Dan Weston: Yes, hi, good afternoon, guys. Thanks for taking the questions, and congratulations on all the progress. Most of the questions have been answered just a few more, if you don’t mind. In terms of the TRIO, could you share with us what you think your internal capacity is for build and ship per year for that product?
Nigel Hunton: I mean, that’s highly confidential. As you can imagine, what we’re really doing now is building the plan around it, we’re executing on the first builds, we’re going to get the full qualification done. And then we’re going to ensure we have capacity to meet whatever demand is out there. So it’s, I mean, the market size and what we’re going to do, and how we’re going to deliver against that is clearly within internal plans. And we are planning and scaling and building for success. You don’t enter something like this without saying we’re going to be successful. We know what we need to do, we have capacity to do it, we have to be able to actually manage our way through the industry with some still supply chain challenges.
We’ve got the strength of the balance sheet to actually help us leverage with some inventory. So we can be ready to ramp and build whatever the market needs. But I don’t want to put numbers in there for people at the moment. But we’ve got, we know we have to do. And as we’ve said, we actually plan things out, we think it through and then we execute. So we are, looking forward to it.
Dan Weston: Okay. No, I think get your point.
Nigel Hunton: Yes, we just got to first run to build.
Dan Weston:
Nigel Hunton: No, it’s first one. It’s great. But it’s, we are going to move forward, we’re going to be successful. And it’s about getting this first one qualified, and then moving forward successfully with our partner.
Dan Weston: Totally understood. Thank you for that, Nigel. And let me ask it this way, just given the minimum commitments on this particular customer for TRIO, assumes I’m guessing using a roundabout figure of about four units per year to build and ship and revenue. Let’s say the customer exceeded these minimum commitments. And he required eight or 10 units to be built and shipped to him in a particular year. Are you saying that you could successfully build and ship 10 units per year?
Nigel Hunton: Yes, I’m not committed to any number, but I’m saying we are planning for success. And whatever our customer needs, we will deliver. So if you can read into that what we’re doing, yes.
Dan Weston: Fair enough, okay, fine. Let me ask you a question in terms of the evaluations that Corning was doing initially on the TRIO platform? Did, did they have any of their end customers involved in that evaluation as well?
Nigel Hunton: I mean, clearly, I can’t answer that question. But I can say to you is the, and we’ve covered on the last couple of calls. When you launch a new product, you align it with a key partner, you have them to be successful launching products. So my 30 years of experience in many different companies, is when you have a customer who is working with you. It’s feeding and working with your development teams. And you’re producing products. And we talked on a call a couple of quarters ago, we gave them some samples they came in, they ran their own samples. We’ve done coupons for multiple different potential applications, and so on. We’ve had other people come in and run and qualification success. And the real performance of the TRIO and its flexibility and adaptability has been superb. And on the back of that they’ve — that’s why they wanted exclusivity. So if you are able to read into that, what we’ve been doing.
Dan Weston: So that’s all I have for you. Thank you, Nigel, for answering questions. I appreciate that.
Operator: We reached the end of our question-and-answer session. I’d like to turn the floor back over to management for any further or closing comments.
Nigel Hunton: Thank you. As I look at where we are today, compared to my first earnings call one year ago, I feel we’ve executed on a complete transformation of the company. We’ve created a new Intevac, an outstanding achievement. We are now squarely on a path towards consistent annual revenue growth and the 2024 outlook supporting significant revenue growth, positive cash flow from operations and a profitable year for the company. Overall, I’m extremely enthusiastic about the future of Intevac. And I will continue to leverage our collective expertise and strong balance sheets to ensure the company is positioned for growth well into the future. And finally, I want to thank all of our employees as well as their counterparts with our industry partners, for their hard work and dedication, as we progress with our partnership with the new TRIO platform, as well as the HDD industry transition to HAMR.
And that’s been for me, it’s been a fantastic achievement all round. We’ve also been steadily ramping up our investor outreach over the last year. And we’re eager to continue meeting with as many institutional investors as possible. So if anyone wants to reach out to Claire, please do that directly. And we’ll organize follow ups with us. And with that, I will conclude today’s call. So thank you.
Operator: Thank you. That does conclude today’s teleconference and webcast. You may disconnect your line at this time. And have a wonderful day. We thank you for your participation today.
