadi. I think it is always amazing to get the perspective from a person like Dadi and to kind of have that view of what is happening in the world. I am going to kind of go back down to Earth and down to Weebit. Obviously, like in many other meetings, I'm going to skip some of the slides that are here mostly for when I talk to people who are new to Weebit and you guys already know the company, you know a lot about us. I guess one of the funny things is every time I go and I start talking about the company, I get a phone call from Ilan. You know you're outdated. We have one or two more PhDs on board and the team has grown a little bit. Yeah, before the AGM, I updated. We now have 17 PhDs already in chemistry and physics who are really driving this thing forward. Again, it's impossible to explain just how deep this technology is and how difficult it is. You really need this team of PhDs with all of the surrounding team of people who are not less smart. They are experts in so many different domains working together to make this technology work, to push it forward. I will be talking about just how much forward and what we are going through now with all of this incredible interaction with so many fabs. The team, obviously, to support more people, to support more customers, you need to grow the team. We are very cautious, by the way, about how we spend money. You can see it in the numbers that we published in the quarterlies and so on. We really are trying not to just go crazy. Yes, we have money in the bank, so we will just hire as many as we want or whatever. We are doing it in a very controlled manner. We're focusing on really hiring the top-notch people, but this part is always the most critical part of what we do. The rest, you guys know, Leti is always amazing and supporting and we're growing, etc. Sixty-one. Sixty-one. Okay, I get that. I need to find a way to have something updated automatically. Maybe we need to get some AI to regenerate the presentation every time before I give it. [Excluded Halten]. Yeah. I guess everyone knows embedded non-volatile memory really goes everywhere and so many different applications and things that I don't even, I haven't even thought about myself before. We see customers who are talking about all these things. I say, wow, this is crazy. It really is a great fit for all of these different applications. Now we added here, it's used also for AI weights. That's something that two years ago I wouldn't have put on a slide. AI is now really pushing us forward. Again, I'll be going into more details. You know the story of Weebit. Many of you have followed us, and I guess you'll even see a little bit of that in the books here that you have. By the way, people who haven't made it here, you can contact Atomic and they have some more books. I think these are just nice books to go through. This process of evolution, so many technologies, and then getting down to ReRAM and MRAM. Just a few years ago, people still thought that MRAM is going to take over the market. I remember I was showing even the old slides, and they had MRAM as the main thing in them. The change has really happened in the past couple of years, the realization that, hey, ReRAM really is the better technology. It is the technology of the future and so on. Like Dadi said, becoming the only independent supplier of ReRAM, there were quite a few companies. I remember just I joined eight years ago, even five years ago, people would say, okay, Crossbar is the number one ReRAM company. Adesto is number two. Weebit, yeah, I would get that reaction from so many people. I mean, Crossbar was by far further ahead. Rest in peace. It is really that it requires so much to develop this technology and to keep everything intact and moving forward. Dadi was saying Crossbar was trying to go one bridge too far. They were just trying to use non-standard materials to have an even better ReRAM. The industry does not support that. The cost of fabs is such that you tell them to bring in a new material now into that fab, come on. You want to really shake things up there. They just didn't manage to get fabs to work with them. They raised, I think, over AUD 200 million before the investors gave up, and they shut the thing down. The technology now is in China. There's a company called InnoStar who got whatever that technology is, and they're doing some small things, but it isn't taking off. Basically, it's not working much. Really, this has been, if anything, this team of experts who knew what to do and what not to do, not focus on using standard materials, standard tools, doing things in the way that fab, understanding how fabs think and doing things in a way that the fabs will accept them and all of that. It's been a really amazing ride for me with the whole team and getting to this point. Now the notion that everyone suddenly realizes we need ReRAM and ReRAM is it. Hey, oh, we need to go to Weebit. You all know all of the advantages of we changed the format of the slide, but lower power consumption, faster, and all of these things, where the result is really Yole, and Yole has finally started to report that ReRAM is it. Okay, Yole, by the way, I love these guys, and they really have a very deep understanding of the market. They just happen to sit right next to STMicro, the only company who is still doing PCM, and they're very influenced by STMicro. Nevertheless, I think what's really important here, and it's not the numbers or the specific things, but just look at what's happening from 2024 to 2030. In six years, look at the growth of the embedded emerging non-volatile market. Then look at what's happening in six years to the ReRAM share. Okay, you do the quick math and you get to 45x growth. That's doubling every year. Basically, it's like really insane growth. I had someone ask me the other day, so how are you going to accelerate that? I'm like, do you realize what it means, 45x growth in six years, to accelerate it even more? I mean, I'm terrified that this is going to be, it's going to be crazy to just control everything when you have that level of growth, but that's what we're heading to. You guys know I talk a lot about the tornado coming and everything. By the way, look at an interesting thing here. The first industry that's ramping up on ReRAM is analog, which if you would have told me that seven, eight years ago, I would have said you're totally insane. I mean, come on, analog? But it is, it's kind of funny. When I joined Weebit in the end of 2017, two months later, I get a message from this guy, and he says, Coby, I know you won't understand what I'm talking about. I'm an ex-VP at TI. I'm retired now, but you guys made my dream come true. You guys have a back-end of line non-volatile memory technology, and it looks like it's going to work. All the indications are this is a good technology. I met the guy, and he gave me some update, and he was right. I mean, I wouldn't have ever thought of analog at the time, but we are working with DB HiTek 