All right, Jose, it's 8:30 A.M. in London. Why don't we take it away? Indeed. Good morning, and thanks for joining Alphawave's H1 2022 results call. For those of you who I still haven't met, my name is Jose Cano, and I joined Alphawave in June as the global Head of Investor Relations. Now, first of all, on the next slide, I must remind everyone that today's briefing and some of the answers to your questions may contain forward-looking statements. These statements reflect management's current views, and there are risks associated with them. You can find a full explanation of these risks on this page of the results presentation. Now, on our website, you will find the interim report, and as usual, a recording of the call will be available together with the slides. Now, joining me today are fellow members of the management team, John Lofton Holt, Co-founder and Executive Chairman, Tony Pialis, Co-Founder, President, and CEO, and Daniel Aharoni, our CFO. We have a few items in the agenda, and we're aiming to leave as much time as possible for questions. With that, let me hand over to John. John, over to you, please. Thanks, Jose. Thanks for that. Look, welcome to your first results presentation. It's really great that you've joined the team as Global Head of Investor Relations. Look, we have a lot to discuss today, and I look forward to diving right into that. First, I wanted to give you some context for the results that we announced earlier this morning. We've delivered record results in the first half of the year, where we more than doubled our revenue while continuing to invest in the business very, very heavily. We've increased our headcount, and we're enhancing our product portfolio. This has further extended and expanded our leadership in this very competitive global market. Tony and Dan are gonna talk a bit more about that during the presentation as they go through the results later today. The other thing I'd like to do is kick off to talk about the acquisition of OpenFive. We've been really busy over the last few months, and we're delighted that we closed the acquisition of OpenFive on target, on schedule, as expected on the 31st of August. I'll also say there's been a great amount of market trepidation about the CFIUS process and a lot of noise in the market about the CFIUS process. Look, having spoken to a lot of investors and analysts about this, it was clear to me from the beginning, a lot of people were betting that this transaction was not going to be approved. Look, Tony, myself, the management team, we've been engaged with regulators in the U.S., Canada, U.K., and globally since we founded the company because embracing regulators is a very important part of success in a technology business. We've always had a very transparent and open approach with these regulators. Ultimately, it was this transparency and active engagement that led to such a successful outcome with CFIUS. We found CFIUS to be a very robust, non-political, and rigorous assessment, which ultimately got our deal approved. I'd also like to remind you now about what OpenFive brings to our business. First of all, this acquisition enhances and expands our product portfolio, doubling our IP portfolio for data infrastructure customers, including, among others, storage, die-to-die connectivity, IPs, and others. As a combined group, we can now bundle this IP together and integrated subsystems and our respective strengths to win complex custom silicon opportunities at leading-edge process nodes 7, 6, 5, 4, and 3 nanometer. Second, it brings a 300-plus- person team with deep custom silicon expertise, who've been working with the leading global customers now for the last two decades. We're really excited to have a mature and experienced team like this on board. Third, in line with our land and expand strategy, OpenFive substantially expands our customer base and addressable market, adding over 50 new customers. Alongside the closing process, we've started mapping out the integration plan for OpenFive, and this is not something that started the day we closed. We started the integration planning the day we announced this deal many, many months ago. On that note, I'd like to talk through what this integration plan looks like over time. Over the coming months, we're gonna kick off a number of initiatives to successfully integrate OpenFive and ensure that we can realize the benefits of the combined business. The first phase of the plan, as I mentioned, started many, many months ago and runs until the end of the year. We refer to this as the consolidation phase. We're focused on the most important thing in this part of the integration, which is our customers. We're combining our sales and marketing efforts and ensuring there are no gaps in the organization. As we move along in 2023, we're gonna shift our focus towards the integration of support functions. There's essentially no overlap between the support functions of the two businesses today. The main effort's going to be identifying, planning, and rolling out common systems and procedures. Finally, on the third stage of integration, we're gonna focus on the business reorganization and optimization, rolling out business units, and