Cameron McAulay: Sure, yes. Thank you, Cameron here. So the one thing I see is we brought our cash burn down significantly from 6.8 to 5.1 in the current quarter, and I think that it will likely hover around that level for the near future. I think, the key thing for us, as Primit mentioned in his prepared remarks is that we’re actively pursuing primarily debt facilities, but also looking at licensing opportunities. The combination of that would bring our financial stability comfortably into fiscal 2025, and we’re hoping to conclude that in the near term.
Ethan Widell: Understood. Much appreciated.
Cameron McAulay: Just, I was finishing the thought on equipment leasing here. That is an avenue that we remain open to, and we’re continuing to pursue that along with our other avenues of potential funding.
Ethan Widell: Yes. Thank you for that.
Operator: Thank you. One moment for our next question. [Operator Instructions] Our next question comes from the line of Ananda Baruah from Loop Capital. Your question please.
Ananda Baruah: Hey, yes. Thanks guys, and good afternoon. Thanks for taking the question. Yes. I guess, a few if I could. Just going back, Primit, to the strategic review, is there any time frame? Or any sort of time-related signpost that you guys are looking at that would be useful for us to be aware of?
Primit Parikh: I think, the key thing I’ll reiterate there, Ananda is with BofA Securities on, we are working hand-in-hand with them to very systematically now to drive this process. We’ll definitely be updating as and when the key updates are due, public updates are due, but we are progressing very systematically with BofA here.
Ananda Baruah: Okay. Got it. Thanks. Thanks for that, Primit. And just going to the product roadmap, the ramps you guys are seeing in product revenue, lots of wins. The high-powered wins seem like they really amplified the last 90 days. What’s a useful way for us to think about, given the design in activity, given the momentum that you’ve seen and you’re calling to continue to see sequentially in product growth. What’s a useful way for us to think about the impact of what’s then good design activity, sort of both high-power and low-power manifesting into revenue dynamics across the product portfolio over the next 12 to 24 months? And any context underpins, that would be like super useful too. Thanks.
Primit Parikh: Great question. The way we think about those and just based on our historical experience and where we are today with customer. First of all, we were very pleased with the growth in the – especially, we grew the low-power design-ins by 15% versus last quarter, and the high-power, like we said, 33% from 75-plus to 100-plus just in one quarter. And this was a result of again, our products’ reputation in the field and performance and just adding a few sales heads in Asia, which helped us expand so much. And long term, the way we think about it, the conversion is on the high-power side, the design cycles are slightly higher. It could be from 12 months to 18 months. For a brand new design from scratch, it could be even 18 to 24 months.
On the low-power, they tend to be faster from say nine months. If it’s a derivative product, it could even be as fast as six months, but usually nine months. And a brand new product with a large ODM, large OEM could be 12 months plus. And historically, on the high-power side, our conversion rate has been very strong around more than 75% conversion rate. That doesn’t mean other 25% it lost is maybe still ongoing, but we have had very good success rate on the high-power. On the low-power it tends to be a bit more fragmented. But that’s why we are adding. We have more than 100 – 100-plus, 115-plus wins now ongoing. And on that side of the step, we have taken with our SiP, system in chip partners is something we expect next two, three quarters to start adding revenue nicely because it actually magnifies our own sales channels and application channels with these SiP partners that we have.
Ananda Baruah: And Primit, just to follow-up on, I guess the high-power, both are interesting, but the high-power is just because that’s a bigger impact. Of the 35 products you have in production right now – of the 35 products in which you’re in production right now, is that to say, given the time, sort of the timeline that you actually just spoke to, is that to say, well, let me just – I guess what I’m wondering is, the 35 you have in the field today, how did those layer in over the last 36 months? And is it useful to say that of the 100 you have, that in the next 36 months, given the time frame you gave, you could sort of double the amount of products in production? Is there any usefulness in that?
Primit Parikh: No. Good question. Again in the next – I think we can look back where we were in terms of the 35, I believe a couple of months ago. I mean a couple of quarters ago, sorry, we were about, I would say 20-plus, if I remember correctly, and where we expect out of the 100-plus design ins we have. So 35-plus are in production. So you can say around 70 – 65, 70 are still design ins, right? So over the next 18 to 24 months, I would say, if our estimates are good, around 80% of that. So you can say out of the 70 to 80, about 80%. So there’ll be like 55, 60 of them more would get into production. So yes, we should more than double from where we are today. That’s a good way to look at it.
