Peraso at a glance, as I mentioned, we're a fabless semiconductor company, so this is kind of like a company like Nvidia in the extreme that actually designs and sells their computer chips, but has them manufactured by a third party like TSMC. Our focus, and I'll talk a bit more about that in a sec, is what we call 60 gigahertz or millimeter wave high-frequency wireless. We're a global leader in the development of this particular area of millimeter wave. In fact, I would say we're the dominant player. We've been shipping in volume since 2016. We have 50 patents issued and pending for our millimeter wave products with some what we call essential patent claims, which are important for this industry. Right now, I think the story of our company is just securing design wins. We're really doing a great job of getting new customers on board, and I'll talk about that a bit in our relevant markets. Also, an important point to make is that we did merge with a company called MoSys in 2021, and we're end of life-that was a memory product line-and we're end of life in that by providing significant cash to the company over the last 12 months and into 2025. Just to give you a sense of what we do with the markets, I'm going to talk about this more in detail, but this is probably the four main markets we go after is what we call fixed wireless access, which is just basically high-speed internet. Military has really come on, and I'll talk about that in a little bit of detail, what we call professional video delivery and also 5G ml wave. So these are some of the key markets that we target. I'm going to do a 30 second lesson on what millimeter wave is. Basically, we exist in this part of the spectrum. 99.9% of wireless exists in this part of the spectrum. And so the question is, why? Why now? And the reason is we're running out of capacity here, and there's far more capacity up here, so we're a pioneer in enabling that capacity in the higher frequencies. But it really turns out to be other benefits that I'll talk about as well, but that's really the main reason that we're really trying to utilize these capacities because it just really enables much more capacity for users and the growth of wireless communications. But another key aspect of our technology is this really neat feature called beamforming, which is basically taking the electronic signal and shaping it into a thin beam. And there's a couple of real advantages of that. One is that it allows the signal to go much further, but the other is it's also secure, and I'll talk about our military applications in a second with regards to what that enables for us. So again, just to reiterate, here's the key markets we're going after. I would say our bread and butter today is what we call fixed wireless access, and that's actually providing people with high-speed internet connections. Tactical communications over the last 18 months, unfortunately, because of the conflicts around the world in Ukraine and in the Middle East, militaries have realized that traditional communications are trackable, and that makes it very dangerous, very easy for the enemy to track your communications, so the militaries are looking at using our technology because of its stealth capability, so we're seeing nice traction there I'll talk about. Transportation, just providing, again, high-speed internet to moving vehicles, other trains, planes, or automobiles, and I'll talk a little bit about what the work we're doing in what we call professional video delivery, so these are some of the main. What you see is just a bit of a history. I mean, the company started going after consumer electronics, and it just really evolved over the years that really our main play is in more industrial applications. Have high volume, but are more specialized, and we feel have better margins, much, much better margins. Just to give you an idea of the growth rates here, so Allied Market Research indicates that this year the market for millimeter wave is about $3.4 billion, but growing at a 20% rate. So we're seeing a very nice growth rate in millimeter wave electronics. So we certainly are a leader in participating in that growth. And then just kind of a subset of that, and specifically in 5G millimeter wave, the shipments are just under a million this year, and of course, tracking to over into the millions over the coming years. This is actually an interesting bullet at the bottom, and it's really related to this concept of fixed wireless, and this is providing internet services. So I think a lot of people these days hear about fiber. The thing we have to keep in mind about our technology is that, A, it's a gigabit to two gigabit data rate, so it's actually absolutely competitive with fiber in terms of performance, but the benefit you get is it's much cheaper to install and also much cheaper to maintain, so we have a very strong value proposition against fiber, but having said that, fixed wireless broadly is growing, I think, above expectations in all markets, and so an interesting milestone was reached this year by American carriers where they're shipping more fixed wireless than the cable guys, so that's really a big milestone for the fixed wireless industry, and that's really the bread and butter and the main market that we're going after with our fixed wireless products, so just getting more detail on the fixed wireless, our lead customer is a company called Ubiquiti. Ubiquiti is really kind of the inventor of this field, and they are the leader in fixed wireless access using unlicensed frequencies. This is a picture of their booth at a trade show last week. Actually, I could point all this, but all of these products, about eight products that they're shipping, are all based on our silicon. So we are the dominant silicon provider in this market. But really, Ubiquiti is known for shipping really into what we call American rural market. That is kind of low density, kind