130 nm BCD. Key letters there with onsemi 65 BCD. BCD means analog. Okay, and these guys are driving the adoption now because of the advantage that we have. By the way, everyone thinks that I always talk about the fact that we can go down below 28 nm in flash can't, and that's a huge advantage, which it is. The first guys who actually decided to adopt it are the analog guys, which are at the larger geometries. They theoretically could use flash, but they can't. Flash is just a terrible choice for analog. That is ramping up first, and then the other markets are ramping up. I guess all of this, you can see Weebit kind of already in these reports. Where are we now? What's going on? Again, all of you have been following us. AEC-Q 100 seems like it was decades ago, but it was just earlier this year showing that we really are a great solution for automotive. Getting to the revenue is going. Hey, I'm bringing my CFO out. I'm so happy. Getting revenue, yeah, 4 million is still nothing big to write home about, but you can see the growth, and Alla will be presenting the trends and all. Getting tape out onsemi in just nine months, that's like the fastest you can ever imagine to get technology transfer done. They put a huge team to work with us. They have really definitely, Dadi was using the term dozens. They have a lot of engineers now that are working with Weebit. Every week, we have so many meetings with them on a regular basis. Every day, we have many meetings with them. Moving forward, they're so focused on this. They're an amazing partner, really a company that I really learned to admire how they're pushing things forward. We got to the point where we're getting the cash flow coming in now, and the customers are, people are asking me all the time, and Alla will go into it, but these are still, of course, license fees and NREs. They're not royalties or anything, nevertheless, you can see also kind of gives you a feel for the type of deals that we're doing and the order of magnitude and so on. That is happening. We already have, this is maybe the most important thing of all. There are actually three products today that are being designed with Weebit ReRAM in them. Okay, it's not just a future technology, and we're not just trying to get the manufacturers on board. Customers are starting to design products with Weebit ReRAM. The clock is ticking now towards royalties. Okay, this is a very important milestone for us, and we're very happy with that, and we're engaged with more and more of these product companies. Really, I won't dive into the details onsemi. I realized that a year ago, people in Australia didn't know who they are, a major player in semiconductors. I realized I need to tell people it used to be Motorola Communication, and then some people start understanding. It is a big major player, number two in power solutions, and power is so critical today. Everything is about power. Everything is running on batteries. Even if it's not running on batteries, power consumption has become a critical issue. Data centers, everyone talks about these data centers. You know how much power data centers consume? Now, if I'm not mistaken, 5% of all power consumption on this planet is data centers. You know what ReRAM can do there? ReRAM together with people like onsemi, who are experts in power, and they can do smarter power management with ReRAM in it. That is the type of application where we can come in. Automotive, again, I was sitting the other day and I said, just five years ago, I remember standing in front of these guys and telling them, you know, there are more than 100 electronic components in a car. I think it was about two years ago that I was saying, you know, we are actually crossing the 1,000 number, and now you go to a Tesla and it is like 8,000 electronic components in one car. Okay, in one car. Just think of it, you know, how crazy this is, you know, all of these autonomous vehicles with so many sensors on every little thing and stuff. This is really a great place, a great market. Again, we showed that we can operate at 150 degrees Celsius for 10 years. Guess what? We never announced it much, but actually, customers asked us to demonstrate 175 degrees Celsius, and we showed not for 10 years, but we showed them that we can definitely withstand for the periods that they wanted higher temperatures. I guess talking about the topic that everyone wants to hear about with AI and so on. I showed this, so I'll go quickly through this. I think many of you saw this in the past, but it is very important to understand AI is growing so fast. It's crazy. In AI, you have the learning phase. That's the big data centers. They learn how to do something. You have the inference where you basically use that knowledge to actually do something. You take what you learned and you use it. Of course, some of the learning can be done in other places. Some of the inference, inference is what we call using that knowledge to do something. In general, the market is now heading more and more to trying to have inference done in the edge devices, in all of these cameras and sensors and whatever out there in the field. You do not want to be in a car and it suddenly recognizes that something is in front of it and it starts sending the data over to the data center and, oh, the communication is not that good. It is going to take a little bit longer until you actually get a response and know how to react and everything. You want everything to be done locally, react on the spot, not lose those precious seconds or milliseconds. Okay, and that's why people want to do as much inference as they can in the edge devices, save all that power to send things over to the data center, the time, etc. Now, as you know, AI is an advanced technology. People normally implement it at 22 nm and below. They cannot embed flash in the chips. This is very critical. Now, they have to have all of these coefficients that were figured out by the learning saved somewhere. So they store them in a separate chip, in a flash chip. And when they turn the system on, all of this is loaded into an SRAM inside the chip. So you have now a situation where it's two chips. It's obviously more expensive. You waste time when you turn the system on. You need to wait until everything loads. I mean, all of this data is running on that line between the two chips. People can eavesdrop very easily. There are a lot of limitations here. Now, if you replace this SRAM with a ReRAM, guess what? You do not need the flash outside. You can have all of the coefficients now in your chip. You do not have a security issue. You turn the system on. It is what we call instant on. It can immediately start working. If there is nothing happening, the sensors are not sensing anything, you can shut the system down, save power, do not waste battery because it is non-volatile. Okay, by the way, ReRAM bits are smaller than SRAM bits. You can have more ReRAM bits on that same piece of silicon, have better accuracy. A lot of