Sivers Semiconductors AB (publ)

Thank you, and welcome everybody to this exciting morning as we go through our fourth quarter 2025 webcast. This is Vikram Mathuria. The agenda for today is discussion of our Q4 and full year results with an executive summary from myself, and I'll hand it over to our CFO for financial results and details. And I'll come back for details on our business and key takeaways. which we'll then follow up with Q&A. 2025 was a phenomenal year for Severs, a record Q4 and a record full year. And when placed against the backdrop of a weakening dollar against the Swedish kronor the whole year and a US government shutdown in Q4 of 2025 makes our results even more impressive. For Q4, we had revenues of 80.7 million SIEC that made the whole year come in at 304.1 million SIEC, which is a 25% increase over last year, and even more impressive, 33% at constant FX. Adjusted EBITDA for the quarter came in at plus 10.8 million SIEC, and on an annual basis, adjusted EBITDA improved by 31%. which once again reinforces that we are executing on the business with a discipline and an eye towards improving profitability while continuing to invest in the areas that are most key for our future success. As I mentioned before, we are transforming from an engineering services company to a products company, and the time is well underway. And product revenues are an important metric that we monitor and drive results on growth. Q4 product revenues came in at 21.3 million SEAC, making the whole year come in at 85.7 million SEAC, and that's a 13% full year growth at constant effects. Talking about some of the key highlights, and we had a lot of highlights over this time period, our opportunity pipeline, which is a very important lead indicator of future revenue potential and revenue growth, made tremendous progress throughout 2025. It is the revenue potential for us in the time period 2026 to 2030. And I'll talk about this in much more detail during the business update section. But our opportunity pipeline grew by 64% in 2025 to $453 million entering 2026. And we continue to grow this opportunity pipeline through 2026 and beyond as well. From our key customers, Allspace reached an incredibly tough milestone called Technology Readiness Level 6 with the US Army that paves the way for expanding the number of programs that they get written into for deploying products from 2026 onwards. Super exciting for us is our strategic LiDAR Photonics customer, will now begin production ramps in Q4 fiscal 26. And that is a meaningful, sizable source of revenue growth for us in the coming years. The U.S. government shutdown did have some delays in all these discussions around the CHIPS Act, but we expect to announce the U.S. CHIPS Act year two contract for electronic warfare. And as everybody's aware, a big portion of the energy and attention from the U.S. CHIPS Act is towards defense electronic warfare modernization as countries around the globe want to upgrade their defense infrastructure. And that's a 20% higher contract level compared to last year. In our progress towards moving from engineering revenues to product revenues, we also announced in our fixed wireless access business, Tachyon Networks is entering production this year onwards. We are also expanding our exposure to defense on our wireless business by going beyond the US CHIPS Act. And we announced a new contract with a top tier supplier to defense price. Last but not least on this, Korea has grand plans for modernizing aerospace, and they've declared as a country to be top four in aerospace over the next decade. We have signed a development contract with an important player in Korea's , namely Doosan Corporation, to develop antenna array panels for their mission for Korea. Outside of this, we have found a phenomenal partner Bootstrap Europe, with whom we have done a strategic refinancing that replaces all existing loans and comes with phenomenal terms. We truly see this as a tight strategic relationship that is long-term, and we are super happy with doing this strategic refinance. We continue to strengthen our leadership, and this year we have added to the already strong bench a global VP of operations, Neeraj, who has decades of experience in commercialization of technologies into products that sell well, that products that sell with great quality and reliability. And he also comes with over a dozen years of experience at Lumentum. As you all know, Lumentum is a global leader in the photonics space and somebody we aspire to grow like. And Neeraj brings invaluable experience on that front as well. We also announced our chief revenue officer, Raymond Biagin. He comes with a lot of experience in managing opportunity pipelines and increasing conversion rates on the opportunity pipeline to production volumes. And his biggest focus is going to continue to drive future growth in our opportunity pipeline year in, year out, quarter in, quarter out. We have also opened new offices, and these offices are functional in U.S. and India. And I want to give you what the unique value proposition for these two locations are. The one in India is in Bangalore, and as