Aeva Technologies, Inc. Q4 FY2024 Earnings Call

Good day. My name is Jess, and I will be your conference facilitator. I would like to welcome everyone to Aeva Technologies Fourth Quarter and Full-Year 2024 Earnings Conference Call. During the opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question-and-answer session. As a reminder, today's conference call is being recorded and simultaneously webcast. I would now like to turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. Andrew, please go ahead.

Thank you, and welcome, everyone, to Aeva's fourth quarter and full-year 2024 earnings conference call. Joining us on the call today are Soroush Salehian, Aeva's Co-Founder and CEO; and Saurabh Sinha, Aeva's CFO. Ahead of this call, we issued our fourth quarter and full-year 2024 press release and presentation, which we will refer to today and can be found on our Investor Relations website at investors.aeva.com. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Aeva's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. The webcast replay of this call will be available on our company's website under the Investor Relations link. And with that, let me turn the call over to Soroush.

Thank you, Andrew, and good afternoon, everyone. The fourth quarter and the start of 2025 have been an incredible period of momentum in our business, and I'm excited to update our investors and stakeholders. I think it's appropriate, though, to step back and frame how we got here. When we laid out our vision for Aeva and building a market-leading perception and testing company nearly eight years ago, we knew it was not going to be easy, and the path we were taking with FMCW would ultimately build the platform for the future, but it would take time. Importantly, we built a strong team that understood the challenging engineering problems to overcome, the algorithms and software necessary to build the hardware semiconductors and silicon photonics to be developed, and the iterations required to bring multiple generations of a powerful product to market. If successful, we would have the building blocks required to enable both breakthrough long-range perception and micron-level precision for broad applications and perception. Richer data sets, faster progression, everything aligned and scalable architecture, and protected by a massive wall of significant IP. We knew that this product vision was the only way to unlock the potential promise of autonomy and the other next-generation capabilities for our customers across automotive, industrial robotics, and other applications. Our team was constantly faced with challenges to overcome along the way and needed an intense drive to deliver on our ambitious goals. I am proud of how we have pulled together time and again to deliver our first commercial product, Aeries II, in 2022, followed by our first integrated basic product, Atlas, beginning of last year. These were breakthrough milestones in the LiDAR space as the promise of FMCW/LiDAR was finally being delivered. These products enabled our historic series production win at Daimler Truck, one of the largest commercial vehicle manufacturers globally. We didn't stop there; however, as we have continued to push into a smaller form factor, launched a next-generation ASIC, and have increased the resolution of our market-leading Atlas Ultra product line targeting passenger vehicles. Our Atlas Ultra product has now enabled us to bring the power of our platform to the passenger vehicle market and has enabled us to be awarded a joint development program from a global top 10 passenger OEM. This award opens up a new market for our products and signals the confidence large global OEMs have in our technology and future. The joint development program is focused on taking our market-leading Atlas Ultra product and fine-tuning it to fit within their specific vehicles and package it for use in their stack. The engineering work and milestones for this program are well defined, and the team is laser-focused on delivering, where we have confidence in our success. The objectives of this program are clear and on success enable us to be included as the LiDAR future in the global OEM's model lineup globally and for geographies outside of China. We expect to complete this program later this year, where we expect this transition to a large-scale production award and launch the largest opportunities in the industry and delivering a next-generation technology to our customers' vehicle platform. In summary, 2024 was a year of strong commercial momentum at Aeva, and we expect to double down on this momentum in 2025. Let's now discuss in more detail our recent business developments. We are excited to be selected by a global top 10 passenger OEM for our LiDAR development program for its next-generation global production vehicle platform, where we will jointly work on development, packaging, and integration of Aeva's Atlas Ultra 4D LiDAR for use across the OEM's global line of passenger vehicles. Over the course of last year, we have discussed our advancements with this OEM, including being down-selected to the final stages of the RFQ. Now this development program win represents a key milestone in our ongoing collaboration and is effectively the first development phase of the series production program, focused on the joint B-sample development and packaging of our Atlas Ultra product for use across the OEMs broad lineup of vehicle models. This OEM has a long history of using time-of-flight 3D LiDAR. However, through extensive evaluation and real-world testing of Aeva 4D LiDAR, including instant velocity, immunity to interference, and other advantages over time-of-flight, the OEM has found that our technology is better able to address a number of key use cases needed for the OEM to successfully expand its operating design domain at higher speeds and scale to higher levels of automation across its vehicle line and more markets. As such, they are moving to FMCW technology in order to future-proof their solution for next-generation vehicles. Importantly, in addition to this program, we have also secured a letter of intent from this passenger OEM toward the Series Production Program award decision, and we expect that to transition to a large-scale global production program opportunity for Aeva later this year. This OEM is a leader in commercializing new technology at scale in the passenger vehicle space. With the annual vehicle volumes in the millions and the potential to be the primary future across geographies outside of China, we believe the opportunity for the serious production program upon conversion from this development phase is expected to be massive and likely one of the largest in the automotive industry, which could cement our position as a market-leading company globally. We're excited to be awarded this development program with this OEM, and our planning for Atlas Ultra start-up production is starting in 2027. Beyond this top 10 OEM win, we are seeing increased momentum for our funnel with other global passenger and commercial vehicle OEMs that are advancing towards FMCW technology for their vehicle platforms. Specifically, we are increasing our joint activities with other passenger OEMs, including another top 10 passenger OEM through the RFQ process and two other commercial vehicle OEM opportunities with significant volume potential based on our Atlas and Atlas Ultra platforms, with targeted SOPs between 2027 to 2029. More broadly, interest in leveraging FMCW technology is rising across the industry, as is decisions