Sivers Semiconductors AB (publ)

Good day, everybody, and a very warm welcome to our tremendously expanded international audience and investors. We have interest in Sievers from such a broad investor base. The agenda for today is an executive summary on the Q1 results, following which our CFO, Heine Torsgaard, will talk about the financials. I will come back. And provide a business update. Followed by key takeaways. And then we will go into Q&A. So from an executive summary perspective. Three things of note. Number one regarding 2027 and the future, we talk about our opportunity pipeline. which is a lead indicator of forward-looking revenue potential. And that has significantly expanded from an already good place at the end of 2025 to just shy of $800 million as of May. Near-term, U.S. government shutdown-related defense spending approval delays and an adverse FX impact Q1 and the first half of 2026. However, we keep our annual revenue growth plans intact for 2026. Q1 revenues came in at 61.9 million SIEC. And if you adjust for a constant FX, that's a 70 million SIEC print. Adjusted EBITDA came in at minus 13.8 million SIEC. And in order to support the opportunity pipeline, we have been proactively investing in our sales organization. And at the same time, as part of preparations for our potential US dual list, we have been investing in making sure we are ready with the ISA and the US PCAOB audit tasks. Let's look a little bit into the highlights themselves. So the opportunity pipeline strengthened significantly. That number, which is just shy of $800 million, is a 77% increase in just the last five months, over a $453 million number at the end of 2025. While defense budgets did have some approval delays, we did receive our second year U.S. CHIPS Act contract signed for the electronic warfare program. And the broad market beamformers and lasers we have announced are igniting very strong customer interest and engagement. 2027 is a very pivotal year, a transformational year for us. And we are executing well on multiple product ramps going into 2027. And therefore, 2027 will be a year of multiple product associated revenues. Our production bills are in progress for the automotive LIDAR customers ramp. We are on track for our product readiness, as we have indicated before, in 2027 for our AI data center lasers. We are already supporting production orders from Tachyon for fixed wireless access, and we are also engaged with them on a new 60 gigahertz product. Production orders are imminent from our lead SATCOM customer for their 2027 ramp, and that's very exciting. And our tier one telco vendor is in advanced integration and trials with the product they want to release at the end of 2026. So I view this as a layer cake with multiple vectors of ramps for products coming up in 2027 that coupled with a significantly expanded opportunity pipeline is very bullish for us. We are investing in higher standards of financial control for the intended US listing, and we have made very good progress, which our CFO will talk about in the subsequent section. We have also nominated a new board slate for approval at the AGM in June 2026. This brings a very experienced and balanced board composition for us. and in particular tremendous executive credibility and experience with us markets as well as strong mna experience as we look not only at organically growing our business but also adjacencies complementary portfolios as well for the future if that can help further accelerate growth for the company we thank Eric Fallstrom, Thomas Duffy, and Keith Halsey for their contributions to date and wish them best on their journey ahead. With that, I will now hand over the mic to Heiner Thorsgaard, our CFO, to go over our financial results.