many of you may know, it is the top tech hub in India. And we will be growing our wireless engineering workforce and finance support in this location. access to RF, antenna, hardware, and software talent, coupled with attractive site economics. And if you have been watching, India is making a serious run at developing the semiconductor business within India as well. So this will also result in local opportunities that we are able to monitor closely and act upon. Finally, it is a time zone-friendly location for applications engineering support to our European and Asian customers. The site in the US is in the Silicon Valley, and it is the top innovation hub in the world. Here, primarily, we have customer-facing functions, sales, field applications engineers that support our customers, and some executive management. All the hyperscalers are here. Microsoft, Meta, Google, Amazon. These are the giants that are helping build out AI data centers. And we want to make sure we're well connected with them. And the Bay Area is a thriving ecosystem for players in both the wireless and photonics businesses that are near and dear to us. And once again, being in North America at this location, we are able to offer time zone friendly applications engineering support. So a lot of excitement, a strong growing opportunity pipeline. Let me now hand it over to Heine Tarsgaard to go into the details of our financial results. Over to you, Heine.

Thank you, Vikram. As I walk through the financials in the next couple of slides, the overarching message should be clear. So our structural transformation is well on the way from an engineering-driven company towards a scalable, product-centric company. conduct a business supported by a strong and expanding opportunity pipeline. Let's start with the full year and Q4 performance. Starting with the headline numbers. We closed 2025 with 304.1 million second revenue and Q4 alone delivered 80.7 million seconds, making this our strongest Q4 and full year revenue in the company's history. This performance is particularly meaningful given the context. We deliver these results despite continued FX headwinds and despite disruption late to the border from the US government shutdown, which primarily affected timing rather than demand. When you look at the business in constant currency, the underlying momentum is clear. 17% growth in Q4, 33% for the full year. That reflects a business that continues to scale and gain traction. On profitability, Q4 delivered positive adjusted EBITDA of 10.8 million SEG and fully adjusted EBITDA approved by 31% year-over-year. That improvement is not incidental. It's structural, journaled by management actions and the result of a disciplined investments as the business model evolves. So at the top line and if it are level, we are seeing exactly what we would expect from a business that is structurally transforming while building the foundations for a more scalable and profitable model. That transformation is also evident in the development of our product revenues. For the full year, product sales grew 8% in reported numbers and 13% in constant effects. In Q4, product revenues increased 30% quarter-on-quarter despite the shutdown disruption. This matters because product revenues are the core engine of scalability in our model. Sequential growth in Q4 tells us that customer adoption and demand remain strong and that the underlying opportunity pipeline continues to convert. For Sievers, the impact of the U.S. government shutdown in Q4 is purely timing-related. There were no cancellations, no lost programs, and no change in underlying demand. And activity has resumed as operations restart. In Q1, we are still seeing some effects, but at the end of the quarter, we expect this to be completely behind us. So this was a revenue-facing effect, not a pipeline issue. Even with the disruption, product revenues grew sequentially, reinforcing that the structural shift toward a scalable product business is progressing as planned, supported by a strong and growing opportunity pipeline. Looking at NRE, we continue to execute with discipline and predictability. Full year NRE grew 33% in reported numbers and 40% in constant effects, with Q4 up 15% year-over-year and 24% in constant effects. NRE remains strategically important, not just as revenue, but as a pipeline-building mechanism. These programs deepen customer relationships and feed future product opportunities, which then scale through product revenues over time. But going forward, we will be far more targeted in the projects we engage in. As the model matures, product revenues will increasingly dominate the mix, NIU will continue to play a role in building and replenishing the opportunity pipeline. So operationally we are executing well and that execution is translated into a strong pipeline and a more scalable friendly mix. That brings me to a major milestone that supports our transformation, our refinancing. We've just completed a $17 million refinancing that replaces all existing loans of roughly 11.5 million. We secured a long-term refinancing at abstracted terms with an attractive financial partner through