Good day, ladies and gentlemen, and welcome to Akoustis Technologies Fiscal 2022 Q3 Conference Call. As a reminder, this Conference Call is being recorded. At the conclusion of the company's presentation, Akoustis management will take questions. To ask a question, please press star one on your keypad to be placed into the queue. A replay of the call will be available to the investor relations section of the Akoustis website. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. I'll now turn the conference over to Tom Sepenzis, Director of Investor Relations. Thank you, and you may begin, sir. Thank you, operator, and good morning to everyone on the call. Welcome to Akoustis' Q3 2022 Conference Call. We are joined today by our founder and CEO, Jeff Shealy, CFO, Ken Boller, and EVP of Business Development, Dave Aichele. Before we begin, please note that today's presentation includes forward-looking statements about our business outlook. All statements other than statements of historical facts included in this Conference Call, such as expectations regarding our strategies, operations, costs, plans, and objectives, including the timing and prospects of product development and customer orders, our expectations regarding achieving design wins from current and future customers, the possibility of entering into collaborative or partnering relationships, potential impacts of the COVID-19 pandemic, litigation matters, guidance regarding expected revenue, product orders, and milestones for the current and future fiscal quarters, and expectations regarding the integration of acquired business operations are forward-looking statements. Such forward-looking statements are predictions based on the company's expectations as of today and are subject to numerous risks and uncertainties. The company and our management team assume no obligations to update any forward-looking statements made on today's call. Our SEC filings mention important factors that could cause actual results to differ materially. Please refer to our latest Form 10-K and Form 10-Q filed with the SEC to get a better understanding of those risks and uncertainties. In addition, our presentation today will also refer to certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measure is presented in our earnings call highlight release available in the investors section of akoustis.com. I would now like to turn the call over to Jeff Shealy, founder and CEO of Akoustis. Thank you, Tom, and welcome everyone to our fiscal 2022 Q3 Conference Call. I am pleased to report that Akoustis delivered greater than 25% sequential revenue growth and over 80% year-over-year revenue growth as we continue to commercialize our leading BAW filter products. We were able to accomplish this despite the ongoing headwinds in the macro environment driven by COVID-19 and the associated semiconductor supply chain shortages. In the March quarter, 5 new customers enter production, bringing the total number of customers ramping production to 10. We expect to see this number continue to grow throughout calendar 2022. We delivered record revenue of $4.6 million in the quarter, and we remain confident that we will see continued sequential revenue growth for the foreseeable future. Currently, given our growing customer activity in Wi-Fi, 5G mobile, 5G infrastructure, and other markets, we expect revenue for our current fourth fiscal quarter ending June 30, 2022, will increase by more than 30% sequentially. I would now like to discuss each of our target market segments in greater detail, beginning with the Wi-Fi segment. We ramped production of XBAW filters for 3 additional Wi-Fi customers in the March quarter, bringing the total number of Wi-Fi customers to 8. We have over 15 announced design wins, including 2 new design wins secured in the March quarter, and we expect to add both additional customers and design wins as calendar 2022 progresses. I am also pleased to announce that we fully qualified our 5.5 gigahertz and 6.5 gigahertz Wi-Fi 6E XBAW filter products over the past few months and expect to qualify and release into production for additional Wi-Fi 6E 7 filters in the current June quarter. Additionally, we continue to advance the progress of our Wi-Fi 7 diplexer, which we are currently developing for one of the largest PC chipset makers in the world. The first design of this new diplexer was shipped to this Fortune 100 customer in December, and we received positive feedback on that design. The initial diplexer performed well and enabled the customer to characterize in their system, providing valuable technical feedback for the next design iteration, which was just released into our New York fab facility. We expect to ship the new iteration sample filter to the customer by the end of the current June quarter. We remain on schedule for commercialization of this extremely exciting product and have received interest from other OEMs for diplexer, triplexer, and other multiplexer products. We attribute our surge in recent design wins to the fact that we were an early entrant in Wi-Fi 6, in Wi-Fi 6E and 7 BAW filter solutions to the market, and today have one of the most extensive Wi-Fi 6E and 7 BAW filter portfolios to address the enormous challenges of difficult dual-band coexistence, wide bandwidth, and high- frequency operation within the 5-7 gigahertz frequency spectrum. To summarize our recent Wi-Fi activity, we now have more than 12 