Good afternoon. Welcome to Amprius Technologies' Second Quarter 2024 Earnings Conference Call. Joining us for today's presentation are the company's CEO, Dr. Kang Sun, and CFO, Sandra Wallach. Please note that this presentation contains forward-looking statements, including, but not limited to, statements regarding future product commercialization, new customer adoption and applications, and the timing and ability of Amprius to expand its manufacturing capacity, build its large scale manufacturing facility, scale of business, and achieve a sustainable cost structure. These statements involve known and unknown risks, uncertainties, and other important factors that may cause Amprius' results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements. For a more complete discussion of these risks and uncertainties, please refer to Amprius' filings with the Securities and Exchange Commission. Finally, I would like to remind everyone that this call is being webcast and a recording will be made available for replay on the company's Investor Relations website at ir.amprius.com. In addition to the webcast, the company has posted a shareholder letter that accompanies these results, which can also be found on the Investor Relations website. I will now turn the call over to Amprius Technologies, CEO, Dr. Kang Sun, for his comments. Sir, please proceed.

Welcome, everyone, and thank you for joining us this afternoon. On today's call, I will give you an overview of our second quarter accomplishments. We are also highlighting some of the upcoming milestones we are expecting for this year. Our CFO, Sandra Wallach, will then discuss our financial results for the period. After that, we will share some closing remarks before opening the call for questions. Before I give a recap of the quarter, I would like to briefly introduce Amprius to those who may be new to the company. As a reminder, here at Amprius, we develop, manufacture, and market high-energy density and high-power density batteries with applications across all segments of electric mobility, including the aviation and EV industries. Today, Amprius commenced performance leadership in its completion of battery, energy density, power density, charging time, operating temperature range, and safety. Across our battery portfolio, we offer unmatched performance with commercially available batteries. Amprius has been delivering commercial batteries to various aircraft and vehicles to maximize performance, enabling our customers to achieve their economic targets as well. In addition to what is commercially available today, we have also achieved third-party validation of our latest 500 watt-hour per kilo, 1,300 watt-hour per liter battery platform. This battery will be ready for commercial shipment later this year. It's our belief that there are no other commercial batteries on the market that can perform at these levels today. Amprius is the silicone anode batteries pioneer with over a decade of development experience, producing a strong patent portfolio of over 80 issued patents and patent applications, and a long track record of commercial statements and customer success. Turning to the second quarter results, Amprius had a very productive quarter. We delivered new high-performance batteries to the market, developed larger manufacturing capacities, and engaged with new customers and new market segments. The launch of Amprius SiCore battery early this year has excited our customer base and attracted new customers. It also enables Amprius to explore new market segments. Since the launch, we have seen continued demand for SiCore batteries in aviation, electrical transportation, and other industrial applications. Amprius has recently further optimized our cell chemistries and cell designs, allowing us to deliver the battery with enhanced performance to the market. One of these high-performance batteries is the Amprius SA11 battery. This is an energy and power-balanced battery based on Amprius's SiCore cell chemistry. This 30Ah cell offers 350 watt-hour per kilo with 700 cycles. The performance and cell format are specifically designed for certain electrical mobility applications, such as the aviation and drone market. Another battery we delivered in Q2 is the Amprius SA17. This is the highest known energy density cylindrical battery with this format in the industry. Following the success of our 18650 battery that was released in January, we created a larger version of the cylindrical battery, the 21700. The larger SA17 offers 6Ah energy, providing customers a drop-in replacement for those that currently use 5Ah batteries. The SA17 enabled us to further target the micro mobility segment, including two-wheeler applications like scooters and e-bikes, as well as other applications in aviation and industrial equipment. With these new additions, Amprius has 14 SKUs in our product portfolio. Our battery offerings cover the entire performance map of our customer commercial applications, energy power, cycle life, charging time, and more. The combination of Amprius SiMaxx and SiCore platforms enables us to tailor our cell chemistry for various customer requirements. Both Amprius SiMaxx and SiCore batteries can be high energy and high power solutions for EVs. This quarter, we made material progress toward delivering the 100Ah EV form factor battery cells to the United States Advanced Battery Consortium or USABC. The cell we have developed will meet or exceed all 2023 USABC low-cost fast-charging EV cell characteristics, including exceptional fast-charging performance and usable energy in a low-cost battery solution. This