Weebit Nano Limited

meet the CEO, quarterly update with CEO Coby Hanock from Weebit Nano. So we're going to step through. I'll get Coby to make some introductory remarks with respect to the quarter, and then we'll work through your questions. We've got a pretty strict timeline, so hopefully we can conclude it in just around about an hour, but I'll be the timekeeper on this, Coby, so don't be concerned about that. But look, thanks everybody for joining us, a really big group that have joined us, Coby. So I want to throw to you for some opening remarks on the quarter to get us underway.

Thanks, Adrian. So welcome, everyone. Glad to have everyone here and talk to you again. Yeah, we had another... Good quarter, strong quarter. Obviously, the big highlight was at the end of the quarter with signing TI. I think that was a really important milestone for us. I think you can follow the trend that we went through from Skywater. We grew an order of magnitude to DB Hightech, another order of magnitude to OnSemi, and now another order of magnitude to TI, and we're really now dealing with the biggest semiconductor companies. And this is really exciting, the reaction from the world. in the semiconductor space and in general has been remarkable. And I think with TI and OnSemi and dbHightech, people see that this is really catching, this is moving forward. I always said that each deal makes the next one a little easier. It doesn't make it easy. It makes it easier. We're still pushing forward. We're still not in what I call the tornado, but we're really heading there. And it's really exciting. And, you know, we're hitting the ground running with them. We're having a big kickoff meeting next week and really pushing forward this project. So that's very exciting. We had a lot of other good things happen in the last quarter. We finished the qualification of DB Hightech, so now we saw that we meet all of the JEDEC requirements, etc., And it's in the hands of DB Hightech now to really take it and do all the final bureaucracies and work on officially announcing to their customers, etc. There still are several steps that they want to go through, but it's definitely going in that direction. We already have some product companies that... that are designing with our rear and planning to take out at the behind tech. So we were starting to see the light towards towards that mass production that everyone is waiting for. It's, you know, everything always takes so long with with these fabs, but it's moving. And we we actually got wafers from on semi which was kind of record timing guy and In a year from when we signed with them, we got the wafers. We have the dyes now being tested. We have good initial results with those dyes. So that's another important step forward. And they are already working, obviously, as an IBM. They're working on their products and things. And we're very excited about the partnership with OnSemi. And I would say the last point, of course, to note is We had another quarter of record cash coming in. I repeat what I said last quarter, this is based on all kinds of milestones and sometimes you just have several milestones sitting together or things like that. So I don't want anyone to have the expectation that every quarter will be a record cash quarter or that this is an indication of the future, but it is very nice to have that. So we are maintaining the guidance of having over $10 million revenue in fiscal year 26. Yeah, I guess I'll let you go to the question part.

Thanks, Coby. The questions have started coming in. So there's one that's popped up straight away. I'll just get you to address, which is obviously part of a quarter and a good announcement. So Weebit is licensed. It's reran technology to Texas Instruments. So can you talk us through the deal and the significance of the agreement for Weebit?

So, Texas Instruments, or as everyone refers to them, TI, they are really one of the top, I would say, five IBMs and really a major player in the semiconductor space. I think everyone knows they've been around for ages and they've managed to maintain their position. TI has over 80,000 products in their price book. You know, of course, a lot of them are variants of each other, et cetera, but they're a very big player. They're the number one analog player in the world. And it was a very long process. Actually, with TI, It was almost three years to close this. So when I was saying even two years ago that we're talking to the majority of the big players, I meant it obviously. And you can see just some of these deals really, really. took a long time. WeBit insisted on terms that it should get. Obviously, it's very easy to say, oh, we want to get this big player on board and you know, we'll just cave in and give them, you know, all kinds of crazy terms just to have them signed. But we're building a company that needs to be a big and strong company moving forward and with strong future revenues and everything. So we are well aware of what we have in our hands and the fact that today, I think the fact that And obviously they were looking around trying to see if they can get another option, something else that won't be with royalties or all kinds of things like that. So the fact that we ended up closing the deal for me is a great sign that we really we have a great technology. They were definitely impressed by it. We really are the only supplier, let's call it serious supplier. There's obviously all kinds of other small things or whatever, but if you look at anything that's really serious... and were feeling very comfortable, very bullish with this. They wanted to push straight to advanced geometries. They're not allowing me to say which one, but they are starting with an advanced geometry. They obviously have the option, which I'm I'm quite confident they will want to materialize of going to the additional geometries once the first one is working. So we have definitely high expectations of this deal. The relationship is really good. We already had delegations that went to Dallas and sat with their teams. And as I mentioned, next week there's going to be a big kickoff. with a lot of WeBit people going to TI and spending several days getting the project off the ground. So it is a very exciting agreement. I was at CES in the beginning of January. And, you know, everyone was all over us with this announcement, the bankers, the different institutions, of course, customers and the press and everyone. So it was very exciting. And I think we're off to a very good start for 26.

