Good morning and welcome to this webcast for the first quarter 2023 report for Sivers Semiconductors. My name is Anders Storm. I am the group CEO of Sivers Semiconductors. I will take you through this report. We had a very strong quarter with net sales almost SEK 60 million at a 113% growth. This is actually the second quarter in a row with the exact same 130% growth, it's actually the second year in a row with growing more than or equal to 100% year-over-year. We've had a very great quarter in general. Great collaboration with, for example, Intel and WiSig and demonstrations in Mobile Congress as well as the GigaTribe meeting. We had a five-year order, about SEK 6.5 million from new customers coming to hardware general availability. We also had a very good demonstration of our Mobile Congress of NXP reference design for base station together with PureSoftware. In this quarter, we had the OFC meeting, which I will talk more about with Ayar Labs demoing four terabit with GlobalFoundries and SuperNova Ayar Labs solution. We also joined a collaboration of 85 companies in seven states in the northeast of U.S. to address the possibilities to get funding from the CHIPS and Science Act. We also closed a new deal in satellite communication with Thorium Space from Poland, about SEK 20 million. We also just after the quarter ended, closed a direct share issue, SEK 150 million, with some really great large institutional investors. All in all over the last six and a half months, which is supporting this growth and the future growth we have, we've had orders about over SEK 240 million from the last six and a half months. If we look at the numbers a bit, again, great revenue increase. Also the Adjusted EBITDA improved by SEK 5.6 million. It is very important here to understand the results of Sivers to actually look at Adjusted EBITDA because of some of the effects that are sort of bridging between EBITDA and adjusted, which is very much connected to non-cash items. That is actually connected to the share price. If the share price goes up, we have to accrue for personal costs and if it goes down as well, on the other way. This is sort of an effect that is not affecting the company, but it's actually affecting both EBITDA and EBIT in that sense. That is of course affecting EBIT as well, which came in minus SEK 13 million compared to last year, which is also connected to the same as well as the increase in impairment and amortization and depreciations, about SEK 10.6 million, which in total affects sort of the EBIT by SEK 19 million in non-cash effect, which is removing that, we're actually have a better EBIT than last year and are improving heavily in bottom line. Another effect that is not sort of seen actually in the numbers is actually that we are increasing our NRE and reducing the R&D capitalization by SEK 9.4 million, which is sort of showing an even stronger EBITDA that is seen in the numbers because this is now customer funded rather than funded by the company. Looking at this EBITDA bridge, you can see that the Adjusted EBITDA came in about SEK 6 million better than last year. This is connected to long-term incentive accruals, and this is of course calculated on the stock options that are outstanding. Last year when the share price went down, compared to the +25% up sort of in this quarter, there's a SEK 8.4 million difference in accruals from last year which has to be changed. Then we had some restructuring costs where we have been working really hard on sort of right-sizing the company. In that sense, we've gone from 130 people in the end of Q4 to 116 people. Comparing to last year, we actually had 137 people. Actually the result is much better on that sense if we look at the Adjusted EBITDA compared to the non-adjusted, which is a negative effect here, which is not really showing the great results we have. These are effects that will be there all long-term incentive programs has this effect but has no cash effect. If we look at the segment reporting, it's also been a very strong quarter for wireless, growing 235%. Photonics is also growing with 29%. Overall, wireless is now the biggest business units with 64% of the sales. North America is actually going down a bit in percentage due to the sales to the SATCOM customers in Europe, which is now 63% of the sale. The sale in Asia is quite low, only 4%. That is sort of a macroeconomic decision in some way to sell more to the North American and Europe base than others. If we look also at the outlook we did for 2023 that was announced in the interim report in Q4, we are still, of course, seeing a very big benefit of all the customers and orders we have. The net sales growth for 2023 is forecasted to be at least 100% and net sales growth may, however, vary somewhat between the quarter and so forth. We also foresee with these savings we've done and everything that we will get to a positive Adjusted EBITDA during the second half. We're still working on this and with this report we're even more confident that we actually will get there of course. If we look at this quarter-over-quarter growth, we can see very clearly how we started moving in the right direction in Q3. Really started moving in Q4 and now in Q1 that is also confirmed and this is a record quarter over the last period here when it comes to sales. Also adjusted EBITDA is improving. As you can see in the future here that we will get to a positive adjusted in the end of the year is the target. If we look at the overall net sales growth including 2023's forecast here, we actually have gone from about SEK 18 million to over SEK 265 million then for this period. We have had some challenging periods in 2021 of course based on the pandemic. Now we're seeing a really good effect on all the hard work we put into the company. If