Good morning and welcome to this first quarter 2022 webcast for Sivers Semiconductors. I am Anders Storm, I'm the Group CEO, and I'm gonna take you through the quarter and a lot of information about where the company stands currently. To give a summary of the quarter, we're growing quite well, almost 100%, getting in on the net revenue of SEK 27.5 million. We have also closed the very transformative acquisition on MixComm, which we think is developing really well, and we'll tell you more about that. We also in Q1 had our sort of largest order, year to date, and also in general for our 5G, technology, so a SEK 2.1 million order from the customer 8devices. We also started a partnership with Sanmina for developing of 5G. We also started a partnership with MaxLinear, a respected large US blue-chip company on point-to-point links, and already have the first customer on that technology. Also introduced a 360 coverage metaverse module together with a South Korean company called Kreemo, where we see a very good development together with them in general. To summarize the quarter, as I said, almost 100% growth on revenue, best quarter we had so far in revenue in the company. EBITDA also improving quite well, plus SEK 6 million compared to last year, much driven of course by sales. Also looking at adjusted EBITDA, and that is something new we've actually introduced from this quarter, where we're looking at the numbers in a bit different way because of sort of share price is affecting share options and stock options and so forth. Hence, it's better to have an adjusted EBITDA where we can see a positive now to SEK 2 million. Or we look at the EBIT numbers, they are actually a bit lower. However, what we need to look at now is that since MixComm came in and also under IFRS, we actually have to write off the acquisition. That's gonna be about SEK 45 million per year over a 15-year period. So that effect was actually about SEK 4 million now than the PPA effect actually in this quarter. We're seeing a very positive move here and adding MixComm to the company is extremely important for the company. If we look at the segment reporting, wireless is growing quite heavily, 244%. Photonics is growing also with 54%, which is quite good. Notable is that both hardware and NRE sales is growing. A lot of the NRE sales is affected positively by MixComm, and we also seeing a very positive future in NRE for this year when things are easing up and customers are getting more and more interested in investing again after the pandemic, specifically in the West is now easing up quite a lot. We're still heavy in Americas. North America, almost 70%, Europe 20%, and Asia 11%. We've been around those numbers for quite some time. Of course, this is why it's so important to have feet on the ground now with MixComm in the U.S. market. If we look at the significant events, the acquisition of course as I mentioned, the SEK 2.1 million order. I talk more about that. I talk more about the Sanmina stuff. We also talk more about the MaxLinear and then the negative information that came out with the New York Stock Exchange company that design win we lost, and also the Kreemo. Let me first start and iterate why we think that Sivers and MixComm is such a good mix together and creating sort of the challenger in 5G and millimeter wave SatCom and other applications. First of all, summarizing up the company now, we are 137 people as of Q1. We have 42 PhDs. We increased a lot. Most of the employees in MixComm was PhDs. We still have very strong investors in this institutional side as well as private ones with Swedbank Robur Ny Teknik, AMF Pension Fund, AP3, which is a large Swedish pension fund, governmental pension fund. Our cash position is still strong with $60 million in cash ending the quarter. With this then we can see that we have the Swedish, we are 46 employees, and in U.S. we are 20 approximately, and in Scotland we're about 17. That ends up in 137 employees. We're still at a very healthy 43 design wins within the wireless business and a lot of other design wins and so forth in the photonics business, but now also adding SatCom and radar into the mix on the wireless part. Reiterate again that we're getting some of the best technology in the world when it comes to 5G beamformers, already customers on that as well. The tier one customer we've been talking about, which is an important part there, where MixComm has been working for a long time. We have a SatCom customer that's putting orders already. We're seeing NRE from them. We're seeing a lot of movement in SatCom in general. This is a very extremely good move for us when it comes to NRE in the future. We also are moving more and more forward in the repeaters, have very exciting things happening there, as well as the algorithm that ties this together to make this sort of a more stickier application for O-RAN and other applications. Then, of course, we have the Sivers offering still, which is really strong. We're probably one of the market leaders in the 60 GHz unlicensed 5G bands with most customers, more than Qualcomm, I would say, in that area. When it comes to infrastructure, also on the antennas, we're really strong, and adding that technology, even if MixComm had a lot of antennas, Sivers have more antenna knowledge and been working with that a long time. We also have the beamformers, but MixComm had a better solution on that side. Then, of course, system platforms and so forth. All in all, this put together makes us sort of ticking most boxes in these areas, including, of course, photonics, which