Greetings, ladies and gentlemen, and welcome to the WISeKey International Holding Ltd First Half 2024 Financial Results Earnings Conference Call. As a reminder, this conference call contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties, and other factors which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. WISeKey is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events, or otherwise. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Carlos Moreira, Founder and Chief Executive Officer of WISeKey. Mr. Moreira, you may begin. Thank you very much. Good afternoon to all of you joining us today for Europe, and good morning to all of you joining us from the United States. I am joined today by our Chief Financial Officers, John O'Hara, and I will start this call by providing highlights on the company performance and subsidiary-level initiatives for the first half of 2024 -four. Then John will provide commentary and our financial conditions in greater details. Before opening the floor to Q&A, I will discuss growth opportunity for the second half of the year and beyond. We continue the gradual restructuring that we announced a few months ago of WISeKey into what we call a computer infrastructure company, which is specialized in different assets such as cybersecurity, digital identity, blockchain, IoT solution, and now lately, post-quantum semiconductor. As a computing infrastructure provider, WISeKey delivers secure platforms for data and devices management across various industries, including finance, healthcare, government, and also IoT industrial applications. Leveraging its robust cybersecurity and public key infrastructure of over 25 years, WISeKey ensures traditional encrypted communication and strong authentication, while also focusing on next-generation security through post-quantum cryptography. WISeKey has evolved into a Swiss holding company, encompassing several specialized operational subsidiaries, each covering an area of activity of WISeKey technology, ecosystem, and platform. Some of them are SEALSQ, formerly WISeKey Semiconductor, which was listed on the NASDAQ in 2023 under the symbol LAES. SEALSQ focuses on advanced semiconductor technologies. WISeID, the PKI component, the root of trust and PKI segment, central to the WISeKey identity and trust, encryption services. WISeSat.Space, which is a space technology division, which has been now spun off into a full company utilizing picosatellites for secure communication from space. WISeArt, the trusted blockchain and NFT segment, offering secure digital asset solution. And lastly, SEALCOIN AG, incorporated this year to develop the SEALCOIN platform and focus on the decentralized physical internet, what you call DePIN. Each subsidiary plays a crucial role in the WISeKey ecosystem, contributing through independent research, development, and expertise while integrating their technology into the overall WISeKey platform. WISeKey revenue generation strategies focus on combining a stable material revenue stream with high potential pre-revenue companies to create a balanced and sustainable business model. And this approach is actually allowing WISeKey to leverage its diverse portfolio, technology portfolio, capturing both immediate and future revenue opportunity. The core of the WISeKey revenue, as you all know, comes from SEALSQ, the semiconductor business, that was spun off into a full company last year and was listed in the NASDAQ. It is listed in the NASDAQ Stock Exchange, which serves as the company financial backbone. This segment provides consistent income, thanks to a strong marketing presence in sectors such as IoT, cybersecurity, digital identity, Matter certification, the Cyber Trust Mark in the United States, and many other movements that they are making, IoT devices requiring this level of security. Complementing this stable revenue source, WISeKey is investing in high-growth potential ventures like WISeSat.Space. Although still in development, WISeSat.Space is poised to become a significant revenue generator starting in 2025 by leveraging picosatellites to deliver secure communication solutions, tracking IoT devices. It targets industries like logistics, agriculture, defense, drones, that require secure IoT services. Another key component of WISeKey's strategy is SEALCOIN AG, which is the Zug-based company created this year, which is scheduled for launch in 2025. SEALCOIN aims to capitalize on the growing decentralized economy by providing a secure, blockchain-based platform for digital transaction and asset management. This venture will create new revenue channels through tokenization, digital asset management, and blockchain services, tapping into the expanding market for blockchain-based solutions. By blending this steady income from its established semiconductor business with the future revenue potential of its emerging ventures, WISeKey ensures financial resilience. This approach allows the company to invest in high potential technologies like space-based communication and blockchain platforms, while maintaining revenue flow from its material operations. By 2025, WISeKey expects these new ventures to significantly contribute to overall revenue, working alongside its traditional semiconductor business. Before John covers our financial results for the six-month period ending June 30, 2024, I'd like to highlight that WISeKey performance represents our resilience and a strategic ability to adapt amid rapid technology