Ladies and gentlemen, welcome to the EnSilica half-year results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged; they can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it's appropriate to do so. Before we begin, we would just like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to the executive management team from EnSilica. Ian, good afternoon, sir.
Good afternoon. Thanks, everyone, for joining us. Welcome to EnSilica's half-year 2025 results. That is for financial year, end of November 2024. If we just go through and do the intros for the people that have not met us before, I'm Ian Lankshear, co-founder of EnSilica, electronics engineer by background. I started my career in the defense industry with Plessey and then moved into semiconductors in the mid-1990s, working for Hitachi and Nokia. I set up EnSilica in 2001, originally as a semiconductor design consultancy, and then pivoted the company to one of a fabless semiconductor company starting in 2016. We will cover the progress of that during the presentation. I'll let Kristoff introduce himself.
Hi there. Kristoff Rademan, Chief Financial Officer. Originally from South Africa, I began my career at KPMG in South Africa and then later in the U.K. I then spent some time working for a small niche pharmaceutical company called Archimedes Pharma and post that as Group Financial Controller at Oxford Biomedica, a company listed on the main market of the stock exchange. I've now been with EnSilica for just about a year and looking forward to take you through our half-year results. Highlights for half-year one financial year 2025. We think that the financial results mask what has really been a robust performance by the company, and I'm looking forward to taking you through that over the next few slides.
Revenue was broadly flat at GBP 9.3 million, about 3% lower than the prior year, but that masks an underlying 164% increase in chip supply revenue, increasing from GBP 1.1 million in the first half to GBP 2.9 million at the end of this half-year. That also gives us a lot of confidence in our ability to generate a GBP 6 million supply revenue for the full year, financial year 2025, and further increases in financial year 2026. We have also had five new design and chip supply wins, generating additional future NRE of GBP 38 million and future chip supply of GBP 62 million, which gives us a lot of confidence about our second half revenue targets and also our targets for financial year 2026.
We now have four chips in supply and 12 chips in design and a long-term value of chip supply of GBP 241 million, so an increase of GBP 62 million on what we had six months ago, which is very pleasing to us. We've also refinanced our debt with Lloyds Banking Group. We had just under GBP 4 million in debt across three providers, which we refinanced into one GBP 6 million facility with Lloyds Banking Group, with a possible additional GBP 3 million accordion option, which is subject to credit approval. Thank you.
I'll just talk through the 2025 highlights. As Kristoff said, that increase in supply revenue, the whole business model is really based on building that supply revenue, and we see that we have GBP 6 million of that locked in. We delivered a large part of that in the previous period, and we have orders and the chips going through the factory to deliver on that for 2025. As I said, we've won five new design and supply contracts delivering GBP 38 million of NRE, and that really secures our revenue for 2025 and 2026 and a little bit beyond when it comes to NRE, and that's a large additive on our chip supply revenue. One of those is with Siemens.
We had a second design win with Siemens as we saw the first chip go into production, and we were able to name them in one of our R&Ss, which has been very positive having an endorsement from such a high-profile customer. In terms of other high-profile customers, we had a GBP 2 million initial design contract with the prestigious supplier of power and propulsion systems, and there is likelihood for follow-on work, as we indicated in the R&S. Something I'll cover in more detail later is we secured GBP 10 million of funding with the UK Space Agency to improve our competitiveness within the satellite communication sector. Very exciting sector, and I've got a slide on that later on.
I mean, this is an illustration of our revenue model, and the light blue there is the NRE, so when we talk about NRE non-recurring engineering costs, that's the fees we get for designing the chips that later go into supply. As I said, we booked a large number of contracts securing that NRE revenue for the period ahead, and they go into tape out, and once we get the chips, the chips go to the customer, that's the gray area, and we move into the supply phase, which is generating that valuable recurring revenue stream, which is really what the whole fabless model is based on. As I said, we've got four chips now in that production phase and 12 going through the design phase.
Those five chips that we've won this year, we'll be getting a big upstep in the supply revenue from 2027 onwards associated with those chips, and we've got other ones coming online as they go out of the design phase into the tape out phase.
Just taking you through our income statement for the half-year, as I mentioned before, revenues broadly flat, but that is underpinned by a very good performance in our chip supply revenues, up by GBP 1.8 million to GBP 2.9 million. On the next slide, I'll provide further detail on the individual revenue streams. Gross profits slightly below target of 40% at 37%. However, with the increase in NRE expected in the second half of the year, we expect that to reverse and to be much closer to the 40% that we're targeting as overall for the full year. EBITDA dipped into a small loss, but with the increase in EBITDA in NRE revenues for the second half from those five contracts, we expect that to reverse and turn into a large-ish EBITDA profit for H2 2025.
