I think it would be safe to speculate that much of the commercialization groundwork is done or making significant progress. The company has been on a hiring spree for over 8 months and they have, or will be taking possession of over 9,000 sq. ft. of Production/R&D space. It is my understanding that the new space was previously occupied by a pharmaceutical company and clean room air handlers are already in place. It is also my understanding that upon taking possession of the new space, it would take less than a month to make it operational. The new space is contiguous to the existing space, so all they need to do is knock a hole in the wall and install a doorway or two. I believe I also saw a new equipment expense on the 10Q. In my mind, there is no way they would make that kind of financial commitment if wheels weren't turning. Per the company, we know they have a 50/50 chance of receiving another award at ECOC in October. I'm guessing the odds of winning the award may be in Lightwave's favor. I continue to believe we'll get a significant catalyst or more before the year is out. My eyes are still on October at the moment. The commercialization ramp is forecast to be in 2024 and the company has enough cash on hand to sustain projected operations into early 2025. I hope the company gives us an update on the new space soon, but we may have to wait a couple of months. If the company keeps executing on their guidance, I believe 2024 will be a very satisfying year for investors and 2025 might exceed our expectations. It is evident there are other verticals the company isn't talking about yet, but we see clues out there. I'm a bit underwater on Lightwave, but I'm very comfortable with this investment.
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