Good morning and welcome to Sivers Semiconductors Second Quarter Report 2022. My name is Anders Storm, and I'm the Group CEO of Sivers. I'm gonna take you through the report today and give you some background to the report and other information. In the end, we're gonna stop with a Q&A session. If we look at the quarter in itself, it was actually just more or less flat on SEK 27 million compared to last year. As we've been stating that for quite some while, the first half is going to be a half that is challenged by components and lack of components to really start volume production for customers. However, we're seeing an improvement of that in the future.
Even if we look sort of at the first half year, we've been growing from January to June 34%, which is actually a little bit better than we thought due to the components. Also adding some NRE sales on that. We also have completed the integration of MixComm in this quarter, which has been quite a lot of work, but also extremely important for our strategy in the future in the U.S. market. We'll come more into that. Of course, an extremely important third contract with the Fortune 100 in U.S. coming in at about SEK 6 million for new laser sources for a very exciting future area.
The wireless team have signed up with Richardson RFPD, which is the sort of distribution agreement for the full world of say, selling 5G and SATCOM chipsets. This is something that is based on what MixComm have been doing, but even improved somewhat compared to the contract we had before via them. We also had a very fruitful IMS show in Denver, where we had a lot of different demos, live demos on the place. We were using Airvine's WaveTunnel Technology to demonstrate our 60 GHz technology. We've been working together also with KREEMO from South Korea. In this space, we've actually entered into the most exciting part of what they're doing, the Antenna-on-Display, which will bring us into handsets and different devices in the future.
KREEMO being one of the companies who can provide this to the handset makers and are already talking to different handset makers. It could be very exciting times for us going forward, what could happen there. Looking a bit more into detail, as I said, revenue just up 1%, EBITDA improved with SEK 1 million, and I think that is really good comparing to that we now integrated MixComm into this, and we can still keep the cost level. I think that was sort of one of the bigger takeaways with the cost synergies with the company and the research companies, hasn't really understood how well we could integrate that without increasing the cost base in that sense and still keep EBITDA on a good level.
EBIT, of course, down, but that's also mostly connected to the acquisition where we've done impairment losses of some of the products we earlier worked on with the Ampleon, for example, that we had to write off SEK 22 million due to that. Then we start the depreciation and amortization of the acquisition of MixComm, as I told you in the last quarter. Removing that SEK 34 million, we're actually very, very similar as last year as well, which I think is strong indication that we have integrated MixComm in even pre-money sales from them in a way, and can keep our cost structure intact, which I talked about in the press release about the integration of MixComm, where we actually are saving up to SEK 10 million a year in the integration.
If we look at the first half year, then we actually are growing with 34%, even if we were a bit worried about the first half due to the component issues. We're seeing now a lot of companies confirming also that components are getting better. We heard about Volvo, for example, recently saying that they fully stocked up on semiconductors again and so forth. We're very hopeful for the second year and that we can regain a sort of aggressive growth for that part. If we're also looking down on EBITDA levels, improving almost by SEK 7 million last year, including the MixComm from April.
We have the EBIT, and that's the same as for the second quarter here, that we have the impairment loss as well as the amortization and write-offs of MixComm, which will sort of increase EBIT level. I would say that looking at EBITDA or adjusted EBITDA currently is giving a more sort of apples-to-apples comparison to last year and going forward. If we look at the segment reporting, as I said before, this has been a quarter with challenges and when it comes to sales. However, we're also seeing a still sort of a great NRE development. We have actually increased NRE sales compared to last year.
As you can see, sort of hardware is where the challenges are with components for our customers. That's nothing strange. Looking at NRE, we've gone from SEK 13 million to SEK 19 million. I mentioned last time that we have a much better portfolio in the future. For the future, we also see NRE projects that we never, ever, earlier have had in the pipeline. North America is still going up percentage-wise. It's sort of down a little bit because of the SATCOM customers actually buying already components also on sort of a prototyping level. That's why Europe is a bit up compared to the last quarter. If you look at the significant events, I already mostly talked about them. Integration of MixComm, I'm gonna go into that.
