Financial Data and Key Metrics Changes - The fourth quarter 2024 cash burn was $2.6 million, up from $2.1 million in Q4 2023 and $2.4 million in Q3 2024, aligning with the low end of guidance [51] - The full-year 2024 cash burn was $8.2 million, also at the low end of guidance, net of $1 million from warrant exercises [51] - Cash and cash equivalents totaled $15.8 million at December 31, 2024, with no debt [53] - The net loss for Q4 2024 was $2.6 million, compared to $2.4 million in Q4 2023, and the full-year net loss was $10.4 million, compared to $10 million in 2023 [56] Business Line Data and Key Metrics Changes - The company secured its first design win for solid-state circuit breakers with a major Asian manufacturer, which is expected to lead to commercial sales later in 2025 [10][11] - An order for SimCool IQ intelligent power modules was secured, opening an estimated $1.4 billion serviceable addressable market for energy and power applications [12] - Orders were received from a tier-one automotive supplier for B-TRAN devices and SimCool power modules, indicating strong interest in B-TRAN technology for electric vehicle applications [13] Market Data and Key Metrics Changes - The solid-state circuit breaker market is expected to grow due to the increasing demand for semiconductor-based solutions in renewable energy, energy storage, and electric vehicle charging [34] - The company is engaged with three tier-one auto suppliers and several global automakers, indicating a strong market presence in the automotive sector [38] Company Strategy and Development Direction - The company aims to ramp sales and achieve positive cash flow and profitability through key milestones, including securing additional design wins and starting initial sales in the second half of 2025 [22][25] - The focus is on expanding the pipeline with large global companies and enhancing customer engagement for solid-state circuit breakers and EV contactors [48][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2025, citing positive customer feedback and an expanding pipeline of potential design wins that could lead to significant revenue [7][49] - The company remains confident in its technology's ability to meet the needs of the automotive and industrial markets despite potential changes in government policy affecting electric vehicles [40][41] Other Important Information - The company has 94 issued patents and 53 pending patents, indicating a strong focus on protecting its intellectual property [45][46] - The automotive qualification testing is progressing positively, with zero die failures reported to date [21][29] Q&A Session Summary Question: Revenue expectations from the first SSCB customer - The revenue of several hundred thousand is expected in the first year of sales, starting from the product launch [62] Question: Number of additional SSTB customers in evaluation - Over a half dozen large companies are currently evaluating the technology for solid-state circuit breaker applications [64] Question: Potential for more design wins in 2025 - The company is targeting additional design wins in 2025 [67] Question: Details on the EV contactors program with Stellantis - The program will take longer, but funding is expected in 2025 [69] Question: Insights from the program review with Stellantis - The meeting was productive, with Stellantis expressing interest in the company's solutions for their contactor issues [78] Question: Size and market of the first design win - The first design win is for an industrial-sized circuit breaker capable of handling several dozen amps [84] Question: Will the design win be sold to other companies? - The design win is not constrained and can be leveraged for other companies [87] Question: Expected design wins from distributors - Design wins will come from a mix of direct engagements and distributor introductions [90] Question: Stellantis' decision on tier-one suppliers - Stellantis plans to use multiple tier-one suppliers for their inverter program [93] Question: Headcount and expected growth - Current headcount is 16, expected to grow to around 20 by the end of the year, with a focus on increasing sales staff [102] Question: Automotive qualification testing standards - Automotive standards allow for a certain number of failures during testing [106] Question: Potential design wins for hybrid vehicles - Current focus is on full electric vehicles, but opportunities for hybrids may arise as relationships develop [110]