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Lightwave Logic, Inc. (NASDAQ:LWLG) Annual Shareholder Assembly Might 25, 2023 12:00 PM ET
Firm Individuals
Michael Lebby – Chief Government Officer
James Marcelli – President, Chief Working Officer and Secretary
Wendy C. Shiba – Inspector of Election, Appointed consultant of Broadridge Monetary Options
Convention Name Individuals
(Transcript offered to Searching for Alpha by the corporate.)
Michael Lebby
This concludes the formal a part of the annual assembly, and the formal portion of the annual assembly of Shareholders is adjourned.
I’ll now give you a short Administration presentation. The Administration presentation will stay posted on our web site for a time period after the assembly.
Unidentified Firm Consultant
With that, appreciation right here from the Shareholders following the [Indiscernible] specialty announcement this morning (ph).
Michael Lebby
Thanks very a lot.
Okay. Now’s the enjoyable half. We’ll get to the Administration presentation. It offers me nice pleasure to offer you a Administration replace. As most individuals are most likely conscious, we had a press launch come out this morning, and I see quite a lot of smiling faces. Any person mentioned to me earlier this morning, are you smiling? Properly, I am smiling and it is a actually good day for us. Let’s get to the presentation.
Clearly, we’re a Public Firm, so we’ve a Secure Harbor slide. The define of the presentation at this time is what we do, some market dynamics, the market alternative, competitors and partnering, business technique and exercise, Investor and public relations after which I am going to summarize. After abstract, we are able to open up for Q&A.
What will we do? This can be a slide that’s new from my presentation. We make Perkinamine electro-optic polymers. As you may see from this slide, the polymers get aligned by means of a voltage, however they begin off on this slide right here. These are the chromophores that we begin with, with some chemical symbols. We flip these into units and people units have an effect and we have proven that the fabric has excessive ranges of thermal and picture stability, long-term storage and operational sturdiness.
Now we have units which have quick efficiency and decrease energy than current applied sciences. You possibly can see from the takeaway on the backside of the slide, quick, steady, dependable, low energy consumption and really small in measurement. These are the metrics that folk are on the lookout for with our expertise.
One other very new slide for me, so what’s a polymer modulator. It’s a quite simple slide. Now we are able to see a chip right here and on the chip is a purple kind of circle right here, an elliptical circle. That is consultant of our Lightwave Logic Perkinamine chromophore that goes on to the chip. On this chip, you could have an optical sign in, {an electrical} sign in with knowledge. You combine the 2 collectively and also you get a sign out that is optical that gives the knowledge. It is a chip that really offers optical info.
The place these chips go basically is in racks that appear like this, go into knowledge facilities. This offers you a kind of a really high-level view of the kind of expertise we’re engaged on. A method to take a look at it is a high-performance engine for optical networking. You possibly can see from the bullet factors right here, a modulator combines a photonic built-in circuit. That is a chip with a number of completely different photonic units, with radio frequency RF electronics, so it really works at very excessive velocity. Clearly, it makes use of electro-optic polymers.
If you apply a voltage to the chip, we are able to change the depth right here and the depth, as you may see, might be modified to develop the sign with the information. You possibly can see that there is hundreds of thousands of those modulators utilized in a single knowledge middle. Loads of these chips are used to drive alerts on the Web. The electro-optic polymer slot modulators, they supply sooner knowledge charges, smaller sizes and decrease energy, which makes the expertise very thrilling for us as we go ahead to take our expertise into the optical community and Web setting.
Now this slide here’s a few bullet factors, however a method to take a look at our expertise is as we clear up the issue, not only for this era, however for a very long time. I’ve put right here for the subsequent decade. That is quite a few years. There’s different applied sciences on the market which can be good for one or two generations. However the efficiency of our expertise can go a great distance as a result of the supplies we use, they modulate mild actually shortly. Now you may modulate mild, a quite simple manner to take a look at that is liquid crystal shows. They modulate mild additionally, however are very, very sluggish. Now we have a really quick, a lot sooner expertise and the precise software for this expertise is the fiber optic community or Web.
They’re polymer-based, our supplies are polymer-based. I feel everyone knows this. All of us use polymers at this time with OLEDs. OLEDs stands for natural LEDs. The TVs we have a look at and the cell phones and the PDAs, they have been LCDs, however now they’re polymer-based. These polymers truly generate mild. Ours modulate and swap mild. It is a completely different chemical composition. But when you concentrate on it for a second, I imply 10, 15 years in the past, have been we utilizing OLEDs in our shows? We weren’t. We do not even suppose twice about utilizing polymers at this time. We see the success of OLEDs as being one thing we are able to comply with with our expertise.
Our modulators are very small, which truly is a good profit to place them inside packing containers that go into these servers and routers in an information middle, and these packing containers are known as pluggable transceivers.
Now this subsequent bullet level is attention-grabbing as a result of I’ve used the phrase transformational efficiency headroom. That implies that the efficiency of the electro-optic polymer materials isn’t just good for one era. It is good for quite a few generations. If you’re speaking to the tip customers, they usually’re asking in regards to the implementation of a brand-new expertise, they do not simply need to put a expertise in that is good for one era. They need to put a expertise in that is going to be round for a very long time, and that is actually vital.
Then lastly right here, we are able to combine our units with different units onto silicon photonics. That is actually vital as a result of these pluggable transceiver packing containers are literally fairly small. To shoehorn a number of completely different parts in a small field means it’s important to combine them. Now we did this, not ourselves, however the trade in electronics did this 60 years in the past with ICs, built-in circuits. We put quite a lot of transistors on a chip as a result of then it is a smaller measurement and decrease energy. The identical kind of impact is going on in our trade in photonics.
The takeaway, polymer expertise extends speeds, reduces energy consumption and never only for this era, for a protracted, very long time. I feel there’s a number of Buyers in right here that have been earlier than my time. Again in 2017, which is once I gave my first discuss, we had distinctive chemistry. This is without doubt one of the issues that attracted me to the Firm. However at the moment, few believed in polymers. Everyone thought a brand new polymer of modulators had some potential, when the trade actually wasn’t that . That was 2017. But when we quick ahead to at this time, we do have distinctive chemistry and we improved the efficiency of our supplies extremely during the last 5 to 6 years.
Many now consider in polymers. In 2017, it was a case of, we’ve this nice expertise, are you . Now it is very completely different. Polymer modulators have enormous potential for optical networking and the Web generally. The final level, which makes me actually excited is the trade is now very occupied with our expertise. We have come a great distance in just like the final 5 – 6 years. That is actually thrilling.