we look at the significant events a bit more in detail, we can sort of talk about Intel and WiSig, which was a very important step for us for the Indian market. We received orders about 5G which I will go into as well, the coalition as well as the Thorium Space order. If we look at the WiSig thing, we got an order in December from them for some hardware which has sort of started to deliver in the first quarter as with SEK 3.2 million. This is in connection with the partnership with the Intel baseband and in general for the joint work in India. Great success with this in Mobile World Congress. I'll talk more about Mobile World Congress a bit later. We expect this to turn into volume orders for a sort of a very exciting large market that we see in this area, and not only in India. In the latest G20 meeting in India, we see also large interest from Asia and African countries to get this technology as well. WiSig also recently got funding from the government about SEK 50 million to drive these kind of things. There's a huge support for WiSig and via Intel to do this. We're very happy to be on this train. If we look at the orders that came in total there were three new customers that went into volume and put this order in. Airvine is one of them, which is sort of a very interesting new technology we're part of, and I'll tell you more about that in the next slide, what they're doing, and they're really advancing things. Good to see that Richardson RFPD, our distributor, has added two new customers who is part of these orders. If we look at Airvine, the WaveTunnel that you can see up on the right-hand side, that is the technology for indoor backhauling for technology that you don't have to have cables anymore in the walls. Most cables are actually category three or five cabling. Here you can do gigabits instead of 100 Mb. They are really rolling this out now. They have alliance partner like Axis, Dell, RUCKUS and others. They have distributors now more and more in the world. Lately, they just signed up in Mexico. They are really going worldwide in this market. It's really good to see that our technology is now rolled out and here we provide both the chip and actually also some antennas lately that they were... have bought from us and not only using their own antenna technology as well, which is exciting to see and I think we'll see more and more of this company, really interesting product and new market that is building up. The coalition between the 85 companies in the U.S. is a sort of a roughly $1.6 billion over the next five years that to boost the sort of regional hubs across U.S. This is one of the hubs that's sort of asking for funding. The focus areas, this is on quantum, 5G, 6G, AI, hardware, electronic warfare and so forth. The coalition includes companies like Nokia, Ericsson, GlobalFoundries, Raytheon, and Sivers of course, and the state of Massachusetts has proposed sort of a $40 million in matching of fund to support this proposal. of course the 40 million is a matching, it's not the full funding in itself. There will be more money of course coming into this. it's going to be see to be exciting how much funding Sivers could have here in this coalition. Thorium Space, a very important sort of second interesting customer here. The project has already started. We expect the whole like sort of SEK 19.5 million here to be invoiced during this year. this is of course beamformers for both ground terminals and space side terminals. of course, this is just the first phase of the project getting to prototypes. In the next phase, we really also see possibilities to get funding and payments for getting these things in qualification and so forth, which is a larger and bigger project also when it comes to space side technology. If we look at this market in general, both ALL.SPACE and Thorium Space here could be part of this new flat panel market, which has been sort of the big technology change and shift here that Sivers provides to beamformers and other technology too. The overall market here is something like SEK 50 billion, which we are sort of hoping to see that maybe these companies could sort of get about 20% of that market share, which is about SEK 10 billion over the coming seven years. We've just received in Q4, which we have orders for, about SEK 18 million pre-series volumes, which we haven't started delivery yet. It's a bit delayed, but we assume they will be delivered in Q3, so that will boost the sales of hardware as well in the short term. As I said, this is a SEK 10 billion market for us that we could sort of actually address and with this customer, there's a big chance that we actually can be part of. At other significant events that happened, we had our direct share issue, SEK 150 million. I talk more about that. We also published our annual report. It's really in-depth. I can recommend you all to go in and read it. It's a lot of pages and a lot of information about the company. Also another thing that sort of will affect the future more, which the reduced headcount and right sizing we have done and started doing already in Q4 last year, will now start having effects from Q2. We're going from 130 - 116 in the end of this quarter. The effects will be seen in Q2 and to support sort of getting to a positive EBITDA in the second half of 2023. If we look at the funding, it's actually a funding that will secure sort of SEK 250 million on top of the rights issue or the direct share issue I mean. There was SEK 150 million and we had some really large institutional investors coming in new into the company here. The Second Swedish National Pension Fund, the third and the fourth. The third was in before a little bit, but they increased their ownership. We also saw Sivers Funds with a couple of funds within their