I guess we can probably kick it off. Thanks everyone for coming and everyone that's online. I understand we have quite a few people online. Welcome, and I apologize that this presentation was actually released just a few minutes ago. Technicality, but I'll kick it off and of course, open to people to ask questions, et cetera. The introduction slide, I'm going to skip. Everyone here, I think knows the theme and knows the key things and the history of non-volatile memories. We have an updated analysis from Yole that came out more recently. No big surprises. You can see the size of the non-volatile memory constantly growing. Every year they add to the prediction. You can see here, ReRAM definitely taking the large market share of 50% in their expectation. By the way, ReRAM is just cheaper to manufacture and everything.
When you look at the number of wafers, and this is what we have on the right-hand side, you can see the number of wafers is actually much, much larger. It's just that ReRAM is cheaper, and that's why it's only 50% on the list. But I think this is really showing what we're seeing, what we're feeling in the market. It's very much in line with what we're seeing at Weebit. Advantages of ReRAM. Again, I think all of these things you guys know, and I don't really have anything to add on this slide. We'll talk about what's been happening more recently, and again, I'm going mainly to the right-hand side of the screen. Obviously we did the raise back in March.
We announced that we have three product companies tape- out, and I have a separate slide on that, so I'll focus on that progress, and we just recently in the quarterly announced expanding the agreements with key customers. We don't have that many key customers, so everyone can do their guessing. I'm not allowed to mention names, but this has been a very important milestone for us. I guess the result is looking at where we are and the 4C that just came out and the announcements. We are in a very strong position with AUD 167 million in the bank, so definitely enough for several years moving forward. We upgraded our guidance, so with all of these expansions that we've done with the key customers, we upgraded the guidance obviously in the yearly report in the end of August.
That's when you're going to see the final number, but it's been very bullish. You can see the line over there. Of course, the cash and the revenue, we're showing you the current status. Anyone who does any extrapolation for the future, we're not doing that here. You can see the numbers. I always repeat, the revenue numbers are much more important than the cash. Cash depends on achieving milestones. In some quarters, you achieve a big milestone, and there's a lot of cash. Some quarters, there are less milestones, so cash will go up and down and change. But I think the revenue is what's really important because that's something that we recognize over the life of the project in a much more organized way.
I talked about the three product customers taping out, and I think our shareholders already know what tape- out means, but I want to expand on it a little bit. First of all, just kind of trivia question, why is it called tape- out? When I started in this industry many years ago, we actually would prepare a tape. In those days, those were the storage devices, and when the design was ready for manufacture, we actually put everything on a magnetic tape, and we shipped the tape physically to the manufacturing facility, so that's why it's called a tape- out. I want you to understand why tape- out is so important in our industry. Now, many of you might know more the software industry, where you write your code, and then you say, "Okay, I'll compile it, run a few tests.
Oh, I have this bug, I have this issue. No problem. I go fix something, recompile, run it again, recompile, run it again." And you can go through that tens of times in a week because it's so simple and easy. In semiconductors, it's not easy, and it's not simple. When you send to manufacturing, first of all, manufacturing, you pay a lot of money to have it really go through the fab fast to get it in three months. A more normal cycle is four, five, six months. So it takes a lot of time. It's not a few minutes that you compile and you have the results, and it costs a lot of money because you have to pay for silicon wafers, you have to pay for the masks, you have to pay for everything.
Unlike software, in the semiconductor world, when you get to the point of tape- out, you actually have gone through very, very intensive tests of your designs. You actually are testing for power, for speed, for voltage, for a million different parameters, and making sure that everything is working properly. So when you get to tape- out, the chances that you have bugs are pretty slim. I won't say zero because obviously there are always some bugs, there are always issues, but you're in a good shape. So what this slide basically means is, A, product customers believe ReRAM is going to give them value, and they actually went through the whole process of signing up with us and paying license fee, going through the whole design cycle, and going through all the testing and everything, and getting to the point where they actually ship the design.
Today, it's not tape anymore, it's through the internet to the manufacturing facility to manufacture. We actually already said that one of those chips came back from the fab and is already running software, so it's in a much better shape. Now, this is a very important milestone, but it's a very important milestone on the way to what is the number one milestone in the history of a semiconductor company. The most important milestone that you can have in a silicon company is getting to the point of mass production of your first product. And that's our goal right now, to get to that mass production, what in the industry we refer to as silicon proven.
