Good morning, welcome to this webinar. My name is Anders Storm, and I'm the Group CEO of Sivers Semiconductors. I'm going to take you through more information on the acquisition of MixComm today. First of all, please read this disclaimer. If we start first to give a little bit of background to Sivers Semiconductors today, pre the merger and acquisition. Sivers is a semiconductor company focusing on wireless and photonics business unit. In the wireless unit, we're doing 5G chipset, and then photonics unit, we're doing laser sources for fiber optical cables as well as sensors. The company was listed on Nasdaq on the 10th of June, and we are about 120 employees with the head office outside of Stockholm in Kista, an office in Gothenburg, and our photonics business is in Glasgow. Currently, we have 20 PhDs in the company, and we have some strong institutional investors with Swedbank Robur, AMF pension fund, and so forth, Third AP Fund. We have a cash position of $60 million at the end of Q2. Sivers have had a very interesting journey over the last five, six years. We were listed on Aktietorget in 2016, and when we started sort of a turnaround, we had a plan to start using and developing 5G chipsets. Sivers had a long history in high-frequency products, making products for low volume type of applications, and they were really seeing the emerging market of 5G and mm wave products. What we actually did then in 2015, we started development, and we had our first chipset ready in 2017, and we got our first design win and partnerships with IDT and Ampleon and others. We also acquired a company within the photonics business called CST Global, which is now Sivers Photonics. We were also listed in the end of the year in Nasdaq. Over these years later on, we have been able to grow the company. We were at sort of 18 million in sales in 2016. We're now at about 100 million SEK in sales, and we're up to 26 design wins. We've also been accelerating the photonics business, with more or less a couple of Fortune 100 customers that has invested quite heavily, and I'm going to talk shortly about the photonics business today, but the focus is on the wireless type of business. Moving in, what's been happening over the last 10 months this year, we've added five design wins so far. We had two new orders in the vicinity of SEK 25 million for the Fortune 100s. We got our first volume order from the 5G business in Q2, which grew the company 118% in the wireless part. We also were approved for Nasdaq listing. We've also had a couple of really good partnerships around our photonics business, for example, with imec and ASML, and we're also seeing our Japanese customer moving into volume production. It's going to happen later this year. We started an establishment of a U.S. office, with this acquisition as well, we are now going to be more grounded in the U.S., of course. We also launched our latest 5G chipset focused on CPEs and that kind of applications. We also closed a contract on the silicon photonics piece in optical I/O, which is a very interesting future area. Yesterday, the acquisition of MixComm. Going into the acquisition and the background to it. MixComm is a very interesting company who've been developed since 2017, coming out of Columbia University with Professor Harish Krishnaswamy founding the company with his partners. MixComm has been working hard within beamformers, 6G, SatCom, radar verticals. We've been working for 1.5 years with MixComm with certain products, it was a very good fit between the companies, we decided to join forces. The most interesting piece here is, of course, that MixComm has a very good ecosystem network as well as local presence in the U.S. that Sivers don't have today in that way. We're going to have a sort of local presence now in Europe and U.S. and Asia. We're also seeing sort of 10-fold possibility of the total addressable market. The track record for MixComm is that they have actually a design win with a Tier 1 customer in 5G base stations, which is a very interesting piece, where we see sort of the total addressable market over the coming five, six years of $400 million, with a sort of possible estimate of revenue about $90 million. We also have where MixComm then has a major SatCom customer, where the value of sort of the orders the coming two years to $30 million, and a lifetime valuation of about $250 million. There's also a big and a customer in the U.S. around the 5G repeater product that MixComm located. We are very happy to be part of it with the major U.S. communication company who is larger than $50 billion. Together we'll increase the portfolio of design wins to 44 design wins and having a lot of different products within beamformers, RF ICs, and antenna-in-package. If we look at the acquisition itself, the total acquisition cost is just about SEK 1.1 billion, and with an earn out up to SEK 1.35 billion, where we're paying a cash piece of SEK 195 million, and which we are financed with the private placement that also took place yesterday, where we acquired about SEK 400 million into the company. Then also, the shareholders of MixComm will be now long-term shareholders of Sivers with a 12 months