Let’s take a look on the market dynamics and potential. This seems to be like a sophisticated slide. It is probably not about pyramids. However it’s about what are the massive drivers for this kind of expertise. Properly, on the high there, among the – return – there we go. On the high there, we are able to see a modulated chip.
Subsequent era parts would require actually high-speed modulators. Then the subsequent line down, will necessitate subsequent era switches, racks and transceivers. That is on the very highest degree. However what are the true drivers, the macro drivers that actually go beneath that? Properly, you may see right here, swap density. This can be a huge subject in knowledge facilities. Synthetic intelligence compute has develop into a topical topic during the last two or three months, and vitality utilization. If the takeaways from these are the necessity for area, the necessity for velocity and the necessity for inexperienced, the necessity for decrease energy.
The tip customers want to hunt an optical steadiness to verify these drivers will drive the next-generation system and subassemblies for utilizing these parts. We see polymer modulator is a key element, a key enabler for the tip customers to attain all these macro standards. That is actually thrilling as a result of what we’re seeing right here is that these are issues, these giant firms are having, and we’ve a expertise to essentially handle that.
This graph on the left, let’s simply concentrate on this one. I hope you may see among the writings on the again. This graph says, the time it took to get to 1,000,000 customers. On the highest one there’s Netflix, and it took 3.5 years for Netflix to get to 1,000,000 customers. One on the backside, which I’ve outlined, chatGPT, it took 5 days. It simply bought caught on like wildfire. We have all heard each constructive and detrimental issues about synthetic intelligence. It is not my job to touch upon that. However the remark from a Lightwave standpoint is, wow, while you see one thing like this taking off in lower than every week, it has an affect on this graph right here. That is computing energy in synthetic intelligence programs.
What this graph is displaying is from 1960, 1970, ’80, ’90, 2000, they name this the primary period, and then you definitely’ve bought a contemporary period. If you begin attending to 2020, have a look at the slope of this curve. This vertical is computing energy. Now it is measured in petaflops. I am unsure all of us perceive what a petaflop is, however the best way I have a look at that is if you concentrate on the Web because the U.S. freeway system and you have got all these freeways with quite a few lanes, the computing is principally the intersections.
What that is telling us is that the intersections have to have three, 4, 5, six lanes as a result of for those who’re in LA or in New York, it’s the intersections that clog up first, as a result of they bought to get the site visitors to the precise vacation spot. The computing energy is definitely doubling each two to 4 months. It was once each two to 4 years. That is offering an attention-grabbing state of affairs. The site visitors and computing energy is driving energy consumption in knowledge facilities.
The subsequent slide I’ve confirmed earlier than, however I put it up once more as a result of it is pertinent. This creates an unimaginable Achilles heel for the tip customers. What do I imply by Achilles heel? Properly, look, the ability consumed goes by means of the roof. It is on a trajectory that it does not make quite a lot of sense. You possibly can’t maintain that. The site visitors, which is the information that will get despatched down the Web, was once as a result of we had dial-up modems after which 15 years in the past, it is as a result of we’re utilizing a number of video, and video was consuming quite a lot of site visitors, and it nonetheless is, loads, however within the final 12 months, that video has been supplanted by synthetic intelligence, computational energy. Now we’re seeing a development of utilizing much more.
This site visitors and this energy is a big downside for people who run knowledge facilities, as you may see right here. This can be a main problem for these guys and the service suppliers. We see this because the Achilles heel, and we see we’ve a expertise to handle this Achilles heel. The place we enter the market is chips like this. We name them engines, polymer modulators. They go into these pluggable transceiver packing containers, that are these guys.
Now there’s a number of completely different designs. As you may see right here, there’s quite a few completely different designs right here and quite a few completely different designs right here. That is the newest one all people is utilizing, and it is known as an OSFP, an Octal Small Type Issue Pluggable. It is not very huge. It is in regards to the measurement of my finger. It is about 4 inches lengthy and fewer than an inch huge. Whereas these authentic guys simply have one or two fibers going ultimately. You possibly can see, sure, these guys have eight fibers and a few have 16. Once more, actually complicated, which implies you do not have quite a lot of room to have quite a lot of parts inside this little field. Plus if in case you have quite a lot of parts on this field, it may develop into actually sizzling, devour quite a lot of energy. That is an enormous downside.
The parents and the tip customers, the information facilities are attempting to determine easy methods to enhance the velocity and preserve the ability down, so these items do not develop into sizzling, as a result of after they develop into sizzling, they use quite a lot of energy. That is the place we enter the market. In case you take the market, simply two varieties of these transceivers is the 800G and the 1600G or some individuals name it a 1.6-terabit transceiver. These are those that the parents are at this time to take care of quite a lot of the will increase in synthetic intelligence, as a result of the information middle guys have to have packing containers, transceivers that take care of this additional site visitors.
Now what are these? This can be a difficult slide. The one on the high is the 800 and the one on the backside is the 1600. Now these are graphs that got here from Arista. This isn’t our knowledge. We’re simply displaying you what their knowledge is. They advised that the place the 5-nanometer DSP working at 100G, that is the kind of energy consumption they’re 15 picojoules per bit. They did some testing with one of many aggressive modulated applied sciences, that is skinny movie lithium niobate, which is listed right here, and bought it right down to 12 picojoules they usually’ve been innovated to attempt to do away with the DSP chip they usually’re suggesting that they may get it down to eight picojoules or 6 picojoules. We all know with our expertise, we’re on this pink sort of curve. That is thrilling.
We all know we are able to present worth to those guys within the 800G pluggable optics market in addition to the 1600G. Our objective is just not solely to go quick, however to cut back the ability. The 1600G, they’re suggesting that the DSP is 3 nanometers and 200G. In the event that they do away with that, they could be capable to get to five picojoules. We all know we are able to beat these numbers. That is actually thrilling.
In case you have a look at the phrases on the left-hand aspect, energy effectivity is vital. We count on to see a fast adoption of this kind of expertise over the subsequent 24, 36 months. Now we have to be aware of any corresponding buyer energy necessities. Every buyer has their very own energy necessities, after all. However generally, the takeaway from this slide is that polymers match this profile actually properly.