incorporating geographic integrations. We believe Aeva is in a strong position with our product and cost competitive solutions. Moving now to update for Daimler Truck on the production program. We are progressing well with Daimler Truck, having delivered on all of Aeva's milestones for the program in 2024. As the exclusive long-range and ultra-long-range LiDAR supplier for the OEM's autonomous truck production program, Aeva 4D LiDAR is the primary detection sensor, and we have been working closely with Daimler Truck and a subsidiary torque to achieve their key milestones towards a safe and scalable commercialization of autonomous trucks. I'm happy to share that this relationship continues to deepen in 2025. We recently expanded our collaboration with torque to include the sharing of sensing data and a Freightliner vehicle platform. This will enable even closer collaboration between our teams as we work together on advancing the safety architecture for autonomous trucks and enabling torque's virtual driver software to make safer and more intelligent decisions. So in short, Aeva remains on track for the start of production in 2026 to support Daimler Truck's market entry by 2027. Turning now to the latest development around Aeva's products. We unveiled Atlas Ultra at CES this past January. This is our newest and most powerful automotive-grade 4D LiDAR that is designed to meet OEM requirements for Level 3 and higher speed applications. Compared to our Atlas product, Atlas Ultra offers three times the resolutions and the capability for a wider field of view, all in 35% slimmer packaging, which opens up even more integration options with minimal impact on vehicle styling and aerodynamics. Like other Aeva LiDAR products, Atlas Ultra leverages our proprietary LiDAR on-chip architecture, which integrates all optical components, including transmitter, detector, and lenses onto a silicon photonics module. This, along with no use of fiber or exotic materials allows us for a highly automated manufacturing process and ability to mass produce at an affordable cost. Atlas Ultra also utilizes our custom Aeva X1 SoC or system-on-chip processor, which enables seamless integration of data acquisition, point cloud processing, scanning, and application software into a single mixed-signal processing chip. Our X1 SoC also powers Aeva's advanced perception algorithms that leverage per-point velocity data for object detection and semantic segmentation. We are already working on integrating Atlas Ultra with key partners such as the global top 10 passenger OEM and plan for additional availability to automotive customers later this year. At CES, we also showcased the industry's first functional behind windshield integration of FMCW LiDAR in collaboration with an automotive partner. This enables high LiDAR positioning for optimal long-range detection with seamless integration, minimizing impact to vehicle design and aerodynamics. The in-cab integration is enabled by our FMCW LiDAR on-chip’s small form factor, low power consumption, and passive cooling, which helps maintain good visibility and passenger comfort. Our operational demonstration vehicle utilizes a co-developed custom formulary glass from Wideye by AGC that is compatible with Aeva's unique FMCW wavelength to maintain long range detection and point cloud quality. Feedback from leading OEMs following real-world on-road demonstrations has been very positive and has already led to deeper engagements. Switching now to industrial development, where we are growing rapidly with major applications of our products with industry leaders such as Nikon and SICK AG for the $10 billion-plus market opportunity in industrial robotics and factory automation. This is possible now in 2025 because of the completion of our core technology components including our core vision LiDAR on-chip module and XO1 SoC for industrial applications. In particular, late last year, we partnered with SICK AG to incorporate Aeva's FMCW technology into its portfolio of high-precision contactless sensor solutions. As mentioned, SICK is one of the top leaders in sensor solutions with revenues of nearly $3 billion annually. Specifically though, in the multibillion-dollar market of high accuracy displacement sensors, SICK sells more than 250,000 sensors a year, which are used across a broad range of industrial robotics and factory automation applications. Aeva's sensors bring a number of major performance side and cost advantages versus current solutions such as more reliable micron-level precision across many operating conditions or the ability to measure both short and long standoff distances with the same small sensor. And because of Aeva's ability to directly measure velocity, we believe our technology would open up new capabilities that bring the possibility to expand the use of Aeva's sensors across the industrial precision market. Having now substantially completed our validation with SICK, we're now moving to commercial deployments beginning in Q3 of this year. Turning now to our key objectives. I would like to first provide a quick recap of our 2024 goals before sharing more about our 2025 objectives. We set challenging objectives for 2024, and I am proud to say that we have achieved essentially all of them. With regards to the goal for two additional production wins, we secured an industrial win with The Indoor Lab and a global top 10 passenger OEM development program. Our other goals from maturing our production product to finalizing our supply chain and exceeding our financial metric targets with over 100% revenue growth were all successfully achieved. Looking to 2025, we expect the work accomplished last year will enable Aeva to build on our momentum this year. Our focus is on further driving the adoption and commercialization of FMCW technology while continuing to maintain strong financial discipline. Specifically, we target winning two additional programs in 2025 beyond the top 10 passenger OEM. Second, we are on schedule to complete and release the C sample of our Atlas product to key customers this year. This key milestone will keep us on track for our 2026 start of production with Daimler Truck. Third, we are working to expand substantially in industrial robotics and factory automation, as Aeva's unique FMCW technology has the potential to transform the industry. We are seeing significant interest from some of the global leaders in the space with the potential for materially higher deployments to the tune of at least 1,000% for Aeva in 2025. Fourth, we plan to complete our automated and automotive-qualified production line with capacity for 100,000-plus units annually. This critical step will not only better position Aeva to meet the increasing near-term interest for our 4D LiDAR, but also our upcoming commercial deployments. And fifth, we aim to achieve these objectives with a strong focus on financial growth this year. As Saurabh will discuss later on, we believe we have the ability to achieve record revenues for the company this year with approximately 70% to 100% year-over-year growth in 2025. At the same time, we expect to reduce our operating expenses this year by approximately 10% to 20% year-over-year. In summary, Aeva is working on multiple significant commercial opportunities in 2025. And with our unique 4D LiDAR, the strong team, and liquidity position, we believe we are in a good position to execute on our objectives and capitalize on the growing momentum around FMCW. With that, let me turn the call over to Saurabh to discuss the financials.

