Weebit Nano Limited

Okay, good afternoon and welcome to the WeBitNano Meet the CEO Investor Briefing. My name is Danny Younis and I help with investor relations for WeBitNano. With me today, we have the CEO of WeBit, Kobi Hanock. Welcome Kobi. Hi, Danny. Hi. Before I hand over to Kobe, just a note that we'll be having a Q&A session at the end. If you have any questions, please type them into the Q&A box at the bottom of your screen. Now, we are expecting a lot of questions to come through, so preference will be given to questions with a name attached rather than anonymously. But we will try to get through all the questions. I will also pool the questions where there is overlap. I would now like to hand the webinar over to Kobi. Please go ahead.

Thanks, Danny, and thanks, everyone, for joining us. I think we had another very, very busy quarter. As everyone knows, it started with the closing of the DB HiTech agreement at the end of last year. I'm sorry, the on-semi, of course. Things have really been moving very fast with OnSemi. I'm very glad to say that OnSemi and WeBit are cooperating very well, intensively, really pushing this forward quickly. So really a great relationship with OnSemi and very exciting to work with them. We're working, of course, on multiple fronts, DB HiTech, There's been very good progress with DB Hightech and we're moving forward actually next week. There's going to be a power management conference in Germany, and we're already going to be demonstrating their functional chips from dbHiTech that are going to be running the EMAS demo. We have it running already on the dbHiTech chip, so that's very good. We're now really getting ready to kick off the qualification and overall things were looking very nice there. We had, as you know, several achievements during this quarter. We announced the AECQ 100 qualification. I think that's a very important milestone. I'm not sure how much everyone understands the significance of this, but it really shows the robustness of our technology, being able to operate at 150 degrees Celsius for 10 years and having 100,000 cycles endurance, that's a very significant milestone. To the best of my knowledge, there isn't any other rear end today that has achieved that level. And so we're very confident about our technology. And, of course, that and the OnSemi announcement really triggered even more interest in WeBit than we had before. There's a lot of discussions and moving forward evaluations and contacts with many, many different customers, fabs, IDMs, and foundries, etc. A lot of activity going on. And that was very good. Actually, the EMAS demo demonstrating how ReRAM is an excellent fit actually for inference at the edge for artificial intelligence. That was also another big trigger. So we really have a lot of activity going on now and I think the 2025 right now we've defined it as the year of significant growth. We were setting up the company and there's a lot of work right now going on into preparing everything for many multiple customers working in parallel. How do we streamline everything? How do we automate? How do we make everything simple? The methodologies of work, the procedures to support a lot of customers. When you're working with one customer at a time, it's very easy to just have an Excel spreadsheet or very simple management tools when you start working with many of these guys in parallel like we are now. You really need to have more automation, And tools and procedures. And so we appointed Lilach Zinger as our VP customer success. Lilach was a fab manager. She was VP operations at Tower. She was fab manager there. She knows everything about how a fab operates. What are the concerns of fab managers? And she's really helping us understand the customer needs, you know, quotes from the inside. And she is also helping to set up that whole infrastructure. So she's a great addition to the executive team. The bottom line, as you could have seen in In the quarterly report, things are moving forward. The work with DBH on SEMI is progressing. I think everyone knows that right now we're still getting the license fees and NRE, et cetera, paid. Over time, it's not paid up front. So you can see the payments coming in, and this quarter there was about $2.7 million that came in. You know, this is, as we move forward, as we achieve more milestones and we bring on more customers, et cetera, of course, we want to see those numbers increase. grow every quarter. Right now it's still going to be every quarter is going to be based on the achievements of that quarter. But it's very encouraging to see the money coming in. We have a strong cash balance in the bank. And moving forward, I'm confident that we will manage to meet our goals for 2025 and moving forward. So overall, I'm definitely bullish about 2025.

Yeah, open for questions. Thank you, Coby. Okay, then. So we will now move to the Q&A session. Once again, if you have any questions, please type them into the bottom of the screen. And we do have a fair few questions already coming through. Okay, so the first one, Coby. is from Andrew Johnston from MST. And it's in regards to that $2.7 million of customer receipts. So the presumption is they're coming from DBH and OnSemi. Can you provide, if DBH did 500,000 in the previous quarter, that presumes that in this quarter OnSemi did about $2 million. Can you clarify these payments in the $2.7 million?