is a very strong, sort of offering in itself and looks really interesting for the future. Even Qualcomm and Analog Devices cannot really support all of these features. I'm looking at our sort of, more near competitors like Movandi and Anokiwave. They, they're covering parts of it, but not in the same way as we are doing. This is, like, giving us a very strong position. This is exactly where we want to be as a challenger below sort of the really large companies. This gives us a wide product portfolio where you can use our. Even if we don't have sort of hundreds of different products in the wireless part, we still have a few products, but they can be used in many different applications. Everything from SatCom terminals to satellites in the future, everything in the licensed band from base stations, home units like CPEs, hotspots, repeaters. We need to add here also the commercial consumer electronic type of devices now with the partnership with Cremo and metaverse. On the unlicensed side, we are in everything from fixed wireless access, backhaul transportation, track-to-train applications, and so forth. There's a very wide part that where we actually can address a lot of things. This makes us very good position for the future and seeing positive movement in these areas. Also strengthening our partnership network with adding MixComm into the mix with companies like Sanmina. We also now recently added MaxLinear. MixComm is working with baseband vendors like Xilinx and transceiver companies like SiTune. GlobalFoundries is an owner, or was an owner in MixComm, is now an owner in Sivers. Extremely important for us. The Open Innovation Lab and OpenRF parts with the handsets parts is something that we're adding. Richardson RFPD with their very wide reach, and we'll come with more information what's happening with Richardson quite soon. If we go into some of the design wins then, this gives us our sort of first 5G design wins with the major tier one that has started sort of designing products and in the selection phase for that. This is really important, and we're seeing a good movement here. The first purchase for products has been done, and has been building prototypes in Q1. When it comes to repeaters, a really large Nasdaq company that is a sort of communication company have bought the repeaters, done NRE projects. We've done testing in Q4 2021, went really well. We're now expecting getting to the sort of second phase of this. Here we also see with the repeaters, possible future backhaul licensing, unlicensed spectrum, and more. Completing this with everything in our portfolio makes us very strong in this area, and this is where we want to go in the future. We have a SatCom customer, which we already or MixComm had a $2 million NRE with. We're going to see more coming from them in the future, I'm quite sure. These are very large sort of arrays where we actually have 1,700 pieces of equipment in each and every terminal. There are even at fairly low volumes, there are great volumes to be had in this market. This is a very exciting partnership with this customer, and I hope to come with more information. They are a bit secretive, but come with more information, who they are and what we're doing with them in the future. We have Kreemo, which is sort of we've launched a couple of solutions. The next step which we're working on now is to get into the antenna in display, where they have very cool technology, where they're actually making the antenna on a display. If we can get into that, we can also open up a completely new TAM in the sort of consumer electronics market. Which is of course something that we have not calculated on whatsoever, before we had the acquisition of MixComm. The MixComm integration project is going very well. We expect to share our new organization and set up and everything before summer vacations. There is a lot of work ongoing. We have 10 sub-projects delivering things. As you can see, new things is coming up on the Cerus webpage about them. We are working more and more jointly. We will go to the IMS show and have the same booth, and all of those things are now getting into place. The more sort of formal statement on everything and how the new organization within Sivers will look like, it's about to get ready for before the summer. We also have very good start with U.S. focus here. I've actually been to the U.S. three times myself just over the last six months. Came back a couple of weeks ago. Things are really changing over there. There is much less sort of worries about the pandemic in itself. Actually, I could fly and be all over California in a lot of customer meetings without any masks anywhere. You can go into the big companies without masks. You can go onto the flights and everything. Things are really changing, and we feel this is a very positive vibe. Specifically, companies starting to dare investing again and getting out of the pandemic, which is good for future design wins, good for future NRE, which has been sort of very hampered over the last period. Also, the partnership is sort of really important, as I said, with GlobalFoundries and RFPD, and there will be more information about that in near term. Adding Kairos Ventures onto the board has been a great addition. They are adding a lot of value into the company, and we were just over meeting all of their investor base in L.A. on a very big event that they had for all their companies. There are over 50 companies that they have, and Cerus was actually one of the first exits that they did. That was a big event, and