a committed three-year facility, improving financial stability and flexibility and extending our runway. We are very happy about the relationship with Bootstrap as they are a specialist technology lender and a great financing partner for Seedrush. We reduced trade debt from $5 million to $5 million, and in parallel, we secured a $12 million fixed convertible facility priced at a significant premium to today's share price. That's a clear vote of confidence in the long-term model. The structure is intended to preserve shareholder value while enabling us to execute through key value inflection points ahead of us. The vision only occurs at a materially high valuation, aligning financing with successful execution. This financing structure is intentionally designed to support our transition to a highly scalable profitable model without compromising flexibility or shareholder value. Let me close by putting everything together in the context of our long-term financial model. We are well into a structural transformation from an engineering-led company towards a product-driven, scalable, semiconductor business. Based on the cost structure and marketing profile of the business, we would expect to reach cash flow revenue at annual revenues of approximately $50 to $55 million and 65% of revenues during third products. This we are targeting in roughly two years' time. Our long-term ambition is to sustain 25 to 30% revenue gain with fabulous financial KPIs at around a 65% gross margin, R&D costs of around 20% of revenues and an EBITDA margin around 30%. We are striving for world-class performance because we believe we have the technology to achieve it. This model will be built on a strong and growing opportunity pipeline increasing product sales and disciplined execution. When we do not control the exact order time in quarter to quarter, the duration of the travel is clear. So to summarize, as reflected in our 2025 revenues, our structural transformation is progressing well. Q4 2025 was another record quarter of solid underlying growth and continued operational excellence. All while we continue to invest in the technology, people, and processes that will shape our future process. With this, I turn it back to you Vikram.

Thanks, Anand. So now I want to get into details on the business update. There's a lot of exciting stuff to talk. So first of all, I want to recenter our audience and ourselves. We are a critical enabler in the hottest markets. providing essential technology to drive mega trends in AI data centers and Satcom. In AI data centers, the future is being shaped by industry giants like Meta, Microsoft, Google, Amazon, and they rely on an ecosystem of vendors that need to make their vision come true. Sievers lasers and optical amplifiers are in essential conversations with this ecosystem to ensure key challenges are being addressed. For the ecosystem that has to deliver to industry giants like this, a company like Severs, right in the mix of it, doesn't happen by accident. It shows value for technology in that market. Similarly, when you look at our wireless business and our beam formers and antenna arrays, these are being validated by, again, giants like the U.S. Defense, that is making sure Irisquire, which is the biggest upgrade to European SAPCOM infrastructure. We are right in the mix of Korea who has an ambition to be top four in aerospace. And we are also engaged with top tier telecom vendors in enabling fixed wireless access, right? Again, the key point here is this doesn't happen by accident. Our technology is in meaningful conversations and driving our opportunity pipeline because our technologies help enable these visions of the future. So that takes me right into the opportunity pipeline, and I want to take some time to help our audience also understand how the opportunity pipeline is looked at within semiconductor industry and with SEOs. As I mentioned before, the Sears Opportunity Pipeline, which is revenue potential, of course, it's non-binding, but it is for the 2026 to 2030 strategic horizon we have here. It's a lead indicator of future revenue growth. And let me take you through the stages of the journey because then I want to show the data as well. As a company, we get lots of leads and raw opportunities. The first meaningful stage that happens in the pipeline is when they become qualified opportunities in our systems. And qualified opportunities, we are already putting scrutiny that not all leads and raw opportunities are counted in our opportunity pipeline. What does it take for an opportunity to become qualified? We assess the customer. We assess their market share, ability to produce innovation and ship products. We assess our technology fit to solve the challenges they're working on. And we get a good idea of line of sight to when they want to launch products and an idea of their volume potential. That makes it a qualified opportunity. So when we talk opportunity pipeline numbers, it only starts from qualified opportunities onwards, not just leads and raw opportunities. Once that happens, then it enters the next stage, which is where either they want to take our technology