changes and a year of transitional demand. For the first half of the year, we announced $5.2 million in revenue, reflecting the expected slowdown in traditional semiconductor revenue and demand, $26.3 million in cash as of June 30, 2024, and $2.9 million invested in R&D projects and technology. As we expected 2024 to be a transitional year, driven, as mentioned, by a slowdown in traditional semiconductor demand, we demonstrated our ability to adapt to ever-changing environment through investment across our subsidiaries in projects and technology that we expect to drive recurrent revenue for the years to come, and which will solidify WISeKey's position at the forefront of the Fourth Industrial Revolution. Key areas on the investment for this half of 2024 include SEALSQ post-quantum chip, SEALCOIN, and our WISeSat satellite, and the next generation of this technology. Along this line, I would like to briefly highlight the strategic initiative which we are undertaking in each of the subsidiaries, and which we have made progress in the first half of 2024. Beginning with SEALSQ, for which, as announced, we secured $20 million in additional funding during the H1 2024 to expand production facility. The funds are earmarked for the development of the post-quantum semiconductor, which are increasingly critical as quantum computer possess challenges to traditional encryption system. SEALSQ is preparing to release engineering sample of its QS7001 quantum resistant secure chip before the end of the year. This will position SEALSQ as one of the few players on the ever-increasing industry, which is TPM. Our semiconductor subsidiary is also expanding its U.S.-based sales team, made significant progress towards the establishment of several OSAT cyber security chip design and customization centers and secure global partnership. More details on these initiatives can be found by accessing the SEALSQ H1 2024 earnings news release and on our archive website, available on its site. Another one is WISeSat.Space is also working on a variety of projects expected to drive growth in H2 2024 and beyond. This includes launching a constellation of 88 low orbit satellites by the end of 2027, a total of which 17 satellites have been already launched today in a partnership with FOSSA Systems and SpaceX, which is the carrier for the satellite. Utilizing picosatellites to offer a cost-effective IoT connectivity solution from space, and launching a new generation of satellites from California with SpaceX, expected to take place in early 2025, although we depend on the launching slots that they are provided by the SpaceX, on which we don't have control. Installing a satellite antenna in Switzerland, which has been done for constellation monitoring and management. We also have another antenna installed in the southern part of Spain, which diversifies the monitoring aspect, and developing a European-based neutral satellite constellation, aiming at ensuring data sovereignty and enhancing international cooperation. Lastly, a collaboration with the Swiss Army to leverage WISeSat secure IoT connectivity solution for defense and national security purposes on a strategic partnership signed last year and reinforced this year during the H1 period. At WISeArt, we are working towards the development of the WISeArt 2.0 platform after a very successful launch on the initial platform, with over a thousand artists already using on daily basis, this platform to negotiate their digital art. A highly secure environment for trading NFTs, digital art, and even now, physical objects, and conducting authenticated online transaction. WISeArt growth is further fueled by the strategic investment from the Hashgraph Association, a Swiss nonprofit organization focused on promoting the global adoption of the Hedera network, which, as you probably know, is the promoter and deployer of the HBAR token, which is a very successful token in the digital economy. This partnership is expected to significantly bolster WISeArt growth by leveraging Hedera decentralized, sustainable public ledger. At the WISeID ledger, which is our identity platform, or INeS platform, which is our digital certification platform, offering PKI as a service, is gaining significant traction. The platform allows companies to manage device attestation certificates without the need for costly infrastructure and investment. This area will grow substantially again over the next year, as this certification of the object level, issuing a digital certificate is becoming compulsory in many industries on which IoT devices need to be secure before they are deployed. SEALCOIN AG, which secured a $50 million token investment commitment from GEM Digital Limited during this H1 period to support the SEALCOIN project. Additionally, the Hashgraph Association has committed to providing engineering expertise and strategic guidance in the Web 3.0 economy. SEALCOIN is poised to become a key player in the transactional IoT, T-IoT ecosystem, expanding semiconductor sales while enabling autonomous and secure transactions between IoT devices. Approval concept for the token is already available on our website, and the SEALCOIN project leverage Hedera's DLT, decentralized ledger technology, is actually targeted to revolutionize the IoT landscape because this technology has not been deployed anywhere by anyone. We are the first group that is fully deploying a T-IoT infrastructure. The state-of-the-art platform will facilitate autonomous