company coming into Sivers. Serpentine Ventures from Switzerland, which is a very technology-focused fund. It's great to see. They did a really deep due diligence of the company and came out as a shareholder, which we're very happy to see. Including these changes, we are at about 20% the shareholding, including the index fund from institutionals. We have seen some uptick in institutional shareholding also from index funds lately. For example, Handelsbanken have over 3 million shares there. We also secured a loan from a business bank for SEK 50 million and also another junior lender for SEK 50 million, which we're sort of almost finalized those loans. There's just small things to close. With all of this, we are then sort of getting rid of the convertible loan we've had with one other lender lately. This is sort of giving us a very good path to profitability and giving us the funding to also drive all of the new products we have and very positive outlook we see. We can also see, sort of the interest in the Sivers share has really gone up and the volumes have over the last sort of four months been quite high. In that sense, we also had about SEK 50 million in April, which is not on here. We think that this is really growing. We're seeing other markets like the Cboe Global Markets and ITG POSIT also taking a bit bigger market in the volume, which is interesting to see. It's not everything is not sold via Nasdaq only. If we go in and look at the other updates, again, as you all know, we are in the business units, we have sort of wireless and photonics. We still have sort of 60 customers in those areas ranging from Fortune 100s and so forth. We are addressing a very big market, which has a sort of a $10 billion TAM we can address. We also, now as we can see here, we are sort of 116 employees from now on and with 28 PhDs, and we also have 21,000 shareholders in the company. We're growing sort of the shareholder base as we go. Of course, talking about the megatrends and why are we then sort of the market is quite challenging I think for many companies right now, but why are Sivers not challenged by this? There's a couple of things, of course. First of all, we are in market that are sort of megatrends that will go on independently what's happening in the market right now. These megatrends are really driving everything, and driving our revenue. Everything from high-speed broadband, both in wireless as 5G and data center applications. Satellite communication of course, which has been a very big driver lately. Having all of these different megatrends behind us is sort of taking away the risk of being singular in one point here. Autonomous driving with LiDAR, silicon photonics, of course, with Ayar Labs and other customers around this, like the Fortune 100s, this is really important. As well as augmented reality and VR, AR and sort of consumer electronic devices where silicon photonics is used, for example, is a really, really important step. Again, looking at the total market here from all of these verticals is very large, and I think we've sort of 10x'd this with the company over the last couple of years. We have a big total addressable market to achieve. Also with not yet being fully in the hardware sales in the company, but we are addressing a new market. We have no market really to lose compared to many other semiconductor companies that are struggling now with big inventory and so forth. We don't have that problem. We have actually an open greenfield market and a blue ocean to address here, which is quite a good position to have in a market that is going down in general where we are actually accelerating our sales. Which is really, really interesting is that our biggest customer, the Fortune 100 in the photonics business, is actually doing really, really well. As I'm writing in the CEO word, we have been growing sales again in Q1 compared to last year to SEK 11 million compared to SEK 9 million. We also got an order for sort of some substantial volumes now for qualification and system tests, which we'll be delivering Q2 approximately like SEK 4 million, something like that. That is sort of a very important first step to take this sort of to volume, of course. In total now we're including these things. We're up to SEK 152 million invested in this and this is really, really interesting for us. We've also sort of been working on the RFQ that we sort of won in this, and they're asking for something like 1,000 wafers per week, which is about 50 million units per year, which translates into a sort of SEK 120 million sales for us for chipsets when this comes into volume. Often we get the question, "But with these kind of big customers, can you really have a good margin?" The margin we calculate on here with everything in place and the contracts we have, it's about 27% EBITDA margin, which is quite good, I would say. This is getting more and more interesting and we're getting more and more bullish on getting this to market and very happy to see all of this. Our major tier one system vendor that we got with the acquisition from MixComm, this is rolling on still. They have had some delays because they changed the sizes of the race. The first build was done and we will do the second build in this quarter that we are in right now. This is multiple chips. It's not just the beamformers from MixComm, it's also the PLLs and other things in there. We have a very interesting future here to see and we can get this to market. Another thing that's been moving ahead now when the pandemic is over is track to train applications. There's been build-outs and there's gonna be more build-outs by evo-rail. Also recently, another company who's been working with Blu Wireless called Nomad Digital, have recently won the Caltrain fleet for the new