commercialized XBAW Wi-Fi filters, 8 for Wi-Fi 6E and 4 for Wi-Fi 6. As of today, we have announced a total of 15 design wins, up from 10 design wins at the end of last quarter. Furthermore, we expect to see additional Wi-Fi filter design wins throughout the current calendar year. Further, we have qualified and released into production 4 Wi-Fi filters, including Wi-Fi 6, Wi-Fi 6E, and Wi-Fi 7. Lastly, we are advancing the development of our XBAW multiplexer products led by our first diplexer, which will allow us to enter the PC market, another very substantial market opportunity in both unit volume and revenue. Moving on to 5G mobile. We continued our momentum in 5G mobile during the March quarter, adding another new multi-billion-dollar tier one RF front-end module maker customer, bringing the total number of 5G mobile customers in development to 5, including 3 tier one companies. Our new tier one mobile customer is currently designing multiple 5G filters and plans to use our XBAW technology to deliver multiple best-in-class 5G mobile modules in challenging bands above 2 GHz for use in cutting-edge 5G smartphones and other devices. We received an initial development order from this new tier one customer early in the March quarter for a challenging 5G mobile band with stringent coexistence specifications. We shipped a second XBAW filter design to our tier one 5G mobile RF component customer in the March quarter and received a follow-on order to optimize the first design for an expected production ramp beginning at the end of the current calendar year. We also received a follow-on order from our first tier two 5G mobile RF module customer to reiterate the original filter design and to deliver resonator models for two new additional filters. The redesign was driven by changes to the customer's filter specification and was not driven by our XBAW technology. We remain on track to deliver completed filters using our wafer level package or WLP by the end of the current quarter and are pleased with our expanding relationship with this customer. Finally, we continue to progress with the tier one 5G mobile customer we engaged with at the end of calendar 2021. After shipping initial resonators in December, the customer has characterized and designed new XBAW filters that are expected to be released into our New York fab in the current June quarter. As we mentioned on our last quarterly update call, we are bringing the production of our WLP in-house within our New York fab. We continue to work towards the design lock of multiple new advanced packages with full WLP process qualification expected to follow later this calendar year. We believe bringing the WLP process in-house enhances substantially our ability to control the quality, cost, and customization of our advanced packages. To summarize our 5G mobile activity, we added a new tier one 5G mobile customer during the March quarter, bringing the total number of mobile customers to five, including three tier one customers. Further, we have multiple customer-funded XBAW filters in design, and our current customer engagements include a new tier one mobile RF front-end module and filter OEM for whom we expect to make multiple filters, a tier one RF component company that we are developing two XBAW filters for, a second tier one RF front-end module maker that is using our XBAW resonators to develop multiple filters for 5G handsets, a tier two RF front-end module maker which has signed a foundry agreement with us for development of one XBAW filter, and a second tier two front-end module maker that we are currently developing one filter for with the expectation of additional filters for 4G, 5G mobile if the first filter is accepted. We shipped multiple 5G mobile XBAW filter samples to our customers during the March quarter. Finally, we are currently migrating the manufacturing supply chain of WLP into our New York fab, which we expect to have design locked and available for qualified production in the second half of calendar 2022. Now I would like to discuss our network infrastructure business highlights. I am pleased to announce that we officially began ramping production of two citizens broadband radio service infrastructure companies in the March quarter. We expect these two customers to continue to ramp in the current June quarter and beyond. I am also pleased to announce that we have recently received another CBRS design win from a third network infrastructure OEM, which will begin to ramp in the June quarter as well. Given the success and momentum we are experiencing in Wi-Fi and 5G mobile, we shifted our engineering resources in the March quarter. As such, our new C-band 3.8 gigahertz 5G filter for the US. infrastructure market is now expected to sample in the current quarter, and we remain actively pursuing our next generation massive MIMO materials, and we'll update you as this effort progresses. To summarize our 5G network infrastructure activity, we have four completed 5G network infrastructure XBAW filters, three for 5G small cell base stations and one for CBRS. To date, we have announced three design wins in small cell with our tier one customer and one design win from a second customer. Additionally, we have received four design wins for CBRS from three leading network infrastructure OEMs. Moving on, in our defense contract business, we continued to progress during Q2 on our existing R&D contract with DARPA to further