Latest from Agoracom: Transcript of AGM
POET Technologies AGSM 2025 (Transcript of the informal part)
Source: apps.computershare.com Video: youtube.com
Glen Riley: As we move into the informal portion of today’s meeting, the company is pleased to share an inspiring and informative video. Immediately following the video, our CEO, Dr. Suresh Venkatesan, will offer his concluding remarks, after which we will open the floor for a question and answer session. If you have any questions or comments, please submit them through the meeting platform. But we kindly ask that you wait until the presentation has concluded.
We now invite you to enjoy this special video presentation entitled, “A Triumphant Transformation”.
Video presentation: “A Triumphant Transformation”
Narrator: In the second quarter of 2025, POET rapidly created a full production facility in the beating heart of the semiconductor manufacturing industry. The company opened the doors to an 8,000 square foot production floor in Malaysia that holds state-of-the-art equipment and provides every tool necessary to produce one million POET optical engines per year. Those engines will drive the next generation of hardware devices for the AI and data center markets.
Establishing a scalable manufacturing base in Malaysia
The manufacturing center in Penang asserts the company’s move from research and development to a commercial enterprise with the ability to scale up to meet the demand from our customers who are seeking to drastically improve AI and data center connectivity. The facility is the final piece of the puzzle. It establishes the capability for high volume production, a critical requirement to win large purchase orders.
From R&D to full commercialization
POET has systematically walked across the chasm from ideation to production, first validating the technology, then the products, and now finally manufacturing. Located inside of Globetronics’ massive building, the production floor includes Amicra flip-chip bonders, testing machines, including testing at wafer level, burn-in equipment, ovens used for bonding and packaging. In all, POET’s multi-million dollar capital infrastructure includes 25 units of equipment in Penang.
Our growing team of exceptional engineers operates them and works closely with our Asian headquarters in Singapore. Together, they bring scalable wafer-level innovation to reality. In less than three months, POET transformed its operations. Now we are ready to launch the next stage of our journey, and it will be the most exciting phase yet. POET is deploying products that are in demand by leaders in the high-growth sectors of artificial intelligence systems and hyperscale data centers.
These include cutting-edge achievements announced at this year’s industry showcase, OFC.
The POET Teralight optical engine: key differentiators
Raju Kankipati: The POET Teralight, our 1.6T optical engine, achieves industry-leading performance at the highest speeds available in the market. However, there are a few things that differentiates our solution. The first one, ours is an indium-phosphide on silicon, it’s based engine. We use EML lasers and passively assemble them on our optical interposer. This means our customers can expect excellent performance.
Our wafer-scale assembly process replicates a semiconductor-type of manufacturing where we flip-chip attach all the components, EMLs, drivers, MPDs, thermistors, all at wafer scale. This results in a high-volume, low-cost production. The second differentiation, which is a big deal, we use one of the unique EMLs out there, Mitsubishi’s 2x200G EML. It is a single small chip, which has two instances of 200G on it. So we use only four chips for 1.6T, yes, just four chips for 1.6T.
This is a huge cost saving and a compact solution. The third differentiation, our engines allow customers to release 1.6T DR8 and 2xFR4 pluggable modules using the exact same board design. This is a significant achievement for an industry because traditionally they’ve relied on separate engineering and manufacturing resources for DR and FR applications.
Innovations: POET Blazar and product evolution
Narrator: We also introduced POET Blazar, a multi-wavelength light source that is expected to drive AI connectivity to the next level. Those innovations are on top of the 100G and 400G applications that have been in the hands of our customers for months now and are going through the final stages of evaluation. POET’s product evolution and establishment of its Malaysian manufacturing facility is the culmination of 12 exceptional months for the company.
Award wins were racked up consistently as POET’s innovations for the AI hardware industry stood out among judges for programs such as the AI Breakthrough Awards and LightWave and BTR’s industry review.
Executive perspective on market readiness
Suresh Venkatesan: So our recent efforts to develop optical engines and now optical modules that can reach 800G, 1.6T, and 3.2T soon are becoming impossible for the industry and industry observers to ignore.
Narrator: Customer engagements have risen steadily, putting the company on the verge of wide-scale commercialization. A key to POET’s growth is our unique partnership with Mitsubishi Electric. The use of their state-of-the-art lasers enables POET’s customers to innovate and co-design distinct solutions with the optical interposer.