So we don't go into the details of which customer paid what, in which quarter, etc. As you know, we mentioned that these payments are coming in based on different milestones that we achieve. So there will be cases where in one quarter there's a bigger payment, in the next quarter there's potentially a smaller payment. And it's going to go up and down. But overall, I think first of all, maybe the important thing is you can see these licensing agreements are millions of dollars. I think people have not understood the extent and just what the size of these deals are. But these are significant deals. These are deals of millions of dollars. We will be getting it. over time as we progress. I won't go into which customer paid what, when, etc. But overall, I think you can expect to see that moving forward, we will achieve additional milestones and there will be additional payments. And as we bring on board more customers, of course, this will continue to grow. So this is We're very proud of this quarter and we're definitely expecting more customer payments during this year and moving forward.

As expected, Kobi, there's a couple of other questions around these 2.7 million customer receipts numbers. How much roughly is recurring? Can you say anything on that?

So, license fees are one-time payments. Now, saying one time, they're actually not one time because they're spread right now with the initial customers. They're spread over time and customers are paying us as we progress. Again, customers are still have a high level of concern about the risk level of working with a new technology, a new company, a growing company, etc. And I think it's natural that they don't want to pay the license fee upfront, they're paying it in payments. In that sense, you know, the license fee is quotes kind of, it's coming in in payments. It's not recurring, but it's coming in in payments. In addition, there's the NRE side. which is, of course, something that comes in as we do the work and we get paid for the work that we do for the customers. And that's also coming in. So it's not recurring in the sense of a new ongoing, but we do get payments based on on achieving milestones, and on the other hand, with the NRE, based on doing the work.

Okay. There is a follow-up question here in regards to these customer receipts. Can you maybe just give a little bit of a clarification around the split between license and NRE?

I don't think I'll go into that level of detail right now.

And there is a follow-up from Andrew Johnston from MST, and that is, can we assume that a proportion of this is an upfront payment on semi?

Um, so again, uh, you know, normally the license fee would have been paid upfront in total. Uh, but, uh, these customers are paying, uh, in payments. So I don't know what to consider upfront or not. It's, you know, as, as we achieve milestones, as we achieve different steps along the way of the project, uh, uh, you know, the customers, the existing customers that we have, uh, are paying us. based on that.

Okay, Coby, we'll move on to the next topic. There's a lot of questions, as I expected, and as you expected on the whole Trump tariff situation. I'll try and pool them. But effectively, the investors are asking, have the Trump tariffs made any difference to your plan to sign additional FABs slash IDMs? Or has it impacted various negotiations?

So actually, there has been no direct impact on WeBit, not in our talks with the customers and not in our plans. First of all, the tariffs don't relate to IP. So they don't really relate to WeBit. And that's something that's important that everyone will understand. They talk about goods that you can actually touch and so on. I can also say that Onsemi, of course, is a U.S. company manufacturing in the U.S., so they are not really impacted by this. And DBH, while not being in the U.S., also most of their customers are not American customers. They're in Asia. So again, I don't think it really will impact them specifically. And so right now, I mean, the bottom line is the only impact that we've seen is in, I don't know, shareholder concern, but in the work of WeBit, there has been no impact at all, not with the discussions with customers and not in our internal plans right now. We don't see any direct implication.

Okay, going a little bit broader from tariffs, but still on the same topic. Are you finding any delays in your discussions due to a trade war between China and the US and more generally world conflicts? I think effectively this question is around how do you see a possible global recession effect?

That's a good question. I think in general, Because of the current situation that people realize that reRAM is the new standard and this is what will give them the competitive advantage, we're in a unique situation. It's not a mature market where you are more, you know, impacted by all kinds of things like that. To a certain extent, many of these potential customers see the RERAM as their way out of a recession or of a downturn. Several of them are even, you can see in the semiconductor industry, there are quite a few companies that announced the layoffs and cutting costs and things like that. At the same time, I mean, even on semi-announced layoffs and they double down on the work with Webit because they see the TRIO platform and RERAM as a strategic move for them to actually enable growth and moving forward. And I'm having a lot of meetings with the decision makers, the CEOs, the VPs in many of these companies and I think overall, at this point, we haven't seen an impact of the global trade war. If anything, people are just wanting to see, they're looking at RERAM as one of the ways that they can get out of the current situation.

Okay, there's a couple more questions on tariffs and then I think we'll move on to the next topic. Will the impact of rare earths import tariffs to the US affect WeBin?