The Fortune 100 and the RFPD, what we're doing in them, and then the IMS show. If we go into the integration, it is actually done now, and I'm very happy with the results. We now have Mike Nolan, who is sort of an icon when it comes to semiconductors in the U.S. He's now running as interim MD for the wireless business, but he's also put into place as a U.S. President of Sales for both wireless and photonics. With his network in the U.S., which we've sort of been after and with the whole MixComm network and customers, we think this is going to give us leverage.
We're already seeing in the sort of number of things we can send out to customers here, and things in the future can happen due to this acquisition. As I mentioned, SEK 10 million a year in synergies. We have done the write-down of SEK 22 million of the sort of overlapping products. Nothing strange about that. We talked about that since day one in October last year, so it shouldn't be a surprise for anyone that that is the fact. Also that was connected to the tier one customer that MixComm had and designed with and that we actually lost out on.
We sort of backed into that, and that was connected, of course, to the product we did with Ampleon, where Ampleon wasn't able to win that business, but we now won it via MixComm instead. We also have a good start with the customers in the US, and we see very positive effects of that. A partnership with MixComm is still intact and retaining GlobalFoundries, very important, RFPD and so forth. We also added a very strong person with Todd from Kairos Ventures, but also great addition to our network in the U.S. and on the West Coast, where Kairos Ventures is based in L.A., and working with a lot of technology companies.
To sum up a bit, what is it now that Sivers actually can sort of and we are addressing? We are supporting the convergence of some of the sort of most important future and current mega trends going on, sort of creating Web3, the metaverse, extending Moore's Law in computers, high-speed broadband with gigabit speeds or terabit speeds, even with silicon photonics, with AI labs, autonomous driving, health monitoring, and augmented reality and metaverse. All of these things, we now have products, we have already customers, and we have prototypes in many of these areas, which is very exciting for the future. Just to sum up, what is Sivers now today then? We are a company with 137 employees.
We have offices in Sweden and Scotland and the U.S. We have a very strong experienced team with 42 PhDs. We have a strong investor base with institutional investors as well as long investors in many of the investors that's been with us for over 20 years. We have a strong portfolio of 43 different design wins. We have three confirmed sort of Fortune 100 customers within photonics, and we have several other of the sort of most exciting photonics companies and silicon photonics companies as our customers. We're now addressing everything within high frequencies from 5G to licensed, unlicensed satellite communication. We can do different radars as well as all the photonics, which is sensors and so forth, as well as data communication.
We are now lined up for a very exciting future. We are seeing then from second half that that's going to be where sort of things starting taking off. To go in a bit on the new Photonics customer. This is our third customer, SEK 6 million, more or less. We are going to deliver this sort of non-recurring engineering project within 2022. We are already working on the samples. Everything's going very good. The plan is to deliver them in November. There's a multiple number of wavelengths for this product.
Unfortunately, I cannot go into what it's all about, but it's of course within those areas I mentioned, where we now have a customer, where we're getting close to sort of that kind of, let's say, consumer devices that is connected to this as well. If we look at RF, Richardson RFPD, they are a very strong global distribution company. They are extremely strong in the Asia Pacific. They have a lot of salespeople as well as sales engineers. Sales engineers for high technology, highly technical companies like ours is extremely important. Here we're getting access to those kind of feet on the ground, and they will distribute and help us to sell our 5G, both the licensed and unlicensed, as well as the SATCOM products.
We have a very good relationship with them, and hope to keep on building on that and show you results as we go. The Antenna-on-Display is, of course, a extremely important step. We've been working with KREEMO on the USB dongles and so forth, but this is opening up for our technology and specific to MixComm technology in 24-39 GHz to get into a consumer handset devices. This has been a market that we have been sort of saying that it's gonna take quite some time if we ever get there. With this acquisition, this is opening up, which is opening up the total addressable market for the company quite heavily going forward.
