My guess is why we raised quite an amount of money now, is we learned a bit of the debacle from last year and are safe until late next year when the first relevant revenue might happen from some sales of 400G engines (and multiples of them for 800G and 1.6T) outside of China which are hopefully not included in the contract by then. Everything else before that - like interposer sales, NRE, and light sources for CAI will not be enough to get us somewhere near EBITDA positive, hence we need the cash just for a long time.

Management please enlighten us on where any revenue is coming from in the next year?

Even if SPX will be making money at some point we are not getting much of that value until they do their IPO and we don't have a clue when that will happen.

Just my 2 cents