advantages, and this is being done today. I mean, this is something that is now companies are already doing it. It is very exciting. Weebit is involved with such companies and really enjoying this step forward. Obviously, that's not the last step on this path. The next thing is trying to do in-memory compute. Now, what does that mean? In the normal computer architectures that we have today, they're called Von Neumann architectures. You have a separate AI engine or a separate engine in general, processor, and you have a separate memory. Most of the time and power consumption and everything is just transferring the data back and forth from the memory to the compute unit. It uses something, it writes it into the memory, it reads some other data, it does something, it writes it back. That is what slows us down, and that's what wastes so much power. Now, in AI, what is really done, the computation that is done is very relatively, again, everything is always relative, more basic. It's mostly multiplication of matrices without going into all of the details of things and whatever. You can actually configure the memory in such a way that it will do that computation inside the memory. You don't have to have the data go from one place to the other, etc. It is just done in the memory on the spot. You are now so much faster, so much lower power consumption. This is something that's going to happen very soon. This is something that's already being implemented. The prototypes and whatever companies are already playing with this, trying to make this work. It's really great. ReRAM is an ideal solution for these guys. Of course, and here we go to what I've been talking about for so many years already in the past about neuromorphic computing and about mimicking the brain. Really having the memory just act like a brain. And ReRAM, I think many people here I know have been coming to these meetings for many years and heard me say a ReRAM bit operates in a very similar way to a synapse in your brain. And it is ideal for neuromorphic computing. Now, this is still in the research phase and still mostly universities and so on. By the way, now there are commercial companies that are working on this. We are engaged with many of them, and we're giving them ReRAM, and it's really a very exciting domain in Weebit now. We already have a team that's dedicated for AI applications and for these kinds of things. It is really for me, the immediate growth of Weebit is going to be the standard memory side of things, just using the memory in the conventional way. This is going to be another very, very important growth engine for Weebit and a huge potential for us moving forward. Just two years ago, I would not have really been talking, well, I did talk about neuromorphic, but it was always that thing that is far away. Now it is actually happening. Let us just go on to where we stand. I guess a year ago after the AGM, we set ourselves some targets. We had a target to license to three fabs, to three product companies and get the DB HiTek qualified. Not easy challenges. We do not like to go easy on ourselves. Regarding the fabs, we have onsemi, which is a very important one. It's a challenge, and one of the shareholders asked me to explain in this meeting. Stuart, I hope you're listening. A little bit about the background here. You know, and we'll talk about it in the last slide, that we're expecting to close another deal before the end of the year. Unfortunately, some of the activity that we have is slipping to 2026. These deals are really, really difficult to close. onsemi took us more than a year. The deal that we hope to close in the near future now is some, this is a company, and by the way, what the comment that I got was, you always say you're engaged with these 20 companies or whatever. You keep telling us you're engaged with these 20 companies. How do we know there's any progress and where are you going and whatever? I guess I can understand that, of course. Yes, some of these companies we are engaged with for several years already. It is kind of, they come, they are excited, and then, no, no, no, no, you know what? We are going to wait a little bit. We will do another project with Flash. We will talk to you after that. Okay? Suddenly they back off and they disappear. It is just too risky for us. It is a new technology. You guys are new. We do not know what will happen. All kinds of excuses around that. They suddenly back off and they disappear for nine months, for a year. Then they suddenly show up again. You engage again and you start working with them. It has happened to us with so many of these companies. At a certain point, I'm there like, wow, we're going to close this deal. Finally, we're going to have a deal and we're going to move forward. There's an agreement already going back and forth and lawyers involved and everything. Then it dies out. It just, no, it's just too risky for us. We just can't take this risk right now. We know we want it. We know it's good. You showed us already. We'll come back. The customers decided they want to use Flash for another project. They can't take the risk of this ReRAM thing not working. They haven't seen it used in mass production. This thing happens to us all the time. You need to understand this is, you're engaged with a foundry and they even have one of their biggest customers sitting there and telling them, we want ReRAM. We want to sign up with you right now for ReRAM. You have a customer, a major customer. Let's move forward and everything. They say, no, we're still concerned. We want to see the progress with DB HiTek or with onsemi or with this. We're not, and the customers are like, no, no, no, our project needs to start. We want you to start today. We want to engage now. They will say, it just, it still feels too risky. Okay? Yes, I know I've been saying for so long, we're engaged with all of these big guys. We're working with them and we are, and these other guys come to us with, you know what, our customer asked for whatever speed or voltage or they give us these challenges. Sometimes we look at these challenges and we say, this is insane. I mean, come on, ReRAM will never be able to do something like this. Be realistic. They say, hey, that's what the customer wants. If you don't do this, we'll try to find something else. We don't know what we'll do, whatever. You're looking at it and I go to the team and I say, you know we don't have a choice. We need to have these guys as customers. You guys have to find a way. They're saying, you're crazy. You don't understand what you're talking about. Guess what? After several weeks or whatever, they end up coming back and saying, you know what? If we do this and that and the customer will agree to that, we can actually do it. Now, it's happening and it's happening. These are the type of things. These are the dynamics that we have inside Weebit. Now, it's amazing because when I look at that, I say, oh my God, you know this customer, my team is like