Thanks, Kirby. Just one question. Obviously, somebody's getting pretty enthusiastic. Will we see the same enthusiasm for Texas Instruments as we have for Monsemi when it comes to tape-out timeframes?

Each company is different and has its own internal bureaucracy and things like that, so I can't really say right now, but I can tell you that the beginning is very exciting. They are excited about the technology. They are very excited. You know, now that the agreement is signed, it's really – you can sense that they're going to be putting a lot into this and that this is going to be moving very nice and very fast.

Thanks, Kirby. Just another one on Texas. You mentioned in the past that a particular customer wanted an architectural agreement. Is Texas Instruments that customer?

So I won't go specifically into these things. We've been going with many of the customers that we're talking to. We've been going through a lot of different business models and sometimes they get excited and they say, we want to have one type and then they go and they say, no, actually we checked it and financially we prefer another type of agreement. I think also the architectural license, when we refer to architectural license, there was one of the FAFSA just wanted on day one to say, I want access to everything on all geometries. Then, you know, there were all kinds of backtracking and so on. At the end of the day, both OnSemi and TI, I mean, they want to look at this for not just one geometry, and that's what's important. I mentioned TI has... The option to go to additional geometries, and I'm quite confident once they see the first one that they'll decide to expand to additional geometries. So the terminology and whatever is more of a technicality for me, what counts is really the fact that We're moving forward now, and I do expect to expand in both of these major players to other geometries.

Thanks, Kirby. Turning to AI, is the new AI offering that's being led by Gideon just storing weights in VRAM, or is it using in-memory or neuromorphic computing?

where the near-memory compute is actually more of using re-ram in kind of the traditional sense. So you basically have an embedded re-ram that replaces the big SRAM that people have. But in essence, you don't really need something very special for it. The place where re-ram really shines is when you move to in-memory compute and then to neuromorphic. And VB is really looking at those kinds of applications and how to really make our VRAM easily accessible. There's going to be a lot around it. One of the best examples is when you look at how NVIDIA grew. NVIDIA had hardware and GPUs for a long time. I think what really pushed NVIDIA forward was when it added also the user interface layer, the CUDA, and that really made it so much easier for people to use their technology and really It made the whole AI thing blow. And I think that's what we're looking at. We want to have both the hardware and in-memory compute requires the reramp to be designed in a different way. And there are all kinds of ways to do it. And we need to really research and decide how exactly we want to do it. And then there will be the algorithms, the software layer, interface, and all of that. So we really want to do something that gives a real solution for customers and not just some basic hardware sales or something like that. I think this is a very fast-growing space. In-memory compute has huge applications when you think about it. And without going too much into technology, But in AI, one of the key activities, the thing that it does almost all the time is what's called multiply-accumulate. It multiplies matrices, basically. So it's not a broad, I want to do anything, and, you know, you don't need these very complex things. programming and being able to do a lot of different functions. It's really one main function that you do most of the time. And it turns out that, and by the way, that function, when you do it in a traditional computer, you basically have a processor and you have a memory, and the processor keeps reading data from the memory and then writing data to the memory, and there's a lot going on. And that's where a lot of time and a lot of power are spent. When you do in-memory compute, you basically don't move the data. It's in the memory and it stays in the memory and it doesn't go anywhere. And that makes the whole computation orders of magnitude faster. and lower power consumption. So, ReRAM is an ideal solution. I obviously think it's the most ideal solution for this. There are other memories that you can do in-memory compute with, but ReRAM has the additional value that it's just very cheap to manufacture. It's much lower cost to manufacture and it's easy. You mentioned you manufacture it basically on a CMOS line, on a standard manufacturing line. So that's the big advantage that we have and we want to capitalize on it. And Bibi is the best person for it. He has such a background and such a broad understanding of this that I can't think of anyone better than him to lead this activity.

