Start the webinar. We have everybody here now from a panelist standpoint. I'm going to start the recording right now, and then we'll let John, our Chief Financial Officer, kick it off. Doug, are you pulling up the deck? I am. Okay. You can go ahead to the next slide. Yep. All right. So, as Doug said, hi, everyone. This is John Kennedy, CFO of Inspire Semiconductor, and welcome to our periodic business update. Today is June 19th, 2024. As always, I'd like to start by thanking all of our investors. It seems that we have quite a few on, which is nice. And again, thanks for all of your support over this time. Obviously, we would not be here without you. So we have a lot of exciting news to get to today. But first, as you can see on this slide here, I'll read just a brief summary of a typical disclaimer or safe harbor statement. So this presentation contains certain forward-looking information, which reflects management's expectations, estimates, or projections concerning future results or events. Forward-looking information reflects management's current beliefs, and actual results may vary materially from those described herein or as intended or planned. Obviously, it's a lengthy disclaimer, so please take a look at it when you have a chance. Doug, go ahead to the next slide. I just wanted to recap a couple of things for everyone. A few recent filings we've done, which are all available on a SEDAR+ portal in Canada, or you can reach out to me and I can help you locate where to find them. We recently filed the 2023 full-year audited financial statements and management discussion and analysis, and also did Q1, which is not audited, but that's representations by management for the quarter. Right on the heels of that, soon we'll be working on Q2 2024. Just a reminder, annual general meeting, this technically covers the 2022 calendar year. We had postponed this a bit, but it will be held Friday, June 28th, 9:00 A.M. Central, actually in our Austin, Texas offices. The address is on our website. But everyone should have received the circular and proxy materials in the mail by our transfer agent, Odyssey Trust. If anyone has not and has inquiries or would like us to forward to them with additional information on how to vote and that type of thing, go ahead and email me or email invest@inspiresemiconductor.com. And then we'll schedule the next annual general meeting probably around Q4 of this year. So with that, I will turn things over to James Hickman, our Executive Chairman. Well, I appreciate that very much, John. Before we get started on the big announcements here, I just want to reiterate some of the things that John mentioned earlier. I think anytime in a presentation like this, when people bring up legal disclaimers and things like that, people kind of start to roll their eyes and drone off to sleep. But it is important. It's important because, and I mentioned this on a previous call, we are talking about the future here. And in business, as life itself, there's never any guarantee about the future. But what I can guarantee, while we can't guarantee the outcome, I can absolutely guarantee effort. And that's really what I want to talk about is really, I think, initially, primarily how everybody's just been flat out. I'm ex-military. I mean, the way that I've seen this team operate, the personal sacrifices, the late nights, the weekends, it's really been extraordinary, and it's been worth it. I think this team, this organization has accomplished so much, and I'm really proud of all the effort they put in. As a director, I feel a fundamental obligation to the market, to our shareholders, to make sure that you guys understand, again, we have to talk about the future. We have to talk about the vision for this company and where it's going and what everybody's working to achieve. So I just want everybody to keep that in mind. Again, there's never any guarantee about the future, but boy, can I absolutely guarantee the effort. And we want to talk about the future, and we want to talk about where we're going as an organization. But before we do that, we need to talk about the past. We need to talk about the present. And the last time we did an update like this was about six months ago. And I got to tell you what we've been able to accomplish in the last six months has been extraordinary. The single most important milestone in the history of this business is that we have officially taped out. And what does that mean? It means our chip design is done, and it is now in the hands of world-class partners in the manufacturing process, including the Taiwan Semiconductor, the most advanced chip manufacturer in the world. This is the single most important thing that's ever happened in the history of this business. And again, I couldn't be prouder of the team, the sacrifices, the late nights, the weekends. It's been a long time coming. In fairness, this is something that we were hoping and expecting to have achieved sooner. But as the guys told me over and over again, they would sit me down and say, "Look, what we're doing has never been done before in the history of the world. This is something that is brand new. This is incredibly disruptive. We got to make sure we get it right. It's taken more time, and it has." But that phase is over. A lot of companies like this who get into technology, they go through a long sort of wandering through the desert phase where it's a long time. It's difficult, it's stressful, it's a ton of work. Your pre-revenue, your pre-product, your pre-everything, you're burning a lot of cash, trying to come up with something, trying to create a design. That phase is over. That phase is over. We're turning the page on that. We're moving forward as an organization. We couldn't be more excited. It is, again, the single most important thing that's ever happened in the business, and I can't overstate that. If that weren't enough, though, we have more news. We talked about this in the last update. We were talking about growth and scale. We were talking about how this market opportunity that we have is wide open for the disruptive technology that we're designing and building, creating. That, obviously, as we talked about in the last call, is going to require some more capital. We talked about how we were going and talking to institutional investors for that. That even back then, when we were first having those discussions, we said, "Hey, we're having good discussions. We feel pretty good about it. These things take time." I'm very pleased to announce that we have actually signed now a letter of intent with one such major institutional investor. I need to tell you guys, this investor group, this is one of the most prominent VC groups on the planet. The companies that they've invested in the past are really a who's who of incredibly successful technology and non-technology companies. They have put an offer on the table, which is incredibly compelling. If anybody's wondering, "Hey, why did you guys postpone this update that was supposed to take place last week?" This is why. Because this deal was imminent, and we thought, "Well, it would be stupid for it to be so imminent and not be able