Good afternoon, welcome to Peraso Inc.'s Q2 2023 conference call. At this time, all participants are in a listen-only mode. If anyone needs assistance at any time during the conference call, please press the star key, followed by the zero on your touchtone phone. As a reminder, this conference call is being recorded today, Monday, August 14th, 2023. I would now like to turn the call over to the host for today's program, Mr. Jim Sullivan. Please go ahead. Thank you. Good afternoon, and thank you all for joining today's conference call to discuss Peraso's second quarter 2023 financial results. I'm Jim Sullivan, CFO of Peraso, and joining me today is Ron Glibbery, our CEO. Today, after the market closed, we issued a press release and related Form 8-K, which was filed with the Securities and Exchange Commission. The press release and Form 8-K are available on Peraso's website at www.perasoinc.com, under the Investor Relations section. There's also a slide presentation that we will be using in conjunction with today's call that may be accessed through the webcast link on the IR website. As a reminder, comments made during today's conference call may include forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. Peraso advises caution in reliance on forward-looking statements. These statements include, without limitation, any projections of revenue, margins, expenses, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating expenses, Adjusted EBITDA, Non-GAAP net loss, cash flows, or other financial items, including anticipated cost savings. Also, any statements concerning the expected development, performance, and market share, or competitive performance of our products or technologies. All forward-looking statements are based on information available to Peraso in the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause Peraso's actual results to differ materially from those implied by the forward-looking statements, including unexpected changes in the company's business. More detailed information about these risk factors and additional risk factors are set forth in Peraso's public filings with the SEC. Peraso expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in terms of GAAP and Non-GAAP. With respect to remarks on today's call involving Non-GAAP numbers, unless otherwise indicated, referenced amounts exclude stock-based compensation expense, amortization of reported intangible assets, and the change in fair value of warrant liability. These Non-GAAP financial measures, definitions, and the reconciliation of the differences between them and comparable GAAP measures are presented in our press release and related Form 8-K, which was filed today with the SEC, which provide additional details. For those of you unable to listen to the entire call at this time, a recording will be available on the IR section of our website. With that, I will start today's call with an overview of the company's financial results for the quarter, and then to turn the call over to Ron. Excuse me. Now, turning to the results. Total revenue in the second quarter decreased to $2.4 million from $5 million in the prior quarter and $4.3 million during the same quarter a year ago. Product revenue from the sale of our memory-integrated circuits and millimeter wave integrated antenna solutions in the second quarter was $2.2 million, compared with $4.9 million in the prior quarter and $4.1 million in the second quarter of 2022. The sequential and year-over-year decrease in second quarter product revenue was primarily attributable to lower shipments of both mmWave products and memory ICs, which we primarily attribute to the inventory correction underway in the market. Royalty and other revenue for the second quarter of 2023 comprised $0.2 million of royalty revenues from licenses of our memory technology and other revenues from performance of non-recurring engineering services for a mmWave customer. GAAP gross margin was 25.3% in the second quarter, compared with 38.3% in the prior quarter and 34.7% in the year-ago quarter. On a Non-GAAP basis, excluding amortization of acquired intangible assets, gross margin for the second quarter was 45.9%, compared with 45.4% in the prior quarter and 43% in the second quarter of 2022. The higher Non-GAAP gross margins for the second quarter were primarily a result of revenue mix, reflecting increased revenue contribution from memory IC products. As stated in previous quarters, we continue to target a corporate Non-GAAP gross margin of approximately 50% through a combination of the benefits from increased scale and reduced production costs on our mmWave products, as well as the contribution from sales of our higher-margin memory IC products. GAAP operating expenses for the second quarter were $5.6 million. This compared with $5.7 million in the prior quarter, which included a $0.4 million gain on a previously completed license and asset sale, and $8.5 million in the second quarter of 2022. Total