enhance our XBAW PDK. In addition, we are finalizing a multi-year, multi-million dollar contract with DARPA to extend the operating range of our XBAW filters up to 18 GHz using novel materials and device manufacturing, and expect to have positive news on this front to share with you soon. These new materials may have implications in our current 2-7 GHz frequency range that we are focused on today, given higher power- handling capability and high- Q values associated with these new materials. In our other market segment, we recently announced entering the RF timing and frequency market with our leading XBAW resonators. We are working with a leading maker of timing RF components to develop ultra-high frequency XBAW resonators for use in this customer's finished devices. The timing RF market represents a significant new opportunity for Akoustis in both unit volume and revenue. Our primary customer is developing products that could be disruptive in the timing RF components market, looking to displace older analog technologies with ultra-low jitter and phase noise devices. We are extremely excited that our leading XBA resonators can be a part of this groundbreaking opportunity. Finally, as we announced this morning, we have completed the acquisition of the remaining 49% of RFMi, which will enhance our sales channels, supply chain, and addressable TAM. We welcome the entire RFMi staff to Akoustis and look forward to continued success as a team to grow our business in the RF acoustic filter market. To summarize our other market segment activity, we have seven completed XBA filter solutions for the civilian and defense markets. Further, our ultra-high frequency XBA resonators are now being used to deliver disruptive digital timing and control products to the broader communications industry. In addition, we continue to refine and improve our XBAW PDK, driven by the direct to phase 2 contract with DARPA, and we expect to sign a new multi-year, multi-million dollar contract with DARPA to scale our XBAW technology up to 18 GHz. Further, we successfully completed the acquisition of the remaining 49% of RFMi. Finally, in addition to the numerous customers acquired through the RFMi acquisition, we have a total of three XBAW customer engagements, two of which have already placed purchase orders with us or provided NRE revenue. I would now like to hand the call over to Ken to go through our financial highlights. Thank you, Jeff. For the Q3 ending March 31, 2022, the company reported revenue of $4.6 million, which is an increase of 25% over the prior quarter ending December 31, 2021, and in line with our revenue guidance. On a GAAP basis, operating loss was $14.8 million for the March quarter, mainly driven by revenue of $4.6 million, offset by cost of revenue of $5.4 million and operating expenses of $14 million. Included in operating expenses were labor costs of $7.2 million, depreciation and amortization of $1.5 million, and other operational costs totaling $5.4 million. As a result, GAAP net loss per share was $0.27. On a non-GAAP basis, operating loss was $12.3 million and non-GAAP net loss per share was $0.22. Reconciliation of these amounts to the corresponding GAAP measures is available in the press release issued this morning, available on the investor section of our corporate website. CapEx spend for Q3 was $9 million, compared to $7.1 million in the prior quarter, mostly related to the continued capacity expansion and equipment redundancy in the company's New York fab. I would like to highlight that we expect CapEx to decline significantly in the second half of the year as the front-end loaded cost involved with bringing the wafer level packaging in-house tapers off. Cash use and operating activities is beginning to trend down and was $9.7 million in Q3, down from $10.8 million in the prior quarter. We also expect to see our operating expenses decline in the second half of the year as our costs benefit from greater fab utilization. The company exited the March quarter with $55.9 million in cash and cash equivalents versus $67.5 million at the end of the previous quarter. During the March quarter, the company raised $6.8 million in cash through additional at-the-market equity financing, an average price of approximately $6.03 per share. In the June quarter, we expect multiple new Wi-Fi 6E and network infrastructure customers to ramp production, and therefore we expect to see record revenue up more than 30% sequentially from the March quarter. Based upon our growing backlog of design wins, we anticipate that the top- line growth will continue into our next fiscal year and beyond. I will now turn the call back over to Jeff to discuss our Q4 performance and future milestones. Thank you, Ken. I am pleased to report that our view of the June quarter remains positive despite the ongoing semiconductor supply shortages and supply chain issues that are impacting the broader industry. Our momentum continues to grow, driven by Wi-Fi 6, Wi-Fi 6E, 5G mobile, 5G infrastructure, and our other markets segment. By the end of the current quarter, we expect to ramp production from 10 customers to more than 11 customers with additional customer design wins expected across all our markets as calendar 2022 progresses. In the June quarter, we expect to generate revenue from each of our business segments, including 5G mobile, Wi-Fi, 5G network infrastructure, and our other market segment. We