That is one other Arista slide, and I’ve kind of modified it a little bit bit. They plotted a roadmap of utilizing these transceivers, so 400G, 800G. I simply talked about 1.6 terabit or 1600G. They’re even fascinated by the subsequent era, which is 3.2. Once we have a look at this and go, wow, that is the place the competitors is at this time, all people is considering this kind of field right here. That is what all people is making an attempt to prototype proper now. Now we have a expertise that takes us all the best way as much as right here. That is actually thrilling.
The best way you’re employed out these transceivers, that is 16 channels at 100 gigabits, so you may get 1600. This field right here is 8 x 200, 16 x 200. I put query marks right here as a result of I do not know what the trade actually needs. However what I do know is our expertise is aligned and might match that efficiency profile, and that is very thrilling.
The market. I’ll offer you some market numbers. However earlier than I try this, I simply need to give some definitions. That is for our first software of our electro-optic polymers. In orange is the whole addressable market. Of us within the trade name it a TAM. Then on this yellowy, olive yellow colour we bought the SAM which is the serviceable addressable market, how huge is the market we are able to attain. The orange is the whole measurement of the market. The yellow is what within the advertising world is known as a serviceable obtainable market, what you may truly acquire together with your obtainable assets.
As you construct your obtainable assets and also you develop into higher at scaling, this yellow turns into the identical measurement as this darker yellow. To start with, you begin with this measurement, however your obtainable market will enhance when you get extra mature within the market. For the primary functions, you simply have a look at two transceivers, the 800 and the 1600, those I simply confirmed you earlier than, and also you look out to 2035, and these are the items, the forecast and that is Lightcounting, which might be one of the crucial respected market analysis firms that do that work. They’re predicting 40 million items of 1.6 terabit by 2035 and over 70 million items of the 800G.
A pleasant rising market, however simply two transceivers. There’s loads of transceivers on the market. It does not even embody telecom. We’ve not even included telecom. We’ve not even included non-fiber optic markets. That is simply two varieties of transceivers, all proper?
The SAM, which is the graph on the higher proper, you may see by 2030, that is even 5 years nearer. 5 years nearer, for those who whole the 800G and the 1.6G market, that is about 10 million items. The assumptions we made after we put this collectively for the 800G, that is about 15% of the TAM. You have taken fairly a little bit of haircut, so is far smaller than the whole obtainable market. Within the 1600, we have truly assumed 25% as a result of our expertise is extra appropriate for the upper speeds as a result of we all know our competitors cannot compete. We count on a barely larger share as you go to the sooner speeds.
If you fold that down into your obtainable market, 20% of that SAM is about 1.6 million items for the 1.6 terabit and 1.4 million items for the 800g. You whole it up, 2030, there’s three million items. That could be a enormous alternative simply on two varieties of transceivers. I have never even talked about different markets. If you put all this collectively in a desk and also you have a look at the market potential, you can begin seeing right here, you may see the TAM, which is the whole obtainable market. The numbers come right down to about 3 million items as I simply indicated. Even with out the opposite markets that we have included on this calculation, it is a substantial enterprise alternative. This can be a reflection of the mixed impact of constructive demand for greater site visitors and decrease energy consumption drivers. That is actually thrilling.
Competitors. Everyone is aware of we’re not the one expertise that makes high-speed modulators on {the marketplace}. I’ve up to date this desk and you may see it is fairly a fancy desk. There’s quite a lot of knowledge right here. I am certain a few of you’ll have a look at this afterwards and ask me questions. However I’ve actually simply highlighted a few issues right here. One is there are different applied sciences. There’s barium titanate, some individuals name it BTO. There’s skinny movie lithium niobate. Lithium niobate was the unique incumbent that Fred right here actually innovated greater than 25 years in the past. There’s indium phosphide and there is silicon. We have all heard of those completely different applied sciences.
However one of many issues that is actually thrilling about our expertise, not solely has it bought excessive efficiency, it is truly actually small. Actually small counts for lots. Once I go to the subsequent, you may see right here on this ranking right here, the relative measurement footprint. One is finest. Whether or not you are placing polymers into plasmonic units otherwise you’re placing polymers into the slots, it is a actually tiny gadget, and that is what quite a lot of people are on the lookout for, for his or her built-in PIC chip or the photonic built-in circuit chip.
If I am going to the subsequent slide, I imply, there’s another very nice benefits right here, however I am not going to belabor this slide. You possibly can see from the ticks on the right-hand aspect, we’ve a really good place vis-à-vis competitors. Tiny, this is only one phrase on this slide. This was a prototype 800G module that was made for Arista and it was a use of a thin-film lithium niobate modulated chip. I feel I’ve proven this slide earlier than. A few of you could have seen this slide earlier than.
The scale of this chip, with simply eight modulators is 9 millimeters by 15 millimeters. That is an enormous area in a transceiver field. There’s been different thin-film modulator chips, I’ve seen loads larger than this. However while you have a look at what we are able to do on this slide right here, let’s have a look at if I get that in. That is eight of our modulators in a single millimeters by 9 millimeters. Meaning there’s quite a lot of actual property left for different issues for different electronics. You are probably not taxing the designer of the transceiver with the area subject. It is over 10x extra capability than competitors. That is simply the one by 9, you may’t actually see quite a lot of element there. However that is the primary time we have proven a one by 4 PIC chip. That is 4 modulators on one chip.
You possibly can see right here, the alerts are available right here. This is the 4 modulators, and that is the output. You possibly can see quite a lot of the tracks and issues. However the attention-grabbing factor is that is one millimeter by three millimeters. That is actually tiny. We’re displaying you a PIC chip. This can be a 4 channel polymer PIC format. We have got Mach Zehnder Interferometers on this. We have got fiber arrays on east and west with Edge couplers. That is designed for very excessive frequency operation electronically as nicely. This offers all people an thought. It is not simply single modulated chips now. We’re designing PIC chips photonic built-in circuit chips.
Partnering, it is a new slide I put collectively for this assembly. Aggressive polymer positioning vis-à-vis on the vertical axis is silicon foundry compatibility. The horizontal axis is a determine of benefit. The determine of benefit is what the tip customers are actually on the lookout for is low voltage, low energy consumption, excessive bandwidth, excessive velocity and actually small measurement. In case you multiply all these items collectively, and I assume you could have a determine of benefit. Now the attention-grabbing factor is silicon foundry compatibility. Properly, we all know silicon modulators have very nice compatibility with foundries as a result of they’re silicon. That is straightforward.