Well, the good news is we don't use rare earth materials. We're using very standard materials. So for us, there really isn't any dependency or any impact by anything that happens with the rare earth materials.

Okay, the final question on the tariffs is, given the random nature of the Trump tariff application, do you have a strategy to handle the potential that tariffs are applied to intellectual property?

To be honest, it's so hard to predict what exactly the Trump administration will do next. There are so many different options. So we have been working with our lawyers, looking at the different tariff decisions and what's going on. And we are trying to understand what are the risks. And of course, we're constantly monitoring and doing our internal analysis of all the different risk potentials and tariffs are one of the risk potentials. I personally doubt that we'll see any tariffs on IP, but again, with the Trump administration, you never know.

Okay, we'll move on to the next topic. The next question is around the board of Weebit. given it's made up predominantly of engineers and scientists, is there any intention to appoint new Australian directors, particularly in the fields of law, investment banking or accounting, i.e. someone with commercial acumen?

So I think we actually have an amazing board and the board composition. You know that we had some changes in the board more recently, and I think we have a very good balance. On the one hand, we have Three directors, Dadi Atik and Yoav, who are from the industry, very, very knowledgeable and experienced in the semiconductor space and can give really good guidance on what to do in this space. On the other hand, we have three Australian directors, Ashley, Naomi, and Anne, And they really bring the Australian side of things. And especially, you know, the more recent addition of Naomi, who has a strong background in business and strategy in Australia. And Anne, who has been on boards of banks and so on, like Commonwealth Bank, et cetera. They bring us very significant knowledge knowledge and understanding of the governance and how a company should be set up, part of the growth. And despite the current share price, et cetera, I believe that we will be growing and we're moving forward. So we are looking at how we scale the company, how we set up the company for growth. And part of it is also all of the infrastructure at the board level, the committees, the procedures, et cetera, et cetera. I think we have a very good composition of the two between industry knowledge and Australian knowledge. And in terms of commercialization and sales and so on, I guess my background personally has been more than 30 years in sales in semiconductors. We have a chief revenue officer who has, again, more than 30 years of experience in selling semiconductor IP. So I think we have a very good balance in the board, in the executive team. I don't think I could have asked for anything better than this.

Thank you.

Where did you land with the decision around DBH with making a few changes prior to qualification, tweak some changes or proceed without tweaking?

So we have an ongoing discussion with DBH. We had some tweaks, as you mentioned, that were requested. There was also an issue that one of the machines that they use is different than the machine that we We work with Atleti, so we needed to do some adjustments to the manufacturing process to fit that. By the way, that's something that is very normal, and I would expect it to happen with many different fabs. We'll need to do the little adjustments and so on. So there were some things that we needed to do that caused somewhat of... a delay if you want to consider that in the work of going to qualification. However, we have working wafers. As I mentioned, next week we'll be demonstrating working wafers with the EMAS application running on them. So we're in a good position. We know that the technology is working at DBH and And now we have it in our hands. We'll be kicking off the qualification now and it'll be done this year. So we will be qualified at DBH this year. I don't want to give an exact date as things are fluid, but definitely everything is heading towards qualification this year.

Sorry, I dropped off intermittently there.

Okay. Well, I see as Danny dropped off, I'll just look at the questions or Danny, you're back.

Okay. I'm back.

So, okay.

About the fabs, have you progressed any discussions with additional fabs over the past few months? And if so, when are these potential deals likely to crystallize?

So first of all, definitely, there has been good progress with several fabs, not just one or two, but really, again, the fabs are now realizing with ACQ100, with OnSemi. progress with other technical achievements that we have. There's definitely a lot of work with the foundries moving forward in negotiations. both on the technical and commercial side. Our commitment has been, at the last AGM, we got the challenge, even more than a challenge, my compensation is tied to it. that we'll have three fabs and three product companies, and we're definitely heading towards achieving that this year. My goal is actually to overachieve that. So right now, I really want to see us overachieve and not just meet that challenge.

Okay, the next question is around, has there been any progress with the potential architecture deal that was spoken about last year?

That is one of the deals that is on the table right now. These negotiations are very complex. The technical teams, these are very big companies with a lot of players inside and different players are pulling in different directions. And so some of them want to go more into bigger and more complex deals. Some of them want to start small and grow, and there's a lot of discussions, but that customer is clearly very active right now, and we're continuing the talks with them.