lock-up of 50% of the shares that will be given, and another six months, so 18 months total in the receiving support. There is some things that needs to happen, though. For example, is something called CFIUS, which is the Committee on Foreign Investment in the United States that needs to approve the acquisition. We expect that to happen somewhere in the early next year, which is sort of, we have to wait for the closing until then. There is the EGM that's going to take place within three, four weeks, where we have to approve the new share issue, and we already have the major shareholders approving that in advance. How would the new company look like when we add this together? Of course, we're now getting new offices in the U.S., and we will have the main office for MixComm is in Chatham, New Jersey, then we have an office in San Diego, which is a bit smaller. The company will have 44 design wins, be working in a lot of adjacent markets like the beamformers, the repeaters, radars and SatCom, widening our stance in that sense. If we look at the company, they have sort of been working, from the sort of Columbia University, and almost $94 million have gone into the sort of business pre-funding sort of MixComm, under Dr. Harish. That has been sort of what set them the exclusive IP licensing and the RF SOI innovations together with GlobalFoundries have come to fruition. There's about sort of approximately 20 employees and consultants within the company, and nearly all people within MixComm has a PhD, which is very impressive. There's 20 patents in the company, and they're also the only company which is part of the 5G Open Innovation Lab, funded by T-Mobile and Intel for around a millimeter wave. The pipeline of 18 design wins, is including, as I mentioned before, the repeaters and the base station and the SatCom piece. Looking at the sort of overall business model, this is sort of a fabless business model, but also a focus is of course on the wireless bit, but also SatCom others, and also future areas like consumer electronics and handsets and computers and stuff are actually in the MixComm mix here that we will see if we can show you in the future. As I mentioned, the Tier 1 is sort of something that Sivers have had a challenge to get. With this acquisition, we get our first Tier 1 into the company, and Tier 1 is the absolutely largest system vendors. MixComm's sort of high-end technology has been able to get in there and volume production will start sort of end of 2022, early 2023. Estimated value for that going 2023, 2026 is about $90 million. These are the four areas that are the most sort of biggest ones within the product offerings. There are beamformer ICs in all the licensed band. There's been a lot of work together with GlobalFoundries around the 45RFSOI, 10 years of collaboration via the university, but then later also in the spin-out MixComm. Chip scale industry Antenna-in-Package work together with GlobalFoundries. That's one of the partnerships, for example. The SatCom products is really interesting and the prototype's going to ramp and trial now under 2022. The repeaters are in the trial now with this really large company as we speak, U.S. MSO. It's developed and prototyped and all the stuff inside this repeater gives sort of what's needed, and that's made by MixComm, including the software and the hardware. Here is also a synergy actually for Sivers technology to use the 60 GHz technology for backhaul and stuff in these repeaters. Also what MixComm have been doing, they've been working on algorithms to be able to increase the efficiency of the RF part. They are working with the sort of baseband vendors, and this is very unique, I would say. There's not many hardware companies who have this sort of thing and can offer this as a competitive advantage. This is really interesting in that sense as well, so making also more sustainable solution which uses less power consumption. Here we have the MixComm executive team. Mike Noonen has been with MixComm for a couple of years. He's the CEO, have a very long background within semiconductors. He's been working with GlobalFoundries, NXP, Cisco, and has been a big help in this process with working together. Of course, Harish Krishnaswamy, who is the sort of PhD, CTO, and founder of the company. He's also associate professor in the electrical engineer department still at Columbia University, but will now sort of focus even more on MixComm. He has 20 years' experience within RFICs and RF, and a big part of sort of the research funding he's been bringing into this fantastic company. Frank Lane is also co-founder and lead of engineering, also 25 years of experience in working with Qualcomm and global companies. A successful startup experience in many capacities. We also have Arun Natarajan, who is a PhD associate professor from the Oregon State University, and part of the team up in the Oregon area. He developed some of the earliest sort of millimeter wave silicon-based arrays 24/77 at the Caltech during his PhD. We have Jay Martin, who is the VP of business development, and going to be an important person also connection to Sivers products going forward in the U.S. Jay