We all know silicon photonics and even the ring resonators have actually excessive foundry compatibility. However after we begin speaking about lithium niobate and barium titanate, it is actually troublesome to have these applied sciences within the silicon foundry. There are people engaged on it at this time, however this isn’t apparent. That is troublesome to implement into huge silicon foundries. Then you definately’ve bought indium phosphide, which truly makes use of its personal foundry, as a result of they’ve the indium phosphide foundries. Some individuals are making an attempt to get indium phosphide into silicon foundries, however it’s troublesome.
From our standpoint, it is mid-range, however within the low a part of this. In case you look the place we’re positioned electro-optic polymers, we’ve nice silicon foundry compatibility. The determine of benefit while you have a look at these metrics right here permits us to carry out rather well, regardless that a few of these applied sciences have nice performances in sure areas. We have seen actually excessive bandwidth in [Indiscernible] indium phosphide. However you’ve got bought to have the ability to couple that with very low voltage, low energy consumption.
We have seen people of barium titanate, that is a fabric that folks say have actually excessive RT3 (ph), okay? It is a [Indiscernible] impact. However that is not the one factor the tip customers are on the lookout for. They’re on the lookout for all of those metrics, in order that the modulators work rather well within the system. If you multiply these collectively and also you have a look at the determine of benefit that positions our expertise very properly for scaling and ramping.
These are new footage. You possibly can see right here several types of SCMs from foundries. I am not going to get into quite a lot of particulars of the foundries. However I feel the message right here at this time is we’re receiving units again from foundries with nice efficiency. These are new SCMs for lots of you. I feel I’ve bought one other one right here that’s actually thrilling from our standpoint. In case you checked out our press releases late final 12 months, we did an acquisition of an organization known as Chromosol. The core abilities with a expertise known as atomic layer deposition actually improved with that acquisition. We additionally bought some IP and a few patents.
What I am displaying right here is an SCM of what ALD is. It is atomic layer deposition of a dielectric-based encapsulation. You need to use this for chip scale packaging. What it does is it seals the polymer in. It is prefer it places a container like a package deal over the fabric and protects the fabric from the weather of the environment. Lots of people use ALD strategies. In actual fact, for those who have a look at the OLED trade, the natural LEDs, they do precisely this to guard the polymers on the shows you have a look at each day. We have taken this expertise. We labored it when it comes to low-temperature efficiency.
That is an FIB evaluation of what it seems to be like. You possibly can see right here there’s 130-nanometer, may be very clear. It is a pretty barrier, and we’re doing a little very nice work right here. It is a clear, high-quality interface. That is among the work we have achieved since we did the Chromosol acquisition, and that is actually thrilling.
Polymer stability, and this isn’t meant to be a technical [Indiscernible]. I do not count on all people to be tremendous technical PhDs within the viewers. However one of many issues the tip customers ask us is, what’s the reliability and the soundness of this materials. We have employed [Indiscernible] right here as Director of Reliability and he is placing collectively a first-class reliability staff to verify we not solely have two of those graphs, however much more of those graphs as a result of that is what the tip customers need to see.
Now the highest one simply exhibits you thermal stability. There’s 400 hours, however you may see right here the change in V-Pi is minimal. That is at a stress at 85 levels. This can be a thermal stability take a look at. You possibly can see the outcomes are wanting very nice. Clearly, we’ll preserve these within the oven and preserve this going. By way of picture stability, I simply wished to indicate there was a complete bunch of questions have you ever achieved greater than 5,000 hours. That is working about 9,000 hours, with fairly good optical depth of 1,550.
We’re getting some very nice efficiency right here over the long run. That is going to extend this 12 months and it should enhance subsequent 12 months, and all people needs to see this kind of knowledge as a result of that is precisely what occurred within the OLED enterprise about 10 years in the past. They requested for knowledge like this. As soon as they noticed knowledge like this after which all the things ramped up. Reliability knowledge set is being constructed for end-user valuation.
Let’s speak about business technique and exercise. That is our enterprise mannequin. It hasn’t modified for the reason that final slide I gave you. It is this three pronged method the place you’ve got bought product gross sales, patent licensing and tech switch. That hasn’t modified. The expertise that falls into that is the Chromophore and polymer matrix IP, Perkinamine sequence supplies, units and PIC structure IP, fabrication and processing, high-speed package deal and meeting design IP. What that can deliver is clearly the output, what all people right here needs to see, which is license and royalty charges, gadget and PIC, optical subassembly gross sales, expertise switch license, royalty charges and tech transfers, too. The objective right here with this enterprise mannequin is to develop into a pacesetter within the engineering and manufacturing of electro-optic companions.
With this, I feel most folk have seen this slide earlier than. These are the consultant interactions for all ranges of the worth chain from optical element suppliers to high-speed optics producers to optical networking tools firms, to the Web service suppliers, which actually affect all these ranges. There’s many verticals right here. However these firms are all kind of a part of the optical community they usually make the infrastructure for the Web. These are the kind of firms that can use our expertise.
You possibly can’t do licensing with out a sturdy patent portfolio. The patent portfolio is admittedly based mostly on supplies. That is the Perkinamine sequence, the gadget, PIC fab and design, the optical subassembly package deal idea similar to the atomic layer deposition that I confirmed you. Clearly, new patents that we need to purchase and file constantly. However what it actually boils right down to is we’re creating a polymer-based applied sciences for licensing that actually will interact with the Web and optical networking and knowledge facilities. We’re creating a powerful moat and know easy methods to carve management within the high-speed modulated sport. Now we have a singular chemistry to create distinctive polymers that we are able to design and create and strengthen this patent portfolio.
However this portfolio allows this license and tech switch for long-term income era. You need to put this in place. It takes a very long time to get patents and know-how. Now we have to be very aggressive on this. However it drives the licensing alternatives. Now quite a lot of people have heard that we have been increasing. I feel you’ve got seen it in a few of our paperwork. Earlier than I am going by means of the phrases, let’s take a look on the footage. Now the final image I confirmed of our facility had the parking zone basically empty. That is as a result of once I took the {photograph}, I used to be in at 6 am within the morning, and no person had arrived. I went at lunch time, and you may see the parking zone is full. I do know there’s some individuals go as much as firms they usually rely the variety of automobiles within the parking zone. Our parking zone is full.
That is the entrance of the ability. This nook right here, for those who go off in that course, and that is the frontend and also you see the aspect. You possibly can see the entrance truly adjoins the again. The again is the place that we’re truly transferring into, increasing into. Really adjoins, we’re truly going to knock a gap within the wall and simply stroll by means of. It is all a part of the tip of 1 constructing and that is the again. In case you go to the tip there, and right here and also you look down, we go principally about midway down right here. You possibly can see among the pods right here. The parents in there are literally transferring out on the finish of Might. They’re already preparing to try this.