Thank you, Soroush, and good afternoon, everyone. I would now like to discuss Aeva's full year 2024 financial results. Revenue for the year 2024 was $9.1 million, representing growing sensor shipments to automotive and industrial customers, including for the Daimler Truck program. Full year non-GAAP operating loss was $123.2 million, consistent with our plan to keep it flat from the prior year. 2024 gross cash use was $112 million, which comprises of operating cash use of $106.9 million and capital expenditures of $5.1 million. Aeva ended the year with total available liquidity of $237 million, which includes $112 million in cash, cash equivalents, and marketable securities, and $125 million in an undrawn facility. This facility has conditions to draw that are fully met and can be drawn at management's sole discretion. We believe Aeva's total liquidity positions us to continue executing on our existing production programs, as well as securing additional wins. And as more industries look to FMCW technology, Aeva is in a unique position to drive this adoption. We will continue to be strategic in how we invest and believe we can simultaneously scale manufacturing to support increasing deployments and pursue new business while also lowering total spend. Turning to our financial outlook for the full-year 2025, we target growing our revenues to be in the range of $15 million to $18 million this year, which is an increase of approximately 70% to 100% year-over-year in 2025 and continues on a similar strong 100% plus year-over-year revenue growth trajectory that we achieved in 2024. The higher revenue is expected to be driven by the ongoing scaling of product shipments to automotive and industrial customers. Revenues are expected to be back-end loaded in the year. As we mentioned earlier, we see the opportunity to reduce our spend in this year 2025. This is due to the completion of certain major engineering activities and our overall maturing of the commercialization of our products. As such, we are targeting non-GAAP operating expenses, which excludes stock-based compensation and other potential non-recurring charges to be in the range of $95 million to $105 million, a reduction of approximately 10% to 20% on a year-over-year basis. We are at a very exciting time in the company's journey as we begin to scale deployments and meet the growing interest for our 4D LiDAR technology. We believe our available liquidity enables us to execute on our plan. With that, let me turn the call back to Soroush for closing remarks.

