This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
spk00: Welcome to Innovee's second quarter 2021 earnings conference call. Joining us today are Omer Kailaf, Innovee's chief executive officer, and Eldar Segla, Innovee's chief financial officer. Following their formal remarks, we will open the call for your questions. I would like to remind everyone that this call is being recorded and will be available on the investor relations section of our website at ir.innovis.tech. Before we begin, we would like to remind you that our discussions today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Inoviz. Actual results could differ materially from those anticipated in the forward-looking statements. Forward-looking statements made today speak only to our expectations as of today and we undertake no obligation to publicly update or revise them. For a discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the risk factors section of our Form 20-F filed with the SEC
spk05: on april 21st 2020. i will now turn the call over to omer please go ahead okay hi thank you maya thank you very much um so today we want to make another exciting demo for you last time we did it from our garage and this time we're going to do this on the highway as you can see here you can see this is this is road number six it's the it's the longest highway in Israel you can see our car here and you can see our lidar come check it out you can see here we positioned our lidar on the front of the car and we have a camera as reference so you can see what it's looking at okay so let's let's go uh let's go back can you open it okay okay so basically the demo that i'm going to show you now is for our lidar on highway and our computer vision which is running on this platform which you can see here everything that we run is under a very small chip it's actually a very low cost chip which is automotive grade and now let's let's go into the car and drive okay so let's go in the car sorry about this it takes a minute to go inside go inside Mikey, let's go. All right. Drive safely. Okay, so we will go out to the highway safely. Okay, so what you're looking at is InnoVis One. This is our first generation automotive grade product that I showed you. I showed you a second ago. And now we're going to turn on, okay, the computer vision. I see it's on. And, okay, so what you're seeing is not, it's not a prototype. It's not, it's actually embedded in our platform, which is going to production. And this is a very unique product I would say, advantage that we have because we've been developing this for many, many years. InnoVis is collecting a lot of data. We have over a million mutations, object detection, objects that were collected. And you can see here that the LiDAR has a very high resolution. in very high frame rate. Now this is important because whenever you want to get an impression of the LiDAR it is very important that you will check the LiDAR performance in a moving platform, in a moving vehicle because I've seen many demos of LiDARs that are made in a stationary setup and you are unable to really know the real frame rate and the actual resolution of the product so you can see here this is from a driving in what's your speed like it 100 105 you can go better than that all right drive safely okay so uh this is obviously for a highway drag driving application This is what we do on a day-to-day basis. There is no other LiDAR that can actually meet this performance in terms of resolution, frame rate and range. We're very proud of what we have today and in a few months now that we will have in Ubis 2 it will be crazy okay so thank you again and i let's move let's move to the earnings score presentation so we can move to uh to this this camera so let's let's shut down the this camera okay um so now we can go to the more formal way to do an earnest call and as you can see we we tend to try to do things a bit differently because i think it's part of our nature to be slightly more innovative okay i want to start before going into the quarterly details i want to give to reinstate our mission as you know transportation is a is a big is a big part of our life. And yet, it is still the biggest threat, one of the biggest threats that we have on our day to day due to our need to commute, whether we drive or not. And this definitely doesn't need to remain. There should be no reason in the world why the right technology would not solve this problem. And this is why Innoviz is committed to develop the technology that will bring safety to us all. Every year, there are 1.3 million people dying on the road and up to 50 million people that are injured. I will share with you my personal story When I was 10 years old, one night my family got a phone call from the hospital telling that my older sister is seriously injured in a car accident. It changed the life of my family. It changed my life. And it took my sister a few years to go back on track. She's fine now. And as you can imagine, it makes me understand very clearly why this problem has to be solved and it could be solved. 80 to 90% of all accidents are due to human error. 94% of all fatal accidents are related to human error. we need to remove the human error and it's possible we just need to develop the right technologies my background is unit 81 some of you might not know unity one it's a it's a very prestigious uh technology unit from the israeli defense force developing very unique technologies Our slogan and our spirit is about talent, passion and commitment can make the impossible possible. And that's why I believe many of our engineers that come from there decided to join Innobis because they feel passion to bring an impact to this industry. five years ago when i started you know with i was told many times that what i'm trying to pursue is impossible which is that was exactly what i was looking for i was looking to bring the right solution that can actually make an impact if and and my belief that if a certain problem is important enough there is there should be no reason to assume that it's impossible to solve it