has a background from Renesas, or previous IDT as well, and knows the silicon business very well. If you look at the synergies of the acquisition, what we're actually creating by merging these two companies is to create the leading challenger with the full stack, full spectrum major vendors. We'll have beamformers, we have RF ICs, we're covering all frequencies, 24- 86. We have repeaters. We provide modules and Antenna-in-Package. We have SatCom, we have radar and so forth. Looking at the rest of the market, even the large companies like Qualcomm and Analog Devices, they can't really cover all of this, and even the other smaller similar vendors that Sivers have been working, like Murata and Anokiwave, we are now sort of creating a main challenger, I would say, above these companies with a much broader portfolio, and taking a sort of very important position within this very interesting market. Here again, here is all the research. We have the licensed band, we will have CPEs, repeaters, base stations, satellite terminals. Unlicensed, we have everything wireless transportation, backhaul, radar, fixed wireless access and so forth. Combining two very strong ecosystems. You know all about our ecosystem with NXP and Renesas and IDT and Fujikura and so forth, and within our photonics business, we have IMEC and so forth. What our friends at MixComm bring to the table is, of course, the partnership with GlobalFoundries and actually becoming an owner of Sivers in this transaction, Richardson RFPD, which is a very strong distributor all over the world with many people that can work and deliver technology and partnerships into a lot of places, also Xilinx and SiTune, modem vendors, modem platform, OpenRF, as we talked about, they are part of that OpenRF for handset manufacturing, Open Innovation Lab, and Rohde & Schwarz, and some nice suppliers. This is sort of building on what we talked about before and building this out. We're now getting into sort of 44 design wins, and most of those sort of top design wins here we have from MixComm. It's really interesting. We have sort of a couple of them coming out, and we're saying like 16 are now getting into volume in the coming 12 months, with eight of them from Sivers going into volume quite soon, and then under 2022, we're seeing MixComm coming into volume. That is really interesting, and especially MixComm with some sort of larger customers here who are creating a really interesting market. Looking at and going into the sort of major design wins here. The major tier 1 is sort of MixComm inside, becoming Sivers inside now. This is sort of a base station. They have typically sort of more almost 60 beamformer ICs. The solutions for all the mmWave bands, so the 24, 28, 39 planning ramp sort of late 2022. Looking at sort of the potential sales here, over the sort of TAM or the total addressable market, it's going to start in 2023 with a sort of $71 million and going up to $151 million, growing quickly. The total TAM is about $435 million, since we can't mention the name of this Tier 1, but most of the tier 1s sort of have a larger than 28% market share. That will sort of be an estimate of about $90 million over this period from 2023 to 2026. These are numbers and estimates from Mobile Experts. We look at the repeater project, which is also very interesting. There has been NRE development and funding, we expect even getting more into this. The repeater is built on coverage, much lower cost than a base station. MixComm has an array, and they built this software as well into this with Xilinx modems, and the trial is conducted as we speak. I've seen pictures of the trial going on, and that's really great to see. Gen 2 NRE funding expected in 2022. Full system design with deployments with partners. Potential sales in this is around SEK 10 million for this only customer. Of course, there could be other larger vendors who wants to use this technology. Of course, putting backhaul by Sivers inside in the future in these boxes, is also the next step, hopefully. As we look at this overall TAM in this market, it's about SEK 83 million from 2022 to 2026. This is one of the larger customers in that sense that can go there. Adding it together is about SEK 519 million in TAM in this. If you look at the SatCom customer, there are two projects there, and they are very close to delivery now and also getting payments on this. They've also been delivering the current beamformer ICs in smaller volume so far to this project, which is now under usage and test. The NRE of about $2 million, that is coming into the company shortly now as well, I think in Q4, but there will also be more NRE next year in the vicinity of that. Expecting to have around 1,700 of these kind of beamformers per ground terminal. That's a lot of chipsets, and the volumes quickly become large when we are estimating SEK 30 million from 2022 to 2024, but a potential lifetime for this kind of product could be up to SEK 250 million over that longer period, 10 years. These three, together with this is sort of the rollout now that Sivers has with the Adtran. Adtran just released three new customers, and we're seeing more and more customers