We hope to see results from this, the coming year and whatever KREEMO can be doing, and they're already working with different handset makers, and hopefully we can sort of enter into that. Of course, it's not any promises on that, but it's a very good opportunity, and we've shown that it works now in mobile in the IMS at Denver. If we go a bit into the different customer updates. I got a question on how it's going with MaxLinear. To recap a bit, we have a partnership with a quite large blue chip company called MaxLinear, who's doing basebands. Together with our RF, we can do 10 Gb links in the frequency band 57-71. We have already one customer working on a design.
Samples were delivered in June, and first volume, smaller volume batch in thousands of units will be delivered in September. This is going really well. However, I know that MaxLinear are a bit hampered on the, on their own basebands when it comes to volumes, and hopefully that will be easing up a bit more so we can actually go into to larger volumes during 2023. If we look at the indium phosphide platform, again, of course, we have the optical communication, optical sensing and radar, and we now have customers in all these verticals, and I'm gonna update you a bit on what we're doing in each and every one and what's happening.
We start with Ayar Labs then, which is in the optical communication market, which is both between computers, inside computers, as well as between the CPUs, sort of removing electronics between, and sending signals via copper. We are now sending it via lasers instead. Ayar Labs is a very exciting company with $130 million closed just in May, I think it was, with companies like Intel, NVIDIA, and HP. We have already delivered first samples and confirmed full spec compliance, and we are very excited to see that. Together with Ayar Labs, there will be hopefully then sort of joint information about this in around the September timeframe at certain events that will happen. This is quite exciting.
We are making good progress and this is going to be one of the more exciting areas going forward in the future, and we're quite proud to be part of this. We're not alone in this. There are other vendors, second and third source vendors as well. We'll be working on that and trying to become sort of the main vendor. Even if we're not the main vendor here, it's going to be a very large market where these laser sources will be heavily needed going forward. Ayar Labs are already talking about volumes next year. If we look at the number one Fortune 100 customers that we've been working for the longest, which is the consumer electronics company, as you know, we've been working with them for over three years.
We've got more than SEK 100 million in NRE orders up until 2021. This is in the optical sensing area for consumer devices. We've developed multiple sensor chips. During 2022 so far, we got something like $2 million in smaller orders. We haven't press released them specifically because they haven't been over a threshold of about five million SEK each, unfortunately, and also being difficult to press release with such a big customer. But we've got them. Just actually recently, we got three different smaller orders in different weeks here, only in July of approximately $800 thousand. This release is ongoing.
We're not coming yet to the volume phase, but it's ongoing and we're very happy to work on this and still being bullish about the possibility to reach the volume production here. If we look at the other customer we couldn't mention here lately, this is that was a SEK 5.3 million order in December. This is a U.S.-based customer. Great progress, expecting more NRE and volumes coming in, indicating substantial volumes in the future, and starting with smaller volumes already in 2023, but sort of growing heavily exponentially into 2027 when this sort of market will actually start happening. If we look at other Fortune 100 opportunities, we are in two others as well that we haven't yet closed.
We have shipped the sort of 4X VR laser reevaluation to one customer, and we have ongoing internal qualification to meet specifications to another customer. This is definitely not sort of the end of the Fortune 100 on the technology basis for Photonics. We're just starting, and we hope to add more, and the pipeline looks more interesting than ever. Now with Mike Nolan and MixComm team on the ground in the U.S., I think we can also accelerate our sales in the U.S. Market and supply. I mean, there has been, as I've stated now for quite some time already from Q4 last year, that there is a sort of component shortages for the first half. We're seeing a slowdown in the economy in general. Hence, it's also opening up and easing the sort of shortage in that sense.
I think that's gonna be positive for us that the smaller players that we are working with in mainly like in the 5G side of things we get access to component and the car manufacturing and all of those that has been pushing the envelope on this is actually now easing up and giving more room to other production also in the TSMC factory. We don't have shortages for us. We have a bit longer lead times in our own components, but otherwise it's gone really well and customers are redesigning. We are seeing positive things from August and forward for the second half. Overall, NRE quotes are at all-time high for SATCOM and Photonics.
