Hello, and good afternoon, and welcome everybody to the final day of Needham's 26th Annual Growth Conference. My name is Quinn Bolton, and I am the semiconductor analyst for Needham & Company. It's my pleasure to host this presentation from Transphorm, Incorporated. Transphorm is a leading GaN semiconductor company that designs and manufactures high performance and high reliability GaN semiconductors for high voltage power conversion applications. The company has an IP portfolio of more than 1,000 owned and licensed patents. On January eleventh, Renesas and Transphorm entered into a definitive agreement, pursuant to which a subsidiary of Renesas will acquire all outstanding shares of Transphorm for $5.10 per share in cash. Joining me from the company today is Primit Parikh, the co-founder, President, and CEO of Transphorm. Before I hand it over to Amit, if you do have any questions for the company after or during the presentation, please submit them at the bottom of your screen through the dialog box, and I will come back to monitor Q&A after Amit's presentation. With that, Amit, over to you. Thanks so much, Quinn, and the Needham team for hosting us today. I have had the privilege of co-founding and growing Transphorm over the years, and now it's an exciting time in the industry with GaN really ramping out there. So as we go, let's just first look at Transphorm at a glance. We are a pioneer leading manufacturer and a supplier of high performance, high reliability, gallium nitride power semiconductor products over the widest range of applications, from 30 W low power to over 4 kW high power, and in market areas ranging from adapter fast chargers to data center infrastructure and IT, to broad industrial, to renewable energy, and now entering automotive electric vehicles. All in all, an $8 billion growing market over the next five years. We are built on the world's leading IP platform, as Quinn just said, more than 1,000 patents accessed by Transphorm, covering the full value chain of GaN with proprietary epitaxy, which is the GaN materials, world's leading wafer fab technology. We are supplying GaN power conversion products to a large customer base, targeting rapid multi-year growth, over 50% CAGR, well over 50%, and supported strongly by our product pipeline, a five-year sales product pipeline of more than $475 million. We have already shipped in high volume, uniquely in both high power and low power GaN, which no other company has done to the extent Transphorm has, over 200 billion hours in the field. All of this is a result of our core strengths, our investment strategy over the last decade plus, and above all, our highly experienced team. Going through the years, our bit on Transphorm history, a quick snapshot here. Our successful history since inception to now and recently, a few years ago, the Nasdaq listing. And three key takeaways I want to point here: first, our very strong emphasis on quality, manufacturing, and IP, evidenced by a series of firsts in both R&D, production, and commercial, as automotive qualification over the years. Second, our blue chip customers and partners, financial partners like KKR, strategic customer partners like Yaskawa, Nexperia, and GlobalWafers, validating our technology and IP. And third, customer penetration achieved over the last few years, and again, uniquely for Transphorm, both in low power GaN as well as high power GaN, followed by our public company transition in 2020. Transphorm has what I truly believe is foundational technology for a broad spectrum of application. What do we mean by that? Transphorm products in the market address a tremendous multi-billion dollar market opportunity with GaN power conversion, $2.5 billion today, and growing at over 25% CAGR, nearly double that of the general power semiconductor market. In this power voltage space shown on the left, our GaN products address the widest spectrum today with 650 V GaN from less than 100 W and addressing potential to address 100 kW and more. We parse these market segments into computing, includes data center, infrastructure, and now AI power, energy and industrial, including renewable, microinverters, and broad industrial space like UPS, and electric vehicles, two-wheelers, three-wheelers, and four-wheelers, and fourth, consumer, low power with fast chargers and adapters for mobile, laptops, and TVs. All multi-hundred-million-dollar markets, with one of the largest growth over the next 5 years, notably coming from the electric vehicle market, making it a $4 billion-plus opportunity. Across the gamut of these applications, Transphorm's GaN solutions deliver higher efficiency, compact system, and easy-to-use products for the customers, with proven performance benefits against silicon, silicon carbide, and also other GaN solutions from competing GaN offerings that I will talk about in the presentation. Key highlights at the top level. With our disruptive GaN technology, Transphorm products provide benefit over silicon, silicon carbide, and other GaN for compact and efficient solutions with lower costs that will allow access to and growth in large market opportunities. This market opportunity is expected to be over $8 billion in the next 5 years or so, within the overall $30 billion-plus power market TAM itself. Transphorm, with its ownership and control of the core gallium nitride manufacturing i s commercially ramped now with a strong pipeline, comprising GaN power products and wafer products that allow us now to target the over 60% CAGR that we mentioned. Our products, technology, and IP have again been validated by several blue-chip customers and partners, international