to present this to our shareholders." So we postponed this update so that we could very clearly state, "Yes, we have signed this letter of intent. This is a major institutional investor. The amount of money that they have offered us for a company our size, frankly, is staggering." And I'm going to go ahead and tell you, and John's going to get into more details about this, but they've offered us $100 million. And before anybody freaks out about that number, it's actually a fantastic deal. One of the things that's really incredible about this deal is that it's actually entirely in our discretion how much of that we take. We could take $1. We could take $1 million. We could take $100 million. They're making it available to us. It's a fantastic deal. We've been working with them for a while. They've been already fantastic partners, incredibly supportive. We are so pleased and so honored to be working with them. There's still work to do. The way these things go is you start off with a letter of intent, and that moves along the process to a definitive agreement and so forth. And John will tell you a little bit more about that. But that is also a massive milestone to have such a prominent player that's been involved in so many successful investments to have put this caliber offer on the table for us is just absolutely huge for the business. Yet if those two things weren't enough, we've also, as an organization, a board management team made a decision to uplist, pursue an uplisting to a major U.S. exchange, most likely, obviously means the NASDAQ, and to do so as soon as possible. I will tell you that, again, nobody can guarantee outcomes. If you're thinking, "How long is that going to take?" Nobody can guarantee that outcome, but I can say we're moving forward with that as quickly as we can. We're marshaling the resources and putting the efforts behind that. The beauty of that is that we've actually already done a lot of the heavy lifting. Because we're already public on the TSXV, we have a lot of the resources and some of the foundational things that are necessary to uplist to the NASDAQ. But we feel like this is in the best interest of the company. It's also something that this investor group, this is sort of part of the deal. They said, "Listen, we need this." A lot of funds, frankly, a lot of institutional investment that we've spoken to sort of require investment funds have legal mandates and restrictions on what they can and cannot invest in. For them, it's, "Look, this has got to be in the U.S. This has got to be a U.S. investment." Frankly, we're an Austin, Texas-based company, so it makes a lot of sense for us. We also believe, obviously, the NASDAQ U.S. markets, capital markets are a lot deeper, a lot more liquid. So we're certainly expecting that to move the needle for shareholder value and liquidity. We'll keep you posted on that. And that is also, I think, another major issue to update you guys on. And if all that weren't enough, we're still running a business and continue to gain substantial customer traction, which Doug is going to tell you more about later. So it's been a busy last couple of months, and a lot of things we feel are really coming together for us. Again, certain things, especially in terms of the tape out, we'd hoped to be able to do before now, but it's done. It's in the rearview mirror. We're moving on to the next phase in this organization, and we're really excited about it. Go ahead and move on to the next slide, please, Doug. So before we talk about the future and where we're going, I want to go back to the past a little bit just for people that might not be as familiar with us. Who is Inspire Semiconductor? Who are we? What do we do? The story of Inspire Semiconductor really starts before Inspire Semiconductor. Our origins are in Alex's search to create the best altcoin miner that had ever been created. That's really our fundamental roots was in crypto. And along the way, we all sort of realized that in the effort to create an incredible crypto miner, there was actually the crypto market was really the altcoin market in particular was dwarfed by this HPC or high-performance computing marketplace. And in 2020, this current iteration of Inspire Semiconductor was formed. We went public on the TSXV under ticker symbol INSP. That deal closed in, I think, September of 2022. And what do we do? Our core mission is designed disruptive accelerated computing. Sorry, Doug, just went off slide there. We're looking at your desktop now. Thank you. Our core mission designed accelerated computing, what does it really mean? We design microchips. We design incredibly disruptive microchips for specific markets. The one that we start off with here, our flagship product, this is the one that we said, "Hey, this is taped out. The core design is done." In the hands of these world-class partners now in the manufacturing process, we call it Thunderbird. Thunderbird is focused initially on this highly underserved HPC high-performance computing market, although it still does have significant use cases in AI, graph analytics, yes, blockchain, and others. We're focused initially on this HPC market. If you go to the next slide, Doug, I want to tell you why. What is this HPC market, high-performance computing? High-Performance Computing. You can think of high-performance computing as any of these: governments, these are major, large, and some of the largest corporations in the world, research entities, supercomputing centers, anybody that you can think of that requires extreme computational horsepower to solve some of the world's most difficult problems. These are some of the biggest organizations, companies in the world trying to solve some of the world's most difficult problems. The first question people might think is, "Well, yeah, why wouldn't they just go and use that flashy whiz-bang AI hardware that's out there?" Well, because there's some really fundamentally key differences in the technology. I don't want to get too in the weeds on that, but I've used this analogy previously. I've talked about engines. I said, "Look, there's so many different types of engines. You've got a two-stroke weed whacker engine, a John Deere riding lawnmower engine, a Maserati engine, and a high-performance sports car, jet engines, rocket engines. They're all different technology. They're all engines, but they're all different technology. It's the same with microchips. And I've kind of joked, "You've got the technology that powers a missile guidance system is not the same as what goes into a Donkey Kong video arcade game. That's different technology." And it's the same thing with AI and high-performance computing. And one of the key differences that I would highlight is if we go back to sort of basic kind of high school, middle school geometry, algebra, is people remember pi, right? Trying to calculate the area or the circumference of a circle, we use pi. In ancient Babylon, architects in ancient Babylon approximated pi when they were designing rotundas and sort of circular things. They approximated pi as a number three. Three, please go back a slide, Doug. The number three was a reasonable