We have not seen that much before, and we hope to see positive effects of that already in second half as well. Inflation, of course, that is questions I get and that is an ongoing dialogue with customers and suppliers. It is not so easy actually to sort of put these long lead time items. It doesn't change so quickly, but it also affects us in some ways. We're also monitoring closely, and we will of course increase pricing if suppliers are increasing pricing. It is yet to be seen, but I think there will be some effects. U.S. dollar has so far given us a positive effect. As you see, I mean, we are selling a lot in U.S. dollars. We're also buying U.S. dollars.
For example, from IHP in Germany, we're buying in euro, and now when we getting dollars in, and the euro-dollar is actually equal more or less. It hasn't been that forever, as far as I know. That is actually helping us in the cost sense as well for the chipsets we're buying from IHP. If you look at the different design wins, they are still ongoing. We have 10 design wins with customers that test 20 hardware products that is already out there. As I mentioned, Airvine is now sort of out demoing and coming to volumes here. We're seeing Fujikura is also getting there.
We know that Blu Wireless, when it comes to the track-to-train applications, that their customer, Evo-Rail, have built the first 50 km of building outside of London, and we hope to see more of that. It is easing up, and improving. We really hope to see more effects on this. Then of course, with our SATCOM customers, the tier one customer and others, we'll see things happening going into the second half, where we can see an increase on all of these things as soon as components is easing up.
To summarize things, Q2 a bit challenging, but overall, first half year is ending okay under the present circumstances, and the integration of MixComm is completed, and we have come up with an optimal, I would say, organizational structure and now have the opportunity to leverage the U.S. much more than we ever have. Expected to see growth accelerating in second half. Wireless and MaxLinear is volume starting from September already. Photonics has signed a very important agreement, and we think we can see more from that customer also on the Datacom side. Richardson RFPD, we've signed a distribution agreement, quite important as well to increase and drive sales in general. KREEMO Antenna-on-Display modules for metaverse and consumer electronics is a very important part of the things.
We still have a good cash position. We came out with cash of SEK 108 million in the end of the quarter and we are also expecting less cash burn going into Q3 than we've been burning before. Overall, I would say that we are sort of a bit over the expectations in the market when it comes to not burning cash and so forth, now and probably in the future as well. That is the overall presentation I have. I will now go over to Q&A here. As you all know, these windows are not so easy to read but I will start from the top and go down here. Okay. Your gross margin was down significantly compared to Q1.
Would you elaborate on this, underlying reason for this? I mean, if we look at the overall, our target is to be something between 40%-60% gross margin. This quarter, we was down sort of closer to 50%, and we had 64 something last quarter, which was above our expectations. This is connected to NRE. I mean, we are selling a lot of NRE. And the NRE margins are of course, less normally than when it comes to products. It is connected between that. Would you say that the operating expense were at a normalized level in Q2? Yes, I would say so.
More or less, the operating expenses is more normalized now, and we're getting into a situation where we sort of have a more sort of ongoing integration of MixComm and so forth, where I think we're at a normalized level, yes. You already said that you expected to be able to go public with the name of the SATCOM customer for second half. What's the status of that? Yes. There is ongoing discussions, and I hope we will be able to come back and be more open about the name about that within this quarter. I'm not sure if I mentioned the first half, but I promised that but I think during this quarter I hope to be able to come up with a name, hopefully.
Anders, would you be on the Sivers journey until the hopes and the future gets into a good position. Yeah, I mean, I'm here to work. I enjoy what we're doing. We have done a lot of work on Sivers now and to put Sivers in this position, and I'm here to be part of that. We put up a fantastic team now that working on what we're doing. I have no plans to leave, but that is a board decision, not mine, of course. You write in the report that you experienced the easier task of getting new customer but no new design wins for a while. Was it this materializes into design wins? Yeah, sort of.
We haven't gone out with sort of all the different design wins, currently. We want to be sort of more sure about things. We are seeing design wins as we go, but it's also been challenging in the sense that the sort of with the components and the market. I think it will ease up, and we will also. You will also see more of the sort of design wins and things happening going forward. I mean, for example, the Fortune 100 was a sort of a design win. Even if we don't really use the name design win within Photonics, it was still a design win, which is a major design win as well.