The same for operating profit, a small loss, which should turn into a profit for the second half as those revenues start coming through. On the revenue split, we'd like to point you in the direction of the tab on the right, and especially the chip supply, which has grown substantially. This is why we set up the business. This is why we floated, and really seeing that fraction is really heartening to us, and we can see that coming through in the full year 2025 and then also into 2026 and beyond. Just looking at the individual lines, chip supply, as we said, at GBP 2.9 million, a large increase, and we expect to see more in the second half. Consultancy revenues at GBP 4.2 million, slightly below where it was for the last year.
We expect to do better in the second half and come closer to GBP 4.8 million, giving us that GBP 9 million for the full year. The NRE was quite a bit lower than the prior year, mainly due to the completion of our existing contracts. We did not see the benefit of the five new design and supply contracts. To be honest, in a perfect world, we would have had those contracts five months earlier, and we would have really seen them bring up the revenues for H1 2025. We are seeing that in H2 2025, and that is really giving us confidence in our ability to achieve that large increase, which will get us to our overall target for the year. That will also be helped by a large-ish tape out, which is planned for Q4 2025. Next slide.
On the balance sheet, we just try to extract some of the key movements. One of them is our intangible assets, which has increased by GBP 2.6 million. That is our investment in our own IP and know-how, as well as our co-investment in customer chips, which we co-develop with the customer. That is offset by amortization of GBP 0.4 million, which is dependent on the chips that we sell. As the chip revenues go up, we would expect the amortization to go up in line with the increase in chip revenues. Cash has gone down to GBP 2.8 million. I'll talk through the detail of that in the next slide, so you'll have a clear picture of what the movements were.
External loans, we had just under GBP 4 million of external debt when we refinanced the loans for the GBP 6 million facility, and that includes the GBP 5.7 million, includes GBP 5.9 million of remaining debt with Lloyds, and then GBP 0.2 million of capitalized cost of the refinancing. The GBP 6 million loan with Lloyds, GBP 3 million of that is a term loan, which will repay over 36 months. Just working through the working capital, as you can see, there's a working capital outflow of GBP 1.4 million. That is largely because the way we structure our NRE contracts, during the first 80% of the contract, we largely run it in the black, which means we receive payments and then the work is done.
When we get to the end of the contract, the customer expects us to first deliver the last parts of the chip design, and then they make the final payment to us. As I mentioned before, the NRE in the first half was lower due to the tail end of those contracts coming through, at which we're running those in the red, so the accrued revenues are going up. We are now delivering on those last parts, and those accrued revenues are being invoiced, and we expect those to all be invoiced by the end of the financial year. The tax credit that was received in Q3 of FY2025, that has now been received. It is in line with what we provided for the full year at GBP 1.3 million, in line with the expectations.
Intangibles and CapEx investment, that is the GBP 2.6 million investment in customer ASICs and internal IP, which I explained in the previous slide, and then GBP 0.4 million of CapEx investment in a right-of-use asset. Interest paid slightly above the prior year. That is due to interest costs and finance costs incurred as part of the refinancing. We expect that to drop down in the second half because we have a much lower interest rate on our refinanced loans with Lloyds Banking Group. Net proceeds from financing, that includes GBP 1.2 million net equity raised on the tail of the equity fundraising done in May, and then GBP 2.7 million gross from the refinancing of the external loans. Thank you.
Okay. I'm going to now run you through some of the markets. I mean, as a reminder, sort of focus markets that are communication, automotive, industrial, and healthcare. I mean, the communication market, particular focus for us within that is that of the satellite communications market, and I mean, it's worth referring to an article in the Financial Times on Sunday where they spoke about the amount of money going into this market, and it's not all about just covering coverage gaps in their sort of, it's around giving sovereign control over internet, sovereign control over internet connectivity. You have your cellular network, and if your cellular network is taken out by either a storm or a drone attack, you've still got connectivity there. It's something of national importance. It's not all about just, as I said, covering in gaps.
