Hello, very welcome to this Capital Markets Day with Sivers Semiconductors. My name is Anders Storm, and I am the Group CEO of Sivers. I'm gonna take you through a very exciting agenda we have. Unfortunately, we don't have the moderator here today, but I'm gonna moderate too today. We're gonna take you through this. We have a very exciting agenda. I'm gonna start talking about overall the company. We're going to have Sivers Photonics, William, also called Billy, doing his presentation, and then Sivers Wireless, which I will do. We're gonna have the CEO of Cambium Networks, a customer to Sivers Wireless, doing his presentation. We're going into Photonics, and the partnerships with imec, and a very interesting deep dive into the Photonics business. Here it's gonna be very technical, so for those guys who likes that's gonna be very interesting. In the end, we're gonna end with a Q&A. We're not gonna have a Q&A during the presentation, so please send your questions into the app, or we have people here as well that can ask questions straight to us in the microphone. Let's start with a video. [Presentation] That is a summary of what Sivers Semiconductors are doing. Today we're gonna tell you more about the details. Thank you for joining us today. To go back a bit and give you sort of the introduction to the company, if you haven't heard about us before, we are a company working in two business areas. One is the wireless business area, where we're focusing on 5G technology today. The other one is sort of an area which is called Photonics, where we do laser chipsets. The company today, and the group had its headquarters here in Stockholm, in Kista, and we are about 120 employees, and we also have an office in Glasgow and one in Gothenburg with the focus on wireless in Sweden and the Photonics in Scotland. The company was actually founded quite far back. About six, seven years ago, we started a journey to go into these very exciting business areas, and I would say both the 5G and the Photonics business areas are now sort of really hot areas to be working in. That's fantastic that we have products in both areas and making great progress. We also have a very good team behind this working on delivering all of these things from over 20 PhDs who makes the products together with others as well. We have also strong investors. We brought in a lot of institutional investors, over 20% of the company now. We also have a strong cash position. We had $60 million in the end of Q2. What have happened since we started this journey, and what have we done, and where are we today? If we go back to 2016, we were listed on AktieTorget or Spotlight at that point, and we were contemplating how we could take sort of all this high-frequency technology that Sivers had been doing for many, many years in radars, in voltage control oscillators, and so forth, into this new interesting 5G market where high frequency is gonna be sort of the most important thing. We started that journey and started developing some circuits, RFICs, and antennas. Also in 2017, we had the opportunity to acquire a Photonics company at that point, CST Global. We acquired them for $23 million, which has been a very good acquisition, as you can see. We decided to sort of rebrand ourselves and get into the Nasdaq First North, which has a much stronger brand all over the world. That was very important for us, of course, because we are working more or less outside of Sweden most of the time rather than in the rest of the world. We also at 2017 already got our first design win in the 5G, even before we had the first chipset actually ready. Now we've done sort of 26 design wins. A design win means that you actually have a customer who have picked your chip and started a design in any way for to making a product. From that, and in 2018, when this product was more or less ready, we actually won a very prestigious prize at the IEEE event in Philadelphia. Before a lot of the really big semiconductor companies out there. From that, it took off really strongly, and we added more and more design wins over the years. We also added in October 2018 our first Fortune 100 customer in Photonics, which was a massive step for us getting an agreement, an MSA as it's called, getting that into place. That customer have now placed pre-funding or NRE over $10 million into the company, new products we're working with. In 2019, we kept progressing 5G and the Fortune 100 customers. In 2020, we also did the same thing. We added a new Fortune 100 customer as well to the list. We were up to 21 design wins in total. We also had some two really large customers in the 5G where we could go out with volumes and so forth. Over $60 million sort of in estimated orders came in. We also changed our name to Sivers Semiconductors and rebranded the company from our previous name, Sivers IMA. Sivers Semiconductors is actually telling much more the story where we are as a company now than Sivers IMA did, and it's much easier actually to be out there and market the company. People immediately understand who we are when we address ourselves as a semiconductor company. Now in 2021, we took the huge leap of moving into the main listing on Nasdaq. We moved directly up to the mid-cap list on the tenth of June, which was a big leap. We also seen the number of shareholders growing heavily. We had almost up to 20,000 shareholders now. We also gone over 20% in institutional investors. We have launched a new product that I'm gonna talk about just yesterday. We also hiring a lot of people now to take care of the future growth. We actually added more than 20% of the headcount so far and are still adding during the year. To mention some of the significant events, I mean, we've added five design wins. We have up to 26 now this year. We have two new orders from our Fortune 100 customer at SEK 25 million total. We got our first 5G volume orders from the U.S. at about SEK 7 million. We also were approved for trading in Nasdaq again. We had an order and a confirmation from 8devices that the technology is really working well. We also have joined forces with imec and ASM for hybrid integration of silicon photonics. We're going to tell you much more about that today. That's really cool technology. Also really hard to understand maybe. We also have our lead Japanese customer now moving towards important steps when it comes to mass production. We're establishing our U.S. office. We just hired the first VP Business Development in the Photonics business. We also launched this really state-of-the-art 5G chipset just yesterday, and I'm gonna talk more about. That's many first in the market that we have been able to achieve with that chipset. Some numbers as well. Looking back at the second quarter, we actually had a growth on the revenue from 25% year-on-year. If we look at Sivers Wireless, it's actually grew 118%, which is good. We had some sort of lower EBITDA, but a lot of it or most of it is actually connected to one-time costs incurred because of the Nasdaq move. In general and the assets we have in the end, that's SEK 143 million. Cash, we have a lot of cash left to keep on investing in the growth that the company is pursuing. Here you can see the segmentation reporting. As I said, the wireless business grow really well. Photonics was sort of flat for the quarter. Our biggest market areas are North America with over 70% this quarter, and Europe 18%, and Asia 13%. Of course, the reason for the North American market is connected both to the Fortune 100 customers and also that the U.S. market is first with millimeter- wave, and it's coming now in different steps, which I will talk more about in the wireless business later on. If we look back how the financial performance has been in top line over the years. In 2016, we had SEK 18 million. We've moved up now, so we had SEK 96 million in 2019. Unfortunately, we got straight into a pandemic, but we were still able to reach the same level in 2020. Why are we here, and what's the sort of fundamental reasoning behind sort of what Sivers is doing? Number one, I mean, there is an increased data capacity need in the whole world, and everybody is probably aware of this. The market has been growing, and Ericsson report is constantly saying that it's an exponential growth, and we're using more and more data. We're using data centers, cloud storage, sending movies to each other, watching Netflix. All of this is just driving a huge need out there. There's two technologies that can actually, sort of provide the gigabit society in the future, and that is sort of the 5G piece and the fiber to the home or fiber in the data center. All of these things is really important, and we are in the middle of this as a company, and the strategy is all built on this foundation. If we look at those different market, I mean, the hyperscale data centers, which is behind all the sort of cloud data centers, is growing a lot. There's a lot of different other areas within silicon photonics that's growing. Healthcare is a new market that's growing a lot in there, where you're using lasers for different sort of sensors and so forth. It's a very interesting market as well, in this area where we can address a lot of different verticals and so forth. And we have a fantastic sort of market in front of us with great organic growth. If you look at where we are maybe strongest in 5G, which is the fixed wireless access piece, there is an estimate of sort of 88% growth CAGR from 2021 to 2025. If you look at the photonics market, where the healthcare sector growing at 81%, and we look at the sort of data centers, about 20%. However, there is also a lot of other new verticals emerging in these, in these markets. And how can you sort of get into those without too much work in that sense and the long lead times? What kind of market is it? I mean, if we look at today in 5G, we're addressing a market around $7 billion TAM that we can sort of address. If we look at the overall market that we don't address, that will use sort of these high frequencies, millimeter- wave type of things. You know, you have defense markets, you have handsets, PCs, tablets. You have SATCOM radar, 5G repeaters. There's a lot of markets here you can sort of merge into and reuse what we're doing, or you can actually acquire companies maybe who can bring you into this very quickly. There's a 10X market that we could address with this. What we're saying, it's a possibility also to acquire growth here in very interesting verticals. I mean, it could be 5G handsets, I mentioned, defense, SATCOM radar, or consolidation, of course, in the market we are already. Photonics as well, you can do vertical integration, go up in the value chain. There's consolidation. You need talent. You need capacity. For example, the Fortune 100 customer needs capacity. There is many opportunities for the company here to grow and move in that direction. To look back, I mean, we did a really good acquisition of CST Global. We look at the semiconductors in general. It is a very sort of busy market when it comes to acquisitions. It's been almost 1,600 acquisition over the last 11 years. One important piece of the strategy, not just the sort of the own growth and the organic growth, is of course to constantly look at this and pick companies that fits into your portfolio and that kind of sort. What we're doing and what we've done so far really strongly, we've been working really hard with our partners to develop our products and have a sort of companies around us that fits into the value chain. You know, we have partners like IDT, Renesas, NXP, imec, who's here today, Ampleon, Blu Wireless, ASM AMICRA, and so forth. All of those things is sort of very important. As you will see today when we go into the details about photonics, how sort of important it is to work together on these pieces. Adding sort of the organic verticals and growing them, and we are in a very good position now to use all the products. We have a lot of products out there as well. In the end, sort of evaluate new high growth verticals in M&A activities, both in wireless and photonics. I think that's an important piece to have in the overall strategy for the company going forward as well. These are the fundamental pillars what we are seeing in the future that could grow the company in a good direction. If we look a bit at on the shares and the owners over time, here you can see the shares since 2016 to now. There's been some sort of huge event here. For example, when we entered the First North and we went into the main list, the big order last year with the SEK 480 million order. We have had a big change, I would say, over these years in the owner list, with a lot of new owners. Swedbank in total has about 10+% now. We've also recently got the Tredje AP-fonden as an investor and so forth. We have a German fund now with +3% in the company as well. I think we have a very good mix of owners as well as a lot of retail investors that is interested in the company. It's a very good mix now, and we keep on building on that, of course, going forward. I've actually gone through this a bit quicker. I don't know if the guys are online yet. They are online. We will now move into Photonics, and I'm happy to present Billy, who is our Managing Director for Photonics, and he will now take over. Okay. I'm just gonna check you can hear me okay. I hear you very well. Yes. We've got sound. Okay. Good. Good. Okay. Anders, I can't hear you, but I think you can hear me. Okay, that's good. Thanks, Anders, for the introduction, and hi everyone, to an update on Sivers Photonics business and what we are doing. My name is William McLaughlin, as Anders has said, and I'm the Managing Director for Sivers Photonics. I studied electronics and engineering at the University of Glasgow, specializing in photonics in the silicon industry. I've got more than 20 years experience in semiconductor development, quality, in operations. Today I'm gonna give you an introduction into the Sivers' business. The next slide. We're based in Blantyre, where we have a semiconductor fabrication facility for development and manufacturing of photonic devices, specifically lasers. Our team is currently around 76 people, and we're expanding. We expanded actually this year by about 10 people, so gone from 70 to 80, and we've got plans to expand that even further significantly over the next year and the year after. Currently that group consists of about 14 PhDs, given a lot of our work involves research and development, where we then take that and develop it into engineering and production solutions. We operate six days a week, so fab is fully functioning over three shifts, so it's a full semiconductor fabrication facility. Within this facility, and with our current capable team, we have developed excellent technical capability in laser photonics, which allows us to participate in multiple high-growth areas, and I'm gonna expand on that later in the update. Next slide, Anders. Here I've got some examples of what some of the inside of that facility can look like. We have processes from lithography to etching, so it's a lot of material science, a lot of testing, and this is the type of capability that's required in order to fabricate the devices. We actually run our operations at, in 4-inch, which is actually kind of state of the art for indium phosphide, and we have got plans to move that to 6-inch, which would be, you know, up to the kind of, you know, latest that's been done in the industry. Excellent capability exists that we can do end-to-end in a, in a facility. Next slide, Anders. I'm gonna talk now about the three main kind of vertical areas. We have other areas that we're working on, that we'll talk about, such as kind of quantum and research and development. The three main commercial pillars that we're looking at are optical communications, you know, which is going through a kind of 2X growth at the moment, up to 2024, and it's expected to grow even further now. 4X in optical sensing. Optical sensing is where, you know, a huge amount of our work is right now. It touches on LiDAR, biosensing and areas like that. Then