approximation for pi. However, we all know anybody that's in basic high school algebra knows that pi, better approximation is 3.14. Again, if you're an ancient Babylonian architect, three was good enough. If you're in high school algebra class taking an exam, 3.14 is good enough. If you're NASA and you're trying to calculate the trajectory of a meteor, which might or might not hit planet Earth that's dozens of light years away, 3.14 is not good enough. You need something that's a lot more precise. Pi, as we know, is an irrational number. It has an infinite amount of digits. If you want to have a really high precision level of confidence in the trajectory of that meteorite or asteroid, you're going to use a lot more precise and a whole lot more digits for pi. And that's essentially what precision is all about. Gen AI applications like ChatGPT generally are very low precision. What do I mean by that? A great way to put that is if everybody on this call simultaneously went to ChatGPT and asked ChatGPT a question, ChatGPT is going to give every single one of us a different answer. Because these LLMs, these ChatGPT-type applications, they're not looking for the answer. They're looking for an answer. As long as that answer is kind of in the right orbit, that's a low precision type response. They're looking for a low precision type response. AI architecture has trended towards lower and lower precision calculations. They can do a lot of low precision calculations very quickly, very efficiently. Again, if you're NASA, if you're an HPC user, that's not good enough. You're not looking for some answer. You're looking for the answer. You're looking for the right answer. You're looking for the answer, and it better be right, and it better be very precise. You need completely different technology for that. You need completely different architecture, right? You need something that can do this high precision computation. You need something that can do it very efficiently and so forth. All these companies, businesses, industries, research organizations that are out there doing HPC-type applications, they're either forced into using things that are suboptimal for them. Now, again, it's like trying to take a Maserati engine and power a freight train with it, right? It's suboptimal. It's not really what it's supposed to be used for. And what Doug will tell you later is that a lot of these AI technologies, the AI chips, just simply don't work with a lot of HPC applications. And so the other thing that they do is they go, and they need to have lots and lots of sort of computer cores doing a lot of computations, cores all talking to each other to do a lot of calculations. And they have to fill entire buildings full of traditional servers and computer cores, have these massive data centers with all the costs, the capital expenditures, the operating expenditures, the cooling costs, the manpower to go and maintain all of those. This is what they're doing now. What we've done as an organization is we've solved that problem. We said, "We can give you this board or a couple of boards that you can pop in, and that's what our solution is. It's called Thunderbird." We want to tell you a little bit more about why it's so great. Doug, if you can move on to the next slide, please. Thunderbird is what our company has designed. Our brilliant engineering team has designed specifically to meet the needs of this market. The reason we say that underserved HPC market is because HPC is kind of an orphan. It's being ignored because everybody, obviously, AI is so huge that all the major incumbent players, everybody's focused on AI. AI, as I talked about earlier, is these low precision chips. HPC has just different needs. So nobody's really thinking about HPC right now. It's this orphan market where people have to go and just find workaround solutions as opposed to having this technology that was built and designed specifically for their needs. That's what we've done. We've designed something specifically for their needs. And it's incredible. It's awesome. It's very powerful. We were able to give people a single board with 6,000+ cores on it with incredibly high precision. It's very scalable. You can put 256 of these chips together to give people hundreds of thousands of cores. And we have proprietary technology that makes this very low latency interconnectivity between the cores, basically meaning the cores can talk to each other. All these cores are doing computations and feeding information back and forth to each other. The rate of information flow between the cores is literally up to an order of magnitude faster than what else is out there right now. It also happens to be cost-effective. It's green in that it uses less power than available solutions. It's open source, which means we don't constrain people to proprietary software that they have to use in this ecosystem. It's a very open ecosystem, which means the entire community can write software. People who have existing software can know that they can confidently port their existing software over to our architecture. It's very easy. It's very straightforward. It works on a PCIe board, the same kind of thing that you could literally plug into your own desktop computer, right? Any one of these things in and of itself would be a major selling point in the market. We have all of them. We have all of them. And it's not an accident. It's because we specifically designed this solution, this product specifically for this industry, which is a very large industry. It just happens to be so much smaller than AI. And so everybody's out focusing on AI, so nobody's focusing on HPC, and we are. At this point, I'm going to go ahead and turn it over to Doug, who's our head of sales and chief marketing officer. Doug, feel free to chime in if there's anything I missed here. And I know you've got some other slides you want to get to about what makes Thunderbird so great. Yeah, thank you, James. And you're exactly right. I think the other interesting thing to note is a lot of the rush to AI is very interesting that a lot of these companies aren't making money with it. It's been kind of legendary how much money OpenAI loses every day, if you will, doing AI. It's definitely the new bright shiny object, but we'll get more to the competition in just a little bit. I just want to hit the point that really, as James said, Thunderbird really was built to do HPC. It can also do AI. I'll show you in a minute why we're not dead-on focused on AI, but I think it's pretty obvious with NVIDIA having a $2 trillion market cap, and everybody going against them getting pretty much slaughtered. So we have this wonderful opportunity in HPC, and it really is underserved. There's so many of these markets here that are just something that Thunderbird can do that there's really no other good solution for. Data center GPUs like from NVIDIA or AMD, now Intel, yeah, they can do certain things, but they really are really good at AI, and they can only be used for a few cases in HPC. These are the markets that we're going after. Every one of these markets is $hundreds of millions or billions, these application areas. Financial