operating expenses for the second quarter of 2023 on a Non-GAAP basis, which excludes stock-based compensation and amortization of reported intangible assets, were $4.1 million, compared with $4.3 million in the prior quarter and $6.6 million in the same quarter a year ago. The sequential and year-over-year decrease in operating expenses reflects the incremental benefits from cost reduction initiatives and other previous actions we began implementing during the second half of 2022 to streamline operations, including the license and asset sale for certain memory technology that closed in the third quarter of 2022. We continue to expect these collective actions will result in lowering our operating expenses by approximately $5 million on an annual basis as we realize the full anticipated benefits over the next few quarters. GAAP net loss for the second quarter of 2023 was $4.1 million, or a loss of $0.17 per share, compared with a net loss of $3.1 million, or $0.15 per share in the prior quarter, and compared with a net loss of $7 million, or $0.33 per share in the same quarter a year ago. On a Non-GAAP basis, net loss for the second quarter of 2023 was $3 million, or a loss of $0.12 per share, which excluded stock-based compensation, amortization of acquired intangibles, and the change in fair value of warrant liability. This compared with a Non-GAAP net loss of $2 million, or $0.09 per share in the prior quarter, and a net loss of $4.8 million, or loss per share of $0.003 in the same quarter a year ago. The weighted average number of basic and diluted shares outstanding for purposes of calculating both GAAP and Non-GAAP EPS for the second quarter of 2023 was 24.3 million shares, which excludes 1.8 million shares of our common stock and exchangeable shares that are currently escrowed. Adjusted EBITDA, which we define as GAAP net income or loss as reported, excluding stock-based compensation, amortization of reported intangibles, change in fair value of warrant liability, interest expense, depreciation, and amortization, and the provision for income taxes was -$2.8 million in the second quarter, compared with -$1.8 million in the prior quarter and -$4.5 million in the prior year period. From a balance sheet perspective, as of June 30, 2023, the company had cash, cash equivalents, and short-term investments of approximately $2.7 million, which includes the remaining proceeds in the company's registered direct offerings and concurrent private, private placement completed at the beginning of June 2023. As a result of the company's expected operating losses and cash burn and recurring losses from operations, the company will need to raise sufficient capital through additional equity or debt arrangements, as further described in the company's quarterly report on Form 10-Q for the period ended June 30th, 2023, as filed with the Securities and Exchange Commission. Regarding our business outlook, similar to last quarter, our near-term visibility continues to be impacted by multiple unrelated factors that make it difficult to confidently forecast the full range of potential outcomes specific to the third quarter. In addition to the more general uncertainty associated with the broader macro environment and end market demand in the second half of the year, the two customer transactions that we discussed last quarter are still pending and have yet to close, and we may commence additional end-of-life shipments to our customers as early as this current quarter. Although the difficulty of predicting the timing and probability of these potential transactions and shipments prevents us from being in a position to provide specific guidance for the current quarter, we remain optimistic about closing one or more or both of these pending transactions by the fourth quarter of 2023. To the extent this occurs, we will consider providing future updates regarding our expectations for the third quarter. With that said, I'll now turn the call over to Ron to provide the business update. Ron? Thank you, Jim. Good afternoon, and welcome. We appreciate you joining us on today's conference call. Without question, it was a uniquely challenging quarter. As Jim discussed, our lower revenue during the 2nd quarter was primarily attributed to a significant and ongoing inventory correction across our customers. Although we're disappointed with the reduced shipments during the quarter, we've continued to make progress on expanding the customer base for our millimeter wave products. Additionally, despite the headwinds in our business, we remain encouraged by the continued positive momentum observed in the broader fixed wireless market, particularly as wireless internet service providers, or WISPs, expand deployments of multi-gigabit connectivity in the unlicensed 60 GHz spectrum to a growing number of subscribers. Turning to Slide five. Turning to Slide five. As discussed in recent quarters, one of our primary strategies has been to leverage Peraso's