electrified trains they have. This is gonna expand from San Francisco to San Jose. Of course, being part of the internet connectivity in the world for one of the most high-tech parts of the world and coolest trains, this is gonna be very, very interesting for us to be part of. Of course, having Sivers inside here is a huge step. This is very positive for us to see that the technology is holding and is being rolled out in more places, and I think we're gonna see more of this in the future as well. Another thing that really is supported now is, of course, DoD applications and Blu Wireless as well have been working really hard on this for quite some time now. Recently they've been working on and showing a new product, which can be used on sea and ship and military applications there between ships, and they get the 3 Gb per second between the fleet which is out on the sea. As well as, same type of solution that we use on the trains that you can put onto military vehicles, where you can have sort of a local network and connect and share information. These are sort of very ruggedized military technology, which is also used on the trains. We will see more on this coming out as well in the future. Blu Wireless have done a really good job here in the DoD market as well. We're also seeing Cambium putting in both orders and getting rolled out now in Australia. This is one of the latest customer company called Pentanet, who we started rolling in Australia for the 28 GHz 5G stuff that Sivers do. We're also working on the next generation 5G technology with Cambium Networks. Cambium from their Q1 sort of report, they're talking about switching to this and it's a really big addressable market for them. Both 60 and 28 GHz, where we are in the 28 GHz. They see a very important part here in the wireless business and residential market, as well as the enterprise access and backhaul. Of course, the Rural Digital Fund, which has been very delayed in the U.S., there's a $20 billion opportunity for rollouts on for sort of this kind of technologies. If we look at the Mobile World Congress and there is a big insight article on our homepage, but been working with both Intel and NXP on this, there was 88,000 attendees from 200 countries and YC again, and us demonstrating these things as well. We had a visitor from very prominent visitors from India, from the C-DOT, the Chairman of C-DOT, as well as the Secretary of Department of Telecommunications in India, Mr. Kanta. This is why we are very, very positive and seeing this move in India, for example. Overall, we had a lot of meetings. For example, the contract with Thorium Space was sort of discussed and planned down there and then late signed. The market is also for satellite communication in the Mobile World Congress is increasing and is now an important place to be also for satellite communications. We look at the OFC, which the optical conference, which is one of the biggest conference, and we had our own demonstration, but also demonstrated with Ayar Labs and showing 4 Tb of data for very advanced optical, high-performance architectures for the future of AI. Looking at this, we had sort of the 4 Tb demo with the Sivers array, which is sort of an eight-inch array, eight array. This is actually, you know, really revolutionary how you can build out these solutions rather than having the old way of doing it via electrical I/O between the GPUs and CPUs. You can actually here connect direct via silicon and light between the GPUs, getting 4 Tb and 90% less power consumption, which is a huge importance, of course, for sustainability in the future. You can see here in the lower picture here, which is really important, you can actually mount the red small laser straight onto the silicon, and that is sort of where the silicon photonics comes into the picture. This has not really been able to be done before, but now with new technology, we can do this, and we can actually show that it works. This is sort of miniaturizing this. This is putting this into a new type of market and gives sort of everybody a possibility to move into this revolutionary technology and Sivers with our sort of indium phosphide lasers here, and patents on how you do this connectivity between the silicon and the photonics is very important. Another partner that was also there that's doing the similar thing is imec and ASM AMICRA, who also is sort of having this flip chipping of the dice and so forth. Here you can also see the waveguide patent that we have, how you connect this laser onto it. All of this, both of these company has sort of drawn in a lot of new interest from other big players and Fortune 100 customers, where we can show this now in a really demoable technology. We expect to see more on this in the future. How is this market going to develop? If you look at the optical, the sort of the pinkish color here, we're going from sort of a 5 million optical I/O for high-performance computers in 2022 to sort of 2.3 billion in 2023... 