Because until you get to that point, people can still claim, "Yeah, you have silicon and it's working, but it's probably under very specific conditions, and maybe you have all kinds of issues," and blah, blah, whatever. When it's in mass production, it's in mass production. All of these background noises disappear. We're very focused on getting to mass production. We're not giving indications. It's really confidential information of our customers when they're expecting to get to mass production. Excuse me. We are on the way. No matter how you do the math, you can see that in 2027, we should be getting to mass production, and I think that's the important thing. This is an important milestone for us. Three products. It's already not just one, esoteric or whatever.
It's already you can start seeing that it's becoming more systematic, and we're very proud of this milestone. Actually, one of these customers is already willing to be named. This is a classic Silicon Valley type story. It's a younger startup, a relatively small company, but the people who started this company are very experienced, from the industry, known, and they're doing a battery intelligence platform. That's what their chip is. They're using our ReRAM in it, and they're targeting first. Actually, they already made it public, so I can talk about it. They're targeting to have mass production in a year. We're working with them and making this happen, and this is very exciting for us. Now, the fifth thing is that we have the existing customers expanding usage. For us, this is a great indication.
When we're talking about the existing customers and we're talking about key customers, again, I'm not allowed to mention names, but I'm sure you guys are realizing who they are. These guys have started working with us. They saw the initial results. They're happy with the results, and now they've been expanding to additional product lines, additional business units, and this is what really pushed forward also the raise in our guidance once we started seeing the results of this. They sign up, they sign the initial license. We work for a lot of months on technology transfer. They build confidence, and as they build that confidence, they get to the point where they expand the agreement. Remember, our key customers have many product lines. Their product list is pretty significant.
It goes really into all of these very strong partnership, strengthening the partnership with new applications, new products in additional business units. Eventually, what this really shows, and it shows that to the market, is there's a very strong customer endorsement because they wouldn't be expanding their agreements with us if they wouldn't be happy, if they wouldn't be seeing the value of our ReRAM. Obviously, this leads to larger opportunities and increasing the revenue, et cetera, and strengthening the long-term relationships with us. Now, where are we heading and what's happening? I think you guys know the slide. I've already been showing it a few times from the Crossing the Chasm book. We've signed up with the early adopters, and now we're kind of in what's called the bowling alley, where we're still working on one customer at a time.
We're still focused on knocking one pin at a time. I'll talk in the next slide about exactly what's happening with all of these deals. We are expecting to get to the tornado. My basic feeling is we're getting much closer. Mass production, obviously, is a key trigger to that. Before I go into the details where we are on these deals, let's first of all understand something that's happening in semiconductors, and the semiconductor market is undergoing huge transformations right now. I think many of you are following the Weebit share price, but if you guys are following what's happening in the semiconductor market, you can see that Weebit is just following the trends of the rest of the market. The AI demand is huge. It's huge. I've never seen something like this before.
Now, in our industry, again, to get you to feel this industry, demand for semiconductor is always growing. It's always this line that goes rising up, and that's been true since I joined this industry 46 years ago already. Now, at the beginning, there's enough capacity in the fabs that everything's fine. But as the demand grows, at a certain point, you cross the available capacity. Now suddenly there's over-demand, there's not enough, everyone goes crazy. The company starts building new fabs, and that's a step function. You suddenly have a lot more capacity, so you're addressing that demand again. Everyone calms down, everything becomes normal again until that line crosses the new capacity level, and again, you have the same thing.
That normally is about a four-year cycle, three, four-year cycle, that every three, four years, we get to the point where there's over-demand and everyone scrambles and builds new fabs and so on. What's happening now is the demand because of AI is way more than what we've ever seen before, and the scrambling and everything is much crazier. Now, you see here the revenues of the semiconductor industry. Just at the end of last year, if you would have asked anyone in the industry, the prediction was that the industry will reach a trillion-dollar level in 2030. That's what everyone believed. Guess what? We crossed it already. We crossed it. The expectation now is that this year we will already get to $1.5 trillion, so doubling the industry this year. That's a huge thing. It's not the normal growth that people would say, okay, 800, 900, whatever.
