Cash on the balance sheet and no debt, clean balance sheet, clean capital structure. And we have a lot of intellectual property protecting our technology with 89 issued patents, and we also treat the fabrication of a double-sided wafer as a trade secret. So what is B-T? You can see here that image. That is actually about the size of a dime and paper thin. That is a B-Tran. And if you flipped it over, it would look the exact same on the other side. So what's unique about it is it is an architecture. So just like an IGBT is an architecture or a MOSFET is an architecture, B-Tran is an architecture. So we're manufacturing in silicon today, but it could be manufactured in other materials such as silicon carbide. As I had mentioned, it's fabricated on both sides of the wafer. Typical power semiconductor devices are just fabricated on a single side of the wafer. And then that same die would be used for any of the applications that I mentioned. So whether it goes into a solid-state circuit breaker or an electric vehicle or a renewable energy system, it's still that same exact die that would be used for those applications. So the advantages of the B-Tran are first, it's inherently bi-directional. So typically, semiconductor devices are unidirectional devices. In a single device, we're able to handle energy flow in both directions. So if you think of something like a battery, for example, you could charge and discharge the battery using the same semiconductor device rather than multiple devices. It also has lower losses, particularly lower conduction losses. So anytime you're continuously conducting electricity through a system, there's losses that dissipate in the form of heat. We have very low conduction losses with our technology, which means there's less heat that needs to be dissipated. So you could have things like smaller heat sinks, less complex thermal management. So actually, OEM products can be smaller and lower cost if they include the B-Tran rather than conventional devices. As I had mentioned, it's inherently bi-directional. So if you wanted to make a bi-directional circuit with conventional devices like IGBTs, you'd basically have an IGBT and blocking diode to handle energy flow in one direction, and a second IGBT and blocking diode to handle energy flow in the other direction. With the B-Tran, you do that in a single device. And I had mentioned we have improved conduction losses. They're actually more than five times better than an IGBT and blocking diode circuit for bi-directional applications. A very significant improvement in losses. In terms of the serviceable addressable market, and this is the SAM, so not the TAM for B-Tran, it's almost forecast to be almost $8 billion, growing at a 16% CAGR. The solid-state switchgear market, which is really our first product, the SymCool power module is designed to address, is about a $1 billion SAM. Our second product that we call the SymCool IQ, that takes that multi-die SymCool module and adds an integrated driver. That's really targeting the energy and power, that $1.4 billion market that you see here, things like renewable energy, energy storage, and microgrids, and then longer term, there's things like motor drives and UPS systems, the industrial market's an additional $1.6 billion SAM. And longer term, the largest opportunity is electric vehicles, so places like the drivetrain for the vehicle, the onboard charger, and circuit protection within the vehicle as well. We expect the industrial market, particularly that solid-state switchgear market, to drive our initial revenue ramp. So B-TRAN impact in electric vehicles. You can see from this image the traction inverter, onboard charger, power DC-to-DC converter, also circuit protection within the vehicle. So things like EV contactors. Right now, they're electromechanical devices. Our conduction losses are so low, we could actually have solid-state contactors. So that's an opportunity that one of the world's leading manufacturers, auto manufacturers, is working with us now, collaborating with us on an EV contactor. So moving to solid-state for the speed and programmability. If you look at the actual content of power semiconductors in an EV today, it's about $1,100. Now, that'll obviously come down over time. But the two biggest challenges with EVs really are one, range anxiety. So the range of the vehicles and the lack of the EV charging infrastructure. The second one is cost. We actually address both of those. Some manufacturers have moved to Silicon Carbide for better performance compared to IGBTs, but that significantly increases the cost. Silicon Carbide's three to five times higher than the cost of silicon devices. From a range perspective, because of our low losses, we'd improve the range of an EV 7%-10% if you utilize B-TRAN rather than conventional devices. Pretty significant. As I had mentioned, we have a development program with Stellantis. It is actually a three-phase program. We've completed the first two phases of that program, which was really getting through the R&D testing of the device, working with their packaging company on the packaging concept, getting them to understand B-TRAN since it is a new technology. Right now, we expect to get phase three of that, which is actually working with the production team here shortly. Stellantis is in the process of down-selecting to a single tier one auto supplier to manufacture the drivetrain inverter, and our B-Tran would be the core of that drivetrain inverter, so that's scheduled for phase three that we're expecting here potentially later this year to get that awarded. We're very confident it's just a matter of timing since Stellantis is a large company, is always a little bit slower than we'd like. They named us last year as one of their venture award finalists. Right now, the