leaders, public company, and also the U.S. DoD. All of this again possible by our strong team that has worked hard to develop a strong IP portfolio and a strong GaN platform that has made inroads in the market. Now, what-- why, why is GaN so exciting for power conversion, right? And that is fundamentally because silicon, the existing incumbent, has basically reached and stretched to its physical limits, especially in power. That is where GaN enters. By virtue of its intrinsic physics-based benefit of power conversion, efficiency, and losses of power conversion, that Transphorm now has reduced to practice, and GaN does the job much better than traditional silicon and also better than silicon carbide. GaN enables efficient and compact power conversions over the entire power spectrum and across a variety of application, again, from consumer to automotive, where speed, efficiency, form factor, and system cost are all pain points. Besides delivering higher performance, which is lower loss versus silicon carbide and silicon and gallium nitride, our gallium nitride made on silicon substrates also offers a long-term roadmap to lower cost, including future cost parity with silicon, and while enabling lower cost systems versus silicon today, that we will touch upon more. So key architectural vectors of Transphorm GaN are outlined here, and with its fundamental benefits of high electron mobility and high switching speed, speed which nature has given GaN and Transphorm has harnessed in practical application reliable devices. GaN excels over silicon and silicon carbide in efficiency, power density, and cost. On the right, what we show is how we have architected our device offering, our SuperGaN platform, targeting multiple WBG vectors, not just performance, but performance, which means figure of merit and actual switching performance that you get, robustness, universal drivability, easy to interface with outside electronics, enabling simpler design and lower system costs for customers. With proven technology and manufacturing advancements over the market proof points across, again, this entire power spectrum, GaN and Transphorm GaN is ready for growth to support major semiconductor industry megatrends of energy savings with increased energy demand, electrification, notably in electric vehicles, to address range anxiety and faster charging and ever-growing needs of computing. The tipping point for GaN is coming now. Next, let's get into the differentiated offerings of Transphorm. On the left, I show some key vectors, how we differentiate and excel our GaN versus other product offerings. In the middle, an eye chart of some salient features of where our GaN excels. With our early mover advantage in GaN, what Transphorm has achieved is unique and differentiated positions among the GaN suppliers. Our platform, one core platform that spans a wide range of power spectrum, products in the market today that have exceeded 200 billion hours in applications, again, ranging from lower power to higher power solutions, that we are already ramped in, the only GaN company to have done this. Our proprietary GaN device design and wafer processes, both epi and fab wafer processes, deliver 25% better loss performance compared to similar GaN die done in leading foundries like TSMC. In the lower power range as higher power range. Then, on the other hand, 25%-35% lower losses than silicon carbide, where other gallium nitride from other offerings has not yet been proven out. While silicon obviously has been the incumbent in the past, but now falls short in efficiency, speed, and size, Transphorm and Transphorm GaN excels in ease of use and flexibility with standard drivers and controllers. No extra board components required, no circuitry to interface the GaN with the outside world. Cost-effective. Intrinsic GaN that is fundamentally better than other gallium nitride due to the IP-based and wafer-based control that Transphorm has, the ability to go to higher power levels where other GaN, like E-mode, has not done so, especially not done reliably so. And one area where we are focusing more is now supporting our customer through more enhanced application and design support. In the competitive landscape, we parse the universe into three buckets: the lower power market, which is less than 300 watts, the intermediate power market, which is 300 watts to, say, 1.5 kilowatts, and higher power market, more than 1.5 kilowatts. We have products ramped today in all of these areas. As our viewers may know, silicon carbide is well established at the higher power range with many marquee companies in the market. It is not competitive or suboptimal to use at lower and mid powers. Gallium nitride is the leading choice for new design in the lower power space, but a variety of gallium nitride players are fulfilling market needs. We aim to extend our leadership in the high and mid-power GaN and gain market share in the low-power GaN with our superior performance and reliability in that space, addressing the entire power spectrum of market interest. Transphorm GaN wins due to fundamental better physics versus other GaN offerings, the so-called E-mode GaN. In the area of power, the customer always gets what's called a normally off device, and all that means it's safe to operate, and under the absence of external signals, shuts off safely. Everybody has normally off GaN. How you do it, E-mode, D-mode, other ways, is up to the offerer. Making gallium nitride E-mode is somewhat an unnatural act, and things needed for that make the device much weaker, actually, both in performance and lower margin in an operating environment, with notable issues such as what we show in the bottom left here, where things look good at normal temperature, they just collapse at operating temperature, as you see on the left. Then, as we show in the middle, no issues like that for D-mode normally off GaN, which is the basis of Transphorm SuperGaN. And what is shown on the right is something called dynamic performance of gallium nitride under switching conditions. So many times what you see is not what you get. What is on the data sheet from, is, what is static performance, what you get in reality is dynamic performance. 