there's optical wireless, you know, applications like Li-Fi, which is coming out. That's also expected to go through an enormous growth, up to 10X growth. We're involved in all of these, we're also working with several Fortune 100 U.S. companies in these areas, and I'm now gonna briefly discuss a bit more about them. The first vertical is optical, the optical communications market. This market varies from cloud data center products to quantum key distribution development. Sorry, Sivers Photonics are actively engaged in all of these areas, working mainly directly with customers, but also several academic collaborations. We've emerged, you know, out of a lot of those academic collaborations going back over the years. Key markets for us, as I mentioned already, is in the U.S. Approximately 90%, 85% area of our business is in the U.S. and Europe. We're currently working on product qualifications, which will then lead up to production ramps, with several Fortune 100 companies in this area. Moving then on to the next area, which is optical sensing and sensors. A new and very exciting area within photonics. Traditionally photonics has been thought of as a, you know, basic optical communications only. Now that has gone into every area that's gonna touch our daily lives. This includes areas such as autonomous vehicles, consumer biometrics, and augmented and virtual reality. We're seeing a lot of activity and requests in this from Silicon Valley U.S. companies, with most of the applications in augmented reality and security, such as facial recognition and atomic clocks. The key technology which enables most of this to happen is silicon photonics, and this is a really exciting area that we're gonna spend quite a bit of this talk, and Andy and Joris, are also gonna talk about this later on in a lot more detail. We are developing, you know, significant expertise within Sivers Photonics in that area. I'm now gonna discuss silicon photonics in a bit more detail. Sorry, my next slide. Just to cover the third vertical before I move on. This is still an evolving and emerging market where we're expanding our customers. I would say of the three verticals right now, this is the area that we are probably working the least in. That's actually driven because the kind of sensing and sensors area is so aggressive right now, and there's so much work in that area, that that's where most of our activity has been spent. I mentioned earlier on that we also have quite a lot of research programs, and one of them is in quantum technology. We've got research projects in there from quantum atomic magnetometers to quantum-based LiDAR and quantum key distribution. The growth area for that has been well communicated, is huge. Again, that's still very much in a research and development phase. I'm now gonna explain really what silicon photonics is all about. The kind of map I'm showing here is a kind of traditional. On the left-hand side we have the kind of classic kind of fiber optic business, which is, you know, metro and long hauls, huge distances. Then we have the kind of silicon business on the right-hand side. The silicon business has gone through enormous changes. Only about seven or eight years ago, 28 nanometer was the most advanced technology. Now, you have companies down at three and five nanometer and even lower than that, with things like carbon nanotubes and things like that. However, the real limiting factor there is the requirement in terms of power, RC delays, which are caused by copper and the insulators to get data in and out of the device. This is where photonics comes to that. This is basically silicon photonics both meeting each other, where we get the best of both worlds. The data will be kind of brought in and out the device using photons rather than electrons. This will be a game changer for the semiconductor industry and all the applications involved. It will be a game changer for the whole of the industry. To see how kind of serious everyone's taking that, you know, the number of companies that are involved in this map shows that some of the companies that are involved in silicon photonics and everyone who's involved in semiconductors or silicon right now is starting to gear up to this transition that's gonna happen. As I say, it will be a game changer. The applications they utilize silicon photonics are LiDAR, optical comms, biosensing, applications such as, you know, in artificial intelligence, in, you know, every space that you can think of, including quantum. The next slide, Anders. Silicon photonics is seen as a very attractive growth area, as I've mentioned, because of the low cost and high volume semiconductor industry that already exists. The infrastructure in semiconductors is already there. What we need is how to basically manufacture photonic devices, integrate them, and Sivers Photonics has the capability to actually meet that requirement. This technology is expected to reach SEK 3 billion in five years in areas such as biosensors for watches, and the adoption into smartphones and various other wearable devices. Sivers Photonics is one of the only companies that offers photonics integration capability across the board. Moving on to the next slide, Anders. What are Sivers Photonics key strengths? I've mentioned quite a few of them there. We offer a unique custom end-to-end service from design and modeling, prototyping to high volume manufacturing, up to 100,000 devices on any of our substrates. It's a huge number of devices that we make per substrate. At the facility, we're capable to actually manufacture in this current facility, you know, six very high volumes of that. Our main focus is gonna be on our indium phosphide laser platform, that platform will be used as an enabler for silicon photonics. We've already sold more than 50 million devices in this field. The one other key part of this is what's called, it's quite a long word, but it's this CW-WDM MSA. It's what's called an MSA, master supplier agreement. Sivers Photonics has been chosen as a key partner in order to create basically the standard platform. Working with various other companies as a founding member, a promoting member on this standard. Andy and Joris, are gonna talk about this a bit more later on. What that standard will do will allow all of the companies now, a bit like the way the silicon industry went, allowing the easy adoption of the technology and to bring the application to the field much quicker. As I mentioned, this will touch on everything from artificial intelligence, optical comms, and high density co-packaging optics. We already have several commercial orders as a result of this activity, so it's very exciting. Next slide, Anders. As part of that, you know, of this, we already announced it. We've got a collaboration with imec and ASM AMICRA that Anders mentioned. Again, Andy and Joris will cover this in more detail later. We plan also to make further announcements as part of the joint development program. Okay. As I discussed earlier on, going back to the kind of Fortune 100 companies or tier 1 companies that we're working with, we've got continuous business with several. I'm going to talk about roughly, I can't mention any details, but two companies that we've got a lot of activity with, and we are gearing up right now. We have got activity started with others. Several of the key projects are tracked internally in a lot of detail. These are going to lead to high volume businesses. We're very, very excited about that. We've been hiring more staff, putting framework orders in place, and starting to get ready for pilot production and high volume manufacturing. The next slide. One of the other tier 1 companies we're working with is in, as I mentioned already, is in augmented and merged reality. The Sivers are working on it, on this area, and we're looking forward to further announcements over the next year. To add some detail to that, if you go to the next slide, Anders. Just so you know, here's some of the kind of detail that sits behind that. It typically takes about four years for that to come from, you know, initial discussion through to fruition, and that's because of the kind of long gestation period during, you know, the development phase and then into product development, after the research step. We've already, you know, actually attracted quite a lot of revenue from those customers, and we're expected to increase that much further. Okay. In summary, again, we've still got a lot of detail that we're going to cover here later in the talks. Andy and Joris, is going to go into a lot of detail on silicon photonics. I expect everyone to have a good knowledge of that after today. The Sivers Photonics, you know, what do we offer? A unique technology capability where we can design, prototype, and manufacture high-volume semiconductor photonic devices. We have world-class expertise in indium phosphide platform development and silicon photonics integration. We operate in multiple high-growth markets, including optical comms, sensing, and wireless, and we're working with several Fortune 100 Silicon U.S. companies on multiple projects. Very, very exciting future ahead of us. Again, that was quite a quick talk, but that is all the material at the moment, and I'll be happy to take any questions later on. Thank you, Billy. Let's move on then into the wireless piece here. I'm gonna present to you. Oh, sorry. I need to speak English. Let's move on from this. I'm gonna present to you the next step here with wireless. First, I'm gonna start on the sort of the basics a bit. What is 5G? Of course, it's the fifth generation mobile networks, that's where the sort of the promise of gigabit speed cells has always been, and also this low latency. Latency is the time it takes to a signal to go back and forth in the network, which is really important for mostly maybe for gamers, but also for autonomous cars or vehicles that needs to be connected and do really quick decisions and changes based on some AI or whatever it is that steers the vehicle, or self-driving cars, for example, who get information. 5th generation will enable that through low latency and high speed. Of course, there are a lot of different parts of the 5th generation mobile network. You have what's called the low-band, which is sort of a, let's say a glorified 4G network, but it's low frequencies, very small bandwidth, but they get very far in the air. You have the mid-band 5G technology, which is sort of sub-6 gigahertz technologies. They go a bit shorter, but you can get a bit more speed, and that's probably what you're all seeing here in Stockholm when you're using a network, you get 100 Mb per second. You don't really get the gigabit speeds. You have what we call the real 5G, which is the millimeter- wave 5G, which is above 24 GHz and upwards, and that's where you actually get the wide bandwidth, and you can actually push through data much better. It has nothing to do with the millimeter- wave signals being smaller. It's all about that there is bandwidth up there that has not been used, and it's available, and there's a capacity crunch, I would say, in the, in the lower bands because there's a lot of different things there that are sort of competing for the frequencies. There are two pieces of this. That's what we call the sort of the licensed 5G NR, where NR is the new radio, and the unlicensed piece, which is 57 to 71 GHz, which is using more Wi-Fi technology, unlicensed, which we're all using every day. These are the sort of very interesting pieces, and that's where Sivers Semiconductors is working in the 5G field. A bit as I mentioned before, you have, you know, below 50 Mbps in the low band. I think T-Mobile in the U.S. was very early out with that, for example. Mid-band has been used a lot here in Europe with the 5G, and that is what you can see here. I tested Telia here in town. I had 108 Mbps down, 46 up. That's what you get basically on mid-band. The 24 GHz and upwards, there suddenly you have, you know, 400 to 800 MHz or even 2 GHz of bandwidth. That's where you get gigabit speeds and upwards. That's really interesting. A bit more why it is like that. If you look at these, all the different technologies that's been done before 5G came has been on these sub-6 GHz technologies, and that's where, you know, 2G, 4G, Wi-Fi, even the 5G I mentioned, Bluetooth, 3G, whatever, everything is fighting around this area, and they have this small channel with up to maybe 60 MHz or something like that. You have this massive amount of licensed and unlicensed bandwidth for millimeter- wave, and that is now what's coming in the second wave of 5G, let's say. There has been a massive spectrum auctions in the U.S. where there was $7.6 billion bought of this spectrum from Verizon and AT&T and others. There's been this unlicensed spectrum now coming in, in both the U.S. but in Europe actually as late as January 2020, where we have a lot of applications like the track to train applications or what I show you also around Trafalgar Square with different mesh applications and fixed wireless access where we're working. This is actually a very fantastic area to be in, and that's our sweet spot as well for the future. Of course, this is a process for the whole world to move into this, and frequencies are something that the sort of PTS or the FCC or whatever body it sort of has the right to give out and people buying the licenses or they get license-free spectrum. That goes slowly. I would say in general in the U.S., they're always first with everything. They've been leading since sort of Android and Apple took over from earlier technologies. Asia, like South Korea, Japan and other countries has always been very, very early as well. Europe has started, unfortunately, to be a bit behind on this, we are getting sort of sub-6 GHz 5G now in Europe, we're seeing some countries like Italy and U.K., I saw something coming out now, Finland have done something, that's gonna come a bit behind. It is very interesting though to see that it's now starting to happen and we have customers starting rollout. You will hear Cambium CEO today tell you more about how they actually rolling out real products in the field right now about these things. It's very exciting to see that it's now happening and the bodies are actually giving licenses out. What are we doing in 5G? What technology are we using, and what are we actually building? We are using something called silicon germanium, and we're using RF SOI. There's two technologies for different chipsets. We make sort of a very highly great integrated circuits, which we call them, RFIC or a beamformer IC, and we also integrate them together with an antenna to sort of create this high-frequency product that is sort of necessary to send these things out into the air. It's very difficult to do on these high frequencies. It's maybe 10x more difficult than do a sub-6 product. You need very specific competence, and that's what Sivers Semiconductors has with our very long history in this. Also integrating these things because there is so much things happening nowadays with these kind of things because this technology needs to be beam steered because it goes shorter, so you have to sort of send the power in certain direction, which is called beam steering. That beam steering can then create a very good sort of strength in a certain direction, and therefore you use a lot of sort of channels and you build, you know, 16 channels we have on the products today. Yesterday, we launched a 32-channel circuit that no one has. This is very important because the more channels you have, the more power you can get, and it's a sort of 50% more power actually with doubling the channels. That's quite interesting. We use what's called evaluation kits to get our customers to integrate this. Also to make it easier for our customers, we've partnering up with a lot of different partners who makes the baseband or the signal who can be sent out into the air. That is, like Renesas, IDT, NXP and others we're working with to be able to do this. Of course, the ODM themselves that have their own baseband, so integrate it into them. There is