of long ranges, but way too expensive to install fiber or any other technology. So they're really turning to our technology. So that's been great for us. Ubiquiti is a very credible company, and they've really pushed us in terms of establishing our technology. That really got us going into the marketplace when we were shipping some nice significant volume into Ubiquiti. But over the last year, I would say maybe even 18 months, what's really, I think, changed in our market for the good is another advantage we have in our business is the movement to what we call dense urban. So the concept here is that instead of being in very low-density rural environments, now we've moved into high-density urban environments. There's a couple of reasons we can do that very well, and we've got some examples of it. One is if you go back to my original slide that described beamforming, beamforming is a way to allow multiple networks to not overlap and gives you a high density of networks in an urban environment. So that's one key fundamental characteristic of our technology. Another is just our access, it's called MAC capability, which is actually our ability to allow many users at the same time, so these capabilities allow us to go into much more dense urban environments. We've got real examples of that. For example, here in Los Angeles, actually, in East Los Angeles, there's a program to deploy products using our chips. It's by a company called WeLink, so that was announced as 278,000 homes passed, so that was, again, a real demonstration that you don't need fiber in an urban environment. As a matter of fact, fiber is very expensive to deploy in an urban environment, so we really see urban environments as important. Another key design win is in South Africa. We just got a follow-on order for that. We started working with those guys about a year ago. This is really outfitting the townships of South Africa with internet access, high-speed internet access. This is really. I would call it transformative. It's basically one of the main problems with South Africa is that the power grid is more or less failed. You can't really depend on the power grid in South Africa. So all of the cell towers are basically battery operated, at least for our network. And so basically, because we operate with pretty low power, this allows you to really increase the access of your cell towers and support many customers. So we're in the midst of the deployment now. You can see that it's a pretty rough-looking picture, but basically, the idea here is just to flood millions of people with internet access using our technology. I just saw a presentation actually of a satellite company, and the obvious question here is, why wouldn't you do this with Starlink? The very simple answer is Starlink is at a satellite at 550 km in the air. By the time it hits the Earth, it's an extremely wide beam, maybe 650 mi, let's call it. But you cannot handle the density. In 650 mi in townships of South Africa, there's no way that you can handle the number of people that they're trying to support. So satellite is absolutely not a competitive threat here. Even fiber, again, when you get into these township opportunities, there's a lot of violence, there's a lot of destruction. So basically, these cell towers each have not only battery packs, but barbed wire fences around them to make sure people don't screw up your tower. So there's no cables, basically. Even the backhaul linking the towers together is all done with wireless. So it's a real win for us, and we even do some of this in other parts of North America. Trailer parks across North America have a similar problem, just high density, and they're using our technology, but since this slide was developed, we actually announced another deal in Kenya. And in Kenya, this doesn't mean a lot to people, but the density they're looking after is per cell tower about 60 gigabits aggregate of usage, which is crazy, crazy dense versus what we've seen in the past, so our strategy moving forward, and we're already seeing significant design wins, is to move into the more urban environments with our fixed wireless technology. Broadly going back to, this is more very U.S. specific, there's a program called BEAD, a $42 billion program to outfit everybody in the U.S. With high-speed technology. They rolled this out originally from Congress as a technology-neutral funding program. It's really turned into more of a fiber program, but at the state level, the states now are pushing back and say it's impossible for us to outfit all of America with fiber at this price. There needs to be the right tool for the right job. So we're starting to see a push back there to move back to what we call a technology-neutral approach for this program. So we expect BEAD to be an important part of our business moving forward as it underwrites the service providers in these rural areas in America. Actually, tactical communications is really turning out to be a great second market for us above this fixed, beyond this fixed wireless. And as I said at the top of the presentation, traditional wireless is susceptible to enemy detection. And once you see it, you can actually bomb that site. So it's very dangerous to use standard communications. So basically, we've actually done our first prototype with the U.S. Army for providing communications between soldiers and their Humvees using our technology. And the idea there is you cannot detect it if you are the enemy because of that beamforming capability that I mentioned earlier. We also have SWaP, like size, weight and power benefits in the U.S. Army, but we have another design that we've actually announced that's more imminent and that's specifically related to the conflicts in the Middle East where we're feverishly trying to get technology into personnel over there for safety reasons. So that's going to be a very good program for us going into 2025 and