Thanks, Kobi. Next one. Last year you spoke of possible future FAB IDM customers, which may include a household name and an architectural agreement. Looking forward into 2026, are there any other descriptors which may describe future signings?

Well, I think after we signed TI, now you can't really go a lot higher than that. It's kind of you're already, as I said, in the top five IDMs, and you're really in a good position. I think TI is very much a household name. OnSemi in many parts of the world is also pretty much or close to a household name. TI is definitely a household name. It was a disappointment for me that we didn't manage to close the third deal that we were talking about. OnSemi and TI were both under the category of between AGM-24 and the end of 2025. We really believed and hoped that we would have a third one. Some of these agreements, again, they just dragged. Now with the TI announcement, it did give others a certain push forward, and we are meeting these guys. We are going to push forward. I hope that this year we'll see additional agreements with people big and small. And I can't commit yet to who and what, but we're definitely going to see much more activity moving forward now.

Thanks, Kobi. With a lot of fabs selling out 100% of 2026 production, will this reduce access to potential customer fabs and delay any deals with fabs and IDMs?

That is actually one of the factors that's impacting us sometimes. When a fab is at full capacity, and it sees that for the next year it's going to continue to have full capacity, they have less of an appetite to go and make this big investment now on reRAM. And by the way, when they make that investment, it's also they need to run rear-end wafers through the line at the expense of running stuff that generates revenue. So that has been, over the years, when we're in touch with some of these big guys, that has been one of the factors that delayed negotiations or really a strong engagement. I mean, there's been an engagement, but really progressing forward, With some of the guys, it's just that, hey, the fab is full. We can see that it's going to be full for another year. Management wants us to focus on getting the money in, right? And it's normal, and I can definitely understand them. So we just wait for the moment that they can start seeing that they're going to have a downtime, and that makes it much easier to engage.

Coby, here's a kind of a simple question, but probably pretty important from a commercial perspective. So I'm hoping to get a better understanding of what WeBitNano AI product offering may look like. What are the types of companies who would be the target market and users? And how does WeBitCharge derive revenue?

So we are in the process of defining WeBitNano. what we're going to be doing in AI. That's kind of the initial task of Givi is to really analyze the market, analyze all the requests that we've been getting, and talk to the customers that we've already had engagements with and define what we want to offer them. So I think it's a little too early for me to say what exactly that offering is going to be. I want to let him go and do his analysis and come with – he'll probably have several options, and we'll have a brainstorming session on how do we prioritize and what do we want to do first. I've been talking in the AGM and different meetings about how in-memory compute is something huge and so many companies are interested in it and it is reaching commercialization already. In-memory compute is something that is really commercial companies are already looking at it and wanting to move forward with it. So we really want to get something good. We want to learn the market. And we'll be, I guess, hopefully in the next months or year, over the next year, we'll be releasing more information on what exactly the plans are and the it's probably going to be obviously a staged plan where we'll have some initial offering and then we'll improve on that and grow and add, et cetera.

Another very fundamental question. So your group suggested that re-RAM is forecast to increase 45-fold. over the next six years, representing more than half of the $3.26 billion of embedded emerging NVM market by 2031. How does this directly relate to the TAN, Total Addressable Market, for WeBit that WeBit can address? For example, if WeBit gets 20% of the re-RAM market, would we get 20% of the $3.3 billion?