development was under a $3 million cost-sharing contract from the USABC in collaboration with the United States Department of Energy. Amprius high-performance batteries have continuously received attention from customers in various market segments. In many cases, Amprius batteries are the only known commercially available batteries that meet the customer requirements in technical performance and application economics. In Q2, we shipped to 56 customers. Of those, 24 were new customers across the electrical mobility sector, complementing strong repeat volume orders from our long-time partners such as AeroVironment, Teledyne FLIR, and BAE Systems. This compilation of 2000 new customers and the volume of shipments to returning customers allowed us to double our quarterly revenue output compared to Q2 last year. Geographically, we recorded a 41% year-over-year increase in shipments within the United States and a robust 271% increase in shipments to the rest of the world. With these improvements, we recorded 50% of the total revenue in the second quarter from outside the United States. Looking at forward demand, we locked in $7.6 million in new sales orders during the quarter, which translated to a 32% increase in our net backlog at the end of Q2 versus Q1. During the quarter, we also secured additional orders from long-time customer AALTO/Airbus. Based on order size and timing, Amprius will now be delivering SiMaxx 450 watt-hour per kilo high energy battery cells to AALTO/Airbus through 2025. These battery cells will continue to supply the necessary power and endurance for AALTO/Airbus Project Zephyr Stratospheric Flight Operations. In Q2, we also entered into three different partnerships with leading pack designers and manufacturers. These partnerships are critical, as they allow us to broaden our sales reach and offer our next generation batteries to each manufacturer's respective customer base. With the increase in customers, Amprius has developed significant manufacturing capacity in the second quarter. The company took several steps forward to expand both our SiMaxx and SiCore product capacity. For SiCore, we currently have three well-equipped and very experienced large-scale manufacturing partners in Asia, providing over 500 megawatt hours of production capacity across pouch and cylindrical battery cells. Amprius today has access to approximately 10 million pouch cells and 125 million cylindrical cells annually. These arrangements provide us with mass global production capacity and ensure that we deliver our products in a timely manner while maintaining the quality our customers expect. Moreover, the contract manufacturing partnership model allows us to eliminate upfront capital expenditure while ensuring immediate capacity to accelerate our sales. We are also planning a manufacturing facility in Brighton, Colorado. We have now completed roughly 60% of the construction design drawings and specifications for the facility. We remain on track from a regulatory standpoint, having recently submitted our Fed Plan and other regulatory plans and applications for the facility. As we previously discussed, the initial production line in Colorado will be focused on SiCore manufacturing, given the more immediate opportunities we have identified for the SiCore platform and specifically for customers requesting a U.S.-based supply chain. We continue to make important progress to ramp up our facility in Fremont, California. In the second quarter, we completed the qualification process for our central thermal machine, which is used in the silicon anode fabrication process. Looking further ahead, we remain on pace to scale our Fremont production reach at the end of the year to up to 2 megawatt hours scale. This includes implementing SiMaxx production in-house to streamline our manufacturing process. We plan to have this capacity up and running in Fremont later this year as well. The breakthrough performance of Amprius battery has continued to gain recognition from the battery industry. The company's 500 watt-hour per kilo battery was selected by Fast Company Magazine for its 2024 Innovation by Design Awards. Amprius was also recognized by the CleanTech Breakthrough Awards as the Battery Technology Company of the Year in its inaugural event. Invited by the Taiwan Battery Association, Amprius hosted its first Battery Forum in Thailand in April, where over 100 attendees from industry-leading companies and institutions learned about Amprius breakthrough silicon anode battery technology and the partnership opportunities. The forum received significant interest from potential customers, industrial partners, and the Taiwanese investment community. The momentum built in Q2 has given us a strong tailwind in Q3 as well. Recently, we were awarded a $1.9 million contract from the U.S. Army's X Tile Prime program to develop a large form factor 500 watt-hour per kilo SiMaxx energy density cell for electrical mobility applications in the defense sector. The recognition of this breakthrough technology by the U.S. military opens much broader applications of our 500 watt-hour per kilo battery that is available only from Amprius today. In summary, we believe we are poised for a strong second half of the year, thanks to our increasing sales outlook, growing customer engagement, expanded production portfolio, and high-volume manufacturing capacity build-up. We are working hard to achieve our goals and expect to continue our momentum through 2024, leading to a great 2025. With that, I will now turn the call over to our CFO, Sandra Wallach, to review our financial results for the quarter.