trading, fraud detection, anti-money laundering, those kind of things. Cybersecurity, talk more about that in a minute. That's a new market that we've entered that we didn't initially contemplate when we were doing Thunderbird that it turns out our architecture is really, really ideal for, and we've had some wins there. In the energy space, there's a lot of good applications for GPUs you hear about in seismic, but the other half of that is once you find the oil, it's all about how do you optimally produce that and manage that and get the most out of that. And that's something that Thunderbird can do that other solutions cannot. In fact, I was at an energy conference last week in Oslo, Norway, the annual EAGE conference. People, I talked about this to some of these companies in this space, and they're like, "This just sounds too good to be true. We're not stuck with the GPU and trying to make that work when it doesn't really work for us. This is so exciting." CAE, Computational Fluid Dynamics, used by pretty much every company in the world. Big government lab simulations. Again, these are applications that we are uniquely set for. People have been trying to make some of these NVIDIA GPUs where they've already bought them for AI. Can we try to make them work for these apps? And maybe you're going to get 30% of those apps, and I don't even have those listed on the screen because we're not going after those. We're going after the low-hanging fruit. Maybe 30% of those can be adapted to fit on a GPU in some way. So the other 70% of the markets are ours, and then that's in addition to some of these things like financial trading and fraud detection, which they're not even trying to do. So as James said, we have a much lower TCO, total cost of ownership, because you basically take racks and racks and racks of servers connected with very expensive interconnect like InfiniBand networking, and we squeeze those down to one rack or in some cases a box or two. So that is just a massive savings in power, cooling, data center footprint, you name it. In fact, some of these new data centers that people are having to go build new data centers for the way the power has been escalating with Thunderbird, they don't have to do that. They'll be able to retrofit their existing data centers because of that compression and floor space and power and cooling to utilize this without having to build a new data center a year or two out. So a little bit about the market. We haven't really talked a lot about competition. We had kind of a summary table, but we've noticed some questions about this, and we're very, very aware. So this is a slide I created working with a couple of the leading HPC and AI analyst firms. And they said, "Yeah, this would be a great slide, Doug. We've never done that." So I created it. I brought it by them, and they blessed it. So for those who don't know, in the HPC world where you're doing all this high-performance computing, big math problems, it used to be done on big Cray supercomputers. After that, we kind of had in the post-Cray world, there was DEC and there was Sun and Silicon Graphics and some of those Unix workstations. But then it all came down to what's been called the Beowulf cluster. So it's all been done with general-purpose x86 servers powered by an Intel or an AMD processor. Yeah, there were some early attempts in our federal government, particularly to use FPGAs from Xilinx, which is now AMD, and Altera, which was part of Intel, but now they're spitting it back out. They had some early success, but programming was a nightmare. So other than a few really unique use cases like financial trading on Wall Street, they don't get a lot of use. Pretty famously, NVIDIA did a really smart thing back in 2006. They hired a guy out of Stanford who, in his dorm room, had tried to make use of his desktop GPU because he said there's a lot of compute there. He wrote some software to try to make it more general-purpose. NVIDIA spent years starting in 2007 when they hired the guy and built the team out a little bit, trying to go work with certain people like Autodesk and others who had big computationally intensive stuff to get it to work on CUDA. And they had some success in a few markets there, which got some good notoriety. But then what's happened is, of course, AI. So NVIDIA has had to pivot hard to the AI space to counter other competition from other big players like AMD and Intel, who have their own GPUs and are buying companies like Habana. And then as well as a whole lot of startups out there. So you've heard of many of these names, I'm sure, that are very purpose-built AI companies: Esperanto, SambaNova, Graphcore, Groq. In fact, Groq has realized they're not even a chip company anymore. They've decided that they can't get the hyperscalers to adapt their technology because they have their own chips. So Groq's decided to become a hyperscaler themselves, open up their own data centers to do AI inferencing. So I put a couple of other ones on here because these come up sometimes, and people think, "You guys are a RISC-V-based design. You're probably competing against some of these other companies." So you'll see Tenstorrent on there, Cerebras. They're not RISC-V, but we've been kind of called a Cerebras for the rest of the world, for everybody else, because we're not $2.2+ million a box. But the other couple of RISC-V companies that pop up are the ones that are trying to go after that x86 market where Intel and AMD have been so dominant. So we've all heard that ARM is coming strong at that market with processors from companies like Apple, as well as now Microsoft and Qualcomm, because it is a lucrative market doing the server motherboard stuff. But the other companies out there that are RISC-V-based are Rivos and Ventana trying to do the same thing along with our friends at Tenstorrent. So we're actually partnered with a number of these companies and exploring how we can help each other because we know it takes a village. But you can see what's happened is there's this big open space in HPC, and that's what we're looking to uniquely fill. It's really been left for us. And I've been looking at this for a couple of years, keep waiting for people to come at us with it. But I think the bright shiny object of AI is a little too much for them. So we know we have to do it. We've taped out. We're on our way, and we're going to try to put as much distance as we can before somebody else enters. But the other thing is, like I showed about financial trading, the Inspire Semi Thunderbird can also be used in areas where you used to have to use an FPGA, which was a nightmare to program. Things like financial trading or robotics or cyber, those kinds of things. We can also do AI. It's just why go into that red ocean over there of companies getting slaughtered by NVIDIA? And oh, by the way, if you fast forward a couple of years, what most analysts will tell you is this is where it's going. And we've already seen some of this. The very large cloud providers, which are called the hyperscalers, are all developing their own chips. Google's on their 5th-generation TPU, for example. AWS, one of the