meeting all of that and getting into the institutional investors in the U.S. understanding the semiconductor markets will really change the dynamics for Cerus as a company as well. Getting the understanding, for example, of our photonics business and the potentials there is much higher, I would say, in the U.S. Mentioning, for example, the same week we were in L.A., our sort of customer, Ayar Labs, just got $130 million from Intel, NVIDIA, HPE for the future of optical I/O within computers. Of course, they understand these things much better in the U.S. and in Silicon Valley than we actually do here. This is a very important move for us. If we look at other significant events, our first order from 8devices came in. It has been sort of still hampered by technology around that sort of clock buffers, crystals and all of that, which makes it still that we are sort of not possible to sell too much beginning of the first half this year, as we said before. However, we're expecting acceleration and customers are working really hard to replace components and these sort of very cheap, small components that creating problems will make and help us. I think actually, which is a bit strange, the overall slowdown in the economy might help us in the sense that if people are not buying so many cars and the automotive industry is slowing down and we're getting some sort of recession, which is good in that sense that the component issues will ease up, and that would help us in the sense that the technology we are selling, like 5G and connectivity today is like water and electricity and even more important maybe. Even if there is a recession, people will still keep on building and getting connected. The lessons learned from the pandemic is that people want to be connected, people are still working more from home. This is a trend that will keep on growing. If we look at the MaxLinear partnership, really important for us. MaxLinear is a great partner in this. We can for the first time, sort of offer 10 gig links on these frequencies on licensed band. We have already an ongoing working customer. We're seeing first orders late this year on this. Even it's a very new product. We just recently delivered the first new sort of units for this kind of product to the customer a couple of weeks ago. This is an interesting partnership that can develop in an interesting way forward. Going to the lost design win. Of course, this is not fun that it happened, but these kind of things happen. It was a sort of a long-term for our next generation products. Pandemics and technology risk and everything delayed things and the customer's customer wanted the product early 2023, and our customer could not deliver on that, and hence had to sort of redo and rethink the project. It is now on indefinite hold, but you never know if it's opened up, and we shouldn't count on that right now. On the other hand, for us, when we won the order, I think we had about 16 customers in general. Now today we have 43 customers. We have Photonics on top of that. I mean, the loss in itself is not so harsh as people might think in that sense. But we keep on working. We have other customers, of course, on this technology and a big interest on the same technology, and we are driving forward to deliver that still in 2023. Again, there's been some discussions if this was sort of a lost order in itself. It was a lost design win. The order, there was no order in itself. It was an estimate on future revenue over a three-year period that we talked about. It's very important to understand that it wasn't the order that they could cancel in that sense. It was sort of more of a NRE project that they could cancel in that sense. The partnership with Sumitomo, they are a very big supplier to some of the largest tier ones in the world. Having this partnership is quite important, providing design, packaging, assembly, test services to sort of verify that Sivers is a company that can deliver the sort of integrated beamformer, system-level package. The solution is sort of based on the MixComm SUMMIT beamformers and ECLIPSE antenna package and so forth. This is quite important partnership, since Sumitomo is so large in this area, and it moves us into a new position with some of the tier ones we working with. The Kreemo Vektor metaverse module was actually shown in Barcelona. It's optimized sort of for to be able to send in all directions, which we haven't seen that kind of modules before using the Sivers 28 GHz beamformer, which come from MixComm. The next step, of course, which is maybe even more exciting, is to get into the antenna and display technology we're talking about for mobile phones. All of this is sort of on the path to that, and working hard to also be included in that type of technology. Looking a bit on the Photonics and customer update, but I also want to give you sort of a broader update what like the Photonics is. Here with a deep focus on the InP100 platform, which we now are sort of gaining ground on in many different aspects. We've been to different fairs and we can see a very good pool and new customers coming in on the platform. Of course, you have the optical communication, and there you have the subscriber who use the data center. The data center, there you have the data racks, and you communicate between the racks with the transceiver. You also communicate within the racks with the sort of Ayar Labs and arrays in that. You have the sort of optical communication in that sense. There is a lot of quite a big market here that has been around for quite some