Thanks Vikram, and good morning everyone. In the next couple of slides, I'll take you through the financial performance and key drivers for the quarter. share a brief update on our preparations for a potential dual list, and discuss how we are positioning the company for the next phase of execution and growth. The key message for Q1 is that performance reflects revenue timing and FX headwinds, while execution and pipeline development remain strong. Turning to our Q1 financials. Revenue in SEC for the quarter was down 22% year-over-year. This is driven by revenue timing effects and exchange rate movements in the U.S. dollar and British pound versus the Swedish krona. Adjusting for FX changes, revenue was down approximately 11% compared to Q1 2025. On currencies, we saw a meaningful headwind with the U.S. dollar down 14% and the British pound down 6% compared to Q1 last year. In addition, as Vikram mentioned, we experienced delays in defense-related revenue linked to approval delays following the U.S. government shutdown in late 2025. Importantly, this is a timing effect rather than a change in underlying demand dynamics. We continue to execute against our full-year growth plan despite movements between quarters. And we continue to see strong pipeline movement with significant growth in our opportunity pipeline, supporting future customer ramps across all key end markets, including AI data centers, LIDAR, SATCOM, fixed wireless access, and defense. Adjusted EBITDA for the quarter was negative 13.8 million SEG compared to negative 6 million last year. reflecting both revenue timing effects and our continued investments in our processes and organization to support future growth. We are investing in sales team expansion to support our pipeline growth in operations and in U.S. dual list preparations. Overall, Q1 should be viewed as an execution-led quarter where we are continuing to build the foundation for upcoming customer ramps. Let me also briefly update you on the ongoing evaluation of a potential US dual listing. As previously communicated, we continue to evaluate a potential listing as part of our long-term capital markets positioning and ambition to broaden our investor base. We've completed substantial readiness work, including aligning our financial reporting and audit framework through a PCOB aligned audit uplift, which was reflected in our 2025 annual report published earlier this month. This work is about ensuring that we have the required financial readiness and governance framework in place should we decide to move forward. Any potential next steps will depend on market conditions and overall value creation considerations. So in summary, we are building optionality while remaining disciplined and value focused in our approach. Let me then turn to how we think about the company's development and path to scale. As communicated earlier, we are in the middle of a structural transformation from an engineering and development-led business to a product-led company. We view this transformation in three phases. The first phase was validating our technology, building customer relationships, and establishing a strong and growing pipeline. In the second phase, which we are currently in, the focus is on transitioning development programs into production, supporting initial volume shipments and increasing our product revenue mix. We're seeing continued progress across both photonics and wireless, where key customer programs are moving towards production and ramp. As we execute through this phase, our revenue will become less lumpy, visibility will improve, and we'll see margin expansion and improved earnings. The third phase of the transformation is where increasing product revenues strong product margins and operating leverage become more visible over time. The key point is that value infliction during our transformation happens at multiple points in time by a series of customers ramping into production, each contributing to improved visibility, mix and ultimately profitability. And as we move through 2026 and into 2027, We expect these ramp dynamics to become increasingly more visible in our financial profile, and we believe we are well positioned for a transformational 2027. So to summarize, Q1 results reflect revenue timing and FX impact, while underlying execution remains strong, and we are well underway executing through our transformation. In short, the quarter reinforces that we are moving towards scaling and value creation. With that, I'll turn it back to Vikram for the business update, outlining the market momentum, shaping the next steps of our journey. Vikram. Thanks, Heine.

