Look, in February 2025 China added InP substrates to its export‑control list, so every non‑China shipment now needs a permit. All our manufacturing sits in China, making that permit the biggest growth gate. Europe, Japan, UK, Canada permits keep coming; shipments inside China run free, and US permits stay pending — still‑pending, not granted. Only about 2% of last year’s revenue reached North America, and timing is not predictable, nor in our control. Okay?
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