adding on. After this pandemic now, it's starting coming and going more into this. Adtran, they're working in 68 different countries with Tier 1, 2, 3 service providers and cable MSOs. It's really exciting now to see this rollout and Sivers is almost a year ahead, I would say, with hardware compared to MixComm in that sense, but MixComm also have some really large customers in that sense. Another customer that Sivers has today is Cambium, which is also now starting to roll out, and the first trials are happening as we speak. Cambium is another large company. They have 17,000 network operators as their customers. They have 10,000 channel partners that are selling. The big thing here with these things is not if you look at each customer, they could be a small one to a larger one, but the total together makes the volumes large going forward. Another customer that Sivers has is this partnership with Blu Wireless with evo-rail, where we really have this connectivity with connecting from base stations along the train tracks. The called track to train, where we can connect the trains with the 2 Gb in the front and 2 in the back. We can have possibly 4 Gb at the same time connecting all the people on the trains, and then possibility to use Netflix and Wi-Fi on the train. This is a broadband for the train, and it's been tested and run in 200 kilometers with latencies below 1 ms and so forth. This is a really interesting product. Oops, going the wrong way. This is another customer, which is doing something completely different for Sivers. Doing what's called a WaveTunnel, where they actually can have cable replacement instead, in the market, where the cables, today are 100 megabits per second. We can get 1 gig here without pulling out all the cables and changing them. According to Airvine, who is the customer here, there is 5 million buildings in the U.S. that needs recabling. This could be a very interesting product even if Airvine is a smaller startup. The synergies, again, the broader customer base and complementary base, we de-risk the revenue ramps and so forth, having 44 combined design wins. We will be able to leverage the strong existing GlobalFoundries partnership. Since Sivers is working with GlobalFoundries, our latest chip is built in GlobalFoundries in the same fab. That will go cost, quality, time to market, and accelerating design wins and leverage that is really important. Overhead costs, that is of course an important piece. Positioning of the design wins across all areas with industry-leading companies. It's always hardest to get the first tier one customer, and we can leverage that now and hopefully win more in the future. Also the global market presence. We have had this lack of market presence in the U.S., not maybe being perceived as a U.S. company. This definitely changes this, getting new investors in like Kairos, who is one of the main investors in MixComm, is going to be very important for the company going forward and get a footprint also in the U.S. Merging these two strong challengers together, we create the space between the large companies and the competitors where we can grow and win market shares. Looking at the expected new shareholders from MixComm, we're going to have Kairos at approximately 9% ownership in Sivers after the closing. Kairos is a company we invest in groundbreaking start-up and research directly from the universities and support spin-off and invest in them. We're really excited to work with them and also seeing their possible them entering into our board, Todd here, which we are looking forward to. Harish is also, as the founder, one of the largest shareholders going forward. He's going to have 5% and going down. Total, that's about 19% of the shares, including GlobalFoundries, Columbia University, will now be owners in Sivers after the closing and the six years and all of that. The share price has been decided on a sort of a 10-day VWAP, so that's the closing price, and that's the same way we closed our share issue yesterday. Looking at the pro forma figures, MixComm is in a phase just before the big rollout, and it's a good phase to do a merger in, I think. The sales has been just about $1.3 million for the first quarter of the year. We're also, of course, seeing with all these design wins going forward that this is just the start of things. Also a few words about our photonics business. There might be people online who hasn't heard about us before. We have a III-V compound semiconductor fab up in Glasgow focusing on indium phosphide, gallium arsenide, and gallium nitride. The indium phosphide is where we've been most successful, I would say, and there we do products in fiber to the home, fiber into the data center, optical I/O. As you heard about, sensors, that's where we've been very good lately, winning Fortune 100 customers with quite some investments. Another project we're very proud of being part of this silicon photonics, optical I/O with Ayar Labs. They are changing the world in the future here when we sort of getting to the wall on Moore's law and now sending light within the computers and CPUs and GPUs is sort of the future here. Many, many companies are working on