and customize it, which happens a lot in the past with us when we take on NRE projects and developing custom solutions for our customers. Or if we have standard products, they start evaluating our solutions, and that takes a while as well, and it's that period of the journey. Once they've evaluated our technology and they're comfortable that our technology proposition supports their deployment, it enters what we call a plan for production or a design min-stage. At that stage, people are looking for, our customers are looking for the right market window, but they also do qualification of their product and field trials for their customers. So that is that stage to a point where our product is confirmed on their bill of materials and they've done the field trials and then the product enters production. So these are four important stages in our opportunity pipeline, okay? As a transformation for the company, as Jaime has also mentioned and I have mentioned, we are moving away from pure engineering projects that only have engineering-related revenues. We are far pickier on picking custom projects only when the line of sight is clear to the custom product and its associated shipments. So if you look at custom products we make, I've given here an idea of how much time it could spend in each stages. So qualified opportunities, basically finding out more about what the customer is involves a set of discussions with the customer back and forth. It could take anywhere from three to nine months. Then if it's a custom product, that's the biggest portion of the cycle, which could be anywhere from 18 to 36 months, where it's either a derivative of some IP we already have, or it's a brand new development. After which, Once they have proven that this technology helps them with their products, they enter qualification runs, they enter field trials to get to this design stage where it could be nine to 12 months, and after that, multiple years of product shipments. As an example, Allspace, we've been engaged with them from 20 slash 21, and they entered production last year, and now they're expanding their programs as well. So again, here, the key point is, We're not doing engineering projects for engineering's sake. We are being very, very specific on the types of projects we take with strategic customers that will result in product shipments in the future. We're taking the next step as well, which is, as you've seen recently, we announced standard products and wireless, which I'll come to later. We are moving more to a standard products model in the future for multiple reasons. Number one, we understand what are the specifications needed in our focus markets. So we're able to develop products with the right specs that are available for multiple customers. And that's a big change. So far, a lot of the custom products are one-to-one, and now we are moving one-to-many. It does two things. It expands our customer base faster, but it also accelerates time for production because now we're not doing a custom development. people are able to take our standard products, evaluate them, design them into their products, and then plan for their production needs. So not only are we choosy about custom projects by taking only the ones that will lead to product shipments, we're also moving to a standard products model, which will compress the cycle and make it a faster time to production for us in the future as well. And this transformation is also well underway. The exact timelines that are taken with custom products, just to give a little bit of clarity, will depend on the end markets, the customer maturity, and the customer design methodologies. And when they are in the design and plan for production space, they are looking for the right market window to release the products as well. That should give you an idea of how we view the opportunity pipeline. And we have a single-minded focus on moving things from left to right moving things from left to right to ship products in the future, and moving things from left to right quicker. With that said, in 2025, we grew the Sievers Opportunity Pipeline tremendously by 64% to where it stands right now at about $453 million. As you can see, the NRE components stays about stable because going back to what Heine mentioned and what I mentioned, our focus is increasing the pipeline primarily on the product side because we want products to be a big chunk of our overall revenues as we continue to scale. So within this pipeline, the opportunity pipeline for products Okay. So again, the takeaways are pipeline is significantly increased and will continue to increase. So this is not a one and done. Every year, we focus on growing the opportunity pipeline as a lead indicator. We're knowing that all opportunities don't convert to revenue, but we are increasing the conversion percentages, we're increasing the size of the opportunity pipeline, and they will keep contributing to our strategic horizon. I do want to talk about the two very exciting opportunities that have come through. Our lead customer will wrap their LiDAR solution starting Q4, 2026. We deliver optical amplifiers and lasers, and