problems Graphcore had was they touted a big win with Microsoft Azure. And then Microsoft said, "Never mind. We'll use our own chip." At the scale they're at, it just makes a lot of sense. And they can also tune that to their own AI algorithms. So it'll be interesting to see where some of the other players are there. I don't think NVIDIA is going to be totally out of the picture or perhaps even AMD or others. But certainly, that AI space is a very interesting evolving place. And we're in a really nice place with this HPC market, which is very profitable and used by everybody around the world. So that's a little bit on that. So from the market standpoint, we're seeing incredibly strong market feedback confirming our strategy over and over again that we address the major needs here in this underserved industry. In fact, at a couple of recent conferences just last month in May, I know we've been saying this for a while that we have this great market and it's ours, but it's been reiterated. So at International Supercomputing, ISC, as it's known in the industry last month, Dr. Kathy Yelick of UC Berkeley and Berkeley National Lab gave the keynote address. And these quotes are directly from her. She's renowned in the industry. She's a fellow for ACM and IEEE and all these other things, right? So she gave this great keynote saying, "Hey, it's back to what James said. AI is driving these hyperscalers to do lower and lower precision math." And she noted, "Even for AI, we're going to need high-precision calculations. Please, industry, respond. Give us something, right? Because they're vital for generating reliable, solid scientific data." Again, like James said, it gives you the answer, not a bunch of answers where you get to pick it out. Maybe they're hallucinating. You need the right answers to then serve as good foundation for large language models. And then she even touts some of the industries we've been targeting: biomedical, genomics, pharma drug design, medical devices, climate change, and applications that require this, that frankly, these just don't work on GPUs, even before they went down the low-precision path to do generative AI. So you can look up this ISC keynote and Dr. Kathy Yelick. I've known Kathy for a long time, and this was just so great to see. Then at the annual imec Technology Forum, and imec is one of our partners in getting our chip taped out, working with TSMC, at an executive roundtable, this is the quote that came out: "The industry needs Thunderbird, not yet another GPU." That's just the truth. A lot of people keep doing GPUs because of AI, and that's fine. But we only need so many. Frankly, Thunderbird is what people have been clamoring for. To that note, our customer traction continues to grow. I'm pleased to share something I just received this morning. I was hoping to get this sooner. We've had a great win, and I can now share the name of the company in the cybersecurity industry. It's our friends at Cyberspatial that have presented the U.S. Cyber Command with a solution powered by our technology. Really, they're looking at this as part of the secret sauce that makes exactly the type of things to accelerate now the cybersecurity stuff to protect our country and our corporations from industrialized espionage and everything like that. So we won a major contract. We've been added to that, but there's an even bigger one that we just submitted this past Friday, working with our friends at Cyberspatial, as well as a major computer OEM that our cards go into and the software will run them. So that's pretty exciting. We've also expanded into more leaders in key target segments in our pipeline. So especially, we've had this big focus on computer-aided engineering, computational fluid dynamics. Again, these are codes that are used by aerospace, automotive, oil and gas companies for fracking, you name it. Everybody around the world is running CFD, and there's two very large players and one very niche player that owns the automotive engine space. All three of them are now working with us and very excited at CTO levels. We've also added more graph analytics software partners. We'll have more information on these both soon, but it's filling out and having checkboxes and all those areas that we're very unique. And all these companies are so excited. Again, the common thing I hear is, "We can't believe this. This just sounds too good to be true. Somebody has built a processor and accelerator exactly for us." So we're having conversations now about advanced procurement plans with our OEMs and some of these other companies. We will be sampling to key customers in Q4 with the actual Thunderbird product now that it's in the wafer fab. With that, I'll kick it over to our founder and CTO, Alex. Absolutely. Thanks, Doug. As we mentioned earlier, we have taped out our design finally after several years to Taiwan Semiconductor for manufacturing. This happened just last week. It's been a very long road for our team here and I know also for investors. We really appreciate your long-term support, and I'm very proud of the team for what we've been able to get done with a pretty modestly sized group here. We have plenty more work to do over the summer, including expanding our IP portfolio, formalizing some of that. Most of our design is well protected by trade secret law. It's very difficult to copy these things directly, but we would like to get some patents as well, start building a portfolio there that we can someday weaponize against competitors, as well as all the other tasks related to actually delivering a board to customers and have them ready to start using it and scaling their demand quickly. We'd also like to get started on our next generation Thunderbird as soon as we can. That's going to be on 3 nanometer, which is the most advanced node that's accessible to mere mortal companies like ours and not many of us either. And we have a lot of exciting additional technology to bring to that market. But the node change alone gives us a 4x-6x improvement in performance. I'll let Thomas take over from here and tell you more about what happens after the chips come back on the way to the customers. Thomas. Yeah. Thanks, Alex. As was previously mentioned, Thunderbird is now in the manufacturing stage at TSMC. It'll take about three months to complete the wafer fabrication, and then the wafers will be shipped to ASE for package assembly. I think I've mentioned several times, ASE is the largest and most advanced offshore assembly and test facility in the world. ASE, along with imec, are also our design partners for the package substrates. So once the packaging and assembly of Thunderbird is completed at ASE, those units will be shipped to Austin, where we'll assemble them onto the PCIe printed circuit board, and we'll begin the validation and characterization testing here in Austin. Once we've confirmed that Thunderbird PCIe boards meet our testing and performance specifications, we'll begin the initial shipments to our early access partners. In parallel, we'll begin industry-standard JEDEC qualification and reliability testing on the Thunderbird chips themselves. And all this