bitching and cursing and all the bad words that you don't want to ever hear, right? I am there like, we got such a great present. This is like unbelievable. This guy is going to force us to improve our technology even more to the level where nobody else will ever have ReRAM, which is so good, which has such advanced parameter, which is so with the power or with the voltage or with the speed or with whatever. That is where we are now. By the way, when I talk about being so excited about this technology and people ask me, are you really, do you really believe that, for example, TSMC one of these days will use Weebit ReRAM? Hell yes, because we will have the ReRAM so advanced in some of these parameters that a major customer will eventually, I do not know when, I do not want to promise anything, of course, but I can definitely see a major TSMC customer going and saying, hey guys, we want to manufacture our next chip with you. But Weebit's ReRAM has such an advanced ADC, which is for our specific application. This is a big advantage. We need it. We want to use that. I definitely see it happening. TSMC with a big customer who buys a lot of wafers, they will work with us. If it's not TSMC or UMC or GlobalFoundries or anyone who's trying to do, when they're developing ReRAM, they're developing it for themselves, for one fab. We're talking to all of these different fabs who have all of these different applications. Now, TSMC also has a lot of applications. I don't want anyone to misunderstand, but I think the variety that we're exposed to and the demands that we're getting are pushing us to constantly improve the technology. Do we have 18 PhDs or 17? The 18th hasn't started yet. Exactly. That's why I was asking because I was wondering if, so we have this amazing team that is constantly improving this technology. I will not go into which customer is at which phase of the sales cycle and whatever, because as you can understand, some of them go all the way so close to the end, and then they take some steps back and then they move forward and whatever. We are in a much more advanced position than we ever were with some of these big guys. We do believe that as time goes by, the pressure to have ReRAM grows on them. They look and they see the progress that we have with DB HiTek. They look at the progress that we have with onsemi, the fact that we taped out with onsemi after nine months and then we're really pushing forward. All of these things help us push the other guys. We do believe we'll be closing a deal before the end of the year. We have others that have slipped to next year, but we are continuing to push them. I have to admit, we're not achieving, probably it looks like we're not going to achieve the full target here, but I think it's a very important one that we are continuing to progress on. The product companies, I'm extremely proud of this. Hopefully by the end of the year, the number will be even bigger. With the DB HiTek, yes, this is, again, this is a very difficult technology. They were using different machines than what we did when we developed the technology. It ended up that we got stuck on something. We had to resolve it. One of their customers was asking to add some technology in the middle. It took us longer, but we are now getting close to qualification at DB HiTek. This is really moving forward as well. What's ahead? Last year, I was educating everyone about crossing the chasm and about how in the beginning, you need to fight for every new customer and everyone's afraid to work with you and all of that. Weebit, I say we're now, we're just getting out of that chasm. We're finally at the point where we have our first few customers. We are seeing this bowling alley effect starting. SkyWater enabled us to make a 10x jump to DB HiTek. DB HiTek enabled us to do a 10x jump to onsemi. onsemi is helping us to push others. The product companies that started to work with us, we're seeing this now in the bowling alley. Everything takes still very slow. One pin goes down. It takes time until you actually drop the two behind it and so on. We are making that progress. I am definitely feeling we are now in that bowling alley. As I told you last year, at a certain point, it starts becoming instead of, I do not want to be the first one to use this technology to, oh my God, I do not want to be the last one to use this technology. That is when tornado hits. The moment you have that, Dadi refers always to the tipping point of when there is that critical mass and suddenly people realize, hey, it is being used by this guy and that guy and that guy. Oh, the risk is not that big anymore. Oh my God, I am going to be left. All my competitors are starting to use it and I am left behind. I'm starting to feel the wind blowing. I literally am starting to sense this tornado. I was lucky enough to be twice in the tornado, twice in my life. This is an amazing feeling and I can sense it happening. As you know, we spent this year, this past year has been spent on building that infrastructure, making sure that everything is tied to the ground so that the tornado does not blow everything away and that we actually have control over what is happening when it hits. We have been doing amazing things from going from a company that was dealing with one customer at a time and everything was on Excel sheets that someone had in his private desktop and stuff like that. We have organized software with procedures and who needs to approve what and how notifications are going and tracking who is putting how many hours into which customer so that we can manage it and have intelligent data to make decisions on. All of these things, automation, a lot of automation putting in and stuff like that. All of this has been happening throughout this year. I've been driving the team crazy on that, but we have now the way that Weebit operates today is nothing like it was a year ago. We really have in the customer success team, Dadi was referring to Lilach. Now, when we go to see customers, we have a person who managed the fab sitting in front of them. They know because they can see immediately the reaction when they talk about things that she understands what they're talking about. It is all about how you deal with these things. We have the infrastructure set. We still have several things that I'm not feeling comfortable about that we need to tie down. In general, we made huge progress. Part of it was also on the governance side. We said, okay, if things are actually going to happen like this, we are going to be pushed into the ASX 200. How do we deal with that? The last time we were pushed into the ASX 200, we saw what happened. It was a disaster, right? It was not, I do not want to use extreme words, but it was not nice. Now we made sure that we have Anne on board and she is Deputy Chair and she has the experience of governance in an ASX 50 company. She has been really helping us put the procedures in place, understand how things work. Australia does work differently