continue to strive towards executing on our targeted milestones, and we'll continue to keep you informed of our progress. Our anticipated June 2022 milestones include in our Wi-Fi segment, first, we expect to announce 3 additional Wi-Fi 6E design wins. Further, we expect to deliver our second diplexer iteration to our Fortune 100 PC chipset customer and receive feedback. We expect a development order from a Fortune 100 internet company for 2 diplexers for design into next generation AR/VR headsets and other consumer devices. For the 5G mobile segment, we expect to receive our first purchase order for a 5G mobile filter from a tier one customer announced in December. In addition, we expect to iterate the original filter design for our first tier two RF front-end module customer and receive a purchase order for 2 additional XBAW filters for development. Lastly, we are currently supporting our new tier one mobile customer to develop initial samples of their first XBAW filter. Next, in our 5G network infrastructure segment, we plan to ramp production with three CBRS infrastructure customers, and we expect to deliver a 3.7-3.98 GHz C-band 5G filter for the US. market and expect to sample with multiple tier one customers for both small cell and DAS/AAS base station equipment. Finally, in our other market segment, we expect to receive a purchase order for the development of new XBAW multi-chip module for a multi-billion-dollar tier one defense customer, and we expect to finalize a new multi-year, multi-million-dollar project with DARPA. In conclusion, we believe the market opportunity for our patented high- frequency XBAW filters is substantial. We now have 58 issued patents and 100 patents pending as we continue to build a substantial IP moat around our technology. We continue to work diligently to achieve each of our stated objectives, and we will continue to provide updates on our execution against these objectives going forward. Finally, I would like to thank our employees for their hard work, passion and dedication, particularly during the ongoing pandemic as our team has kept the momentum going on our R&D, which has led to the multiple design wins across the Wi-Fi, 5G network infrastructure and defense markets. We have also experienced exceptional momentum in the 5G mobile market, driven by our leadership in filters that operate above 3 gigahertz and our new and expanding wafer level packaging capabilities. I also wish to thank our shareholders who continue to support the company. With that, I would like to open the call for questions from the investment community. Operator, please go ahead with the first question. Thank you very much. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. Confirmation tone will indicate your question in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. We have a first question from the lineup. Cody Acree with Benchmark. Please go ahead. Thanks for taking my question, and congratulations on the progress. Guys, I guess Jeff or Dave, can you just talk real quickly about China with the lockdowns in the Shanghai area? Are you seeing that impact any of your engagements? Hey, good morning, Cody. Jeff here. I'll let Dave start, and I'll follow- up with some comments. Good morning, Cody. Good to hear from you. We're not really seeing too much impact from the supply side. What we are seeing is just delays of exporting and importing into the country. It's mainly, you know, going through ports that may be held up on the receipt of materials. We have some of our OSATs, assembly houses located in China, and then some of the customers as well. That's impacting, but that's maybe a 1-2-week delay that we're accounting for right now. Other than that, we're not seeing anything significant. Cody, Jeff here. Just from the China side, from my perspective, I give a lot of credit to our operations team. As you probably are well aware, we use our OSATs overseas. Our team spends many evenings up late managing. We had really one of the strongest quarters out of the supply chain, and I credit our operations team for that. We had a healthy backlog, and we successfully shipped against the internal objectives that we had for the quarter. I think what this pandemic has done is forced a lot of handholding online on calls. You know, we feel we've got the right team to manage that, and they did an excellent job last quarter. Excellent. Thank you for that. Jeff, and you gave a lot of detail, and thank you for that on the prepared remarks. Maybe if you could just go back and just summarize your customers, your 10 customers, going to 11 here in the June quarter, and how that is impacting your revenue. If you can just talk about where that XBAW revenue came from during the quarter, where the bulk of that's coming from, and then into the June quarter, what are your end expectations, and then maybe how does that parse through the rest of the year? Okay. Yeah. From a customer base, I'll let Dave touch that, and then I'll certainly follow up more strategically. To the question, Cody, we've got, as we highlighted, 10 production customers right now, and a majority of those are in the Wi-Fi sector. Approximately 8 of them are in Wi-Fi, and 2 are in the 5G CBRS sector. You know, as you can see, a larger percentage is in the Wi-Fi. We have a split between, you know, where I categorize with enterprise and retail or consumer and also, you know, the carrier market. It's a good