Thank you, Kang. I would now like to spend a few minutes covering some key financial updates. As a reminder, our detailed financials can be found in our shareholder letter. We finished the second quarter with $3.3 million in total revenue. As we have previously discussed, our total revenue is a combination of our main revenue streams: product revenue, development services, and grant revenue. This quarter, all $3.3 million came from our product revenue. As we've discussed in prior quarters, our development services revenue comes from development programs that are non-recurring in nature. On a sequential quarter-over-quarter basis, our product revenue increased by $1 million or 43%, and compared to the prior year, revenue increased by $1.7 million or 105%. These increases were driven by shipments to 56 customers in the quarter. Although our product revenue remains largely driven by customer purchase orders that can arise at uneven times throughout the year, we have shown consistent new customer growth and diversification in recent quarters. As Kang mentioned, 24 of the 56 customers this quarter were new customers. Also, three customers this quarter represented greater than 10% of revenue compared with three in Q1 2024 and five in the same period last year. Going forward, we will continue adding to our customer mix to diversify our revenue streams and provide more reliable product output as we get to a position of scale. Moving to our profitability metrics, our gross margin was negative 195% for the quarter compared with negative 109% in Q1 2024 and negative 186% in the prior year period. As a reminder, we see significant gross margin variation as our product and service revenue mix fluctuates. Also, our gross margin continues to be impacted by pre-construction costs related to the Colorado facility. Longer term, we are confident that our GAAP gross margin will begin to normalize as we approach our capacity expansion goals. Now on to our operating expense management. Our operating expenses for the second quarter were $6.4 million, an increase of zero point compared with Q1 2024 and a decrease of $0.7 million or 9% from the prior year period. The quarter-over-quarter increase was driven by G&A stock-based compensation. The year-over-year decrease is primarily attributable to reductions in G&A costs that were offset by investments in R&D and sales. Our GAAP net loss for Q2 was $12.5 million or a net loss of $0.13 per share with 97 million weighted average number of shares outstanding. In Q1 2024, the net loss was a negative $0.11 per share with 90 million weighted average number of shares outstanding and in Q2 2023, the net loss was also negative $0.11 per share with 85.2 million weighted average number of shares outstanding. As of June 30, 2024, there were 88 full-time employees, up from 81 in the first quarter and 72 in the prior year same period, with those employees primarily based in our Fremont, California location. Our share-based compensation for the second quarter was $1.9 million compared to $1.2 million in the first quarter and $0.9 million in the prior year period. As of June 30, 2024, we had 108 million shares outstanding, which was up 15.7 million from the prior quarter and primarily related to the recent work we've done to clean up our cap table, which I'll now discuss. During the second quarter, we completed a cash tender offer, which provided a temporary exercise period with a reduced cash exercise price for our private and public warrants. In the cash tender offer, we were able to reduce the number of warrants outstanding from approximately $47.7 million to approximately $34.6 million and raised net proceeds of $14.2 million. We have also closed a second tender offer that allowed cashless exercise of the private warrants, which resulted in the extinguishment of $15.6 million of the $15.9 million total outstanding in exchange for the issuance of 3.1 million shares of common stock. In total, more than 60% of the original warrants are no longer outstanding. Turning now to the balance sheet. We exited the second quarter with $46.4 million in net cash and no debt. Compared to Q1, we recorded a net increase of $7.4 million in cash. Key drivers of our cash activity for the quarter were $17 million of cash inflow added with $14.2 million netted from the cash tender offer and $2.8 million of cash inflow added primarily through the usage of our ATM, $8 million used in operating cash flow. We continue to remain lean with a $2 million to $2.5 million run rate per month, excluding transaction-related cost, and $1.6 million used to continue building out our expanded 2 megawatt production line in Fremont and moving our Brighton, Colorado facility forward. Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprius forward. Before I turn the call back over to Kang, I would like to take a moment to discuss our outlook for the remainder of the year. We expect to spend another $1 million to $2 million on equipment to support the 2 megawatt line in Fremont. This includes the necessary tools to have our cathode line up and running by the end of the fourth quarter of this year. As Kang mentioned, we're also finalizing the pre-construction work for our Colorado facility. The first line will be for SiCore manufacturing. This allows us to use conventional off-the-shelf processes, which will help us provide a high-confidence schedule and cost. The total facility will have room to accommodate 3 gigawatts to 5 gigawatts of capacity to support both SiMaxx and SiCore production. The construction scope and schedule for the facility will be determined based on the final design and the availability and timing of funding. In addition, we're paying close attention to the larger industry dynamics. Changes in demand, supply, battery cost structure, government incentives, trade tariffs, and other considerations would also influence our decision. To support our strategic plan, we are regularly evaluating our capital resources, including sources of funding that provide the optimal cost of capital for our current production needs. These sources include both equity issuances, such as sales under our ATM or warrant exercises and non-dilutive sources such as grants, loans, and incentives. That concludes my financial discussion, and I will now pass the call back to Kang.