2033, I mean, that is of course a huge development. This is going to be sort of a market which is more than 10x over the coming years later on here. Being the supplier currently, the only one that actually can supply these kind of arrays to Ayar Labs is quite interesting. Also having a look at what's happening in the SATCOM industry and why is it going so well for us there. Here you can see the CEO of ALL.SPACE together with the CEO, Steve Collar of SES, which is sort of a satellite company who is shooting up the O3b mPOWER satellites right now. They just launched with the SpaceX 9 satellites here on the 29th of April. All of these satellites are sort of high-standard satellites, so to speak, with a really good performance. They also need ground terminals to really use this effect. That's where sort of ALL.SPACE multi-beam satellite comes in. If you wanna read more and hear more about this and how this works, I recommend looking at our Capital Markets Day from September last year, where the CEO from ALL.SPACE tells you all about how their solution works and how important Sivers technology is for this. I mean, we are delivering hardware right now. Here you can see this, the satellite terminal here, and we are sort of a lot of chipsets in each and every one of these. We're developing both the next generation and new chipsets as well for this. This is where the sort of SEK 18 million order is going to go into in Q3, for example, to build more of these. This is just the start of this interesting journey. Summarizing the last six months and the outlook for 2023, I mean, we have got SEK 240 million in orders. I get questions around sometimes, where are the orders? They are here straight on paper. These are orders, nothing else. We are delivering on these orders, as you've seen in this quarter. We also have sort of multiple orders and really good traction with the Fortune 100. SEK 157 million so far. First delivery of 30k ship now in Q2. Partnership with Intel and so forth is really gonna sort of give us a very good position in the India market. All of this with positive growth of 113% in Q4 and Q1 now, we have and we expect still to grow, you know, 100%+ for the year and get to a positive EBITDA in the NRE. We are really bullish on this part and seeing a very good outlook, and we've seen the last six months were positive. If we summarize the quarter again, I mean, fantastic net sales growth and the growth story continues. Collaboration for the large market with Intel again. New customers coming into hardware. We will see more hardware sales also the second half of the year, which is important. For example, the SEK 18 million from ALL.SPACE. We also have the high performance computing, which will be an important part for AI in the future with Ayar Labs and GlobalFoundries partnerships. The 85 companies coalition, we've seen a new order from a completely new customer of about SEK 20 million this quarter. Of course, we have secure funding now, which is sort of getting us to where we want to be in the future here with positive EBITDA and so forth. All in all, very positive and I'm very happy now to take us to the Q&A. Let me open up here and see how we can get into the questions here. Okay, let's start from the beginning. Let's just delete some of the answers on the sound here. Let me see. The US-based customer for customer photonics devices, LiDAR, anything new, or you're still confident it's still matter of when and not if the photon? Yeah, we are confident. We are working with the LiDAR customers as we speak, and I think we'll hear more about this during this quarter as well, which we see a positive development. Are you still confident in the matter of when and not about the Fortune 100? Yes, we are. The order equivalent of 3,000 lasers array ship, will that be delivered in Q2 for Fortune 100 number one? Yes. I mean, that is for the product we've been working on over all of these four plus years and of course, to get them into production. This is an important order in that sense for us. Is this order in the book for Q1, or will it be sales in Q2? It will be for Q2. If Fortune 100 number three, any improvements or news? We are working with them. No sort of news on that right now that I can share, but I think we are working on it and hopefully we'll see movements. Any improvement or news on Tier-1? Still silent. Anything new? Tier-1 I've just talked about and mentioned as we did in the presentation. Let me see. The 30,000 laser share, so that we delivered to Fortune 100, does it connect to the first customer project or is it new projects? This is connecting to the project we've been doing now for four and a half years, as I said. We're getting closer, as I said. Hopefully within two years, there will be this volume production, and this is part of getting there. Regarding growth target of more than 100% this year, and your comment that growth may vary between quarters, is it fair to assume that Q3 will be the weaker from NRE perspective due to summer holidays? Yeah, I mean, that's one point it could be weaker, but it's more of a hedge in the sense that sometimes, for example, if we have the SEK 18 million order now and we're gonna ship an order like that out the door, and if that is shipped the first of a quarter or the last of a quarter, that could be sort of affecting the whole quarter. That's why we need to have that caveat in that sense, because there could be, you know, quite big numbers when it comes to hardware that's shipped out the door. It could be sort of varying due to that. Regarding the RFQ for 50 million units, have you any idea on the split between emitters and detectors and how many units of this consumer electronic product the consumer expect to sell annually? There is an annual volume of 50 million units. The split is of course 50/50 because there is one detector for one emitter. What is the reasonable timeframe when to expect pre-sales volume for Ayar Labs if they select Sivers? I would say somewhere sort of early 2024 and thereabout, first half 2024. We're working on a contract right now to secure how that will look like. When are volumes for the different wireless customers starting, Fujikura, Tier-1, India? I mean, we already have volumes for hardware that we sell, but as we said before, when it comes to the 5G stuff, it's been a bit delayed, so it will be more connected to the second half as we see it, and of course from there on. You still have very modest hardware sales with Rising. Can you elaborate a little more how do you see development hardware sales with this going forward? Yes. I