Okay, there is a further question on various discussions. So when you say there is an increased interest in WeBit reram, how many product companies is WeBit currently in discussions with? Five, 10, 20, or...

Definitely more than 10. It also depends on what you call discussions. There are so many companies that we're in touch with when they ask for some information and we talk to them, we send them some information. There's a lot of those, the ones that we're actually progressing with and going deeper into discussion. By the way, in the last quarter, I think I can say, well, I don't want to say for the first time, but we are now seeing product companies going to foundries and telling them, we want RERAM, we want Webit RERAM. It's not just one or two. We're starting to see that happen more and more often. It is impacting the foundries, by the way. The foundries normally don't want to move forward until they don't see actual customer demand, and now they are getting it. There have been several product companies, not just one or two, who have gone to foundries and said, we want reRAM, we want WeBit reRAM, we've talked to WeBit. So clearly, We're making progress also on that front. The market is reaching more and more, or I don't know if reaching, the market already basically decided it wants re-RAM. Now it's the companies moving and acting on that. And we see the first movers doing that. And there's clearly more and more now discussions around that.

And just further to those discussions, Koby, one investor is asking, is there any expectation of any of these new commercial deals in second quarter Q2?

It's very hard to really say. Again, these negotiations are difficult, especially with the product companies who are tied to foundries and they want to see the foundries moving forward. And They want to see that we qualify and things like that. So I don't want to commit on when exactly the deals will be done. But as I said, we plan to achieve and even overachieve the targets that we have.

Okay. Maybe a more generic question wrapping up some of the discussions that you're having. Is there an approximation on when we might see a product in the marketplace that is using WeBit reran?

Let's wait with that. I don't want to go into the details. We're clearly working with product companies right now. on embedding our re-ram into products. It's just, again, these are not easy negotiations and especially that dependency on the foundries and getting a fab to actually manufacture it. So there's very good movement forward. I don't want people to understand my hesitation in answer, as if this is not happening. Actually, a lot is happening. There's so much going on. It's just very hard to give dates. That's the thing that I'm hesitating on. It's not the fact that it is happening. It's definitely happening. And there's a lot going on. I was just thinking, as you were asking, how many just in the AI domain, how many AI companies and research institutes and so on are talking to us and there's you know, quite a few on that list, not to mention power management companies, automotive companies, medical and others. We are engaged with so many companies right now. And it's really that chicken and the egg type situation. They want to move forward. They're telling the foundry they want to move forward. The foundry needs to send us the PDK and we need to start working with them and we need to see how we get we move forward towards well agreements with the foundries and getting, of course, technology transfer and qualified in these foundries and and working with the product companies. So a lot is going on. I just can't say dates and so on. It's really at that level where we just need to get these things going, but they will be closing and we will be seeing, first of all, right now the focus is on more fabs. We really want to have more fabs manufacturing our product, our technology, I'm sorry. Uh, we want to see there's, there's this big vacuum right now. You know, the market wants reram, you know, people want reram, but there's, we're the only independent supplier. Right. And so many companies are coming to us and they want it now. I'm paranoid because that's what a CEO should be. Uh, my chairman, uh, came from Intel where the, the motto was only the paranoid survive. Right. So I'm always paranoid that somehow, somewhere from I don't know where, people will have another type of solution. So I just want to get in there and get into as many fabs as fast as I can. And I don't want people to understand that we're not seeing anyone who can come and fill in that vacuum right now. So, you know, I'm paranoid in a generic way, not that I actually have a specific way competitor that I see out there that I think is a threat. But again, you need to always try to be paranoid, and that's what I'm trying to be. But we need to close agreements with the FABs. We need to get more of those done, and we will. We will this year get definitely more agreements signed. And in parallel, we need to bring on board the product companies. And I won't be surprised if before the end of next year, you'll see products with our re-ram. But again, I don't wanna commit on any of that.

Okay, just a reminder, if you have any questions, please type them into the Q&A box at the bottom of your screen. Now, then we've got one question and then we've got half a dozen questions on the NVU EMAS thing. So I'll try and convince them. But before we get to EMAS, how is the FinFET development going?

um well that's uh part of all of these talks discussions etc um i won't go into the specifics of of uh which fab and and what geometry etc we're talking to but uh i think i mentioned in the past we have several finfet pdks already in-house we've already shown in simulations right now, of course, that we have no problem to deal with FinFET. And of course, I would definitely be glad to announce already that we have an agreement around that. But at this point, it's still part of all of these talks and negotiations with the different FABs.