culminates with our ability to ship our Thunderbird solution to initial customers in Q4 of this year. And then we're all excited about scaling that into volume production in Q1 2025. So that's just a brief recap of what's going to happen in the next few months. And it's an exciting space for us to be in and an exciting time for us here at Inspire Semi. With that. Great. Yep. Thanks, Thomas. I'll take it from here. Thanks, Thomas. So as James talked about a little earlier, we're on this path to uplist to a major U.S. exchange. I'll just characterize it as NASDAQ to keep things simple. That's the most likely exchange that we will go to. But to date, all of our focus has been on the business, on R&D, getting the chip done, customer development. And we have not, during the time we've been on the venture exchange, we have not engaged in a lot of market making or stock promotion activities. And we also have very low volume on our stock. I don't want to speak for our shareholders, but I think most of you understand the path that the company is on. So there just hasn't been a lot of volume. Now that the chip is tape out and we'll do our initial production run, we really can focus our efforts on telling our story more, pardon me, and getting out to analysts and other coverage and just getting our name, recognition, and capabilities out there. So with that, we see over the next six-12 months, let's say, a lot of real value drivers coming out. Obviously, I'll point everyone to please take a look at two press releases we had that came out today. One was about the tape out of Thunderbird I. The other is kind of a requirement, but has some good information summarizing this business update that we're doing now. So I encourage you to take a look at those. You can find those within a few hours on our website, inspiresemi.com, under the investors page. So we recognize the U.S. capital markets, again, NASDAQ, are far larger and provide a lot more opportunity than the venture exchange in Canada. It was worthwhile being on the venture exchange. We have several years of audited financial statements. They will have to be adjusted a bit for U.S. GAAP for any uplist to NASDAQ. But all of the governance and reporting that we've been doing is meaningful and will help ease this process as we go to uplist to a major exchange. And we've begun that process. We really want to fast track that. And as part of that successful uplist, again, we'll do a lot more of this stock promotion. We'll be engaging before the uplist concludes with analysts and other institutional investors, again, just to get the word out. A very exciting part of the uplist to the major U.S. exchange is this letter of intent that we have. So Doug, if you could go to the next line. Thank you. We have a signed letter of intent. Fulton Street Capital is the technical entity that the LOI is signed with, but it's a 10X Capital affiliated company. You can look up 10X Capital online. They're a fantastic investment firm. They have a lot of different investment vehicles, everything from venture capital to lending to private equity-ish type funds to SPACs and other things. Very, very large firm, lots of information on them. They've just been, as James pointed to, just a really fantastic partner. Doug and I spent a couple of days with them, essentially in New York, their team. They're really very focused on the success of Inspire Semiconductor and being a partner longer term in that success. They've said over and over again, "We're not in it to get in and get out. We want to be your longer-term partner." They have very deep pockets. Again, the letter of intent was signed on Monday. Very big news there. The next step after the letter of intent is the more formal definitive agreement process, which we've already begun to kick off. It's a committed equity financing is how it's characterized, of up to $100 million. Again, as James pointed out, and very importantly, there are draw mechanics that we have to meet to be able to do draws against the facility. However, it's completely at the company's discretion. So there's nothing saying we have to take any or that we have to take $100 million. It's completely at our discretion. So as we're scaling production, it's a great vehicle to have because a lot of times in the early days for those first production runs and manufacturing process, we'll be paying a bit in advance of customer revenues. But certainly an amazing facility and support to have in place. And again, the primary condition is uplisting to NASDAQ, which we're already underway in the initial stages of that. And then other customary conditions, due diligence, obviously success in meeting exchange requirements, shareholder approvals, and things of that nature. So you'll be hearing more from us over the coming months about all of this, but very, very supportive. And this is just incredible support from a major respected investment firm. So we were introduced to them actually via another venture fund that we had been having discussions with for quite a while, who is behind the scenes also involved in participating in this facility. But just a huge step forward for the company as we'll uplist to NASDAQ. So Doug, next slide. So near-term fundraising strategy. So we will need to raise some funds to kind of bridge us to two things. One being this uplist to NASDAQ. You could roughly call it 90-120 days. There's no guarantee. There's a lot of work to get done in that time period. But we'll be working very diligently towards that. And also to commence our sales and be able to purchase ahead. We have to purchase in, call it earlier Q4. We have to order some of the product that we'll need for that hockey stick ramp that Thomas was talking about for Q1 of next year. So very important to allow everyone to participate in that because we realize it's very difficult to purchase our shares on the open market. Again, not a lot of people are selling. So we'll announce a private placement in the coming days. Technically, best practice is to wait a certain number of days after major news, such as we've had come out today, a lot of major news, see where the stock price settles. But be on the lookout for some updates on that private placement. But we will be kicking it off as soon as possible. With that, I'll turn it to James if you have anything else to add. Just one thing I want you to mention, John, if you could, is we were discussing yesterday that in this process, again, we're basically almost already at Q3, right? We had a 90-day manufacturing timeline. So we're getting product back kind of at the end of Q3, shipping to our early customers in Q4, and then ramping in Q1. It would kind of be around that time, probably in Q4, that you would be able to just talk to us about the sales process and that sort of order flow where we start actually bringing on orders, supply agreements, those sorts of things. Oh, yeah, yeah. Good point. Thanks, James. So yeah, so a normal part of the process. So as everyone is aware, it's been in our prior presentations. To date, the approach that Doug has taken with all of our great customers is let's get them on board early under what we characterize