this to get light inside of the computers rather than electricity. You will save up to 90% of the electricity or the power consumption by using this technology. That we are really in the forefront of the technology, also in the photonics business. Here, something that you actually can see why and sort of underpinning that is that we've been working now for three years with a very large Fortune 100 and invested almost $11 million into a new sensor that we are expecting to go into volume here in the future and start building pilot lines. We also have a second Fortune 100 customer, this is really important. The Sivers company here, we have a long history in being an approved vendor with large companies. MixComm is a bit of a younger company. Sivers has been around since 1951, MixComm since 2017, with long history within the universities and so forth. Here, we can also bring this approved vendor list and all of those things into this and support the future growth of MixComm. Also, together, we're creating a very strong, sustainable future with cutting-edge technology. As I mentioned, Sivers and silicon photonics with light is saving a lot of energy. We're also building state-of-the-art modules, reducing power consumption. The sort of core algorithms for the digital pre-distortion that MixComm has developed will definitely reduce the power consumption, as well as the groundbreaking technology in the beamformers with one of the highest efficiencies in the market will create a very strong, sustainable company. We will definitely work here in the future to become a green designator on the Nasdaq and work hard on this side as well. Nine strong points of the merger. We have 14 design wins, 16 now coming to market within 12 months. MixComm has this really strong, close ties to GlobalFoundries, where most of our 5G business is now conducted, and that's going to be extremely important to keep on building on that. I've talked to them, and they're very happy to see that we are joining forces. We're increasing the total addressable market tenfold. Best technologies in the world now, we're collecting them both into the same company with beamformer ICs, RF ICs, and really covering all licensed bands. Very strong IP portfolio. We're bringing in a lot more patents than Sivers had ourselves in the 5G business, 20 patents. We'll have more than 30 patents in the company in general. Algorithm and repeaters, we didn't have that before. That's going to be a strong point in this. Strong presence in EU and U.S., which is really, really good. We're also adding 20+ millimeter wave PhDs into the company. Strong distribution with the partners Sivers have in Asia and customers and ecosystem, but also Richardson RFPD has done a fantastic job building the sales pipeline for MixComm, and we're very impressed what we can see also beyond the design wins and design-ins and so forth. There is a large pipeline with very interesting parts, like, for example, getting into handsets and that kind of stuff. Also working strongly on the photonics and reducing energy consumption and being a sustainable company and pushing on that as well. That was my presentation. We're actually on 30 min here, and we are now open for questioning. Please feel free to put any questions in. If you had to choose one main reason for the acquisition, what would that be? I would say, it's hard to choose one because there is so many, but if I can say two at least, of course, now, getting in to having the best beamformers and the best RFICs in the market for millimeter wave, it's really strong. We've had the beamformer and MixComm have actually been better than us on doing that and winning this tier 1 customer. That is a very strong point. The other one is, of course, the GlobalFoundries part. Working close with them is going to be a game changer for us as well. Has MixComm any chips for smartphones? Yeah, that's what they're working on and how that's going to be possible to get into consumer electronics in the future as well. Yes. How big will the approximate cost base from the MixComm be per year? I don't have that in my hand, actually. There are 20 employees. They are fabless. A couple of million per employee is from my head. Will Sivers MixComm continue under separate brands, or will you rename and rebrand the companies? Yeah, we will rename MixComm into Sivers, and it will probably be worked on as a business unit within wireless or a business unit with parts of the value chain here, like in beamformers and SatCom and so forth. How much money is in the bank did MixComm have at the time of the acquisition? A couple of million dollars, of course, as usual with these acquisitions, that is cleared out when the closing happens. The money in the bank will be what we brought in now. We brought in SEK 400 million. We had SEK 120 million before, then we're going to pay the cash piece of this. You can calculate from there. Is this your main step into the U.S. market, or are you still looking at establishing more presence in Silicon Valley? No, we have already one person in the photonics business. She's working very close to and lives close to San Diego, where the MixComm office is. This is the