So the YOL analysis always challenges me because YOL did not think of WeBit revenues or the revenues of the semiconductor IP companies. What we understand from YOL is that what they did was they basically said a key market is MCU, microcontrollers. And in an MCU, the non-volatile memory takes about 10 to 15%. So if the MCU market is 30-something billion U.S. dollars, then we expect the NVM part of it to be 10% of that, and that's how they got to the three whatever billion that they put there. Now, that's obviously the emerging NVM that they're expecting to see. I mean, they took the 10% of the MCU market, and then they extrapolated how much is going to be emerging, what percentage, and that's how they got to those numbers. for me the old numbers are first of all an indication of just how rapid the growth is going to be and that's what i i think most people or people should be taking from it is you know this is a leading analyst and according to i mean when they do an apples to apples comparison of what they think is happening now and what they think will happen in 2030 uh they're kind of seeing this huge growth and that's what people really should take uh if you want to start doing your own extrapolation and say, oh, wait a minute, so if $3 billion is 10% of the MCU market, and WeBit can get, I mean, you know, average numbers that people normally talk about are, you know, 1% to 3% royalty from that, then, you know, this is how much potentially royalties are going to be, and this is the market share that I'm expecting WeBit to have, and, you know, everyone can do their own research and analysis on that and then think about the fact that there's beyond MCUs, there are other markets and so on. And of course, there's going to be the AI market, which is an adjacent market, but that's one. So, I mean, people need to do their own research here. This is kind of roughly how the basics of what we understood from Joel and in how they did their analysis. For me, the important thing is just the message. This market is going to really grow rapidly. WeBit has to be very focused. A company undergoing such rapid growth It's so easy to make mistakes and we need to be laser focused on what we're doing. I'm very glad to say we have the team that knows how to do it and we have the plan and we have been setting the infrastructure This past year, the announcements that you didn't see are all of the infrastructure that we set up, bringing in all these different tools that help you manage projects in an organized way, tracking even the simple things like how many hours did this engineer put into OnSemi and how many hours did they put into DB Hightech or into the R&D work or whatever. Being able to track what's going on, being able to have the management and everything in an organized tool where you can get easy snapshots. We have now a PMO that's defining all the internal processes and procedures and everything. You know, really defining how do you do this, how do you do that, how do you manage all these things. So, I mean, the customer success team that we set up, all of these things are going to enable us to go through this massive growth, really crazy growth, and it's going to be a lot of fun.

Thanks, Toby. Next one. Now that qualification at TB Hightech has been successfully completed, can you explain expected timelines to earning license fees and or royalties from that agreement?

So we basically went through the tests and we showed that we're ready. Now it's really in DBiTech's hands. They need to see how they bring it to the production line or to their customers. They have orders. you know, their internal procedures and their internal ways of dealing with things, you know, working on things like yield, et cetera. And so we are obviously – waiting to see this move forward faster. But foundries, as you can understand, and I think as people have already learned, they have their own pace and so on. So I definitely expect that this year we'll be seeing getting to mass production. But it's not going to happen tomorrow. They still need to go through their procedures. And I hope it will be done faster and not just drag over a long period of time.

And Kirby, just following on from that, that same kind of question. So the quarterly report mentioned that Weavit has several products in design and the expectation of first product will tape out this year. Is that through DB Hightech?

Well, we definitely have designs that are in DB HiTech right now, and I think it is reasonable to expect that we'll have tape out of designs at DB HiTech this year, yeah.

Stepping back, so how far off are we from signing deals with T1 customers? Are we mainly dealing with smaller customers at this stage?