Now, Innobis for that is developing a very unique technology. Our ION solid-state LiDAR, which is targeted for low cost, is developed in order to allow car makers to accelerate the adoption of life-saving technologies. And that's what we're doing. Developing impossible and solving impossible problems is not easy. it's not only about the excitement of autonomous driving it's really about the very hard work that my team is doing day and night to make it happen and i'm very proud for my team that is commitment committed to make it happen now i'll i want to go into the quarterly updates and i will start with the technology development we have innobis one which we that have gone through uh several design cycles and it's on the verge to reach its hardware freeze and that will allow us to reach high volume production there are currently two production lines that are active one is in germany and one in the US that will support Innobis One manufacturing. Innobis One Plus is an evolution of Innobis One. It's a new version that allows us to improve the performance of the product by extending its range and doubling its resolution. And that serves more and more customers that we leverage on a very mature platform. It will also leverage on the existing production lines that can reach to production faster. InnoVis2 is making great progress. We are meeting our plans. There are already samples that are in production. We are waiting for the last component to arrive. It should arrive in October. And that will allow us to do the integration and have first samples. It's a revolutionary product that will have a substantial improvement in performance, about 30 times and 70% cost reduction. That will definitely accelerate adoption of the technology to many spaces. I'm happy to share with you some of the feedbacks, and these are just a few of some of the comments that we get from customers that are using our product. it is very encouraging and i would say reaffirming our mission we've been working for many years to make this available and it's great to see that our product is creating a good and strong value to our customers and we will continue to develop new technologies to support our partners We have few cars, we have several cars around the world and it's growing in order to collect more data and we collect data in three continents. This data is helping us to strengthen our computer vision. I'm showing you here two videos that can help in understanding how it works. So when we go out and collect the raw data, The data is stored, and we use it in order to build a catalog of objects, whether it's trucks, cars, and pedestrians. We write everything through our computer vision in order to get classification, and we use manual annotation in order to make it more accurate. And we have over 1 million verified objects that are used in order to give us a ground truth for our perception. In parallel to this, we have simulation tools that help us to, again, strengthen our computer vision by having an endless of objects and testing edge cases and specific things. What you're looking at is a simulation of InnoVis2, which is now in production, and it allows us already to make progress. Now going to the commercials. So we announced a few partnerships and distributors throughout the last few months, and I'm happy to share more color on that. We have new partners in different countries. All of them are going to help us to generate more sales and get our product more mature. And of course, those in different countries that are new to us. We have a new partner in China. It's a cool startup called Whale Dynamics. Whale Dynamics is developing a full stack level four platform and have decided to use InnoVis One as their primary sensor in China. Korn AI, located in the UK, developing computer vision solutions and applications for autonomous driving and smart cities. On the distribution, we have a new partner in Singapore, which we just recently announced. Curium is a very interesting company that is developing a software robust autonomous driving that is doing sensor fusion. Again, decided to use for their platform and will help us to distribute our solution in Singapore. EDOM is one of the largest electronic and semiconductor distributors in China. And they will serve as a channel for us to increase ourselves in China, but also to provide support to customers. GreenCloud is a very known B2B company in Korea that provides mobility as a service. uh in in their intention to provide to to have a strong ecosystem of autonomous driving in korea they've decided to use injuries i want to use this opportunity to thank all of our partners in this place and for more than that for working with us it's an important journey now this slide which talks about probably 90% of InnoVis' attention in the last quarter and basically throughout every day. It's our engagement with new customers. When we are working with customers that are looking to use the LIDAR, the discussions are far more complex than just talking about the KPIs of the LIDAR, which is resolution, range, and frame rate, which I would love to talk and explain why we believe InnoVis 1 and for sure InnoVis 2 is the most superior LiDAR in the space. But the discussions are far more complex and goes into any angle which is related to going to high volume manufacturing. Those are the discussions that are related to mechanical integration within the car, quality audit, manufacturing plans, yield reliability aspice and cyber security i'm very proud of my team that is able to keep a very strong relationship with multiple customers and serving as a as a university for knowledge of how to develop an automotive light though we've been told by a very strong oem in the space that InnoVis is really the company with the highest level of expertise and knowledge in how to bring a LiDAR to automotive, and I'm very proud to hear that. So far, we reviewed about two design wins for series production in the automotive space. we told you about our award with the shuttle program with the european t1 that is going to that these planets are to to