Thank you, Saurabh. 2024 was a transformational year at Aeva, beginning with our major production program award from Daimler Truck to multiple industrial wins and the start of commercial deployments, Aeva's taking a leadership position in driving the growing adoption of FMCW LiDAR across a broad range of applications. I would like to thank the Aeva team for their immense work that they continue to do in realizing these accomplishments. Looking forward, I am really excited about what lies ahead for our company this year. We are uniquely positioned to execute, given the maturity of our 4D LiDAR technology and the company's financial position. With our first top 10 passenger OEM program and other auto and industrial opportunities, the number and depth of our engagements have never been stronger, and we believe that Aeva is on the path to emerge as a leader in our market. With that, we will now open the line up for questions.

Thank you. We will now go to Colin Rusch with Oppenheimer & Company.

Thanks so much, guys, and congratulations on all the progress. With the industrial applications clearly, there are a myriad number of them, and they're fairly sizable. Can you talk a little bit about initial targets outside of metrology, if there are any, and what the cycle time is? And in terms of design wins and when we might start to see some revenue off of those wins. And I guess, since you're doing one question, the secondary piece would be if you could give us an update on manufacturing progress from here?

Yes, Colin. I'm glad to address that. This is Soroush speaking. As you mentioned, we are moving beyond automotive, which was a significant update today. We're really excited about the opportunities ahead in robotics, particularly in factory automation. We have spent the last few years building a strong foundation for our products and platforms, including our key technologies with our two silicon chips, the optical core vision and the X1 SoC. These products can be utilized in both automotive and industrial applications. Now that these are substantially ready, we are eager to begin increasing our sales and deploying these commercially in the market this year. In the industrial sector, for instance, we see substantial opportunities in industrial automation and robotics, with a potential market exceeding $10 billion annually for suppliers like us. Companies like SICK and Nikon lead in this space, and we are collaborating with them and others to launch our initial industrial precision products. SICK alone generates about $3 billion in annual sales through millions of sensors. However, when we focus on our specific sensors for high-accuracy displacement sensing, SICK sells around 200,000 to 300,000 units per year. This highlights a significant opportunity for Aeva. The market is established and ready for disruption, which is exciting for us. We are partnering with SICK to transition their sensor portfolio to more FMCW-based sensors for high-accuracy and displacement sensing. We aim to increase our industrial segment sensor shipments nearly tenfold this year, giving an idea of the scale we're pursuing, and we believe this is just the start. If we execute well over the next few years, the potential opportunity could exceed $100 million in annual business, which is very exciting. The traction we are witnessing in this area is distinct from others in the space discussing LiDAR for industrial applications. Aeva stands out due to our accuracy and micron-level precision in a non-contact manner at long distances, which 3D LiDAR technologies do not offer. That's why we are particularly enthusiastic about this. I hope this answers your question.

Thanks. And can you just address the manufacturing question for a second, just in terms of your progress in manufacturability and preparation to ramp, because you start to see some of these opportunities materialize?