a number of applications now from the start, which is really interesting for this high-frequency 5G. It's the fixed wireless access, actually sort of wireless broadband to the home, 5G in general then, where we now see sort of some build-out in base stations where you actually connect to handsets as well. We are not doing the handsets today. Mesh and backhaul, where you sort of send these signals back to the, to the internet on the network, which is an important part because if you have high speeds in the front, you need to have high speeds in the back, so you can do it with millimeter- wave or fiber. We have track to train applications, which means that you can actually have a wireless broadband to the train. I mean, the best thing would be if you can connect the fiber to the train, but I won't work, so you can get the fiber in the air with this instead. That's very interesting, and we've seen the first implementations of this in the U.K., for example. We have vehicle-to-X application, and we've seen cars and stuff being connected with this in test ranges. Well, I have McLarens that has our stuff on the top of them. We have our customer in Fujikura in Japan just finished a big trial in Japan on buses with autonomous buses trying this out. All of those 26 design wins we have now are moving now into the next step here, and this is very exciting to see that all of this technology we now developed over these years in this sort of fundamental silicon technologies are now moving into real and hard hardware and products. These are the hardware and products we are selling, and they look exactly like this, and this is what is integrated into our customers' products. We have chipsets and antennas, and we have different type of antennas that can steer up and down and vertically and horizontally. We have antennas that just sort of put the beam somewhere and so forth. It's a bit different how you do this. We also have baseband partners today, NXP and IDT. We're working on more of them, and now with the new chip, I think we're gonna be able to bring in more partners in that side as well. We also have a partnership with Ampleon, which doing a sort of a more a beamformer type chip, which is less integrated and is more used sort of in base station type of application. To mention that as well, I mean, all of these things in general we developed are really highly integrated. It's really good to use in the sort of consumer near things like the home units, the CPEs or the small cells or the picocells and that kind of things because it gives you less parts, lower cost and higher integration, basically. We have those 26 design wins. I'm gonna go into to tell you more about them. I mean, one of the bigger ones is the ADTRAN and CCS. We have Blu Wireless with the track-to-train applications. We have Cambium Networks, which will be here today, of course. Fujikura, we just had a press release that they are now going into volume production. We have 8devices. We have partnered with Ampleon for the beamformer and so forth. The really big project we're working on now is this CPE deal, and that's sort of the new product that we launched yesterday that will go into this in Q1 2023. We already need to have hardware now to be able to integrate that and that put into volume production then in Q1 with an undisclosed partner so far. It's for U.S., for the U.S. market. We have other customers like Siemens Healthineers who will use this for health applications as well. There is a lot of ways you can actually use this technology. Even if you use it in different verticals, we don't need to sort of change the product too much. We can actually sort of reuse what we have. It's sort of a COTS product from the shelf in that sense. It doesn't require too many people to do all of these things either. To give you a more flavor on where the products are moving and so forth, and I'm sure that Atul, will tell you more about this product that they are now launching and getting out into proof of concepts with their customers. I'm not gonna dwell too much on this, but this is a very exciting project we're doing with Cambium. We have Fujikura, as I mentioned. They built up what's called a CPE. They also made their own antenna and a module that can be sold. Separately, they also have this sort of small base station, a small cell that they can use together for vehicle-to-the-X communication and buses that it is in this case. They're now going into volume production, and we're working on closing a deal with them now as well for the volume production. This is an extremely cool project also with Blu Wireless, where we have the track-to-train applications. This is the first time you actually can do real gigabit connectivity to trains, and that's because of this bandwidth and the technology we're using that can follow the train at speed. There's been tests done with these trains on 200 km per hour, where the train go past, and we can be connected in both the back and the front with 2 Gbps. Maybe we get 4 Gbps into the train. You can have Wi-Fi on the train, everybody can happily watch Netflix between Glasgow and London or whatever you want to train on. That's the next thing that's going to be built out with Blu Wireless. In this case then, First Rail, which is the owner of evo-rail, who have taken this product to market, and they are now talking to several large train companies. I'm hoping within the coming six months you will see more and more of these deals coming out. Actually, I haven't seen any sort of competitor at all to evo-rail here who can do this technology. Of course, this is sort of not sort of a big volume market per se like fixed wireless access is, but it's a very good margin market and a high sales per unit market for us. It's excellent and cool technology, of course, to showcase what you can do with this in the future as well. ADTRAN, they have these mesh and fixed wireless access products. ADTRAN is a quite large company listed in Nasdaq in the U.S. They actually merged with another company now also, and they are actually a fiber company from the beginning, but they gonna use this technology as sort of what they call fiber extension. They have a huge amount of tier 1 operators where they're selling fiber solutions to. I think it's a very smart strategy from them to sort of prolong and have this sort of last mile or whatever connectivity where they can't put fiber, and they can broaden this network out for any of their operators. There is a big drive in the U.S., the infrastructure drive and the RDOF, which is now giving money to operators to install gigabit technology everywhere. We're waiting now with patience on seeing how well will ADTRAN be able to sort of get this technology out together with their fiber solutions. We also have CCS, who have built out this with sort of a neutral host operator in London called Ontix. The network is growing every day, and they're putting in orders. Of course, it's been hampered quite a lot as well. I didn't mention that with Blu Wireless, of course, that been delayed a lot due to the COVID situation, no one's been on the train, they haven't built it out. This is the same thing a bit, they built out some parts in Westminster recently. They have it in Soho now. They have it around Trafalgar Square as it's been before. This is very interesting in general. They are actually using it also to backhaul information from ordinary Wi-Fi hotspot or that kind of thing. It's fantastic to see our technology on lamp poles in London. I was there looking myself. It's really cool. There's a completely different technology, where we're using Sivers technology inside on a company called Airwave or Airvine. They call it WaveTunnel. WaveTunnel is a way of sending gigabit speeds through walls and sort of replace cabling in-house in buildings. They are talking about 5 million buildings in the U.S. that needs to replace the 100 megabit cabling to 1 Gb cabling. That is, of course, a very interesting piece here. Will they do that by sort of taking long time, pull out the cable, change all the cables to gigabit cables? Can they do it with this, which is much quicker and easier? It's gonna be interesting to see how well they succeed. It's a smaller company, but really cool tech. My guess is that Cisco would buy these kind of companies if they succeed, but we'll see. We have this fixed wireless access technology as well. This is being launched now in the U.S. with Tachyon Networks. We have a company, 8devices, that sort of builds modules based on our stuff. They integrate Renesas baseband, our antenna, make a module, a PMCI module that you can just directly connect into your solution, you can build up, you get even quicker to market. They're also part of helping some larger fixed wireless access companies in the U.S. to get this to the market. This is a very interesting application and supports us. Now to the 5G NR chip we just released, this is very exciting. The team has been working on this quite a long time now. This is part of the big CPE order we have talked about. We have together with this company put down, and we always want to have that, as we had with CCS on the 60 gig from the beginning. We always want to have an R&D company who sort of pulls this through. We have a speaking partner on the technology and then also talks to the end market, so we actually know what to build into the technology. They've been part of this and also sort of putting up the specification and all the needs and how we can build this in a good way. This order includes that they are paying for development as well, and they will in future then pay for per unit. These chipsets have something that's never been seen before. We have 32 channels, transmit and receive channels in total, which is fantastic. That gives you sort of a very interesting solution. You can then do vertical and horizontal polarization. You only need It looks like you have 16 patches, but you actually have two polarizations below them. You can make a really, really small module. Also, most of the chipsets competing out there has either Zero-IF or Low-IF signal going in from the baseband. We have both here, which is really flexible for any customer. We don't need to think about if they have whatever, they can actually use it. For example, NXP has been really keen on using the Zero-IF part because it costs less if you have that kind of interface. That is really interesting. We've focused on getting a power solution out, which is reaching, you know, the limits where you, what you're allowed to do in certain things. For the CPE here, we can use one single chipset instead of several chipsets, which means, actually it's the integration and the synchronization, which is a big sort of challenge for many, can be done very easily because it's on one chip, which is really good. Yeah, there is a lot of technical things here, I mean, one thing is that we're now covering the whole bands. There is five different bands in millimeter- wave for licensed 5G. They called n257 and so forth. We're covering all of those, that's from 24 to 43.5 GHz. We have really small modules. Engineering samples for these will be available in Q4, and production samples next year in a year. It's been a fantastic sort of inflow of new requests when we launched this yesterday. It's very nice to be able now finally to talk about this officially. We have, of course, talked a lot with the current customer about it, but now we're getting to the next step here. This is also what we're going to do with NXP to integrate this. We talked about earlier module, but we think that this module is actually the one we should do with NXP, and they have agreed to that. This is sort of what we see now during, you know, the coming six, nine months, I would say, that we can get to something with NXP. If we compare a bit, without saying the name on the, on the left hand here, I mean, many of competitors here, they're using four modules to do the same as we can do with one, because we have higher power and more channels. We actually have about 3 dB extra, which is 50% more output power, even if you just have one module here. This is quite interesting, and this is one of the largest companies starting with the Q. We're doing something very specific here, which is really interesting. Of course, that company is really big, and they can win a lot of market shares and so forth, but all companies who don't use their baseband needs to go somewhere else to look for technology if they don't want to use them. If they have their own baseband, they need to go somewhere. This is a very interesting niche market we can address. If we look at then the sort of the main use case for these are small cells and CPEs. Looking at a just recent market report from Small Cell Forum, there's gonna be a lot of growth in millimeter- wave here. You can see, you know, the sub 6 GHz is already out there, but the yellow pieces here is actually all the small cells that's gonna be built out over the coming years. Here's sort of the millions of small cells. Of course, in a small cell, we need to use more than one unit. It could be up to four or whatever. That's really interesting. If we look at fixed wireless access, as I mentioned before, it's still, you know, the 88% growth in the future. We're seeing being part of this from 2023 with this module. It's just 4% sort of the market we will capture with this customer. There's a lot of opportunities on top of what we have won so far in this. We can also see that EU or Europe is actually coming now from nothing in 2020 to small things in millimeter- wave 5G NR, it will then start developing over time here. If we look at in the end here, we have 6G as well to look a bit forward. Of course, that's sort of maybe 10 years down the line. And what will 6G be about? It will also be about, you know, even higher frequencies. We talked about now 71 GHz. This is 95, 140 GHz is they talking about, and that will be settled during a lot of discussion, of course, in the future. You're looking at, you know, microsecond latency, and we actually there already with Blu Wireless. We have 0.7 microseconds latency with the track to train application, which is huge. Of course, they want to have it even lower, and they want, you know, terabit is the sort of discussion of speeds. As they've been talking about now, they talked about 10 gig for 5G sub-6, and they're at 100. That's always the marketing number. I think the real numbers would probably be around 100 Gbps in the end when we, when we discuss, sort of what 6G actually will do. I would say the unlicensed 6G, as we see it, the 802.11ay is already developing and could be sort of out earlier. That's where we see, you know, 20, 30, 40 Gb in real speeds in the future, and that's sort of a project we are looking at in the next phase of the high frequency on the license bands. If we, if we summarize wireless, I mean, 5G comes in many different forms. You have to be aware of which form you're talking about. We are in the millimeter- wave, and that's where you get the true gigabit speeds. We had an 118% growth in 5G in Q2, which is really encouraging. We're seeing now that the pandemic is moving away a bit. We have sort of ramping, and we have Sivers inside in six, seven products ramping, and we're really happy to soon have our, the CEO of Cambium tell you about that. We also have just launched now the state-of-the-art 5G NR thing that will accelerate us and the company from 2023 and forward. 