I mean, it's an area where we've been working since 2018, and we've been funded in this area with the European Space Agency to develop a number of chips, including an RF chip and a beamformer chip, and we have a lot of interest in lead customers for those chips. We have had further funding from the UK Space Agency to improve our competitiveness within the space communications market for developing a full chip set to address this market. Just to give you a sort of feel for the size of it, I mean, Starlink have really proven the necessity and the capability of a LEO-based satellite communications network, and their user terminals, which you consider to be like a set-top box that every subscriber has.
There's roughly 4 million subscribers, and there's about 600 chips in each one of those boxes, so a huge requirement for chips, and there's sort of three main types of chips in there: the RF chips, the beamformer chips, and the modem chips to make up the chipset. A very exciting area, one where we've had recognition and funding from the UK Space Agency to address that. The other area where chips are used within the space communication sector is that of in the payload, or that's in the satellite. Those chips need to be very high-performant, very low power, because they run off solar panels and batteries when the satellite isn't in the sun.
We've been developing the chip for AST SpaceMobile's satellite payload, and I mean, AST SpaceMobile, they were featured in that FT Times in-depth article, as well as being in a recent BBC article with Vodafone making calls from sort of video calls from remote places. I said we're very active in this area, and it's an area where there's lots of investment and lots of growth. We're also working in the terrestrial area in terms of communications on standard cellular networks. We have a contract with SIAE Microelettronica, who are a supplier of microwave backhauls used in 5G networks, and they've received funding from the European Union to support the development of new chips, and we have a large contract with them for the development of their next-generation chip for their product. Really excited there. Great growth area.
The automotive sector, there's more and more chips going in cars. There's about 3,000 chips in a Tesla, 1,000 chips in a standard Golf, and this is around electrification, enhanced safety features, infotainment, and improved cybersecurity. It won't be long before you'll find one of these satellite user terminals on top of high-end cars, giving them constant connectivity. Our niche is in this area around motor controllers, actuators, sensor interfaces, radar, and LIDAR. We have one of our chips that we talked about before. One is ramping in volumes. We shipped 5 million of those already. That contract's worth $40 million over six years. One of those five awards we had was another automotive chip for an actuator motor controller, $31 million over seven years, very much biased towards the supply. Those two contracts will run along, generating nice reoccurring revenue.
The automotive market is a bit like a club. It's very difficult to get in, but once you're in there, you get a lot of interest, and with some of the big customers we've been able to name, we've got further RFQs from automotive tier one suppliers. It's an area where there's still innovation going on and more and more silicon content in each vehicle. To cover the industrial area, the industrial market, there's again disruption going on there.
I mean, people would have heard of industrial IoT or Industry 4.0, so there's more and more chips going into production lines and equipment to increase efficiency, precision, improve safety, and this includes things like AI at the edge, which includes the semiconductor content and also changes in cybersecurity requirement, which means the redesign of chips that may have been running for a decade or more, and they need to improve their cyber resilience driven by things like the EU Cyber Resilience Act. We announced a second contract with Siemens Industrial Automation. The first one has now gone into production, and again, that will be generating good revenue. That all works like clockwork and as per the original schedule. We've had other design wins in this area, including a precision timing controller ASIC, which is worth GBP 30 million over 10 years for high-end industrial test equipment.
It's very much been very positive getting that, being able to name Siemens as a customer, and that's really helped us uncover further customers, and we have a lot of interest in further opportunities with other industrial OEMs. I mean, the healthcare sector, I mean, again, that's a fast-growing sector using more and more semiconductors because of a lack of capital on our side and also because of the longer time to market. Although the chip still takes the same time to design as the other markets, it needs to go into a product that then needs to go through its medical certification. I mean, our focus has been on the other markets, which are shorter times to revenue. We're very much focused on driving our near-term supply revenue as high as we can.
This has been sort of put on hold for the short period until we get into the cash generation phase, which is end of 2026-2027, we become self-sufficient in cash generation.
Just taking you through our objectives and ambitions, as supply revenues grow, we will start to move into the phase where supply revenue starts to support future investment as well as overhead before non-cash charges. I think, as I mentioned, we expect chip supply revenues to go from GBP 2.9 million to GBP 6 million for the full year, and then expecting that to really grow substantially and double in financial year 2026, which allows us to become cash flow positive during financial year 2026, probably towards the end of the year. We become self-sustainable, and after that, we see positive cash flow generation going forward.
