I've been trying to go back and forth between management's recent comments, and info in the Zack's report, and there are defintely some inconsistencies.  It makes me questions a few things in the Zack's report in addition to what you just pointed out.

For example, in the Zack's report, it states it doesn't expect any revenue other than NRE in 2024.  But in managements MD & A, it states "Supporting module design and assembly for optical engine customers in China has been the principal focus of much of our engineering resources, but soon those efforts will be behind us, and we can look forward to SPX fulfilling production orders with expanded capacity."  And also "Volume production of optical engines and packaged light sources designed for specific customers with high volumes is expected to ramp in mid 2024."

So if SPX is going to ramp to high volume production is 2024, and we own 50% of SPX, that should be revenue before 2025.