Have you got the forecast from customer regarding their need to Sivers components for the rest of 2022? Can you elaborate anything in more concrete level what you expect from the rest of the year regarding actual sales? We are unfortunately not giving any future forecast, and I can't say more than that we're expecting to see a much better growth on the second half of the year. Of course, we are receiving forecasts from customers as part of the contracts we have. When will volume start with the tier one customer and the Satcom customers? The tier one customer, we expect volumes in 2023. We are right now in sort of a prototype building and so forth. They are evaluating first prototypes, sort of now in August, something like that.
We're seeing the second prototype build or sort of the last build or whatever. Then we're seeing volumes during next year. I don't know if it's early or late. I mean, we have to see how that goes. When it comes to the SATCOM, they're already buying chipsets in the thousands. But of course, now we have finalized the hardware and are going into the second sort of phase of the hardware. And hence, I will also say that in 2023 will be the year where they will start buying much more volumes. And as you know, I mean, volumes there actually there is about 1,700 chipsets per station. So that's it gets to quite large volumes when that happens.
Anything about the first and second Fortune 100? Yeah, the first one I already talked about. The second Fortune 100 is actually in discussions of next phases and so forth but nothing new to report on when that possibly will happen. How does the cash burn look and what is the current thinking about potential new fundraising? The cash burn, as I said, we expect that to go down in the second half. We don't do forecasts on potential fundraising or that kind of stuff. As always, we're building a company here and we need to build a very substantial company in the future. There is sort of a lot of things that need to happen in the future as well.
Will Sivers be first, second or later source for Ayar Labs? When will they inform on this? I mean, we don't know yet. They need to try things out and all the way. I would say since these laser sources are sort of standardized in a way, I think that there might be sort of suppliers one, two and thre. If it's sort of volume size is any difference between them, we don't know yet. It might not matter if it's first, second or third in that sense. There will be more information, as we said in September, on how that is going. What's the status of orders from Cambium? They have been bullish about 28 for a while, but nothing seems to happen related to sales orders either from or to.
Yeah, I mean, we have orders from Cambium, and we are delivering on them. As I stated before, Cambium is just buying chipsets. They're not buying modules, which is sort of a lower amount of sales. Sometimes the orders so far, since they haven't sort of gone into some super big volumes, has not been in the biggest level. As you've seen, last year, we had a couple of orders that we went out with certain levels. They are working, but I don't think we should expect that Cambium is sort of the company that delivers some of the largest orders in general, because of that, they're just buying chipsets in that sense, even if it's some good volumes.
How much did you have in cash first of July? SEK 108 million, 30th of June. When do you think KREEMO will get into smartphones? I think that will start happening during next year. I know that they are already. If you go back and look at the press releases, they are talking about some handset manufacturers. I think that will start on that. Of course, then there is the build time and getting it to volume as well. How come you got such a significant pay raise despite revenue not increasing? Yes. I mean, we have been moving the company over the years. The company has been moving from you know, from an Aktietorget to a Nasdaq.
I assume that the board wants to keep me in the company and give me a market salary. Looking at similar companies, I'm still paid less than many of the other technology companies on the mid cap and even the small cap. I think it's to get me a salary that is in line with the market. That's just how it is here. You have, of course, to ask the board that they are setting my salary. How do you look at the cash of SEK 108 million? Do you soon need more cash? I mean, that's a good question.
As I said, we don't really go out and talk about sort of when we need cash and how we need cash. We are building a company here and it might need more cash. It might be that we are getting top line into a level where we don't need cash for any other things than investment. That is something we'll come back with. Which customers do you expect to give most revenue during second half to numbers? I mean, I don't talk about specific customers and what kind of sales they could bring in in that sense, unfortunately. I can't really answer on that. It's sort of out of respect to customers, and we do that in press releases normally.