30% degradation is observed for the E-mode GaN from leading foundry, whereas less than 5% for Transphorm GaN. Besides this, Transphorm's GaN offering is architected to have a variety of robustness capabilities. Not just performance, not just efficiency, but robustness, such as short-circuit capability. It is very important for motion control and electric vehicle drives and inverters. 1,200-volt operation for future 800-volt EV battery op applications, and novel topologies like bidirectional or four-quadrant switch, which are done in a seamless way with our architecture. A clear example of the performance benefits and win of Transphorm GaN against the TSMC GaN variety and other E-mode GaN is shown here. We did a drop-in replacement, pin to pin, of a E-mode GaN socket with actually a lower current, smaller size Transphorm device. That lower current, smaller size Transphorm device in a socket optimized for the competitive GaN, actually, as is shown on the right, delivered lower losses and higher efficiency. This is largely due to the fundamental physics-based benefits, benefits of GaN from Transphorm and the technology superiority of Transphorm GaN that I talked about. One of our key benefits is ownership of our GaN wafer production across the entire supply chain, an advantage that is becoming even more notable in today's geopolitical climate. This starts with the design of our safe, robust, easy to interface, normally off GaN. But next step is epitaxy, a key for making GaN wafers. We directly own and control our GaN epi wafers manufacturing, actually in multiple locations today: California, Japan, and Taiwan. Epi is the most critical element and also commercially the largest part of the end product BOM, bill of materials. Our wafer factory, where we own a minority joint venture stake, is a high-quality manufacturing site with the only publicly reported yields for GaN, matching that of a silicon CMOS running in the same foundry. We control our own GaN IP and recipes in the factory, which has again led to our superiority in GaN wafers, again, device performance. While our packaging is done with multiple strong partners and OSATs, we bring Transphorm IP in these designs. For example, allowing GaN to be efficiently used in robust TO-type packages desired by high-power customers, along with compact PQFN or lower power surface mount packages. Last but not the least, is our application and design efforts, both with customers and solution partners in the ecosystem, who work preferentially with Transphorm with our GaN, because our GaN is universal, easy to use, easy to drive, with standard drivers, used for silicon-based driving. The field reliability of GaN, and we put in quotes here, "as good as silicon," because obviously silicon has been around forever, is what is underpinning one of our successes. Our excellent field reliability is enabled by our robust GaN FET and over 200 billion hours of operation now operation in the field with both low power and high power, achieving sub 0.1 FIT rates or failure in time for billion hours of operation, an excellent, statistically meaningful reliability, metric out there. Mind you, we have—we are, again, the only company who has shown this both in low-power GaN and high-power GaN. Moving over to IP, I wanted to reiterate Transphorm's strong position, industry-leading position in intellectual property with GaN, with power GaN, with access to more than 1,000 patents, 300 plus, directly owned by Transphorm, and other exclusively or non-exclusively licensed. A very important thing here is these patents, again, span the entire gamut of the value chain, the supply chain of GaN, from materials to devices, to fabrication, to packages, and circuits, and application. Some of our fundamental circuit patents cover the most prevalent use of GaN in application, such as bridge circuits, and frankly, they are independent of how the GaN itself is manufactured. We've also quantified our IP through third-party groups, details we can dive into another day. But as the GaN market grows, our IP will only continue to become more critical, and we will be in a position to start enforcing it while delivering strong benefits to our customers. Next, let's take a quick overview of end markets and products. Transphorm's key strength in GaN is, again, it's one core platform that spans the entire range from low power to mid power to high power. We parse our market segments in two key areas I just talked, mapping into our product portfolio into four buckets: low power, and low power integrated, which is the SiP, the system in package, mid power, and high power. A key point is Transphorm is the only company today whose GaN products have ramped and whose customers' products using our GaN has ramped in production across this entire spectrum. Our high-level strategy is to focus on the high-power segments, the high power and mid power, collectively, all of them being high power, to dominate and extend our leadership while growing share in the low power through higher performance, cost on products, and