we are across all their product platforms. These are non-binding forecast estimates, but within our strategic horizon, 2026 to 2030, this could be anywhere from $23 million as a baseline, to an upside potential of $58 million over this time period. But I also want to attract your attention to automotive life cycles go beyond our strategic horizon. They go 8 to 10 years plus. And for that horizon, this could be anywhere from $53 million to $138 million of revenue potential over those years. Our customer is seeing Excellent traction in automotive and industrial applications. This is a strong revenue contributor for future years, and it's a sticky multi-year socket with healthy margins. So we're absolutely focused on making sure our customers are able to ramp up and drive the solution in the marketplace. On the viral side, we expect to announce the US Chips Act contract, $6.6 million for year two. The contract finalization is in progress. It's 20% higher funding than year one. And more importantly, our defense partners that are in this program with us are getting super serious about product platforms to commercialize the technology. Remember, the Chips Act is all about lab to fab. Take the most promising technologies, put people together, and at the earliest time point possible, release them to go actually develop products to put out in the field. So think of the U.S. Chips Act as an igniter. and getting together the right people to deliver products that solve essential problems. So that's what's happening here. So if I take our opportunity pipeline, and if you remember me telling you, the wireless business is further along in terms of pipeline and pipeline movement to the right side. So as you can see, the wireless deal flow momentum continues. Our technology leadership continues to deliver wins. Our pipeline is expanding. and more production deals are starting to come through. We had Allspace. We have announced Tachyon Networks. Our Tier 1 Telco is working on Gen 1 and Gen 2 products that they would like to release at the end of this year. And the custom evaluation design inspection is also wireless, and defense markets. And in fixed wireless, we're being selected and targeted, but we are finding good customer opportunities to take to ramps and production. Our photonics deal flow is also developing very well. Multiple AI data center opportunities. I just talked about the LiDAR ramp and expanding customer prospects. If you look at the AI data centers, I told you, in addition to working with multiple customers on co-packaged optics-based solutions, we also identified pluggables as a very attractive opportunity for us. And we've made a lot of progress since I talked to the audience last time. That list is growing, the last list of qualified opportunities, to enable faster data centers. And we are already sampling our lasers at multiple customers. On the co-packaged optics side, you know, we've started with a lot of innovative young companies like iLabs, Onet, Poet, and others. But in the last quarter and since then, we are now seeing big household name brand coming in for discussions with us on how we could support their technology roadmaps of the future. This is very exciting. It's still early stage in the qualified opportunities section, but that list is also growing. And absolutely thrilled about our LiDAR customer going into production at the end of this year. So as I mentioned, standard products are going to become more and more a part of our blood flow because they accelerate customer design cycles and time to production and market. We announced CloudChaser and Maverick. which is our standard beamformer chipset, as well as Maverick, which is the antenna array panel that uses the Cloud Chaser chipset and simplifies designs for our customers. We will be at the Mobile World Congress in Barcelona next week, where we will be demonstrating Maverick in action. And already we've got tremendous pipeline of meetings and demo visitations filling up our calendar for next week. So what are our key takeaways here? side of the fact that we are a critical enabler for hottest markets. We are batting well above our company size by being essential in these discussions, in these opportunities, and these build-outs, whether it is on our AI data centers or our SAP comp side, driving mega trends and visions of the future. We have super focused opportunity pipeline, well so that it supports our revenue growth plans, and our pipeline grew 64% to $453 million, and the pipeline for products grew 90%. We are executing well for market appreciation. In our industry, multiples are driven by forward-looking CAGR and product gross margins. What I mapped out here for everybody is on those two axes, which is the growth being delivered and the product margins of the business, where are some of the company names, both American and European, sitting in terms of the multiples they are getting in the industry. And I want to say that while this is the zone of valuation for Sievers, our transformation is well underway and we are executing in the right column out here. And that is our zone of execution. And therefore, this is