Mitsubishi supports some of the largest data center hyperscalers in the world, allowing POET to get a proverbial seat at the table in consequential dialogues about current and future projects for end users. Along with Mitsubishi, we have added a number of elite names, including Foxconn Interconnect Technology.
Raju Kankipati: A market leader like Foxconn deciding to use our technology is a huge boost for us and an excellent validation of what we have been pitching as our differentiation. For us, this is like jumping to a higher orbital and getting a step closer to our vision of bringing the semiconductorization of photonics process to the industry at large.
Narrator: Design and development operations were concentrated in Singapore, creating greater efficiency across the organization and reducing costs. Importantly, POET has turned its balance sheet from a reason of concern to a strength. Having raised more than $80 million in capital since the second quarter of 2024, the company has the financial stability necessary to focus its efforts on executing its roadmap, thereby satisfying customer demand and rewarding investors with maximum returns.
The positive impact of the past 12 months has positioned POET to achieve its goal of becoming the global leader in chip-scale photonics. It starts with the optical interposer, which, like POET itself, is closer than ever to realizing the enormity of its potential.
Remarks by Suresh Venkatesan
Suresh Venkatesan: Thank you. This is Suresh Venkatesan. It’s been a pleasure and it’s a privilege to welcome you to POET Technologies’ annual general meeting. Thank you for your continued trust, commitment, and support as we pursue our mission to reshape the future of photonics through our groundbreaking optical interposer platform. The past year has been transformative for POET Technologies, and as the video stated, triumphant in many ways too.
Strategic progress and design wins
We’ve moved forward with purpose and precision, executing on our strategic roadmap and advancing from innovation to commercialization. We’ve had significant momentum from product readiness to strategic customer engagements to expanding our footprint across the photonics ecosystem. We successfully transitioned from development to revenue generating engagements with multiple tier ones and strategic customers.
Our optical interposer platform was validated in several proof of concept and prototype deployments, underscoring its performance, versatility, and value across AI and data center markets. We are no longer talking about what our interposer can do. We are now demonstrating what it is doing in the hands of global leaders. Notably, we achieved critical design-ins with major industry players, paving the way for volume ramp in late 2025 and beyond.
These engagements are not just wins, they are testaments to the uniqueness and scalability of our technology. First, our collaboration with Mitsubishi, a household name in laser components, is a major milestone, as you saw in the video. We’re working with them to integrate a unique 2x200G EML into our Teralight line of optical engines, enabling 1.6 terabits per second transmission for next generation optical modules. This partnership elevates POET’s standing in the industry.
It gives us a seat at the table in roadmap discussions with some of the world’s largest hyperscalers. Importantly, it’s a model of how a supplier can innovate on top of our innovation, making for a powerful and mutually reinforcing collaboration. Our collaboration allows us to leverage long-standing relationships with tier one module companies and end users, and allows us to expand our engagements beyond those that we’re working on today.
This is exciting, and it gives us a vehicle to deploy our technology more broadly, leveraging one with the heft and presence of Mitsubishi.
Deepening customer and partner relationships
Our customer base continues to expand. AdTran is progressing steadily with their module design and has been adding some of the largest end-customers to their growing list of design-ins. We’re proud to be part of that value chain.
Luxshare Tech and Foxconn Interconnect Technology continue to be highly engaged partners, and we’re expanding our portfolio of potential products with them, as they sample our products and work with our team on customized solutions.
Lessengers is a new customer announced during our successful appearance at this year’s OFC conference. They’ve completed their module design, and we’re starting to provide them with additional optical engines so that they can complete their qualification. They’re a client we can grow as they expand their product portfolio as well.
We initiated our first shipments to Celestial AI and expect to ship to our outstanding purchase orders this year with NationGate as our module bring-up partner.
Even while we work towards succeeding generations of the solution for improved scale and cost, we now have sample purchase orders across more than 10 customer engagements, and we’re working tirelessly to fulfill that demand, even as we finalize qualification of our new production facility.
Strengthening manufacturing and supply chain capabilities
From an operational and manufacturing standpoint, this year marked the start of qualification for our new optical engine manufacturing facility, a key enabler of our scale up strategy. The facility housed in Globetronics is designed for flexibility and high yield, and supports both internal production and customer-specific module assembly. This is a key element in meeting both immediate backlog and future volume requirements. Early results have been highly promising in terms of yield and performance.