time, and we're really working now to get into volume production in the next generation technologies here. It's the optical sensing, where everything from smart cities, smart factories, smart healthcare, body environment, and so forth. The sensors can be, you know, in phones or watches and so forth. All of this is based on silicon photonics and integrated circuits where we now are really strong and we're quite important. The same thing also for Ayar Labs. There's also silicon photonics, which is important. You have everything about self-driving cars and LiDAR, where you need autonomous vehicles, you need to have LiDAR systems, and it's actually connected, of course to other. You use radar, LiDAR, or cameras and so forth. Then you build a LiDAR module, and in the LiDAR module, you have our laser chips and which we now see is of course autonomous vehicles are a bit in the future, but we are going to see a quite interesting market, I think, going forward. We're seeing a big interest for our indium phosphide platform in that sense. To give you sort of an understanding of how large this market is, of course, optical communication is already a very large market with the current solutions. But getting into the next generation solutions with the terabit speeds and that kind of stuff, that's where we're working with Ayar Labs. We can see a really large total addressable market there, and that's gonna be very important for us going forward. Another thing is the optical sensing and sensors where we have the Fortune 100 customers today. Also a quite large market, but I think the overall market there is very new, and the use cases we are in is probably not included in the overall TAM yet. We think that it's a sort of conservative as well as LiDAR, where we sort of at least calling it dual development, like that's a very small market in TAM wise, but we can see, you know, over time and only from possibly one customer, a much larger SAM in the market than the TAM here for you. Just to be clear, this is actually the indium phosphide chips in itself. This is not a system market. This is the first time we sort of have drilled down and used dual development to get sort of a good numbers on the indium phosphide lasers themselves in applications. Of course, as I mentioned, that is part of the telecom, datacom, 5G, optical I/O, and all of those things in the optical communication. In the sensing, you have the industrial sensors, smart factories, gas sensing. You have the wearable healthcare, which is interesting, and environment, smart cities, and medical diagnostics, and so forth. This is a market where we have some customers. Then in the LiDAR market, we also have customers, and that's sort of the autonomous LiDARs, industrial LiDARs. We also see other type of LiDARs actually in consumer electronics, closer to that at least. All of these things are dependent on sort of a growing standardization. CW-WDM MSA, a long acronym for sort of a very important standardization organization where Sivers actually has been invited, and we are among the top 10 promoter members for this, which has sort of put us in a way quite good position with companies. As you can see, we are slowly adding customers here from this group. You can see Ayar Labs here. You can see other companies in this picture that we are working with and like imec and others as well. This is really an important step for us. Of course, standardization brings two things. Number one, it eases up and makes it easy for a mass production market. It also brings in the possibilities of first source, second source, and third source and that kind of thing. When we're winning customers here, we should expect that there is some first and second sources and so forth, especially now with the supply constraints in the world, and people need to think about that. At the same time, there's a really large TAM in these markets, and we are going to address them and, of course, working and trying to be the best here to be the first source in these applications. This is sort of both an opportunity, but also we need to understand the dynamics in this. We are, as I said, in the heart of the standardization. If we look at the Fortune 100 customers, we've been working with them now for quite some time, as we said from the beginning, this is a two to four-year project, invested, you know, $10-$12 million up front, the first Fortune 100, which we've been working now over three years. Of course, I mean, in the normal circumstances without the pandemic, this is the time it takes. It's still hard to say exactly when we get in there. We have great progress, and the customer is very happy with the technology. We are expecting more NRE to come in and before the possible volume phase, but still there are very good feelings and positive feelings. We're also seeing, at first, some positive movement in the second project now, but it's still in research phase and very early phase. I hope we can come back on more on that. Now it's actually the first time you're seeing that they are sort of moving into next direction. We're also progressing well with other Fortune 100 companies and we hope and see it very likely now with the changes in the market that we might see new projects with Fortune 100s going forward. The no-name customer, which had a SEK 5.3 million order, and it's a US-based one. We're seeing great progress. We're expecting more NREs, maybe smaller ones than this and so forth. Might not be press release even, but we are moving ahead with this customer and it's a very exciting market, where we hope