than the rest of the world. Like it or not, we have to adapt to it and work with it and find a way to make it work. Alla came to me and said, you know, we do not really need to do any ESG report, but we are going to be getting there soon. We should be preparing. We worked on the ESG and on business continuity. Hey, there was a war going on in Israel. We made sure that I had a satellite phone that even if the cell system falls, I have a power supply at home and then whatever. We worked through all of these things that bigger companies need to plan in terms of risk management, in terms of business continuity, making sure that everything is set up to continue and all of that. A lot of work went on this past year into preparing for that tornado. I really believe we're going to be seeing it 2026, 2027. It's going to be hitting us. You guys know this slide, but we really are engaged with companies in all of these domains. In all of these domains, we are engaged with them. Each one of them has very different requirements. Sometimes they're conflicting requirements, but we're working on making all of this work and addressing all of these markets. It's really exciting. We have people who have experience working in many of these domains. I mentioned now on the AI side, we already allocated a team to really focus on this market and see how we have a really strong solution for them. Okay, just you guys know the business model I'm not going to go into. Yeah, I guess I already talked about it when I was talking about the previous slide, setting up the foundations for growth with everything automation. By the way, we set up a U.S. subsidiary. There's so much activity going on now in the U.S. In order to do things properly and not pay extra taxes on selling to the U.S. from Israel or whatever, we needed to set this up. Now we have it in place. It's almost in place, I guess I can say. To address the big U.S. customers we're talking to and make sure that we're efficient in the way we manage the finances. Really supporting multiple fabs in parallel, we now have that infrastructure. For every new fab, we just have the template that we copy and everyone knows where to find everything. At this point, I'm very happy to say we actually have financials to talk about. I'm really happy to have an amazing CFO. You guys have no idea what it's the present that I got when I joined Weebit. She was at Weebit before me. It's really been an amazing, amazing ride to have her support me. I'll let Alla talk to you so you guys get to know her as well about some of the financials. Okay, everyone. I'm really excited to be here. I have been visiting Perth for a few years now for the audits. But then I've got the chance to meet any of you in person. Really excited. My part will be relatively short and it was already discussed. The first highlight we wanted to present was the impressive growth in revenues from just AUD 153,000 in the first half of 2024 to AUD 3.7 million in the second half of 2025, which is 24x in approximately 18 months period. A total revenue of AUD 5.4 million in a two-year period. That is our first revenue recognized. Really exciting for us. All the plans and dreams that Coby have been presented to you in the last eight or nine years materialized. You mean it's terrifying for us because now everyone has expectations. Yeah, but so far we've been delivering. We do not like that to be surprised. Our revenue is recognized based on the percentage of progress in our licensing projects with our customers. This increase reflects both the expansion of our customer engagement as well as our steady progress in the projects themselves. Our existing customers, as Coby's described, include both fabs, IDMs, and product companies. Looking ahead, as we do anticipate additional customers' projects design and licensing projects coming to effect, we do expect to continue to revenue growth. At the same time, since the revenues are based on license fees and REs, they are expected to be uneven and to fluctuate over the next few quarters until we will start seeing revenues from royalties coming in and ramp up, and then it would be stabilized and more recurring. We have shown the last quarter. Oh, you're not hearing her well. Record-breaking receipt from customers. I forgot to put this on. Apologize. All good. The first quarter of 2026, we showed the record-breaking receipts from our existing customers, AUD 7.3 million. That represents, these are milestone-based payments. This represents us achieving milestones on our existing projects with customers. The majority of these are milestone-based payments on licensing projects as well as some NRE payments. It is worth mentioning just to have our expectations aligned towards the next quarters. These are not recurring receipts. We may see lower levels of cash coming in the coming quarters, but they will be in line with the planned milestones in the projects. Another point worth mentioning is the EUR 4 million received in France from French tax authorities for the 2024 R&D activity in France. We finished, as Coby has already also mentioned this, we finished September with an impressive cash balance of almost AUD 92 million in the bank that I think emphasizes our financial stability, our ability to continue and support the ongoing R&D operations, and of course, to expand the commercial activity. We did choose to share the ESG report with you. We are proud of it. In addition, I think that it represents the extensive work that we've done internally to strengthen our resilience and our infrastructure towards the scale-up. Coby showed you the tornado on the slide, but we on the ground, we do feel it already. We already feel like we are at the heart of the tornado. It's coming. We've spent 2025 really putting a lot of efforts internally in building the team, building the systems, the platforms, the infrastructures. We will be able to support the scale-up. We are definitely ready to enter again to ASX 200. On the ESG part, we have volunteeringly progressed and formalized our commitment to reducing risk, to managing sustainability. We have implemented and reported the ESG report way ahead of regulation requirements, like years ahead. We have conducted the materiality assessment, the ESG materiality assessment, recognizing six key factors that we think are critical for our long-term success. We do plan to continue and invest on each and every one of them. Coby, your stage. Just back here. Keeping us on time and everything. Okay, thanks, Alla. I guess the final slides on this, just emphasizing why Weebit. People ask me many times why Weebit and why other companies have stopped for all kinds of reasons, the ReRAM projects or things like that. Why is Weebit going to be the one that's going to be successful? I think the first point is just the company itself. We've built a strong company. You saw now the financials. You saw what we're doing and even in terms of governance and so on. We are very focused on, I mean, you look at the