historical success with a relatively small group of leading mmWave fixed wireless customers to meaningfully expand and diversify our existing customer base. As it turns out, the current inventory correction has only further emphasized the importance of increased customer diversification. With this fundamental objective top of mind, I want to provide an update on the engagement pipeline metrics that we introduced last quarter. As a reminder, due to certain prior constraints, we only began executing on this strategic initiative to the extent our commercial reach and to extend our commercial reach and broaden the customer base in late 2022. This slide shows the progression of Peraso's pipeline of new business engagements over just the past few months. Not only has our combined number of funnel and active engagements increased from 75 at the time of our last conference call in May to a total of 80 in mid-August. During this period, we also advanced several previous funnel opportunities to current active engagements. In addition to using these metrics internally to measure the projected economic value of our existing pipeline, we also view them as a leading indicator of our progress towards achieving a broader and more diversified customer base. Moving to Slide 6. As demonstrated proof points of converting active pipeline engagements into a new customer adoption and expansion, expanded commercial opportunities, I want to highlight a few of our recently announced customer wins. First, in June, we jointly announced the commercial production of Tachyon Networks' new TNA-30X product family leveraging Peraso's Perspectus 60 GHz mmWave antenna modules and unique point-to-point and point-to-multipoint capabilities for fixed wireless access applications. in July, together with Jaguar Wave, we announced the commercial production of its new JW-PTP6150/51 product family, incorporating Peraso's mmWave technology. Also positioned as a point-to-point and point-to-multipoint solution for 60 GHz unlicensed fixed wireless access networks. This new Jaguar Wave product was specifically designed to target and withstand applications in harsh outdoor environments. Most recently, earlier this month, Zinwell, a leading Taiwan-based manufacturer of consumer, broadband, and enterprise-grade networking products, launched its new 2.5 Gigabit Ethernet bridge radio incorporating Peraso's X120 chipset. Designed as a solution to provide lower-cost wireless connectivity between buildings and other geographical obstacles, this wireless networking bridge is Zinwell's first 60 GHz-enabled product. They chose Peraso's mmWave solution with our phased array antenna technology for its unique ability to overcome the challenges of fixed wireless applications in dense urban environments. Lastly, I want to acknowledge one of the potential customer transactions that was pending at the last, at the time of our last conference call. We continue to be actively engaged with this opportunity, despite it taking longer than previously anticipated to formalize. This specific opportunity is envisioned by both parties to comprise of a multi-phase co-development agreement to create a customized solution for fixed wireless applica, fixed wireless access applications, with the customer then purchasing production volume units of the resulting product from Peraso. We remain optimistic and continue working towards a completed contractual agreement in the coming months. From a broader perspective, we continue to believe that Peraso is the market leader in 60 GHz mmWave solutions for fixed wireless access. Given that a majority of the wireless ISPs or WISPs that utilize our mmWave technology don't buy directly from Peraso, we recently initiated an internal project to better understand where and how broadly our mmWave technology is being deployed by WISPs across North America. On the left side of slide 7 is a snapshot of our findings to date. This includes 15 of the WISPs we've identified as utilizing Peraso-enabled hardware and a map of their collective geographical deployments. Based on third-party market research, the impressive growth of wireless ISP subscribers in the United States is forecast to continue to grow through at least 2025. With our market-leading mmWave technology and portfolio of solutions for 60 GHz fixed wireless access, we are well positioned to further capitalize on this sizable market trend. Although still in the earlier stages, I would add that we do have and are working on to expand current active engagements targeting planned geographical deployments outside of North America. Turning to slide 8. We continue to view 5G mmWave fixed wireless access as a massive and incremental market opportunity over the medium term. Although deployments in the mid-band spectrum temporarily slowed down the urgency among carriers to aggressively pursue 5G millimeter wave, we've started seeing renewed interest and focus on the inevitable adoption of millimeter