our single-minded focus to make sure we continue to operationally progress, build our pipelines, convert them to revenues, achieve the growth rates that are our long-term targets, and make sure it is impossible to not have the valuations that are associated with how industry multiples are remarking. So again, it is tremendous resolve and a team that is fully committed and already a transformation well underway. So to close out, we're well positioned for 2026 and beyond. A strong Q4 and a record 25 despite FX headwinds and the US government shutdown. A pipeline that's growing excellently well to support our long-term revenue plans. Excited with our LIDAR customer ramping and giving us tremendous revenue potential in the coming years. We expect to announce our U.S. chipset year two. Our energy to products transformation is well underway, and with a strategic financing partner, we are working with resolve to deliver strong appreciation in market multiples. And with that, we end our presentation, and we are now open for Q&A. Thank you so much. So I'm looking at the questions, so just bear with me for a second. So there's a question which says, you have said three to four times in four to five years, now three to four. In this scenario, is it volumes you already see from your existing customers or is that upside from new customers? So as I said, the opportunity pipeline we talked about includes customers we already have. and other customers who are rapidly entering the pipeline and also customers that can benefit from our standard products. So it is a mix that supports our opportunity pipeline, which is a lead indicator to deliver this three to four There's a question on Intelsat. Yes, so Intelsat is still getting ready to release their product later this year. We'll have to see what traction they are getting in their marketplace in terms of production volumes, et cetera. But they are on track to release their product this year. There's another question about Sievers lasers, production readiness, 2027. So we are absolutely working with Wynn to make sure we're qualifying our product. We always maintain that 2027 is the year where these opportunities have the potential to drive revenues for us. But a lot of the qualification efforts There's a question on CPO lasers and Sievert securing manufacturing capacity. So absolutely, you know, the world has a lot of demand. We have our partners with whom we are working to secure And we, of course, understand that there will be others who will be looking for capacity as well. So capacity planning is a well thought out strategy. And now we have a global operations leader who is super focused on making sure we have essential manufacturing capacity with us and our partners. There's a question on the strategic partnership with OLED Technologies. So partnership with OLED Technologies is progressing well. We expect to actually announce some exciting product demos at the OFC next month as well. So stay posted, but we are developing that pipeline element as well. And that is something that we expect to announce at OFC.

Let me see here.

There's a question about own it. Do they sell to large data center customers or the small ones? It's a combination. So it's a combination of both larger customers and smaller customers. They have access to name brand customers as well. There's a question on the LIDAR customer range of revenues. Their baseline is something that they are already very confident about. So I would think about that as our flow. And then they have expanding customer opportunities that are converting in their pipeline too. So they're adding more customers to the mix. So the range I've given is the range that we should keep in mind.

Vikram, there's two questions where people ask additional detail on the security breach. and the money that went into that topic.

Yeah. So we deliberately do not go into specific technical details publicly on this, but we are confident that this incident was limited in scope. It's been fully handled and there's no ongoing financial or operational impact here. did not impact our core technology, our products or customer deliverables. The costs are one of costs and following the incidents, we've strengthened our security controls. We've enhanced internal access governance and reinforced employee awareness on procedures. So it's been an opportunity to strengthen our internal controls and the systems in head of us. We believe that the actions taken have significantly reduced the likelihood of any potential impact of similar incidents going forward.

Got it. Thanks. So I'm looking at other things. Hold on a second. There's a question about the the other project with Chipsack. So we have delivered silicon that has exceeded all expectations. As I mentioned to you, the US Chipsack is all about connecting us with the partners to go productize something. So our silicon is now being taken by our partners on that journey, plus other customers. And now we are working on productizing and finding product programs for us to deliver products

And then a question on Vikram. Why did we decide to do a loan instead of an emission for stockholders?