Okay, moving on to NanoVu and EMAS. There's several questions, as I said. We'll start with the first one. Congratulations on your collaboration at Embedded World demonstrating Weebit ReRAM working with their processor as a two-chip solution. NanoVu's presentation said that the EMAS SoC has four megabits of memory using 22 nanometer technology. Does we currently have the capability to support that capacity and form factor and what selector is being used?

So first of all, we have already chips with more than that. We have chips with eight megabit. The demo, by the way, that was done at Embedded World was on a chip that had eight megabit. Yes, we can definitely achieve that and even some of the customers are asking us for larger memory arrays than eight megabit and we can do that. With the current 1T1R architecture, we can achieve more than eight megabit and at that level, it's not an issue for us. By the way, I'll start off by saying we're really proud of this cooperation with EMAS and of the demo that we did. I'm very glad that we could do it at Embedded World and there was a very good reaction to it. ReRAM is really an ideal solution. for inference at the edge. It's really a great solution there. A lot of companies and research institutes are coming to us because of that. Unfortunately, many commercial companies don't want to expose themselves so early before there's actual Agreements and contracts and whatever, EMAS were very glad that they moved forward with this cooperation. They are a good example of a company that used MRAM in the past and realized it's not a good solution for them. and they are moving to re-RAM and that's a great example of this trend. Obviously, we need to find the right fab to work with in order to get EMAS or NanoView as an official licensee and customer. So that's what we're focused on now to get a fab that can actually manufacture their chips. and then we can officially make them a customer and licensee and so on. So that's something that we're working on.

Yeah, that sort of answers the next question on this with the chip reduction. But with regards to EMAS, would they produce their own chip with you at the unknown fab that done this evaluation? Or are you likely to go with EMAS's current tab TSMC or other fabs?

Well, EMAS is a product company and their product hopefully will include, will embed our reRAM when it's in official mass production. We need to find a fab right now that will be a good fit for them that can manufacture our reRAM. That's what we're focused on right now. There are many potential fabs for that. And I won't go again into the details of of negotiations, when we close agreements, we announce them before then I just don't want to talk about it.

Okay, there's a follow up question from Andrew Johnston from MST about DB high tech. So you mentioned that the EMS demo was done on a DB high tech chip. How are you able to do that, given that your reram is not yet qualified with DBH?

So yeah, the demo that we showed at Embedded World was on the chips that we manufacture at GlobalFoundries. We will, next week, show the demo on DB HiTech chips. And it's important to understand, before you go to qualification, you need to do the testing and get to the point where you are confident enough that you can actually qualify. So We today have fully functional chips at DB Hightech. We manufactured the chips, we tested them, they're working fine. And as you can understand, they are in a good enough state that they can actually show demos and actual application. Uh, now the qualification is done after that to put the stamp of approval that you really are ready for mass production. But, um, and, and we, you know, we are starting that now. So, um, uh, but, uh, we, we do have fully functional chips right now at DBH, uh, that can run applications and theoretically, uh, they could go into, uh, into production already, but we obviously won't do that before we qualify.

Okay, we're down to the last few questions, maybe a final one on Nanavu. So is it possible that other agreements may be signed with no announcement due to NDA obligations and privacy requirements of the customer?

Yes, that's one of the big issues that we have and also dealing with ASX disclosure requirements and things like that and we are working with our lawyers already to prepare for a situation because some of the big players in semiconductors do not allow you to mention their name or the fact that you have an agreement with them. Right now, we haven't hit that problem or challenge, but it's definitely a possibility. We've already talked to the ASX about that, that there might be cases like that. So we'll see. We'll deal with it when we hit it, but we are preparing for that kind of situation that might happen.

OK, a more generic question, a more general question. So what is the success rate with a fab? Let's say you do a run of a million chips.