It may take us about a few months to refit it a little bit bit, however it’s just about arrange. In all probability spherical about July, August, we’ll be transferring in. A number of the issues that we’ll be doing, now bear in mind, that is about 10,000 sq. toes and that is adjoining. We’ll be a single unit, which is admittedly thrilling. It is a few 72% enhance within the present area. However that is what’s going to be helpful. Manufacturing gadget take a look at and analysis, manufacturing reliability, laser characterization, SCM evaluation and an enormous space of enlargement of our chemical synthesis manufacturing line. That is actually tremendous thrilling. Clearly, there’s going to be some workplaces and assembly area for the brand new employees.
However look what’s occurred within the final six, seven months, perhaps it is eight months. Now we have had 11 current hires. That is thrilling instances for us. We’re actually constructing the staff to create a world-class staff to service our expertise to the tip customers. We see that we’ve the staff and the manufacturing services to make this expertise and I am going to use this phrase like I did final 12 months, ubiquitous. That is actually one of many key explanation why we’re actually excited right here.
Development funnel. Loads of these firms that get into enterprise often present some sort of funnel. That is our sort of funnel, how we have a look at {the marketplace}. Now we have worth proposition prospects. What is the worth proposition, broaden consciousness and worth proposition of our modulator expertise. Properly, I have been doing this since 2017. Now we have quite a lot of talks, each technical talks in addition to the banking sort talks.
Prospecting, speaking to potential clients and expertise. We have achieved quite a lot of this within the early days of the technical conferences. Then screening among the friendlies, a few of these expertise companions and clients to kind a lead listing after which deciding on your pleasant ones, those you actually need to work with to work with the expertise, the shoppers who see our expertise is enabling their enterprise to be extra aggressive. Then lastly, that turns into full-blown clients with expertise licensing and optimizing for scaling.
We’re endeavor multilevel and cross-functional engagements with the objective of creating revenue-generating purchasers. I imply that is what the funnel is all about. Loads of firms present this kind of graphic. This for us is business planning.
Then this slide right here, I kind of expanded the highest to indicate you the kind of consultant actives that it is advisable to discuss to for the worth proposition. Then you definately’ve bought your prospects. There’s a little bit bit of data right here. I am certain most individuals within the viewers will not be completely satisfied till I am going into extra element. However for proper now, that is the steerage we’re giving. However this simply exhibits you this funnel is working. It is in motion. That is a part of our business exercise that we see creating nicely in 2023.
One of many issues that I did not actually name out. There’s key pull drivers from the hyperscalers. These are the information middle guys, synthetic intelligence, quantum computing is now changing into fairly topical too, however it’s nonetheless in its early phases. Then there’s the important thing push drivers, the parents who’re doing the silicon photonics platform suppliers, the fabs and the foundries. This pull and push is one thing that we’re actually taking a really shut have a look at as we construct our business enterprise.
This slide here’s a slide we’re proud about as a result of that is actually a part of the press launch this morning, a license settlement template for our first business license. We’re excited to speak about this at this time. Thanks. I do not suppose I am going to be capable to reply all of the questions you could have on this, however I am going to do my finest. However what we’ve achieved is given what that is—what does this include, and why is that this vital to us? That is our first business market acceptance. That is actually what it means.
I do know you will have quite a lot of questions on what is the royalty and what is the income coming in. I am certain we’re going to get these questions. However actually, what this implies is the market has accepted our expertise. For us, it is enormous. It is actually enormous. We’re supplying the fabric. There is a license initiation payment, there are royalties per unit. There’s some minimums as you go up in years and there is some minimal gross sales volumes. I have never gone into any of the main points, however actually, we have been speaking to quite a few people and gone throughout the end line, and that is what the PR was this morning.
In doing a few of this exercise, you have to put an information sheet collectively. This is only one consultant knowledge sheet of the Perkinamine Collection 2 materials. There’s different knowledge sheets, however I simply wished to place one up for illustration. Now I do not count on anyone to learn the phrases in the back of the room and even on the entrance of the room. However the motive I put this up is that it is a business knowledge sheet. That is what you ship out to clients while you need to discuss to them in regards to the supplies.
There’s excessive exercise, excessive stability chromophores now in what we name restricted availability. A number of the specs are proven on this desk. I am not going to undergo the main points, however I am certain you’ll a little bit bit later.
Going to the subsequent one is, what is the business plan that is behind this knowledge sheet. You possibly can see right here, Perkinamine is the two sequence, the three Collection, the 5 sequence, after which our staff is engaged on the 6 sequence and that is not prepared but. It is nonetheless in improvement. However when it comes to licensing, these are the supplies we count on to see licensing each this 12 months and subsequent 12 months. For us, that is actually thrilling. We need to enhance the business acceptance of our expertise. When you concentrate on what occurred to the OLED enterprise and the parents that did OLED shows, additionally they wished business acceptance. Once I labored on the applied sciences within the ’90s, Blue and inexperienced they usually final a few hours. I gave up on it and I went off into semiconductors. However the people in that space labored actually arduous they usually sorted all the issues out. Now we’re utilizing, we do not even give it some thought. That is our materials roadmap.
Third-party verification is all the time actually vital while you go discuss to the tip customers as a result of they ask you as a Firm what the efficiency is, however additionally they need to see if different individuals can use our supplies and in addition get good efficiency. This can be a little bit of a phrase present. I do not count on anyone to learn any of these things as a result of it is tremendous technical. However the level is, I imply, there’s the references on the backside if you wish to go search for the papers. However these are a bunch of firms. There’s SilOriX, there’s Polariton, there’s KIT. There’s a few others right here, the ETH Zurich, which is a college, however they’ve mixed and used our materials and produced world class outcomes, had world file outcomes. That is one thing we needs to be pleased with.
Our EO polymer utilized in completely different gadget designs, in silicon slots, in plasmonic slots, in plasmonic ring resonators, all have produced world class outcomes which were proven at trade conferences, the OFC, the ECOC convention. That is fairly thrilling. That is actually good third get together assessment. A number of the market reactions we hear at a few of these conferences in addition to speaking into among the finish customers, I do not know if I need to undergo each certainly one of these. However actually we fill the trade hole. We scale back the ability consumption. These people right here, we need to get on the listing for a prototype. We need to run reside site visitors. Of us simply come as much as me and ask these items now.