It's jumping all of a sudden. The demand is crazy. What happened to Weebit is we signed an agreement with Texas Instruments. We were sure that, wow, now everyone's going to start moving faster and everything. But now all of these fabs are so swamped with customer demands. They're going crazy, and they're saying to us, "Leave us alone. We know we need ReRAM. We know we're going to be using ReRAM, but right now, we just have so much to work on, we can't pay any attention to a new technology. We can't work on it. Every second in the fab needs to run wafers that are generating cash. We can ask for these huge margins now." The prices that they're asking for are just unbelievable, and they're getting these great margins.
We're not going to start running wafers with test runs of ReRAM when every wafer that runs through can generate so much cash. It's kind of a crazy situation. The market is going crazy. I can tell you unbelievable stories that I heard from people in the fab, from managers in the fab. They tell us, "A customer came and gave us a check for $1 billion . He put it on the table, he said, 'Cash it now, today. The money is in your bank. Just commit to give me all the wafers that I need.'" They had to throw the check to the trash. It's crazy. It's crazy when you think about what's going on right now. For Weebit, what this means is that suddenly, nobody has attention span for us. We're kind of trying to move forward.
Everything's ready, but the market is just not at that place. The fit is, like the slide says here on the bottom right, it's a temporary solution. There are so many fabs being built, and we will get back to the norm, and the markets will stabilize. Right now, we are really focused on building our infrastructure and preparing. If we're not closing the deals now, what can we do so that when the market comes back we'll be ready, and we'll be able to run as fast as we can. That's what we're basically focused on now, because you know that this technology transfer takes two years, and it's a lot of work.
We are now looking at how do we improve, build our environment so that we have a lot of and you can see it on the bottom right for the people on the video. On the bottom right, reuse. We're building a lot of prototypes and a lot of things that we can use later, so that when we sign up with customers, we can ramp up faster and not start from zero. There's a lot of work on building a library of templates in order to enable us to deal with that. We are working, looking at the top list, at strengthening our leadership. We talked about that when we did the raise. We are today, I believe already, the best ReRAM in the market, but we want to build that gap.
We want to really broaden that gap, become the undisputed leader, so that when people think about ReRAM, they won't be confused. They'll just say, "Weebit." Even when they go to TSMC or whoever, they'll just say, "Hey, guys, Weebit ReRAM is so much better. We want to use Weebit." We're working a lot on this. That was one of the three main things in the use of proceeds that we talked about. Working on this, looking at future big steps, not just improving the technology, but really doing things. You know that there was work on the selector and everything, and looking at advanced ReRAM technologies here. There's a lot of things that we're looking at for the future. Obviously, automating and building, streamlining our infrastructure and everything. We are now in the mode. We raised money. We have the money.
We can really strengthen our infrastructure. We can really build that gap and of course, focus also on AI, et cetera. Now, when I talk about building the gap, I decided, I was hesitating, but I said I will put one more technical slide. I won't go into the technicalities because it doesn't matter what these things really mean, but I want to give you a feeling for what we're doing. The market today, for example, the access time, the read speed, the common read speed is 22 ns, 25 ns. By the way, this is what Weebit also has right now. However, we've been doing R&D work, and we found ways, really creative ways, to bring the access time to below 10 ns. That's a huge thing.
When you think about all these systems that need to run as fast as possible, AI and other systems and whatever, access time is critical for them, and this will really enable us to expand, especially in the microcontroller market, which is a huge market, but also in other markets. Again, what access time exactly means and what it means, 10 ns, you can just see the gap that we want to build. The same thing goes with endurance. The market today, the standard is 10,000 cycles. We already qualified at 100,000 cycles, and we are now on our way to 1 million cycles. We know how to get to 1 million cycles. It still requires a lot of work. That's what R&D is focused on. But again, there are applications where having stronger endurance is critical.
When you talk about temperatures, the market today is in the 105, 125 degrees level. We qualified AEC-Q100. We already showed that we know how to work at 150 degrees, and we're even demonstrating already 175 degrees. This industry always moves forward. If you're standing in the same place, you're basically falling behind. We want to do exactly the opposite. We just want to keep growing as fast as we can. We want to improve the industry so that anyone who's trying to develop ReRAM will just realize that no matter how much they work, they'll never catch up to Weebit. That's the key message. Nobody will, no matter how much they invest, they won't be able to catch up to us. The same thing here, automotive architecture.
