Odyssey Semcondctr Tech

Good afternoon, ladies and gentlemen, and welcome to the Odyssey Semiconductor Third Quarter 2021 Earnings Call. At this time, all participants are in listen-only mode. At the end of today's presentation, there will be an opportunity to ask questions via a chat line. Investors can submit their questions within the meeting webcast by typing them into the Q&A button on the right side of your viewing screen. Analysts who publish research may ask questions on the phone line. For analysts to ask a question on the phone line, please press star then one on your telephone keypad. To withdraw your question, please press star then two. As a reminder, this event is being recorded. I'd now like to turn the conference over to Jeff Christensen of Investor Relations. Please go ahead.

Thank you, Anthony. Joining me today are Rick Brown, co-founder, interim CEO, CTO, and board member, and John Edmonds, chairman of the board. Earlier today, we issued a press release announcing our results for the third quarter. We'll start today's call with prepared remarks from Rick and John before moving into Q&A. During our prepared remarks, we will be referring to slides that are available for viewing in the webcast and posted in the investors section of our website at odysseysemi.com under the events subheading. We hope these slides will serve as a framework for management's prepared remarks, reinforce key takeaways, and provide additional transparency and insight into our business strategy and objectives. Before I begin, some statements made today are forward-looking. Forward-looking statements are subject to risk, uncertainties, and other factors that may cause actual results to differ materially from those contemplated by these statements. Additional information regarding these factors can be found in our annual, quarterly, and other reports filed with the SEC. I will now turn the call over to John Edmonds, Chairman of the Board.

Thanks, Jeff. Good morning, everyone. And thank you for joining the Odyssey earnings call today. Rick and I will talk about our financial and operational performance and how we see the near-term and long-term future. And then we'll have the operator open up the phone lines and webcast for questions. Now let's turn to slide three. In many industrial applications, companies need high voltage and low resistance power devices. Before now, silicon carbide used a vertical structure had been the only practical commercial solution. However, experts have long believed vertical GAN, meaning that electrical current passes from the top through the bottom of the device, would be a better solution because the properties of GAN allow it to fit into smaller form factors, it's more power efficient, operates at higher speeds, and has a lower cost. However, to date, there have not been viable manufacturing processes to enable a reliable vertical GAN architecture to be produced. Over the last two and a half years, Odyssey has developed a novel method to architect a structure, including proprietary processes that have enabled the manufacturing of a reliable vertical GAN device and have opened the door to realizing the potential of vertical GAN for high voltage applications. We're often asked why does Odyssey have vertical GAN while other companies have the so-called lateral GAN. Our vertical architecture is similar to older vertical silicon and vertical silicon carbide power devices. GAN has obvious advantages that will drive vertical GAN replacement of the less power efficient and more costly silicon and silicon carbide solutions in high voltage applications. Lateral GAN devices built by other companies are targeted at low and medium powered applications which is also a good, albeit competitive, high volume market. However, the lateral devices are also limited in the voltage they can handle and look nothing like vertical silicon and vertical silicon carbide power devices that address high voltage applications today. Let's move to slide four. Odyssey is a leading pure play gallium nitride GAN company. It is approximately a two and a half year old company. We're still in the development stage of producing a disruptive high-voltage best-in-class GAN technology with strong IP. The company addresses large and growing power applications for high-voltage industrial motors, electric vehicles, and solar power. It has been developed by an exceptionally talented and experienced GAN research and development team. It was started in Ithaca, New York, by people who were originally PhD graduates from Cornell. We were also able to acquire the old bin optics fab in Ithaca several years ago when Macon moved the previous laser processes to their Massachusetts fab. Odyssey also offers domestic foundry services to other companies, allowing them to source GAN-based technology development. This allows people to do development and scale to production, leveraging our fab and technology. By having its own domestic GAN foundry, Odyssey can also largely control its own destiny for quick cycle times, rapid innovation, manufacturing process development, complete traceability, and wafer costs. Particularly in the area of process development, companies need to have their own manufacturing capabilities. With that, I'll turn it over to Rick.