No, we're dealing with all sizes. We are definitely engaged with big companies, I guess, order of magnitude of TI and also smaller ones. And there's... I know people are tired of hearing me say we are engaged with the majority of the big guys, but it is true. And with TI, you know, it took us three years to close. I hope that with others we'll start closing faster. You know, there are other big guys that we're engaged with already for a long, long time. That's how it works in Semiconductor. What we did is, I think the key message to the shareholders is, We want to build a big, strong, solid company, and we are not caving in or agreeing to what I consider unacceptable terms just in order to be able to announce that we have yet another customer or whatever. I could have done things. We could have agreed to different terms that would have enabled us to get big-name customers a long time ago. But it's not how you build a strong company. And in the beginning, it's very tough. And, you know, there's nothing that I would have loved more than to come and tell the shareholders, hey, we have another customer. I mean, you know, this uncomfortable situation that I have to keep telling everyone we are engaged with these guys and we are pushing forward. And people roll their eyes already. Okay, how many times are you going to tell me that? But this is the only way I know to build a strong company is to hold your ground. to know the value of what you have, and to end up – these guys will be coming in. They will come in. They don't have another option. They need to work with us. Now they're seeing that their competitors are moving forward, and this is what will enable Weebit to be a very big and strong company, and that's my goal.

Yeah, and Kobe, I think it's probably fair. In this last quarter, there's evidence of investment in people, which is obviously a necessary pathway to executing on some of these opportunities. So I can encourage you on that. So next question. Outside of NDAs, does the partner section of the website list all product companies signed with Weavit, or is there a list maintained elsewhere? Yeah.

I have to admit I haven't looked at the website for a while. But I would say we did. I think the shareholders have already learned. I try to be as transparent as I can. And the partners, we haven't signed any agreement that is not, I mean, any final agreement, definitive agreement that is not public. I won't go into what level of NDA and MOU and whatever other types of agreements we signed with companies. Once we get to a definitive agreement, that's when we announce it, and I believe that that's what you're seeing on the website.

Sure. Next one. Is testing of the demo chips at OnSemi now complete, or are there additional steps before qualification commences?

Well, we actually just got them. I mean, again, as I said, it's really a record time in one year to finish, to get to the point where you take out and you already have silicon in your hands. That in itself is just amazing. The first tests are positive. But we have a lot of testing to do, a lot of checks to do before we get to the point that we say we feel like we're ready for qualification. So it's just the very beginning of the testing phase.

Thanks, Kobi. I think I know your answers to these questions. Did TI look at other re-RAM providers? And if so, what were the winning factors for WeBit?

Well, it's a question to TI. I can tell you that from what we saw and we understood, and actually they even told us. I mean, they definitely, and you would expect a company like TI to check the market, right? You wouldn't expect such a big company to just say, oh, we like WeBit. You know, Kobe waves his hands in a nice way or whatever, and whatever. We want to work with them. They did a very, very, very thorough analysis. They talked to their customers. They did the market check. They looked around. I'm sure that they looked around to see what other ERAMs were available. I guess I have indications that they looked around. And I think that at the end of the day, the combination of the, I mean, our technology is here. It's qualified. It's qualified at AECQ 100. It's qualified for very extreme conditions. situations. For analog guys, it's really a great solution. I believe that the OnSemi deal was also something that helped give them a little bit more confidence, but they met our team. As I said, we sent people over to their site. They were sitting there for days in conference rooms and reviewing the technology and analyzing it. I mean, it was a very, very thorough analysis that they did, and I'm glad that they were impressed by the team. I think that's the key factor. They saw the quality, unbelievable level of experience that the WeBit team has. They saw the results, the technology, and I believe that, again, it's a question for TI, but I'm sure that those were the key factors that they were looking at.

Thanks, Toby. So what is the latest on the sub-22 newton metres, 12, 14, 16, or teens process fab? Is this the fab that slipped from 2025 to 2026? I really can't go into that.

I apologize, but as I said, we're in different steps with different companies. You know, a very, very, very broad range of geometries. So from the teens, you know, up to the 130 and even 180 sometimes. So it's really a very broad range. And once something, you know, materializes, we'll announce it.

Thanks, Kobi. Next one. How are discussions progressing with other foundries, RDMs? And have you seen an increased urgency from them since the TI deal was announced?

Yeah. I mean, things are progressing. I think I can definitely say that the TI announcement did make an impact. People noticed it. And I think that it did give a nudge to some of the people. Let's see now how much we actually manage to really leverage that and push them to closure. So it will be very interesting.

A difficult one to answer here, Kobi, but what sectors are you seeing the most customer interest from?