reorganize certain engineering functions which can provide support across the entire business. In addition to this project, to support our growth strategy during the first half of the year, we continue to reinforce our general admin function, significantly increasing our G&A headcount to 22 employees. Dan will talk quite a bit more about this, as will Tony, as we have really focused on expanding our capabilities across the board and investing in our future. One last point before I hand over to Tony, I'd like to say thank you to all the teams and advisors involved in the acquisition of OpenFive for all their hard work and effort in bringing the transaction successfully to the finish line. Particularly difficult in this kind of environment, so I'm very proud of the team. I now want to turn the call over to my Co-Founder and our President and CEO, Tony Pialis, for a detailed presentation of our first half 2022 results. Tony, over to you. Thank you, John. Good morning, all. I'm Tony Pialis, Co-Founder, President, and CEO of Alphawave. I'm pleased to be here to review our results and to also review our commitment to investing into Alphawave's growth. As we communicated in the Q2 trading update, bookings continued to gather momentum in the second quarter, contributing over $53 million for the first half of the year. Up 11% year-on-year, excluding the multi-year subscription deal signed with WiseWave and VeriSilicon in the same period last year. During the first half of this year, we have delivered a strong set of financial results. Revenue doubled year-on-year, growing to $57 million, driven by a mix of repeating business as well as winning business with new customers. Our adjusted EBITDA was up 67% year-on-year as we continue to invest in R&D. Net cash from operating activities was almost four times higher than in the first half of 2021 at $18.8 million, and our balance sheet remains strong with $452 million in cash and cash equivalents. This is after a $14 million outflow related to the acquisition of Precise-ITC. This is a strong start for the year, and we remain confident in our growth prospects for the second half. The first six months of 2022 have been very active for us and we've made excellent progress on a range of operational areas. Let me cover some of these points on the next slide. As I mentioned before, during the first half of the year, we continued to invest in R&D aggressively to support our pipeline and our future growth. We increased our headcount to 251 employees, which is now over 550 employees following the closing of OpenFive. Since 2017, the company has remained at the forefront of connectivity technology, and in the second quarter of this year, we extended our leadership with a new 3-nanometer design win. We are currently engaged in multiple opportunities in 3-nanometer and have recently confirmed a successful 3-nanometer tapeout containing our 800G Ethernet, our PCIe Gen6, and our CXL 3.0 connectivity technologies. Through the fast changing economic cycle, our customers continue to invest. Our pipeline of opportunities remains very strong as customers continue to seek technology leadership and enhance performance by transitioning to smaller process nodes and to higher connectivity speeds. The majority of our design wins in the first half of this year were at 7- nanometer and 5- nanometer. In addition, we expanded our product portfolio with two interconnect IP products. AresCORE16 is a die-to-die interface enabling a new generation of chiplet products built on top of the new Intel-driven UCIe standard. OptiCORE100 is a 100 gigabits per second PAM4 optical DSP that enables direct drive of optics and includes advanced DSP techniques for receiving optical waveforms. During the first half of this year, we recognized revenue from 28 customers. This is compared to 16 customers last year, almost doubling the number of customers over a 12-month span. Of our eight new end customer wins in the first half, six of the customers are headquartered in North America, Europe, and Israel. As of June 30 of this year, we had six of the top 10 semiconductor companies as our customers. Revenue in the first half, not surprisingly, was heavily weighted to our core markets of data networking and cloud compute. As we move on to the next slide, I'd like to take a step back and review the progress we have made since the IPO last May. Over the last 16 months, we've made significant progress towards our ambition of becoming a leading pure- play connectivity business, targeting data infrastructure markets. We have invested part of our IPO funds through organically and through M&A in order to enhance and expand our product portfolio. Early in 2022, with the acquisition of Precise-ITC, we brought in additional expertise on Ethernet and optical networks, while OpenFive enhanced our portfolio with additional memory and connectivity IPs. Combining this M&A with our internal developments, we are now better placed to address our customer connectivity requirements and increase our share of the high-performance connectivity market. To support our growing pipeline and future revenue growth, we have also invested heavily into our R&D capability, increasing our