wave by carriers to maximize their bandwidth capacity. During the quarter, we achieved a major milestone with Peraso's announcement collaboration with pSemi, a subsidiary of Murata and a recognized global leader in the development and integration of high-performance RF solutions. This cooperation resulted in the successful integration of Peraso's 5G millimeter wave beamformer IC and pSemi's high-performance up/down converter to create a cost-effective RF solution for 5G fixed wireless access Customer Premises Equipment, or CPE. This joint solution directly addresses one of the keys to unlocking broadband fixed wireless access adoption, which is the availability of a low-cost customer terminal. We also demonstrated the integrated RF module together with pSemi at the International Microwave Symposium in June, where it received strong interest and feedback from a combination of future prospective customers and partners. More generally, the ability of Peraso's 5G beamformer to enable more cost-effective solutions and faster deployments for both 5G CPE applications as well as 5G mmWave in the carrier market, has contributed to a growing number of prospective engagements and evaluations with a series of OEMs, equipment vendors, and 5G baseband vendors. Switching gears to an update on our memory IC business. As discussed on our previous call, we have notified customers of the end of life of our memory devices due to our foundry partner discontinuing the manufacturing process used to fabricate wafers for these products. We've received initial forecasts from our memory customers, which thus far have been very encouraging. Based on these initial indications, we currently expect that customer purchase orders for the last-time-buy will be $15 -20 million. The associated shipments and revenue are anticipated to possibly begin this year, with the majority of POs being fulfilled throughout next year and potentially ending in 2025. Looking ahead, we remain focused on further expanding Peraso's leadership in millimeter wave fixed wireless. Our shipments related to the end of life of our legacy memory products initially ramped and come to an end over the next handful of quarters. Our millimeter wave silicon will increasingly become the primary driver of our future business. The market opportunity for millimeter wave across both unlicensed 60 GHz and licensed 5G fixed wireless access is substantial, and it continues to demonstrate growing momentum. In terms of our leading millimeter wave technology and product portfolio, we believe Peraso is well-positioned today and will, and with a future roadmap to meaningfully capitalize on our growth of the fixed wireless access market. That said, we also acknowledge the headwinds we're facing today in our business, including an extended industry-wide inventory correction, as well as general uncertainty related to the current macro environment, macroeconomic environment. Specific to our balance sheet, we are pursuing a wide variety of potential funding arrangements to address the company's short-term cash needs and the working capital necessary to support existing operations. At the same time, we're conserving cash by delaying or deferring certain expenditures. In addition, we recently engaged an investment bank to assist with exploring potential strategic options, option alternatives, which could include a potential M&A, the sale of certain assets, or other similar transactions. As part of considering any such alternatives, our first priority will always remain on maximizing stockholder value, while simultaneously seeking to expand our current business operations. We believe it's prudent, given the circumstances, to conduct this exploration process in order to identify one or more potential alternative paths forward. That said, we expect any strategic alternatives as well as the optimal path forward, will take additional time to fully materialize. Finally, I wanna emphasize that our team's near-term focus is on day-to-day operation of the business. This includes continuing to advance our active engagements to drive renewed and more predictable revenue growth, as well as expanding our pipeline of prospective engagements in support of establishing a more diversified customer base. That concludes the prepared remarks. We would be glad to take a few questions. Operator, could you please assist with the Q&A session? Certainly. 