So let's get into the business update itself for Seavers. We have a much wider audience this year, so I just wanted to reiterate one thing. It doesn't happen many times in my career. In fact, this is the first time that we are in the middle of three super cycles lining up on top of one another. These are secular trends that override traditional semiconductor industry cycles. AI factories, space and satcom, and modern warfare are all trillion dollar economies. And they are having tremendous market segment momentum. And you can see that by the amount of shareholder interest and investment into either private companies, pre-revenue companies, public companies, large revenue companies. If these companies are making meaningful innovations in these three super cycles, they are warranting the interest and attention. Seavers is fortunate to have the technologies to meaningfully support different elements of deployment to make these super cycles happen and deliver upon the innovations. It is also to be noted that in all of these three super cycles, it is not a winner take all market. There is enough demand and there is a lot of need for supply that multiple innovative companies can actively support and make these super cycles happen. Let's jump into the pipeline itself. Just a quick recap. This is a lead indicator for future revenue growth potential with stages clearly identified. While we have many leads and raw opportunities, they only enter the qualified portion of our funnel. If we have had meaningful discussions with the customer and we have a good conviction around the customer's product, the customer's market leadership, or the customer's prior successes, And we have determined that the Severs technology we offer is a good fit. And the customer has provided us line of sight to when they would want such a product out in the market and associated forecasts. From that point on, there are different stages, including a design-in stage, at which point they have tested our silicon, they have tested our solutions, and they feel that we deliver the performance they need. from which point on it moves into a design win stage where they have done additional work in terms of qualifying their product and field trials with their customers and are ready to start placing initial production orders with that in mind i wanted to recap that at the end of 2025 our opportunity pipeline grew to $453 million from $276 million at the end of 2024. That was a 64 percent increase over 12 months. In the last five months, this has additionally grown by 77 percent to just shy of $800 million. Another noteworthy thing here is there is a 70 percent growth in the design in and onwards categories. which means those are the ones where the customers actually worked with our technology and finds our technology and performance a good fit for the products and solutions they're building qualified opportunities in terms of number continue to grow we have about 109 opportunities in the pipeline that are qualified opportunities and onwards with about 71 in wireless and 38 in photonics it should be noted that photonics is a smaller cluster of customers. So it's a little bit more concentrated than the wireless, which has a longer tail. So that bodes very well for our future revenue potential. And as Heine mentioned, 2027 is a pretty pivotal year for us. And I wanted to talk about multiple vectors that are converging for 2027 onwards at Severs. We talked in Q4 about our automotive LIDAR customer ramping from Q4 onwards. Our production builds are in progress for this customer already, and we look forward to supporting them with our indium phosphide lasers, as well as our optical amplifiers. And this is going to be a meaningful contributor of revenue 2027 onwards. Secondly, indium phosphide lasers, I'm sure most of our audience understands, is a pretty critical enabler for AI data centers. And I see a massive demand supply imbalance for at least three to five years from now on. We also made a conscious decision to not just support XPO, meaning co-packaged optics or near-packaged optics, but also support the evolution in pluggables. And we are bringing relevant indium phosphide laser technology as well as optical amplifier technology to both these markets. One of them which exists in the data center today, which is pluggables that need to get faster. And XPO markets, whether they are CPO architectures or near pluggable optics architectures at the right time. We are also actively developing meaningful manufacturing capacity to add to the ecosystem. whether it is with our Glasgow location or with our announced partnership with Wynn Semiconductors, as well as other partnerships we are actually developing and actively developing for meaningful manufacturing capacity. We continue to drive critical relationships with partners as well as customers through the value chain and are also active in the standards forums to make sure the laser technology that's being developed fits the needs of these rollouts. So what I want the audience to take away is this is not a quick hit scheme. This is about conscious, deliberate strategic planning to make sure that the business is viable in the long term on a profitable, sustainable basis while being part of the solution to the ecosystem as these rollouts happen. A prime example of us opening our aperture up to pluggables is the collaboration with Jabil on 1.6 T pluggables with the linear receive optic solution. Jabil is a world leading contract manufacturer, more than $30 billion in sales. And recently, I believe they even guided annual sales to be higher. They are investing in what they call intelligent infrastructure segment very rapidly. It already represents about half of their Q2 revenues. While they may be newer entrants, they are making a very strong entry into the existing pluggables market in AI data centers. And we are very, very appreciative of being able to support them. And we are supporting them with bills for upcoming product qualifications and field trials as we speak. When we partner with somebody like a Jabil on a very important evolution needed in pluggables, that collaboration has triggered strong interest from other pluggable potentials who are actively working with us to ensure that we are able to support them as well, in addition to us being able to support Jabil. And that's also part of the pipeline expansion we see on the photonics side. In fact, I'm currently taking this call from Asia, where there have been many meaningful conversations and there is tremendous interest in the Sievers technology that we have to offer into this space. Let me switch gears and talk about our wireless business. We have been working for a long time with our strategic Satcom customer Allspace. And you may have noticed that York Space Systems has signed a definitive agreement to acquire Allspace. This is fantastic news. In addition to new production orders imminent for the 2027 ramp with Allspace Hydra 4. As I've mentioned before, Allspace has reached technology ready list level 6 with the US defense, and that has expanded their opportunity pipeline and this is the first signal of that with these imminent production orders coming in for their 2027 ramp this is a very strong well-funded combination people may know defense primes as a phrase defense primes are companies like northrop grumman lockheed martin ba systems who continue to support the u.s defense industry but as we all know space is an actively contested domain and tremendous amounts of budget dollars are going into it yacht space is one of the fastest emerging mission primes