2020 Activity & 2021-2023 Outlook - Intelligent Data Processing From Cloud to Edge
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2020 Activity &
2021-2023 Outlook
Intelligent Data Processing
From Cloud to Edge
January 2021
www.kalrayinc.com
Page 1 © Kalray SA. Confidential
THE SPEAKERS
Eric Baissus Anne Gabrot
Executive Board Chairman CFO
20 years’ experience as senior executive 20 years’ experience as CFO for major
for major telecom (Alcatel-Lucent) and electronics telecom groups and tech startups.
(Texas Instruments) groups, startup director.
Founder and CEO of Open-Plug (2002):
high-tech firm sold to Alcatel-Lucent
in 2010.
Page 2 © Kalray SA. Confidential
Agenda 1. 2020 Key Facts 2. Revenue &Cash 3. 2021 Business Outlook 4. Q&A Session Page 3 © Kalray SA. Confidential
Agenda 1. 2020 Key Facts 2. Revenue & Cash 3. 2021 Business Outlook 4. Q&A Session Page 4 © Kalray SA. Confidential
WATCH KALRAY CORPORATE VIDEO
A 2 Minutes Video To Introduce Kalray
Page 5 © Kalray SA. Confidential
KEY FACTS
INTELLIGENT
TECHNOLOGY
COOLIDGE TM
Launch of Coolidge™ CAR First product available
Last milestone reached at the end of 2020 NXP Semiconductors launched its compute
with certification of our “Smart Adapter platform for the next generations of cars
NVMe-oF” targeting new storage servers. based on CoolidgeTM at CES 2021
INTELLIGENT FINANCE
DATA CENTER
First product available +4M€ YoY
Wistron launched on the market an ultra-high - NXP investment
throughput and secure storage appliance, SOLID CASH POSITION - “PGE” loans
breakthrough solution, based on CoolidgeTM - ABB
- Cash-burn as expected
COVID-19 LABELLING
Crisis management Euronext Award
- Minimized impact of Covid19 on product Kalray received the European Rising Tech
development label, awarded by Euronext.
- Minimized impact of supply chain
shortage
Page 6 © Kalray SA. Confidential
Agenda 1. 2020 Key Facts 2. Revenue & Cash 3. 2021 Business Outlook 4. Q&A Session Page 7 © Kalray SA. Confidential
REVENUE 2020 & CASH MANAGEMENT
REVENUE IN LINE WITH EXPECTATIONS CASH POSITION
• 1.0M€ (vs 1.3M € in 2019 – lower services) • 20.2M€ (vs 15.7M€ end 2019)
• Sale of boards and development platforms to • Strict expenses management
customers in the product evaluation and • 8M€ strategic investment from NXP
qualification phases • 5M€ of State Guaranteed loan (PGE)
• 2020 was the transition phase to volume • 5.2M€ from ABB
ramp up in 2021 (customers in production)
MANAGEMENT OF THE COVID-19 CRISIS HR
• Efficient organization – home office and • No partial unemployment
rotations • Continuous investment in human resources:
• Focus on digital events for business 9 recruitments in 2020, mainly for
development engineering and support positions
• Management of supply chain tension
Page 8 © Kalray SA. Confidential
CASH VIEW : IN LINE WITH EXPECTATIONS
€5.2M (€13.7M)
€5.0M
Private placement
ABB
+4.4M€
€8.0M
State Guaranteed
loan (PGE)
€20.2M
Cash burn
€15.7M
NXP Strategic
Investment
Cash End of 2019 Cash End of 2020
Page 9 © Kalray SA. Confidential
ESTABLISHMENT OF AN EQUITY LINE
with Kepler Cheuvreux
€12M LINE
• Over a maximum period of 24 months
CONTINUE INVESTING TODAY,
• Commitment of Kepler Cheuvreux TO PREPARE POST 2023
(subject to contractual conditions) (NEXT GEN CHIPS)
• Price: 2 days VWAP, less a maximum discount BE
of 6.0% THE EUROPEAN LEADER
OF THE EDGE COMPUTING
PROCESSORS
…WITH LIMITED DILUTION MARKET
• Creation of 390,000 new shares (*)
• 7% of the capital on a non-diluted basis (*)
(*) example based on subscription price calculated over the last 10 days prior to January 20, 2021
Page 10 © Kalray SA. ConfidentialAgenda 1. 2020 Key Facts 2. Cash Position 3. 2021 Business Outlook 4. Q&A Session Page 11 © Kalray SA. Confidential
Data Center MPPA® The Processor at the Heart of Intelligent Systems Page 12 © Kalray SA. Confidential
LAUNCH OF KALRAY SMART STORAGE ADAPTER Page 13 © Kalray SA. Confidential
FURIO1200
The First “Kalray-Inside” Server Available on the Market
Coolidge-based – no need of X86
1 to 6 K200 Cards
Ultra-fast : 12MIOPS / 72 GBs
High Capacity : 24 U2 SSDs
NVMe-oF compliant – TCP & RoCE
Support of in-line data services
FURIO1200TM (data protection, encryption, …)
Open and Upgradable
Page 14 © Kalray SA. ConfidentialUSE CASE 1 : SLASH TCO FOR HIGH COMPUTE APPLICATIONS
Secure, High-Performance, Storage Disaggregation
Replace or extend local SSD with a secure, high performance NVMe-oF SSD storage node
leveraging Kalray’s Smart Storage Adapter PCIe card.