Our ambitions in the medium term, three to five years, are for annual revenues in excess of GBP 60 million, and from the contracts, the 12 contracts in design for future supply and the four in supply, we currently see that assuming our NRE and our design revenues remain at the same level, we see that achieving that target or 85% of the supply revenues required to get to that GBP 60 million overall revenues, we will meet through our existing contracts. We have a clear view of how we get to that GBP 60 million from what we've done currently, and we just need to execute on these contracts that are currently in process. Longer term, six to 10 years, we have aspirations based on our order book and opportunities to get to GBP 100 million of revenues.
If we win one of these large satellite opportunities, we would expect that to be in the six- to seven-year timeframe. Otherwise, it might take longer, but we definitely see ourselves achieving those high levels of revenues, and especially if we continue to win three to four contracts over the next 12 months and beyond every 12 months, which is really what we're now targeting to do. We see the global chip cycle moving ahead positively in 2025, 2026.
Although certain global events will create uncertainty, we've seen some uncertain messages coming from the U.S. in the last few weeks, but really, we believe that our specialist niches will allow us to win three to four contracts every year going forward, and we are quite confident that we can continue to build those annual recurring revenues, which is really why we started on this journey to become a fabless semiconductor company. Our biggest challenge with winning these contracts is to recruit the additional qualified engineers that we need, but we are working hard on that, and the team is really focused on delivering. We are super excited about where we can get to for the rest of the financial 2025 year and then beyond.
Thanks, Kristoff. I mean, I'll just summarize before we go into questions. We've had an excellent start to the financial year 2025 with some really high-quality design wins. I mean, that's given us good visibility of revenues for the rest of 2025 into 2026 and beyond, and we still have a strong pipeline of RFQs and opportunities. That chip supply is building that valuable strong recurring revenue stream, which will improve our cash generation. On the right there, you see the lifetime value of the chip supply of those 16 projects we have either in production now or coming through the design phase is worth GBP 241 million. I mean, that's great visibility to have, and we still have a strong pipeline of opportunities of GBP 431 million. We expect other design wins to be coming in soon as well.
We've had accreditation from world-renowned customers, which has put us in a good situation to attract new.
If you can please do just bear with us. We will reconnect in very shortly. One second. Please do bear with us just a few moments just while we reconnect in. Thank you very much indeed. Thanks, everyone. Please just do bear with us. Thank you very much indeed for your patience. Thank you, Kristoff. Let me just request control there, and I will bring you back through. Thank you. Thank you. I can see you reconnecting. Thank you very much indeed. Just bear with us, ladies and gentlemen. One moment. Thank you.
Hi, Ian. We can now hear you, sir. I do apologise. We did lose you momentarily, but you are back. You are back with us. I'll just turn.
Okay. I'm not sure what that was.
We'll just turn the camera back off. Thank you very much, sir. If I could hand back to you just to carry on with those closing comments. Thank you.
Please do carry on.
Any other questions?
Sir, if you've finished on that summary slide, yes, just give us 30 seconds. Ladies and gentlemen, please do continue just to submit your questions on the right-hand side of the screen. Just simply type in your question into the Q&A tab and press send. Just want to take a couple of moments for Ian and Kristoff just to review those questions. I'd just like to remind you the recording of this presentation will be available on the Investor Meet Company platform. Ian, Kristoff, if I may just ask you to read out the questions where it's appropriate to do so, and then we'll pick up from you at the end. Thank you.
Okay. First question, during this reported six-month interim period, has cash flow improved, and do you think that the additional costs of employing staff from April 25 will impact your cash flow adversely? I think we went through the cash flow for the half year in detail. How we see the full year progressing is because of those five signed ASIC contracts, we really see the NRE activity taking off, and this will allow us to invoice those milestone payments, which we expect to cover our outgoings over the next six-month period. We therefore only expect a smallish outflow of GBP 0.8 million, and we expect to end the year with cash of GBP 2 million.
In financial year 2026, I think, as we mentioned, we start really seeing that increase in supply revenue as well as the existing contracts, and therefore, for most of the year, we expect to be more or less cash flow neutral and then slowly start building cash in the last quarter of the financial year 2026. Okay. How much will the full chipset cost for the proposed ground terminal receivers be for LEO and the IRIS² satellite?
There is another question that talks about the volume. I mean, for commercial reasons, I won't go into sort of specific costs of the chipsets, but I mean, it's worth saying if you use the sort of Starlink example, the Starlink terminal as an example, that has around 600 RF chips in there, a dozen or so beamformer chips, and a modem chip.