Thanks, Sandra. As we look ahead, our strategy at Amprius has remained unchanged. Our top priorities are innovating in next-generation batteries, growing our customer base, and scaling our manufacturing capacities. We have repeatedly demonstrated unmatched breakthrough battery performance in our industry, amending a firm technology lead with our combination of safety, energy, power, charging time, and overall performance. Our batteries are uniquely positioned for the electrical mobility market and they are globally available right now. Our breakthrough technologies are already validated by our growing book of customers. This quarter alone, we shipped to over 56 customers. As we continue to expand our portfolio of offerings to meet a greater range of user cases, we expect significantly more traction with customers. We have developed contracted manufacturing capacities that support annually over 10 million pouch battery cells and 125 million cylindrical cells for our SiCore batteries. We are also expanding our Fremont production capacity for SiMaxx battery production and finalizing our design process for our gigawatt-hour factory in Colorado. Looking ahead, we have several upcoming milestones in the second half of the year that align with our main priorities. We expect to fully optimize our SiMaxx production process and ramp up production to up to 2 megawatt run rate exiting the year at our Fremont facility. This will represent a 10-fold increase in our production levels that we had exiting in 2023 and give us additional capacity coming online through 2025. We intend to use this expanded capacity to continue growing our new customer order book, as well as move existing strategic customers through the technical to commercial validation process for the SiMaxx product. We're looking forward to bringing additional new customer segments and expanding applications with our current customers as we're leveraging our unmatched commercially available performance and 100 megawatt hours of SiCore production capacity through our contract manufacturing partnerships that are in place today. We also expect to finalize the design plan and the permitting for our Brighton, Colorado facility, which will include SiCore as the first line. We will deliver the 100Ah EV Form Factor cell to the USABC as part of our grant program in the coming weeks. This will be a major milestone and a practical step for Amprius as we move into the EV market. We continue to bring the market new and innovative products that push the boundaries of what is possible for our industry. As part of this, we look forward to commercializing our 500 watt-hour per kilo SiMaxx sales later this year. We believe that the opportunity in front of Amprius is tremendous. We have what we believe are the best performing commercial battery in the industry. We have added 100 megawatt hours of production capacity available to us. We have a strong customer portfolio and pipeline. As we have demonstrated, we will execute the plan and deliver the results. We look forward to carrying the momentum from the first half of the year into the rest of 2024 and delivering on what we have planned and promised. Over the next few weeks, we'll also be attending several industry and financial conferences. We'll be participating in the UBS Energy Transition Call Series on August 14, the Leaden Industrial Tech Robotics and the CleanTech Conference on August 19 and 20, the Gateway Conference on September 04, the H.V. Wireline Conference on September 09 and 10, and the Oppenheimer Sustainability Summit on September 24. We look forward to speaking with many of you at this event and over the coming days. Thank you for your continued support of Amprius Technology. With that, I would turn it back to the operator for Q&A.

Thank you. Our first question comes from Colin Rusch from Oppenheimer. Please proceed.

Thanks so much, guys. You've got an impressive customer list and it continues to grow. As you brought on the potential SiCore capacity, can you talk a little bit about the design cycles and the cycle times for when we might start seeing some of those customers start to drive more significant volumes?

Yes, Colin, we introduced the SiCore early this year in January 2024. Customers need to complete two steps for modification. The first step is product modification, which typically takes 9 to 12 months. Following that, there's production qualification. We already have a customer moving into the second stage of modification. In September, we will host customers at our manufacturing site to showcase our facilities. This process usually takes around 9 to 18 months, depending on the project's size and complexity.