transaction and services for payment exchanges among IoT devices, addressing the growing demand for efficient and trustworthy transaction in the IoT sector. Key features and timeline for the SEALCOIN are as follow: approval concept was successfully secured on July 2025, 2024, demonstrating the platform capability to handle secure autonomous IoT devices. This video of the proof of concept is also available on the sealcoin.ai website. Pre-seed investment was completed with a raise of $2 million in mid-2024, positioning SEALCOIN for accelerated growth and development. A FINMA application, which is in process. FINMA is the regulatory body in Switzerland, which requires to give the go ahead and the non-action letter in order to deploy the token. SEALCOIN AG is about to submit its application to FINMA, ensuring full regulatory compliance as the project progresses. The platform has been developed, and it was officially launched in Q3 2024, utilizing Hedera Hashgraph technology for enhanced scalability and security. The SEALCOIN platform is expected to go live fully commercially by, with a token issue by mid 2025. SEALCOIN is also targeting a digital exchange listing by Q3 2025, providing liquidity and accessibility for the token holders worldwide. Before that happens, it is the objective of the company to raise pre-listing funding, extra funding, then we'll finance its operation without any dependency from the WISeKey budget. With SEALCOIN, we are not only redefining the IoT ecosystem, but also unlocking new revenue avenues for WISeKey. This is an ambitious project and positions SEALCOIN as a front runner in both the T-IoT and Web3 economies. With that, I will now turn the call over to John, who will provide further insight into the first financial year highlights. John, please go ahead. Thank you, Carlos. As Carlos mentioned earlier, half year 2024 results demonstrated WISeKey's resilience during a transitional year. WISeKey revenue for the six-month period ended June 30th, 2024, was $5.2 million, as compared to $15.1 million in the six months ended June 30th, 2023. This reduction is in line with our previously announced expectation that 2024 would be a year of transition for WISeKey and our subsidiaries. Revenue decline at the WISeKey level is primarily attributable to our semiconductor vertical, SEALSQ, which announced revenue for H1 2024 of $4.8 million, compared to $14.8 million in H1 2023. This decline was driven by a decrease in traditional semiconductor demand and high levels of supply at many of our legacy customers, a leftover impact from the supply challenges we and our clients faced in the past year. As customers use their stock, we expect revenue to begin showing signs of recovery in the second half of 2024, with a material recovery expected in 2025 and beyond. 60% of our net sales for H1 2024 came from North America, a trend that we have seen increasingly and which we expect to continue. We've therefore made advancements to further our presence, specifically in the United States, by hiring a sales director for SEALSQ and announcing the establishment of SEALSQ USA Limited. Our next largest market was EMEA, which consisted of 23% of our net sales for H1 2024, and Asia Pacific represented the remaining 17%. Moving on to gross profit, we saw a similar trend to revenues for the first half of the year. Our gross profit margin decreased from 53.6% in H1 2023 to 21.5% in H1 2024. This decline is expected to be temporary and is primarily due to high costs of inventory, coupled with some incompressible fixed costs, while our customers are using their previously accumulated stock. As customers' stock levels are depleted and they recommend ordering new products, we expect the revenues to grow and the gross margin to return to our traditional levels. The OpEx, our R&D expenses increased by $0.8 million between H1 2024 and H1 2023. As we are working on the development of our next generation products and revenue streams, including our post-quantum Quasar project and SEALCOIN T-IoT project, R&D remains a large part of our operating expenses, with $2.9 million spent in the six months ended June 30th, 2024, which represents 19% of total operating expenses. Our G&A expenditure of $8.3 million has increased by $0.4 million in comparison with the G&A expense the six months ended June 30th, 2023. This increase of around 5% is mainly due to initial, additional legal and audit expenditure of $0.9 million and $0.2 million respectively, in relation to various SEC filings required during the first half, in particular relating to the financing we raised via our convertible notes with L1 and Anson. These additional expenses were partially offset by a reduction in professional fees by $0.5 million, relating to one-off costs incurred in 2023 for the initial partial spin-off and listing on the NASDAQ of our subsidiary, SEALSQ Corp. Our net loss for the first half of the year increased to $15.5 million, as compared to a net loss of $7.1 million in H1 2023. This includes a $1.0 million increase in income tax expenses related to deferred income tax asset write-offs. Additional information on this is available in our H1 2024 semiannual report. Our cash and cash equivalents at June 30, 2024, was $26.3 million, compared to $15.3 million at December 31st, 2023. The most significant source of funding was the $20 million funded by the share purchase agreements with L1 Capital and Anson Investments Master Fund. This strong cash position