split, and it's also a split that we have, you know, regionally from North America to Europe and then also in Asia. Most of the production is being done over in Asia, but at least from a design win and OEM, it's split between those regions. As Jeff highlighted, you know, we had a very strong last quarter, and shipping, you know, against to these customers. You know, the 5G CBRS market's just really starting to pick up, you know, in North America, so we're gonna continue to track that as well. I expect as, you know, we have in the early remarks that we're gonna continue with these design wins and transition these customers to production. It's just a mix on timing. Also some of the customers are being impacted by the semiconductor shortage, you know. We're gonna continue to layer in new customers, you know, to offset some of the, you know, the ups and downs that we may see. Cody, from just to piggyback that a little bit, just segment-wise, if you look at the 5G infrastructure, we actually had a healthy quarter, as we mentioned in the comments, in the CBRS. I believe the volumes were up approximately 5X in terms of volumes in the 5G infrastructure segment. For us, just at a high- level, 2022 is really about growing our revenues. We've got design wins that we've been announcing and expanding. Our growth in 2022 is really focused, from a revenue basis, gonna draw from Wi-Fi. Really the storyline for the second half of 2022 is, you know, we've been working very diligently on wafer-level package as well as these miniature form factors that enable us to get into the mobile market. As we said, we've got currently 5 customers in the mobile segment, and we're really pushing hard to home in on a first design win in the second half. That's sort of how the story kind of builds, but that's how we're pushing it. Again, with regard to kind of the support for that, what we've been putting in is capacity, and we've been wrapping that up in the New York fab in order to support the programs that we have as well as some of the initial mobile work that we're doing. There's some additional color. I appreciate that, guys, both of you. If you can just talk, maybe Jeff, a little bit about your current momentum. Just your revenue base is obviously skewed right now towards Wi-Fi. What I'm, I guess, looking for is some efforts or some explanation of the maturity of your projects and how that, where I expect you would be talking about them being more in the nascency of your relationships, that when can we think about those moving into more mature volumes? From you know, the way I look at it is, you know, really in two branches. Number one, you gotta have the right products and you gotta have the right machinery or operations in order to support that. We've been putting that in place and very pleased that we have a chip fab that can produce the designs, but you also have to have the right product base. In what we're supporting now in Wi-Fi, I think we said in the prepared comments, we've got 12 commercialized filters. Eight of those are for Wi-Fi 6E, as well as four for Wi-Fi 6. From a momentum standpoint, I think that was part of your question. The WLP has really began to allow us to get shipments to these mobile customers. We've had successful demonstrations of our chips in RF modules, and that's what's given us the confidence on the mobile front. I'd say the momentum's high on the mobile side. We're certainly enjoying the benefit of there being more RF module companies out there than RF filter companies to supply those modules. We certainly benefit from that. We're now in a position on the WLP, and again, if you look back from impact of the pandemic, we went from a supply chain that was outsourced, and had a very long cycle -time, to one that's insourced, that we can support out of New York, and that's what gives us the momentum as well as the confidence for the mobile market. Those are my comments, at least momentum wise. Okay. Thank you. That's it for me. Thank you, guys. Thanks, Cody. Thanks, Cody. Thank you. Yep. Thank you. We have next question from the line of Harsh Kumar from Piper Sandler. Please go ahead. Yeah. Hey, guys. Congratulations, first of all, some pretty tremendous, you know, growth coming. I wanted to, Jeff, ask about the 30% or more sequential growth rate that you highlighted for the June quarter. Interestingly, you also mentioned that you expect most of your revenue items, you know, your business lines to contribute to that growth number. I was curious, you know, how you think about that number in terms of the different areas that is coming from, infrastructure, mobile/Wi-Fi, mobile, and then Wi-Fi. Then also my second question, I'll ask it right now, when do you think duplexers for PCs become meaningful for you? Is it in the June quarter, or would that be later on? Okay. Let's tackle both of those. I think I'm gonna go in reverse order. Dave, touch on the duplexer timing. Yeah for that program. On the diplexer development that we're doing for the chipset PC chipset OEM, it really this is a you know we've gotten the first iteration that we shipped to them, and they were able to characterize provide us feedback in their design. We're iterating the second design, expected to ship that in the end of this quarter. Really what we're moving into is a development phase with them. That development phase is gonna take about 15 months, you know, where they're going to start