Great. And then, as you look at the ramp up in Fremont, can you talk a little bit about any sort of surprises that you're running into as you start getting a little bit more into the meat of that ramp up?

Yes. In Fremont we qualified the Fremont, the first most important thing is to grow the silicon nanowire, that's the SiMaxx product. We already qualified the central thermostat tool for silicon nanowire growth. That's the step we have, but the entire manufacturing process needs to be optimized to reach the nameplate capacity. The next few months will be the time for us to develop and optimize those processes. By the end of the year, we will have this is our plan, the end of the year, we should have better facility in full production.

Thanks so much, guys. I'll take it offline.

The next question comes from Chip Moore from Roth. Go ahead, Chip.

Thank you. Hey, everybody. Thanks for taking the question. I wanted to ask about the, I think it was $7.6 million in new bookings that you mentioned. Is that all SiMaxx? And how should we think about the timeline on those orders?

Yes, that's across both SiMaxx and SiCore, and most of those are for the upcoming quarters.

Got it. So most of that in the back half of the year is a fair assumption?

Right. With the exception of some large purchase orders that we got from AALTO/Airbus, which include committing capacity through 2025, but I would say the majority of it is for the next couple of quarters along with the backlog that we had coming into the quarter.

Got it. Okay, that's helpful. Thanks, Sandra. And then maybe just my follow-up, you mentioned maybe some factors that might impact Colorado, I think it was maybe scope and schedule, just any more detail there on how you're thinking about things right now and what you might contemplate as some key swing factors?

Chip, there are many factors to consider. Over the past year, the battery industry has undergone significant changes. The supply, demand, and government policies are some of the elements that could affect our design and operational processes. We still have not halted progress, but we haven’t fully accelerated the process. We've completed 60% of the design and are aiming for 90%. Most of the regulatory issues are resolved. We are proceeding cautiously, as the entire industry is also closely monitoring supply, demand, operational costs, and current or future government incentives.

Understood. Yes. We'll see what happens, right, in November as well. Okay. Thanks very much.

Our next question comes from Jeff Grampp from Alliance Global Partners. Go ahead, Jeff.

Afternoon, everyone. Wanted to touch on the customer count. It was down a bit sequentially, but obviously Q1 was a super strong quarter for you guys from a customer account perspective. I'm wondering how you guys are interpreting that. Do you see customers ordered and then maybe take a few months or a couple of quarters to kind of assess and then potentially come back, or were some of these maybe anticipated one-offs, so perhaps that Q1 was inflated? Just wondering how you guys are interpreting that customer count change from Q1 to Q2 and how you see it going forward?

Customer account change does not mean we have less customers, Jeff, because of the former customers; they acquired samples, and it takes time to evaluate the samples. During this period of time, we did ship additional samples to them, so they are not accounted for our shipments.

Thank you for your response. For my follow-up, I'm interested in how customers are receiving SiCore. It seems to be very positive. You have third-party partners with significant capacity, but you're primarily focusing on SiCore in Colorado. Do you anticipate that customers will exclusively order from a U.S.-based SiCore facility, or will there be a natural transition where you initially fulfill orders through your tolling partners and then switch to your facility once it's operational? How crucial is having a U.S. supply chain for your customers?

Most of the customers focus on two parameters: quality and cost. Another one is performance. We have leading performance batteries, but we expect our factory to deliver quality and favorable cost. So for now, I would say the majority of customers really don't pay attention to where the battery was made. Of course, we have some special applications that will require producing batteries in the United States. So we developed significant manufacturing capacity there. You can see we have over 10 million power cells available to us in 2024. We have over 100 million cylindrical cell manufacturing capacity available to us in 2024. The manufacturing capacity for SiCore is no longer an issue for us. We just need to sell more. At the same time, we do have a customer who hopes we can produce domestically. So we are working on that, okay, that's the plan for Colorado. In addition to that, we are also planning to have more manufacturing partners in other regions, for example, in Europe.

Okay. Great details. Thank you, guys, for the time.

Our next question comes from Donovan Schafer from Northland Capital Markets. Go ahead, Donovan.

Hi, guys. Thanks for taking the questions. So first I want to ask, in the letter to shareholders, you mentioned that 50% of the Q2 deliveries or revenue was from outside the U.S. Is that a mix that we would expect to continue going forward, or was that kind of an outlier for the quarter?

