Financial Data and Key Metrics Changes - The company reported a revenue of $11 million for FY 2024, a significant decrease from $30 million in 2023, reflecting a transition from traditional semiconductors to next-generation quantum-resistant chips [4][16] - The company ended FY 2024 with cash reserves exceeding $90 million, up from approximately $85 million at the end of 2023, indicating a strong financial position [15] - A net loss of $21 million was recorded for the year, primarily due to the shift from traditional semiconductor products to post-quantum technologies [18] Business Line Data and Key Metrics Changes - The transition to next-generation quantum-resistant chips has resulted in lower order volumes as customers utilize existing stock before committing to new purchases [5][16] - Research and development expenditure increased by $1 million year-on-year, a 26% rise against 2023, highlighting the strategic importance of developing quantum-resistant technology [17] Market Data and Key Metrics Changes - The post-quantum cybersecurity market is projected to grow significantly, with an estimated market size of $302.5 million in 2024, expected to reach $1.8 billion by 2025 at a CAGR of 44.2% [9] - The company has confirmed bookings of $6.8 million for 2025, reflecting strong year-to-year growth, with a projected contract pipeline of over $93 million for the next three years [30][31] Company Strategy and Development Direction - The company is focused on scaling post-quantum security technology, executing strategic acquisitions, and expanding into high-growth markets [7][8] - Key priorities for 2025 include the commercial launch of post-quantum chips, expanding chip fabrication partnerships, and continuing R&D investments [33][34] Management's Comments on Operating Environment and Future Outlook - Management anticipates a significant revenue increase in 2025 compared to 2024, driven by new sources of chip revenue and the expansion of chip personalization services [9][11] - The company is well-positioned to capitalize on emerging opportunities in post-quantum security, with a strong cash position and no bank debt [8][15] Other Important Information - The company plans to invest $20 million in startups engaged in quantum computing and AI initiatives to accelerate deployment [22] - The company is in the final stages of acquiring IC'ALPS, a leading ASIC design company, which will enhance its capabilities in chip design [25][35] Q&A Session Summary Question: Will 2025 revenue growth come from new sources of chip revenue and chip personalization services? - Management indicated that while some customers will return, many are currently utilizing existing inventory, and new customers will emerge through personalization centers [41][42] Question: What is the breakdown of the increase in R&D spending for 2025? - The increase in R&D spending is largely attributed to certification costs and the integration of technology from acquired startups [51][52] Question: What is the historical win rate for the $93 million pipeline? - Management noted that the pipeline includes clients at various stages, with a tendency for clients to become long-term due to the nature of post-quantum chip adoption [63][67]