So the structure we've set up is, in our opinion, the best way to structure our financing. We are very happy with the agreement that the partner, the good service, is an excellent financing partner for a company like ours. So the structure of the loan reduces our risks. It's extending our financial runway and we believe that the structure is well designed to support our

Yeah, okay, thanks. There are a couple of other questions. Some of them are, you know, hey, how come some customers can move to production fast and some take longer? As I mentioned, it's a combination of what is the product they're taking from us? Is it something that we have had for a while? Is it a new product they're trying to develop? How mature are they in their... own platformer and what is the market opportunity that they are pursuing, right? So it's a complex mix of things, but we are trying to make sure we are doing the necessary things to accelerate our pipeline. Okay. There's a question about qualification for production readiness on the laser side. Does that include the own fab in Scotland or an external fab? It is both. So we want to make sure that we are able to leverage any capacity that we have within Sievers. But for some of the bigger ramps, we want to make sure we have partners as well ready with capacity. So we're doing quals on both fronts. So question about any news about progress with the millimeter wave tier one. I believe I've covered that. So our tier one customer is on track to release their first and second generation products by the end of the year. And remember, this is a multi-generational product development we're doing with them. And their third generation product is still in development. There's a question about can this opportunity pipeline grow more and more in the coming years? Absolutely. And I think I've mentioned this. So our CRO's primary focus is to continue to put this opportunity pipeline on steroids. Okay? Because we need to keep adding to this, not just for making sure we have enough coverage for our revenue plans, but also for the long-term future. So as the best lead indicator, but making sure we are counting opportunities only from the point where they're qualified, allows us to get a more solid footing, and we want to keep increasing this. And we already have And as I mentioned before, a pipeline doesn't 100% convert to revenues, but there are puts and takes. Some customers overachieve. Some projects may go away. That's why it's important to keep driving the opportunity pipeline up and to the right. There's a question about competition. We don't live in a place where we don't have competition. Absolutely, we have competition, but we're making sure technology resonates with our customers. And we are not building a plan that means we take everything away from everybody else. This market in both our wireless and photonics business has room for many players. We are making sure as a small, nimble company We are spending our money wisely on the right technology developments that put us at the forefront and make sure we are winning more than our size as a company would dictate. And that's what we are seeing in the marketplace. There's a question on investors. Absolutely. I'm always talking, our CFO is talking with investors to make sure we are adding high quality investors to our mix. You saw we added some of them in our September race, but we'll continue to do that. And of course, you know, as I've maintained, I continue to stay invested in the company. And absolutely, you know, if there are opportunities for me to also, you know, work on my positions, absolutely, we'll be doing that because I'm confident that we are on the right track. We are making the right moves and we are focusing on the right things. There's questions on the F-100 customer. And again, the F-100 customer continues to stay involved with us, but the application they're working on is a very long cycle lot. It takes tremendous amount of trials and algorithms way beyond just what we supply to them. So it's one of those, and they're worried about what they do. So are we continuing to service them in the way we can? Absolutely. But they have a lot of things to work through because it's a biosensing application. Okay. There's a question on a monthly newsletter. So it's a great idea. So we're going to start off first by taking the CEO commentary from within our earnings report and posting it on our website as a CEO newsletter that will at least start off quarterly. Because sometimes month to month, you know, information doesn't change that much in our industry. So I'm going to start off with a quarterly CEO newsletter and then we'll see There's a question about, hey, you know, 50 to 55 million in two years seems quite conservative and an exploding market. Can you elaborate a little? Again, we are looking to make sure we are, getting the right opportunities where we can execute on and win. Some of our competitors are much bigger competitors because they worked on this market back when it was before the AI data center days. So there are residents within the optical data center, et cetera. We want to make sure that we are consistent in growing our market. And we are sure that if we are able to see the opportunities that allow us to do better than that, of course, we're going to be taking that as well, right?

Let's see here.