Oh, that's a very good one. I haven't talked about this in a while. A few years ago, I explained more about the concept of yield. One of the key criteria of FABs is that you actually have a high percentage of chips that are functional. The manufacturing process of silicon is such that there are always going to be some defects. It's a very complex manufacturing process and you really need to work hard to tweak and improve all the time. So that's one of the things that we will be doing on a constant basis with fabs and it's a never ending. process, improving the yield. It's measured in parts per million, how many parts per million are non-functional and you want to get that number down to very, very small numbers. So it's something that we're constantly looking at. We're collecting huge databases of the wafers that we manufacture. at Skywater, at DBH, what we have from Global Foundries, and soon hopefully we'll see the wafers on SEMI, et cetera. So, and Leti, of course. So we are collecting a lot of statistics. We're looking at, what might be issues and constantly there are people at Webit that are constantly looking at how do we improve the yield, how do we bring up that percentage so it's better fit for mass production. And we are already in a good position. I just want to make it clear. We already are. in a good position in terms of what's called bit error rate. But we're constantly, every year I give the R&D a challenge to improve the bit error rate. That's part of their goals and we're constantly improving that.

Okay, we're down to the last three questions. The next one is, are the 22 nanometer global foundries wafers being qualified?

We are continuing to work on those wafers and to test them and improve them. The whole relationship with Global Foundry is really under NDA or under confidentiality. I don't want to go into the specifics of that. of what that relationship is and how it's going. It's not a simple relationship. But we are continuing all the time to work also with those wafers.

Okay. The next question is around an update on the development of the discrete selector for standalone NVM. It's been a while since there's been an update there. So can you maybe just talk about the development of the discrete selector for standalone NVM?

um yeah the selector technology is not a simple one um and uh there are several options by the way it's not just one selector we're looking at different options of selectors um it is uh right now i i have to admit it's at a very low priority uh i am totally focused on you know leveraging the situation that we have right now, this big vacuum that I talked about earlier. There's this huge vacuum in the embedded space. I want to capitalize on that as much as I can or as we can at WeBit. We want to close as many fab deals now in the near future, become the de facto re-ram company and really grow there. That will be a basis for significant growth in revenues in the next few years. So there's a very big focus on that and I don't want the team to be distracted too much. So there is work on the selector, on the discrete in the background, but it is at a very low priority right now. I believe that the shareholders will want us to focus on, let's just take over the embedded market. Let's make sure that we are the de facto standard there and that we grow the revenues accordingly.

Okay, the last question is, unless someone sneaks in one at the end while I'm talking is, is the household name you mentioned still interested and will you announce a household name via an announcement?

We have quite a few companies that we're talking to now that I believe, I hope people in Australia will know the names. So some of the big players and we're making progress there. I believe that there will be announcements in the future with companies that even in Australia, people will recognize the names.

Okay, Tom has sneakily snuck a last one in. So follow up on the discrete selector. It was precisely mentioned that we could address some of the discrete market without a selector. Is this still looking like an option?

We're still analyzing that. It's not a big market. So there's kind of the decision of the trade-off of how much do we want to invest in that versus just, taking over the embedded market. Right now, my focus is on taking over the embedded market. So it is an option and it's something that we might push more in the future. But right now, as all the rest of the discrete side of things, it's at a very low priority.

Okay, that concludes the Q&A session. I will now hand back to Kobi for any closing remarks.

Hey, thanks, Danny. And I think to summarize where WeBit is right now, we have a unique situation that happens once in a lifetime of an industry when the market decides that it has a new standard and everyone needs it. And there's that big vacuum that I was talking about. We have even more of a unique situation because we are the only independent provider of reRAM. I am not aware of any company that is anywhere near providing commercial reRAM to the market. So this is really a once in a lifetime situation that there's this vacuum, people need it, you know, nature doesn't support vacuum. Nature always wants to fill vacuum with something. And I want to be WeBit. I want that WeBit will be what fills that vacuum. And WeBit will be filling that vacuum over the next, I would say, year, year and a half. We will ramp up with each deal that we sign. It's just going to make the next one easier to sign. We are making good progress. People are realizing we have a good technology. They want it. I mentioned we're definitely set on meeting our targets for this year, even overachieving them. That's really my desire to show that we can even And that's a huge challenge, by the way, to overachieve these targets. They're not easy at all to achieve, but we are looking at signing more agreements as we move forward this year. We're looking forward to achieve also additional technical milestones that will really show just how strong we are. The team is amazing, and with Lilach now leading the customer success team, That's a very important step forward. I think everyone in the industry is impressed with the quality, the experience of the WeBit team. So I'm extremely bullish about this year and moving forward. It's very exciting.

Thank you very much. Thank you to all the participants. You may now log off and disconnect.