Right now, kind of the common knowledge or understanding is that if you want to go into automotive, you need to use an architecture which is 2T2R. Basically, two ReRAMs per bit. I won't go into why and how. We know how to do it with a simple one bit, and we've been demonstrating it. That's how we qualified AEC-Q100 on 1T1R. People sometimes have difficulty to believe that, but we actually did it. I won't go into all of the other parameters, but I just want you to understand, Weebit is constantly paranoid, constantly running forward, constantly improving.
Not only we will not let anyone catch up with us, we're going to broaden the gap so that even the customers of these foundries that are trying to develop ReRAM or have ReRAM, they will just go and say, "Hey, guys, we know you're working on your own ReRAM, but Weebit's ReRAM is better. We really want to use that." That's the big goal. You guys know the potential market. There's a lot of potential in different markets. I've shown this slide many times. Let's talk about, of course, AI, because you have to talk about AI, and Weebit is focused, as you know, on AI.
One of the very nice things is that the same ReRAM that we're working on right now is actually applicable for both embedded standard NVM and also what's called memory-centric computing, both near-memory compute, in-memory compute, neuromorphic, and all of that. The technology that we developed is applicable. We might end up, and this is definitely a potential at a certain point, trying to develop a version of this which is even more tailored to AI, to in-memory compute, et cetera. But the base technology is already good for it. We can already move forward. We can already proceed. ReRAM really is a great technology here. Flash can't do the scalability. It can't go to the smaller geometries. People are doing these things, trying to do it with flash, but the scalability is really hitting.
MRAM can't do in-memory compute because of the way that technology works. ReRAM is really the immediate response that can address all of these domains, and we're very excited about all the work that's going on AI and looking forward to being able to announce some of these things. Many people have been asking me, "You talk about inference at the edge, but what about data centers? What's going on with data centers?" ReRAM, first of all, it's a technology that is really tailored for inference. Whoever knows, in AI, you have the learning, and then you have the inference. Learning requires a lot of reads and writes, and whatever the endurance levels and stuff are way too much. We're not looking at that. But the inference side, that is actually what's growing the fastest.
Even when you look, not only in the end devices where basically AI is inference, but even in the data centers, this light blue is the AI inference. You can see that even in the data centers, the fastest growing domain is AI inference, and it is rapidly becoming the biggest share of usage in the data centers. We are very focused on inference. We're very focused on in-memory compute and making it more efficient. This potential market in the edge devices and also in the data centers, the potential here is huge, and we definitely plan to capitalize on it. I want to help you understand a little bit. We talk about in-memory compute a lot, and the team prepared a small video to explain a little bit what exactly is-
[Presentation]
[Presentation]
I hope it helps understand. I had someone asking me today about robots and stuff, and I said, "Hey, robots consume a lot of power." These things need to move, have all these engines, and they're not plugged into the wall. This works on batteries. You need this kind of technology to dramatically reduce the power consumption so that the robots won't die after an hour, and it'll manage to work the whole day, and you charge it at nighttime. Now, I'll actually expand beyond this video and just try to help you understand that when we're talking about in-memory computing, the operation that is constantly repeated in AI is multiplications of a vector with a matrix. Again, in the most simplistic way, what you really do is you're basically writing the vector into the memory where the matrix sits.
And because it's rigged in the right way, the result of that when you get on the other side, it's actually the multiplication. The data never moves. The data is in the memory, and it never moves. It's just the way that you connect things that causes that multiplication, multiply-accumulate it's called, to happen on its own, and you get the result really fast, very low power consumption. That's what we enable here.
[Presentation]
When we look at this, what you saw in the video, the traditional architectures are memory and CPU separate. The first thing that people are doing, and I talked about it in the past, what's called near-memory computing, is just putting the memory and the CPU on the same chip, but still they are separate elements, and they still need to communicate. They communicate much faster than between two separate chips, but it still is communicating between memory and compute. Today, there's a lot of work on in-memory computing. People are trying to do it with flash, but with flash, they have a lot of limitations. It doesn't scale to small geometry, it requires very high programming voltage, and it's slow to update. It's not an ideal solution.
That's really why people are looking today at ReRAM as a very good solution for in-memory computing because it is highly scalable, very fast, low voltage levels. You can actually have, again, when it's analog, it's not just a 0 and 1. You can start defining multiple levels in the same bit. You can actually have multiple bits in one bit, and those are all key advantages. There's a lot of work to be done here. Weebit is going to be working on it. It's going to take us a few years to really get to a full-blown solution, but we will be releasing this year already an initial solution and moving forward as we progress. We worked with a U.S. company that actually took our ReRAM and did their analysis on it.