6G, many companies are working about it. You will probably hear us do things in the future here as well. What's interesting is the millimeter- wave will be even more important. This is not sort of a sort of a thing that's just millimeter- wave is just now and here, and then it disappears. It's actually going to be more important also 10 years down the line. There has to be a roadmap for the future. We are actually way ahead, I think, of the schedule here, about half an hour, and I'm not sure because our dear friend Atul, is actually based in California. I have the next exciting speaker, and it's the CEO from Cambium Networks. Atul, very happy to have you here, and I'm handing over to you to present your company and what you guys are doing. Thanks, Anders. Good morning from Silicon Valley. Here. Yeah. Thank you. We are very excited to be here and thanks, Anders, for giving us an opportunity. I will introduce Cambium Networks, and I hope we get about five minutes of question and answers at the end. Anders, thank you. For move it to the next slide, please. This is our safe harbor statement. I won't read it, but just in case, anybody has any questions, I'm here. That's our statement. Next slide, please. Now I'm gonna introduce briefly to you the Cambium Networks overall. As we look at Cambium Networks, we are really focused on singular mission. Our mission is to connect the unconnected. The way we do it is we have a multi-gigabit wireless fabric, which weaves together multiple networking standards and really demystifies, simplifies the different complexities, and brings together a very high performance and affordable broadband connectivity from 300 meters to over 100 km. I'll explain how the solution works, but the wireless fabric is very multipurpose. It's designed so you can customize and create a purpose-built network, reliable network, resilient network. Cambium Networks brings 5G, LTE, Wi-Fi, all different technologies, and all of those solutions are managed from a single pane of glass, single cloud-based network management. We have a very strong belief that if it can be wireless, it will be wireless. The multi-gigabit fabric is the new fiber. You really don't have to have digging going around. In a very simple manner, you can install very high-performance networks. In Q2 2021, we achieved record revenues of $92.7 million and delivered 19.9% adjusted EBITDA margin. That's good strong results. Our history briefly is, we actually were divested out of Motorola, very strong DNA of RF and quality wireless products. We are headquartered in Schaumburg, in Illinois, and have R&D presence in Chicago area, Silicon Valley, Bangalore. These are some of our very key sites, and Ashburton, U.K. With that global footprint, we have a very diverse revenue mix across products and geographies. Our broad market presence with over 17,000 network operators worldwide and over 10,000 channel partners. We sell our products through a two-tier channel and very strong global channel distribution worldwide. This has created an attractive financial model. We believe that our revenue and growth is very sustainable. I will go through the key differentiation and what is our intellectual property, how we create that multi-gigabit wireless fabric, which is all managed from a single pane of glass. This wireless fabric is really mission critical. That's one of the key DNA of the company. While we use a merchant silicon, different chips, we have very strong cloud-based RF algorithms, device-based RF algorithms. We deal with RF noise in a lot of developing countries where we install our products. We also provide a significant spectral efficiency. The number of bits per hertz per second we can pump through our network. Our main solutions are we have point-to-point products. Point-to-point products connect towers and buildings at a distance of over 100 km if needed. Then we have point-to-multipoint products. They spread the connectivity. They, in the last, you know, 10 km, 15 km, 20 km, they distribute the bandwidth, buildings, campuses, residential areas. That's point-to-multipoint. Then our Wi-Fi solutions provide the high-speed bandwidth in the last 300 meters, both across indoor and outdoor spaces. Most of our radios are outdoor and a very strong expertise in designing quality in tough climates from minus 50 Celsius to plus 50 Celsius. Really tough terrains. Now let's go to the next slide, please. The next slide will show the wireless fabric. What I mean by the wireless fabric. Really, the three key areas of wireless fabric are, as I said, point-to-multipoint, point-to-point, and the entire Wi-Fi solutions. Wi-Fi solutions include switching as well. Let me just briefly describe, if you look at some of the near-term, next 12 months or so, what you will see from Cambium Networks, these are some of the new capabilities Cambium is releasing. Our 28 GHz 5G, where we are working closely with Anders and Sivers. That product is in proof of concept right now, and we volume ship next quarter in Q4. That's 28 GHz 5G. Wi-Fi 6E. Wi-Fi 6E is a very exciting capability Cambium will be adding. There's about 1.2, 1.3 GHz of band being added in 6 GHz zone. That next year will be Wi-Fi 6E. We are adding a lot of capabilities in our product lines. There's a product called cnMedusa, which is a 14 by 14 massive MIMO product. I won't go into the technical details, but fundamentally it gives you very high capability from Cambium Networks. Some of the recent launches which are giving the traction both in urban and the rural environments, we introduced 60 GHz millimeter- wave, which is a cnWave 60 GHz. I'll show some of the customer success stories there as well. 60 GHz for us is a precursor to our 28 GHz product coming next quarter. The 60 GHz product gives us good capability. If you look at Wi-Fi goes, for example, in the last 300, 400 meters, and then the cnWave 60 GHz takes over next 2 km or so. It has a meshing capability. You can really mesh couple of nodes and go multiple kilometers and it gives you significant gigabit capability. When you go from 4 to 7 km or so, the 28 GHz 5G fixed 5G product takes over. That's what I mean by wireless fabric. All of the wireless fabric is managed from the cloud management. Doesn't matter whether you have Wi-Fi or LTE or 5G or switching. It doesn't matter. We weave all of that into the cloud management, single cloud management. Wi-Fi 6 is a major transition going on right now in the industry. Every four to five years, Wi-Fi changes the architecture. There is a change going from Wi-Fi 5 to Wi-Fi 6 right now, and Cambium has introduced very high-performance products there. They have a software-defined radio, so you can customize different throughputs, frequencies, all of that. Gives you a lot of flexibility. Wi-Fi 6, as I said, gives us the last 300, 400 meters. Cambium does outdoor in a very superior manner. A lot of our Wi-Fi products go into, you know, campuses, into hospitality, it goes into the smart city projects, those areas. The fixed wireless broadband comes right behind and gives full connectivity from the edge all the way to the core. 28 GHz cnWave that is purpose-built fixed 5G point- to- multipoint. What I mean by purpose-built is 5G will have a lot of complexity in big 5G core products. We don't do mobility. We only do fixed 5G. It's very purpose-built. That's what we mean. We have made it very simple, very easy to install and MU-MIMO. This way, Cambium will have the affordability, yet mission criticalness in a lot of applications where customers really want standards-based fixed wireless broadband. It's a very attractive product, and there are about 30 customers or so worldwide who are now waiting for the proof of concept, and we start that next quarter. That is one of the key collaboration, very innovative collaboration between Cambium and Sivers for many years, and we are very excited to launch this product, you know, next quarter. Next slide, please. As we go into Cambium infrastructure differentiators, really it is focused on, very focused on, four or five key unique things we do. Number one, we have leading spectral efficiency, and the spectral efficiencies are algorithms, the way we deal with RF algorithms in our software, the way we design our antennas. There's a lot of unique systems architecture we put together to give leading spectral efficiency. As I mentioned earlier, we have the product called cnMedusa, and cnMedusa fundamentally gives you that phenomenal massive MU-MIMO architecture. We've been shipping that product for the last many years and is viewed in the industry as one of the very high spectral efficiency products. Now as we introduce the 28 GHz, you know, 5G fixed direction, if we go in that direction, we also have broad channels and very high multi-gigahertz high performance. The journey of spectral efficiency by Cambium Networks continues very strongly. We have embedded network intelligence. What we mean by that is we are constantly sniffing the air. We are constantly making sure we understand the noise conditions, the conditions in the spectrum, and we adjust continuously, and that gives our products a lot of resiliency and high quality. Reliability, as I said earlier, all our designs are designed for, you know, -50 degrees Celsius to +50 degrees Celsius, tough terrains, tough climates, many, many different locations. Reliability-wise, we also have very good, strong labs where we test these products very thoroughly before they go out. Very scalable architecture. The way our entire cloud management functions, the cloud management is scalable. We have over 600,000 devices now under management in our cnMaestro cloud-based management. Very scalable architecture in terms of radios, how we manage them, and number of users we can support. That spectral efficiency also feeds into scalability. If you take Cambium Networks product, per access point on the tower, we can have a lot more users compared to competition, in many cases even twice, because that's how we've designed the product. Very attractive economics. The way we do attractive economics is we really focus a lot more on merchant silicon partnerships with companies like Sivers. These partnerships are deep. We don't just come at the end. We work with our partners way in the beginning as we're designing. Our partnership with Sivers has been in that. It's very close. Our engineers have jointly worked on a lot of things, debugged a lot of things. That creates and then add value in that management, performance, spectral efficiency. Those are the areas we add value, and that gives a very attractive economics without sacrificing quality. While we have high quality, high performance, we maintain the economics. Next slide, please. As we look at the broad set of customer base, as I said, our revenue is very diverse. Our entire presence is very global. This gives you in different segments, you know, some of the customers we serve worldwide. As I said earlier, we have 17,000 network operators worldwide, pretty global footprint, and about 10,000 plus channel partners, two-tier distribution. The segments we serve is mostly Cambium goes after mid-sized service providers. Internationally, we do have large service providers, but typically, Cambium's value proposition is very strong for the mid-sized, growing, entrepreneurial, and progressive service providers worldwide. As you can see, whether it's Asia or Europe or North America, South America, good strong presence. Then SME mid-market enterprises. In the enterprise segment where we have been able to grow very well, and enterprise is one of our fastest-growing segment, we have hospitality. COVID impacted everybody, so enterprise did slow down in 2020, but 2021 enterprise has come back, especially segments like hospitality, education, smart city, some healthcare. These are the segments where they are bringing more connectivity, more throughput, and really bringing lots of institutions online, with, you know, that high-performance connectivity. Government, m any of our projects are with defense or local and state government, emergency response. Those are areas which needs mission-critical connectivity. I call it ad hoc connectivity on demand. Wherever there is a action going on, they need to create a broadband network quickly so that, you know, all the people are connected who are responding to the event. Government, local and state, defense, very key point-to-point, point-to-multipoint, and sometimes Wi-Fi usage as well. Industrials. Industrials for us are oil and gas. We are present in many large oil and gas companies, providing, whether it's a point-to-multipoint or point-to-point from the oil platforms to the shore. Mining is another area. Energy grid, water and waste management, transportation, particularly railways. Many of the control signaling uses fixed wireless broadband. These are some of the very attractive segments. They all value that mission criticalness, yet affordability. Next slide, please. As we look at, you know, the last, I would say, you know, 15, 16 months, the world has come to Cambium Networks. While wireless was very important always, it doesn't matter, you know, what segment you are in, wireless is always important. I would say, the need for more broadband from home, because learning is increased at home. Students are working from home. Knowledge workers are working from home. In general, the need for more throughput, more connectivity from home has increased. Enterprise refresh cycle with Wi-Fi 6, I think we talked briefly about, that is going on right now. 5G and next-gen wireless is enabling that thing I mentioned, which is wireless is the new fiber. I think when fixed 5G arrives and it gets going, you will see now in addition to 60 GHz type capabilities, we are increasing the distance and now you have broader channels, so then multi-gigabit capability gets enabled as 5G and next generation wireless comes. Broadband proliferation in general, whether it's people, places or things, smart cities, digitization, more sensors everywhere. That means you really need a lot more connectivity, a lot more throughput. The wireless fabric weaves together all of this and brings that entire solution in such a manner that you can easily deploy, easily manage. Next slide, please. I won't go into the details of this slide, but I think this kind of shows you how that wireless fabric works. In the point-to-point is those blue dots, and the point-to-multipoint are the yellow dots, and the Wi-Fi shows the last, you know, 300 meters or so. Fundamentally, the buildings are connected with point to point, and there you can go, as I said, up to 100 km line of sight. Typically, it will be 10, 20, 30 km connectivity from regional office to the headquarters or connecting campuses or buildings. We have those very high-performance, high-quality point-to-point products. They use different frequencies. They use different technologies depending on what is that purpose-built network. Point-to-multipoint distributes that bandwidth in the last 10, 20 km. Again, multiple technologies. There's a proprietary technology. There is now 5G fixed emerging. We give customers lots of choices because each customer has different need. Each nation has different frequency and different standards sometimes. We give that flexibility so you can build purpose-built network. The last 300, 400 meters, we have indoor/outdoor Wi-Fi. That's kinda how that entire campus or entire small city is covered with affordable broadband. All of those products in this diagram you can see are managed from that single pane of glass in the cloud called cnMaestro. LAN and WAN are converging. Earlier you used to see LAN was high speed, WAN used to be slower speed. Not anymore. With the technologies like 28 GHz and then 60 GHz coming in the last few, the millimeter- wave push happening, you really have fiber speeds and multi-gigabits all the way in last 10 km or so. With meshing, you can extend those distances. We are also striving now to monetize software, because we have lots of devices under management. We are beginning to add value-added services. There's a product called cnMaestro X, where we are basically starting to now monetize some of the capabilities which are value-add. The tier 1 and tier 2 service providers in general, fixed wireless broadband is accepted now as a standard. That's one thing 5G has done. 5G has legitimized a lot of fixed wireless broadband standards, as a result, we are very excited as high-performance 5G products come. Next slide, please. Very briefly in this slide, what we are showing is this is that concept of wireless fabric. I'll work from the right-hand side to the left-hand side. If you look at the right-hand side, you have home gateways, you have ePMP 4000. Those are devices on your buildings, campuses, bringing the bandwidth to the end, at the end. They generally give you good distance, 10 km, 15 km. The performance of those devices, these are end devices in the buildings, that's near 200 Mb, 10 Mb type performance. You go more to the 5-6, you know, km in for more distances. As you go more distance, you really start to bring that 5G fixed, and we have a PMP 450 products, and they start to give you 400-700 Mbps. You come towards 60 GHz products, which are the last, you know, few kilometers, and you start to see, you know, pretty high performance end-to-end. Both 28 GHz and 60 GHz will give you multi-gigabit performance. All of these products we can connect through our switching portfolio as well. This is that concept of fabric that you purpose build depending on the throughput, latency, what kind of network you need. You select the right technology. We weave together the fabric and offer you complete solution. Next slide, please. I will share some of the case studies with you. I think that will give you a flavor how these solutions are used. This case study is from. It's a hybrid fiber wireless infrastructure which delivers multi-gigabit to the home in Anchorage and Fairbanks, Alaska. That is one of the key points I want to make. The solutions we are pulling together, they're pretty agnostic. Sometimes wireless service providers use it, a lot of times the fiber guys realize that it's much easier to extend the network, and some terrains are also very tough, and they have the billing systems and management systems, it's easy to use wireless. That's what we're finding. The Alaska Communications is a good example. In this case, the challenge was they really needed quickly to add the extension to the infrastructure, and they used Cambium products. 