to see volumes going forward in the future from something like 2023 and forward. Talking about Ayar Labs, as people have seen, there has been a partnership with Ayar Labs. As I mentioned, first source, second source, third source. Lumentum is also a supplier MixComm there today. We are sure that there will be companies around this, but we really see that overall, this is gonna be a huge market when it happens. We're very happy to be part of this. The announcement now that Ayar Labs had on the 26th April where they got investment from NVIDIA, Intel, HP, I mean, it's ridiculous actually, which fantastic company Ayar Labs is here, and they're creating and changing and moving, you know, Moore's Law going from electricity to light in computers in the future. We're really happy to be part of this, and we're really working hard to deliver on these things this year for our product pipeline and so forth. imec is part of these things. We're working with them as a partner. We're really happy with that. It's going well in that sense. Maybe sort of imec is not our customer in that sense, but they are an important partner to be able to realize things in telecom photonics. In general, the same thing goes with GlobalFoundries then that, which is the supplier to Ayar Labs, and GlobalFoundries is now an investor in Sivers. All things tie together, and our strategy is moving in the right direction. Looking at these things, to give an example, I already mentioned that. Optical communication, I mean, for example, we have Ayar Labs there. In optical sensing, we have the Fortune 100 customers. In the LiDAR, we have customer X already. All of these things are covered. We are getting into good position everywhere. In LiDAR, we're seeing more and more customer interest as well over time. This is quite exciting times for our foundry indium phosphide 100 platform. Looking at the wireless business, the global component supply constraint has of course been there. There's been shortages in these quarters. We're seeing an ease up after the redesign and from August timeframe, we have positive feedback from customers where they can see that they're getting more components. We also see a positive pull for new NRE products now within U.S., within Europe and especially in the SATCOM area where a lot of investment now goes into the next generation systems. It was exactly the right time to acquire MixComm to be part of some really large possible projects here. There are, however, also if we look at the war situation in Ukraine and Russia, there are two customers in Russia that we are not allowed to supply anything right now, not even product data sheets and so forth. They are on hold. There were no larger revenue coming from them in any way right now. We have to see what happens with this. I'm hoping for a swift peace in that part of the world, of course. To reiterate a bit on the 5G side, we have sent 10 design win customers that now have 20 ready hardware products. We hope to see more of these orders then in the second of the year when things are easing up. Hopefully, like Blu Wireless now can start rolling things out, for example, in the track-to-train industry, when the pandemic is easing up. We have and as you're seeing already devices, we're seeing Airvine moving ahead with their product as well and so forth. In general, we're very positive now. We have 43 design wins. We're working hard to bring them to market. Design wins from MixComm, like the SatCom stuff, like the Tier One customer in 5G, they're also seeing that they will move into some sort of pre-production, volume production during the end of the year and early next year. More and more design wins coming in. We're hoping to have sort of 16 customers ready by the end of the year, moving into new volume going forward. If we summarize things, we had a great Q1, good growth. Things are moving in a positive direction, even if it's actually affected in some way by the shortage of components even so. The transformative acquisition of MixComm is going along really well. I'm very happy that we did this acquisition. It's going to change a lot what we do and how we work in the U.S. with technology partners, everything. Very important step for us. First order showing that this is not air. We are getting orders for 5G, SEK 2.1 million. That's really good. Partnership with Sanmina, maybe more important than people understand connecting to Tier 1s. MaxLinear, very important partnership. We can see other things with MaxLinear. We have a very little overlap with what MaxLinear are doing, and I think we can do a lot of things with them in the future. Increased interest in NRE projects, increased willingness to invest. This is what we're seeing, and are very happy to see this now in the market. Cremo metaverse will be some of interest. Getting up into consumer electronics in the future on the 5G side would be a game changer. Nothing of that has been sort of in our plan before, and that's part of the strategy and opening up the TAM for more possibilities. We still have a good cash position, SEK 156 million in cash ending the quarter, and feels like a good position currently in that as well. Thank you very much for listening. We are now moving into the question piece. As usual, I have this little window here, but I'm gonna try to answer questions. I'm gonna have a hard stop at eleven because I need to go into the interviews with Redeye and others, this afternoon. Let's start. New design wins has slowed down a lot. How does it look in the front? Yeah. As I said before, we are really moving