Well, I think the first one is easy. You look at OnSemium, you look at TI, and even to a certain extent, DB Hightech, they're all very strong on the analog side and the power management, etc. So, obviously, that's the first sector that has been moving forward. By the way, when you look at the YOL analysis on the slide that we normally show on the right-hand side, you can see that the first market they expected was to grow was analog, and that prediction is true. We also see a lot of interest from automotive. I mean, especially when we did the AECQ 100, we see a lot of interest from automotive. But we get a lot of interest from medical companies, from industrial, from IoT. You know, we have had discussions, quite a few even, with companies in the aerospace. So it's pretty across the board. But the first ones are really the analog power management automotive. Those guys are interesting. They have such huge advantages with re-RAM and on-semi and TI are their direct competitors. So those guys are the ones that are now feeling the least easy in their seats right now.

Thanks, Toby. So recently, BM Labs ran a competition for their in-memory compute. Does that mean the WeBeat product will optimize the re-RAM and include the algorithms? Yes.

Yes, I mentioned earlier, we don't want to just look at the hardware side of things. We believe that in order to really be successful in this market, you need to have the software and the algorithms and give people a development kit. So, I mentioned Nvidia and that's a great example of a company where the real growth came when they delivered CUDA. So, for me, that's kind of the example that I'm looking at and that's what Didi's role is to define not just the hardware, but what should be the package, the development kit, what makes it really easy for people to adopt our re-ram for in-memory compute, that it won't be just bare metal and then they need to develop everything on top of it.

Thanks, Gaby. Turning to the US, some of the comments made with respect to the US subsidiary, can you provide some more details about the subsidiary in the US? Is it aimed at building sales support or do you intend to build a technical team to support engineering projects to accelerate commercial deployment as a result of a large number of engagements?

Yeah, so actually I forgot to mention that already with all the stuff that happened last quarter. I forgot to mention it when I talked about the summary. But definitely, I mean, we're seeing significant interest in WeBit, in our reram in the U.S., in North America. And it really became, you know, the time has come that we needed to set up already a local presence, a local subsidiary. It is focused on sales. Now, sales is a very broad word. For me, sales means, more than anything, very, very strong customer support. I want every customer working with WeBit to be successful, to be happy. I've been doing sales for so many years, and I know that when people are happy, yeah, they might tell a friend or so. When people are not happy, they'll tell the whole world, and you have a real problem. So I just want to make sure that we have really good success stories with these customers, that everything goes well, that people know that when they come to WeBit, they get quality support. We definitely demand to be paid for it, but people will know they get a good technology, good support. We have already a lead technical person in the U.S. now who's setting up the technical support activity there, and he's a very experienced person there. He came from another RERAM company and has done a lot of work there. So he's very experienced in RERAM. He knows what we're doing. And I'm very happy to have him on board. So, yeah, this is going to be a very strong sales organization.

Thanks, Toby. Next one. The quarterly report says Leti have achieved many milestones this quarter. What are they?

We talked about Leti milestones. I somehow don't think we mentioned Leti milestones. I mean, you know, oh, okay, I think I know what you're talking about. So, traditionally, When you look at the WeBit reports, and this thing comes up every year after December, Leti works according to the calendar year. And they kind of structure the different work packages. So many of them have a major milestone in December because they want to be paid before the end of their fiscal year or calendar year. So you can see it every year that the big expense that WeBit has on R&D is in the last calendar quarter. And that's what happened to us now. So we basically – In the notes to the expenses, we mentioned that there was a big expense to Leti because of these payments. There wasn't anything special specifically in this quarter. We have very good cooperation with Leti. We have ongoing cooperation. You know, a lot of R&D work that we're doing with them. They are a great partner. I said that many times, and I'll say it again. We're very happy to work with Leti. And, you know, the payments just happen to always kind of somehow coincide in December. They really like us to pay us as much as we can in December. That's how their finances work.

On AR now, will the AI offering be aimed at the edge or data center?