board, right? You look at people that we have both. By the way, people always focus on Dadi and Atiq and everything. They say, "Oh, yeah, you know those are great technical luminaries." Hey, Atiq was president and COO of AMD, one of the major semiconductor companies. He was in NASDAQ. He was the president and COO of a company in NASDAQ. He knows also the regulation side and governance. I think it's important to actually point that out because people never think about that. They always say, "Oh, you know, Dadi Atiq, Yoav, they're on the technical side." Hey, Yoav was the CEO of Tower, one of the top 10 foundries. He knows what NASDAQ is. He knows what being a CEO of a public company is. Dadi was sitting on the board of Mellanox for many years until it was acquired by NVIDIA. All of these things, we have a very strong board that is a very strong basis to really drive this forward. It is the company, it is the people, the board, the, yeah, 17, we updated it properly. I am joking. It is the team, the VPs that I have been talking about so much, each and every one of them so experienced. I am always in awe when I see how they work and make things move forward. Our technology, the focus on making something that the fabs will accept, having it, the technology on the one hand, standard materials, standard tools, standard everything. On the other hand, pushing it to the limits, making things that are thought impossible with ReRAM actually work. These kinds of things, we have a great technology. The bottom line is we're building the solutions. When you look at AI and when you look at the power management and all of these different applications, we are working on good solutions, building the full solution for customers. We've had people come to us telling us, "Hey, we tried to work with TSMC on ReRAM, but we needed some tailoring of the ReRAM modules." They told us, "Hey, guys, we're a manufacturer. We're not a ReRAM company. We're not going to start tailoring things for every customer." That's the point. Weebit will. Weebit is setting it up, by the way. We are now already working on a memory compiler to automate things so that we can actually put in the parameters that customers want and have a lot of the work automated so we can be more efficient on it. All of that stuff on the solution side. Sorry, let me move things up here. At the end of the day, it's all about the customers. It's the customers and the relationship with them and building that. All of this together is really what builds our differentiation and what will enable us to continue forward. Every year at the AGM, I present what we want to do. This year, it was kind of, we said, "We're not at the point to give guidance yet. What are we going to do this?" I said, "Hey, guys, we already are generating revenue. We have a good feeling that we can definitely pass the AUD 10 million mark in fiscal year 2026." That is the target that we have right now for the sales guys. On the product, we want to have, we have product customers who are designing with ReRAM. We want to get to the point where they are taping out. Again, it is taping out so that they can test and qualify. It is not mass production yet, but it is the first tape out that we want to see. We want to see AI customers. There is a big focus on AI. We are expecting to see AI customers. There is really a lot of work here. The tornado is coming. I think the target that is not written here, but survive the tornado is maybe the most important one. I guess at this point, we still have about 20 minutes for questions. I guess we'll start with people in the room. If anyone wants to ask anything, we have that microphone that we need to pass around. Yeah, can you pass the microphone back there? Coby, you mentioned that the market tends to see fabs and IDMs. Weebit is still a risk. At what point do you see that risk being resolved? You crossed the tipping point. Is it the number of fabs and IDMs that engage with Weebit? Is it actually the first product companies getting their product into the market being used by consumers? What's your sense of when you move past that tipping point? I mean, it's like all of the above, but it's a combination. It's a combination of not just numbers of companies, but who they are. I guess, obviously, even for you guys, there will be a difference if I say a Samsung or an X-FAB, right? Or something like that. It's a combination of number of customers, but more importantly, who they are. Obviously, the day that we'll have a product actually in mass production, what's called in our industry, silicon proven, I think that's definitely going to be knocking down a lot of those defenses and everything. As you can see, we're getting close to that. We're having more customers. We'll be announcing another one, hopefully soon. Others that are in the pipe already. We want to have the first product company taping out, testing, and eventually getting to that mass production. We're getting close to that point. Thank you. Yeah, I've got a question. Perhaps Alla might be able to help on this question or yourself. Coby, you've got AUD 90 million in the bank. That's been a pretty steady amount. It's kind of fluctuated a little, but not significantly. It's a two-pronged question. Firstly, do you hold that in Australian dollars or U.S. dollars? I assume you do business in U.S. dollars. Are you getting a return on that money as in being invested and earning some income on it? Lastly, do you see a point where that AUD 90 million is excess to your needs? Or are you pretty confident that you can spend it over the next couple of few years given the tornadoes coming? I'll start answering and I'll let Alla continue, and then I'll finish. My initial answer is, and I have to remind everyone always, when you look at our reports, the last quarter of the calendar year is always the biggest expense for us. People need to remember that our expenses are not flat over the year. They tend to be kind of, the three first quarters are somewhat bigger, somewhat smaller, going up and down. The last quarter is normally a bigger expense. Whoever has been studying us already knows that. That is kind of the initial comment. I'll let Alla talk about where the money is kept. We hold the money in the operating currencies being USD, euros, and Israeli shekels, and of course, Australian dollars. Everything is then invested in interest-bearing. We know how to negotiate. Don't worry. In terms of using the money, we are focused on using the money wisely. I try to pretend as if I am a wise person. People have been asking me, "Oh, wait a minute. When are you going to be break even?" Hey, I'll just stop doing R&D now and we're break even today, right? Like Dadi says, and tomorrow you're broke out. You're dead. We are actually growing the expenditure. You can see the number. We're joking about the number of PhDs, but it shows you the team is growing. As you have more customers, you need to grow to support all of this activity. You need to have the