total headcount to approximately 550 employees as of September of this year. This is compared to 132 employees in June of last year. Throughout the last 16 months, we have also shared with you some of the progress we have made with the leading foundries. These collaborations with the foundries play an important role in continuously pushing forward the boundaries of what is possible with our DSP technology, enabling our customers to roll out advanced technologies and build a more efficient digital infrastructure. Lastly, the acquisition of OpenFive was a significant milestone for our business, bringing in-house custom silicon expertise, which is a stepping stone in our transition towards a hybrid business model. Our product portfolio has expanded rapidly through both organic developments and M&A. I also want to highlight the expansion of the R&D capability, particularly in custom silicon. Since we IPO'd, this has been our goal, to move up the value chain and grow the business. The acquisition of OpenFive was a stepping stone for this transition towards a hybrid business model. All of this expansion was to support a growing pipeline of opportunities and a direct demand for more products and services from our customers. Note as well the established and deep foundry relationships, referencing some of the important announcements made through this period. At the IPO, we shared with you our ambition to be the leading provider of connectivity solutions for high-speed data transmission. If you remember some of the slides we used, we laid out a high- level product roadmap, expanding from core IPs all the way down to complete chiplet products. This ambition remains unchanged, and we are aiming to bring leading connectivity technology to our customers from IP all the way to custom silicon. With the acquisition of OpenFive, we are expanding from a pure IP business model towards a hybrid model with an increasing weight on both custom silicon products as well as traditional silicon IP. This hybrid business model will allow us to accomplish the following. First, to further monetize our IP. We are offering our customers not just IP licenses, but also a finished silicon product containing our own IP as critical building blocks. With custom silicon, we are monetizing our IP through an upfront revenue derived from NRE and support revenues, as well as through a long tail of silicon product revenue with an average life cycle of up to 10 years. Secondly, custom silicon strengthens our competitive positioning. Bundling our own IP into a finished custom silicon product allows us to share some of the cost savings with our customers while helping us grow our business. This will allow us to better compete against established silicon providers in our industry who are currently using a similar approach. Finally, custom silicon gives us greater scale and allows us to extend our market reach, expanding our business relationships with the largest customers and allows us to compete for larger revenue opportunities. This hybrid model combines the higher operating margins of the IP business with the significantly larger scale of the silicon business. This combination allows us to further monetize our IP and enhance our competitive positioning in the market. As we move on to the next slide, I'd like to leave you with a few key messages. First off, we have delivered a strong set of results, having simultaneously grown bookings, revenue and earnings, while also having grown investments into R&D to support our growing pipeline and future growth. Since the IPO last year, we made significant progress towards our goal of becoming a leading provider of connectivity solutions for high-speed data transmission with an enhanced product portfolio as well as a larger and deeper pool of talent. Last but not least, OpenFive represents the beginning of a new phase for our business, the start of a transition to a hybrid business model, which will allow us to further monetize our differentiated IP. As we communicated in the press release that went out earlier today, we will also be hosting a Capital Markets Day on January 13 of next year. That is where we will intend to share additional details about our vision for the business. With that, I'll hand things over to Dan, our CFO, to run through the financial performance of the business. Dan, over to you. Tony, thank you very much, and good morning, everyone. This slide summarizes our financial performance for the half year. We discussed bookings at our Q2 trading update, and I'll cover that further in the next slide. To reiterate what Tony mentioned, we had eight new customers in the period, including several large new U.S. customers. We saw revenues doubling over the period, and that's a blend of new customers, repeat business and WiseWave. Adjusted EBITDA was up 67% with a margin of 41% compared to 50% in the prior period. This was primarily due to our investment in R&D, and we grew over 100 heads in our R&D team between the end of the first half of 2021 and the end of the first half of 2022. Reported EBITDA margin was 57%, but this was impacted by a very significant FX gain caused by the sterling and dollar movements. Our net cash fell from