in a good direction there, and we're seeing a change now in that, definitely. Do you think you are still a CEO three to five years? Where do you think Sivers is in three to five years? I mean, that's a question you should ask the board, I think. I want to say I want to build this company. Sort of the target that we have mentioned is, of course, that we want to be a large cap company. That's where we want to go with Sivers. Anders Storm, your earlier presentation named SatCom, that it will be mentioned. Yes. As I said, they are a bit secretive. I hope we can get more information about it, when it comes to these things, it's always difficult. We are really trying to share the name. What date are MixComm fulfilling the earn-out? Yes. As stated, it's up to nine-month period from closing. Closing was in February, so there is still some time to reach that target. How does the Fortune 100 partnership look like? Yeah, I think I've talked about that already, and the pilot line and so forth. As I mentioned, we're probably looking at more NRE before that will happen. Okay, now I have a very long question here. Let's see. Are you still going to buy stocks in the open market, or are you satisfied with the upcoming share saving program? I mean, I am still going to add shares when I can. We are sometimes locked up, but I am looking to add shares, definitely. Are there reasons why you haven't got a new bigger order from F100 because you were satisfied with your product? No, there is nothing. We have been working. They are satisfied with the product, but sometimes it takes time for technology to mature, to get in, and they need to do things. We have a pandemic. I think we're very satisfied about that. You are signaling last summer, autumn that you hope for pilot during spring 2022. What are your timeline now? How are you on it? I'm not sure if I mentioned any timeline, but we are working on it. They are happy. Not much we can do until sort of we're moving past all what they need to do. We are still on board. We're hoping to get more volumes from them in NRE as well. Would you very much like to have more about MixComm tier one, tier SatCom customer? Yes, I think you already heard about that. We will, of course, give you more on that as we go along. Do you see volume orders from Ayar Labs this year? I don't think volume orders from this year. I think earliest next year, in that sense. It's of course hard to exactly say in these parts. Do you think Cerus will go to large cap? I mean, I can't talk about that in general. The target is to get there, in my mind. How, I don't know when. Same question again about me buying stock or not. Nice to see positive development in NRE. Can you elaborate a little around what and who and what products it's made up for? Yeah. As I mentioned, NRE is connected to the SatCom customer mostly, and also the repeater part. So a lot of it is actually coming in from MixComm, who have had a good pipeline on that lately. Customer SatCom again. Can we expect actual sales revenue? Yes. I mean, we are getting revenue from the SatCom customer, and we are expecting even possibly volume orders before the end of the year. Could you speak on the adjustment OpEx levels? Which quarter is there anything in particular that driving this down versus first half 2022? I mean, in a way, I think there has been an overestimate by research in the cost level, and we have been really good at having synergies, but I can't really go into all of that. I think the synergies MixComm and Cerus, we will share more about that in sort of an official press release and how we are driving down OpEx and also CapEx due to this. Personnel costs were down significantly versus Q4. Other external expenses were also down despite MixComm acquisition being completed for the half. How could it bring that operating expenses? It could be to the one-time effect we had with some pension in Q4 you're looking at. I think you should probably compare Cerus and more on a year-to-year basis than on Q4, possibly. That's my guess. That's what's sort of affecting that. Should we be thinking about operational expenses Q2 and onward versus Q1, given the consolidation of MixComm? Yes. We are seeing sort of that. Let me come back, as I said before, on the future of the OpEx and so forth, within the information of when we have done the full sort of merger in that sense. Could you shine some light on the progress with your Fortune 100 customer? Yes, I think so. I've done that. NRE has overcome every third quarter of this, but this has been four quarters since the last one part were done or any other reason. No, there is no more reason than pandemics and investments are being delayed in general, and people have been scared about that in some sense, and technology needs to mature. There is nothing strange about it. We expect to see more NRE coming in in the future. Can you elaborate a little on how you have absorbed MixComm into Sivers? I think especially on the role, so MixComm known on [Jay] right now in the future Sivers. Yes, [Jay] and Mike is definitely part of Sivers in the future and let us come back on organizational things there. We're not very far away from sort of officially announcing that. On the NWC levels, would you expect a recapture of outflow in Q2 NWC? Net working capital. I'm not sure about that acronym, so sorry. Okay, moving on. Have we seen any large ramp-up in volume sales from the big American customer? I'm trying to remember. What can we expect in volume sales orders? Yeah, I mean, we don't go out with sort of expectations, but as we