This isn’t pushing our expertise like I used to be making an attempt to do in 2017. These are people who’re realizing we’ve one thing that is actually thrilling in what I bought right here. Our funding, have a look at this one right here. At our foundry we’re fearful in regards to the funding into thin-film lithium niobate. That is certainly one of our opponents. It might solely be for one era, with polymers our funding shall be worthwhile and higher ROI. That is one foundry suggestions. They see our expertise rising additional when it comes to generations in direction of the tip of the last decade. That is actually thrilling for all these people. They like the truth that you may placed on our polymers fairly simply.
Hybrid PICs is a time period that we have coined to indicate you may put polymers with silicon photonics to get one of the best efficiency. Utilizing foundries make actually good enterprise sense. We hear that loads. We do see the request for extra reliability. We’re not going to be secret about this. I name it a reliability knowledge set, and that is what we’re engaged on proper now. Of us need to see extra reliability outcomes and we’re doing that.
Then there’s different alternatives like LiDAR and sensing too. However the suggestions has been sturdy and constructive and that is thrilling.
By way of Investor relations, we work with the MZ Group. That is the information for the final 12 months. We will see that final 12 months, since I had the final 12 months’s Annual Shareholder Assembly. We have had 10 Investor conferences, each in individual and digital, 26 press releases. I do not suppose it consists of the one this morning, plus 146% 30 day common quantity. I do know the quantity at this time has been very nice. It is most likely over 3 million now. Eighty-one buy-side and sell-side conferences. We have been engaged loads with the monetary group.
Have a look at this level, plus 154% enhance in institutional possession. That is actually good. That is actually thrilling. That is simply displaying you we’ll be approaching the radar, not simply of the tech firms, however of the monetary trade. I feel most individuals know we have been added to the Russell 2000. There’s been an especially lively cadence of conferences with institutional Buyers, analysis analysts, et cetera. That is been fairly thrilling.
Then when it comes to public relations for the final 12 months, that is the information that MZ Group have put collectively, 60 distinctive media alternatives. They consider we have reached an viewers of over 80 million. That may broaden to a a lot greater quantity, relying on the way you need to have a look at it. However meaning we’re reaching lots of people. Then among the issues that we have achieved when it comes to exposing ourselves, Bloomberg Radio, TradeTalks, Laser Focus World or a few of you people jogged my memory yesterday, that my youngsters name me Dr. Physician and I checked with my son yesterday and he mentioned, sure, that is not going to vary. That article got here out final week, and it put the Firm in actually good mild.
This stuff are occurring frequently. I feel there’s going to be a number of extra developing quickly after the announcement this morning. That is nice for us. We’re getting some actually good presence each within the trade and the monetary aspect of issues for a small cap firm.
To summarize. This slide exhibits you a bunch of packing containers. However what do the packing containers actually symbolize. Now we have nice materials science. Now we have nice expertise. We’re utilizing that for designing state-of-the-art polymer photonic built-in circuit designs. We have got excessive velocity design and packaging. We have got a strong patent portfolio. We’re coming into some actually thrilling markets, promoting parts, licensing supplies, partnering with foundries and different gamers like transceiver firms. We’re now creating materials and gadget knowledge sheets.
Now we have a world class Board, Technical Advisory Board in addition to a staff we’re working with very carefully, the MZ Group that we really feel has achieved a very nice job on the IR and the PR aspect of issues. What are the takeaways from the presentation? Our expertise is competitively superior and distinctive. We proceed to extend our business progress, and I assume at this time is the primary public viewing of that. With our companions, we’re positioned to scale polymers for optical networking. We consider now we’ve the staff, assets and plans in place to essentially make polymers ubiquitous.
I am going to end with one slide, and that is the one slide that is most likely going to generate quite a lot of Q&A. It is the press launch that got here out this morning. Sadly, we did not have time to get it prepared for everyone to come back on this morning. However I simply need to concentrate on one factor. I imply, okay, the title is Lightwave Logic begins Commercialization of its EO Polymer Supplies.
However this factor right here, this remark I made right here, this materials provide license settlement for our Perkinamine chromophore acknowledges market acceptance and aggressive benefit of our expertise and validates the primary prong of our enterprise mannequin. It is that validation, the acceptance within the market that actually is making myself and the staff, which I feel has achieved an unimaginable job to deliver us thus far. It is not all my work. The staff has achieved an awesome job of bringing the expertise to a business knowledge level, and that is all summed up on this press launch as of this morning.
I feel that is it. Thanks.
Formally, do you need to–?
James Marcelli
Sure, we are able to now start our question-and-answer session. I might ask everybody to restrict their query to 1 per individual, so we are able to be sure we get everybody. However sure, we’re able to get began. Any questions?
Michael Lebby
[Indiscernible] ask one.
Query-and-Reply Session
Q – Unidentified Firm Consultant
I am going to go first. Dr. Physician, the slide speaking about serviceable obtainable market share, it mentioned by 2030 after which 2035 is the place mass commercialization would most probably be going down? Is that the right option to interpret that slide from a timing perspective?
Michael Lebby
No. That could be a market slide that we didn’t produce. It is not a slide—that knowledge is produced by Lightcounting. It is what Lightcounting sees because the market. Principally, what this slide says, this firm, Lightcounting, they do the market evaluation of this market. They discuss to all the standard suspects, the information middle firms, the transceiver firms. What they’re forecasting is by 2030, the serviceable obtainable market goes to be about 10 million items of those transceivers. What they’re actually saying is that after they rely all of it up, it should be about 110 million items. That is an enormous variety of transceivers.
Now that is 2035, proper? That is an enormous one. I actually did not need to concentrate on 2035 as a result of that is a great distance out. When these market analysis firms look out 10 years there’s most likely a little bit little bit of an error right here. However the level is their forecast for 2030, which is about right here, might be far more cheap and far more correct. Once I have a look at this graph, the ten million items might be a reasonably good forecast of what the market wants when it comes to the transceivers. That is the market we all know we are able to get into with our polymers.
Unidentified Firm Consultant
Are you able to go yet one more slide over, extra to my query, 2030?
Michael Lebby
Sure.
Unidentified Firm Consultant
That one we actually forecast goes to be seven years earlier than the numbers…?