approximately $520 million at the end of the first half of 2021 and $500 million at the end of the full year 2021 to approximately $450 million at the end of this period. This reflects the acquisition of Precise-ITC in the first half of the year and a very significant impact, approximately $50 million of FX due to translation to our U.S. dollar reporting currency. On the next slide, you can see that we've had a steady increase in our bookings outside of the multi-year subscription deals from WiseWave and VeriSilicon, which caused a large spike in 2021. With those two deals locking in future revenues from China, going forward, we expect our bookings in China to be substantially less. In the first half, our bookings from North America, EMEA and South Korea were nearly 90% of that $53 million you can see on the right-hand side. In terms of future royalties, we see a similar level between the first half of this year and the first half of last year, with the caveat that these are based on estimates of future volumes from our customers, and there's potential for very significant upside on these. Before sharing some additional color on the revenue, there's one additional point I would like to make, on phasing of bookings and revenue. Over the last 3 years, our revenues have been strongly weighted towards the second half of the year, and this is an important point as you can't just extrapolate our first half performance to estimate the full year. On top of that, in the second half of the year, we're also going to benefit from the contribution of OpenFive, both on bookings and on revenue, and we have a very substantial backlog with OpenFive. We'll provide more color on that in the upcoming trading update for the week of the seventeenth of October. On the next slide, you can see our increasingly diversified revenues. We had a larger revenue contribution from China as well as our first revenues from EMEA. Excluding China, our revenue growth was around 55% year-on-year. By vertical, 72% of revenue is from networking. That's higher than the first half of last year, but that's more in line with what we saw in the second half of last year. Now that contribution from each vertical is gonna evolve as we bring more customers and continue to expand our existing business with customers. Of course, that's gonna very heavily change as we incorporate OpenFive going forward. Finally, over the last 12 months, we added 12 new customers, and Tony's provided some color on that. Excluding that revenue from WiseWave, our top three customers represented about 40% of sales, slightly below first half of 2021. Again, that customer concentration is expected to significantly reduce as we incorporate OpenFive going forward. On the next slide, we cover our profitability. Adjusted EBITDA was up 67%. That was primarily driven by higher revenue at a slightly higher gross margin, but also offset by the increase in headcount, and that was mainly in R&D and G&A. A little bit more color on the headcount. Over the last 12 months, we added 119 people, of which 103 joined in R&D and engineering. We added more people in the first half of the year than in the whole of 2021. Excluding the heads that joined as part of the OpenFive acquisition, we do expect that rate of hiring to slow down in the second half of the year. As the business grows, we continue to build our G&A function in legal, finance and HR, and we added 12 heads during the period. One item to note is that G&A does include $1.8 million of expected credit loss provision. That's in the G&A line that you can see on the $5.6 million there. Net, we increased adjusted EBITDA and invested in future growth. That investment in growth resulted in the lower, but nonetheless very healthy adjusted EBITDA margin of 41%. On the next slide, you can see a cash flow bridge. Our balance sheet remains strong. At the end of June, we had a net cash position of about $452 million. In addition to the cash generated by the business in the first six months of the year, the key items to consider are listed on the chart. That includes $13.4 million in tax paid, around $40 million outflow for the acquisition of Precise-ITC, and significantly, a $50 million FX impact as our reporting currency is in US dollars, but we do have a significant amount of funds in sterling. Following OpenFive, our balance sheet does remain strong. Our pro forma net cash position is around $230 million, although a significant part of that is still held in sterling, so that does fluctuate on a daily basis. Finally, before we open the line for questions, I'll run through our outlook, which remains unchanged against our previous guidance. Next slide, please. Following the closing of OpenFive, we do reiterate our 2022 outlook, both for revenue and adjusted EBITDA margin. On the right-hand side, you can see the moving parts from our standalone outlook. For 2023, we expect revenue between $325 million and $360 million. That excludes $30 million from the WiseWave extension, which we assume is not exercised, and it also includes additional contribution from OpenFive. On the margin side, we're assuming the impact from excluding the WiseWave extension at an assumed 100% margin and adding the