have said, from second half 2022, we hope that all of these customers will get into a new sort of level and not have the constraints that they have. Are you seeing MixComm working with the new raw materials such as GaN, silicon on— Do you view these materials as potential for the company? No, we are not seeing GaN and silicon carbide in the millimeter wave area. There is more, some 60 GHz. There are some GaN applications, but we really think that RF-SOI for the applications we are using is the path to go. Can you say about the need for capital in the company if you don't see more sales during the next coming months? Do you need a rights issue immediately or? I mean, we, as I said, we have SEK 156 million in the bank today. We don't see immediate need. We are a growth company, however, and with the very exciting news and stuff happening in the future and push from investors, it might be that we will bring in more money to the company. We are sort of not in any way needed or pushed to do it in any short term. What sort of integration do you have for MixComm? How do you plan on working together, et cetera? Yeah, we'll come to that. MixComm will be highly integrated into Cerus Wireless. How have you received an interest in acquiring Cerus as a company? That is nothing I can comment on, unfortunately. Can you shine some light on the work with Ayar Labs? What is the potential business model for you regarding the in-package technology? Yeah. So the business model is that we are selling laser arrays, 32 to 64 array. And that's quite expensive chipset that will be part of inside the computers in the future. Will Ayar Labs award design wins to the, for example, Cerus Photonics, Lumentum, and MACOM future product? I mean, I would say we already have a design win in the sense that we are designing a solution for them, and they are paying us to do so. We already sort of in a way designed in and are working on that. Of course, things can happen in the future. The potential in the market is quite large. Will Ayar Labs potential customer like, for example, Intel decide which supplier they will go with? No, I don't think Intel are the ones who deciding. It's Ayar Labs who decide, and they have decided to work. Currently, they're working with MACOM with the standard product. They are working with the sort of other products with us and Lumentum for the future. I don't know about MACOM going in there, but that will be first, second, and third sources, as I mentioned. Do you think a Swedish NATO membership bring up new opportunities and extra clarity for Cerus in the tactical field, the wireless products, for example? Yeah. I mean, we have made a clear statement now that we're leaning towards the West, and we're not working too much in China or like in Russia in that sense. So I think that could be that sense. We're seeing a big interest in the Blu Wireless product for tactical vehicles, for example, and also MixComm receiving $98 million via the Columbia University and Professor Harish over the years from DARPA. To that kind of investment, it's much more possible now with MixComm being part of Sivers. You are saying the understanding for Sivers is much bigger in the U.S. than here. Are you thinking about putting the stock on the U.S. market? That is a potential in the future. However, it is time-consuming. We already spent time moving up to the main market here in Stockholm now, and I think we need some time to stay there and work on the business and focus on the business firstly and not sort of list the company. I don't think we need to list it in the U.S. per se either to be able to have U.S. investors. How does the inflation affect Sivers? Will you be able to transfer the higher cost to your customers? Yes. I mean, we are doing that in a sense. Electricity bills and inflation are always there as a factor. We have to renegotiate the product as anybody else do. So far, I think, the customers have accepted. We have increased pricing to the customers, and we already did that from Q4. New designs have slowed down. How does it look in the front? As I said before, we are expecting now with the different kind of people are ordering more and design wins will increase going forward as I see it. Any update regarding the pilot line? Yeah, that was the same. What does progress for your Fortune 100 work mean? Yes. In general, I mean, I mentioned that there are several Fortune 100s now, and the progress, as I already talked about, there are already two customers. We're also seeing progress in the data center, Fortune 100. We're also seeing other progress with Fortune 100. We'll come back on that. I think there is a lot of opportunities with our Indium Phosphide 100 platform. The new sort of fairs we've been to have had a very positive effect on possible business and meeting those customers. I think you have to wait and see what we deliver. If you look at the statement, it seems that your working capital has increased a lot after having decreased your operating liabilities. Could you elaborate on that? Yes, I think, I mean, the working capital in the sense here, and I should have had my CFO with me now to elaborate on these things. But it is a lot of things that is happening now, of course, with the acquisition of MixComm bringing that into the company. That kind of changes are attributed to connecting these things together in everything. Will you be one, two, or third source for Ayar Labs? That is not settled yet. We working and want to be first source, of course. Let me see the time now. It's 10 more minutes. Anything to share