Ananda Baruah: Cool. And just you mentioned the new sales force was sort of the messaging to be that the 30% sequential increase in high end designs-in was primarily driven by the incremental sales force?
Primit Parikh: No, it helps the coverage, but it’s actually primarily driven by the products we have, benefits versus e-mode GaN and performance benefits versus silicon carbide. The proven reliability and the 200 billion hours in the field. But the coverage – coverage definitely helps. That’s why I alluded to it. Just like a headcount or two, you can suddenly get coverage of 15 more accounts. Right. So that definitely helps.
Ananda Baruah: Got it. And so, it is more – And really? What I guess I’m trying to tease out is, are these kinds of sequential increases, these kinds of wins, is there something that’s structurally sustainable to it, these design-ins? Do you sort of hit a stride, so to speak, such that I don’t know if it’s 30% Q-over-Q, but like 25 new ones sequentially? Have you hit something that’s a bit of a sweet spot now? Or I guess maybe – is this maybe not sustainable?
Primit Parikh: I think we were very pleased with where we were this quarter, right. So I think if we look at past, we’ve been adding healthily on the high-power side, right. I believe two quarters ago we were 60 and then we went to 75, so we added 15. This time we added more. It’s a very good quarter we had in terms of new design-ins added. So, yes, we should – I mean, we cannot get a 33% increase, I think every quarter-over-quarter. But we should look to healthy increases, right? Because the products are there, the performance is there, the manufacturing capacity is there. And with promotions and what we are gaining worldwide footprint now, we should look forward to these increases. But I cannot say whether each quarter will be a 30% increase.
Cameron McAulay: Certainly, Ananda, the biggest single increase in our operating spend, if I look back 12 months to today, has been in sales and marketing – sorry, sales and marketing and application is what we’ve invested significantly and I think you can start to see the momentum coming from that additional headcount.
Ananda Baruah: That’s helpful. Thanks guys. Appreciate it.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Aaron Martin from AIGH Investment Partners. Your question please.
Aaron Martin: Hi, guys. Congratulations on the progress. Congratulations on the, I think it’s the first EV two wheeler and three wheeler design-ins. Can you talk a little bit more about that and kind of your expectations there? And you’re talking with multiple – I think, you said you had two design-ins looking for a design win by the end of the year and a ramp in 2024. How should we think about the EV two wheeler market? We’re obviously much further along than the four wheeler in terms of sizing and the kind of ramp. Are those, how do those designs compare from a size perspective relative to some of the other designs you currently have?
Primit Parikh: Thank you for that. So, yes, it is definitely exciting. The first two design-ins we won, and these are very reputable customers, two out of the top five as we speak. And we are targeting, we expect to get initial production orders by end of the year towards that, and then ramp in calendar year 2024. Like we have said before, we still expect these design-ins to be around $1 million level from the EV. Not each design win million-dollar level, but hit $1 million-plus level in calendar year 2024. And we are engaged actually beyond the two out of five, we are engaged with 10-plus customers actually in India and Asia on this two wheeler charger opportunities at the onboard charger or a portable charger or a poll charger in the two wheeler space.
So – on the question of the size ultimately versus, say, if you look at a four wheeler opportunity on the onboard charger or the inverter, those will be much larger size, but a little bit behind in time. But coming right now, where it stands with the two wheeler and three wheeler and if we compare it to, say, our design-ins – other design-ins such as server power or blockchain or inverter, UPS space we have. We believe it can be as much or even more growing in this EV two wheeler segment in the next – in 2024 and 2025.
Aaron Martin: Okay. And then for the ramp in 2024, are you expecting more than these two design wins – design-ins or that’s really these two designs-ins are enough for that?
Primit Parikh: No, we do hope to get more design-ins also for 2024, which we are working on.