contribution from OpenFive, which in the first year will be at a lower margin. These items combined will result in an adjusted EBITDA margin in the range of 32%-36%. From 2024 onwards, we expect margin to gradually increase as we integrate OpenFive and realize the anticipated synergies. As we transition to a hybrid business model to further monetize our IP and gain greater scale, we expect the business to continue to grow and reach the billion-dollar run rate mark by 2027. On that note, as we communicated in the press release today, we are planning to host our first Capital Markets Day on January 13 and share with you more about our long-term plan for the business. With that, we can open the line for the first question. As a reminder, this is a Zoom webinar, so please either use the Raise Hand feature or feel free to submit questions via the Q&A panel. Dan, thanks for that. First question we have is from Janardan at Jefferies. Janardan? You're on mute. Yeah. Hi. Hi, guys. Can you hear me? Yes. You sound great. Yeah. I have a few questions. One is just to try and bridge the revenues from the $325 million-$360 million next year to the $0.5 billion run rate in 2024. I'm assuming that some part of that or a significant part of that is going to come from additional custom silicon revenue upside from the OpenFive side of the business and the emerging of the advantages or synergies from a design point of view of merging the two businesses. But just can you explain a little bit further how what the timescales are? I mean, if you are going to get new design wins, you know, how long does that take to go through the design cycle, go into volume production, get into revenue, et cetera? Is that $150-ish million of revenue upside, you know, reasonable to think as achievable within that timescale, basically? Janardan, thanks for the questions. Great to be talking to you again. Yes, definitely part of the increase in the raised guidance that we announced when we announced the OpenFive acquisition was a contribution due to OpenFive. Which is contributing two parts of revenue. One is a broader IP portfolio, which will allow us to grow our silicon IP revenue. The other, as you mentioned, is on the custom silicon side. Now remember, there's two components of revenue streams on the custom silicon side. One is non-recurring engineering revenue that typically is recognized, I would say, over a four- to six- quarter span. OpenFive has deals underway that it's working on today, now as part of Alphawave. It also has deals that we're winning in this quarter, in Q3, and we expect to win in Q4, that will also contribute revenue to next year. The second revenue stream from the custom silicon side is silicon shipments, so parts that it ships. Again, obviously, having been around for more than a decade, it has built up a large portfolio of silicon customers that it ships parts to each and every quarter. That will also generate an incremental revenue stream throughout next year. Understood. Thanks for that. You talked about multiple chiplet design wins that you expect in the second half of the year. I presume that these are all IP design wins. Can you just remind us, my understanding is an average IP win for you is on the licensing side, is give or take around $5 million. Would these chiplet design wins be significantly higher in terms of licensing revenue contribution? When would you expect some of the physical chiplet sort of wins to come your way? Is that something that you expect in the near term and therefore can start contributing to your sort of 2024 revenue, or is it too early for that to happen right now? Sure. Chiplet design wins for us that we're chasing after these days can be either an IP design win, where we design the entire chiplet and the customer manufactures. Look, now with OpenFive on board, it also includes us manufacturing the chiplet ourselves and selling the die or the chiplet to the end customer. As a result, some of these opportunities has us integrating our own chiplets into a larger 3-D IC that we can also manufacture for the customer using third-party foundries and deliver the final finished good to the customer. How we deliver our solutions has greatly expanded with this acquisition. Typical NREs for a chiplet are well beyond the standard $5 million price. That is the average for our core IPs. Look, it's on the size of a typical ASIC NRE, which can be anywhere $15 million, $20 million, $25 million. Some of our customers need more than one chiplet. They need multiple chiplets that we're working with them on. In terms of timeframe for delivering these, look, these chiplet revenues typically take the same time to go into production as our other customers. We expect the early chiplet design wins to contribute revenue, meaningful revenue by the end of this year or early next year. In terms of NREs, that silicon revenue we expect to come in anywhere 24 months or later. Now, remember, now that we're able to deliver custom silicon, that revenue will get blended in with the existing and the growing revenue that we'll continue to drive through the custom silicon business. It's another form of custom silicon that we'll be able to deliver or another form