Regarding the first Fortune 100, as the time goes on without a firm order, are you getting worried about potential evolving and competing technologies for sensor and they are developing? No, I don't worry about that. It's a very long project to get the sensor like this into the market. As you've seen, they invested SEK 100 million and now another SEK 2 million this year. We're getting orders of SEK 800K just here in July. I'm not worried about that at all. We have the technology they are using, and hopefully that will get to volume. As I said before, there is no promises that they're happening. Can you give an update on Fujikura? Yeah. Fujikura is working on many different projects. We are in three different hardwares that they've built.
They are a Japanese company, so they're quite a bit slower. They've done everything from trials with the buses and autonomous driving there and so forth. We hope to start seeing also them being able to start giving some volume second half this year. Yeah. You have worked for a long time with the first Fortune 100 customer. When do you think the pilot line would start? Yeah. I mean, we have been trying to get an understanding of that. We don't know yet, but as you've seen, we're getting orders, we're working on it. I think it's very positive that we are in the right situation there. Hard to say yet. Any volume sales in the pipeline through Imec? Yes.
I would say that when it comes to certain things we've been sort of going out with and shared that is connected to Imec. Imec themselves will not buy from us. Imec's technology with our technology will enter into customers' solutions, and because it's customer solutions, I have to be careful when I tell you what they are using and not. We can talk about our things and so forth. I think we're seeing customers I've already mentioned today in 2023. You started mentioning radar once now related to MixComm. Can you elaborate a thing on what kind of potential customers that you target and relate it to radars? Currently, it's more kind of sort of research and the military type of projects in the U.S. that MixComm has come in.
Those are nothing like the radars we have been doing before. There is, of course, potential for automotive radars and that kind of stuff in the future. We have not sort of done that. We have a few customers that are using Sivers' current sort of communication chipsets in radar solutions. There are ways of doing that, and it's not so big difference between a radar and a communication chipset. There are things that we offer in that way. That's why we keep radar as one of the legs, as well. What are the biggest things you hope for during second half?
I think that it's all about getting into volume and getting sort of things running now and that all the sort of components and pandemics and all of those things and even hopefully the war in Ukraine can go away and create a more sort of calmer market where it's more predictive what's happening. That's very important. Any news about the progress of NXP project? Yeah, we're working hard on that. I hope we can have more information before the end of the year, what's happening with the NXP project. It's been a long journey, not sort of just connected to us, but also to how NXP and what NXP are doing internally with their projects. We're making progress. Are you going to buy more shares?
Are you buying more shares? Yeah, I bought shares, and I did it before this meeting today, just so I don't need to get that question. Something about emission. Why? Okay. No, I don't know what you're talking about. There is no sort of share issue. Like, so I'm not sure what you're talking about. I've been buying more and more shares, and as some of you know, I got the divorce 1.5 years ago and had to give my wife half my shares, and I'm buying back and trying to get up to the same level I was at that point. You mentioned protected Datacom business for most recent Fortune 100 customer.
Does this mean that the company operates with both consumer electronics and data center cloud? Yeah, in some cases, there are customers who have things that are in consumers and also data center cloud. That's correct. Have you changed the way you are buying into the company? For example, buying nearer to Sweden or U.S.? Have you stopped buying from specific places, countries? I mean, we are a bit more West European, U.S.-focused, and also with the partnership with GlobalFoundries. We are more focused on that side. We haven't stopped, but we're trying to avoid eastern sort of supply chains in that sense, even if it's not maybe fully possible to not do that. Status on the MixComm bonus deadline?
Yeah, it's connected to some customer events, so I cannot go into exactly when and how that will happen. We are working on it and there is progress. What are your thoughts on cost control going forward in a world where inflation and recession is possible? Yeah, of course. I mean, as I said before, Sivers is a company that needs to sort of steer into profitability. We cannot sort of put the brakes on and get into profitability in that sense. We're only 140 people, and of course, we can reduce costs and do things then. We have our eyes on that. Inflation and recession is possible.
As I said before, in any way, the products we are selling and the things we're working on, even in a recession, they are sort of like water and electricity. They need to be there. Computers, communication, and all of those things will happen. I think, in a recession, it will in some way improve the situation on the components and all of that, and that will sort of help us. Inflation, as I said, it might be a challenge, but still to see if this inflation is going to stay here for a long while, if it's a short term. If we're getting into a recession, I assume inflation might go down and not stay at these high levels.