integrated SiP products. We have strong designing momentum, as we will see in all of these segments. Next, we look at some of the key market verticals, starting with energy and renewables. We target this space where GaN provides lower losses and enables compact enclosures, extending system lifetime through reduced heat and lowering BOM counts to enable lower system cost. Essentially, PV inverters and battery storage system, including bidirectional inverters and chargers in the 400-watt to 4-kilowatt space, are a direct fit with our products on the market today. As a particular proof point, Transphorm is the only GaN supplier with customers having ramped into the microinverter space in the market, where we are working with some of the leading names in the microinverter space in the world. Next, looking at the broad industrials market opportunity, a variety of mid to high power, high-margin opportunities are enabled in the industrial space. Again, a combination of efficiency, size, cost, and quiet operation for some products with high-frequency operation and definitely high reliability and lifetime. This is across portable power systems, medical power supplies and inverters, motor drives enabled by our key partnership with Yaskawa, and recently demonstrated short circuit capability, the only 3-5 microsecond short circuit capability GaN that has been demonstrated, and areas like LED and high-power lighting. The market numbers that we show here on the left only actually refer to UPS and related power systems, so everything I talked about, example, the large area of motor drives, is in complete outside to these numbers. Having been first to enable the Titanium-rated GaN-based power supply, which other GaN companies have also started talking about now, we have done that several years ago, and with strong architectural level IP that I talked about, the computing space in general, and servers in particular, represent a large opportunity for Transphorm GaN. Our totem-pole GaN power factor correction solution shines in this solution, ably supported by our DC-DC solutions, where we can have 2-8 devices in a server power supply, depending on the architecture of the customer collectively, and that can be BOM of several dollars to well over $50, depending again, on the power level and architecture. The density that GaN delivers in 1U to 3U factor, standard form factors, is unmatched. Further, regulatory headwinds are also now calling for adoption of efficient Titanium-rated power supply that gallium nitride makes so easy to implement in. The momentum in high power is building for Transphorm, evidenced by 100+ design wins and more than 30 in production. Transphorm is the leading player in the high-power GaN market, and to the best of our knowledge, very limited, if any, inroads by competing GaN yet in this area in terms of customer systems in production. Here we compare directly with silicon carbide in some of the higher power levels, where we are shown 25%-35% lower losses due to, again, the inherent material properties of gallium nitride that we have harnessed practically. High power is a leading contributor to our revenue, our product revenue, with about 70% of our revenue is made up of high-power GaN wins. The three key reasons for our success in this area are, again, ability to offer our robust GaN in the most extensive lineup of products and packages with our SuperGaN technology, something that E-mode GaN cannot do. For example, offer offerings in standard TO packages like TO-247 because of the reliability disadvantage that they have. Second, superior performance, especially at temperature in which TSMC type of E-mode GaN offering falls short, and proven reliability with Transphorm for scale large area devices. These advantages now are increasingly being validated by proven wins with customer systems in production in areas such as data centers, gaming, UPS, microinverters, and e-mobility. The electric vehicles is perhaps the biggest opportunity for gallium nitride over the next several years. Having won in the industrial space, energy space, server compute stage, with significant strengths in high power, as capturing share in the low power segment now with higher performance and reliable products, we are now addressing the EV space in earnest. Through multiple inbounds in recent times, the electric vehicles, including two and three wheelers, in addition to four-wheeler space, especially with our automotive qualified AEC products, AEC qualified products on the market. The EV application, again, present a massive long-term opportunity where the strong reliability and the qualified Transphorm GaN products makes us attractive to customers. As you know, fundamentally, in EV, GaN addresses key issues of power loss, heat generation, and thus range anxiety, with higher power density also enabling fast charging. While Transphorm's automotive products are qualified today, the major GaN opportunities in EV are in the area of onboard chargers and DC-DC converters, first with gallium nitride, and then later, the primary drivetrain inverter opportunity is what can triple the GaN content per vehicle to $200 conservatively. We aim to be in the full market in this space, with 650-volt qualified products today and higher voltage products, 1,200-volt products in R&D, which will be used with 800-volt battery vehicles to capture all key EV slots. We are also accelerating our electric vehicle penetration to secure near-term revenue growth with 2- and 3-wheeler application, where we are directly addressing a variety of charging opportunities, including onboard charging, portable charging, pole