Michael Lebby
Now that simply exhibits you the dimensions of the market in 2030. That is right here to exhibits you the way they see this market constructing. They see in 2025, there’s going to be about, was it about 80,000. That is going to be about 80,000. Right here it should be about 3 million. If we are able to get all the 80,000, then we have attained our obtainable market. We might get greater than 80,000 after which we’ll be going into this market. That simply offers you—that is our view of what we predict is obtainable given our assets. That would change. As we scale up and we get extra assured in quantity scaling, it should transfer extra in direction of this chart.
Sure, there’s one other query?
Unidentified Firm Consultant
In relation to the identical knowledge slide that you just’re speaking to, when it comes to 2025 with 80,000 items, if we bought all of them, that may be nice. However are we speaking Light-weight Logic units inside these items? What number of modulators could be—you are saying you could have 120 modulators in a single transceiver doubtlessly. Clearly, that is not for the primary ones. You recognize what I am saying so, are you able to give us some indication …
Michael Lebby
This would be the PIC chip. It will likely be a chip. The chip might have quite a few modulators on it.
Unidentified Firm Consultant
Can we get some type of estimation as to when, say, for instance, in quantity phrases, we may attain a breakeven and never want outdoors financing?
Michael Lebby
We’ve not given any steerage on breakeven at this level. However actually, Jim and I are internally. Sure, we’ve not bought to the purpose of being public about these varieties of metrics. I feel the main focus proper now could be to verify we get market acceptance for our expertise. However that is one thing we’ve a deal with on internally.
Unidentified Firm Consultant
Thanks, and nice job, Lightwave. Speaking about that 80,000, and I do know you’ve bought to watch out with this one. How a lot income—if anyone had 80,000, what’s the income on that? What’s the worth that Lightwave Logic may get out of that? I haven’t got a way of, is that this a $25,000 chip, 80,000 represents $25,000 and I do know our margins are actually unbelievable. However are you able to give us a way of that?
Michael Lebby
Sure. By way of the mannequin that we put collectively internally, transceivers are like another technical product. After they first come out, they’re actually, actually costly they usually have a studying curve when it comes to worth discount every year as they enhance in quantity. Our mannequin follows simply the traditional metrics on that. We actually have not put in what the transceivers, the common promoting worth, and we’ve not put in what we predict the chips are when it comes to the invoice of supplies right now. However we’ve inside numbers that we’ve on that, however we simply need to make these public but.
However when it comes to making an attempt to essentially handle your query, we see this as being tremendous engaging, and we’re frequently working with the tip customers to get higher readability on these numbers as a result of these are brand-new markets. In case you look backwards, you will see some sure traits. Now we have a reasonably good thought of what these studying curves could be, how the value reductions could be and what our profitability could be, however we’ve not come public with that but.
One other query, okay.
Unidentified Firm Consultant
I am interested by analyst protection. It does not appear to me that you’ll get any analyst protection till you may talk about these varieties of numbers?
Michael Lebby
We have been speaking to quite a few analysts, analysis analysts. I feel as of proper now, I do not consider anyone’s lined us. I am not the kind of person who goes and talks to analysts and calls for protection. They may cowl us after they really feel they’ve sufficient info. Even this morning, quite a few analysts have been sending emails to me for extra info. We’re being watched and we’re being monitored very carefully. I am unable to predict when it’s going to occur. However it was similar to in 2017, I stood up right here and anyone mentioned, so when are we going to go to the NASDAQ?
I mentioned—if I bear in mind accurately, I mentioned, we need to go organically after we’re prepared. We do not need to do a reverse break up or something like that. It took us about 3.5, 4 years to try this. We are going to get analysis analyst protection. I simply can’t let you know precisely when. However what I can say is that there is a minimum of a half dozen individuals watching us actually carefully that I am personally interacting with. It might occur. However the focus for us is business progress. So long as we’re making good business progress, the protection will occur. However I consider, as of at this time, I do not consider there’s any.
Unidentified Firm Consultant
All proper. Simply two questions. Now there’s been a rising quantity of shorts towards the Firm. It is ranging between 20 million and 21 million shares that we all know of. Is there any investigation into unlawful bare (ph) quick promoting actions?
Michael Lebby
We’re conscious of that state of affairs. Internally, we’ve actually been reviewing that with counsel, however that’s actually all we are able to say at this level.
Unidentified Firm Consultant
Are you able to inform us what number of foundries you’re at present working with? On the finish of final 12 months, you mentioned you have been working with 5. You had anticipated two extra. In case you dropped some, why have you ever dropped some? The scaling subject, are you able to handle scaling, are you glad with the present scaling?
Michael Lebby
We haven’t given any steerage, a minimum of proper now, on the variety of foundries we did final 12 months. Now we have a lot tighter relationships. By way of scaling, we’re far more snug this 12 months with scaling than we have been final 12 months. I will be trustworthy with you, working with foundries is, sure, they love utilizing the expertise, and it is not troublesome for them to make the most of our designs as a result of we’re suitable with silicon processing. However they’re doing the fabrication and never us. It takes time to make it possible for they’re following the recipes accurately. However what I can say is that the chips we’re coming back from the foundries are performing rather well. We have been very pleased with that progress.
I will even say that some foundries are higher than others, and you’ll count on that anyway. Not all foundries are the identical. Not all foundries have the identical sort of groups and take the identical method. There’s some variability. However we have had a really profitable 12 months working with the foundries. However I am not going to enter the variety of foundries like final 12 months, as a result of I feel it is far more vital now as we’re a lot nearer to commercialization. Now we have to be a little bit bit extra delicate there. But when I can, I’ll give some public steerage when it is acceptable. Sure?
Unidentified Firm Consultant
Is there a pulling subject that you’re nonetheless addressing, hurdles?
Michael Lebby
We do not consider there is a pulling subject. I do know there’s quite a lot of dialogue about pulling by Buyers and folk locally, however we do not see it as a difficulty.
Unidentified Firm Consultant
Are you able to give us any thought as to while you would possibly be capable to divulge to us names of licensees?
Michael Lebby
No, I do not suppose I can reply that query. I wish to, however I do not suppose I can proper now. Let’s take into consideration this. That is our first materials provide license. The affect of that is business market acceptance. That is actually the affect. Now we have to take a look at what’s actually vital with the press launch this morning. We made some business traction. The market accepts what we’ve. I feel in some unspecified time in the future, we could possibly give some steerage, however it will not be—it is not now.
Unidentified Firm Consultant
One of many issues that the long-term Shareholders, we have a look at each phrase. Jim Marcelli, when he stood up there one time and mentioned, when this factor begins rolling, it is actually going to roll. I feel all of us have that inscripted someplace in our… Now we’ve our first commercialization announcement. Is that rolling ball, do you anticipate that someday within the close to future that you’ll have even one other one right here fairly quickly? Or is that this a spot and also you wait after which one thing else comes?