60 GHz distribution node is the kind of main node which provides the bandwidth. The edge node is V3000. They have deployed very successfully these 60 GHz product and provided multi-gigabit connectivity to the homes and businesses in a very fast time. With the same thing, they would have taken a lot longer, a lot more time, if they had just gone pure fiber. That's, that's a, that's an example. Next slide, please. Next, I will share with you a customer called Pentanet. They are in Perth, Australia. Perth, Australia, actually, at one point, they were the, you know, 2nd slowest internet speeds in Australian capital cities. Very quickly, this company actually used to cater to gamers. They always focused on high performance network in the city. That's kinda how they started. When they looked at Cambium products, especially 60 GHz, and now we are going 28 GHz, they're very interested in that solution as well. They said this is the way to bring both in remote areas as well as some high performance multi-gigabit connectivity. They adopted millimeter- wave, and suddenly the network is giving phenomenal performance, especially to the gamers, low latency. We just did a customer and channel event called Cambium Connections earlier this week. Stephen Cornish, their CEO, was one of the speakers, and he said very satisfied with these advanced new technologies as they're coming in, bringing that connectivity in an affordable manner. Pentanet, is a great example how millimeter- wave is being used to bring that high-speed connectivity. Next slide, please. This is an example of a Silicon Valley city, and their focus was to bring connectivity, affordable connectivity, but very high-speed performance, both in that city as well as some of the areas where there was affordable housing. They want to make sure that as they connect some of the government buildings, some of the residential areas, there's a unified architecture. They used 60 GHz cnWave solution here. They have connected, you know, many institutions and very happy as they're expanding. All these millimeter- wave customers are also now waiting for the fixed 5G expansion. As I said, they are covering with the mesh architecture last few kilometers, and with 28 GHz, that distance increases, and the multi-gigabit millimeter- wave really takes over. That's another case study of one of the cities in Silicon Valley there. Another very briefly, the case study is the gigabit speeds municipal broadband offered in the city of Aurora, Colorado. All of these examples, what you see is that each network is a little different. Each economics is a little different in the city. They yet what they focus on is how we provide the future, how we provide performances which can keep scaling. That's where some of these millimeter- wave technologies are clearly going in because many places they can't provide fiber. Many places it's another example we have actually publicly talked about was in cities which are heritage sites where they don't want to digging. What we're finding is that wireless is becoming a very, very key way in which both wired and wireless guys are adopting the next generation architectures. Next slide, please. This is I think my last slide, and then we can open Q&A as well. When it comes to the millimeter- wave, we, especially the 28 GHz, our heritage as a company is how to design purpose-built network that are easy to deploy. That's how we started, you know, 10 years back with our first set of products. That philosophy of easy to deploy, easy to manage using merchant silicon, having that cloud radio algorithms has continued. This is what we work very closely with Sivers in this 28 GHz product, 5G NR fixed product, which is next quarter will ship. Then it'll continue. In terms of the evolution, it'll continue. Standards-based performance is fantastic. As I said, we are doing proof of concepts right now. I'm very proud of the way the innovation happened between the two companies, the collaboration happened between the two companies, how our engineers work together. The entire solution has a very holistic view. Right from the beginning, we focused on configuration, deployment. 5G is a, you know, sophisticated algorithms. Since we don't do mobility, we focus on fixed solution, high-performance solution, that makes it purpose-built. We are very excited working closely with Sivers. With that, Anders, if you want, we can open the Q&A. Thank you, Atul. I was thinking that we would take the Q&A afterwards. If you can stay for another half hour or do you want the Q&A now that we talked about? I don't know if you can hear me, actually. That was a problem before also with Billy, couldn't hear what I was saying. Anders, I can stay as well. If it is at the end, that's not a problem for me. Yeah. We take the Q&A afterwards. I don't know if you hear me actually, but someone maybe can tell you that offline over there, because we have some connection issues. I hear you, and we now move on, and we have the Q&A afterwards. Okay. Thank you very much. Okay. Thank you very much, Atul. Very, very interesting presentation. We have some questions already coming in now, so we'll take them soon. Now we're going to move on, and I assume our next speakers are online already. I'm trying to look up here if we have that. We're going to have two speakers who's gonna connect together here. It's our CTO from the photonic side, Andrew McKee, also called Andy. We have from imec, Joris Van Campenhout, who is the Program Director of Optical I/O. Can I get the thumbs up here from someone that they are okay? Yeah. Okay. We're now gonna start, and we have Andy McKee, the next speaker. Take it away, Andy. Thank you, Anders. Thanks for the introduction. I'm Andy McKee. I'm currently the CTO at Sivers Photonics. I was one of the co-founders of CST Global back in 2001. I have a 20-year history of working in this business. Prior to that, I worked for Hewlett-Packard for five years, and I have a PhD from the University of Glasgow. My personal background is indium phosphide laser chip design. I also spend a lot of time doing sort of technical roadmap and strategy within the business here at Sivers and on a day-to-day basis. I spend a lot of time supporting new business developments within the company. In this little mini session, we're gonna take a look at the silicon photonics industry from a more technical perspective than what we've heard so far. Firstly, we wanted to go back and revisit the slide that Billy, presented earlier and just add a few further comments. The top graphic that we have, you know, really demonstrates the wide range of companies involved in adopting and deploying silicon photonics technologies. The initial silicon photonics markets were really traditional fiber optic communications markets. Specifically integrated silicon photonics circuits were developed to drive data center transceiver modules up to 100 Gb data rates, and they've been deployed extensively within data centers since then. More recently, we see many more sort of entrants into this space. For example, LiDAR for autonomous vehicle sensing, biometric sensing and also healthcare applications. The whole ecosystem is now rapidly growing and really diversifying. It is important to stress that, you know, Sivers Photonics have got commercial activities in all of these high-growth areas, even I would say to a largely equal extent. That is very positive for us. From a technology perspective, and this is quite interesting and important, we are actually making on our indium phosphide 100 platform, extremely similar laser devices for each of the different end markets. For example, we can make 100 milliwatts, high-power 1310 nanometer DFB laser, for optical communications modules, for LiDAR systems, but also for gas and biometric sensing applications. That really makes it very efficient for us to manufacture devices on the platform. Next slide, please, Anders. In this slide, we sort of dive a bit deeper into specific technology and where it fits into the whole sort of ecosystem. It is probably worth pointing out at this point, the reason that III-V devices are required, is the inability of silicon to emit light. And therefore III-V materials are always required, will always be required to optically power these circuits. Today, there's a number of alternative technologies that are used to integrate the III-V onto the silicon. They include growing indium phosphide directly onto silicon wafers, and this is actually shown in the sort of bottom right segment on this page. This technology is very immature despite, you know, more than 20 years of research. There's a couple of other approaches where pieces of unprocessed III-V epitaxy are bonded onto the silicon wafers and then subsequently processed into lasers. These approaches both have limitations in terms of reliability and also quite inefficient use of the III-V material. Where we operate specifically, highlighted in red on the sort of top left part of the diagram is really the, I'd say the complete fabrication and the testing of the indium phosphide lasers, i.e., known good die before they're actually bonded down onto the silicon wafers. That's using very high accuracy flip chip assembly tools to do that. This is really now the most mature area within the industry. That's down to a number of sort of a combination of improvements, both on the III-V chips, on the silicon wafer processing. I would say mainly by improvements in the, in the placement accuracy of these of these flip chip assembly tools. Again, just to reemphasize, as I did with the previous slide, we're using very generic integration technology from III-V to the silicon across multiple different markets and application areas. Okay. Next slide, please, Anders. Okay. That just quickly highlights the area that we specifically participate in. This next slide gives a little animation of how our III-V photonic devices are flip chip assembled onto the silicon wafer. You can almost imagine our smaller indium phosphide laser chips as a piece of Lego, effectively snapped into place with very high precision to an underlying substrate. This is a really critical part of the process in that it controls the optical coupling efficiency between the laser and the silicon photonic wafers. i.e., that determines how much of the laser light gets launched into the silicon photonic circuit. Hopefully that gives a very nice representation of how our lasers are assembled into silicon photonic circuits. Okay, next slide, please, Anders. Thank you. Okay, now, the key strengths that we basically have today are the following. We've got very advanced in-house laser chip design capability. Specifically, we've got a very strong capability in designing high-yielding DFB lasers, which support the applications of optical sensing and optical comms that demand an array output from these. That's really critical. We have wafer fab process technology, which has been developed to optimize and facilitate mechanical and optical integration into the silicon photonic circuits. You know, some of the details of this are shown at the bottom of this page. We also see a sort of schematic representation of what a sort of 8Tx array of DFB lasers might look like. While we obviously have a very close partnership with imec that we'll hear a bit more about later, it's important to mention that our devices are also currently fabricated and integrated into silicon photonic circuits that are fabricated by multiple silicon photonic fabs, such as GlobalFoundries, VTT and TowerJazz. The process architecture that we have today has also been designed for high volume scalability. You know, many of the applications we're in today are potentially, you know, very high volume, so in excess, orders of magnitude in excess of what we do today. We've done that using sort of complete on-wafer processing, technology, including etcher laser facets and also high-precision optical coatings. Finally, you know, on the photonic side of the business, it's really important to emphasize we have a fab. You know, that's a really important strength, you know, today, given the well-publicized squeeze in the semiconductor industry supply chain in general. Having a fab under our control is really important for the photonics business today. The hundred-millimeter wafer fab that we have today is very well established, you know, with the full end-to-end process capability, with capacity to further expand our outputs. We've invested heavily over the last four years in additional tools, brought in to expand our capacity, our capability, and, you know, generally strengthen our general manufacturing strength capability. I'd also comment that there's only a handful of other commercial fabs globally which have this technical design and fabrication capability to produce, in particular, these very advanced indium phosphide DFB laser arrays. Okay, thank you. Anders, next slide, please. Okay, just a slide to highlight our indium phosphide manufacturing platform. As the title states, our InP100 platform underpins all of the indium phosphide device manufacturing done today at Sivers Photonics. What are the key features of the platform? Well, we're processing a 100-millimeter wafer sizes. Not many fabs are doing that today, particularly for indium phosphide photonic devices. And we can yield up to even 125,000 laser die sites per wafer at the 100-millimeter diameter. We have in-house e-beam lithography for DFB gratings, that's really critical in terms of having the sort of design control to make these very high-yielding arrays. We have on-wafer facet etching, on-wafer optical coating, as mentioned previously. We have optimized architecture for the flip chip bonding. It's all scalable to high volume. In terms of the devices that we can actually manufacture on the platform, a broad range of devices, but, you know, mainly focused on the emitters, the lasers. Obviously we have DFB lasers across a broad wavelength range from say 1,250 nanometer out to 2.35 micron. That covers the main wavelength range of interest for both the fiber optic comms markets but also the optical sensing applications. We can fabricate devices with modulation rates from CW, that's a constantly switched on laser, to very high modulation rates of 28 Gb. The CW lasers that we manufacture today probably dominate, I would say, and those are all externally modulated, generally