We’re also strengthening our strategic partnerships with industry leading OSATs and module integrators to ensure supply chain readiness and scalability. This includes a partnership with NationGate, a leading contract manufacturer, for POET’s fiber attach solutions and our external light source module assembly. More on that in a moment.
With Globetronics and NationGate, POET can produce more than 1 million units per year, and that will be the minimum needed based on the robust and enthusiastic feedback we have received from customers as they integrate our optical engines into their devices and witness for themselves the exceptional results.
Technical advances in the optical interposer platform
From a technology perspective, our engineering teams delivered major enhancements to the optical interposer platform, including improved coupling efficiency between passive and active photonic elements, higher channel densities for 400G, 800G and beyond, and integration of new active components like the EML lasers and the 2x200 EML lasers and modulators tailored for AI and high-performance computing.
These innovations reinforce POET’s leadership in hybrid photonic integration and the ability to deliver solutions that are compact, cost-effective and power-efficient.
Smart FAU and Blazar: simplifying complexity
One of the more exciting developments this year has been the creation of our Smart FAU, or Smart Flex Alignment Unit. This is a novel integration concept that dramatically simplifies the incorporation of optical isolators, whether in module assembly or in external light source packaging.
It sits at the output of our optical engine and significantly reduces complexity and cost, especially in high channel count applications. Smart FAUs will be produced in collaboration with NationGate by the end of this year, and we expect them to become a key differentiator in high-volume module designs.
We also continue to make good progress with our Blazar solution, which is a novel laser architecture designed for low-cost, multi-wavelength applications. Blazar, in conjunction with the Smart FAU, promises to dramatically reduce cost and complexity of external light sources, which will go through significant growth starting in 2027. Innovation remains our engine. We’ve expanded our patent portfolio with several new filings over the past year, covering not just the core of our optical interposer, but also new device concepts like the Smart FAU, integration architectures, and advanced packaging techniques.
IP expansion and positioning for 3.2T
Our IP strategy ensures long-term defensibility and value creation as we scale. Interposer solutions for optics are now considered indispensable as the industry moves towards 3.2T. As leading companies contemplate solutions and architectures for 400G per lane using indium-phosphide components, POET has squarely in the discussion on co-development and co-architectures that will result in competitive solutions and architectures.
We cannot be happier with our current engagement and position in the ecosystem.
Industry recognition and awards
In the past year, POET Technologies has not only advanced technologically, we’ve also been honored by the broad industry for our innovation impact and leadership. Here are two of the accolades we proudly received.
- The 2025 LightWave plus BTR Innovation Award: Our Teralight 1.6T optical engine received top honors in this joint award program for its ability to deliver scalability, energy efficiency, and integration flexibility for hyperscale data centers and AI workloads.
- 2025 AI Breakthrough Award for Hardware Innovation: POET was named among the top innovators enabling next-generation AI infrastructure, with specific recognition for our ability to reduce optical interconnect complexity while increasing bandwidth density.
These 2025 awards build on a strong foundation of prior recognition. Together, these honors validate not just what we’re building, but how we’re building it with technical leadership, strategic foresight, and a focus on solving the most pressing challenges in high-speed optical connectivity.
Organizational consolidation and financial outlook
In 2024, we consolidated our development footprint in Singapore, transitioning out of both Super Photonics in China and Allentown in Pennsylvania.
We continue to expand the team in Singapore in response to expanding development requirements and the need to continue penetrating the market with additional customers. We maintain financial discipline while making focused investments in R&D, customer engagements, and infrastructure. We secured additional funding, positioning us well for the next stage of growth.
Growth companies need strong balance sheets as we look at the AI landscape whose growth has surpassed everyone’s expectations and exploit our leadership position in integrated photonics, having a strong balance sheet for the first time in our history. Both establishes our staying power and the ability to scale in the minds of our customers, and to add to this our historically high share value and the number of opportunities for inorganic growth also expands exponentially.
While POET is not in a position to provide forecasts of the AGM, we’re extremely bullish on our customer engagements. They are trending in the direction necessary to make POET a commercial success. Our pipeline of NRE revenue is a window into volume sales and we’re now more than excited as that book is building. To that point, we are actively expanding our sales team in Malaysia and China to meet the growing interest in our products.