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. A confirmation tone will indicate your line is 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. Once again, please press star one if you wish to ask a question at this time. One moment, please, while we poll for questions. The first question today is coming from Kevin Liu, from K. Liu & Company. Kevin, your line is live. Hi, good afternoon, guys. I guess first off, you had a number of nice customer announcements on the 60 GHz side of things. I was hoping you could give us a little bit of an update on kind of the competitive landscape out there. You know, who, who are you beating in some of these transactions? Why do you think, you know, you're, you're being so successful within the market? You know, as you look towards the next few quarters here, how much more of your pipeline would you expect to convert into production customers? Well, thank you very much, Kevin, for joining in today, and I appreciate the question. Well, you know, in my humble opinion, I mean, our position on 60 GHz is very strong competitively. I mean, we've had historically Qualcomm and a company in Sweden called Sivers- Renesas combination. I mean, we, as you know, our lead customer is, is, is kind of the leader in the field, Ubiquiti. We've got several, several product design wins there. You know, we have a key feature with compared to Qualcomm, which is we support a wider frequency range, and that's actually kind of a showstopper in terms of from a competitive perspective. That's really kind of the main, you know, the main reason we're winning business. My guess is we will just continue to do so. I'm very optimistic in terms of our pipeline, in terms of closing deals and really marching towards a very, very significant market share in 60 GHz. In terms of what we are converting, I mean, we're, we've announced three design wins, I guess, over the last month or two. We just really believe we're gonna continue to announce those design wins, and I just, you know, I hope that the, you know, be a clear message we're, we're getting out there today is, yes, there's been an inventory correction, but obviously, we're particularly exposed with, with very concentrated customer base, and, you know, our, our key objective here is to, is to fix that problem. I think we're making good progress to do that in 60 GHz, and we will continue... I'm very optimistic in terms of our ability to continue to do that and, and, and, and fix the, fix, fix, you know, really get to this diversified, because Peraso mmWave will really help us, you know, overcome these, these inventory corrections in the future. Understood. Just on the topic of inventory correction, how far along in the cycle do you think you guys are at this point? You know, for instance, do you expect it to continue throughout the back half of your year, or would some of the, the new wins, you know, be able to allow you to, to offset that and, and start to show, you know, more sequential growth, towards the back half? Yeah, that's a good question. I mean, we're not, I'd probably say realistically that, you know, Q4 is when we're gonna really start to see those come back on. Like two vectors there. One vector is existing customers, but the next vector is, you know, is new customers. Really, we're targeting Q4. You know, I think in terms of just, you know, overall, when you look at the big picture, we started really when Mark came on board late last year, you know, normally it really takes a good year to get people in production. You know, I'm, I'm, you know, I'm, I'm confident we'll see new design win announcements every quarter, but really, I think Q4 is the quarter we're gonna start to see really that ship start. That's helpful. Then just on the memory side of the business, I wanted to clarify the $15 -20 million in orders that you guys are talking about now, is that kind of the full amount you expect through the end of life? Or is that just the initial indication, and you could see more potentially come in? Then the other part of the question is just with some of these expected orders in hand, can you talk about any sort of upfront deposits or, or cash that you may receive from these customers related to these orders? I'll take the first part of that and then leave it to Jim to answer the, the financial part. you know, that's our the 15-20 is kind of lifetime, and it's gonna be over the course of, you know, we expect it to start in 2023, the bulk of it in 2024, and then, you know, some residual in 2025. In terms of some of the specific financial arrangements, maybe Jim, you could speak to what we're looking at there. Yeah, no, the $15 -20 million is specifically EOL. We still have a backlog of production orders, you know, from the primary customers. Given the, you know, the inventory correction, we had seen this coming on the memory side, given our lead times, we kind of could tell that Q3 was going to be a dip from memory. The $15 -20 million comprises what we see from the EOL. You know, fingers crossed, it's higher, but we're obviously pretty comfortable with that number to put it out there. There's still, you know, another, you know, I'll just say $1.5 million+ of orders sitting on the backlog. Given this pervasive inventory correction, we've seen them push out, you know, where possible. A lot of these are through our, our larger customers, contract manufacturers and the algorithms that push out. I think that answers your question on, on quantification. You know, obviously, we announced this in