characterizing their systems, start doing you know their NPI launch and then also go into a pre-production mode. By the end of next year, we expect the product to be in production ramp and relatively high- volume. That's a focus with, you know, that customer. We're now just starting to take this design and the technology, the XBAW technology, which has significant benefit in these, you know, type applications for mobile consumer applications where coexistence requirements for Wi-Fi 6E and Wi-Fi 7 for asynchronous operation is becoming very important benefits that you see with the XBAW technology on isolation and coexistence capabilities. As we announced in the Q4, or as we commented in the Q4, we expect to get another order, you know, from a consumer mobile application. We're excited about the potential with the diplexer and also the technology lends itself well with triplexers and essentially quadplexers and beyond. We're gonna continue to engage with the market, and share, you know, our capabilities and technology. Okay. Harsh, back to your first point in terms of sequential growth. I think we indicated that growth would come from all the segments. I'll tackle those in the following order. First in the Wi-Fi segment, what I would characterize is we mentioned the ongoing plans for not only additional design wins, but we already have enough design wins. And just I want investors to appreciate, we're just now ramping in Wi-Fi 6E and just started that ramp, so we're gonna continue ramping in the Wi-Fi segment. That's both Wi-Fi 6, where we've announced you know, additional sockets in the Wi-Fi 6. We've got design wins that are just starting production in Wi-Fi 6E. There's development that's going on in Wi-Fi 7. If you look at a very high- level in that Wi-Fi segment, where that's going is integration is a big part of the product roadmap, and that's certainly we would consider that greater than you know two or more filters in a module. That's again with the that's just continued growth across multiple design wins in the Wi-Fi segment. If you go to the 5G mobile segment, we've announced the CBRS is a point of strength for us, and we'll see growth quarter-over-quarter for that. I expect that to be in the single- digits quarter-over-quarter. Dave touched on what kind of activity we have in the mobile segment earlier. But I can say that we've got active customers that have roadmaps that have insertion points, and so we're driving hard supplying those designs. Again, I emphasize those designs are coming with the WLP process, which we now can produce in-house. We're supporting those, and we'll see growth in that segment as well. In the other market segment, as we've been winding down the DARPA PDK MEMS program that we have, we were pretty light on the details of the new multimillion-dollar DARPA program. However, we had no revenue in the March quarter from the new DARPA program. That program will be starting as well. We're really excited about that program for some of the technology that we see that's gonna come from that, you know, further enhancements in the end products that we'll be producing. Pretty excited about that. It is across all of our four market segments that we discussed. Thanks, guys, and congratulations. Okay. Thank you, Harsh. Thank you, Harsh. Thank you. We have next question from the lineup, Rick Schafer with Oppenheimer. Please go ahead. Thanks, guys, and I'll echo Harsh's congratulations. Nice progress it seems like on all fronts. I think my question, my first one anyway, is really on mobile, and congrats on the latest mobile PO that you're talking about and the release and everything. I guess I'm curious if you could give us any sense of revenue timing, you know, there or for that latest PO, and then maybe bigger picture, just sort of if you could level set us and maybe describe your mobile, you know, what your mobile revenue funnel looks like now, just, you know, across the five customers. Excuse me. Rick. Yeah, no worries. Rick, thanks for your kind comment. Dave will start with a customer perspective there. Morning, Rick. Let me paint a little picture that looks out maybe over the next 2 years. I think to echo what Jeff has commented, the WLP enablement has really allowed us to accelerate some of these engagements. Prior to really having WLP in-house, you know, it was more of an R&D relationship. You know, we've been engaged with, you know, many of these customers over the last 5 years and really turning the corner so that we can start looking at, you know, pre-production and production ramps programs. The one that's the most exciting for us is, you know, the Tier 1 component manufacturer, which we comment. We've got 2 designs with them, and both designs have been successful. You know, we look to them to be our first customer in volume production. Target is by the end of this year, and really that's to align with our WLP qualification as well. That customer's already, you know, got favorable response on their designs, you know, with their channel. That, you know, will lead into production through 2023, with one, if not two. That's what we're in discussions with right now. With respect, you know, to the other four, there are different levels of, you know, engagements. The one we just announced in March is early. As you can imagine, that's gonna take some time, you know, to transition, but our hope is that you know, things go well with them through