actual main step in that way. We are now getting offices on both the East and the West Coast, which, it can't be better. What's MixComm's burn rate? That is something we haven't shared, actually. Can't share that. Will you count in MixComm in this year's results? No, probably not, since we are waiting for the six-year closing. That will probably start from the end of the year. How many staff has MixComm during 2021? Good question. I haven't counted them that way. I know they have 18, but I have to come back on that. How much does acquisition strengthen the company in SatCom, and how is the complementary your fixed wireless access? In SatCom, of course, this is strengthening us, giving us directly one really very important customer. We're seeing a lot of other customers out there that's moving into this. You have Kuiper with Amazon, you have Starlink, you have a lot of things. That's going to strengthen it very good. The other thing, the complementing for the fixed wireless access, of course, is that the larger base stations with the 50 type of chipsets for beamformers will now be connected and work somewhere in the license band for us. How do you expect the revenue scale up for the expected revenue for MixComm? I would say that for the coming year, that's when things are going to start scaling up, it is a bit back-heavy, I would say, for 2022, for example. In 2023, we're seeing really large. Do Sivers have any plans for listing the stock in the U.S.? Not currently, you should never say never. How is MixComm's chips unique? Yeah, what MixComm have developed from Columbia University and the patents and so forth, there's a lot of different things, but one thing I can mention is stacked PAs, where they're using that to get really high output power in these beamformers, and that is a really important piece for beamformers for SatCom as well as for base stations. Also, they've developed some really low noise figure LNAs for SatCom. How do you feel about Xilinx or SOC? Is that complemented your tech? The Xilinx, that's more of a partner in the sense Xilinx today have stuff on the sub 6 GHz, but in the millimeter wave now, we're becoming also a partner with Xilinx via MixComm. Do you see any immediate cross sales between Sivers and MixComm clients? Yes, of course. For example, I mentioned the repeater product. We definitely can quite immediately get the 60 GHz product in there. Will you rename brand MixComm? No, that will answer that. Will you, Sivers and MixComm, create a new chip with combined technology? Maybe not combined, there is a lot of IP from the Columbia University that could be used in the future chipsets that we're looking at, like the 802.11ay and so forth, in the 60 GHz band as well. There are things we can do on that end. MixComm foundry partner is consistently losing money. Does that concern you? Not per se. They have been trying to get to that. They are now doing an IPO to fund the company really well. I'm not concerned in that sense. Technology in Sivers and MixComm possibility for cooperation, where do you see that today when you can build a product together? Any concrete plans on this? The product we can build together is the repeater, now short term, then longer term. Sivers team also worked in RF SOI, and that. We can use design engineers in many different areas. Are MixComm the beamformer in mass production status? Yes, the first one is so, and is used today in, that's the SUMMIT 2629. FD-SOI is being used for the smartphone in the second generation. It's still on your roadmap. Let's say it like this, there are FD-SOI, which is quite interesting, coming out of GlobalFoundries. Let us come back to that. It seems like the combined entity covers a much broader tech space within millimeter wave than large companies like Qualcomm. Should investors be worried about the future CapEx need to keep the pace with larger companies? I think in this way, we are very focused. The reason that we can do this is that we now have probably one of the largest millimeter wave development teams with a lot of PhDs, three different teams, one in Gothenburg, one in Stockholm, one in Chatham, and people also in San Diego and so forth. That is creating a possibility to do things in verticals. Being fabless, the CapEx is not especially high in that sense. What evidence do we have that millimeter is actually going to be deployed at scale? Verizon has been pulling back. That's not really true. If you listen to what they're saying, they're still talking about quite large developments, they are doing rollouts currently in many positions. The data I just showed you, for example, from Mobile Experts, they are really well-positioned and talk to all the big tier ones and getting the data in. Verizon is not pulling back. Most of the world is going to start rolling out, even if European companies are a bit behind so far, we're going to start seeing that as well soon. We don't have any more questions right now. I like to thank you all for listening in, and thank you for that. It's going to be TV, I think an interview here around 9:00 A.M. in the morning. Thank you very much for listening to this. I wish you all a great day, and goodbye.