Outlook and strategic priorities for the coming year
Looking ahead, the surge in demand for photonic solutions driven by AI, edge computing, and high-speed networking represents an enormous opportunity. POET is uniquely positioned to capitalize on this wave with a differentiated platform, growing customer validation, and a product roadmap aligned with industry megatrends. We are executing on every front. Commercial engagements are converting to real business. Manufacturing capacity is coming online.
Our technology continues to evolve with market-leading innovations, and we’re forging industry relationships that place POET at the center of the next wave in photonics, from AI and hyperscale to telecom.
In the coming year, our priorities include converting design wins into volume production contracts, completing customer qualifications and shipping initial volumes, scaling up our manufacturing operations, qualifying our new manufacturing facility, and optimizing costs, and expanding our product portfolio to include multi-wavelength and co-packaged optic solution using Blazar and Smart FAU innovations. We have a clear vision, strong momentum, and unwavering commitment from a world-class team.
None of this would be possible without the extraordinary dedication of the POET team, the guidance of our board, and the confidence of our shareholders. We’re building something rare and valuable, a platform company at the frontier of photonics. And we’re doing it with integrity, vision, and resolve. Thank you for being on this journey with us!
Question and answers
Manufacturing capacity and supply chain scalability
Adrian Brijbassi: Suresh, we’ll now present you with some questions from shareholders. The first is, do you have enough manufacturing capacity to meet demand?
Suresh Venkatesan: Absolutely. I mean, we spent a better part of this quarter, you know, moving equipment, of course, from super photonics, but also making some additional investments in capital equipment that allows us to seamlessly deliver at wafer scale a million optical engines a year. As the demand grows beyond that, you know, I think the relationships that we have in Penang allows our contract manufacturers to make additional investments for capacity expansion.
So it really places us in a good position with regards to capacity and requirements over the next 12 months and beyond.
Adrian Brijbassi: And what steps has the company taken to ensure stability and scalability across packaging, testing, and supply chain partners as those volumes increase?
Suresh Venkatesan: I think, you know, one of the key things, I mean, apart from, you know, all of the political noise around, you know, the geographic issues with China and manufacturing there, you know, one of the things we wanted to do as we transitioned out of Super Photonics into Globetronics was to ally with an OSAT that has, you know, decades of experience building semiconductor products.
We intentionally allied with a semiconductor OSAT, because what we’re trying to do is semiconductorize photonics. So what we’ve done is taken a somewhat different approach than traditional OSATs or traditional contract manufacturers.
We went with the fab-in-fab model, where we have our own clean room inside of Globetronics, where we do all the differentiated optics assembly and let Globetronics and the OSAT community handle the electronics assembly that is also required as part of our optical engines. So, you know, allying in that context with people or contract manufacturers that have done this, you know, build billions of units for very large companies, gives us a manufacturing stability, right?
And we’ve been able to seed the manufacturing capability with our capital first, right? And as that ramps up and the business starts growing, then it allows our OSAT partners to make additional capital investments on their own, which is already being done in the context of Globetronics. So I think from a stability perspective, I don’t think we’ve been more stable.
And for the first time, we’ve kind of really made that commitment in terms of semiconductor wafer scale production, which Super Photonics wasn’t going to do for us. And scalability is taken care of by two really well-established contract manufacturers in Penang, in Globetronics and NationGate. And then between the two of them, they have tremendous, not just clean room space, but tremendous capital capability to continue to expand our manufacturing base.
Co-packaged optics (CPO) strategy
Adrian Brijbassi: Okay. We have a question on the CPO module. The CPO module was shown during a 2022 presentation with the recent buzz surrounding NVIDIA’s CPO plans, is there a future offering that POET is still pursuing in that area?
Suresh Venkatesan: Yeah, CPO has been around for a while. We’ve talked about it for almost five years now, and now it’s slowly starting to become real with not just NVIDIA, but also Broadcom and several other customers. And co-package of optics is kind of a generic term, but largely revolves around having an external light source and then your PIC, which in the context of many companies is a Silicon photonics-based solution.
So our presence in the CPO market is to provide the high-value solution into CPO, which is the external light source. And we’ve also been taking our time with our investments as well as our development in that space, because you don’t want to be too ahead of the market either.