There's a blog post that was released last week that you can look at. Very interesting results. They used our ReRAM for in-memory computing, and these are the results they got. 80x lower power consumption, 280x compute efficiency, improvement in compute efficiency. The latency drops dramatically. Really very, very interesting results from this company. I'm glad that we can start sharing results from all of these people that are using our ReRAM and analyzing them. To get to the summary point, this is basically the slides with the targets that we set up for the calendar year of 2026. We defined that for the calendar year, we said in the fiscal year, which ended in June and we'll be reporting in August, we set the revenue goals greater than AUD 10 million.
As you know, we now raised the guidance to above AUD 13.5 million, so we are definitely expecting to achieve this. First product company customer to pay us. We already have three, so we are definitely good here. Now, the big focus is on getting this first AI customer engagement and announcing that. So really, a lot of stuff going on, very exciting times for us. I think the next year and a half, two years are going to be really, really exciting. I think with that, I can actually end the presentation. I do not know how this works now if you-
Thanks, Coby. We might just take questions from the room.
You can put the camera on us at least so that they can see me when people talk.
Actually, they can see the room.
Oh, they see the room. Okay.
We've got a bunch of questions online, but why don't we take questions?
Yeah. People who came here physically get the priority. Any questions from the room? Yeah.
Have you got any update on the selector? Because I know you said previously CEA-Leti were working on some research with you, working on the selector. Is there any update on the selector?
To be honest, it's been work in the background. We had so much going on, and AI took priority over it. In the past, I used to say embedded is number one priorities. The selector and discrete is number two. It actually dropped to number three because of the AI. Let's say it this way, there's work going on advanced technology. I mentioned it, that was the one slide that I talked about. We are looking with CEA-Leti at several different options of major breakthroughs in the technology, not just ongoing improvements. It is something that we're looking at, but obviously it is on a lower priority right now with all of the work on AI. Yeah. Okay.
Oh, okay. Coby, you talked about the extended relationships. Without divulging into who that's with, on one side you've got the foundries, and the foundry that you've signed up is DB HiTek, and then there's product customers attached that you're working with. Again, without saying who they're related to, but it would be probably pretty clear that it's DB HiTek. When you talk about expanded relationships, those expanded relationships compared with the IDM, is that similar to getting new product companies if it was a foundry?
Is that what you're talking about when you're talking about? Because one of the things we're clearly looking for, we're looking for new relationships with chip manufacturers and new product company relationships. I just wanted to, if you can expand on that a little, just clarify that those expanded relationships, if that's with an IDM, that's in fact similar to getting new product companies.
Yes. Basically, the answer is yes. The IDMs are very big product companies that, Texas Instruments has 80,000 products in its price book, right? They have many business units in different domains and many applications and so on. Yeah, these guys, when they expand activity, and again, not going into names of who and what, but when IDM expands activities, it's basically like new product companies.
Okay. All right. Great.
Yeah.
It sounds as if your remarks about in-memory computing will rely on building systems at smaller nodes in the future. You've been doing that for a while, but how is that work going, building ReRAM below the 20 nm and so on? How is that work progressing, and does that affect who you might sign up in the future in fabs and so on?
We have been looking at smaller nodes. We have been simulating at what's called at the FinFET level, so below 20 nm, and have good results in the simulations. I can't really talk about engagements beyond that right now and what's happened, but we do know we do have the results in our hands, that we definitely know how to work in much smaller nodes than 20.
Thanks.
Can I jump in with another question?
Yeah.
This is sort of, if we are digging through the cash flows, the staff cost numbers went down in the quarter. That could be because of late bonus payments or timing of those bonus payments, but it has got me thinking about staff. Clearly with the boom in AI, engineers and the whole chip manufacturing boom that is going along with that, engineers are going to become, and the scientists and whatever, are going to become way more expensive. How are you going keeping and then attracting staff? Clearly, Weebit needs to grow to fulfill the objectives. How are you doing it in terms of maintaining staff, and how are you going to do it going forward? You have plenty of cash in the balance sheet, so you can afford to pay to keep the people. We are just interested in how that dynamic is playing out.