into 2026. But again, absolute strict use of our technology to avoid detection in the battlefield. So that's a very, very important benefit. In the 60 gigahertz band, which we are, it's actually, believe it or not, the Army's actually going to like the fact that we're actually unlicensed because when they move into new territories, these are licensed around the world. So there's no conflict with existing carriers for our unlicensed technology. So that's kind of a benefit for the military. Although you would think that if the U.S. Army is in your territory, there's going to be bigger picture issues. So yeah, so we basically are really starting to see nice traction here. We expect some very good revenue here over 2025 and in 2026 and 2027. And the other aspect of this that we're now, actually, I'm going to San Diego tomorrow. We're talking to companies about actually using our technology in drones. And the idea here is that because we have high resolution, the drones can hover and send back very high-resolution images using our technology. So it's a very cool application. There's even some more applications that are outside the box that you wouldn't think of that are really making their way too. So drones is another area of activity in the military that's important to us. And then a couple of adjacent markets. I mean, this is just giving you a summary of where we actually have design wins. Transportation. So actually, we are on trains in China. And the idea here is that because we have the beam technology, the beam tracking technology is not just static. It actually tracks. So as the train's moving, it actually provides internet to that train. But as it loses range, it hands it off to the next access point and so on and so on and so on down the line. So we've actually implemented that in China. And we've done a press release that we're working on a program similar to that in Korea for the Korea Subway system. So we're seeing some traction in the transportation area. It's fixed wireless, but it's moving. It's actually not fixed wireless. It's fixed wireless, but dynamic fixed wireless, if that makes any sense. But so yeah, so we're seeing some nice traction there. And the last one is professional video delivery. Actually, even yesterday I was here. We were engaged with a company in Los Angeles. It's a company doing for endoscopic surgery. They're actually where the doctor inserts a camera inside the patient. It has to be, of course, viewed throughout the room. They want to eliminate all the cables in the operating room so they're using us to actually facilitate that. The reason that really works is because, well, the most important reason is not, well, the data rate's important, but the latency has to be very low. You can imagine if a doctor sees something or wants to correct something, it has to be done in real time. There can be very, very low latency so that's a very, very important. As it turns out, which I didn't realize because when we went to the customer yesterday, but because to get truly wireless in the operating room, you can't use power cables either so everything's powered by batteries. So they have units that they wheel around the operating room that are truly wireless, wireless because of the data transfer, but also battery operated. So low power, again, comes into play as an important feature of our technology because you want the battery to last longer. So we've also got design wins in the classroom for video distribution. Actually, the reason that our customer chose our technology in the classroom is because another problem with traditional WiFi, everybody would say, "Well, why don't you just use WiFi?" The problem is when you have 30 kids in a classroom using the wireless technology, it gets congested. And actually, this even goes back to our fixed wireless successes. Traditional WiFi, because it spews signals everywhere, it just gets congested because we use beamforming. That's really the key here for our technology is our ability to really manage those electrical signals in a concise way that lets us achieve these high-density networks. We also have a 5G product, actually. We taped this out about a year and a half ago. Our focus, we have no design. I like to talk about design wins. I mean, everything I've showed you to this point, there's been multiple customers with multiple design wins, so that's really kind of our message is that we're really seeing that traction in the marketplace. On 5G, it's been a bit slow. I mean, I think broadly there's a carrier slowdown in capital spending. They're happy with their current spectrum, but we do have a product available for that market, and you can see just a little bit of technology in these. This is what we call our phased array device. This is a phased array antenna, which is an internal capability for the company, but this is how we do the beamforming with this device right here. 5G is kind of in the future, but it's kind of a growth opportunity, but it really has not really exploded yet in terms of the volumes. We're just really focused on getting design wins and getting devices into production. I would say one of our issues over the last couple of years has been during the pandemic and just after we had, if you remember, there was a semiconductor slowdown and people built up inventory like crazy. And so we sold a lot of product those years, but now we're just working through that. We're seeing that as a broad industry. We're working through our inventory challenges, but in the meantime, we're not letting up at all in terms of the customers that are going into the marketplace. So we have about 100 customers in our pipeline and 22 are active that we expect to go into production over the coming years. So this gives me comfort to see that I come to Los Angeles. Besides this conference, I've got four customer opportunities. So most cities that we go, we find some customer opportunities. So