with us regarding the strategy, how to ramp up volumes production for F-100 customer? I mean, the strategy is still the plan is still to build out capacity on the pilot line and then duplicate those into a new fab. Then possibly, if the volumes are extremely large, looking at sort of outsourcing, maybe Taiwan or other type of things. Taiwan is not the right anymore depending on the global situation, of course, but that kind of things. According to Cambium's latest interim report, where of course they are giving forecasts to their chip suppliers, can you confirm this? Is this the case and you start to see similar forecasts from your other customers? Yes, we are getting forecasts to our chip suppliers from Cambium. Absolutely. There are a mix of things, and I can't talk about certain customers here, but there are a mix of customers who are not ready yet to give forecasts. Will we see reorders this year from Ayar Labs and Cremo, or do you expect them? Not reorders from any of them. I would say, prototype ordering only so far. Is there a competitive situation between ADTRAN's own products and Sivers product in the ADTRAN offering? No, ADTRAN is a customer, and work for CCS, so they are a system vendor, not at all a competitor. If things are following the plan and our customers start ramping up in H2 this year, are you ready to handle the volumes in all areas? If not, what is the current plan, how to handle it? I mean, we have built up working capital and chipsets to be able to deliver. It's of course very hard to say, and we don't have the full forecast yet from everybody. That's what we're expecting to see further growth in this area. It's hard to say, but at least it's going to be a good problem to have if they ramp even more than we believe. On current timelines, units are already in stock in-house, I would say. As referred to the cash outflow related to operating liability. Oh, okay. With big cash drain this quarter. Yes, of course. I mean, we have had a big cash drain, of course, due to the acquisition, due to cost of a lot of different costs in the sense, when it comes to people around acquisition, operational costs for buying, working capital, putting into new things and investments in that sense. There has been a bit more. I think the swing back, it will both in the sense, of course, not that kind of cash flow out as we've seen in Q1 due to the acquisition and also looking at overall growing top line, reduces our cash flow, of course. We are seeing, of course, a positive view on less cash out over the coming quarters than definitely compared to Q1 due to the acquisition. Would imec customers design a SiPh photonics device using Sivers compound like the design win for Sivers Photonics? I'm not sure. Like imec themselves are not sort of a silicon or the design win in the way, but they are sort of an enabler of getting design wins like Ayar Labs and others. I hope that explains. Do you think that the Sivers revenue will grow quarter by quarter from now on? It's a good question, and I don't give forecasts, but given the sort of aggressive future we have, that is sort of a thing we of course want to aspire to, in general. Then in the company are seasonally affected in that in some sense. Year-on-year measurements are still more fair to look at, I would say. Do you think this would be a sort of a share issue or direct share issue in that sense? I mean, I don't think we will do any sort of direct share issues, or do any share issues directly to the shareholders in that sense. We haven't done that for quite some time. We don't have a reason to do it either. In that sense, we have a good cash position. If we do any share issues in general, it's all about connecting it to a very positive news, and that we have people that really want to get into the share, new owners or something like that. It might happen, but we're not forced to do that currently. Are you first source with Ayar Labs? No, we don't know when who's gonna be that yet. Do you have any relationship with Apple today, and would they be interested in your products? I can't really comment on customers or non-customers we haven't. I would say in general, for sure, our technology would be suiting Apple very well in many different aspects. That's a possibility. Will we see large revenue from the photonics leg? Yes. I think that we've sort of been working on sort of changing the product portfolio. I think that when it comes to growing revenue for the photonics business, I think 2023 and forward is sort of when we'll start seeing that we can sort of reap the fruits of all the work we've done in the silicon photonics part. Technically, when to use RFIC and when to use beamformer IC, separate converters. Yeah. RFICs are more highly integrated and usually will be sort of used in applications where you don't need so much output power, or applications where you are, like in the CPE or a smaller micro cell or whatever. Beamformers actually then you can actually use them all the way from, in, you know, a handset, where you actually want to have a separation between the beamformer and the converters, and also on the larger base stations like the T1 we're talking about. It is a bit of different places where you actually will be using that. Actually, questions were out. Now we have three minutes left, but I think by that we have actually finalized the webinar for today. Thank you so much everyone for connecting and listening to the webinar today. There will be more interviews and stuff today coming out from.[d]Thank you so much for tuning in today. Bye Bye.