I guess, first of all, you pointed rightly that Weebit pays the employees a yearly bonus based on achievement, and that is on the calendar year. The bonus is paid in the March quarter, and that is why if you look historically, the March quarter, there is always a spike in staff cost because of that. Beyond that, I have been very cautious, even when we do raises and whatever, not to increase staff significantly. I am not the type of manager that likes to hire quickly and then fire people. I prefer to hire people when we really need them and make sure that they have a job and that we grow in a controlled and organized manner. We are growing all the time, right?
If you look at Weebit just a few years ago, every year when I talk about the number of employees, it is growing, and today we are already above 70. It is growing. We have a challenge. Israel is a very competitive environment. NVIDIA announced that they are going to be hiring 10,000 engineers in Israel in the next few years. It is just insane to think about Israel is a tiny country, right? How are you going to find So we have the challenge. We are focused on making sure, first of all, that the staff is very happy, okay? In terms of they have a very challenging job. They work with people that they highly respect technically. We really focus on hiring each person. Very talented people, very experienced people.
You can see it in the staff, you can see it throughout the company, so that they have that environment We are trying to make sure that the work environment is good and fun. For me, my basic sentence is, every employee needs to wake up in the morning with a smile on their face. Okay? They need to wake up with energy. "Oh, wow, I have all these challenges, and I am happy," and everything.
We are focused on that, and by the way, I will make a comment that many people think that you want to motivate an employee, just give them a higher salary. That is bullshit. Okay, excuse my language here. Employees want to know that they have a place where they have challenges, they feel that they accomplish things, they feel that they know that they are recognized. I am not downplaying salary, but that is just one element.
In Weebit, we focus on really giving the employees the recognition for their work and to make it a good environment. Bottom line is that, I would say practically, in my nine years at Weebit, and I am getting very close to nine years now, we did not have anyone leave because they wanted to leave, because they were not happy with Weebit or anything like that. People are staying at Weebit. We have many employees now that are accumulating many years, and I think that is a key part of the secret of success of Weebit is the staff that we have, very talented, and they stay, and they are there, and they accumulate experience with the ReRAM and everything. I think we are in a very good position with the staff.
Are we going to go online?
Yeah, let us go online.
I got a bunch. Some of these reflect some of the things you have already said, but how many design licenses did Weebit sell in the quarter?
We didn't really announce that, and I don't want to go into the specifics also because some of the deals are a little more elaborate than just a simple design license. But as we said, I think in the 4C, we did grow with key customers into new applications and I think new business units and so on. So it did grow, yeah.
Next one. What does IonQ's acquisition of SkyWater mean for Weebit, considering SkyWater's attention was previously focused elsewhere?
Actually, there's no change at all. SkyWater announced that to the market, that there's not going to be any change in the way they operate. I think everyone here knows that while we're disappointed that we can't really do foundry business with SkyWater, we are using them as an R&D fab, and we're manufacturing a lot in SkyWater because they're a mass production facility, so it's a great place for us to manufacture, and they're fast, and they're cheaper. So I'm very happy. At the end of the day, it ends up being very good for Weebit that we did the deal with SkyWater, even though we didn't get the customers.
There's a couple of anonymous attendee questions. They're not terribly controversial, so I'll go through those, but I encourage those that are joining to put their name to a question. But will there be capital raise in the next 1.5 years? What is the outlook for cash flow positive?
Well, look at the numbers. We have AUD 167 million in the bank. Oh, there we go. We have, in the past years, if you look at how much money we burn, it has been less than AUD 40 million, roughly. I think people know how to do the math, 169 divided by 40, and the revenues are growing. Currently, we really do not see any need for additional cash.
Okay. The next one, just on cybersecurity in general, what is the company doing to protect itself?
Actually, we are doing quite a bit. We first of all brought in-house the whole IT support, and we have now an IT guy who is focused on it. We also hired what is called a CISO, which that is his job. The CISO is a contractor, but his job is cybersecurity. His job is to constantly try to break into our systems and see where he finds weaknesses, et cetera. We also did even a full simulation where the whole executive team was sitting with Deloitte, and Deloitte simulated a whole status of break-in into our systems and how we react and what we do and everything. There is a lot going on all the time in terms of ensuring that our systems are secure as much as we can, of course.