Our estimates are that that is $300-$400 worth of semiconductors, and they have 4 million subscribers. There is a huge semiconductor content within those user terminals. We would expect any other constellation like IRIS² to have many hundreds of thousands, if not millions, of subscribers to make it worthwhile putting up such a constellation. Next question, what were the staff numbers in H1 2024, 2025 divided by technical and non-technical? Staff numbers were 175, of which approximately 150 were technical and engineering, and 25 was administration and SGN.
I do apologize. I think we do have a VPN.
We've won. Mainly these will be in the technical category with very limited in terms of general and admin staff.
What are the new order flows looking like by sector? What confidence do you have in making targets? As we mentioned, GBP 431 million in the sales pipeline. That's a number of opportunities across the various sectors. It does vary. Short term, we are looking at one or two additional contract wins over the next six to nine months, and these are mainly around the automotive and industrial sectors, although things could change very quickly as we're in a fast-moving industry. Yeah. It's worth saying those five design wins really, under talking about the targets there, really underpin the targets for sort of 2025 and 2026. They're already booked. What is the target margin for the back-end supply of chips in contracts?
We're targeting average margins of around 40-50%, although that does vary depending on the chip. We've recently won contracts where we're expecting a margin of as good as 90%, but there could be other more competitive areas where we will accept a lower margin of down to 30%. It does vary, but overall, we're targeting 40-50%. What we are seeing is, as our IP and know-how improves and we design more chips, that allows us to be more competitive in terms of our pricing and also achieving higher margins over time in the contracts that we sign.
Okay. There's one here that seems to be a lot of players in the satellite beamforming technology sector. Can you provide more details of what gives you? It gives EnSilica the competitive edge.
As I said, I mean, this is an area where we've been working on since 2018. We've developed a lot of unique IP in this area. I mean, we're very much looking to put together a full solution. There's more than just the RF chip. There's the RF chip, the beamformer chip, and other chips in there. We're looking to put a highly integrated solution together which minimizes power, minimizes cost by using standard CMOS processors. We believe we've got competitive advantages and key know-how in this area that we can get those design slots.
Next question, how are gross margins developing within the new supply contracts you have won? Also, how are you seeing those developing?
I think this is covered by the previous question in that we said that it's anywhere from 90% down to 30%, but on average, we're targeting 40-50%. Really, because our IP and know-how is improving, this allows us to target higher margins and to slowly, over time, improve our margins. As we see supply becoming a much larger part of our revenues, that should improve our overall margins, and these will start going above the 40% mark and more towards the 50% mark over time. Another question, clearly timing of orders and revenue that flows from them is difficult to be precise on, but can you give me more detail on your confidence for H2?
We feel very confident about H2, and that is really underpinned by the strong performance in the supply revenues, which gives us confidence about achieving the GBP 6 million there. Also, the five ASIC contracts that we won in the first half, unfortunately, there is a lag from when we sign the contract to it until it really ramps up in terms of the level of revenues, which is why we have not seen the uplift yet in H1, but we are really expecting to see that in H2. We feel very confident about achieving our full-year forecasts. What is the average length of the supply phase of your existing contract? Do they have committed numbers of chips to be delivered during the period? Can the customer reduce this number at any point?
The average length of the supply phase of the contract is 7-10 years, although it could be longer, and in a small number of instances, it could also be as low as 5 years, but generally 7-10 years. The customer does not have a committed number of chips to be delivered during the period. They do provide us with forecasts during the development phase of what they expect, and then during the supply phase, they provide orders due to the lead time and also give us detailed forecasts for the later period. We have quite a good view of how much we are going to sell in the next 6-12 months in terms of our chip contracts. We also have customers like Siemens, which are very, very precise in terms of their forecasting, and these run like clockwork.
That gives us additional confidence over the longer period.
Yeah. I mean, it's worth saying there's a portfolio effect as well. Some of them will over-deliver, some of them will under-deliver. We've seen one example with the automotive one. We'd assume that that was a $25 million contract, and that's been built into additional models, and it's now up to $40 million. There's possible upside on these contracts as well.
Do all NRE contracts always have a supply phase?
Ian, correct me if I'm wrong, but I believe the answer is yes, unless it's manufacturing services.
Yeah. I mean, we would describe if it didn't have a sort of supply phase, we would put that in the consultancy area where we're just doing the design and not the supply. The answer is yes. Where and how will you find more qualified engineers?
What is the attrition rate of your current engineers?