mean, we have, and that's connected to the delay of 5G, but also like the hardware sales for SATCOM and others coming in later this year. We will see an acceleration of hardware sales going forward in from the second half. With the guidance in mind for 2023, does that affect your press messages according to how high they have to be, approximately SEK 5 million? I mean, no, not the, not the forecast per se, but in general, the Nasdaq is guiding that if the order value is 5% on your yearly net sales, then that is affecting it. Of course, with growing net sales, we don't have to send out press releases every time we have small orders, basically. Can you tell us something about the interest of your five-year sales in India? Do you know how it's going for Rising in the discussions with telecom operators? I mean, it's going really well. The interest is really big and India really likes the sort of made in India and they have several ongoing discussions with customers. Have you got any design wins during the last quarter? If so, within which business areas? I mean, we talk a bit less about design wins lately because of the overall sort of discussions on design wins before, it has had sort of a bit of a negative name to use. I mean, for example, Thorium Space is a design win, we don't talk about Thorium Space as a design win anymore. Talk about more of the orders and the actual things that's happening rather than if someone just chooses our chipset. We talk a bit less on that. We talk more about how many customers we're engaged with. How much will the decline in employee account to in lower cost in the coming quarters? Yeah. I mean, you can always talk about sort of an average employee cost overall is about SEK 1 million a year, and I think that can give you a guidance on how much less sort of cost headcounts has is affecting. 5G agreement, August agreement that was paused. Any news on updates? Will they continue the project? 5G agreement. There was very long back a year ago an agreement, but I'm not sure which agreement you meaning here. That is not sort of paused in a sense. It's sort of canceled, terminated in that sense. There is an opportunity that that project might come back if that's the project you talk about. That we haven't talked about really. Have you noticed more interest in EU Photonics since Rockley filed for bankruptcy? Good question. Hard to say. Rockley was in a very small niche. I think already, well, like things that they were working on, we were working on in that sense. We have, you know, a surging interest for Photonics. If that has to do with Rockley or not, it's hard to say. Regarding your collaboration with MaxLinear, can you tell anything? Yeah, I mean, we working with MaxLinear. They have had some delivery issues with their baseband when it comes to stock and so forth, we're still working on that. Can you tell us anything about when any income is expected from your end trends into the India markets? We already income, of course, from the NRE project that we won last year. When it comes to hardware sales, I think that will be start seeing maybe late this year or early next year. Again, regarding aiRadar, has there been any sales that we can expect from this going forward? I think aiRadar is sort of a very specific customer here that's sort of doing very cool things, but I don't think we should see them as any of the sort of huge incomes for Sivers in the future either. I don't think we should look at that as any sort of big income in that sense. Any status regarding sales on eight devices? Yeah, we've been selling the numbers we have. No update on exact numbers there. Gross margin, why the step up? When are more normalized levels on 60? What driving the personnel decrease? Yeah, I mean, there is of course, when looking at the cost of sales and COGS and so forth and driving the number and looking at them, I think it's fair to say that when we're driving NRE, that is not sort of ending up in COGS. I think there is sort of the numbers needs to be looked at that there should be sort of a headcount numbers also, not just COGS in those numbers where that you compare right now. I think the percentage is probably where it's been before on hardware sales, but it's gets shown in a different light when there's a lot of NRE. What's driving the personnel decrease? The personnel decrease is driven by us right sizing and of course, being able to, with acquisition of MixComm, to find the sort of better solutions for the company in that sense. Synergies basically. Are you balancing growth investment with cost control? Yeah, I mean, we are of course trying to invest in things that we really see will get us to profitability, and we will control costs the way we've done, and with the synergies we have, that's really a positive that we can see now. When you acquired MixComm, you guided for $70 million in sales over 2024 from their customers. Do you believe you are still on track for that? Yeah, I think so. I mean, the big thing here is of course that MixComm is now very highly integrated into Sivers Wireless and the part in the big deal we, for example, have won with ALL.SPACE is of course connected to these numbers as well. That also is coming from sales from old Sivers Wireless. The exact numbers and where we are, we are not tracking that exactly. I think there might be some small changes to that number. Overall, I would say with the growth numbers we've seen and the expectations for keeping this growth going, we should not be sort of surprised if we are getting close to that number. With the layoff in Sweden employees, is it an indication that focus with the wireless segment is shifting from Sweden to United States? No, I wouldn't say so in that sense. It's just sort of a way of looking at how we've sort of