So, Donovan, in the last year or earlier, our primary focus was in U.S. and some in Europe, such as Airbus. So now we want to go globally, okay. We want to expand our market reach, and that means not just the U.S., not just Europe, okay, we're including Asia in our market engagement.

And then with the ATM, if you can just give us an update whether there has been any usage of the ATM so far into the third quarter?

Yes. So we have not been active on the ATM in the third quarter.

Okay. And then just one last one to squeeze in is for the milestones for the rest of the year, when you say you plan to finalize design drawings for the Brighton facility by the year-end, does that mean does it follow the same goal, or that we can have the expectation that there will be a cost estimate by year-end as well, or could that take longer?

By year-end, we expect to have a more accurate cost estimation. Currently, we have a cost estimation based on 60% of the design. Our goal is to complete this design by year-end, which will allow us to provide a more precise cost estimate. The construction market and raw material costs are very dynamic, so we update our information nearly every month. Before the year concludes, we aim to resolve regulatory issues, finalize the design, and prepare a construction cost estimate.

Would have, and would you expect to share the cost estimate publicly at that time?

We will see, you know, how I created the data, Sandra?

Yes. I think it depends on how quickly we're going to move the facility forward, and I think that's the part that we're still evaluating.

Okay. All right. That's helpful.

Our next question comes from Ryan Pfingst from B. Riley. Go ahead, Ryan.

Hey, thanks for taking my questions. Just a follow-up on some commentary you had earlier. Could you just tell us what some of the risks are on the policy side if we do get a change in administration in November?

That one is difficult for us to comment, Ryan. Although such speculations, right, there is no fact at this moment. For us, not just common incentives, we need to look at the market dynamics. At this moment, the manufacturing capacity for our SiCore product is not an issue. We have tremendous manufacturing capacity behind us. At the same time, we are developing our SiMaxx manufacturing capacity here. So the company has a product, has a manufacturing capacity, and we have a customer base; we just need to accelerate the customer modification process to grow the revenue.

Fair enough. And then understanding that EVs are a longer-term focus, but wondering if you had an update on your engagement with OEMs, and if we might see a related announcement in the near term there?

As we mentioned earlier, the last few calls, we do have engagement with all segments of electric mobility, including EVs, but we don't have a commercial product for EV customers, but we do have technical exchanges.

Our next question comes from Amit Dayal from H.C. Wainwright. Your line is now open.

Thank you. Good afternoon everyone. Most of my questions have been asked. Just one question around the Colorado facility, are we fully committed to building this facility out, or in for preserving the balance sheet and capital, etc.? As you scale up, could you potentially contract manufacture both the SiCore and SiMaxx offerings while you build the market for these products?

Sure. In terms of SiCore manufacturing capacity, we have plans that could support us for the next few years. Even today, this year we have 10 million; next year we will have much more capacity available to us. In better sense, there is no additional capacity needed. However, we consider that as a manufacturing company we do need to have our own manufacturing facility. So that's why we are still working on the Colorado factory. As Sandra mentioned, we manufacturers needed to be considered, okay, and we will see what kind of design and what kind of capacity we need in Colorado because the market has changed compared to two years ago. So we need to reevaluate our design and the scale of our own factory in the United States. The manufacturing capacity for SiCore, as I mentioned, is no longer an issue for Amprius.

Understood. I'm just trying to get a sense of when by when you might make that call because it gives investors a sense of how you can use your balance sheet to progress the commercialization efforts?

Understood. We at this moment, we're still working on the project because we need to see the market dynamics; the market is changing very fast. I think at the end of the year, not just the market dynamics, also the political dynamics will influence what we are going to do.

Okay. Yeah, that's all I have, guys. I'll take my other questions offline. Thank you.

At this time, this concludes our question and answer session. If your question was not taken, you may contact Amprius's Investor Relations team at [email protected]. I would now like to turn the call back over to Kang Sun for any closing remarks.

Thanks again everyone for joining us today. As a reminder, you can find out more about our company, receive additional updates, and learn about upcoming events and presentations from the Investor Relations section of our website. We hope to see you at one of our upcoming conferences, and we'll continue to update you on the exciting progress we are making in transforming the electrical mobility market. Finally, I would like to thank our employees, partners, and shareholders for their continued support.

Thank you for joining us today for Amprius Technology's First Quarter 2023 Earnings Conference Call.