have the shuttles already end of next year this program is going well we had several integration sessions on both sides Also, on the BMW program, things go on track. We are on the verge for a design freeze that will allow us to go to the B sample, having our product going into the SOP of our line in the middle of 2022. Here, I want to mention another category which we haven't discussed previously, but it is important for us to give this guidance. We have two programs that already are in what we call advanced development projects. Those are customers that have evaluated different types of sensors and decided to use InnoVis as the primary sensor to equip all of their fleets. Now I'm happy to announce that we have signed another contract with a European truck company that decided to use InnoVis LiDAR's InnoVis-1 as uh to equip all of its trucks beginning of next year for their testing and development of uh of their platform this is of course going along with a lot of activities we do on a lot of many fronts as a summary of of our funnel we've got a nice propagation between the different stages uh increase of the number of partners and and customers going into the commercial requirements and negotiations uh we are showing here the new category of the adp which has grown by one and increase of our potential order book by 200 million dollars I will be happy to explain more about our order book. These are questions that we are getting from time to time. I'm referring to $2.4 billion that comes from the BMW program and the Shuttle program. The way we calculated these numbers, the order book, is a very straightforward way. We took the number of cars that BMW is selling on average every year through the models that are expected to use our LiDAR, which are the 7 Series and the 5 Series and others. And we multiplied it by the penetration rate that we expect And we took as a benchmark the radar technology, which was in a similar position. And we multiplied it by the ASP that was agreed between the companies. And this is how we reached the $2 billion. It's a very familiar standard process that companies are doing in this space. On the Shutter program, there was no benchmark. So what we've done here is slightly different. we received from our customer three scenarios in which they believe the program will grow and we took also the minimum committed volume that was granted in in our contract when we signed the deal we did a weighted average while giving the minimum the highest probability as a has been a conservative conservative approach which led to the total sum of 400 million dollars And I would add to it that things are going very well, and we actually are more optimistic about us being in a much bigger position and growing this order book. Now going into the corporate update, we've increased our staff to support multiple programs. We have 29 hires. Most of it comes in the R&D. Here, I want to share with you something that is important for me as the CEO of this company. In the last two quarters, we had about eight people that used to work at Innovate in the early days and decided to leave because they were exhausted. And they decided to come back. For me, it's a very strong recognition. If you ask them for the reason of them coming back, it was mostly because they missed working in Indoviz and they feel passionate about going back and complete our mission. For me, as a CEO of the company, it's the most important thing and hopefully it will continue. I will hand over it now to Eldar to go over the financials.
spk06: Thank you, Omar, and good morning, everyone. Revenues for the second quarter of 2021 were $1 million, an increase of 39% compared to the first quarter of this year. We see continuous growth from our InnovizOne product. InnovizOne-related revenues for the second quarter of 2021 were $990,000 An increase of 29% compared to the $770,000 in the second quarter of 2020. We expect the portion of the revenues from Innovis One LiDAR to increase as we increase production to meet order volumes. Operating expense for Q2 2021 was 70.7%. $70.7 million, an increase from $13.5 million in Q2 2020. The $70.7 million of operating expenses included $49.9 million of stock-based compensation as well as $1.8 million of issuance costs. The primary reason for the increase the primary reason for the increase in operating costs was $47 million attributable to stock-based compensation granted as part of the SPAC business combination. In Q2 2021, we continued to invest heavily in R&D, with R&D expenses totaling $32 million, of which $17.6 million was attributable to stock-based compensation. compared to $11.5 million of R&D expenses incurred in Q2 2020, of which $0.5 million was attributable to stock-based compensation. Our balance sheet as of June 30th, 2021 reflects the closing of our SPAC business combination transaction with $156 million in cash and $195 million dollars in stock in short-term uh deposits through this transaction we are maintaining significant cash levels of over 350 million dollars that will support the company's cash needs in the coming years our issuance costs were 26.3 million dollars paid in cash and 77 $2.3 million through equity. InnoVis' private warrants are classified as liabilities and are measured at fair value through earnings. During the three months ended on June 30th, 2021, the company recorded $850,000 loss related to the change in fair value of the private warrants. Before I turn the call back to Omer, I would like to briefly comment on the F1 we filed on July 27. As part of the business combination with the SPAC, Innovis agreed to file a registration statement on Form F1 to register the release of shares and warrant of pre-closing Innovis security holders and pipe investors. InnoVis filed a registration statement, and it was declared effective by the SEC on August 5th, 2021. While the shares of certain pre-closing InnoVis shareholders registered for resale remain subject to 180 days of contractual lockup, the shares of Fipe investors are now freely tradable. This completes my financial overview Back to you, Omer.