indicates not only our strong financial stability, but the ability to fund strategic initiatives at all our subsidiaries throughout this transitional year. I'll turn the line back to Carlos, who will discuss these initiatives and our growth plan for the second half of 2024 and beyond. Carlos, please go ahead. Thanks, John. In regard to the outlook, we expect the projects and technology investment I previously discussed across subsidiaries to being materialized in the second half of 2024, offering improved performance at WISeKey, subject to that timing. For the remainder of 2024, we anticipate improved performance as compared to H1 2024, subject to the materialization timing of previously announced project and transition demand for the next generation semiconductor products. However, we do expect a return to growth in 2025 and beyond, evidenced by our strong business pipeline, and the fact, as announced early in the year, we are in final negotiation process to deploy a full personalization center in, Murcia, in Spain, with the participation of the Spanish government through their specialized purpose vehicle, created with the name SETT, S-E-T-T, that has a total of $18 billion to be invested in creating a semiconductor focus industry in Spain, on which our project will be one of the first projects to be announced. Our pipeline of current and new opportunities stood at $71 million as of September 20th, 2024, driven by the launch of the next generation of semiconductors, mainly, which we expect to release in 2025, the development of WISeSat, satellite-based security solution, following the launch of its new pico satellite in the first quarter of 2025, and the introduction of SEALCOIN, machine-to-machine transaction, IoT services, and token. At WISeKey, we are gearing up to long-term growth, driven by full-scale production of next-generation post-quantum semiconductor, further investment in a space satellite technology with a focus of expanding WISeSat market share in the satellite communication sector. The launch of SEALCOIN is expected to drive significant growth in the transaction of T-IoT services and machine-to-machine interaction and transaction space, and the potential public listing of additional subsidiaries as we continue to mature them, and mature a diverse portfolio in blockchain, cybersecurity, IoT, and space. Overall, despite a year of transition in 2024, we believe WISeKey is well positioned for long-term success in supporting customers across all subsidiaries and continued technology advances across the cybersecurity landscape. As you know, this space is highly competitive, with very large players nearly monopolizing this space. Companies like WISeKey are not only essential to ensure a decentralization on future capability by those platforms, but also due to its neutrality being located in Switzerland. This concludes our prepared remarks. I would like now to open the line to Q&A. Thank you very much for your attention. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star key. One moment, please, while we poll for your questions. Our first questions come from the line of Kevin Dede with H.C. Wainwright. Please proceed with your questions. Good afternoon, Carlos. Thanks for having me on the line. Appreciate it. Hello. Nice to have you. Could you just give me a little bit more color on the restructuring? I get the sense that a lot of the points that you spoke to today are pretty consistent with everything that you offered back in May when you discussed year-end 2023. It's not really clear to me. I guess what you're referring to particularly about restructuring? Yeah. Thank you, Kevin. Yeah, I mean, what I mean by restructuring is that, before, we have all these verticals inside WISeKey, so there was only one company that was using several verticals, powering by the cybersecurity platform. But some of those verticals are pretty independent, do not necessarily need 100% WISeKey integration, like for instance, the case of the satellite, right? The satellite, we need to build the platform. So rather than raising money at the WISeKey and further put the company in a situation of dilution for its shareholder, we are diversifying by letting those verticals to have its own autonomy. In the case of SEALCOIN, it's a good example, we raised money from Hedera. In the case of WISeArt, we raised money for WISeArt. But this is as a shareholder of each individual company versus as diluting WISeKey to raise the money, right? So that's what we mean by restructuring. It basically restructures the model. It is also a way for us, as we say, to potentially spin off one of those verticals, companies into a full-fledged IPO in the future, right? I mean, they have different growth model. For instance, in the case of WISeSat.Space, we finance the initial 17 picosatellite launch in cooperation with FOSSA. But in the future, if we're gonna launch 88, we will need the help of other clients, and they would like to share the space satellite ecosystem with us. Launching one satellite to space is around $300,000 per satellite, and that includes the launch cost with SpaceX. That's why we verticalize now. Now, let's say an investor that wants to invest in space, but not in cybersecurity, can go into WISeSat.Space. Or an investor that wants to buy tokens and invest in token or deploy the token platform with us, they will invest in SEALCOIN, or a blockchain NFT, art-focused, exchange platform investor, then they would like to