I think the edge is really where we see reram shining at this point. The edge also in terms of capacity of memory, et cetera, we are able to address much easier. So, I mean, it's really Gidi's job to define what he wants, what he thinks we should be doing. And I want to give him his space to really analyze the market and come with his recommendations. So, again, we'll just have to wait until – by the way, we already hired a PhD in – in AI to work with him, and that's a team that we'll want to grow so that they can really do a good analysis and come with good recommendations. I don't want to just decide on what their conclusions will be before they do their studies.

Thanks, Coby. There are a couple of anonymous attendee questions and we normally, it's not really the great way to submit your questions, but let me just go through a few of them because everybody else has actually nominated who they are, which I think is really important form. But Coby, just this one here. Yeah, but some of these are interesting. So let me just go, and I think probably this would be on the minds of some of the audience anyway, but the company previously targeted three new licensing agreements with FAB's IDMs by the end of 2025. With OnSemi and TI secured, the third has slipped into 2026. Can you provide color on the status of negotiations for this third agreement?

Actually, there have been several that were candidates to be the third. It's not just one. These things sometimes, as I said, drag out for all kinds of reasons. So we are continuing. the discussions with these guys. Again, we'll announce when we close it when we do, because many times there are surprises that just cause things to drag a little longer than we expect. So I don't want to just try to predict. It's really in the hands of these fabs, the speed that we progress.

This is a question that I've had from a number of investors, Kobi, and you have too, which is probably worth sharing with this audience, around DB Hi-Tech qualifications. So can you explain why this wasn't announced to the market via the ASX and what are the next steps with DB Hi-Tech, which I think you've spoken about already?

Well, maybe it's a good opportunity. People know that I've been struggling, that was an understatement, with the ASX regulation, disclosure regulation, etc. I won't go here into the issues there. But, you know, sometimes I joke that, you know, closing the announcement on TI was harder than closing the actual TI agreement. And it sometimes feels that way. So it is a challenge for us, you know, the whole ASX regulation. I believe that moving forward, many times we will not be making ASX announcements. We'll just wait for the quarter release to announce things. It'll just be easier. There's just so much time and effort that I can spend on these things. Yeah, let me stop at this point.

No, no, that's a fair point. I can hear and feel your frustration, Kobi. So just, you may not be comfortable answering this question, but outside GF, have any opportunities been lost?

I don't consider GFs. I mean, you can see GF is right now struggling to try to make whatever they're doing work, and they haven't qualified it. I mean, they are late on their schedules. But I don't want to go into GF. I believe. that WeBit has and will definitely in the future have the best re-ramp technology in the market. This is our goal. We're investing a lot in R&D. You know how many people asked me in the last month, so when is WeBit going to be break-even? And guess what? I can just stop the massive R&D investment and I'll be break-even today, right? But I'm sure that that's not what the shareholders want. We are investing heavily in R&D. We want to continue to improve our product. We want to be to have undoubtedly the best re-ram in the market, hands down, to the point where, and I tell people, you know, to me it's a fact. I don't even consider it as an if. One day someone will come and go to GF, go to TSMC, go to UMC and all these other guys and say, hey, guys, I want a manufacturer here, but we bit hands. a much better reramp for my application in my specific SOC or whatever, they give me better support or I want to use Weebit, And that customer will be big enough to actually move the needle. And those FABs will agree because at the end of the day, these FABs are making money off of selling wafers. They're not making money off of re-ram. I mean, the decision to try to develop a re-ram at GF, that's something that you need to ask their CEO what – What the logic was, you know, I won't go into his considerations, and I don't understand his considerations. But all of these guys, all of them, I do look at them as potential customers. I don't look at any one of them as a lost opportunity.

Yeah, thanks, Coby. I'm kind of coming to our final questions now. We seem to have exhausted the audience, and there's a bit of feedback saying thank you for the session, by the way. I just thought I'd share that with you. But just going back to the investment in the people, which, you know, as I called out, is a really important initiative for your business. So which parts of the business have the new staff been appointed, and where do you expect new staff to be appointed over the next couple of years?