as early access program and get them engaged and get them using an emulator board to go ahead and try out kind of a very, very scaled-down type of our solution. But during this time, so a lot goes on during this kind of 90 days at the chipset fab. But during that time, also, Doug and I'll work with him, will be converting the customer kind of letters of intent or statement of work to a formal supply agreement. These formal customer supply agreements have all the terms and conditions, but importantly, they have committed order timing. So there will be certain periods of time where, let's say, the next 90 days or 120 days are committed orders that can't be canceled. And there's that whole rolling forecast that you stay very connected with your customers. So as we move towards that end of Q3, that's where we should have a lot of those agreements in place with customers and be able to announce that. And then I'm assuming at this point that concurrent with the filings for any uplist, that's when we would put out updated and credible forward-looking revenue forecasts going forward. So all of that will take place over the next several months as well. And we'll be, I think, some exciting information in the public filings for NASDAQ as well. We have some great customers. Our customer mix, again, I'll point out, is really fantastic because we're not reliant on kind of one vertical or industry. It's very diversified. National Labs will bring early revenue and then larger projects later. Then we have all of the other industries that help diversify our mix, which is great. John, just shifting gears real quick. A lot of people recognize that who've been with us for a while, early shareholders, we have a kind of a two-tier structure. There's sort of the, Andy, what is it, SVS, PVS. There's super shares that are owned by the U.S. citizens inside of Inspire Semiconductor. And then there's the regular shares. Moving to the NASDAQ will basically get rid of all that, right? That would just be a single share class at that point. No more big share, little share anymore. It's just a single common stock share class for all shareholders. That's a fair expectation. Yes. Andy, do you have anything to add to that? Yeah, just that there will be a bit of structure we have to do in order to achieve the NASDAQ listing. So everyone would love that dual share structure to go away, but obviously, it's going to come down to what the best way for the company to go public and what the best structure is for us tax-wise and securities law-wise, etc. Okay, thanks. I guess some general comments about NASDAQ just to sort of address chatter and expectations about that. Obviously, nobody can make any predictions about the share price and so forth, but clearly, NASDAQ is a much, much larger market. The TSXV has been great. Frankly, we've got great things to say about the exchange and the exchange officials. Everybody that we've dealt with has been, frankly, extremely professional, helpful, and supportive of this business. And they've been very good to us. But obviously, the TSXV is a very small exchange. NASDAQ is a major exchange. It's not just for U.S. investors, but really global investors move to the NASDAQ. So you're just talking about, if you just look at it just fundamentally from a question of supply and demand, there's so much more capital. And I think while we couldn't, again, make any, we're talking about the future. We can't make any specific claims or predictions, but I think if you do some research and look at other companies that have made uplistings from the TSXV or even the TSX main board to the NASDAQ, obviously, there's that just significant increase in demand has generally created a significant boost in not only liquidity, but also market cap, simply as a function of supply and demand. So that's, I think, kind of a general historical pattern. The other thing I would say, again, going back to the idea of guaranteeing our effort and what we're setting out to do and setting out to achieve is a big part of this is we're going to make sure that people know about this story. We believe that Inspire Semiconductor is an incredibly compelling product, incredibly compelling technology, an incredibly compelling team. We have an incredibly compelling story. We're going to make sure that people know about it. We're going to make sure people know about us. We're going to make sure people know about our stock. Right now, almost nobody knows about this stock. I think that's a reason why the market cap is what it is and the share price is what it is. But that sense of people not knowing who Inspire Semiconductor is, that's about to change. As John pointed out earlier, there's a lot of drivers and news and things that will be coming out over the next couple of months. We're going to work very hard to make sure that a lot of people know about that and the right types of people in the right places. So, as that sort of coincides with the uplisting that we're working towards with NASDAQ, along with our other partners and so forth, obviously, that's the goal. We're trying to drive as much shareholder value as we possibly can. I don't think there's any issue saying that. That is absolutely what we're setting out to achieve here. I think we can move forward here. Before we do that, we talked about this team and this incredible team that we have. I just want to take a minute to introduce one of the most important members of that team. That's our Chief Executive Officer, Ron Van Dell. Ron has been instrumental in the success of the business and achieving what we've been able to achieve so far. When we talk about seasoned veterans, this is a small team. It's a small organization, but it's one that consistently punches above its weight class again and again and again. I could brag about a lot of people. I could brag about everybody on this call, frankly. And I often say to people, I joke and I say, "It's really great to—it's nice when people say things to your face, but it's really great to hear what people say about you behind your back." And the things that people say, people tell me about, for example, the brilliance of our CTO, Alex Gray. People tell me, "I've worked with some exceptional engineers in my life, but Alex is just phenomenal." I mean, the things people say about Doug, Thomas, etc., it just goes on and on. John has been so important. Ron's kind of a guy behind the scenes. And Ron, I mean, Ron's a guy who ran a $2 billion business division in the past. I mean, talk about a guy that's got the street cred and the experience. And when we talk about taking where we are right now as the sort of startup phase, leaving that in a rearview mirror, this slide is entitled "Eyes on the Prize." We are not thinking small. And I can't tell you, Andy's not going to let me say how big we're thinking. But Ron has the skills, the credentials, the experience. The guy's run a $2 billion business division. This is a guy that's negotiated across the table from Steve Jobs in the past. This is the guy that's sort of been there and done that and just about everything you can do in this industry. And we're glad to have him. I'd like for Ron