target of the program is still 2025. I would say the later phase three starts. It may slip a little bit, but for us, this is an enormous opportunity, so automotive volume will drive long-term revenue. And they're the furthest along we are with EV companies. There is another large global automaker, as I had mentioned, looking at our technology and collaborating with us for the EV contactor application. So a different application within the EV. That is actually moving pretty rapidly. It's a newer program we just announced here a couple of months ago. And there's a third global automaker that's looking at us for either the drivetrain or the EV contactor. And they're a top 10 global automaker as well that has our hardware in hand. In terms of other commercial agreements and collaborations, we've announced several companies. Unfortunately, we're not able to name most of them. As I had mentioned, three global automakers. There's two Forbes Global 500, so multi-billion-dollar companies that are in power management. So they're looking at our technology for things like solid-state circuit breakers, a top 10 solar provider, a tier one global auto supplier, so independent of the programs we have with the automakers, some backup power providers, power conversion suppliers. So we've actually delivered now devices to some very, very large companies, multi-billion-dollar companies, really, in several of our target markets. So now it's just really converting those into design wins. In terms of our commercial products, you can see here the B-Tran discrete. That's just a single die package for electrical connection. We've actually tested it. It's rated at 50 amps. We've tested it up to 150 amps. So testing we're conservatively rating the devices because we don't want to have a misstep early on. The SymCool power module, that's a 200-amp module. We've tested that up to 430 amps. That is being sold today in initial volume. So the design cycle typically for industrial is about 12 months. And part of that process is getting initial devices, testing those devices, prototyping their products with those devices into the design wins. So we're in that process now with several very large companies who have the SymCool power module. And as I had mentioned, SymCool IQ, which is later this year, takes that SymCool power module, so a multi-die power module, and adds an integrated driver for localized control. So if you want to have the control at the semiconductor level rather than the system level, you'd use the SymCool IQ. So that's things like power converters, again, for renewables, energy storage, and EV charging. So our target gross margins for product sales is 50% at scale. And we also potentially have an incremental benefit from licensing. If you look at a company like Stellantis, they may not want to rely on Ideal Power as their sole supplier. We would be happy to manufacture the license of the B-Tran technology to one of the large semiconductor players that Stellantis already works with. That would obviously be incremental margin above the 50%. At the beginning of the year, we set our 2024 milestones. The first was to successfully complete phase two of that Stellantis program. We achieved that early this year, actually ahead of schedule. Secure phase three, working on that now. We'll see if we can get that closed here in the next month or two. We've already completed qualification of a second high-volume production fab. Last year, we proved we could make a double-sided device and a standard silicon fab using standard silicon processing equipment. At that time, close to production yields. We've now added a second fab. The first fab was in Asia. This fab is in Europe, so geographically dispersed. We've successfully qualified them as they produced double-sided devices. We're working with them now. Actually, the latest run, the yield is actually close to production level already at that second fab. We're also working to convert some of these companies into design wins and custom development agreements. That's something we expect to be announcing here over the next few months. We've also added three distributors this year for our products. We've added Richardson Electronics, really to focus on the U.S., Ryoden, or the U.S. subsidiary Ryosho, which is a Japanese distributor, and most recently, Sekorm, which is a Chinese distributor for our products. All three of them, I would say, are really focused on demand generation. This is not catalog order taking. This is really going to some of these large companies, introducing them to our B-Tran technology, and then that typically leads to meetings with our internal team and those customers. We're also expecting initial sales of our SymCool IQ power module that I had mentioned, and then we've actually started now third-party automotive qualification testing of the B-Tran die itself, so this is independent of Stellantis, where they're going to have to, as part of phase three, we'll go through auto qual on the module that they're responsible for packaging. This is actually us taking the die, so we expect to have the industrial test completed here on at least the initial lot later this year, and we expect to get through automotive qualification of the device middle of next year. So that will really put us in a place where it's more than robust enough if it meets auto qualification for the industrial applications we're looking at. And our EV partners will have the comfort knowing that we've taken the devices through the testing, including things like shock and vibration that are unique to the automotive standards. I had mentioned we have strong IP protection, 89 issued patents, patents issued in the U.S., Japan, South Korea, China, Europe, and India. We also have 46 pending patents. And these things, again, they cover the architecture