the development and that we will see, you know, production ramp in 2024. That is a little bit further out. In between that is the other engagements that we're targeting. Our tier two RF front end, the intent would be that design would go into production next year as well, targeting the China Inc., the China mobile market. It's various levels of degrees from ramp into production the end of this year to other programs that we expect to be in production in 2024. It's all, you know, that is our next step function and, you know, revenue growth, you know, once we see Wi-Fi continuing to grow and then the 5G infrastructure, the mobile will start layering on top of that. Jeff here, I just was gonna add a little more color around that, just to have you appreciate what we see from our side. Until really late in the March quarter, WLP, which is that enablement technology that allows very miniature designs that can be integrated in RF modules, I would just characterize that as a pain point for us to get parts to customers, as we were building that supply chain in-house and beginning the qualification for it. We've moved from you know, struggling with that technology to actually now delivering whole wafers with complete WLP integration into the technology module. We've gotten very positive feedback from the customers. In terms of just to reiterate a couple things Dave said, you know, we're really focused on a second half design win, which, you know, design win for us would also include a fair amount of pre-production units. Those we expect would be second half 2022, going into production, as Dave said, in 2023 with 1-2 customers, is kind of what our business plan looks like. Also would like to characterize, you know, type of engagements that we're having, that could be one to two engineering weekly meetings with these customers, meetings separately with procurement, separate meetings with quality, lot of quality documents coming through, coming across, for us to, you know, satisfy their quality requirements as well as management on really building bridges and strategic engagement with them for us as a supplier. That's just a little more color to what Dave added. No, thanks for all that color. I know, I guess my second question is just around capacity. I saw in the release, you know, you're talking about $500 million, I think, by the end of the year. Obviously, a lot of that, I would assume, is from mobile and opening the doors there to ramp that business. I'm curious where capacity is, so kind of how far you have to go to get to that 500 by the end of this calendar year. I believe it's calendar year comment. Jeff, I was curious if maybe we could get your perspective on sort of what the latest you're hearing on the CHIPS Act is, or I guess, whatever it's being called now. You know, 'cause again, I just am curious, you know, I guess how long sort of once it's approved, I guess really my question is what's the strategy there around ordering tools given long lead times? Do you start throwing orders in now if it's, you know, past a year lead time? Do you order ahead of any kind of CHIPS Act money, or are you treating that as found money if and when it comes? Just sort of what your strategies around that would be helpful too. Thanks. Okay. Rick, I wanna be, I'm gonna tackle your first or your second question first, if you don't mind. Just in terms of the latest on the CHIPS Act, I think it's pretty well- documented that first the Senate voted successfully on their bill. The House voted separately on a similar but had some differences in it. What the process is is that both houses of the Congress are gathering a committee which you know is made up of approximately 80 members thereabout. That committee will then sort through the differences. We expect those differences to be hashed out as early as later this month. Then it would be sent to the president's desk for signature, which I think all indications that we've seen is that will happen. So pretty optimistic about that bill being signed into law. In terms of our strategy, it kinda goes back to your first question, which was, you know, we've said all along that we were gonna invest in capacity that could get us to better than cash flow breakeven. The investments that we made, this isn't about ordering equipment now in anticipation. We've always said that we weren't gonna put the mobile market requirements on the backs of our investors. However, we have made the investments to get to 500 million filter chips. The end of this year, just to characterize that for you know, we actually model out the factory for 18 months and react accordingly. What I would characterize is, from an equipment standpoint, what you see in our CapEx reflects the equipment that we've already had the foresight to order to get to the 500 million. We're not ordering equipment at this stage to get to the 500 million. That's more about the labor aspect to actually run the wafers. We're very comfortable with the investment we made. As you know, lead times on some of this equipment can be pretty challenging. However, we didn't want to jeopardize an initial capacity to get to $500 million in this type of timeframe, where it's pretty challenging. We had the foresight to order that. Those equipment, some of the final installs, will be happening around middle of the year. We're not in the ordering phase of that, we're in the receiving and installing phase of