spk05: Thank you. Thank you, Eldam. Okay, so last statement. Thank you for joining us today, school. We are pleased with our development in the past quarter and believe we are in the right path to grow and become the multitude. We've been and will continue to be focused on several big opportunities that are out there for us. In everything we do, in all solutions, safety comes first. For us at Innoviz, safety is not just a light of future. It's the reason we are in business. It's our mission, our driving force. The more our customer base and pipeline grow, the safer the roads of the world will be. Thank you very much, and I'll be happy to answer your questions.
spk04: Thank you. In order to register to ask a question, please click on the raise hand button in the center of your stage in your mobile or desktop application and wait for your name to be announced. Once again, please click the raise hand button in your mobile or desktop application and wait for your name to be announced. Our first question today is coming from the line of Michael Filatov. Michael, please unmute yourself and go ahead.
spk01: Hi, guys. Can you hear me?
spk05: Yeah. Hi, Michael.
spk01: Great. Hi, how you doing? This has been a great presentation. I really appreciate it. I don't think I've seen an earnings call in a car before, so I'm a big fan. Anyway, so first things first, I just wanted to sort of, you know, get maybe more of an update on the BMW award. it sounds like you know we see start of production in q2 of next year which maybe implies we start to see it in cars and back half of next year um but you know i mean is that the right way to think about it and maybe could you confirm which model you expect to see it launch on um i you mentioned the five series the seven series but i guess there was a quote from the sdp of automated driving at bmw that said maybe the ix would have this you know new technology toolkit so you know any comments around that would be helpful
spk05: Yeah, sure, Michael. So first, I can only repeat the quotes from BMW, public quotes. uh recently uh two months ago there was a quote saying that they plan to use a level three uh technologies on the seven series the five series and the ix as you mentioned related to the timeline and we cannot quote on behalf of bmw we can give a quote on our readiness for production which is middle of next year and that is related to the production validation of the magna a holy production line that is now in position to the descent
spk01: Okay, understood, understood. And then, Eldar, maybe a question for you as well. You know, you guys said in the press release that you're reiterating sort of confidence in the long-term guidance. Now, I'm not sure if that includes the 2021, you know, revenue outlook from the SPAC presentations, but if so, that would imply sort of a pretty big ramp up in the back half of the year. Do you still feel comfortable about the target you've laid out for the full year? And if so, I mean, what should we expect for the back half?
spk06: So basically, we did not give specific guidance for this year. Of course, there are the projections that we showed during the D-SPAC. And what we are expecting is a ramp up of our production following the freeze of the hardware. And this should be impactful on our revenue stream.
spk01: Okay, got it. And one more, just, you know, last quarter you referenced six prospects in the late stage, you know, commercial negotiations worth about $3 billion of order book, including four engagements, I believe with OEMs. Now that number of prospects has grown to eight. And I'm wondering, which is great news, but I'm wondering if you could give an update on whether or not the same six prospects are in that included in those numbers. And then, you know, what's the mix, you know, are any more of those OEMs or sort of other opportunities?
spk05: So out of those six, one of them propagated into the ADP, which is the truck company. There are additional three that enter that stage. The bigger programs are still ongoing, and we are actually very optimistic about those. We are making very good progress, and we will give updates once those will converge in the next six to 12 months.
spk01: Okay. All right, great. Thanks a lot, guys. I appreciate it.
spk05: Thank you.
spk04: Thank you, Michael. Our next question comes from the line of Mark Delaney. Mark, please go ahead and unmute yourself and ask your question.
spk03: Yes, can you hear me? Yes, I know. Thank you very much for the presentation and the demo. Very helpful to see. A question on the intermediate term outlook. And I think in the D-SPAC presentation, the company had talked about $23 million of revenue in the plan for 2022. Wondering if you guys still feel comfortable with that general zip code of revenue as we're starting to think about next year.