Yes, absolutely. So as you pointed out, we have been focused heavily on increasing manufacturing capacity. Obviously, it is important for us to be able to meet the growing demand for our products to hit these targets that I mentioned, the 1,000% for the industrial sensor. So one of our goals this year actually is to install and complete our manufacturing production line with a capacity of 100,000 units per year. And as you may recall from last year, we set a goal to really secure our final assembly, manufacturing, as well as make a dedicated manufacturing line of Fabrinet for our core module. So all those, as I mentioned on the call, are done now; we are now set up into the next year to really start being able to have the manufacturing capacity that is at a much higher scale and then be able to satisfy the demand that we're seeing from the various markets across all the industrials.

Thanks so much, guys.

We will go next to Suji Desilva with Roth Capital.

Hi, Soroush and Saurabh, congrats on all the progress here. Taking into consideration your comments about OpEx being able to bring it down some of the product after maturing. I'm wondering if also that applies maybe to some of these large programs like the Daimler Truck program. Could you characterize the '25 kind of effort left and versus maybe '24, perhaps was the heavy lift, and there's less risk in what's left between now and program start '26, '27, or whether there are still some significant milestones and challenges remaining?

Yes. This is Soroush. I'm glad to address that. We've made significant progress with our first product launch for Atlas. This year, we're focused on releasing a final C sample, which is a crucial milestone for commercial deployment at scale. We're advancing our manufacturing line capacity installation from '26 to '25 to meet the increasing demand in automotive and industrial sectors. With Daimler Truck, we've met every milestone on time or ahead of schedule last year, which has solidified our successful partnership since our announcement at the start of last year. The majority of our development work is complete, and we've made considerable progress on our manufacturing line installation. We're now enhancing it to create a fully automated line for final assembly to achieve our production targets. Regarding our spending, this is the year we aim to set record revenues for the company, with expectations of 70% to 100% year-over-year growth. These goals were established last year, and we exceeded them, so we are optimistic about achieving similar results this year. Meanwhile, we plan to reduce our spending as we have nearly completed product development, and many of our one-time engineering costs are behind us. We're maturing as a product and as a company, which is exciting as we start scaling our products while maintaining our momentum with successes in automotive and other areas. It's an exciting year ahead for us.

Yes, great progress and a great setup for 2025. And then my other question is on the OEM program and the '27 target for start of production. I was just curious, first of all, is that an L3 car program? And second of all, as you talked about $1 billion lifetime value, maybe 10 years straight line, is '26 the beginning of that contribution part of it? Or these were '27 early the first year you'd get some kind of 1/10 of that sort of run rate beginning? What's the more realistic expectation?

Certainly. I'd like to discuss the top 10 win related to the passenger program we mentioned. We have been collaborating with this OEM for quite a while, particularly intensively over the last year or two. It is important to note that this OEM has significant experience with Time of Flight technology. Through their experiences, they have recognized what they need and what is lacking, prompting them to transition from Time of Flight to FMCW technology. This shift, fueled by prior lessons learned and the advantages of FMCW, signals a major trend in the passenger OEM sector. We believe Aeva will play a pivotal role as a leader in FMCW technology. Over the past year, we have conducted extensive real-world and on-road testing, validating our technology. We have successfully navigated numerous audits and thorough evaluations, culminating in two agreements with this top 10 passenger OEM. The first is a development agreement aimed at refining our Atlas Ultra product for their global vehicle platform, which covers various vehicle lines. This collaboration represents the initial phase of our production program, focusing on scaling development samples for their vehicle lineup. The OEM has a significant vested interest in our success. Furthermore, we have advanced with this OEM to secure a letter of intent for a large-scale production program this year, which reflects their plans for the next generation of vehicles and our collaboration. Overall, we are optimistic, with clear objectives and milestones set. The team is dedicated and understands what needs to be accomplished, and we are confident that we will finalize everything in the coming months. Regarding timing and the start of production, we have indicated that our target for the Atlas Ultra to start production is 2027, following which we expect a ramp-up to market entry.

We will take our next question from Mason Wayne with Morgan Stanley.

Great, thanks guys. I just wanted to ask, given some of the additional wins and engagements, just how are you feeling about the level of cash right now? It looks like the cash burn last year was kind of similar to what's on the balance sheet today. Spending will be a little bit lower this year, but is there a cash number you feel comfortable operating the company at? Do you expect to be able to have to draw on that facility before we kind of start to scale over the next couple of years?

