REE Automotive Ltd.

Good day and thank you for standing by. Welcome to the RE Automotive's fourth quarter and full year 2024 financial results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I will now hand the call over to the company. Please go ahead.

Good morning. And thank you for joining us on today's conference call to discuss ReAutomotive's fourth quarter and full year 2024 results. During the course of this call, management will make, express, and imply forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding the company's financial condition including the impact that it will have on Reed's future business and plan, its ability to implement its current business, including as impacted by the going concern, its plan to address its going concern, including through a significant reduction in operational expenses, which includes a reduction in force, its need to obtain significant additional financing, The growing demand for REE's products and technology from OEMs and technology companies as reflected in expanding customer reservations and deepening engagement with OEMs. The ability to generate revenue from REE AI Cloud. The implementation of the next phase of our mission. REE's ability to generate software-based revenues both in the near term and long term. REE's software-based business being less capital intensive. Rees' ability to license its technology and its broader transition toward a subscription-based revenue model. Its plans regarding production of its P7 lineup. Rees' ability to integrate our software alongside existing products from OEMs and technology companies. Delivery of initial trucks to its North American customers and the timing thereof. Its ability to improve its operational efficiencies impact of U.S. tariffs and trade policies on its business in 2025, addressing our supply chain and reassessment of production, including to tariff uncertainty, and our Q1 2025 expected cash. Such forward-looking statements and their implications involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements during the course of this call are subject to other risks and uncertainties, including those discussed in the risk factors section and elsewhere in Reeve's annual report on Form 20S for the year ended December 31st, 2024, filed with the Securities and Exchange Commission and elsewhere in subsequent filings with the Securities and Exchange Commission. Today's call is hosted by Daniel Burrell, Reeve's co-founder and CEO and Hai Aviv, REIT's Chief Financial Officer. I will now turn the call over to Daniel Burrell.

Welcome, everyone, and thank you for joining us today. We are pleased with our performance in 2024. We began this journey over a decade ago, and I'm encouraged by the progress we made this year. The milestones achieved have laid a solid foundation for REIT as a differentiated technology company in the automotive industry. I'd like to take some time to recap our 2024 and provide you with some recent updates. We saw demand increase significantly for our technology, and we reached several critical technology milestones, reinforcing our position as a leader in the SDV space. Notably, we received the first federal motor vehicle safety standard certification for a full by-wire vehicle in the U.S. Also, Airbus, in collaboration with us, successfully completed the first autonomous drive on an active runway using our SDV technology. We launched RE-AI Cloud in collaboration with Geotab, introducing vehicle services and advanced data analytics that provide predictive maintenance and optimize operations, opening up a path for what we see as a new software revenue opportunity. 2024 was a breakthrough year for RE. Our achievements point to one thing, our vision for RE is coming to life. Our technology has been tested on the road, under real-world condition, and within a commercial framework. This is a critical time in the industry as we see it converge of electric, autonomous, and connected vehicles, all of which we see as an opportunity to tap into through our scalable, software-driven platform. With that said, While we entered 2025 with this positive momentum, we have recently experienced unprecedented and unpredictable challenges. The current U.S. tariffs and trade policy has significantly impacted our supply chain, similar to many in the global automotive industry. More specifically, over 2024 and beginning of 2025, We have tirelessly worked and deployed our race capital towards hitting the key milestone needed to work our way towards putting vehicles on the road. We achieved the first FMV SS certification for a full-by-wire vehicle in the U.S. Advanced production of certain vehicles worked to prepare U.S. facility for scale manufacturing, including product tooling, solidified our order book, and signed a significantly large non-binding MOU to integrate our technology into a customer's autonomous shuttles. Unfortunately, the U.S. tariffs and trade policy created an environment that makes it significantly challenging to continue to move our original plan forward for the time being. As such, we have made a difficult but prudent decision to temporarily pause, not stop, production until the situation stabilizes, until we see the uncertainty around the broader tariff environment settle. we are focusing on what's in our control. Once the tariffs and trade situation stabilizes, we would look to address our supply chain accordingly and reassess our post-production. In the meantime, we remain in active dialogue with our suppliers and customers, and we are looking at solutions to elevate the pressure that we and the entire auto industry are experiencing currently. We are also in discussion with technology companies on new autonomous programs and are restructuring our technology teams to focus on software programs. We are encouraged with the accelerated progress that our software business has made, which we now view as mature and gaining traction in the market as we are actively engaging with OEMs that are interested in our software. Our view is that SDV is the cornerstone of the technology, which we find to be incredibly important for the future of mobility. It's not just about the EV itself, but rather about intelligent vehicle and the intelligence they can bring to both passenger and commercial marketplace. We are focused on generating revenue across both the near term and long term for our software business. In the near term, we are working closely with OEMs and technology companies to integrate our software alongside their existing product, ensuring a seamless fit within their platform and accelerating adoption. Looking further ahead, we're advancing our strategy to license our technology as part of our broader transition for the subscription-based revenue model. This dual approach not only meets what we see as current market demand, but also positions us for sustained recurring revenue. In addition to pausing production and accelerating the prioritization of our SDV business, we will be laser-focused on cost reduction. We intend to significantly reduce our monthly burn by reduction of operating costs and adjustment of headcount and leadership structure. As you can see, while the broader macro environment has negatively impacted our business plan and all the excellent work and progress we made in 2024, we remain nimble in our exploring path to deliver for our shareholders while working in parallel to accelerate our software offering, which we'll go into more details about later in the course. I'd like to turn the call over to Chai to discuss our financial milestones and a review of our financial results.