Yeah. I mean, the attrition rate is very low. I mean, maybe as low as 5%. We give our engineers very interesting work and very low attrition rate. We've got multiple locations, including three sites in the U.K., as well as two sites in Brazil and one in India. We look across there for the best talent. We've got extremely good engineers and good people attract good new people. We are confident we can recruit to meet our needs.
How is the GBP 241 million split between supply versus design in the 4-12 in terms of chips? Unfortunately, we do not have that detail to hand. What I would say is that it is generally spread reasonably evenly across the 16 chips.
Most of our supply is anything between 15-40 million, and we have quite a good spread, which gives us a nice portfolio effect on these.
Yeah. I mean, I think on that point, the 241 is the supply revenue from the chips. It excludes the design revenue.
What steps can we expect the team to take in order to get gross margins closely to that stated 40% target? It really is continuing to win those ASIC contracts. The fact that we won the five already and the fact that we are going to be extremely busy in the second half of the year is really going to help us achieve that. We need to continue winning a certain level of contracts in order to keep them up.
On the supply side, as that grows, it will be important to win work which gives us supply margins above the 40%. The fact, for example, the one contract where we expect 90% margins is going to really assist us in slowly driving those supply margins up once that comes into supply. Of the pipeline opportunities, can you help us better understand the breakout between follow-on contracts compared to new initial contracts?
On the consultancy side, there are follow-on contracts. In terms of the design and supply side, this is an area we have moved into recently. The repeat business we have there is with Siemens. All the others, we are just doing the first ASICs for them.
Do you need to raise cash through replacing? The answer is no.
We expect our current contracts won will cover our outflows, and therefore, we expect to have GBP 2 million at the end of the financial year. We expect our contracts to further cover our outflows together with our supply revenues until we slowly start seeing positive cash flows and we slowly start building those cash balances up. The answer is no, we do not need to fundraise.
The contract win momentum looks very strong. Would you characterize this as exceptional, or do you think a similar rate can be sustained?
The answer is no. We had a very good period in the last six months winning five. I think we would like to win five every six months, but it is probably not realistic. We are looking to achieve three to four in a 12-month period, although we would like to win five at least.
Okay.
I mean, I would just say that the fact is that we've got very strong customers. We get trade references and endorsements from those. It's actually making it much easier. When we first started with this model in 2016, I mean, it was a lot tougher to win customers. As one Australian golfer said, "The more I practise, the luckier I get." I think our hit rate is going up a lot now. We don't have the capacity to do 10 a year. Okay. If Starlink already has a working ground terminal, why is there need for a new chip designed by us? Those Starlink chips were designed by Starlink, actually manufactured by ST. They're not available on the open market. They're specific to Starlink systems.
What are the gross margins on the chip production, and how did F1 half compare with the prior two halves? As we said, it differs, but generally between 40% and 50%, that should be the same in the second half as it's generally the same supply product. We would hope and expect that to increase over time as the new chips go from being in the design phase into the supply phase. Is your beamforming chip meter meant for large ground stations, small terminals, or the satellite itself? I mean, as mentioned, we are working on customer-specific products for the satellite. Our target is the user terminals rather than the sort of ground terminal, gateway terminal, which is the terminal that each subscriber has. Given the specialist technical nature of your business, who are your major competitors? Do you consider you have key competitive advantage?
I mean, in the semiconductor industry, you have niches, and certain companies would have niches in different areas. Depending on whether we're targeting industrial or automotive or the SATCOMs, we would have a different set of competitors. Also, really, volumes depend. If we have very large volume opportunities, we then see the large semiconductor companies get interested in those.
Ian, Kristoff, thank you very much indeed. I think that's pretty much addressed most of the questions you've had from investors this afternoon. Of course, any further questions, we'll make those available to you. Ian, I wonder before doing so, before redirecting investors to give you their feedback, which I know is particularly important to you, whether I can or not, I could ask you for a couple of closing comments.
Okay. Thanks very much.
I mean, thanks everyone for joining the presentation and your interest in EnSilica. I mean, certainly a very exciting time ahead. I mean, we've been very fortunate to win those five design wins and really see the supply revenue flowing in. Very exciting times ahead for us. Thank you again.
That's great. Ian, Kristoff, thank you once again. Thank you. Thank you guys for your time this afternoon. If I could please ask investors not to close this session as we will now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of EnSilica, I would like to thank you for attending today's presentation and wish you all a.