May. You know, it's a tough market out there with the inventory correction, so the, you know, the, the customers, have definitely had some, you know, some, some, you know, concerns over kind of when they're trying to manage their own inventory, putting, putting up orders and prepayments. You know, like anything, it's, it's taking a little bit longer to, you know, to round, you know, round those up. As Ron, you know, I think I, I mentioned in my script, and Ron just reiterated, we are expecting, you know, orders to start moving here as early as here in the Q3. That's taken, that's taken a little bit longer than planned, as far as getting the orders in hand and, you know, addressing the, you know, the upfront. I mean, not surprising. It's we're not the only ones doing an end-of-life. Obviously, in our case, it was, you know, forced by our supplier, but there's enough of these going on, it's tough to get folks to, you know, issue orders right now. Understood. Thanks for taking the questions. I'll get back into you. Thanks, Kevin. Thank you, Kevin. The next question is coming from David Williams from The Benchmark Company. David, your line is live. Hey, good afternoon, gentlemen, and congrats on navigating a challenging macro here. hey. Thanks, Dave. I think, yeah, I jumped on the call a little bit late, so forgive me if I ask something that's already been asked. One, I, I wanted to touch on maybe just from, from a, a larger, kind of a T-Mobile type thinking. You know, T-Mobile, they've been very enthusiastic about the growth of their fixed wireless access customer base, and, and I certainly understand the, the differentiation between those and what, and what you're doing, just kind of where they're operating. It, it feels like we should start to see some pull in over time, as they transition to mmWave, just kind of given the existing spectrum constraints. Can you maybe talk a little bit about what you're seeing from the, the service provider side and maybe the operators? And just are you, are you seeing any movement there, any traction? Maybe what are you thinking, here in the near term? Thanks, David, for that question. Actually, the, you know, kind of the news, I would say the news of the day in mmWave is that, you know, Reliance Jio in India has announced rolling out they've done, completed all their testing and, and are rolling out 26 GHz mmWave in 22 cities in India. I really think that's, you know, one of the most important opportunities, you know, in the market right now. It's, it's great to see. I think, you know, India is a special case because fiber is very difficult to run there. There, there's, there's other factors that make wireless more compelling. We're, we're pleased to see that there's, I think, very serious traction there in terms of, you know, in terms of 26 mmWave. I think in America, you know, we're seeing this, like, the slow, steady increase of millimeter wave. But I just continue, you know, we continue, you know, to believe in our thesis, which is that, you know, the very expensive mid-band or even sub six gigahertz spectrum for the carriers, such as T-Mobile. By the way, T-Mobile has now started to deploy some millimeter wave for exactly that reason. I mean, that we're, you know, they've actually increased their fixed wireless rates, by the way, over the last, last few weeks, and it's because, you know, they're, they really are, we believe, running out of spectrum in their, in their mid-band, and that will be the real transition to millimeter wave as, as they need to really utilize that, that spectrum for, for their mobile customers and put their fixed wireless customers on fixed wireless. Like, in terms of timing for that one, Dave, it's a bit more difficult, and we believe it's gonna be more of a, you know, kind of 12 - 18 month situation. We do believe that the thesis is valid, which is that the, you know, expensive mid-band, low-band spectrum is getting used by the carrier customers. Their carrier, carrier customers are much more lucrative, you know, and, and, and we're going to see that shift to millimeter wave for fixed wireless with the T-Mobiles and the Verizons and the AT&Ts. Does that answer your question? Yes, yes, very helpful. Thank you. If you kind of look out across your, your customers and your engagements now, is there a way to think about the, the typical design cycle, these on maybe to ribbon to, design win to revenue cycle you would typically expect? I mean, how quickly can these transition from just a simple design into an actual revenue-producing product on the shelf? Yeah, that's an important question. I I mean, I would say right now, the, we have, of course, two different markets. We have the 60 GHz market and the 5G fixed wireless market. You know, on, on the 60 GHz side, we control the entire system. We have the baseband, we have the antenna, we have the, the, the radio, we have modules. It really, and this is, you know, actually real-time information. I mean, we're really looking, I think, at a best case of 6 months, realistic case of 9- like, 6 - 9 months. 