This is an ongoing thing that we don't really have a full answer on yet. What other areas do you see of interest for Sivers? Any new areas? Not really. I mean, we have the areas we've been talking about, and we are focusing on that. In the sort of new areas, I would say the most exciting right now is SATCOM and the silicon photonics areas in itself. So, I mean, that's still new areas that we're really happy with. Do you still see that Sivers would have a headquarters in Sweden in the future, or will it help the business to move it to the U.S.? No, I mean, we have no plans to move the headquarters.
We are a Swedish Nasdaq-listed company with headquarters here in Sweden. We have today 90% of our investors in Sweden and Europe. No, that's nothing that we foresee at the current. Do you believe you are a growth company that will deliver a positive result after. Or are you a hopeful company? I mean, our plan is to be a growth company that will start delivering positive results. It hasn't been sort of easy during this pandemic and component shortages and war in Ukraine and all of that has really been a tough time to sort of build and create a new company.
Of course our path to positive cash flow is what we're working at and that is what needs to happen and to take control of your own destiny, that is an absolute must. Do you think that 2023 will be a positive year for Sivers? As I said before, unfortunately, I don't give forecasts. I think 2023 is going to be a year where we can see if the market and all things sort of keeps at a good level. We can see a good growth year, yes. We have seen Mike Nolan's posts for Sivers Semiconductors many times on LinkedIn. Any comments? No. Not really. Okay.
I mean, in general, I mean, we are looking at companies, we're working with companies, we're talking with companies and you can always be sort of conspiratorial about who we're looking at and what we're doing, and feel free to do that. But we cannot really comment on companies. We like a lot of companies. We know a lot of companies, and we're working and talking to most of the companies in the market. If people like things, it doesn't automatically mean a thing that I think we're looking for. At IMS, how much attention did your products get? And did you have many new initial meetings with potential new customers? Yes, we had a lot of meetings. The week was full. We got a lot of attention.
As you might have seen in the Microwave Journal, we were pointed out to some of the most important parts. Any answer from Ericsson on the article about semiconductors in Svenska Dagbladet? No comments directly from the people I was sort of hoping, like the CEO and so forth. I have been talking to people at Ericsson, of course, as we know people there well, and trying to set up meetings to discuss this with people further down in organization. They told me that this had been noticed at Ericsson, and there might be some comments or not. I'm not sure if they would like to comment. I think Ericsson needs to take the responsibility and take the leadership on this and drive the semiconductor industry in Sweden.
There's so many things they can do that they're not doing today. Everyone starts selling volume soon? Yes, everyone is supposed to start selling volumes from Q3, Q4 forward. They are, of course, not starting with huge, and it's always a ramp up. Yes, they are. Okay. When can we as shareholders get the names of the Fortune 100 companies? Yes. I don't know, actually, because they are the ones who decide that. If we would go out and tell the names, we would immediately lose the customer. It has to be on their terms, unfortunately. I think we should all see it in that way that there are, sort of, a number of technology companies on the Fortune 100 lists, and all of them are great customers to have.
Independently of the name, please view, sort of the orders and the customers as they are quite good and interesting customers in that sense. Sometimes, you know, even the size of the Fortune 100 does not reflect the amount of things they're going to buy in a volume in some cases as well. It's better to maybe not have the name sometimes to just hype things to a level where they might not be. I would say all of these three companies are very large companies and we're very happy to have them as customers. Yes, the Capital Markets Day is planned on the 26th of September, I think. I think I have that in my CEO word.
Looking to come with more information there and also bring some of our very exciting customers that we have to that to share more. Okay, time is coming up here. I have no more further questions. I would like to thank you all for listening in. I've seen it's been something like 150 people popping up here in the middle of this vacation on this fantastic summer day here in Sweden. Thank you so much for listening in. We're really excited about the future, and we are now getting closer to all of the things we've been working on so hard. Thank you so much for joining.