itself since it is an architecture. How do you control a double-sided device is the topic of many of our patents. And then also some patents on double-sided device manufacturing techniques. But we keep the actual process flow on how do you make a double-sided B-Tran device in a standard silicon fab is a trade secret. So even if somebody was willing to infringe upon our patents, they still wouldn't know what we've learned over the last few years on how do you actually make a double-sided device and specifically how do you make a double-sided B-Tran. You can see here some of the recent news. I had mentioned third-party automotive qualification. We've recently added several distributors. The third global automaker we added recently, again, that's for the EV contactor. So it's a circuit protection application within the electric vehicle. In terms of shares outstanding, less than 8 million shares, just over 10 million on a fully diluted basis. We have expiring warrants here in November that will clear out the first half of the warrants that we have, the second half of those warrants, which are $8.90 warrants, expiring in August of next year. So we'll be hopefully looking at August of next year with no warrants on our books. In terms of our cash balance, $20 million for prospective this year, we expect to burn through $9-$9.5 million. So we have multiple years of cash on the balance sheet, no debt, clean capital structure. And we were able to successfully raise funds here earlier this year, right about the price we're at now with a clean common stock only deal with some real high-quality investors that was led by our two largest investors, which are Special Situations Fund and AIGH out of New York. So we have a very loyal shareholder base. So with that, I am happy to answer any questions that you may have. Yes, sir. Just a quick one for me. We'll talk about competition. How you guys kind of stay on that. Balance sheet is any M&A in the future, perhaps? Just kind of what the competition looks like for us. Okay. So the first question regarding what does the competition look like? For us, there's two things that we see as competitive right now. So one is standard IGBTs. So IGBTs are made by very large companies like Infineon and Mitsubishi and others. The advantage that we have over IGBTs is we should be able to get our cost point very close to IGBTs. So cost shouldn't be an issue. We replace two IGBTs with one device in a bidirectional application, and our performance is much better, much lower losses. The advantage they have is they're manufacturing at enormous scale today. The other competitor we have really is silicon carbide devices. And I would say it's a subsegment of the market. It's where you really need high temperatures or high switching performance. So where we see that typically is in the EV space. The advantages we have there, one is cost. Silicon carbide's quality is not where it needs to be. It's also three to five times more expensive than silicon devices. And we will actually make a silicon carbide B-Tran when silicon carbide improves in terms of quality and cost because it is an architecture. But that's what we see from the competitive landscape. And what was the second question? M&A? Suggested between balance sheet, M&A, and then very basic, but strike price on the warrants? Yeah. So the ones that just are set to expire now, which have been exercised, are $2.32 warrants. That was about 440,000 warrants. There's another tranche, roughly the same amount, that's expiring in August of next year at $8.90. Then when you look at the diluted shares, the other things in there are pre-funded warrants. So really common stock equivalents in the number. And then just employee and board member options and stock units. And then from an M&A perspective, we have nothing planned from that perspective. We're really focused on commercializing our B-Tran technology. We don't need the distraction of another technology. Now, over time, that may change if something's complementary. But we do not want to get into, again, the semiconductor fabrication business. There's plenty of foundries that can do that much better than we ever could. So I would say M&A is really not a primary strategy for us over the short term. Any other questions? Yes. My question is to Stellantis. There were a couple of finalists. You guys weren't the only one. Was there anything that you guys felt? Did they give you feedback on why or some of the factors that they selected? Yeah, so they actually put out a proposal to about 10 automotive tier ones. You never know in those situations because there's always some bias, but we knew based on the level of discussions that were coming at us from the tier ones that there were two that were most likely to be selected, one of the two. The question type of question? Yes, and the frequency of contact. Proactive them reaching out to us, right, so we figured it was somewhat being steered to one of those two automotive tier ones. Now, they haven't selected which one it is, and now part of that may be, and I don't know how much you follow the EV market, but Stellantis has union issues. They have a potential CEO change. They have just the challenge that everyone's having with EV adoption, right? To get to the mass market, you need to solve the range issue, and you need to lower the cost, right? That's why they're interested in us. Our technology does both. Yes. The shoot-up back in March, was that anything to do with Stellantis? Was that as a result of the earnings? Yeah. For us, we've been pre-revenue. It was two different announcements that we had made back at the end of February, within a couple of days of one another. To explain the shoot-up of our share price in late February and early March, one was we had finished phase two with Stellantis