6 months would be best case. Really, you know, I think we're down to 9 months just because we've also, by the way, we, we have a very, very strong manufacturing partner with a company called 8 devices, in Europe. They're, you know, and, and, and we've also got some, some, some man- Jaguar Wave is a manufacturing partner in China. Having these manufacturing partners is so critical in terms of time to market. They're just very, you know, these guys are specialized in how to build millimeter wave products. Obviously, our modular products accelerate time to market. I think we've got, you know, let's call it nine months, you know, from, from, from engagement to full deployment on millimeter wave. 5G is, is frankly, longer, just because it, it's 5G, it's, it's carrier oriented. I would say that's more of a 12 - 18 month, you know, cycle from kind of design start to, to production, just because it's a more complex product. The carriers do a lot more testing. You know, we don't control the whole process. We're working with baseband partners, so I think realistically, you're looking at 12 to 18 months on a 5G millimeter wave design. Okay, great. If you have where your enthusiasm lies in terms of just what you're seeing or maybe what's improved over the last quarter relative to your prior quarter, what would you say has you most upbeat, and what is maybe not moving along as well as you would have expected? I would say two points there. Again, if you, I don't know if you saw the slide presentation, David, but there was a slide that we're showing the carriers that are picking up, or the WISPs that are carrying up our 60 GHz products. So we've got, you know, there's at least 15, but every quarter, we're gonna update that slide. And, you know, and what's really driving that business is, you know, we're, we're, we're really driving our co- like, the, the price points of the end equipment. So, you know, right now it's $200. We believe that we can get it below $150. So, you know, and, and on top of that, we provide gigabit solutions. Now these WISPs can go to their customers and say, "By the way, I can provide you for a very, very cost-effective price, you know, a 1 gigabit solution," these people. It's actually quite phenomenal. I'm always a big believer, I've always been a big believer in, in, in reference accounts. I mean, I mean, these WISPs really primarily communicates with chat, chat groups. You You can go to any chat group and, and you see very, very positive, momentum and very positive support for, for 60 gig, and not only 60 gig, but 60 gig based on Peraso specifically. You know, we, we're, we're kind of all in on, on the WISP market, and, I think you're really gonna see that chart grow, not just in North America, by the way, on a worldwide basis. The other point I'd like to make, Dave, on, on that, on the 60 GHz side of things is, we're actually starting to see like, you know, a lot of the business we were seeing was more, you know, outside the city, rural, suburban. Now we're seeing real traction in what we call dense urban environments. This is really a, a great, you know, a great situation for 60 GHz because, you know, traditional Wi-Fi is a very, as you know, a very broad signal, but it's very difficult to isolate a network. Now with, with our technology, we can address denser urban opportunities, you know, with, with our beamforming technology to, to really provide services within a city as opposed to, you know, outlying areas. We're seeing some momentum there as well. That's, so that's been great progress. I think the 5G side of things is definitely, you know, taking longer, but, you know, than, than we'd hoped, frankly. You know, I, I think this, this announcement in India today was, was significant. I mean, it's a very, you know, very significant amount of, of customers that, with, that, that they're addressing. We're just really so- you know, kind of standing by on the 5G side of things to, you know, to, to really see the, the meaningful momentum there. You know, we've, we've taken kind of an op- opportunistic approach from an R&D perspective and a support perspective. We're, we're pretty focused on 60 GHz, but, you know, obviously, we're, we're ready if 5G takes off, but, 5G mmWave. As Kevin Liu asked earlier, the timing on that is, is still a bit unclear. Okay, very helpful there. And then just like maybe lastly for, for Jim, if you kind of think about, and I'm sure you touched on this on the call, and I, I may have missed it, but can you just talk about the balance sheet and, and kind of the, the puts and takes there, what you may be working on and just kind of how we should think about the cash flow and, and balance sheet for the next few quarters? Yeah. As I, you know, mentioned in the, you know, in the script, in the prepared remarks, we have two transactions that have been, you know, looming out