But now that we feel that that market is going to be real and it’s going to be large in volume, probably starting production ramp in 2026, but really starting to hit really high numbers in 2027 and beyond, that’s the projections of the industry for CPO. So I think the development of the Smart FAU, the development of Blazar solutions, for example, are all going to get ready to intercept in 2026 what we expect to be a relatively dramatic growth trajectory in external light source requirements.
And there are also some other partners that we can work with to generate these modules for us. And that’s another big reason why we did the deal with NationGate. So yeah, POET is getting ready with extremely competitive solutions for the external light source module. And we’re innovating and creating the right solutions that would allow us to be a big player. I was invited at the OFC, as you guys know, to give a talk on multi-wavelength solutions for CPO.
So I think we’re clearly in the mix in terms of solution providers for the space.
TSXV delisting process and shareholder guidance
Adrian Brijbassi: Okay. This next question is for our CFO, Thomas Mika. Tom, the question is about the delisting from the TSX Venture Exchange. And when will that happen? And what factors remain to be resolved before it happens?
Thomas Mika: Thanks, Adrian. On the TSXV delisting, the company is committed to doing that. We have delayed that primarily for what I would call administrative reasons, plus the fact that we were engaged in offering the latest one being the US $30 million capital raise. Now that that’s completed, we have to make application to the Venture Exchange to actually do the delisting. That application includes a review of all the monies due to the Venture Exchange.
And we’ll have a conversation with them about that. We don’t believe we owe anything. They may take a different view. But we’ll get through that. And we expect that to be done, I would think, probably by mid August, assuming that there are no issues that are raised by the Venture Exchange. I just wanted to add to that the fact that I’m seeing a lot of questions about revenue guidance and timing of POs and when revenue is expected.
And I just want the shareholders to appreciate that neither the Ontario Securities Commission nor the SEC regards a shareholder meeting as the appropriate means for fair disclosure. So we really can’t answer those questions in this forum. The right forum for providing revenue guidance is in a quarterly review and in a press release related to our quarterly financial statements.
We’re also not in a position, given that we don’t have much of a backlog of large orders, to provide much revenue guidance. So I wouldn’t be expecting to see anything once we report on the June quarter.
Regarding questions about competitors and a comparison of our technology to competitors’ technology, we don’t have all of the information on what competitors are offering. So I think that until we have that information, if we ever have that information, it’s probably unwise for us to make comparisons between our technology and other companies’ technologies.
Just wanted to make that clear. We’re not holding back. It’s just that we don’t have the information. And in the case of the revenue guidance, we’re not in a position to do that at this forum. So we can go to the next question, please.
Adrian Brijbassi: And the next question is still on delisting, and I think this might be for Kevin Barnes to answer. What do shareholders need to do to prepare for the delisting?
Kevin Barnes: Thanks, Adrian. The delisting is an action that takes place in the background. This is where we work with the exchange and the exchanges to coordinate it. So shareholders really don’t need to do much. The warrant holders, there’s a questionnaire that they’ve had to complete and some documents that they’ve had to go through. And we’ve certainly received a fair bit of communication back from the warrant holders on this.
So at this point, it’s between the exchanges and really the brokers, the holders of your securities, that all of this activity takes place in the background. So shareholders don’t need to worry about too much from their end. This will take place quite seamlessly for them.
Product feedback: Blazar and Smart FAU
Adrian Brijbassi: Okay. And back to Suresh with a question on our product. Can you comment on the feedback on Blazar, whether it was received at the OFC meetings or since?
Suresh Venkatesan: Yeah, for sure. I mean, it was exciting. I think it kind of opened a few fairly large players’ eyes into what we’re doing. That was our first prototype demonstration, and we’re now kind of preparing ourselves to make it a real product. And that means not just the engine, but the module, the firmware, the software associated with how the engine works because it’s fundamentally a different laser.
And we’re also trying to build the ecosystem around gain chip providers because we need to make sure that we’re working with people who have the ability to deliver gain chips in high volume for us to have a good solution.
So I think there’s a supply piece to it that we’re working on, and then there are some technology pieces. But I think the interest is unmitigated. I mean, it’s been very, very well received in terms of what we’re doing. I think we just have to put our heads down and convert it to a real product that meets all of the specifications and get it into a module form factor that meets the customer’s requirements in terms of cost and scale and performance.
But I think everything’s pointing in the right direction. Thanks to our ability to be able to pursue multiple things, we’ve been able to get some good people on board and working to convert this leadership position into a leadership portfolio.