early and successfully. So there was an announcement related to that, which obviously is our furthest along of the EV makers that we're working with. We also announced initial sales of our SymCool power module. So that is the power module that will be our initial sales ramp for industrial markets, things like solid-state circuit breakers, where we're the enabling technology because generally solid-state devices haven't come to market yet in circuit protection because the conduction losses are too high. Our technology uniquely brings very, very low conduction losses, which really enables things that typically have been served by electromechanical devices. So we can act much faster. Solid-state devices are more reliable, and they're safer because you avoid arcing. So there's been a desire to go there, but not a technology to really enable it. And that's where our technology comes in. Yes, sir. So I know you're mentioning a lot about EVs, but also I noticed that there's some potential for data centers, backups on circuit breakers and such. Do you see the B-TRAN? I mean, it's the same technology, but do you see, because it's sliding through markets and sliding through customers, do you see any potential distraction for your operations? So So having to maybe have something to dissect what you're focusing on in terms of sort of the EV field versus a data center field? So the answer is no. It's really just making sure you stay focused. So the B-TRAN die is the same. So the technology that our engineering team works on every day is the same regardless of the application that it goes into. So whether it goes into an uninterruptible power supply for a data center or electric vehicle drivetrain or circuit protection with an electric vehicle or a power converter for renewables and energy storage being paired, it's still the same die. So for us, it's just making sure we focus on the largest potential opportunities. We want to have as many shots on goal in terms of different markets. But it's really just making sure we stay focused and not, I mean, there's a million companies that we could potentially work with, but we're not focused on a pre-revenue microcap company or five guys in the garage, right? It really has to be someone that we see the revenue potential in really driving our sales ramp. All right. Any other questions? Yes, sir. Sorry. Hammer away. What's the market missing? This is obviously a really good story. But as I said, the stock shot really didn't stay out there. Quite a lot of good news. Where's the disconnect between the company is obviously on the right track and investors aren't seeing it? Yeah. I think it's skepticism, right? I think we had that before we proved we could manufacture the device because there was skepticism around, can you make a double-sided device? Because you have to think about it. If you're processing one side, you need to figure out a way to protect the other side, right? It's not an insignificant accomplishment. So I would say the skepticism now is just in terms of people want to see the revenue ramp. And it's really just a timing issue, right? These opportunities, once you even get to design, when it's going to be six or nine months before you really start to see the revenue kick in. So, as long as people understand that it's going to be really the second half of next year before we start to see that ramp. And it's really the first full year of revenue where we're really is 2026. And it's just whether people believe that that revenue ramp is going to happen, right? I mean, it's proven through what we'll have is we'll announce phase three at some point with Stellantis. That should give people confidence. We'll start announcing design wins, which should give people confidence. And if we can start naming some of these companies that we're working with, we think that'll also provide investors with confidence because their names that people would recognize. Yes, sir. Follow-up on that. Going 2025, 2026, what in between do you already have foresight on doing? Is it hiring? Is it expansion? Or is it just maybe if you could shed a little light on that? Yeah. So for us, it's really execution. And it comes in many fronts. So if you look at, and this is what, in 2025 and 2026, to get us there, is going to be the focus. So from an engineering perspective, we're reducing the cell size as an example, right? So that means we can make over twice as many die on a single wafer, right? So we're working on things like cost reduction activities. We're working on simplifying the driver, right? Because in the SymCool IQ, there's a driver that's associated with that. So there's circuit boards that you need to figure out how you can do that most efficiently and not add features that the market doesn't want that just add cost, right? And we'll be hiring from the engineering perspective. We've hired a fair number of people this year. We'll probably hire actually less next year because we've got a good base here that we've hired earlier this year. From the business development side, it's really continuing to bring new people into the pipeline, but close some of these customers into design wins, right? Or custom development agreements if they want it uniquely packaged for their applications, and again, finishing up on some of the milestones that we'd mentioned, it is getting phase three underway, getting our technology auto-qualified. It's really setting up for that ramp, and from a production perspective, we think we're there. We have two fabs qualified. They They can produce millions of die for us, so it's tens of millions if you look on an annual basis. So we're pretty well prepared, we think. All right. Any other questions? All right, well, thank you, everyone. I appreciate you taking the time to listen to the Ideal Power presentation.