there. Certainly, the current environment has not helped bring those to closure, but they are still alive and in play. I think right now we're looking at the more of, you know, possibly one, you know, in September, the other one in Q4. Those are kind of out there in play. We are, you know, I think as I answered in response to, you know, one of Kevin's questions, and I think as Ron highlighted in his, his prepared remarks, you know, we're pleased with the, you know, the initial, initial forecast orders, from the customers, that have come in on the, you know, on the memory side. To me, you know, I've been on a few of those calls supporting our Chief Revenue Officer, and in particular, I have, you know, relationships with one of the customers going back a while. You know, it's a timing thing of how we kind of manage this. obviously, in this environment, you know, we're, we're, you know, a, a component for a product line of a much larger organization, and they're, you know, dealing with mandates not to put more purchase commitments on the books, cut down inventory, et cetera, and we're looking for them to go the other way. Do you know what I mean? You know, swimming upstream in that regard. It's really kind of managing the timing on that. I think we're, you know, we're working through it such that, as I said, we expect to start making, you know, some, some initial shipments this, you know, this quarter. Yeah, we are, you know, alert to funding opportunities. You know, we obviously did a financing there in early June, as I, you know, cited, so we're continuing to kind of manage that. From the positive side, we do have, you know, deals we're working. The EOL is a highly profitable, albeit one and done over the next, let's call it, longest case, call it two years. We're talking, even just taking the low end of the range, $15 million of revenue, you know, as I also said in response to Kevin, we still have regular production. That's not a net number. You know, at 65%-70% gross margin. We just need to navigate some timing and start moving that product out, and then that will certainly, you know, assist our balance sheet. Okay. Are there places, brokers or distribution networks that typically hold in some of this end-of-life type of components? Is that an opportunity, or do you think they're willing to carry a little more, and maybe bridge to when some of your larger customers may begin to place those orders? You know, we're having those. It's a good question, and there is some opportunity there. We have had some discussions, but one of the, one of the challenges is, you know, you're, you're involving, you know, a middle, pardon the use of the maybe it's a middleman. It's a historic term there, and it can complicate negotiations, et cetera. You know, the, the person in the middle wants a piece of the pie, which maybe doesn't benefit either of us, but we're looking at those opportunities as a way for the, you know, the customer to, you know, get it taken care of, but not, you know, not have the, the metrics. You know, still in play. You know, also, obviously, a, a slower time of the year to be catching people, people on vacation, et cetera. You know, this summer after, I think, is the first kind of full summer, we're seeing a lot of people, you know, with, with what's happened post-pandemic, et cetera. Yes, we are exploring those opportunities as well. Okay. All right. Very good. One, one more, if I may here. Just kind of looking at on the demand trends, clearly what these products are going into, you know, we'll have a return to growth at some point if you start seeing carrier CapEx or telco CapEx begin to improve. Do you think that that's an early 2024? Are you getting any indications on, on what those are, kind of thinking about your backlog and, and just where the inventory is? Then, do you -- is there a sense of how much excess and channel now to be burned through before you start seeing orders accelerate? You know, unfortunately, most, most parties won't share their inventory levels, so they're not, they're not giving you the visibility you'd like. You'd think like: Hey, what's the big deal to show me what you got? They don't, they don't do that. I'll let Ron sound like he was prime the answer there. No, you know, I think we did mention on the call, and we're thinking Q4 is when we're going to start to see that and into Q1, right? I mean, we definitely, there's a combination of things. It's not just... When we say inventory correction, it's not, Yeah, I mean, one of the issues was that because of the long lead times, people were just ordering too much, right? Yeah, we, we expect to see that start to switch over in Q4, Dave. Okay. All right. Very good. Certainly appreciate it. Thanks so much for the call, gentlemen, and looking forward to seeing the progress. Thanks, David. Our pleasure. Thank you. There were no other questions in queue at this time. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Thank you.