so that's a phrase to keep in mind mission primes yacht space is also a prime contractor for the u.s space defense agencies The takeaway from the slide for the audience should be the combination of Yorkspace and Allspace means they are capable of full space mission deployment, including hardware, software, systems, and services. That makes them quintessential to the rollout of space defense and even space commercial in the US market and abroad. As we speak, they're rapidly expanding support for multiple SATCOM networks, And in addition to supporting Allspace, who's our longstanding strategic customer, this opens up broader possibilities with US Defense and New York Space. So it's extremely exciting for Seavers to see this news. Fixed wireless access, or last mile access, is an outpost, as I've outlined before, for the wireless business. And these products and product revenues are growing. We already have production orders for 2026 from Tachyon Networks. And we have a new contract to deliver 60 gigahertz products, which will add on top of the 28 gigahertz products. Additionally, our tier one telco vendor is in advanced systems integration and trial space for their product releases, which are targeted for end of 2026. And that will also then start producing revenue contributions 2027 onwards. which means in 2027, we'll have two fixed wireless access customers in production mode, layering on top of Allspace's imminent production orders and on top of our automotive ramp as well. And that is in addition to our laser products being ready for pluggables and the XPO markets in 2027. While there have been delays, which contributed to first-half revenue softness. We have secured the contract for the US CHIPS Act. That's $6.6 million for year two. That's 20% higher funding than year one. And even more importantly, our progress has been appreciated to the extent that we have already received invitation for year three proposals. To top that off, our defense partners such as BAE Systems are identifying product platforms to commercialize this technology, 28 and 29, and so that can come in and layer on top of all these production ramps that are in play for 2027. Last but not least, the Europe Iris Squared effort, which is the biggest revamp of European satellite infrastructure, is gaining momentum. This itself is a north of $80 million pipeline opportunity for wireless through 2030, and that represents not even 50% of the lifetime revenues from the Iris Square rollout for us. The selected subcontractors will start development of the user terminals in 2027, and we are currently engaged with five subcontractors entering the final RFP stage. sievers is also uniquely positioned as a eu-based satcom bfic provider which is pretty relevant in the realm of european sovereignty for the iris square infrastructure now what i've talked about so far are primarily layered opportunities coming into 2027 for production ramps and a couple of areas that then add on top of that from 28 onwards but there are many more exciting opportunities on the horizon so stay posted on that as we make more progress in the coming quarters and we're able to bring more news to the market with that i want to move to the key takeaways for our audience we are extremely well positioned for a transformational 2027. The US government shutdown and FX impact softens Q1 and Q2, but we are holding our revenue growth plans for 2026 intact. The opportunity pipeline, which is a lead indicator for future revenues, has significantly strengthened over the last five years. And there is tremendous interest for the standard products we have announced, both on our wireless side and we are getting ready on our photonics side. The markets we are focused on have tremendous momentum, as I've indicated. That, coupled with a rapidly growing pipeline, are driving potential for higher composite aggregate growth rates than what we have indicated to the market in the past. We have an exceptionally strong balanced board slate for 2022. 26 that we will be presenting at the agm and that brings in much needed expertise both on the u.s capital's market side as well as mna related activities we have made solid progress on the u.s dual listing topic and we continue to make strategic investments in strengthening our financial control systems for the same With that, I would like to conclude the presentation today and move into Q&A. Sander, will you read the questions? I will take the questions. I'll look at this here and then we'll respond, okay? Perfect. There's a question on defense pending approvals related to the US government shutdown. And the question is, now that we are well into 2026, have you started to see these approvals clear? And when do you expect this delayed defense revenue to fully reflect in your financial results? As I said, we are holding to our full year revenue targets as per our plan. So we do expect to catch up on the work, even though we are given less time in the year, we're able to work on making sure we deliver the key deliverables against year two as well in our defense related programs. There's a question on what specific customer programs are far enough for high confidence on revenues in 2027. I believe I've covered that with the primary vectors that are driving 2027 momentum for us. There are questions on how the pipeline is is put in place. I believe I've explained how the pipeline is put in place in the various stages on that one. How is the shutdown in US affecting your business and why is the fallout lasting for the whole first half of the year? As you know, for example, it's just one of the examples related to different spending delays. The actual full contract approval on the ME Commons US CHIPS Act came in April, May. So a full year program getting its final blessing in April and May does have impact in the first half of the year that we work to recover in the second half of the year. There's a question on growing momentum for Tachyon networks and the question is, are these primarily expanding existing customer deployments or are they opening up new geographic markets? I believe it's a combination of both. They are seeding new products into their existing zones, but they're also looking at new geographic markets for deployment. There's a question on pipeline conversion. The question is, how is the split between photonics and wireless, and then how much of the 369 is between design win versus design in? We don't yet break it out into that granularity, but what I would say is anything that is in the design in, design win plus sections do have higher judgment convictions on how we model revenue plans. And regarding the question on photonics versus wireless split, the way to think about it is back at the end of December, wireless had a bigger stake in the total pipeline. But over the last five months, the photonics additions to the business opportunity pipeline have significantly strengthened to where they are now compatible numbers to each other in the total opportunity pipeline. There's a question on directional revenue range for 27, etc. We don't give annual revenue growth targets, but we have been very clear with the market that over the next several years, our CAGRs are expected in the 25 to 30% range. But I did make a comment today on my closing slide that between the combination of focus markets momentum and the rapid growth of our opportunity pipeline, we see the potential for that type of CAGR to upside, although we have not yet quantified it. There's a question on what's the next step in dual listing. Haine, would you like to take that question, please?