right-sizing the company, and I don't think it's a shift. I think we still have a really good strong base. And we have some numbers reduced in the U.S. as well, I would say compared to last year, if we look at the numbers. It's an overall shift in everything to save cost. You've been speaking about other space customers when you have been announcing by name. Are any of those unnamed space customers large companies in the sector, or are they at Thorium size? I think that there are much larger companies that we're talking to in the space industry as well. Thorium is a bit smaller in general, but it's still an order of SEK 20 million, even if they're small, which is a sort of some of the largest order that Sivers received. When do you expect the hardware revenue in wireless to really ramp up in contrast to the NRE revenue? I would say in 2024, I think we'll see a lot of ramping. We'll start to ramp in the end of this year. To your knowledge, are Apple the only one that works with more monitoring blood glucose levels on smartwatches? I'm not sure. I think Rockley had some work with Samsung as well, for example, but I'm not sure. That was the secret in the Rockley that wasn't coming out, so there could be more companies doing that. Will the collaboration with Ayar Labs provide any income sales with 2023 to Sivers? Are there any updates on where Sivers are delivering it? First source, second source, or similar? I would say currently we are as a first source, it is Sivers that is the company they demo with. They talk about us and GlobalFoundries together and not so much others. When it comes to income, we working on projects right now to get to the next phase of that project together with AR, which will give us income as well as them starting delivering hardware and finalized qualification in 2024. We'll see 2023, but more volumes and stuff 2024. The bigger volumes comes a bit later for that part. Will there be a Capital Markets Day in 2023? Yes, that's the plan. Probably sort of of the summer, sometime in Q3 as we usually have it. What is in the process of RFQ with F-101? What's the next step? Basically the next step now, I mean we are more or less selected as we see it. The next step now is for them to get the chips and qualify the solution and the system design, I think. Then the next step will be to sort of agree on how this volume production and everything will be put in place, which we have said before that like six-nine months away in that sense when we hopefully will know more about that. In Q1 report, there is a section regarding our first Fortune 100 customer. We have also received an order from the same, okay, that seems to be same, or is the looking at the sentence does not mean that they have ordered approximate 30 laser chips similar to the ship of Ayar Labs. The, or is this order value equivalent to 30,000? No, the, they have ordered a number of wafers, which will turn in with, be approximately 30,000 chipsets when they divide it, and the order is for Q2, and we will deliver them. That has nothing to do with Ayar Labs. This is a different product. Is this for a new product or the same product that you have been working on for two years? This is for the old product we've been working on for many years now. Let me see. Any news from PureSoftware about deliveries in Q2? No news on that. Specifically we'll come out with news when orders are put in in that. Do you think if we talk about pilot line for the Fortune 100, more info in six months or to build factory? Yeah. We hope to get this information within the coming six months, yes. Do you still believe in F100 deal? Yes. There is one large Fortune 100 company that files patents quite often where they evaluate technology that could utilize your type of lasers. Are you certain about the number of projects that your F100 have been evaluating your lasers for? Yes, I would say we're quite certain about some of the projects, but we don't know exactly what they're doing, but sometimes we have to guess. We for sure have, you know, with the RFQ and the numbers some insight. Will the WiSig sell outside of India? Yes, as I mentioned in the report, we think both Africa and Asia in general would be interesting in this and maybe other places as well. Time for deploying WiSig Intel, that is, end of year, early next year, we think. Will there be orders from Ayar Labs? I already talked about that. When we'll know the name of the F100? I don't know if we ever will be allowed to, but if it will happen, it will be probably connected to if they make an investment into building fabs and stuff, then we have to announce it. Otherwise, I think they would like to stay private on that, unfortunately. There's certainly interest in photonics when speaking with, which year will the actual hardware sales? I think from 2024 we start seeing it, but I think that the real hardware sales is from 2025 and forward. How does it go for the plans for the F100 together with GF or how should that be paid? I mean, we are looking how we will fund it. You have the Chips Acts in Europe, Chips Acts in the U.S. We have, we'll probably have a contract and of course we want the contract on it. I think it could be funded with different ways. Yeah, it's a good sort of problem to have. How's it going with the third Fortune 100 customer? Yeah, we're working on getting updated order on that. We have no new information right now. Do you think there is interest from other companies to buy Sivers considering the advanced tech process? Yeah, it could be, of course. When will the Cambium volumes come? We constantly have been selling small volumes to them, but they have been sort of slow in rolling out. As you saw now, the first customer in Australia is sort of moving, hopefully we'll see more of this the second half of this