Duncan Gilmore

“Starting on slide six, on a sequential basis, revenue in Q2 increased 1.4 million, or 4%, from $33.9 million in Q1 to $35.3 million. The net increase was driven almost entirely by auto EV, which increased by $6 million on the shipment of high-revenue, lower-margin, Alphamation automotive projects from backlog.”

“Starting on slide seven, on a sequential basis, revenue in Q1 increased $1.1 million, or 3%, from $32.8 million in Q4 to $33.9 million. This increase was primarily driven by SEMI, which increased by 3.6 million on back-end SEMI shipments from prior year backlog.”

“Starting on slide six, revenue in Q4 increased 6.6 million or 25% from 26.2 million in Q3 to 32.8 million, reflecting a gradual improvement in the capital spending environment and momentum in new product sales, as well as about 2 million of revenue that slipped out of Q3.”

“And great to see so many of you here joining us this morning. And hopefully there's a few people on the webcast as well. So let's go through some of the financials.”

“Starting on slide six, revenue for the third quarter was $26.2 million compared to $28.1 for the second quarter. a decrease of 1.9 million. Sales in defence aerospace accounted for 1.3 million of the decline, followed by auto EV, which declined 0.9 million, and semi, which decreased 0.4 million.”