we're really pleased. Really, I think that's one of the most important stories about Peraso is that, A, we've become the dominant player in our marketplace. B, we're getting significant design wins and numerous design wins. So we're pleased with that. So I see I've got five minutes for the presentation. So we've become the premier global supplier of 60 gigahertz semiconductor devices. The barrier here, I say what we call the moat is significant. It'd be extremely difficult for anybody to attempt to catch us right now, like from a technology perspective. I guess that's the benefit. Semiconductors can be a tough business, but once you achieve success, it's very difficult for competitors to compete. So we feel we've got a very, very strong moat in terms of our patent portfolio, but also our know-how. We're already shipping into high-growth markets. We have 100 distinct customer opportunities that we're engaged with today. It's interesting. When we started the company, the thesis was we're running out of spectrum and we are running out of spectrum. That's exactly why we're seeing traction. Is that because with traditional wireless networks, they overlap and they cancel each other out and it just causes congestion. So that's really the chink in the armor of existing wireless operations is our ability to do beamforming to create dense networks. Now we're seeing that feature. We never thought 15 years ago when we started the company that we'd be in the military because of our stealth capability, but here we are, and like all good products, the end of the Memory IC products are coming to an end at the end of Q1 in 2025, but that's been a great cash generation for us and that will really push us into the pure wireless world and come at the end of Q1 in 2025. So four minutes ago. That's it for me. I'm done. I'm ahead of schedule, I think. Go ahead. You're sort of like Starlink? Well, we are like Starlink in the sense that we provide internet service, yes. But the big difference is what I'm not sure if you're here yet, but I talked about Starlink in South Africa. So because they're, well, they're not, right? Their market is guys who are in the middle of nowhere, right? I actually have Starlink because there's nothing else. I'm in the middle of nowhere in northern Canada and it's like there's no way I'm getting internet access except for Starlink. If you look at a place like South Africa, which has the highest population density in the world, by the time the Starlink signal gets to the ground, it's got a radius of 600 or a diameter of 650 mi. There's millions of people in that area. There's no way their satellite can handle that density. Different tools for different jobs. They're good at guys who are in the middle of Canada that have nothing around them. We're good at, but we both provide internet access, by the way. But we're good at solving the problem in very, very dense environments. But same fundamental business model, which is providing internet services. So in the past, during inventory, you've been going through this inventory correction? Yes. So where are you now? Where do you feel like? Well, we're starting to see orders. Yep. And not as big as they were, but we're starting to see orders. So they're running out of inventory. So we're hoping later this quarter into Q1, we start to see the real turnaround. The most important here, here's when we, it's a long story, but we had a very concentrated, we had two main customers when this whole crisis happened. And so that was just too much exposure. That's why we've really focused on our pipeline. Now we have 100 customers. We're really trying to diversify, needless to say. So that's really been our strategy is to just get out of this customer concentration trap we were in and go to hundreds of customers and diversify our customer base. But we really see these existing customers starting to ship. For example, one of them was the customer in Los Angeles. I just had dinner with the CEO. They're expecting to start shipping again in the first quarter. So that's what they do. Could you put a number around the potential of the military? I sure can. I mean, is that okay? Just checking with the boss here. Yeah. I mean, we're going to have the issues today. Yeah. I mean, the very first opportunity I can tell you is about 100,000 soldiers at $150 a soldier. So $15 million over, let's say, two years. So very, very good opportunity. And that's one army and it's kind of a small army. So yeah. So we estimate the military opportunity to be in the tens of millions. So how many patents do you guys hold? Well, on the wireless side, it's 50. Well, 50 pending. I think 40 granted 10 pending. Yeah. But nine of them are what we call, there's actually an IEEE standard and we actually wrote in conjunction with Qualcomm the standard. So we've got essential patent claims, which are very important patents because you need to come and license us if you want to build those chips. Yeah. If you want to do that. Yeah. So do you have a third-party valuation on them? No. I don't think we've done that, have we? No. I mean, we have a number from Jim Sullivan, our CFO, by the way. So we have a number of significant, significantly higher number of patents, but I would put those as the core, as Ronald called it, the motor of the technology. We have a significant portfolio from the legacy memory business, but we've actually been letting those lapse because we see that business. We're going to complete shipments by March of 2025. We've had success. The public entity, prior to Ron joining, had success in the past. We did about a $35 million patent sale years ago and monetized what we could on the memory side. On the millimeter wave side, it's really too early in our business to kind of sell them and try to keep the rights, etc. Yeah. Okay. It's more thing of valuation for the stock. Oh, sorry. Ask your questions. Okay. Thank you. Thank you very much.