There was a question about, you know, we have our two focus markets, and then if you remember, I talked about a few outposts. And the question is, hey, you know, how are you doing in the outposts? Just to bring that clarity to everybody, our dominant markets are AI data centers for our lasers, and it is SAP comp for our wireless. The outposts we have in wireless are defense and fixed wires. As you can see, both of those are also growing nicely in terms of the opportunity pipeline. So absolutely we are seeing progress with some of our outposts and we are taking advantage of those. We are very calculated and targeted in fixed wireless access. We are a little more all embracing on the defense side because there is such a big trend as well with modern warfare, with unrest and wars going on. On the laser side, the two outposts are automotive. and biosensing. As you see, automotive also takes a while, but now I announced about the LiDAR customer. It's super exciting. So we're looking for other opportunities that could come in behind our first LiDAR customer that can also leverage our offerings. And I've already given you some cover on the biosensing There's a question about how do you make sure that the operational progress, the structural transition, how does that get reflected in the market, et cetera? We continue to work on this. We continue to make sure there is exposure on both sides of the pond to investors who are looking at these megatrends. We are in conversations with a lot of them on both sides as they understand our story. It's one thing, as I said, we will continue to work on so that we are starting to get credit for the material progress that we are making. We want to be this hidden gem that everybody wants in their portfolio. And so we'll continue to work on that. But the opportunity potential for tremendous growth in the market multiples is absolutely there. There's a question on timing of the Tachyon production order. As I said, the production orders come in I also want to talk a little bit about Europe and India. I already said in India, there is a big push towards semiconductors and growing semiconductors business with them. So we keep a lookout for opportunities there and connect with the local governments there as well. And with Europe, you know, Chipsack 1.2 happened, but it was all focused on building factories. Chipsack 2 wants to focus a little bit more on R&D advantage and technology advantage. Kind of think about it as Europe's attempt at what the U.S. Chipsack did, which was to work on that. We are waiting the call for proposals to see if we are able to participate on the European Chipsack side as well. But the proposals are expected in Q1, but they are not out yet. So our team continues to be on the lookout for that. And we are connected with the Chipsack Europe agency as well to stay maintained. I think we have connected with most questions right now. So I'm just going to take a quick look through and then we will close on the call right after. So just give me a minute as I look through here. There's a question again on the opportunity pipeline growth. And I just want to reassure our audience. It is one of the top goals for my CRO to continue to grow the opportunity pipeline significantly in the coming years as well off of a fantastic performance. Any new customers in Satcom? So I mentioned this, but I want to make sure I repeat it here. We continue to drive more customers in Satcom into our qualified opportunities. One example I want to give you is in I2, the stage was the request for information stage and a lot of vendors responded and many of them have responded with Sievers technology. And three of them have already been indicated by the agency to move towards RFP, but they have to build prototypes, and they will be building those prototypes with our technology and put it in front of the European Space Agency and the partnership that will look for relevance and appropriateness for IoSquare deployment. So absolutely, we continue to drive this Hapcom pipeline. the square, but also in Europe for opportunities outside of the square. We're developing connections in Korea, and we're also starting to open up opportunities in US. Will you make any Q4 interviews? Yeah, there will be some interviews that are planned for today and tomorrow. So absolutely. We have covered all the questions for the most part on this forum. So I again want to make sure I thank our fantastic retail investor base. A lot of good suggestions, a lot of goodwill coming in for us. We absolutely celebrate your ownership of Sievers. and we'll continue to engage with you guys in more meaningful ways. But we stay assured we are relentlessly focused on driving success for the company and our shareholders and continue to connect our progress to market realization of the value that Severs is bringing to the table in mega trends in our times. So thank you again. The last question is, will there be a capital markets day in 2026? We absolutely plan to have one. We're trying to figure out timelines for that, et cetera. So please stay posted on that. Thanks, everybody. And again, I wish you a good day. And thanks for being on the call. We truly appreciate all the work. Thank you.