Traditional Approach
KEY BENEFITS
• Similar performance versus local SSD
• No data protection performance loss
• DevOps: add what you need when you need
• Open to added-value services
Using Kalray for Storage Disaggregation
Flexiblke Business Model
Build Your Own Turn Key
+ SW
Page 15 © Kalray SA. ConfidentialUSE CASE 2 : INCREASE AI PERFORMANCE
Connect Kalray Storage Node to Global File System for Unique Perf
Traditional Approach
GFS
KEY BENEFITS
GFS • Remove Data Protection bottle neck
GFS • Make AI calculation faster
GFS • Make AI calculation less costly
AI Processing
Using Kalray for Data Protection Flexible Business Model
Build Your Own
GFS + SW
GFS
GFS
GFS
AI Processing
Page 16 © Kalray SA. ConfidentialFURIO1200 vs COMPETITION
FURIO1200 versus Latest Generation of SAN*
FURIO1200 Best Current Generation
DPU Kalray MPPA N/A
NUMBER OF DPU 2 to 6 N/A
ARCHITECTURE Scale up, out Fixed
SAS SSD KEY BENEFITS
MEDIA NVMe SSD
NVMe SSD
NVMe-oF/RoCE • Best performance (x6)
NVMe-oF/TCP • Best consumption (x8)
HOST SUPPORT NVMe/FC
NVMe-oF/RoCE • Future proof (new data services)
IB, FC, iSCSI
HOST PORTS 12 x 100 Gb/s 8 x 100 Gb/s • Open & Scalable
END TO END NVMe yes no
IOPS (in millions) 12 2
LATENCY (us) - ROCE 20us 100+ us
LATENCY (us) - TCP 50us Not Supported
BANDWIDTH (GB/s) 72 44
DATA PROTECTION Erasure Coding / RAID RAID
MANAGEMENT Rest API Proprietary
PROGRAMMABLE / FRAMEWORK Yes / SPDK No • Based on generally available data on the web
IOPS / WATT 16,000 (IOPS/WATT) 2,040 (IOPS/WATT) • Informations are subject to change and are not contractual
Page 17 © Kalray SA. ConfidentialKALRAY STORAGE SOLUTION MARKET DEPLOYMENT SCHEDULE AccessCore®
Open Software & Tools
Fully Programmable
AccessCore® Storage High-Performance
Data Plane for Storage Mass Production
End-Customer
Pilots
FURIO1200
3 to 6 Months
Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021
K200-LP – EVT K200-LP – MP
Page 18 © Kalray SA. ConfidentialKALRAY MULTI-PURPOSE ACCELERATION CARD
A Single Card for Intensive Workload in Data Centers
NVMe-oF storage solutions
− JBOF
− Hybrid JBOF / JBOD
− Disaggregated storage servers EDGE
STORAGE Compute acceleration
COMPUTING
Software defined, composable AI Inference acceleration
HPC
& hyper-converged storage solutions AI
+
AI storage container
Computational storage New Distributed
Platform nodes
Next Gen SmartNIC
SECURITY NETWORKING
SSL / TLS offload
Encryption / Decryption offload SDN Acceleration
(OpenvSwitch, SD-WAN,
New data center security NAT…)
models
Page 19 © Kalray SA. ConfidentialKALRAY MARKET FORECAST (SAM)
Smart Storage • Need to improve Programmable NIC
• Market is moving away performance of the VNF
from expensive OEM (Virtualized Networking