invest in art, they will go to WISeArt. That obviously reduces the need for WISeKey to keep investing into this platform and create a autonomous process towards a potential IPO of each of them, or different type of exit for one of them. But, doesn't the funding for each of them still fall onto WISeKey's balance sheet? Yeah, yeah. Yeah. Okay. Okay. Yeah, yeah. Absolutely. Yeah. The only thing it aggregates, right? Because WISeKey consolidates the revenue. But, in the case, and this is public information, we raised money for WISeArt with Hedera, which is the blockchain company, and we did also for SEALSQ, as concrete examples. But all on all of them, WISeKey maintains majority shareholder. And we also spin off SEALSQ, as you know, which was another spinoff of one of the core business. Okay. You mentioned launching, what? satellite number eighteen for WISeSat next year as a function of SpaceX scheduling. I was wondering if you could speak a little bit more to that. Give us your view of how consistent SpaceX has been in allocating payload to WISeSat, and a little more insight on the customers that you have that have expressed interest. I mean, obviously, you still have the Swiss Army, so congratulations on that. But just looking a little bit more on, you know, the business development side, given that should probably go hand in hand with developing the network itself. Yeah, sure. So yeah, so on the SpaceX, as you know, and this is being published by SpaceX, they have some delays, which is pushing some of the clients to a later launch. We don't know exactly what are the reasons for. This is a SpaceX information, but we knew-- I mean, originally, we wanted to launch this satellite in November, and now we are postponing that on the newest launch provided by them in January. So there has been a two-month, three-month delay. This is because we already launched 17 satellites, so they know us, they know us. I mean, we are in very good terms with them that we don't expect any issue, only as space, as you know, is very subject to many, you know, it could happen many things that avoid the launch to happen, you know, and this is for even much bigger operations than the one we have. So, but anyway, we are also diversifying the strategy of launchers. We did sign a partnership agreement with PLD Space, which is a European launcher in Spain, which will, once they are operational, they are now in the testing process, be available to us also, if we want to use that launcher, and there are other options in New Zealand and few other places. So we are monitoring that process very closely. In terms of the clients, so I mean, the model now is two models. Either you buy from us a $300,000 satellite, because you need a satellite in your work. Let's imagine a truck company, that they want to track and trace trucks in the middle of the road, that we are discussing with them, or as announced, port authorities, we did sign two MOUs, one with the DP World in Dubai, Algeciras Port, which is a large, one of the largest ports here in Europe, using this technology to track and trace containers from space. So this is a market that is slowly developing because it's a very new thing. Obviously, you need to have the constellation of satellites first before you are able to offer that service. But now that we have at least eighteen of them, we can start to approach these potential buyers of this technology. And they have two options to buy: either they say, "We're gonna aggregate two, three, ten satellites to your constellation," so they will speed up our capability of delivering the ATA. Or they're gonna say, "We will provide satellite as a service," it's like a telco, basically. We're gonna buy capacity on the satellite so we can connect our objects to the satellite. Obviously, and this is the spirit of this ecosystem of company that we have created, this also opens the interest of these companies to buy the chips as well, because you need to have chips in the sensors, that they are the ones tracked by the satellite. So that creates a cross, enterprise, movement on where people buy not only one service, but buy other services. And then once you have the satellite in orbit, which is the case now, when you have the contract with the port authorities for tracking containers, then you can use SEALCOIN as a way to create secure payment transactions between objects. And this is another company now with the name SEALCOIN AG. Now, SEALCOIN, also owned by WISeKey, can also accelerate the deployment of chips, because you need to have a secure element in order to connect your object with another object and exchange SEALCOINs, right? So, SEALCOIN is a very large project, and we are issuing 10 billion SEALCOINs, which are gonna be traded around 0.05 cents per coin. That is about addressable market of $500 million over the next 10 years. And that will obviously not only generate revenue for WISeKey, but also will increase the number of microchips that they will be required to make those objects transactional through the coin. So everything is match, you know? The one company reinforces the other. The growth in one company will guarantee the growth of the other. And this is the kind of interaction, when I mean restructuring, this is the kind of revenue interaction we are trying to generate here. Okay, last question for me is just a little more background on the confidence you have with regard to SEALSQ return to growth. If you could talk a little bit more about