R&D constantly ongoing and improving the technology. I really want to have the best ReRAM in the market. Hands down, nobody able to question that and be able to go right now, you could say one of four ReRAMs in the world. I want to show everyone we are the best. The other three, as everyone knows, for me, they are potential customers. They are not competitors. I want to get to the point where it is so obvious that we have a better ReRAM that they drop theirs and use ours. Just Coby, a question. With the look ahead for the next 12 months, if it is possible, I know you said you got 17 PhDs burning on the books this year. Do you have a forward looking on the next 12 months and also with the sales team as well? We have been hiring salespeople, obviously. I have to say our Chief Revenue Officer is, I mean, every day, Alla and I look at each other and we say, "We cannot believe we have this guy. He's just so unbelievable." The guy basically took CEVA from zero to $140 million in yearly sales. CEVA is the number one DSP IP company. He knows this business. He's been doing an amazing job. He's building his team again. I'm not going crazy, but we are hiring more people as we go. We just hired the guy who will head all of our technical sales activity, managing all of the application engineers. He worked in another ReRAM company that's basically not around much. He's very experienced, very strong. It is growing. We're working now on the budget for 2026. I know the proxy advisors do not like the fact that we work on budgets on calendar year and not on fiscal year, but that's how this industry works. That's what we're doing. The budget talks are ongoing now as we speak. Coby, you talk about building up your structures to deal with the coming business. I do not quite understand how the sales teams, the negotiations, and the customer success team works. Where does Lilach Zinger come into all of this? It is actually, that is one of the amazing things at Weebit, that all of these teams are working so closely and so well together. The sales team is the negotiation team. We have the technical marketing team actually leads a lot of the technical work with the R&D. I mean, all of these guys are asking us for so many commitments on the R&D side. The R&D is deeply involved. Customer success is mostly once the agreement is done, and we want to make that project a success. The customer success is involved also in the pre-sales, but also in the post-sales. I think it's really the way that all of these people from all of these different teams get together and just work as one unit and respond to the issues. That's what's really amazing to see happening now. Yeah, I guess we need to give John one sentence on this one. In tech, it's very different than in other sales. It's not that you go in, you want to buy a shoe, you look at five of those, you pick one and you go. Especially with the big guys, it's what we call a high touch. It's not that he's the product on a shelf. This is it. This is the product. If you want me to use it, you need to do the following changes. You run into a specific problem. You want to find it out. It is not just the chief revenue guy negotiating X dollars up and down. He brings in the technical team to go sit down with the customer to solve specific issues or to improve in several areas that they need. Else they do not have used the product. You need to remember these foundries have to then convince customers to come in to run on the fab. It is a very complicated process that involves basically all arms and all brains in the company. If you do not have that, you will not get a deal done, whatever great negotiator the sales guy is. Yeah, Coby, is there an industry formula for royalties? Or do you guys create your own formula for how royalties are going to provide revenue for Weebit Nano? Or is that an ongoing process? There are general rules of thumb. There is reality and every customer wants something else. The general rule of thumb is at the end of the day, no matter how I look at it, I'd want to see royalties at a level of about somewhere between 1% and 3% of customer revenues on that specific product. Again, this is a rule of thumb and no, but these are the general numbers. The customers themselves, I mean, you can look now at some of the other IP companies. Some of them cave under the pressure that customers do not want to have royalties. They take more payments upfront and whatever. Those are the guys who are struggling. I model myself after the successful guys who actually know how to insist on getting the royalties. Sometimes royalties are cents per unit. Sometimes it is percent of sales price. Sometimes it's whatever creative thing that the customer is thinking of with fabs or IDMs. Sometimes it's dollars per wafer. It's not even per chip, but you talk about the wafer level. There's all of the above. As far as I'm concerned, I don't care what model you have as long as you give me money. That's basically what we do. We need to move to the— yeah, we need to give the guys more questions here. Okay, Danny, we'll get—sorry, oh, one more. Okay. When would you expect royalties once you get a license from a fab or a customer? You can see that we have a goal of a first product customer taping out this year. You guys already know to do some math about, okay, it takes a few months until they get the silicon back and then a few more months until they do testing and whatever type of qualification that they want to do. Hopefully at that point, they'll hit mass production and we'll start seeing royalties. Yeah, Danny, I guess you can get to do some work. Thanks, Coby. We do have a lot of questions. Unfortunately, we won't have time to go through. There's over 20 questions to go through, but maybe three or four of interest. I think the first two questions are really directed towards Dadi. Maybe Dadi, if you can answer the next two. The first one is around slide 22, heading into the tornado. How far off do you think we are off the tipping point? Are we weeks? Are we months? Everything is measured in days. How many days it could be. It's going to be, it's very difficult to know. I've managed four of those. In retrospect, everything looks easy. I think the next year or so is critical on that perspective because it's not just when you get to revenue. We could get to royalties from one fab, which is very good, but it's not the tipping point. If you have a stronghold of multiple significant foundries and you start getting more customers, a tipping point is where there is an acceleration of things. It's not one at a time that we are today. It is where all of a sudden, Coby needs to buy a few more phones to be able to answer the calls because it's so many. It's not tomorrow. It's not a few weeks. It's going to be 2026 is a critical year for us. We're going to put all the focus on energy to establish the runway. When we get into it, we could get all the right customers and all the right things to play the game. All right. The next one