on the silicon. Okay. We produce devices with, you know, rated optical output powers of up to 100 milliwatts and pushing towards a sort of 200 milliwatts mark, and that's driven by the requirements of the silicon photonic applications. The devices are also designed in such a way that they can support a very broad operating temperature range from sort of -50 degrees Celsius to +95 degrees Celsius, and that covers the entire sort of industrial laser requirement space. We manufacture also reflective optical amplifiers, and they're used in external cavity tunable lasers. And again, we can supply devices in single or array output formats. Mostly in array format now just for scalability and for general sort of, you know, high speed density. What are the key takeaways really from all of this? You know, the III-V silicon photonic technology really is gonna transform the electronics and photonics industries in the following markets. You know, we have AI and machine learning. We have optical computing. We've got high density Co-Packaged Optics for communications. We've got, you know, more traditional optical communications. We've got LiDAR, biosensing, healthcare, and even quantum technology. On the platform, we're manufacturing a range of devices for a very sort of broad spectrum of markets and applications. Okay, next slide, please, Anders. I think this is effectively my final slide, and it's just a quick introduction really to the partnership that we have with imec and ASM AMICRA. Of course, Joris will cover this in a bit more detail in his slide decks, but I just wanted to comment quickly on what we're ultimately trying to achieve with this partnership. That's really to accelerate the adoption of silicon photonic ICs, and really to provide a one-stop solution for our customers that covers both the design, the fabrication, and also the packaging of these circuits. Already, as Billy mentioned previously, we're seeing strong commercial interest with the partnership that we've already publicized back at OFC in the summertime. With that, I'll finish off and hand over to Joris, who will take us through the imec slides. Thanks very much, Andy. Yeah, my name is Joris Van Campenhout. I'm a Program Director for the Optical I/O research program at imec. I will need to talk a bit further about what Andy already alluded to, the collaboration we have in integration of indium phosphide light source with silicon photonics. I will put this in a bit of a wider perspective of the other work, type of work we're doing at imec, I will get back with some more details on the actual collaboration. Next slide, please. For those that are not familiar with imec, I've included two introduction slides here to just illustrate what imec is all about. We are a world-leading, independent R&D and innovation hub, active in nano and digital technologies. We are mostly based out of Belgium, where our headquarters is based. We do have a global presence with multiple sites both in the U.S. and in Asia. The typical companies we work with and for includes a wide variety, including big leading semiconductor players, so the IDMs and the fabless, but also the foundries for that matter, as well as system companies. We work with these kind of established companies, but also with startups and also with a whole set of universities and academic groups. Typically we do co-development partnerships, but we also have a variety of research programs where we work in a pre-competitive mode with multiple partners on the next generation technology development. Next slide, please. Here you can see a quick picture of our facilities and our headquarters in Leuven. That's 25 km east of Brussels, where you can see our two main R&D fabs. The older one is a 200 millimeter-based one. It's based on 90-nanometer, 0.13 micron CMOS. That's the facility where we have been developing silicon photonics at the start of our project, let's say. That switch is already more than 10 years ago. In the meantime, we have, let's say, I would say a state-of-the-art, fully functioning silicon photonics platform operating there. We do quite some prototyping work with customers, but we also have, in the meantime, established a path to high volume manufacturing with a in a partnership with a commercial foundry. On the more advanced R&D sites, we have our 300 millimeter facility. There we, in fact, use a more advanced tool sets. That's the area where we also have the research programs running on next-generation logic, technology pathfinding, as well as memory programs and advanced packaging. We are very lucky that we can also use that facility for advanced silicon photonics, R&D. Next slide, please. In the next couple of slides, I will quickly touch upon the main application drivers. Andrew, already alluded to some of them. I will recap that a little bit here. Next slide, please. Yeah, the first driver that has originally, let's say, started most of the work or development work that we have been doing in the field of silicon photonics, this has been driven by optical interconnects. That's of course, driven by the cloud systems that I'm sure everybody's very familiar with. These cloud data centers, especially the hyperscale data centers, they are very big facilities that span several hundreds of meters in cross-section, and they require a lot of optical interconnectivity. The likes of Google, Microsoft, Facebook, they are really have been driving the field. I would say since 2016, the 100 gig Ethernet era has really kind of driven very strong deployment of silicon photonics-based receivers in this industry. That trend is continuing. We see very strong growth in this field, driven by pluggable optics. More recently, also the sheer bandwidth, density requirements and power envelopes, required of the switches in such network require a more advanced ways of integration of these receivers with the advanced logic, switch systems. On the right, you can see here a picture that's borrowed in fact from a Cisco presentation, where you can see that transceivers are now also being proposed to be co-integrated on the first level package together with the switch IC, at capacities that span 50, hundreds, and perhaps in the future, also 200 Tbps of aggregate bandwidth capacity. These are really mind-boggling numbers. imec, is really active in the field of doing the technology pathfinding and development with these type of players to develop the silicon photonics technology that will enable that scaling in the foreseeable future. Next slide, please. Another area where we see a very strong demand for interconnectivity is the space of AI, machine learning and HPC systems. You know that these kind of systems that typically use a multitude of GPU or TPU computing nodes, they also require terabit scale interconnectivity between these compute nodes. As these systems scale out and require more bandwidth, there is also a transition foreseen from going from copper interconnects to photonic interconnects, perhaps in the next two or three generations of this type of technology. You can see that some of the leading players in this field, that their research teams are already actively proposing new architectures that make use of these Co-Packaged Optics, where every single GPU would also have an optical transceiver, again, running at several terabits per second, and high bandwidth density. That, of course, is a field that's seeing very strong growth as well, and that can drive, I think will be a next wave of further growth in silicon photonics receiver technology. As you may notice here on this schematic there on the right, these brownish kind of modules, these are supposedly the light sources. In this case, multi-wavelength light sources that would need to feed all these receivers that are co-packaged with these GPUs and other systems. That's really, again, driving the need for more advanced, lower power, higher bandwidth density silicon photonics technology, but also accompanying a light source that also needs to scale in complexity for its number of wavelengths served. Next slide, please. Beyond optical interconnect applications, and you alluded to it as well, we see more emerging sensing based use cases of silicon photonics. LiDAR and 3D sensing at large is one of them. Today, it remains a hard problem, but yeah, basically we're looking for a LiDAR solution that can be scaled down in costs, also in footprints. Today's systems are typically too big to get to these specifications. Doing chip-scale integration of, for instance, the beam steering elements and emitters and the receivers is something that we're also actively pursuing and researching in imec. That's also an area where a more advanced light source, for instance, for FMCW LiDAR, may be required in the future. In the next slide, this final application I would like to touch upon, also in the field of biomedical and biosensing, also spectroscopic sensing applications. We see some kind of a similar situation where current systems are still fairly bulky. You can see a few example of molecular diagnostics, DNA sequencing, cellular analysis. These are fairly bulky systems. At imec, we also have a number of research programs looking at miniaturizing these kind of systems down to the chip level, which, if we are successful, will enable, I would say, many more use cases of these kind of technologies. Next slide, please. What I can do now is walk you through, let's say, some of the technology platforms we have been developing to address some of these applications that I just introduced. In this slide you can pretty much see, let's say, probably our most comprehensive integrated silicon photonics platform that we have built, which is mainly tailored towards the communication use case. This data center interconnectivity and also the emerging HPC AI system interconnect space. We have, over the past 10 years or so, been quite active and successful in developing all these high-speed modulators. You have a whole variety of them, the Mach-Zehnder ring modulators, electroabsorption modulators, using silicon and germanium at wafer scale. We have this platform available in our 200 millimeter process line, but also first version in our 300 millimeter process line. We have our silicon waveguides there that are patterned using advanced 193 nanometer lithography. We have silicon nitride waveguides. We have high-speed detectors, and we have the features to couple with low losses to optical fiber. What you see missing here, of course, is a native light source solution. Again, we need here a hybrid integration formats. Andy also introduced that there are several ways of doing that. The most mature one and the one that's most ready for near-term adoption in products is for sure the flip chip integration. That's exactly what we're developing with our colleagues at Sivers and with AMICRA. If you go to the next page, you can see here an example of such a transceiver prototype that we published at least two years ago. This was kind of a test chip that came out of our research program where we have, in this case, a 200 millimeter silicon photonics wafer that we fabricated and that contained a test chip for this terabit scale transceiver functionality. It also contains a flip chip CMOS die here. We're using also the most advanced 3D assembly techniques, including microbumps, as you will see in the next image. If you can just click once for, once more. This chip, this interposer, in fact, is a thin 200 micron thick silicon photonics interposer that contains all the active high-speed optical components, the fiber coupling structures, but also through-silicon via. It's really containing the most advanced 3D modules along with the most advanced optical components to get down to the terabit per second per millimeter bandwidth density. Very compact. It uses multiple wavelengths. It's not shown here in the slide, but that's a key feature of this technology as well. It's really kind of the technology that now several companies are starting to commercialize for this next generation optical interconnectivity beyond, let's say, the 100 gig, 400 gig, 800 gig terabit per second. Sorry, Ethernet technology. Again, here we need these multi-wavelength laser sources, and that's not presently integratable in our technology, hence the need for hybrid integration. In the next slide, you will see another example of a technology platform. It's kind of, let's say, an offspring of our communication platform that is more tailored towards LiDAR applications. Here we integrate high-quality silicon nitride waveguides. As you can see in the, if you click once more here, you will see that we have also here some reference test chips aimed at beam steering. This is a chip that's operating at 1550 nanometer wavelengths, and it's really kind of a reference design to integrate the beam steering element at the chip scale. You no longer need these bulky MEMS type systems or other type of beam steering elements that typically adds to the size of a LiDAR system. Of course, this is not a full system just yet. It's just a key building block that we have demonstrated, and it's also attracting quite some interest from prospective customers. Again, here we have the need for an integrated 1550 light source to complement the toolbox. Next slide, please. Here you can see a final example, which is more in the life science spaces. Here, in the life science area, you typically work with wavelengths that are a bit shorter, between 450 nm. Also for this application space, we have developed a silicon nitride photonics technology platform, which in fact can be directly deposited on top of a standard CMOS chip. You can also see, if you click once more, that is kind of a wave guide layer that can be, for instance, deposited on top of the back end of line of a CMOS technology, and that can then interact with silicon pixels embedded in that CMOS chip to make a more comprehensive spectrometer, for instance. And this is a technology that finds use cases in biosensing, cytometry, Raman spectroscopy, and also microscopy on chip. Next slide, please. Maybe now turning back to the projects we are running together with our partners, Sivers Photonics and AMICRA. As Andy already alluded to, we have picked this flip chip, high-precision flip chip bonding approach as the most mature near-term solution for bringing light to our silicon photonics platforms. The key challenge here is indeed to have a very good alignment between these two parts so we can have a very efficient light transfer from the three-five components, indium phosphide component in this case, to our silicon waveguide. Typically, in order to kind of have efficiencies well below, let's say 50% or even 80%, we need to reduce that placement error to less than a couple of hundred nanometers. Typically, less than 0.5 micron of precision is required here. In order to get that, and maintaining sufficient throughput of that assembly process, we need to do a careful job at designing that mechanical, optical, and electrical interface. That's why the engineers at Sivers site need to work tightly together with engineers at the imec site to co-design that interface, and that's exactly what we have been doing the past two years. Of course, we also need to complement that then with a tool that is capable of getting these high precision placements done at a high throughputs, and that's where the collaboration with ASM AMICRA came in. Next slide, please. This is the partnership we built together, the KDE CND, to have some kind of a set of library elements developed, pre-qualified, let's say reference designs that then prospective customers can use, and they can also fast-track their product development, so they don't need to start from scratch. That's exactly what we have been working towards. In the next slide, you will see some results that we also published, I believe, a couple of months ago. We have started this collaboration with 3 millimeter test design in our Sivers Photonics R&D fab, where after co-designing the interface between the Sivers Photonics and imec engineers, we have taped out a test chip here, developed a process, so we can etch these