specific SAN storage Functions), security
solutions to NVMe-oF functions via fully
on-the-shelf solutions programmable NIC
• Market is Storage
Expansion Market
• Switching to NVMe-oF
Source: OMDIA
Source: OMDIA Source: OMDIA
Telecom Market (R)Evolution
2023 Acceleration Card Market Size
Data Center / Telecom = $3,3B (4,5mu Cards) • Telecom Infrastructure is facing
a major (r)evolution
• Telco « Edge
Kalray Targets Computing », Open RAN
Data Center / Telecom = $100m (100 ku Cards) • « Software-defined »
Network et Stockage
• Need for acceleration
Source: ABI Research
Page 20 © Kalray SA. ConfidentialAutomotive MPPA® The Processor at the Heart of Intelligent Systems Page 21 © Kalray SA. Confidential
NXP ANNOUNCED THE BLUEBOX 3.0 WITH “KALRAY-INSIDE” AT CES 2021 https://www.youtube.com/watch?v=pGXHt6x6ubU Page 22 © Kalray SA. Confidential
BLUEBOX 3.0
Automotive High Performance Compute Platform
To address vehicle Architecture transformation
• High performance compute
• ADAS and AD
• Safety
• Flexible and easy prototyping
• Increased performance
Deployed by NXP worldwide end of Q1-2021
Page 23 © Kalray SA. ConfidentialHIGH LEVEL STRATEGY FOR 2021
STORAGE MARKET AUTOMOTIVE MARKET
Leverage strategic partnerships to
• Volume ramp-up of Kalray-based
position as a key component of next
card and solutions
gen vehicles
ADJACENT MARKETS – FUTURE REVENUE NEXT GEN. (2024/2025) : THE DOLOMITES REVOLUTION
• Leverage eco-system and France /
European funding
• Smart Vision / 5G • A unique sovereign solution for
Europe
Page 24 © Kalray SA. ConfidentialADJUSTED FINANCIAL OBJECTIVES
• SLIGHT DELAY IN MARKET LAUNCH DUE TO CURRENT INDUSTRIAL ENVIRONMENT
• INVESTMENT IN NEXT GENERATION PRODUCT
• FOCUS ON REVENUE VS EBIDTA
REVENUE EBITDA
TARGET SIGNIFICANT GROWTH NO TARGET FOR 2021
SEVERAL MILLION OF € IN 2021 (AGAINST BREAKEVEN AT MID-YEAR)
€100M IN FY 2023 BUT CASH CONSERVATION
(DELAYED BY 6 MONTH)
CASH POSITION: €20.2 M EQUITY LINE: €12M
Page 25 © Kalray SA. Confidential2021 – THE “KALRAY INSIDE”YEAR Page 26 © Kalray SA. Confidential
Agenda 1. 2020 Key Facts 2. Cash Position 3. 2021 Business Outlook 4. Q&A Session Page 27 © Kalray SA. Confidential
Q&A SESSION
6
MICROSOFT TEAMS
*
PHONE
"Hands Up" button Keys " * " then " 6 "
Page 28 © Kalray SA. ConfidentialThank You
KALRAY S.A. KALRAY INC.
Corporate Headquarters America Regional Headquarters
180, avenue de l’Europe 4962 El Camino Real
38 330 Montbonnot, France Los Altos, CA - USA
Phone: +33 (0)4 76 18 90 71 Phone: +1 (650) 469 3729
contact@kalrayinc.com contact@kalrayinc.com
KALRAY JAPAN - KK
Represented by MACNICA Inc. Strategic Innovation Group
Macnica Building, No.1, 1-6-3 Shin-Yokohama
Kouhoku-ku, Yokohama 222-8561, Japan
Phone: +81 45 470 9870
KALRAY S.A.
