Peter Wright: Great. Thank you for taking my follow-ups. If I look to 2025, and I just focus on the TRIO part of your business, if I could ask a three-part question; and help me with these assumptions. So I understand that there’s some delay in kind of the revenue recognition from the stack in 2024 into the back half just as you’re recognizing your first tool. But on a run rate basis, it would suggest that you could be at about six tools in 2025, if we’re looking at potentially three systems in the second half of 2024. Is that a good assumption on it? And then the second part to that, is there any capacity constraints to be able to deliver on that? Or kind of what is your capacity capability of developing TRIO systems? And then the third part of that question is, is there other sources of revenue other than equipment revenue that could hit the TRIO part of the model?
Nigel Hunton : Okay. Great questions, Peter. We appreciate that. We’re not giving guidance for 2025 on the number of TRIOs. But I would assume we’re going to be — if we — this product is a game-changing technology. We have to get in that momentum. We have to get the product qualified in 2024, and it’s great to have a product now in the market starting that qualification. If those go through and we get the two to three this year, I would like to believe we will be at six in 2025, if not higher, but we’re not going to give an actual number against that. I mean for me, we’ve got to start 2025 being a substantial growth year. And as we’ve talked about with the HAMR being a baseload, it really is all around the TRIO. From a capacity point of view, we are absolutely investing in the capability to manufacture the TRIO platform, not just in Santa Clara in the U.S., but in our Singapore facility in Asia.
Asia is going to be key to the strategy. And as John Dickinson is building in his operational plan, we’re building a base capacity around our facilities. He’s building and looking at a contract manufacturing model, which will also help within the cash flow to expand beyond that. And as we look at how we actually build a system from a modularity, it gives you a unique way of actually building capacity across multiple contract manufacturers. So I think from a capacity point of view and it was a key question from some of our potential customers is, we have an ability to ramp very quickly. We have an ability to expand our capability into both Singapore contract manufacturers. So for us we’ve got really no constraints moving forward and we’ll invest and build this business to meet the demands and requires.
So hopefully that answers the first two questions. If I look at the business model. One of the opportunities we have within the system is an ability to start looking at the service model. The machine runs very effectively. The machine has consumable parts such as the silicon sources. It has parts that need sort of maintenance as you think about running the business and running this tool very effectively and efficiently. And there are parts that machine that need maintenance every so often a couple of weeks maybe a month was four to six weeks. So therefore there’s an opportunity for us to actually deliver from this platform. Some level of service revenue and consumable business. It’s early days yet. And the key priority is to get the first tool in the field learn from that understand the service and consume belief and then put in place an efficient organizational model that helps us build and capture some of that ongoing revenue because it will be an ongoing source of revenue for the Company.
So if I compare that to going back 20 years on the 200 Lean that really wasn’t part of the strategy then it was just a pure play equipment sale. I think we’ve got an opportunity here to actually start building out a level of service and parts release. So hopefully I answered your question that we are looking to actually build it beyond just equipment. We are building capacity and capability and we do want to get a run rate ahead of 2024’s numbers but
Peter Wright: That’s some amazing one note I didn’t make is congratulations on being such a good steward of capital being cash neutral and a year of bringing such a significant platform to market is quite a quite a success. So congratulations on that. Very last question. If I look at 2025 and I just look at your TRIO business, do you think that that business on a standalone basis has the possibility to be cash generating?
Nigel Hunton: I think we can’t [indiscernible] that is I think that the business has to be absolutely cash-generating. And we’ve talked for many times this business has to build towards profitability. Is not just about protecting the cash, the cash has been fundamental and a key focus for me and to retain and actually protect that core cash in the company. But we also have to think about how do we actually get the business towards back towards profitability, how do we get this business cash generation and that ramp. We’re very excited about the future and the opportunities ahead of us there. But Kevin you want to add to that.
Kevin Soulsby: No, I agree with Nigel. The products should start from generating cash as we go through 2025.
Peter Wright: Thank you, Kevin.
Operator: Thank you, both. Ladies and gentlemen there are no further questions at this time. I will now turn the call back over to Nigel Hunton for his closing remarks. Please go ahead, sir.
Nigel Hunton: Thank you. And again I really appreciate the flexibility of everyone to allow me to pull this call forward. It’s actually a very sensible out here in the UK. It’s been in the afternoon but for many people it’s been pulled forward to very earlier in California, for example. But I appreciate that and especially appreciate all the questions we get. So I think they do help and hopefully everyone understands how we’re taking this company forward. I do want to wish and thank all of our employees the counterparts with that there our industry partners for all the hard work and dedication. This has been a very, very long hard work over the last couple of years its not just one quarter, but we’ve delivered a strong quarter in Q1.
We’re now going to really flip and really focus on growth and is excited to focus on the customer qualification for TRIO. And of course as always about thank our investors for their ongoing support and backing. And as always in any way could declare directly. I look forward to updating you on TRIO progress on our Q2 call. So thanks again and that closes the call.