cavities in our Sivers Photonics wafers. As you can see there on the top right picture, that's an SEM image showing the cavity etched in a Sivers Photonics wafer, where one of these indium phosphide, the [DFBs] from Sivers has been placed using the AMICRA tool. You can see here that it's a process that we do at die to wafer level, so we can really have high throughputs. It's not a die to die process. It's really using wafer-scale Sivers Photonics. We can use this for the more demanding high volume applications. The next slide will show you, in fact, the alignment precision that we have demonstrated so far. We are now really hitting our targets in having the XY alignment precision well below 0.5 micron post-bonding alignment accuracy. It's also important that effect, you can develop this process, but you also need to co-develop the testing processes. Typically, testing of photonic devices can take quite some time. In imec, we have quite some experience in wafer scale testing of our silicon photonics technology. We're now also expanding that know-how to doing the wafer scale test of the combined III-V silicon photonics technology. You can see there on the right a photograph of one of these assemblies placed on our wafer scale prober, where we can now really do LIV curves, so checking how much light is really coupled into the silicon photonic circuit. We have already achieved more than 10 milliwatts of optical power coupled into this on-chip waveguides. We're working on further optimizing that coupling efficiency as we speak. Next slide, please. That brings me to my takeaway. I hope I convinced you that Sivers Photonics is really seeing this tremendous growth. We still really see this hockey stick trend where we have a variety of applications driving growth now, from transceivers, optical interconnects to various applications. The sensing domain, we have been able to put together, I would say, a state-of-the-art silicon photonics platform to serve many of these applications, but this light source is dearly missing from our toolbox, and that's exactly what we're co-developing with Sivers Photonics and ASM AMICRA to be able to offer to our joint partners a more complete and comprehensive solution, including the light source and all the other active components. With that said, thank you for your attention. I'm open for any questions. Thank you, Joris. Thank you, Andy, for that. We've really gone into silicon photonics in depth and it's really good to have done that so people really can understand what we're doing, actually. Now we're going into the Q&A part. I'm getting questions here, and we also can take questions in the audience. I don't know, can everybody hear us now in the Atul, do you hear me? Yes, I do. Very good. I'm gonna start with a question to you, Atul. How many of your products have Sivers inside today? We'll be shipping our first Sivers product, next quarter, and it is in the POCs with a few customers we have already shared with them, you know, in Q3. Yeah. I think the question was about that you have it in the base station and in the home CPE unit. Yeah. I think as far as I know, both will have, the Sivers products. 5G NR, I think the most important thing is when you look at the 5G is the first time, at least for us, we are bringing fixed 5G product. Cambium has shipped historically over the last 10 years, about 10 million radios worldwide to about 150 countries. Not that all of that will have Sivers, not at all, because they have these Wi-Fi radios and all sorts of stuff. That gives you a flavor of the point to multipoint, particularly at the edge. There's a lot more proliferation which happens there. Thank you, Atul. Now a questions to, I would say, Andy as well as Joris here. How big deal is the achievement, Sivers, imec, AMICRA and how successful do you think it will be? Maybe Joris, can start from your perspective. Yeah, I didn't quite capture the first sentence. Yeah. How big deal is the sort of achievements that you and Sivers and AMICRA have done together to sort of get to the point you are now? How do you see this sort of developing in customers and products in the future? Yeah, it's a good question. We for sure have already quite some interest in this project. Honestly, we have a bit of a delay due to the corona crisis, so that produced some delay on our side. We have already customers that are actively working with us and with Sivers on building first prototypes. Clearly, there is strong demand for the capability we're putting together here. Maybe I'll leave it at that and leave it to Andy to add more to that. Yeah. I would definitely say, you know, the offering that we're giving to any customer is really attractive because, you know, we take away a lot of the sort of complex interface issues that the customer has to manage today themselves, which can be very complex. The fact that we have the Sivers engineers working directly with the imec engineers takes away all this pain for the customer. We think this is a really attractive sort of, you know, product offering for the customers. We are seeing a lot of commercial interest in this partnership. Thank you. While we are at you, Andy, here come another question. What's the difference between a sort of a III-V compound semiconductor that Sivers Photonics use versus sort of TSMC and Samsung manufacturers, ordinary CMOS? Well, they're processing pure silicon wafers, and we are processing mainly indium phosphide wafers. The different substrates. Our substrates are much more specific for photonic applications. Silicon's an indirect band gap, perfect for making semiconductor electronic circuits. Our compound semiconductors are direct band gap, so you can emit light from our compound semiconductors. That's why we use them. Maybe I'll add to that. You know, the question regarding kinda Samsung and TSMC, the silicon industry, is about 35 year of course as part of that. Is about 30 years ahead in terms of that kind of technology. However, as Joris and Andy have pointed out, the absolute amazing benefits you get of silicon are starting to kinda reach a kinda, you know, a tipping point where silicon photonics will now come in and take that to the next level. That's why we think the silicon photonics technology is gonna be so exciting for the future. Thank you, Billy. Then we have a couple of questions for Atul here. You have to answer carefully, I assume. Cambium, do you give any forecast regarding volumes for 28 and 60 GHz products? No, we don't. We have just three categories. Point- to- multipoint, point- to- point, and Wi-Fi, or enterprise. Because our customers buy solutions. Our customers rarely buy point product. They buy, you know, edge and transport and, you know, all complete solutions. Those are the three categories. The only we disclose revenue there. Thank you. And a follow on on that. What type of customers will Cambium 28 GHz products be used for? Any examples? Yeah, absolutely. Typically where we are seeing traction are in countries where the 28 GHz band is available to, you know, service, especially the mid-size service providers. Fixed 5G is just arriving in a lot of ways because standards just got mature, chips are arriving. I think you'll see a broad adoption in the 28 GHz 5G countries. We are seeing traction in Middle East. By the way, every quarter as we release the product, we'll, you know, earnings release, we will give more commentary. That's our tradition. You know. Yeah as we did 60 GHz four, five quarter back, and every quarter we give more commentary. You'll hear more from us. I think EMEA, then probably, North America, then CALA, so which is, you know, Caribbean and Latin America, then Asia. In that sequence is what I think will, the proliferation will happen for us. EMEA seems to be leading right now for us. Okay. Thank you about that. Another question then that I also want to understand. Why did you not choose Sivers for your 60 GHz product? I think 60, no, that's a good question and a very clear answer. In 60 GHz, we collaborate. This is all public information. We collaborated very closely with Facebook. Facebook did the Terragraph algorithm, which is a meshing algorithm. We also collaborated very closely with Qualcomm. That, those decisions were made three, four years back. 60 GHz has been around. We did not do the phase 1 60 GHz, which was based on 802.11ad standard. Because we felt that that technology need more maturity at that time. Came the new standard, 802.11ay. We adopted or we jumped on that project when AY came, we felt that there was, you know, silicon vendors providing mission-critical solution. With Facebook we felt the meshing. Because 60 GHz is small distance. You know, 1-2 km. Meshing was very important to bridge the distance. For that reason, that alliance made more sense to us. Thank you, Atul. Another follow-up on that. What is the typical range that you and throughput you will be handling in the 28 GHz sort of between the BTS and the CPE? You know, a lot of it will depend upon probably different geographies and terrains and weather and all that. Our thinking is it'll give us 4-7 km type of a range, and both 60 and 28 will be multi-gigabit architectures. That means you can get multi-gigabits out. As we are doing the proof of concepts, that'll give us even a better idea in real conditions what we get. Both are multi-gigabit wireless fabric architectures. Both can replace fiber or supplement fiber. That's why we say if it can be wireless, it'll be wireless. That's why we say multi-gigabit wireless is the new fiber. Thank you. Here is a, I think a tricky question. I mean, question to Cambium as well. Please elaborate on pros and cons about sort of owning a larger part of your component supplier ecosystem rather than, for example, Sivers' type of technology, then secure it both in R&D collaborations instead. What's your view on that? Sure. First of all, we focus on what we do well. We focus, and this has been our philosophy, that wherever there's merchant silicon, use merchant silicon, because that gives us economics. We believe that, you know, Sivers is the best-in-class in what they do, and so are some other chip manufacturers in what they do. We focus on selecting the best-in-class partner, and we focus on system design. How do we deal with noise? How we do intelligent antennas? How we do beam forming? How we deal with noise? That's entire thing is system design. That's what we do well. Our philosophy is just, we believe, like Sivers, you know, they are best-in-class in what we do. There's no reason. When it comes to R&D collaboration, there are areas where we create value in discussions because we are system designers, so we give feedback. It's not so integral that there'll be an IPR. It's more system. Our IPR is how we put together the entire system and solution, how we manage from the cloud, how we scale that from the tower, how massive number of new users in a city or urban area, how they scale, how a network operator can design a profitable business based on our solutions. Those are our expert. How do we support 24 by 7 across the globe? Those are the things we focus on. Thank you, Atul. There's a question for me, I assume. How many of your products have Sivers inside? Maybe that's for you, but that was two. In general, we have 26 design wins. Of course, there are multiple products, both CPE base station mesh node we're inside. There's probably sort of 40, 50 products or something like that that's included in Sivers inside. Let me see here. Other questions. The new chipset that you released yesterday, 24 to 43.5 GHz, will you be able to put them in the same product so you have example, a CPE that can handle the whole range? Yes, that's the whole idea. We can actually do two module in the same product and use that. Do you think you can present the InP100 customer this year? I don't think we can answer that question, really. It's actually up to the F100 customer. We unfortunately have to duck that question. When will new technology by Sivers, imec, ASM be rolled out? Market consumer products, how big is the TAM on this technology? Billy, do you have any reply on that? Well, I think we gave some information, you know, in terms of the applications will cover many of the kind of verticals that I talked about, you know, from optical communications to sensing. If you were adding up the TAM for, you know, based on Yole for 2024, you know, there's several SEK billions easily in that market. You know, we can come back with a more detailed question, but effectively, it affects all of the verticals that we're working in. There's not one area that will not be touched. I actually believe that those are the areas that we've not talked about yet that it will touch. Yeah. I can add to that as well. I mean, what we've said officially so far is that we assume to have first prototype customers next quarter, and then volume in about a year after that. Yeah. So. I mean, there's work that we're doing right now that we're gonna be making announcements in the coming weeks, if not next week, or in collaborations that we're doing. You know, that's one of many that will start. The activity with imec, we expect it to lead to, you know, multiple different business opportunities. That's why we have sort of invested a lot in the indium phosphide 100 platform, which is now sort of together with the partners coming to life this way. That's a way we always like to work in Sivers. It's through partnerships we can build things. We cannot sort of be alone in these kind of things. Exactly. Yeah. Also question to both me and Atul, I assume. Cambium nor Sivers are part of the O-RAN Alliance. Is this correct? What are the reasons why? Also your view on the O-RAN collaboration and standardization for fixed wireless access development would be interesting to learn more about. Yeah, one of the reasons for Sivers' part at least that we haven't been there, we have so far not had the Low-IF type of integration. We have Zero-IF integration to our stuff, and O-RAN products are often things that will be sent through a Low-IF signal. In that sense, we have not been part of that because our product has not fitted into an O-RAN application. With our new product, we can actually fit into O-RAN application. That's basically a technical reason for not joining that from our side. Atul, do you have anything you want to add on O-RAN? No, we are not members. We are watching it, so far we don't see as much of a need. You know, we are a medium-sized company. We have to focus. We have to use every resource preciously. I think when we commit to these type of forums, we commit long term. So far we have not seen a major need to be there, we are watching it closely. Yeah. Maybe a question you can't answer. Will Cambium test Sivers' new 5G NR chips launched yesterday? No, I don't think so. We have not tested that, but we are very focused on right now getting our product out, working with customers with what we have and learning from that. Let me just give like one minute quick life cycle duration. Typically, a customer will use a proof of concept for four to five months, sometimes even six months because they'll deploy, they will test configurability, ease of deployment, diagnostics, because they're gonna offer a service, and the service has to be high quality. Rather than giving them too many products, too many technologies, it's important to give them a solution, let them work, let them feel comfortable. They deploy that in a small setting, then they deploy in a city, then they go multiple city. It's a multi-year program with the customer. That's why we call it land and expand. Our focus is never to really put too many products out there. Our focus is whatever we give that's complete and that's a good solution. Starting Q4, that's what we will do. Focus on what we have then keep expanding from there. We learn a lot from these customers. Some of that feedback, we pass relevant feedback to Sivers as they do their roadmaps of the future. Yes. Thank you, Atul. How big is the broadband fixed wireless access market share do you think Sivers can reach? I mean, we don't do forecast in general, but