Thanks, Coby. Next one. It comes from an area you probably do not want to share a lot on, but could you provide an overview of the status of the relationship landscape with onsemi, noting that they are already shipping chips from their Treo platform? What are they using in these chips by way of memory? Does the integration with Weebit's ReRAM also take a back seat at onsemi, given the revenues and margins on offer for them?
Onsemi is an IDM. That's the first thing. Which means the biggest customer that onsemi has is itself. It manufactures its own products. First of all, a company like onsemi would never engage with Weebit if it weren't for their product, in saying they want ReRAM. Because unlike a foundry, which basically goes, the customers are saying, "We want you to make this work. We want to reduce risk. Once you have this working, we'll engage." In the case of an IDM, they trust that they know how to manufacture. It's the same company. And so basically, in general, and without going into onsemi or Texas Instruments or any specific company, but with an IDM, as soon as you start the technology transfer, in parallel, you have the work going on with the product side.
Now, developing a product and getting it to mass production is also a very long process. It's easily also a two-year process, so it goes in parallel. With onsemi, we went through getting to the point of tape- out. We got the silicon back. We saw that it's working. We're now working getting into qualification and so on. And obviously, they've been tracking that with product feeds. Without going into the details of which and what and what the exact state is, again, it's all confidential information of onsemi. Onsemi and the Treo platform, again, I don't want to get into onsemi confidential information and things, but before they engaged with Weebit, they had their chips not only on Treo but in other places. And there were solutions. We've talked in the past, like having an external flash chip or all kinds of things like that.
I don't even know what they're doing, and I'm just speculating on that. But just like the industry worked before they had ReRAM, I'm sure that's what they're doing now, anticipating that soon they'll have the ReRAM running there and in production.
Thanks, Coby. Next one. Has Weebit had any direct involvement with Kevin Johnson from IBM, who was publicly working with BrainChip's technology while also incorporating Weebit ReRAM?
I saw that LinkedIn post as well, and I've had several questions about it, and I will be responding. In general, it looks like interesting work that he's doing, and I guess I can't go into more detail on that.
No, good answer. Next one, the partnership with the Korean government. We know this includes DB HiTek, but Samsung and SK hynix contributing here as well. Just a question.
I don't think they appear in the list that was announced for participants.
Next one. When do you believe the foundries will bring their attention back to the new technology discussions with the likes of Weebit?
As soon as capacity goes up again, as soon as some of the new fabs start working and addressing this very high level of demand, I'm expecting people to come back.
Okay.
In parallel as we progress towards mass production with the initial product companies that I already discussed. Again, the day that we'll have mass production will really be the day where I'm expecting a huge change in the market. But even before then, people will be seeing that there's progress being made.
Sure. There's only one final question, so if you have any other questions now is your time. But anything in the room before we go back to this last one online? Yeah.
How many PhDs have you got in the company?
I think the number is 20 right now.
20?
Yeah. So 20 out of the 70 folks we have are PhDs, basically in chemistry and physics.
Yeah.
I sit in those meetings, and believe me, it's very hard to talk.
I see one more, one actually-
Yeah
jumped in. The second last one. Fabs with smaller nodes, what are they currently using for non-volatile embedded memory if flash doesn't scale down?
Right now they need to use external flash chips.
Basically.
Some of them use MRAM, some of them have MRAM, but the real solution that they have is external flash chips.
Yep. The final interesting one to finish. But can Coby please sign MOUs with fabs IDMs to give confidence to the market?
Well, even when we sign MOUs, we do not announce them, so it would not help. We have signed in the past, by the way, MOUs with companies that we did not announce, so it would not really help in that sense.
No. Well, that is great. We have exhausted the audience, so if you just want to say a few final remarks, and we can finalize the day.
Okay. Well, first of all, thanks to the people who joined us here in person. I really appreciate it, and also the people online. As I said, Weebit is continuing to progress. The market situation is challenging right now with the delay of closing some of these deals, but we are definitely not just sitting very idle, and we are doing a lot to improve the technology, to improve our ability to deal with more customers in parallel by building all the infrastructure. We are making good progress on the AI front, and hopefully, for the shareholders, we will have some announcements before the end of the year on that. We have a target related to AI. Yeah, so a lot of work to do, and thank you everyone for continuing to support us, and I really appreciate it. I will see you guys.
Thanks, Coby.