spk05: So we are not yet changing our guidance on that. We are ramping up our production line. We are, as I said earlier, we are on the verge of increasing our design, which will allow us to increase our volume. And that will allow us to reach much higher revenues. Anything you want to add to this? Yeah.
spk03: The follow-up question was around gross margin, and I think last quarter you mentioned some very good progress on your manufacturing yields getting to, I think, an excess of 90%. Is this potentially some good progress on yields? At the same time, there's been a lot of increases in component costs impacting a number of different parts of the automotive industry, and potentially some of those higher costs could be sustained into the into the 2022 timeframe. So as you think about some of those puts and takes in terms of input costs, as well as where your yields are tracking, maybe you can talk about whether or not you feel comfortable with the gross margin trajectory that you had outlined. Again, you're not trying to get specific to this year, but over the intermediate term. Thanks.
spk06: So we still don't know the full impact of the situation. Amit Singer- Going to be maintained that the shortage of components at this level or during this year. Amit Singer- It had some impact was very low impact because the volume our volumes are low. and the impact is a factor of more of the production might ramp up and the different overheads that are against the relative low volume.
spk05: Maybe I can answer this if I may. Go ahead. um as you know mark that we are on on a program for automotive trade and as such we are required to keep our design open as long as we complete the design validation in order to make the needed changes as of today we have completed the design validation of the existing design and we don't see yet any reason uh to make any change so we are optimistic that this design the one that we are now entering into will not require any change we've gone through a lot of testing once we will get to the time that we will see that all of our tests have been passed we can freeze the design and go to higher volume. Once you're in iterative mode, you cannot go into high volume orders that obviously have impact on the cost of each part of the device. And therefore, once we will freeze the design, it will allow us to work with bigger batches of the different components. And that will allow us to improve our gross margins. I hope it adds some color.
spk04: Understood. Thank you very much. Thank you, Mark. Our next question comes from the line of Kevin Cassidy. Kevin, please unmute yourself and go ahead.
spk02: Hi, thanks for taking my question and congratulations on the progress. I just, you know, maybe along the same lines of manufacturing, what are your agreements looking like as you're setting them up for holding inventory or how much inventory your customers might be asking you to hold for them or will the customer hold inventory? I just want to understand the production ramp.
spk06: Thank you for the question. Usually how it works in the automotive is that the different customers ask for a minimum quantity. This is the minimum that's usually a relatively low number and low commitment. And these commitments are expected by the different vendors to be met. So at least at this point of time, I don't see any significant ramp or significant obligation to stock up additional inventories in order to meet these minimum orders. Of course, we are very optimistic about the ramp up. And once USOPs start production, you can assess the real ramp up into the market and according to which, and it's usually half a year in advance, you can assess the committed volume and do the relevant purchasing.
spk05: Maybe I can add something. I think it's also important to understand that in our engagement with Magna and BMW, our business model is such that the inventory is actually held by Magna and not by us. So we sell Magna, our components, so most of the inventory is actually held by the tier one and not us.
spk02: Okay, yeah, that's helpful. Thank you.
spk04: Thank you, Kevin. Our next question is coming from the line of Michael Filatov. Michael, please go ahead and unmute yourself.
spk01: Hey guys, figured I'd come back for a little more. So yeah, you talked about the InnoVis One Plus. Now I'm just wondering, you know, when you expect that to be ready for, you know, serial production or high volume production, you know, is it fair to assume that the timeline to, you know, say the sample product for the InnoVis One Plus would be quicker than it would be, you know, for a new product, given that it's based off the InnoVis One architecture?
spk05: Yeah, definitely. Based on the fact that it's a very minor change in just basically a few components, so the design validation and production validation would be faster. Currently, when in discussions with customers, we are talking about an automotive grade version one year following the InnoVis 1 as a precaution, but we are planning to push it faster.
spk01: Okay, got it. And is there any way you could frame sort of the improvement in performance, you know, in terms of quantitative metrics between universe one and universe one plus?
spk05: Yeah, it's double the resolution from 0.1 to 0.05 resolution and about, I think, around 30% range improvement. So it's taking us to the 200 meters that we need. uh so it's a it's a very interesting product and we just had a very good trip to the us now that corona is allowing some more traveling. It's great to get some first hand demos and demonstration. I think there is a very good fit for, you know, with one plus for the truck industry. At least that's kind of it seems that there is a very good interest coming from that area.