year. How is the Cremo product doing? It's doing well. They've bought some chips, they are doing sort of testing with different customers. Will you inform when the bank loans are secured? I'm not sure actually. Might do. It has not been decided. It depends a bit about if it's a more issue or not, maybe not. I mean, we have already informed in a way, so we might not have to from a Nasdaq perspective. Pilotlina again, Scotland. We don't know if it's in Scotland or in the U.S. or anything yet. Have you bought shares or have you bought shares? Yeah, you will see when and if I report a thing like that. Any chance that you will let GlobalFoundries produce the lasers for the forum or not? No, GlobalFoundries cannot produce the lasers because they don't have that technology for III-V compounds today. Do you think it's gonna be more than Fortune 100 customers? Yeah, we hope so. I mean, there is many on the list and many in the pipeline that we're working with. Hopefully, yes. You have earlier been speaking about looking into building a new factory to meet future customer needs. What is the status regarding this? As I said, I mean, will all be driven by the Fortune 100 customer, and we will definitely come back when we have more information. Any info about your SATCOM customers, either DoD, private operators? I mean, there is a lot of DoD in the beginning and then enterprise also. I think there will be a lot of DoD and SES, for example, as mentioned, is one of the customers and Telesat is another one to our customers. The quantum market as a potential market for Sivers? No, the quantum computer market is in itself not the market for us, but the connectivity between quantum computers or GPUs or CPUs could be a market. Do you know if Intel are also developing their own optical I/O solution for like Ayar Labs, or is Intel actually talking about Ayar Labs solution with the talk about their own processes in search? I don't actually know, of course, I think they working on finding ways. By investing in Ayar Labs and others, they probably sort of securing the technology and of course, having laser sources, we can also sell them directly to Intel if we like. Many questions now. I'll try to see if I can answer everything. Even if they're small volumes, are you still delivering to Micronet? I don't think Micronet is still working on these things as far as I know. I haven't talked to them in a long while, actually. I don't know where they are and what they're doing. Something new in the F100 that we already talked about. Do you think F 100 and Ayar Labs will be the largest customer in volumes? Yes. I mean, definitely the Fortune 100 could be that. Ayar Labs could also be a really large customer in the future. Yes. Let's see. Long question here. Earlier in the seminar today, you mentioned that Sivers have partners regarding how to attach one laser diode onto Sivers on a flip chip. Does this mean that we can assume that everyone who is using this technology is somehow linked to Sivers and/or customers? No, I don't really think. I mean, there is other ways of doing things as well, but how that really looks when it comes to. It's more when it comes to how you're doing. There's different ways of doing silicon photonics and different hybrid technologies. We have one technology for it to do it, and they can actually, I think, place other lasers as well. I mean, we're in a good position and there is a lot of silicon foundries that all wants to work with us. I think we have a very outstanding technology that could be used if that's the case. Any light in the end of the tunnel for fixed wireless access or of? I hope so. I mean, we hope to see this in the second half of this year that it starts taking off again. Have you received acquires offers for Sivers? No. If we have, probably have to disclose them. Cremo again, same questions. Have you started increasing any production at the moment? I mean, we're constantly increasing production in different areas, so it's a bit of an open-ended question. Yes, I mean, we're growing with 100% this year, so of course, we're increasing production. Status on building new factory. That's already answered in the pod, American investment first you build. Yeah. I mean, that's the value of sort of the company to have and go into U.S. market and large cap and so forth. Of course. I mean, the target is to get large cap here in Sweden, and then we'll see on the U.S. market how we can get there. Of course, we are constantly talking to U.S. investors now. It's been a bit difficult in the U.S. market in general for many companies. It's been easier here in Sweden, actually, but we're still working on U.S. partners in that sense. Thanks for the webinar. Yeah, thank you. Do you have any discussion to move head office to the U.S. or list there? Not move head office as I've heard anything about, but listing the company in a dual or secondary listing has been talked about and might happen in the future, but maybe not short-term. The Indian collaboration number two with NXP. Anything new there? Nothing new really in that sense, more than what we talked about in the press release. Have you any new connection with government regarding track to train? No, not really, unfortunately. I hope that will come with the success they see in other places. The last question, Hirad. Any new exciting products in the pipeline? I think we already have a lot of new exciting products out the way into the market. Right now I cannot sort of talk about products we haven't released. But we have a lot of exciting products already in market. Okay. Thank you. Thank you, Per, for that. Thank you everybody for listening in. I think this is a wrap for today. Let's listen in to both Redeye interviews and direct that we'll do this afternoon. Thank you. Bye.