Sure. so we've as mentioned we've been through substantial work preparing for a potential dual listing any timing and structure is dependent on market conditions so we've been been doing all the preparatory work exactly if and when things would happen we will have to see and we are making sure that that we have the roadblocks moved in front of us so we can move fast when we take any decisions on that.

Thanks, Heine. There's also a question, Heine, on cache and runway. Can you just talk about a little bit of color for the audience?

Yeah. Between the quarters, with the current state the company is in, we'll see some fluctuations on the movements in networking capital. So cash, burn cash generation through the quarters will vary. It's not just any linear thing in that. This year strengthened the balance sheet and we are managing liquidity practically. This combination of the recent financing actions and our disciplined cash planning gives us the funding needed to support execution of the current plan.

Thanks, Aine. There's a question on is Q2 also impacted by the budget delay? I believe I've answered that. There is effect on Q1. There is some effect on Q2. But we expect our back half of the year to help us get on track with our plans for 2026. Milestones over the next quarter that would prove more confidence on 2027 revenue plans. Right now, there's a lot of it that's basically on our execution and our customers' execution. As I said, orders on our SATCOM, then us making sure that we deliver to those orders. We make sure our automotive customers get their initial production bills, and then we continue the momentum on that. making sure we continue to support the fixed wireless access production shipments for Tachyon, while we also help our Tier 1 telco get to the end of their advanced trial testing and get to the product release. These are all things that it's primarily based on execution. 2027, a lot of it is in our hands to execute along with our customer hands to execute going forward. there's a question around okay you know where's the confidence for near-term revenue photonics defense satcom lidar wireless and where is the execution risk again kind of piggybacking on the previous question the last couple of years growth has been driven by wireless and i mentioned this many times our wireless business is at a further stage in terms of productization and commercialization while photonics is getting ready for 2027 and beyond. So therefore, that's kind of how you would look at revenue pipeline converting into revenues in 2027 as well. There's a question on quarterly revenue fluctuations. As I mentioned, we are currently moving from an NRE based revenue company, focusing on specific custom developments that can release into the market, and slowly but surely going into standard product releases. In that journey, lumpiness will be there in quarter to quarter, along with areas we cannot control such as defense pending approval delays, etc. So the best way for our audience to look at it is more from a the North Star is supporting these three super cycles on an annual basis, we want to continue to deliver growth in line with our CAGR indications. There's a question on how pipeline transfers into revenues. This is pretty classical in the semiconductor industry. Not everything in your ops pipeline converts into revenues. But the further along you are in your ops pipeline, the probabilities of those converting into revenues gradually increase. And we use that to basically model our revenues for the future years. And that's why we're always looking for faster opportunity pipeline growth than our planned revenue growth there's a question on sievers as competitors in the cpo photonic space who are more established how do you feel you can compete with these competitors i kind of mentioned this before so viewing the ecosystem vendors as competitors is the wrong way to go about it in super cycles where demand far outstrips supply there is a need for relevant technology there is a need for manufacturing capacity and we have this situation on both sides of our business whether it's photonics or wireless And therefore, our ability to drive our technology to the correct proof points and deliver those to our customers means we have a seat at the table. And that is very useful for us to build our revenue from where we are as a smaller company. So right now, we're not talking about share and competitors. We are looking at providing the right products at the right time and being there to support customers who need the supply and growing our business. There's a question about how much of the 799 million is from existing customers versus new prospects. It's a mix. We don't break out the percentage between those. Of course, with existing customers, there are also multiple projects that can come in, but there's a big list of new customers as well. there's a question on given the product releases targeted for the end of 2026 how should we look at the r d spending trajectory for r d we mostly have the resources we need we might need small adjustments here and there depending on the number of standard products we we will bring out but as you see we are moving from custom products for an individual customer to R&D that can support multiple customers with standard products. So we're managing that mix. We're being very disciplined on our R&D spend. Now, sometimes you have to spend on the masks to bring new products to the market. So we'll, of course, do those for the most attractive products. Our main area of spend is more in the go-to market right now because with a rapidly increasing opportunity pipeline, we need field resources to support our customers on a timely fashion and not have to reach into our code r d teams for customer support there's a question on margins and again heine touched upon this but we have given our financial models at breakeven and beyond so between photonics and our wireless We expect to run a business that has 50 to 60% plus gross margins once we are firmly and predominantly product revenue driven. There's questions on qualifications for CPO, pluggables, LIDAR. As I mentioned, LIDAR, we are in production builds now. And then the qualification for CPO and pluggables, I believe I've already mentioned with our customer Jabil, we are in advanced sampling for production quals and field trials. CPO is still an evolving emerging market. So we're working with multiple customers as we bring on the right laser configurations out to the marketplace. There are a few questions on the cash position. I believe Heine has already announced that. The question on the all space orders that we are looking ahead to, as I mentioned, those are for 2027 ramps. There are questions around the yields of our products, etc.