Customer engagements: Celestial AI and facility visits
Adrian Brijbassi: Okay. And can you comment on the relationship with Celestial AI, current status, any delivery of samples?
Suresh Venkatesan: Yeah. I mean, we’ve announced that there’s a production purchase order that we had received and we’re working, like I said in my presentation, to deliver to that PO this year through our partner, NationGate. We’re transferring technology to them as we speak. And so the optical engines will be assembled at Globetronics and then the optical modules will be assembled at NationGate. So yeah, we’re working our way through that.
And then, obviously, we continue to engage with the industry at large on what competitiveness means in the ELS segment and looking at some innovations, like I said, with the Smart FAU, etc., that can be a dramatic differentiator for POET in that space. So it’s not just about the hybrid laser, it’s about how it can be packaged.
Many times in optics we find, even today, that we can make a really good laser and it can be low cost, but then it’s subject to a very, very complex packaging process and a packaging capability and technology that makes it much, much more expensive than it needs to be. So I think our innovations not just address the laser, but also the packaging, and so that the total solution that we deliver is the best for the industry.
So I think we’re making progress there and I’m very pleased with the progress we’ve made. I think a year from now at the OFC, we expect to have it in product form as opposed to in prototype form, which I think would be really, really important for us.
Adrian Brijbassi: Now that the facility in Malaysia at Globetronics is up and going, have we hosted any customers there?
Suresh Venkatesan: Several, actually. So obviously, the way I look at it, this journey that we’ve been through, it’s been an idea first, then prove to me that the idea can work, prove to me that this technology can function, prove to me that the product even works. And then you work your way through all of these, prove to me, prove to me, show me. And the final piece is, show me that you can manufacture.
And so we’re at that step now, we’re not talking about technical capability of the technology, we’re talking about can I now manufacture it in really high volume and scale. And so people do want to come and see what we’ve put together. So we’ve hosted multiple visits already and a few more visits planned in July, August, where people do want to come and ensure. Obviously, before they make a supply commitment that includes board and their supply chain, that we actually, I mean, this is real.
So I think it’s all good. And I think the fact that we have this now going, and we kind of waited till about the end of April, because all of the equipment needs to be up and running and brought up. And I think we and Globetronics, we worked with a hectic pace. I mean, it wasn’t that long ago when we decided that we were going to close down Super Photonics and moved all of our equipment out. So I think we’ve moved as fast as we can while advancing our technology and manufacturing.
So we’re happy with that. We’re happy that customers are wanting to come see what we’re doing. Of course, we’ve made the video and so that will be used as collateral as we go through our sales and marketing pitch in the future. So for customers to kind of vet their appetite, if you will, on what it is that we’ve been able to put in place.
Tariffs and global trade considerations
Adrian Brijbassi: Okay. And a question here on the tariffs. Is POET affected by the tariffs?
Suresh Venkatesan: No. I mean, not significantly, right, given if you just kind of work through the numbers.
Market interest in POET Teralight
Adrian Brijbassi: Okay. And we’ll ask about POET Teralight: What is it about POET Teralight that is gaining such interest?
Suresh Venkatesan: Well, I mean, it’s 1.6T for starters, right? So that’s new. Fewer people are working on it, and it’s not yet in high-volume production at any particular module vendors. So a lot of module vendors are looking for solutions for 1.6T and then starting to make their decisions around who they will use and what kind of technology they want to achieve.
So having all of the background with 400, 800, and then putting 1.6T out allows us to kind of get in grounds up into the design cycle. So that’s number one. Number two, we do have the backing of a big player, right? And I think that’s a big deal. So we’re able to get into meetings that we otherwise would have struggled to get into because Mitsubishi is also keen on promoting this laser and its use.
And to POET’s advantage, that laser can only exist in an integrated optical engine form factor. It’s difficult to use that laser in that form using conventional assembly techniques. So it marries that laser to the interposer, which is a good thing for POET, especially since we have someone like Mitsubishi marketing it for us, right? So I think it’s gaining a lot of interest with some players that we wouldn’t otherwise have been able to access, which is really good for us.
And I think we just have to go through. 1.6T is right at the beginning, so I think that’s one big reason why we’re getting a lot of interest there.
Adrian Brijbassi: Great. Suresh, thanks so much. Valuable and important information there. It’s just after 11, and I think we can end it here. |