as I mentioned, I mean, the overall TAM is about $7 billion. It's a huge market to address, and so far we're just in the start of that market. We expect to be an important player, and together with Cambium and others, we're gonna capture some interesting market share, of course. Another question here: will 6G standard be standardized as 3GPP Release 18 and onwards, similar to 4G and 5G? Yes, for sure, 6G will get there. I think that is also sort of what we will call, you know, the next generation 802.11ay Where you really get to 20, 30 Gb. It's even lower latencies which will match 6G in that sense from the Wi-Fi standpoint. There was a lot there. When do we expect more information on the InP100? Yeah, that we already have answered. Now we have no more questions coming in here. Maybe we can take some questions in the audience here. I see Claus, from Nordea here wants to. Yes. Thank you very much. I mean, Anders, you spoke. Can you hear me? It's a bit low, but okay. Okay. I mean, Anders, you spoke a bit about your TAM in earlier in the presentation. I think you mentioned that you can 10X that basically by moving into new applications and so forth. I mean, could you give us any examples of what types of applications that is and what do you kind of need to do differently to access those markets essentially? Is it only on an inorganic side you're willing to do this or do you also see some organic kind of investment opportunities into that? I definitely think that it's an M&A type of thing that you wanna move into that quickly. For example, we have not gone into, you know, the handset side of things here because that's the huge number of chipsets in handsets, of course. The right acquisition where you can get into that is of course giving you a much bigger TAM immediately. That's part of the 10x. Another thing is these kind of repeaters or SATCOM that is coming in, which is a very close area. We could actually organic grow into that by sort of changing our chipsets a bit. It's a long investment. It takes a long time. You can accelerate that via sort of good M&A activities as well. There is many options in the different types of applications here. Yeah. I mean, what type of timeframe are we talking here? Is this a next year thing, or is it five years from now? What kind of timeframe are you expecting? If you talk organic, of course, that takes some time. It's a couple of years. When it comes to consolidation or acquisitions, that can happen anytime. Yeah. I mean, looking at a lot of these new kind of applications and so forth, would you say they're at the same kind of level of maturity as your current ones? Or would you kind of be integrating into a more mature market already where there's sales opportunities further down? I think that the millimeter- wave market in general for all of those things that's connected to 5G, like 5G repeaters, handsets and all that is sort of in the same kind of level. If you look at SATCOM, that's maybe one to two years later, but also even further out, you know, all the LEO SATCOM sats, and all of those things coming out, that's a bit behind. You have the defense industry that's often a bit more conservative. Could take a bit longer for 5G in there, but, I mean, it's within three to five years as well in that area. Yeah. Anders, a bit of a boring question maybe, but, I mean, you're entering a rollout phase now, and obviously there's quite long lead times on chipsets and so forth. I mean, you'll need some quite a high inventory to deliver, I'm guessing on some of these projects. Could you maybe elaborate a bit about what are your kind of current capital working capital needs during the coming year or two? We have actually not sort of gone out with that sort of the exact working capital needs. What we have said and what we do to secure chipsets for customers like Cambium and others is actually that we are investing, of course, in stock to make sure that we can buy and have a stock in-house to secure the volumes for the future to not end up in a sort of lack of components. It is, of course, working capital that we are putting into that as we speak. Yeah. I mean, could you maybe help us understand how many quarters do you have of kind of covered capacity in your mind? I mean, we need to work three to four quarters out because it's a long lead time item, so it could be everything from four to six months to sort of get more chips. We have to work in that kind of way. Okay. Thank you very much, Anders. Thank you. While we sending the mic around here, if anyone puts up their hand in the air. We have a question to Atul, as well. How does Cambium see on the chip shortage under this during this year and generally in the market? I think as we since we are in the quiet period, I'm gonna stay with the things I mentioned in the our earnings call. The in general, the supply chain, it's not just last few months, I think, it was building over last few quarters. Supply chain chip constraints has been tight, there's no question, across the industry. It's not even just that. I think if you look at the everybody read the news about container ships in California coast, you know, waiting. There's a downstream impact as well in just the demand has increased. Post-COVID, the demand has increased from automotive, everything is going digital. Consumer electronics, people are buying more. I think this is something which definitely is in, you know Different chips are impacted to different degree. Then there's technological transitions going on as well in the Wi-Fi world, from Wi-Fi 5 to Wi-Fi 6. Again, more demand there. I think this is something all of us have to just work through, in, you know, next few quarters. Everyone is putting more capacity. Everybody's working on it. Everyone knows that there is chip shortages in impacting many segments right now. Thank you, Atul. A question here regarding the Ampleon work stream and how it works. Of course, Ampleon and us have had two projects. One is the chip that actually is in Cambium's products today. That's been a joint venture to bring that chip out. The other one is the which I think the question is about, is the beamformers that we released about a year ago. They are now out in sort of test equipment, and people are trying them. We had a few press releases about in Taiwan and India and so forth where the testing is. They're still in testing, and they are not sort of in any design wins as of yet. Any questions in the room here? Yeah, we have Fredrik, over there. While the mic is going up to Fredrik first from Handelsbanken. Thank you very much. Thank you for the presentations. Thank you, Fredrik. On the photonic side, maybe Anders or William, feel free. If and when you receive and get these volumes started, what type of production capacity do you have in place and what type of investments do you see in front of you during what time span, that sort of fits into the schedule you have, going forward? That is, of course, a very sort of secret question in some ways. As we've said before, I mean, to start off, you know, the duplication of lines and all of those things, I think we've talked about officially so far, you know, $30 million or something in that line. Of course, if we're gonna sort of really build out, and invest in a big fab, we're talking even more than that. I don't know if you wanna elaborate more on that, Billy, without saying too much. Yeah, yeah. It's kind of a leading question. Basically, we have still some significant capacity in our current facility. You know, we basically, the way the transition will happen is for the next kind of year or so, we will still be transitioning in this facility, expanding here with the pilot. As [Andrew] says, that's your time period for that from kind of start to beginning is about a year. Basically, the first pilot line would come up, you know, in a year from a T zero point, let's say. We would do that in a modular fashion so that we can then. We have already worked out the equipment sets, the footprints, and everything we need to do about that. It's a fairly simple case of then sort of modularizing that and expanding the facility. We can't really get into any more detail on that. It's fair to say that we've shared all of those details with the Fortune 100 companies we're working with. We're, you know, actively engaged in those conversations with them about what that expansion will look like. That's the kind of level of discussion we're at right now. Thank you, Billy. Yeah, Fredrik. Thank you. Maybe a question to Atul. You had a few slides on customer cases that I'm not sure that I saw it straight on, but you referred to a case where you're replacing a traditional microwave backhaul network. Is it fair to say that your product with that you're replacing it with is a microwave backhaul, so you're sort of competing with Ericsson and Huawei products? Are you sort of disrupting that backhaul part of the network? A very good question. No, we are not replacing microwave in general. I think microwave does what they do very well on distances. What's happening is that if you're in a urban environment and you're putting video surveillance, for example, and you have to go around the buildings, you need more meshing. Those situations, the 60 GHz become very cost effective. That's, that's a situation where even if somebody had microwave, since microwave is a licensed frequency, it's a different architecture. Whereas 60 GHz is unlicensed or lightly licensed, depending on the country, you can go around the building. There are applications where 60 GHz, whether it's a small cell architecture where you have to backhaul with high speed and 60 GHz can give you that small distance and meshing capability. I think in general, 60 is unleashing new applications, not necessarily replacing a legacy stuff. The new applications is high-speed broadband. If you are in, if you're in a high-density urban environment and you need to bring broadband, you don't need permits, you don't need to dig streets, you can just bring quickly. I think 60 is a new building material. I always tell people, when steel came at turn of the century, 100 years back or so, you couldn't predict where all steel will go. It's a new building material. It has gone into healthcare. There's surgical steel. There are all sorts of stuff. That's the example. I think 60 GHz and millimeter- wave in general is kinda extension of that LAN in multi-gigabit onto the distance. That's what we say when we say wireless fabric in the last on the edge, multi-gigabit wireless fabric on the edge. No, we are not replace. I think there might be application where some microwave may get replaced, but that's not the main thrust. Thank you, Fredrik. We have Victor from. It's yet to be announced. Okay. Fund manager. Thank you. I have a question mostly, I think, for Cambium and Sivers. There's a lot of buzz around the private wireless networks now. I was just curious to get your take on what kind of traction you see in your business in the private wireless networks or any other thoughts on this topic. Atul, do you wanna start? Yeah, I can. I can. Thank you. Private wireless networks are, t hat's what Cambium does. Actually, most of our networks are private wireless networks. A substantial part is provided by the small and medium-sized WISP, wireless internet service providers across the globe. More importantly, our networks also go into enterprises. As I said, oil and gas, mining, energy grid, water and waste management, smart cities, and it keeps expanding. Post-COVID, everyone is focused on scalability because there are lots of performance and media-rich applications which are driving it, and also security. I think in general, there is more proliferation of that controlling the network, controlling quality of experience. We see definite expansion in private, you know, networks. What 5G is doing, 5G is legitimizing it. 5G is saying that both licensed frequencies, unlicensed or lightly licensed, they'll coexist. Not all applications need that mission-critical, licensed, expensive 5G. Many applications will need that. Quite a few applications will be, you know, mission-critical enough with fixed 5G. That's why we see proliferation of private 5G networks across enterprises, small cities, municipalities, localities. You'll see all of that. Each network will optimize the application. You'll see more marriage of low latency, high throughput, uptime, downtime. Video surveillance needs a lot more uptime, uplink speed. That customization happens through private 5G network a lot better. Atul, I can add to that as well. I mean, if you talk about enterprise as sort of Industry 4.0 type of applications where both Nokia and Ericsson is talking now about licensed products and so for. I think that unlicensed product in general in that application is much easier to use rather than sort of expensive spectrum. As well as, you know, looking at track to train application, that is actually a private network in a sense, and they don't really need, you know, licensed. They need a dedicated track to train system that they can run license free. I think there's a lot of thing in unlicensed spectrum that could be used for a lot of this that Nokia and Ericsson is trying to hype the license bands as well a bit more. Okay. Take one more question also for Anders and Billy then. On the optical sensors part, notice Billy talked a lot about AR and VR. Is this the most exciting opportunity you think, or, is there any other super exciting opportunity that you want to highlight in this space? If I can answer first, and I think Billy agree. I mean, it is all of those space and what imec talked about today, you know, optical interconnect, LiDAR, augmented reality, all the different pieces here where you actually can use silicon photonics. And with this, as Andy said, small tweaking in between, and it's actually easy to then use it without sort of reinventing the wheel the whole time. I think it's a lot of the spectrum there which makes silicon photonics so hot right now. If you wanna add something, Billy. Yes, it's a really good question. Actually, although I think like augmented reality, mixed reality, the areas where that's gonna be utilized in industry, it's gonna be used in space, it's gonna be used in, you know, so many support systems. However, I think sensors that will be applied in kind of bio functions such as, you know, wearables, glucose monitoring, toxicity monitoring, basically having, you know, health systems attached to various, you know, certainly on person. That's extremely exciting area. I think, you know, we're doing a huge amount of work in both of those kind of sort of verticals at the same time, both of those areas. I would say probably the kind of bio sensing stuff that's gonna change the health industry is probably the most significant. That will be a game changer for everyone. Thank you, Billy. Thank you. We are actually at 5:00 P.M. now. We can have one more question here, and I take one question from the online audience. Anders, how is the remaining recruitment in the U.S. office going? As you know, we have just recruited a VP Business Development for photonics. We are actually now in the end of the recruitment for the wireless piece of the business. We have two candidates we're looking at, and hopefully we'll know within Q4 who's going to enter the role there. This is a very exciting time on that. After that, when we now recruited these two, we look at the two other headcounts who will be sort of pre-sales engineers that they will recruit. That's the situation there. So, okay. That was all for today. Thank you so much for spending so much time with us. For you guys who are here, we will mingle a bit outside here and drink water or possibly wine as well, if you like, and you can ask more questions. For everyone online, thank you so much for listening. I saw earlier there were several hundred people online actually listening, thank you for joining us and thank you to Atul and Joris at imec for joining us at this. It's been a pleasure having you. Thank you very much. Have a good day. Thank you. Thank you. Bye-bye. Thanks. Bye-bye. Thanks.