charging, and battery swapping. All in all, close to a $1 billion opportunity in itself for the 2- and 3-wheelers. Going into the consumer area, while the consumer fast chargers and adapters for mobile and now for laptop from over 100 W to 300 W is fast growing, and today one of the highest penetrated opportunity for GaN in general. For us, this will be a nice volume generator, where we are starting to win and dominate our fair share in the market with superior performance and reliability of products. We are further expanding in this market with our SiP, or System in Package strategy, working with ecosystem partner. The market trend is for mobile and laptop adapters to shift fully to GaN, and we are working with major leading ODMs, not all leading ODMs, major ODMs in over the world for the same purpose. A number of adjacent opportunities in this area include wireless, audio, gaming, and power tools. All of this is reflected in our large growing pipeline. Our core capabilities, again, from low power to high power products, are captured in our pipeline. In line with our strategic emphasis and revenue profile, about 70% of our power products pipeline are for the high power space, which defined here collectively is over 300 watts. Across the full spectrum, Transphorm GaN is fundamentally superior to the other GaN, like E-mode and typical foundry offerings. The impact of reliability and robustness that I talked about are now getting more evident in the higher power areas. Further, with growing ecosystem partnerships, both in low and high power, we expect to start converting larger and larger portions of this pipeline into production wins, supporting our targeted product revenue growth over the years, both near term and long term. Next, just looking at some key execution metrics, and these are as of our last fiscal quarter ended, which was the September 2023 quarter of our fiscal Q2 of 2024. We delivered quarter-over-quarter growth, uh, revenue growth, with high power remaining over 70%. We secured strong design wins, both in low power space and high power space. More than 100 design wins in both areas, and now in production with 35+ high power wins, including computing, energy, and industrial areas. We continue to introduce competitive, strong, new differentiated products for one of the most comprehensive package offering in GaN, with proven reliability and superiority of our GaN versus E-mode. On the R&D notes, we execute on our 1,200-watt GaN, where we introduced preliminary data sheets and started discussing with automotive customers now. We achieved short circuit rating, not seen before in any GaN, and which is important again for industrial motor drives and EV powertrain areas in the future, and we have continued to meet our capacity and cost milestones. The key financial highlights, again, as of our fiscal second quarter of 2024, are $5 million in revenue, with product revenue having an 18% quarter-over-quarter growth, overall 36% year-over-year growth. Margins in the early 20s as a result of mix, with the year-over-year margin almost double, from 12%-23%, and production margins remaining solid and OpEx largely in balance. Last but not the least, GaN is critical to addressing the net zero challenge. While it has been widely publicized that GaN helps to address this net zero, what we have also looked at is our products, bottoms up, have already saved 50K metric tons of carbon dioxide in 2023 alone, 50 kg per one high-power GaN solution. Higher the power, more the impact of efficiency, more the saving carbon savings. With global warming a very real challenge, GaN with just a 1% efficiency impact now can save, like I said, 50 kg of CO2 emissions in a 3-kilowatt efficient power supply design, a Titanium-rated power supply design, for example. And while looking at a more holistic picture over the next two decades, we wanted to point out that one of the key ESG impact of GaN and Transphorm's offering is tremendous amount of energy saving. 500+ terawatt-hours can be saved over the next several decades with widespread adoption of GaN in energy efficient power conversion solutions. Just in conclusion, Transphorm is a leading player in robust high-power gallium nitride offerings, delivering the highest performance and reliable GaN FET products, addressing a large market with a strong pipeline in place, with a strong growth rate expected in the future. The company's technology, built on very robust IP, with access to strong patents covering areas of GaN from materials through circuits and application, vertically integrated with our wafer manufacturing in our control, backed by an exceptionally talented employees, and our phenomenal team with more than 300+ years of combined GaN expertise. And now ably supported by our customer base, which is increasing and ramping in the market every day. Thank you so much for your attention. Great. Primit, thank you very much for the great presentation. I'm sure there are a number of us on the line that you know would love to get your thoughts, if you can share any on the combination with Renesas. If you can't, I totally understand, but to the extent you can say anything, could you talk about what do you see the combination bringing the company as you join forces with Renesas? You know, how does one plus one equal three with that combination? Quinn, as you can imagine, this recently was announced, and I'd have to refer you to our press release, the Renesas press release, joint press release we did, and the publicly filed information in there, at this time. Understood. Understood. I've, I'm not surprised that, that there's not much you can say outside