for you, Dadi, is from an investor. Loved your talk, Dadi. You are a five-star general of the semi-world. Do you ever see a day where Weebit will be a global household name? I'm here to make it happen. It doesn't mean that it will happen, but we're definitely here to make, I think, Coby outlined several opportunities. In order to size these opportunities, we have to do what I just said a few minutes ago. It's very difficult to say where exactly it is, but we have the right foundries, good customers. We are making all kinds of inroads in all this AI inference and some other areas. I think we need to go do that. We are able to do that. We could become interestingly big, call it that way. Okay. Thank you. Maybe the one for Coby and Dadi. Maybe stay up there, Dadi. You have an amazing board. Can you please provide more color about what each of the big guns on the board of the semi industry are doing? Re-industry engagement, negotiations, getting deals done. I cannot get to details, but you bet that you could have someone with the brain and knowledge and experience of Atiq and do some kind of an issue at a top business. He'll jump in and either help Coby or talk to Coby or to the team. I do the same. At the end of the day, we spend a lot of time talking, just thinking through things. It's very delicate, especially in Australia where you are an executive director or not a director. I think in my philosophy, it is a CEO that does not know how to use the talent that he has on the board to get the knowledge, the experience. He picks his own direction. Coby is doing a very good job in getting the team to think through. Yoav, with his experience, jumped in several times to go help the team with ideas how to solve a technology problem. We see that all the time. When you sit in the room and you brainstorm something, the amount of knowledge and experience is unbelievable. Coby has to go find his way to get things done. Yeah. Okay. Maybe another one for Dadi. Sorr y, Coby. We'll get you a question soon. That's good. Okay. This one probably has to come from Dadi. Does Weebit have a formal management succession plan? We do work on it. My experience shows that you work on a succession plan and then you go end the gap doing something else. I think we do think through how to get the right people. If for some reason, hopefully Coby is going to stay with us for a little while until a tornado happens, you have to dial things with respect to where you want to go. What I think about today of what is the next thing for Weebit for the next five, six, seven years, this is the time frame when you go think about the next CEO. It may be that in a year's time, the opportunities are going the other way. I may need someone with different skills and different knowledge. I think the way to work on it is not, oh, I have the name and we're now promoting. We are brewing several people, promoting them, getting them more experience, more knowledge. When time comes, if comes, we'll be able to pick the right person. Sometimes you see companies try to go outside to go because there's a new opportunity on a completely different domain and you need to get the experience on this one. We do have a plan. It's very much of creating enough people with enough talent and abilities and skills other than picking the name and then put it on a paper and everybody is happy. You all know that that might not be what will happen. Excellent. I have no plans of going anywhere because I love this thing and I really need this tornado to happen. Yes, as I said, we've planned a lot of things. We're thinking about being an ASX 200 company. That is part of the stuff that you actually plan. We have had those talks. Okay. All right. Two final questions. Unfortunately, we can't get through all the others, but two for you, Coby, to close off online. Can you maybe give an update on how you're going with discrete in terms of the discrete ReRAM development? Does Weebit need a marketable discrete memory product as a precursor to gaining significant revenue from AI and data centers? Discrete is something that is always there. It's in the background. I have to say that right now, our priorities have even changed a little bit. Before, I used to say there's embedded and discrete is in the background. Now there's embedded and AI, and then discrete is now third in line to a certain extent. There's just a matter of how much you can do and you need to focus. I talk about the fact that some companies were trying to develop ReRAM and failed just because of management focus. I don't want to be in the point where I lose this market because we lose focus. I mean, the team knows we have a very, very strong focus. Now there's a huge vacuum. Just imagine this thing and look at that. 45x growth in six years. If we don't totally focus on filling that huge vacuum that's created, someone else will come in. I mean, I don't know where from, I don't know who, I don't know what. But I have Dadi around always to remind me only the paranoid survive. I have to be paranoid and we just have to fill in that vacuum. Right now, that is the big focus. AI, obviously, is a very big focus. We do have discrete in the background. There is some activity going on, but I have to be very honest about it. It's definitely not something that is going to get a lot of my attention in the near future. Okay. One final question, Coby. It's a good one to finish on. It's from Julian. It's fantastic to see the company creating such a distance between competitors in the industry. If he were to play devil's advocate, do you think there is any risk of potentially having only Weebit and TSMC providing RAM to the entire globe and every product on the planet? Or do you see a world where Weebit will become big enough to cater for the size and scale this will get to? Dadi will tell me that if I say that I want that Weebit will dominate the market, I'm going to have all the regulation and everything all over me. I can't say that I want Weebit to be the only player in the market or things like that. I think that Weebit is developing a very good technology and Weebit will be a very strong number one and have a very, very big market share. That's what our goal is and that's where we're heading. Okay. That concludes the online Q&A session. Coby, I'll now hand back to you for any closing remarks. Thanks, Danny. And thanks, everyone. I mean, this is a very nice crowd here in the room and the people who dialed in online. As always, I'm happy. I'm I'm so happy about this interaction that I have with the shareholders. Whoever had questions that were not answered, please send to Danny or send directly to me. I think many of you already have my email. I'll be glad to answer them offline. Whoever did not take a book, take one here. Whoever does not have a book online, you can contact Danny about it. Yep. Absolutely. Thank you, Coby. Thank you, Dadi. To all the online participants, you may now disconnect. Thank you. Thank you very much. Thank you. Thanks, Danny.