the backlog you say some of your key customers have, how fast you think they've moved through it, whether or not you think- Yeah ... they've withheld purchases because they understand the new Quasar chip is coming. Maybe just a little more- Yeah ... insight on that, please? Yeah. I mean, the fact that we are a public company in the SEALSQ is actually, maybe handicapping us. If we will be a private company, will be a total different discussions, right? Because the what is really happened here, I mean, you cannot evaluate companies than they are doing what SEALSQ is doing on quarterly basis, right? You need time before you move one generation chip to the post-quantum chip. But the problem with post-quantum chip, it is not our problem only, it's an industry problem. Chips are gonna be vulnerable to a quantum attack, and people have to change chips, right? Everybody. That we are talking about trillions of chips, then they need to migrate a post-quantum chip. So the current market for TPM is five hundred million chips. That's what the market needs now, today, and our target is to capture 10% of that market, because there are only four companies in the world, and they are able to provide TPM chips, and we are one of them, so the $500 million addressable market per year is only covering something like 1% to 2% of the number of microchips installed, and they will need to be upgraded to post-quantum chips, so it's a phenomenal potential growth, right, but what is happening now is that clients like that they are using our current chips, they will continue using that current chip. There's an inventory issue this year, because last year we sold 30 million, and many of them, especially after we exit the COVID period, they got concerned that there might be a supply chain issue. Actually, maybe now with the new geopolitical instability, they are gonna go back again and buy more chips, because they need to buy chips. There's no way that they can sell their products without our chips. Our chips are part, integral part of their product. So whatever we didn't sell this year, we're gonna sell next year. We know that. The numbers of objects that they need the chips are very well established. The good news is that because we have now the TPM chip, the Quasar chip ready to go also next year, they are gonna start to move to the next generation chip. As I say, you know, Infineon and NXP, those are the other guys, and they have TPM capabilities, but there's no more. So what companies normally do, because they are concerned to have dependency on one provider, is that they want to have three or four providers, and we are gonna be one of them. Actually, our TPM chip has even farther capabilities to the existing roadmaps on this information we got from the market, from the existing roadmaps on those companies developing also TPM chips. So our objective is very clear: we want to capture 10%. That will give us $50 million revenue just by TPM. That will be added by the revenue we are gonna collect for the ongoing chips, which should be back again to normal next year, once the inventory is done. Plus the projects like the OSAT project that we develop, that we are in the process of developing in Spain, but there are also other territories, including the United States, that they will increment the number of chips, because that is actually a capability for decentralized production. It's like a factory, right? We have a huge factory, and then we are gonna create a small factory at national level, then increment. So I don't expect at all the. I mean, we are trading in SEALSQ less. Our valuation is less than the money is on the company. Makes absolutely no sense, right? But this is what it is. The market is crazy, and we are paying the consequences of a very hostile market. But the projections are very concrete. The technology is amazing. We are now in the certification process of that technology, which costs a lot of money. Only certification is a $5 million investment on certification. We can capture 10% of the market immediately, and this will grow not only because we get a higher market share, moving from 10% to 20%, but also for the fact that the total addressable market is gonna be exponentially growing due to the regulations now that we have in place to protect companies against the arrival of quantum. Imagine, you know, it doubles next year. It's gonna be all about quantum, and we have strong presence. Imagine what will be if quantum capabilities arrive next year. If that quantum computer falls in the hands of hostile players, imagine the damage and then that create in the society, right? So post-quantum security is gonna be a major driver in the next five years. Okay, Carlos, thank you very much for the further explanation. I appreciate it. Thank you, Kevin. Thank you very much for your questions. Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. I'm showing no further questions at this time. I'd now like to hand the call back over to Mr. Moreira for closing comments. So thank you very much for your time, questions, and for the team organizing this call. If you need any further clarifications, John and I, we are available. Otherwise, you can also access the WISeKey.com website, investor site, where you will see a transcript of this event, this meeting, plus, obviously, all the financial information published by the company. Thank you very much, everybody, and have a great day. Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.