of the press release, but I, I figured I'd ask just in case. I wanted to ask, you know, 1200-volt GaN is, you know, is pretty tough. I think you're one of the only in the industry to have shown 1200-volt and, and perhaps the only one to show it in a lateral structure. Can you give us any update? I know you said you're in the process now of preparing data sheets. You know, what feedback are you hearing from customers? Have you gone through reliability testing that you know gives you confidence that these are gonna be devices you know that will you know have the reliability that you know applications like traction inverters obviously require? Yes, so thank you for that. So our 1200, yes, that is, Transphorm is the only company, I believe, that has shown 1200-volt GaN. Any kind, lateral or vertical, with clear performance that we have shown is slightly better, I would say similar to a well-established silicon carbide, just from the first R&D products. And we have published this data before at the IDM last year, where we published this data. So that is a key achievement for Transphorm. Where we are is the customer initial feedback has been very strong, and as we go, we discuss our 650-volt platform, for example, with automotive customer on 400- to 480-volt battery application. As a next step for 800-volt battery application, 1,200 volts is required, and they see that Transphorm can be a one-stop shop across the platforms. So that is where we've been seeing quite some benefits. We are not. We have not done all of the reliability testing. As of now, like I said, it's a R&D demonstration, but we fully expect it to be backed by the same reliability testing and offering that we see from across our 650-volt GaN-on-silicon products. Perfect. Let's assume that the 1200-volt capability is proven out, the reliability is proven out. What advantages in either traction inverters or maybe energy storage, string inverters and solar, to the extent you have the same voltage rating as a silicon carbide device, what benefits would GaN bring, you know, at a similar voltage rating versus silicon carbide? S o in general, whether it's 650 volts or 1200 volts, right, the fundamentals is going, stepping back, the fundamental benefit of both silicon carbide and GaN over silicon is the wide band gap, right? Which gives lower loss essentially. The benefit of GaN, then further benefit of GaN over silicon carbide comes from the intrinsic mobility of the device. So GaN's mobility, which is about 2-2.5 times that of silicon carbide on an average, then that's what results in those theoretical 70% lower losses I talked about. And in practice, of course, about we have harnessed about 25%-35% of that. Silicon carbide obviously is excellent and well established today in the automotive with the maturity behind it, but what GaN brings at lower losses, higher speed, higher frequency switching, and a supply chain which is not dependent on the complicated silicon carbide substrate. Our 650-volt GaN is all GaN on silicon, and our 1200-volt GaN, like we have said before, we are doing it on GaN on sapphire, both readily available substrates, thanks to silicon, obviously, yes, and sapphire, thanks to the LED industry. LED, right. Okay, perfect. I wanted to ask you. You focused a lot of your presentation and a lot of the product focus of the company is on the higher power, which makes sense. I'm assuming that there's some pretty good margins as you move up in the power capability. But there's also applications for GaN below the 650-volt, you know, voltage rating. You know, I can think of applications in, say, DC to DC converters, where I would imagine there's a pretty good opportunity in, say, data center, you know, as they move to 48-volt power delivery networks. Has the company looked at ever, you know, moving to lower voltage-rated devices to target the 400-volt and below opportunity? Yes, so no, a great question. So what we have done is, you know, we, we have focused on the beginning with 600 volts, 650 volts, and then moving up in voltage, and that is because fundamentally the gap versus silicon widens as you go to higher and higher voltage. Lower voltage, 100-volt space, 200-volt space, is also a good area. For GaN, silicon is pretty good in that space. Optimus offerings from Infineon, for example, are, are very good. But in the lower voltage space, GaN is, as we go to very high frequencies, like megahertz scale frequencies, GaN becomes important, particularly point of load applications. So for example, in a data center where high voltage GaN comes into place from the line to the 48 volts or 24 volts, right, AC to that, and the low voltage GaN comes in after that from 24 volts to the 3 volts, 1.5 volts, the point of load applications. So we have Transphorm, we are focused on high voltage GaN. Having had that material core capability, one can do different kinds of, you know, low voltage, high voltage, but our focus so far has been 650 volt and now recently, 1200 volts. 1200-volt. No, I certainly understand that the focus on, you know, the advantages as the voltage and the power goes up, and, as you mentioned, I think you are unique with the 1200-volt GaN device on the market. So, with that, Primit, it looks like we're at the end of our session time, so I just wanted to say thank you very much for joining us at the Needham Growth Conference. Really appreciate having you and, you know, look forward to maybe seeing you at the Apex show in a month or so. Yes, let's do that. Thanks so much, Quinn, and thanks to the Needham team and many thanks to our viewers. Appreciate being here. Thank you. Okay. Thanks, everybody.