Hey Mason, this is Saurabh. So happy to answer that question. As I mentioned in my prepared remarks, our total liquidity available is $237 million, $112 million is on the book from the balance sheet and the remaining $125 million is in the form of an undrawn facility where the conditions to draw have been fully met and now does that management's sole discretion to draw at any point in time. So we feel pretty good about our liquidity. It's a multiyear runway to take us all the way to production. And as you see that we are, while we are increasing revenues, we are decreasing cost. And as Soroush mentioned earlier in the call, that there are certain heavy lifts on the R&D front, particularly the silicon development and maturity of the product, those activities are coming down, as you would expect, as you reach maturity. So we feel pretty good about it. We don't have any debt. And at the same time, we look at the whole ecosystem of LiDAR companies than others. We feel we're in a very good position from the balance sheet strength and liquidity to execute on our plan and with more customers.

Okay, excellent. Thanks, and congrats on the progress.

Thank you.

We will move next to Richard Shan with Craig Hallum.

Hi, this is Tyler on for Richard. I was wondering, what is the general area that the top 10 OEM is located in for their headquarters? And in which geographies other than China are they operating in? And is there any cadence to the different model ramps? Or any kind of way you could describe the size of this opportunity?

Yes, I'm happy to address that, Tyler. I need to be cautious here, as we just announced this and don't want to get ahead of ourselves. I can share that this is a top 10 OEM, a well-known brand with a global presence. While I can't disclose the specific quarters, I can say that they have significant operations worldwide. This OEM produces millions of vehicles per year and is a leader in introducing new technology. We believe that their position, combined with Aeva's unique FMCW technology and our proven maturity and scalability, creates a significant win-win opportunity for both companies. We see this as a chance to jointly introduce this technology to the passenger vehicle market, similar to our collaboration with Daimler Truck in the commercial vehicle sector. We're excited about this development. Daimler is a leader in their respective field, and we see the same potential here with this OEM for the passenger vehicle segment. Our aim is to work together to enhance our scalability. As mentioned, millions of vehicles are sold, and we anticipate that the production program will span multiple vehicle models, with some key models incorporating LiDAR as a standard feature. If you do the math, the potential here is quite substantial and could be among the largest in the industry. We expect the opportunity size to be at least comparable to the Daimler Truck program, which presents a revenue opportunity exceeding $1 billion. We're really excited about this, but we view it as a stepping stone rather than an endpoint. We're just getting started this quarter and look forward to providing further updates as we progress.

That's fair. And thank you for answering. I have one more for the manufacturing, is this enough to get you going for the next couple of years? Or does that need to be adjusted as we move forward into like end of '26 and beyond?

Yes. So as we mentioned earlier, our goal is to probably see installed manufacturing capacity in the hundreds of thousands of units to really be able to satisfy the demand that we see in the market from our customers. Our target this year is just to start this year for our manufacturing capacity install. But I can tell you that our line, as is being installed, is already able to go north of 20,000 as we install them and are able to expand that. And that's something we already have plans for as we go about installing this manufacturing capacity. So our ability to produce at significant volumes is crucial for us. One of the reasons we can do that is actually because if you look at our system, what we have been able to do with Atlas and then Atlas Ultra is reduce the components that go inside the LiDAR, let's say, if you compare it to in contrast, a typical LiDAR or a time-of-flight technology, you may have many tens or hundreds of components and modules, where what we see with FMCW, what we have done at Aeva has been able to reduce that to a handful of key modules. And that significantly reduces the complexity of the product. We have had very positive feedback from the OEMs, which has contributed to some of the success that you've had so far. Some have even commented that this is going to reduce the maximum in terms of complexity at the system level. So, we see that opportunity to be able to make this fully automated is not going to be that much of a huge challenge for us. So that's why from the beginning of the design, we've been able to actually get the system-level complexity to a level where it's straightforward to be able to manufacture in an automated fashion. All of that, what I'm saying, our ability for us to increase our capacity system-level is already in our plans, and it's something that we know how to do. And then our focus is on scaling our manufacturing and the module is silicon-level to match that up, which, obviously, that is something that is also a known quantity that we know how to do. So hopefully, that answers your question.

It appears we have no further questions at this time. This will conclude the Aeva Technologies fourth quarter and full-year 2024 earnings conference call. We thank you for your participation. You may disconnect at any time.