So I think that right now, the place where we need more people is, you know, the whole, the staff that supports sales, that supports customers. So we need, on the design side, with each new customer, especially when we start talking to product companies, and maybe this is a good place to kind of explain a little bit how a good IP company functions. A good IP company always wants to have a lot of royalties come in. And when you talk about the royalties, when you talk about the product customers, the goal is to have as many of them use your standard modules. So you want to have a certain set of modules that you develop and then Most people, the vast majority, will take one of those, and you'll basically have 100% margin on those sales. So that's really where I'm focused. We want to get to the point where The product company, well, we have a lot of product companies coming on board, etc. Obviously, that's not now, that's not this year, but it's going to happen. And we want to have that offering of these base designs or modules. and then basically get very, very high margins on the royalties that we get there. But some of the customers will need additional tailoring, additional help. They will be paying us NRE so that we help them optimize the module in their SOC, and that will happen also. So right now, the work on the design side is where we need to have some growth. Especially the first product companies, they require more support. We don't have that big library of modules yet, so we need to develop it. And right now, we're going to have If I look at the budget for this year, the biggest growth is going to be on the design side and supporting the sales activities.

Thanks, Kobi. So there is one other question here, a relevant question. Are there any plans to get additional broker coverage? I think I know the answer to this one.

Well, it was challenging to start getting some of the brokers to cover us, and I'm very thankful for both UCP and MST now. I think they're doing, by the way, an amazing job. I have to give the compliment to both of them. Jono at UCP and Andrew at MST. It's unbelievable how they picked up. They both started from practically zero knowledge of semiconductors, and they really went through very intensive studies in order to give coverage, but I think they're giving very good coverage. So I recommend people to actually go and look at that. And I really hope to see more coverage starting this year. Hopefully now more people are realizing that this is an interesting technology and an interesting company.

No, that's very good. I'm sure that Jono and Andrew would love that. But, yeah, both high-quality analysts, as you and I both know, Kobi. Here's a bit of a tongue-in-cheek question to finish the meeting. Kobi, if I offer you a year of free ice creams, then by the end of February, will you sign analog devices?

Someone knows me. I don't know if that was anonymous or not.

No, it wasn't. It wasn't. It's very good. And just a final one, just a final question too, and then we'll get you to wrap up with some final comments, Kobi, as well. So comparing Weebit to eMemory in terms of people, does Kobi, do you forecast Weebit will have more design people?

Well, I just mentioned we're going to be hiring, you know, that's the team that's going to grow the most this year. So we do need more design people. I am... by the way, very, very cautious with hiring. I had someone make the comment to me that he was looking at another non-volatile memory that was in Israel in the past called Saifan. And he said, you know that today with 40 people, you're managing to do what Saifan had 200 people doing. So yes, we are very cautious in the hiring. We hire very high quality people. But So I'm very, very cautious with the shareholder money. I know that the money that we have today is basically money that we got from shareholders. And I'm very cautious in how I spend it. So we're trying not to grow to huge numbers. But at the end of the day, when sales grow, when you have more customers, you need to grow. So we're doing a very delicate balancing act between these two things.

No, that's good. I think investors always like to hear executives and boards talk about the discipline about deploying capital. So well done, Kobi. So we've exhausted the audience. So why don't I throw it back to you with any kind of closing remarks before we wrap up?

Well, I think calendar year 25 was a really, really good year for WeBit. It was a transitional year. I mean, it started a transition. We're now engaged with big name customers on Semi and TI. We built that infrastructure being ready for the big growth. I think we're going to start seeing that during this year. It's still going to be tough. These guys don't move so fast. So 26 is going to be a year of really getting things moving a little bit more. I think maybe 27, the way that I see it, is going to be the year where we really will have that big – tornado happening. But it's very exciting. We're having a lot of fun in the company. The AI activity now is very exciting as well. So I'm looking forward for another amazing year in 26. And I wish all of our shareholders a great 26 and that we all celebrate together.

That's great, Kirby. Thanks. It was great to share your insights with the group. And thanks, everybody, for joining us this afternoon. That's a wrap. Enjoy the rest of your day. Cheers.

Thank you.