spk01: Got it. OK, thanks. And then should we assume that the universe two is still on track to be delivering samples to customers by the end of the year?
spk05: yes yes it's uh we already did several design validations showing us 30 times and actually higher uh improvement in the optical performance and we're very eager to have the first samples in our hands starting to build it Most of the components are underway in production and the boards are in production and we're going to have it integrated for the first time during October. and to be able to ship first samples to customers that we are in discussion with it's a very intriguing uh product due to the very high performance and and cost this uh this i mean i can use this opportunity maybe to share more information uh innobis too is a 70 percent cost reduced versus the innobis one and and i i was asked several times about how we managed to do it and maybe here i can say that um you know innobis one is based on four lasers and four detectors uh in order to uh to scan the entire scene Arieh Iserles- And you know these two are going to use only one one laser and one detector. Arieh Iserles- which explains how we managed to make it significantly cheaper, not only because of the less number of components of the laser detector but also because. Arieh Iserles- The number of optical alignment and and basically optics collimators etc, everything becomes much more simple. The production cycle is going to be extremely faster because it requires alignment of only one channel versus four, actually more than one. And I think it's a very attractive product. It's intriguing to think about how we can use less lasers in the next product, but probably one would be the limit.
spk01: Got it. No, it's helpful. Looking forward to hearing customer feedback when that gets to your customers. One last one. You talked about how KPIs sort of performance specs aren't really, you know, they're not the whole game, right? And there's lots of other factors that your customers consider when evaluating LIDARs. Maybe you could talk about how your experience with BMW sort of helps you win with these other OEMs because I think we all know at this point that it wasn't the easiest road and they have a pretty high bar for testing and validation. So, you know, how that sort of prepares you to win with other OEMs.
spk05: Oh, definitely. I think one of the things I saw in the last quarter, in many discussions with customers, InnoViz is like a university for LiDAR development. We have a menu of many topics that I think that InnoViz keeps a lot of knowledge around when it's related to developing LiDAR for automotive products. And these things that are related from cleaning system to the integration with the camera and simulation of the heat transfer. So we've done a lot of lessons learned throughout this process. We really give the menu to our customers. And I see that there are many things that we have gone through and have experienced that the car makers that are now doing audits for a solution are leveraging from our experience. So I think this is a big element out of this, but also into the KPIs, because You know, when you think about an autonomous car driving on the highway, there are many use cases that we encounter that we can provide as guidance to the customers in order for them to understand. This comes from also from obscure, obscure? secureness of the cars and how to manage a situation where suddenly you have dirt on the window and calculations that are related to reaction time of the car in specific scenes. We have a lot of tools for simulation of driving scenarios that we share with our customers. So it's really end-to-end. It's also related to logistics and RMA and for sure in the computer vision that there are many fields, many elements there that are related to lane detection and under-drivable, over-drivable. I mean, I'm happy to do maybe next time sessions that we can share more information about the way the market is analyzing the requirements for the LiDAR and Maybe expand better for the market to understand how those requirements are eventually translated to the LIDAR. I can happily do it next time.
spk01: That would be great. Really appreciate the time. Thanks.
spk04: Thank you. Our next question comes from the audience, and I will read it on their behalf. What does the one million object annotation mean for the Innovis app platform? Are there more platform developments coming?
spk05: okay so uh okay the computer vision is is a growing asset and and what i mean is that the more data that you collect in your catalog uh the more the stronger uh the the confidence level that you have with your algorithms now in order to have a strong as as in any ai data is the fuel behind it and you need to have very accurate data set that is used for training one million validated objects it means that there was someone that not only collected the data, but also verified its accuracy. And this is kind of the ground truth that is used by our system. And it carries over beyond the INOVIS-1. It goes to the INOVIS-1+, and it goes to the INOVIS-2. And we collect it ourselves. By the way, we also collected it through our partners. uh that are giving us edge cases as they are using our lidars outdoor and whenever they see an interesting case they are sharing it with us so it helps us also to cover some coronal cases thank you you have no further questions let's move ahead okay thank you No further discussion. So thank you all very much. Keep following us on LinkedIn and Twitter. We try to share our path and our journey on a day-to-day basis. And see you next time on the earnings call.
spk04: Thank you very much. That does conclude our call for today. Have a great day.
Disclaimer