We do not talk about the yields of our products with the outside audience.

We basically work on delivering the financial models that we hold ourselves to. there's a question on uh do you have enough capacity for all the photonics products you're bringing uh bringing out and as i mentioned we have some capacity in glasgow that we are working on we have a production partner in win but we are also actively developing other manufacturing capacity uh with discussions with uh partners as well and when the timing is right we will bring those details to the market There's a question on NRE revenues dropping while pipeline is growing. I just want to make sure everybody understands this is a conscious choice in some ways. We are trying to make sure we are not focused on growing NRE revenues because those are non-recurring revenue streams and instead we are moving and pushing towards product related revenue streams and therefore we are conscious in making sure that the bulk of the opportunity pipeline growth is from developing or selling products that make revenue. At some point, we will consider breaking out the opportunity pipeline between photonics and wireless. But as I mentioned earlier in the presentation, End of December 2025, wireless was a stronger contributor. But over the last five months, there's been a rapid increase in the photonics pipeline as well. And both these businesses will continue to compete and contest with each other for who's growing faster. There's a question on the New York dual listing expected timeline, what work remains the structure. These are all actively being discussed among our team. And as soon as they complete all the audit uplift activities, we got to look at market timing, etc, and make the right choice for the company. Hi, there's a question. Maybe you can provide a little bit of clarity. It says to what extent did the transition to PCAOB audits US GAAP revenue recognition rules impact Q1? Are we seeing meaningful buildup of deferred revenue that will unlock later this year? Can you make a? Comment on that.

So the the change. that we commented on with the 2025 annual report publication is related to how we have all the external audit evidence in place to comply to the audit requirements that you need to live up to in a potential US environment. Those impacts

were accounted for in the year 25 report and basically for the cube one report no material effects is in the numbers there thanks a couple more questions here at what level of quarterly revenue and at what date do you project sustainable adjusted EBITDA breakeven um We are maintaining our Q4 2025 commentary on that. We don't break it by quarters, but we have said that at about a $50 to $55 million top line, we would be at the breakeven stage. And that we expect as a exiting 2027, entering 2028 timeline. There's a question about, you know, is Sievers technology more protected by patents versus trade secrets? It's a combination. There are patents in both our photonics and wireless business that are also design and trade secrets on both sides. It's a combination of both.