of silicon IP that we'll be able to deliver moving forward. It's about 24 months, then it probably will contribute to a run rate exiting 2024, but not a material contribution by 2024. On the silicon side, yes. On silicon side. On the NRE side, look, once we sign a deal, it starts contributing revenue. As I said, the revenue it contributes on the NRE side is $10s of millions. It's not single-digit millions. Got it. These chiplet design wins, just from a type of chip, is it predominantly networking chips, connectivity chips? Are you also getting any wins sort of on the processor, AI accelerator side of things, given the IP you're getting from OpenFive? Great question. We will be announcing a family of chiplets that span both connectivity solutions, whether it's high speed connectivity, whether it's memory IO connectivity. Look, the memory IO is coming directly from OpenFive. Inevitably also on the accelerator side. As part of the OpenFive acquisition announcement, obviously we announced that we were also licensing a portfolio of RISC-V IPs from SiFive, and our customers are looking for accelerator opportunities. The types of end markets that we're targeting with these chiplets, as you mentioned, obviously networking is one, but high performance compute, AI, are all additional markets that need these types of chiplets as part of a greater solution. Janardan, look, we no longer are just confined to the IO chiplets. Now with custom silicon capability, we can also help customers design, manufacture, test, qualify the complete solution that has their design integrated with our chiplets, all yielding a final finished good. That is really exciting to our customer base right now. Thanks. My last question is, you know, you made a comment in your press release saying hyperscalers are reducing reliance on networking ASIC vendors, and that presumably is leading to your strength. You're also talking about, you know, how you're gonna get increasingly strong in these areas of accelerators, connectivity chips, et cetera. You know, one of the concerns, let's say for a company like Arm Holdings, was always independence and the fact that an IP vendor has to stay independent. The fact that you're sort of getting increasingly into competition with a portion of your customer base, which could be those in the networking area, et cetera. You know, how do you see that squaring up? you know, is it that as you get bigger on this, yes, you will have a growing market with the hyperscalers, and OEMs who would see the value of your IP and happy to engage with you, but you could lose some of your business with the traditional chip manufacturers because they would sort of feel uncomfortable given the competition? That's a very insightful question. I do not see any near- to mid-term issue with our expansion into the custom silicon space and the chiplet space posing any competition to our customers. What's happening is the way the industry is building semiconductor products is evolving. It's becoming vastly more complex. It's now hundreds of billions of transistors going into an advanced product. It's also moving into this concept of hybrid silicon, where chiplets are creating a network of silicon within a single package, and the industry needs help. We're just delivering the help by not just providing silicon IP, but by providing chiplets and providing the capability to merge all these custom silicons together into a finished product. Understood. Thanks a lot. That's all I have now. Thanks. Thanks for that, Janardan. Next question is from Sandeep. Sandeep, I've enabled you to speak. I'm gonna lower your hand. Go for it. You're on mute, by the way. Yeah. Hi, can you hear me? hear you fine. Yeah. Yeah. Hi. I mean, actually following on from the earlier question, does that mean that you are already, I mean, essentially the business that you acquired is already designing some ASICs which will be coming into the market, say 2024 timeframe? Or is it that these negotiations are ongoing at the moment and that's 24 months from now that you will have ASICs in the market? That's my first question. My second question is regarding WiseWave and the China business as such, really. I mean, within WiseWave, you report revenues associated with your VeriSilicon deal, as well as, of course, you have direct revenues with the WiseWave business itself, where they are using your IP. From what we understand at this point, that there won't be any further second wave deals with WiseWave as such, really. How do you see that relationship going forward from here? Thanks, Sandeep. Look, first off, on the custom silicon business from OpenFive. That is not a speculative business. We bought a successful business that has had its own pipeline for over a decade, that has been securing design wins and operating profitably for over a decade. The state of it when we acquired it is they have products that they're shipping to the market today. They have products that design wins were booked prior to the acquisition, but are in the midst of execution. That is revenue that will be recognized as part of Alphawave, 'cause it's work we're doing here at Alphawave. Then there are also new opportunities in the pipeline that