SUNDESK Sophia-Antipolis
930 route des Dolines
06560 Valbonne
Phone: + 33(0) 4 76 18 09 18
www.kalrayinc.com
Page 29 © Kalray SA. ConfidentialINCOME STATEMENT - H1 2020
Consolidated – (€000) – Audited data As of June 30, 2019 As of June 30, 2020
Sale of boards and development platforms to
Net sales 456 489 customers in the product evaluation and
qualification phases
R&D capitalization 3,279 3,548
Subsidies 1,056 980
Other revenue 55 38
Operating income 4,846 5,055
Cost of sales (66) (144) Headcount: 81 in June 2019, 92 in June 2020
Operating expenses (7,432) (7,523)
Including salaries and contributions (3,872) (4,570)
Reduction of subcontractors' expenses
Including other expenses (3,560) (2,954) Reduction of travel expenses due to Covid-19 crisis
EBITDA (2,652) (2,612)
Depreciation and amortization (2,800) (3,984)
Operating result (5,452) (6,596)
Amortization of CoolidgeTM developments and masks
Research tax credit 1,147 1,336
Adjusted operating result* (4,305) (5,260)
Financial result (23) (41)
Exceptionnal result (29) -
Net result (4,357) (5,301)
* Adjusted operating result = operating result + research tax credit
Page 30 © Kalray SA. ConfidentialCASH FLOW STATEMENT - H1 2020
Consolidated – (€000) – Audited data As of 31/12/ 2019 As of 30/06/2020
Operating cash flow before CAPEX & WC variation (5,204) (2,333)
Change in working capital (incl. R&D tax credit) 1,138 (1,505)
Operating cash flows (4,066) (3,838)
Capex (5,335) (1,734)
R&D capitalization (6,217) (3,548)
Investment subsidies 1,431 873
Cash flows from investment activities (10,121) (4,409)
Free cash flow (14,187) (8,247)
Net cash from investors 96 7,998 NXP investment
Bank debt (net) 318 2,317
R&D conditional advances & prepaid subs 716 1,197
Cash flows from financing activities 1,130 11,512
PGE (loans guaranteed by French State) 2.5 M€ in H1
Change in cash and cash equivalents (13,057) 3,265 2020 (2.5 M€ in H2 2020)
Cash beginning of period 28,782 15,725
Cash end of period 15,725 18,990
Page 31 © Kalray SA. ConfidentialBALANCE SHEET AT JUNE 30, 2020
ASSETS (K€) as of 31/12/19 as of 30/06/20 LIABILITIES & EQUITY (K€) as of 31/12/19 as of 30/06/20
Intangible assets 16,935 18,460
Tangible assets 4,673 4,510 EQUITY 26,665 29,347
Financial assets 609 546 Provisions 89 107
NON CURRENT ASSETS 22,217 23,516 R&D refundable advances 5,904 6,476
Inventories 240 220 Bank loans 775 3,092
Accounts Receivable 764 454 Accounts Payable 3,128 2,180
Other receivable (CIR, Subsidies) 1,779 2,147 Taxes & contributions payable 1,549 1,441
Cash 15,725 18,990 Other debts 354 536
CURRENT ASSETS 18,508 21,811 DEBTS & LIABILITIES 11,799 13,832
Accrued expenses 414 561 Deferred revenue (Subsidies) 2,676 2,709
TOTAL ASSETS 41,140 45,889 TOTAL LIABILITIES & EQUITY 41,140 45,889
Consolidated and audited data (K€)
Page 32 © Kalray SA. ConfidentialKALRAY STOCK INFORMATION DATA
STOCK EXCHANGE SHAREHOLDING - AS OF DECEMBER 31, 2020
• Market: Euronext Growth Number of shares: 5 400 732
• Name: KALRAY
• ISIN code: FR0010722819
Financial
• Ticker symbol: ALKAL investors (1)
Free Float
• Share price: €47.80 (at 20/01/2021) 42% 27%
1
• Market capitalization: €258 M (at 20/01/2021)
Corporate
investors 2(2)
31%
(1) Financial investors over 5%
(2) Corporate investors and/or investors with board representation
Page 33 © Kalray SA. ConfidentialTOMORROW: BREAK FREE FROM HCI LIMITATIONS
Lower TCO, Higher Performance
Standard HCI
Kalray Smart Storage Adapter PCIe cards offer a
unique solution to disagreggate HCI and dramatically
reduce performance loss due to storage tasks
• Provide a global data repository
HCI with Kalray Smart Cards • Offload storage services from x86 (incl RAID)
• Compatible with any standard HCI HW
• Improve CPU usage by more than 20%
• Support Scale Out
• Seamless integration with VMWare, K8, ...
• Support heterogeneous servers and nodes
• Composable ready
Page 34 © Kalray SA. ConfidentialDISCLAIMER Kalray makes no guarantee about the accuracy of the information contained in this document. It is intended for information purposes only, and shall not be incorporated into any contract. It is not a commitment to deliver any material, code or functionality, and should not be relied upon in making purchasing decisions. The development, release and timing of any features or functionality described for Kalray products remains at the sole discretion of Kalray. Trademarks and logos used in this document are the properties of their respective owners. Page 35 © Kalray SA. Confidential
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