I'm just scrolling through the remaining questions. Make sure we're addressing things that are distinctly different.

Many questions on the cache, which I believe Heine has already answered. There's a question on do you guys plan on fully converting to a CPO only company in the future? I just want to reiterate that there are three super cycles going on and we have two technologies that are able to feed into three super cycles. So that is pretty unique for a company our size. And we continue to do justice to both our technologies to feed into these three super cycles. Do you expect the pipeline to grow so strongly again in the next months ahead? We continue to see a lot of opportunities, the exact scale of it and the percentages we'll have to watch. Of course, as everybody realizes, as the absolute number gets two things to note, as the absolute number gets bigger and bigger, percentage increases and the compares become tougher. And also the opportunity pipeline that we publish to the audience is what is revenue potential for 26 through 30. As we get to the end of 26, that whole timeline will shift out by another year because now 2026 will be behind us. Now we will be looking at 2027 on to 2031, et cetera, right? So it continues to roll over over time as well. There's a question on, as demand for high speed optical and wireless solutions grow, how does Sievers plan to defend its differentiation and pricing power against larger vertically integrated competitors? This is an age-old question of how small companies stack up against big competitors. Big competitors have certain advantages. Small companies, if they stay nimble with their technologies, stay ahead of the competitive trends, etc., continue to be relevant and important in the ecosystem, right? So, of course, we are not static as we support our competitors. current customers with our current products that are being released. We of course have active technology roadmaps on what's coming down the pike next and how do we prepare for those. One important thing for the audience to keep in mind is the opportunity pipeline is a multi-year revenue potential. And I've said, SeaWars is in a transformational journey where it's not about quarter on quarter, it's more about annual progress towards the North Stars. And that's the way in which the opportunity pipeline should also be taken, given things that are in our control and that are not in our control when it comes to a quarterly basis.

Let's see.

There's a question about how are you building meaningful manufacturing capacity? As I want to reiterate, you know, we're a small company, so we, of course, are very careful about our capex as well. But we are also partnering with people who are manufacturing companies. So it'll be a combination of those two. And as I said, it's not just Glasgow and Wynn. We are having discussions with other partners as well. There's a question on the, you know, hey, is the JBL collaboration triggering more interest? Is the more interest from other CMs, optical module companies, switch vendors, hyperscalers, or a mix? On the pluggable side, it's primarily optical module manufacturers, but beyond the pluggable side, it's a mix. There's a question on I believe the new inclusion on the small cap index in the Stockholm index is not mentioned and no reason for not mentioning it. We are very happy to see those two activities happen and we are thankful for the recognition. There is a couple more questions and then we'll be at the top of the hour. One is, if the laser opportunity supply constraint, why are you not seeing a sharper near-term revenue ramp? As I've mentioned before, Seaver's entry point into the AI data center market is with our CW lasers, which only recently opened up beyond EMLs. Therefore, we need to make sure we are releasing these products for 2027 as we have always maintained. There are also qualification cycles we work with our customers. It takes its natural cycle time to get into the revenue generating side of things. there is a question i and again i think i've addressed this it says um sewers is evolving from a component supplier into a company with multiple strategic growth vectors what do you think investors are still underestimating most about severs position in those markets i i want to kind of connect the audience back to a small company like sewers having differentiated technology for i mean the world currently is looking at four super cycles AI factories, space and satcom, modern defense, and quantum computing. We are in three of these with legitimate differentiated technology. That, I believe, is one of the key takeaways that needs to happen with our audience, which is we are not a one-trick pony. We have good technology, excellent talent. We're putting together very meaningful manufacturing capacity and technology roadmaps to be able to support as many customers and the ecosystem as possible um in in the coming five ten plus years we want to be able to look back 10 years from now saying we were there for the ecosystem and we were relevant and we grew along with the ecosystem I believe that covers pretty much all the types of questions, so I really, really appreciate the tremendous engagement from the audience. And once again, you know, super thankful for worldwide audience and shareholdership and we will continue to do our best to make sure we are commercializing our technologies and executing on our transformational journey and again thank you for all the support that really drives us to do better and better compared to yesterday thanks everybody