that. Predominantly, the limitation on filters for us will be labor, and we'll add that as warranted. I think I covered your question. If you've got any follow-up, let me know. No, no, that was great. Thanks a lot, Jeff. Okay. Thank you, Rick Schafer. Sure. Thank you. We have next question from the line of Suji Desilva with Roth Capital. Please go ahead. Hi, Jeff. Hi, Ken. Dave, I'd like to extend congratulations as well. Great progress here. Jeff, in your prepared remarks, you talked about shifting resources between segments to address new opportunities. Perhaps it was around wireless infrastructure. Could you clarify or elaborate on what that was in reference to? Yeah, I mean, we have. Let me just maybe back up and help you appreciate a little bit about our engineering. We've got a product engineering and advanced engineering and, you know, the goal of the product engineering is being focused on low- risk, high- predictability schedules to get to market. Where we do have flexibility though is in the advanced engineering team to go after opportunities as they come in. I think Dave mentioned some of the opportunities, and I think that's a strength of the company, being able to rapidly respond. We actually from a business process will look at opportunities as they come into the company, Pareto those opportunities and have the flexibility to shift. The beauty of what we're doing is, we're not shifting technologies per se. The technologies that we're using, with the exception of the WLP, are relatively mature technologies and pretty comfortable. So we have the flexibility in the fab to run product from different markets. I think that's. We've got very good supporting evidence that, you know, we can run, you know, dozens of different products in the fab just because it follows a very similar process flow. I think specifically, we certainly have moved resources from the 5G infrastructure small cell market. We've moved those into the mobile market as well as some of the advanced chips that we've been very vocal about in the Wi-Fi, where we're integrating more than one filter into a module. We do so really with the customer support and commitment. We've got agreements in place as well as orders in place to actually produce those, as well as line of sight to programs. Anything you wanna add to that, Dave? Suji, couple of comments that I'd like to make is early investments in the 5G infrastructure was primarily the China market. That return on investment has not really panned out as well as we had hoped, and a lot of that is due to the way that China's been rolling out their spectrum. The infrastructure market's a little bit slow to adopt new standards. The deployments in Europe and also in the US. is gonna take a little bit of time. What we have been looking at is where is the real growth opportunities. One of the things that is clear, at least with our engagements with the Wi-Fi market, is we're now recognized as one of the leading BAW filter suppliers. The industry is starting to shift pretty significantly away from traditional type filters to, you know, more of these high performance, you know, filters. We see the activity and what we've established with 6E and upcoming 7 as a way to continue to leverage that, and we wanna continue to have a portfolio of products that we will be, you know, the primary source that they go to, they being the end customer, you know, comes to us, you know, to have these engagements. With that and the activity level on mobile, we've had to put some design resources there. That's the main, you know, reason for some of the shifts. Okay. Thanks, Jeff, Dave. It's a very helpful color there. Maybe just on this question may not be fair, but just ask it. The mobile customers that are coming versus the Wi-Fi customers you have now, is there a way to kinda take the average run rate of the two over as they mature over time and say, you know, what kind of multiplier a customer opportunity may have for you versus a typical Wi-Fi customer? Yeah. The multiple's pretty significant, and it really depends on if you're talking a tier one or if you're talking a tier two. With respect to the tier ones, you know, depending on the end platform that they're going after, that multiplier can be pretty significant. With respect to an OEM that we get in the Wi-Fi market, that multiplier can be 5x-10x with respect to what we're seeing right now in run rates on the Wi-Fi side. That's something that, as we talked about, that revenue will start layering on in calendar year 2023 and then going into 2024. Yeah. Suji, I'll just add to that, you know, the pre-production levels for the mobile market are more in line with what the production levels are in the Wi-Fi market. That's another colorful way of saying what Dave said. That's a helpful visual. Thanks, Jeff. Thanks, guys. Okay. Thank you, Suji. Thanks, Suji. Thank you. Ladies and gentlemen, we have reached the end of the question and answer session, and I'd like to turn the call back to Jeff Shealy, Founder and CEO, for closing remarks. Over to you, sir. Okay. Well, I'd like to thank everyone for your time today. We look forward to speaking with you during our next update call to discuss the June quarter's execution against our milestones and future expectations. I'd like to wish everybody a good day and goodbye. Thank you. Thank you very much. Ladies and gentlemen, that concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.