Michael Lebby
I am unable to actually offer you any particulars there. However what I can say is that this 12 months I have been specializing in business actions. If you concentrate on the enterprise prong, license is a type of prongs, tech switch is one other one. The third one is merchandise. We’re all three of these. However I am unable to offer you any particulars of when all three are going to hit, whether or not it should be simultaneous or one goes to be extra superior than the opposite. What I can say is that we bought first business materials provide settlement and we printed that at this time on the licensing aspect of issues.
However what that has actually achieved is that is proven—it should present lots of people that a minimum of there’s actually good market acceptance of our expertise. It is not simply an R&D electro-optic polymer materials. That is one thing that anyone has taken very, very severely. That can broaden, however I am unable to offer you any detailed predictions on that, apart from the truth that my job is to essentially concentrate on increasing that enterprise aspect of it.
Unidentified Firm Consultant
First, Dr. Lebby, thanks very a lot for all of the work that you just and the staff have delivered to us as Shareholders. Very a lot admire it. My query is pivot, it was very thrilling for me. Up to now, you made the connection loads nearer to video demand. Then while you began reflecting extra on synthetic intelligence, and the demand that’s growing, doubling each two to 4 months and ensure I heard that proper. Do you see us being related extra sooner or later in that extremely popular sector with synthetic intelligence?
My second one is following up, we did not discuss any about at this time, and I perceive this, in regards to the connections with supercomputing and Perkinamine 5. I simply surprise for those who’d mirror on our connections with a few of these sectors going ahead.
Michael Lebby
I feel the best way I’ve answered this query earlier than when it comes to synthetic intelligence is we’re circuitously related, we’re not directly related. Our expertise is just not going to have an effect on the processing computational energy of micro processors or GPUs, as a result of they’re all electronics and are all transistors. What it’ll do is as a result of these chips are going to be larger and they are going to generate extra computational processing actions, for those who like, that is going to generate extra site visitors. The extra site visitors implies that the information that goes by means of the fiber optics goes to refill.
As a substitute of getting six freeway lanes full, you are going to have 10 freeway lanes full. We see the impact of synthetic intelligence not directly actually benefiting us as a result of the site visitors goes to extend. The site visitors that’s going to go out and in of the information facilities goes to extend due to synthetic intelligence. Sure, our expertise is just not going to enter a microprocessor IC. However it should go in entrance of the laser that sends the sunshine down the fiber optic. If there’s extra site visitors must be pushed, sure, we’ll get that profit.
I additionally see that a little bit bit in supercomputing, however I feel the massive one is to observe how synthetic intelligence actually takes off. As everyone knows, there’s positives and negatives about that and even the federal government is speaking about it. However the attention-grabbing factor from our standpoint is individuals are going loopy. That is actually thrilling. Everyone is logging in and making an attempt to generate paragraphs or letters, a quota the dimensions by utilizing key phrases.
We’ve not actually explored that impact but. It is solely actually began, however what we do know is that the Microsofts of this world and the Googles and the Amazons are investing billions of {dollars} to improve their knowledge facilities and their networks to help it. That is nice for us.
Unidentified Firm Consultant
One different query on the presentation. You did not actually cowl something so far as the objectives and—earlier objectives and ahead objectives for subsequent 12 months. One factor that involves thoughts is the tech switch settlement. Are you able to inform us what’s left to finalize the PDK and get a tech switch settlement? You had spoken about joint PRs in some unspecified time in the future. Are you able to give us some indication as to the place we stand and what is likely to be wanted nonetheless to be able to get the finalization of a PDK and what objectives we would have for subsequent 12 months?
Michael Lebby
Final 12 months and the 12 months earlier than, I gave yearly objectives. I feel that is okay for those who’re pre-commercial. However what we gave right here is we gave extra of a licensing roadmap. That is extra what you’ll count on from a business firm. Doing yearly objectives, I feel, ought to step apart to actual business objectives. I feel that is what we actually needs to be wanting ahead to do. We have made actually good progress with our PDKs. We’ve not given an excessive amount of when it comes to detailed steerage, however we’re very pleased with our relationship with the foundries. That is progressing very nicely.
We are going to give extra info as we really feel snug with that, however that is progressing. Like I gave an earlier reply, I am not going to get into an excessive amount of element. However you are proper in that remark, and it is one thing we’re conscious of. Sure?
Unidentified Firm Consultant
Do you anticipate finish consumer validation, public validation in “the close to time period?” You have introduced the partnership right here, however it appears to me that the market is likely to be on the lookout for one of many giant finish consumer purchasers to validate the expertise.
Michael Lebby
That is a query on it relies upon. A number of the finish customers wish to get forward of their competitors. It simply relies on who you are working with. Which will occur, and it could not occur. If the tip consumer needs to try this, we’ll be there giving steerage with the tip consumer. We’re open to no matter state of affairs is required. In case you have a look at that competitors slide with another modulated applied sciences, there’s different options there.
Some people this are going, nicely, if we are able to develop this quietly and get forward of our competitors, that is enormous for us. I am unable to offer you a categorical sure or no reply, however it undoubtedly relies upon.
Unidentified Firm Consultant
Quantity two right here. I hate to indicate my ignorance right here, however when an information middle needs to do the forklift overhaul, it does not make sense for them to simply change out 10% of the modulators or transceivers. You need to do the entire thing. Is not that right? It is like a weakest hyperlink within the chain. Your first order needs to be hundreds of thousands, not a whole lot.
Michael Lebby
That would very nicely be the case.
Unidentified Firm Consultant
Thanks.
James Marcelli
For any Shareholders who’ve already requested questions, Administration shall be round to take them afterwards. But when anybody who has not requested a query, who wish to.
Unidentified Firm Consultant
Did I see an aluminum electrode on that modulator?
Michael Lebby
You probably did. You noticed that very nicely.
Unidentified Firm Consultant
That is good. Gold was a difficulty, proper?
Michael Lebby
We use each gold and aluminum, however as you are conscious, while you work with completely different foundries, it’s important to develop into competent with not only one metallic. However sure, nicely noticed.
Pleased to take questions afterwards. Possibly we should always have a fast break, so I can get a drink.
James Marcelli
There aren’t any additional questions right now. This concludes question-and-answer session. Thanks for becoming a member of.
Michael Lebby
Thanks.
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