to provide some thoughts on sort of big picture when we say we're not thinking small. I want a guy who's negotiated across the table from Steve Jobs and has run a $2 billion business division before to give us his sense of where this company's going. You're on mute, Ron. Sorry. There we go. Thank you. Right off all those wonderful comments. Still forgets to get off mute. There you go. So I feel privileged to be able to address our shareholder base and anyone else listening regarding this momentous time for Inspire Semiconductor. As James has said, this is the beginning. This is the beginning of what I think is a trajectory that drives incredible increases in shareholder value and in stakeholder value, including all of our employees and all of our industry partners. You can't beat the combination of being well-placed as a disruptive, about-to-become category leader in a market with multiple billions in size, very high growth rates, and that has not got high competitive intensity. That just doesn't come around very long. The fact that this team, especially over the last few years, has listened to that market, has synthesized exactly what that market needs, and as James had mentioned earlier, has got competitive advantages that fill a page. That also doesn't happen very often. That is a very strong position of differentiation. That is ultimately what enables you to have a great market share gain and to do that in addition to the performance advantages, but to do it with low production costs that enable us to have high margins while making our customers recognize they're getting the best deal around is just unbeatable. It's just so exciting right now to be taking that off of the theoretical designs on paper, on computer screens, however you want to look at it, standpoint, and start to put that into reality with world-class partners to make real product that can turn into real solutions for customers in this super attractive market. This ramps fast in revenue. It ramps very fast in profitability because it is not only a low overhead business, it is an extremely capital-efficient business. So earnings leverage is terrific. Capital efficiency is also terrific. And when you combine that with the new investment partner that we expect to be working with over future years, now we have everything we need. We have the team. We have the product with great market timing and sustainable differentiation. And we've got a financing strategy going forward that is going to make this all possible. So it's just an outstanding time to be associated with Inspire Semiconductor. Back to you, James. Yeah, thanks. Just to summarize everything here on the last slide, Doug. Again, I think I would point out again, we are talking about the future, and the future is uncertain, but your future is anchored by a vision. It's important to communicate, again, what we're trying to achieve here. The thing I hope you take away from here is that Inspire Semiconductor, this is not a one-and-done, one-hit-wonder type business. We have a long-term vision for this to be a real major player in technology, in hardware technology. Thunderbird is our beachhead, one that we believe we can be very successful with. We are entering this by tapping into as Ron and Doug had talked about earlier, this marketplace that is, frankly, wide open, vastly underserved, large, and growing rapidly. We have, as John pointed out, a really quite diversified customer base. We're not focused on a single industry that could go one way or the other. It is so vast and so wide and so diversified. That's just us getting started. From there, we have follow-on products that we, some of which we already again have a prototype product. We have other ideas and designs in mind for later generation products. We've got already a green light on more advanced process nodes to do more advanced instead of 12-nanometer, 5-nanometer, 4-nanometer, 3-nanometer products to keep us constantly at the cutting edge and bleeding edge of technology, continue to serve this marketplace. This is our long-term vision. We are continuing to build this into that organization. That is absolutely what we want to achieve to be a major player in hardware technology. We have a fantastic team. We have completed our design, our first design on Thunderbird. It is in the manufacturing process with world-class partners. We have existing customers already lined up who have signed and paid and are waiting for that product, which, again, we're almost in Q3. It's a 90-day process. They'll be getting that product back in Q4, and we'll be scaling starting in Q1. That will require that growth will require capital. Again, growth, we're talking about making the pie bigger for everybody. That's what growth really is. And that's going to require some capital. Now we've got this tremendous part that's come in and put a fantastic offer on the table that leaves it really entirely in our discretion about how much of that capital that we want to take and what we feel like we need. We've got a high-margin product that we can still create a lot of value for our customers that ticks so many boxes for them. This is the situation that we're in right now. We're moving. We are starting this effort to move over to the NASDAQ to put ourselves in the right, deeper, more liquid capital market in the U.S. We are a U.S. company anyways. We're an awesome Texas-based business, so it makes a lot of sense. Driving a lot of value, putting out a lot of that news, telling the story, bringing on institutional investors, analyst coverage, etc. to do this. So we believe fundamentally this will be an entirely different business in a few months' time. That's the goal. That's the sort of the short term what we're working for. And the long-term vision is, again, a major player in hardware technology. We feel like we've got the designs, the engineering brainpower, the executive team. That's really what we're working to achieve. So I guess as a final point to reiterate what John said, the VC money, the deal that's on the table, that's something that's contingent on the NASDAQ uplisting, which they're actually being very helpful and supportive in that process to help us onto the NASDAQ. So that's another really great point about it. We do need a little bit of capital to sort of bridge between having this startup phase in the rearview mirror and moving towards this business that we're becoming. Frankly, relative to where we are and where we're going, it's a relatively modest sum. But that's something that's necessary and vital. We want to make sure that that's something that's open and available to our shareholders. And frankly, at the value of the market cap where the business is right now. Again, we're working as hard as we can to make sure that this is something that's just entirely different, really, in a few months' time. We wouldn't be here without the support of all of our shareholders. We want to thank everybody for joining and listening to us today. I think we're probably about out of time. We can go ahead and stop here. Thanks to the team. Thanks to all of everybody for listening. We'll be in touch again soon. Thanks very much.