now integrate OpenFive's custom silicon capability with our extremely broad and world-leading silicon IP portfolio. These are design wins I look forward to announcing in the upcoming quarters. With this acquisition, we acquired a business in the midst of its operation. You should expect to see in the second half of this year and next year these multiple revenue streams that I described, the NREs, the silicon delivery portions of revenue, will all be contributing to our new growth and to our reporting moving forward. On the WiseWave side, let me give you an update on that. Yes. Look, WiseWave is doing extremely well in terms of its execution on its early product launches. Those products are all derived from Alphawave technology. You mentioned that we do not expect to have any further business or licensing with WiseWave. Look, let me clarify that. First off, we do not expect the extension that we discussed at the IPO to materialize moving forward. Do I see a path forward where we can continue to enable WiseWave either with the chiplets or via the custom silicon that we're developing here in Alphawave? Absolutely. I think that we expect to continue to work with WiseWave. But now with our OpenFive acquisition, we can work with them in an expanded format where we're not just providing silicon IP, but we can provide complete silicon solutions to them. Yeah, Sandeep, one more thing to add on the China piece, and we've talked about this one-on-one, but I think it'll benefit everyone on the call to hear this from us. Look, we've been through the CFIUS process. That involved many, many meetings with U.S. government agencies. We've met with regulators in the U.K., we meet with regulators in Canada all the time. Anyone running a semiconductor company these days is well aware of what's happening with the geopolitics between the West and China, okay? Over time, there's a couple things. First of all, the commercial deals we have in place with VeriSilicon and WiseWave are intact, regardless of what happens with equity stakes. Those are commercial deals, they've been booked, they're contractual commitments, and we're delivering against those, and WiseWave's delivering against those, as is VeriSilicon. Those relationships will continue. Now, to Tony's point, as we talked about when we announced OpenFive, knowing we were going through CFIUS, we told the market not to expect the extension option, and you, as well as most of the other analysts, have actually taken that out of your model, and so I think the lion's share of our investors. Look, I think now having gone through the CFIUS process, now having gone through another six months of geopolitics, we are not optimistic that our current sort of equity structure with respect to WiseWave and some Chinese ownership of Alphawave, which is small, but is talked about in the press a lot, is gonna continue. We need to simplify that structure, and that's something that over time we will do, and as we do that, we'll be happy to communicate that to the market. The key message here is that doesn't have any impact on the commercial deals. Understood. One last question from me. Now, given that you are getting into the ASIC business, do you already have a manufacturing setup through the acquisition of OpenFive? You will have to do direct relationships on buying wafers from foundries, inventory management, and, you know, packaging and, you know, all these other aspects associated with being a chip company. Is this already there within the infrastructure that is acquired from OpenFive, or is it still to be set up? Thanks, Sandeep. We acquired it. We acquired a fully functioning operational silicon team that manages, I think the term the industry uses for all these supplier management is called OSAT. We acquired that entire capability. Look, this was one, if not the major draw for me specifically with this acquisition. We knew that we had to transition to this hybrid model. Our customers were pulling us to deliver more than just silicon IP. We looked at building a silicon operations team organically. Look, it takes many years, could take up to a decade, to build those relationships, to establish those supplier agreements. Especially in a supply-constrained environment like we are today, it's very difficult being a new player in this space. OpenFive made this easy. We inherited a team with a great lineage, with long-lasting relationships to the entire silicon community, whether it's on the foundry side, whether it's on the packaging test side. Now that not only enables existing and new custom silicon customers, but it also creates an operations team that we can funnel more of our internally developed silicon, whether it's chiplets, whether it's optical silicon. All of that can benefit from this existing organization. Thank you both. Thanks, Sandeep. Appreciate that. We have no other questions in the queue, so I'll give a last opportunity for anyone else that would like to ask a question. Otherwise, we'll be wrapping up the call, and we'll post the replay on the website in the next several hours. Okay, if there are no further questions, really appreciate everyone joining today. Thanks again. We look forward to seeing you soon.