Good afternoon. Welcome to the Amprius Technologies Third 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 new applications and the timing and ability of Amprius to expand its manufacturing capacity, build its large-scale manufacturing facility, scale its 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'd like to remind everyone that this conference call is being webcasted. 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 third quarter accomplishments, while also highlighting some of the upcoming milestones we are looking forward to achieving in the near future. After that, our CFO, Sandra Wallach, will discuss our financial results for the period. Then I 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 our company. Amprius is a pioneer and a leader in the silicon anode battery space. At Amprius, we develop, manufacture, and market high-energy density and high-power density silicon anode batteries, with applications across all segments of electrical mobility, including the aviation and the EV industries. Today, Amprius commands performance leadership with its combination of battery energy density, power density, charging time, operating temperature range, and safety. Across our battery portfolio, we offer unmatched performance among the commercially available batteries. Amprius has been delivering commercial batteries to the market, with up to 450 Wh/kg and 1,150 Wh/L; 10C power capability; the extremely fast charge rate of 0% to 80% rate of charge in approximately 6 minutes; the ability to operate in a wide temperature range of -30 degrees Celsius up to 55 degrees Celsius; and the safety design features that enable us to pass the United States military's benchmark nail penetration test. Each of these performance parameters is critically important to reward the electrical mobility applications. Not only do our batteries enable certain aircraft and vehicles to maximize performance, but they also enable our customers to achieve their economic targets as well. In addition to what is commercially available today, we have also achieved a third-party validation of our latest 500 Wh/kg, 1,300 Wh/L battery platform. This battery will be ready for shipment by the end of this year. It is our belief that there are no other commercial batteries on the market that can perform at this level today. Amprius is the silicon anode battery technology pioneer with over a decade of development experience and a long track record of commercial shipments and customer achievements. While Amprius' high-energy and high-power batteries are for all electrical mobility applications, the company is presently serving two large and high-growth segments: aviation and light electric vehicles. Both benefit from Amprius battery performance and present Amprius with enormous business opportunities. Our aviation customers include manufacturing OEMs in high-altitude pseudo satellites, eVTOLs, electric aircraft, and various drones from commercial to industrial to military. Fortune Business Insights projects that the global drone market will surge from $18 billion in 2023 to $213 billion by 2032. So we believe we are just at the beginning of a significant expansion of one of our addressable markets. Aerospace Testing International forecasts that the electric aircraft and eVTOL battery market could be $50 billion by 2030. The light electric vehicle market is quite impressive as well. Providence Research Report estimates the market will have a compound annual growth rate of 9.74% from 2023 to reach $206 billion by 2032. If there is one constraint in all of this, it's the critical role of battery innovation. At Amprius, we offer solutions to this constraint, and our third quarter results reflect our traction in both the aviation and the light electric vehicle industries as customers see the value of our technology. In the third quarter, we more than doubled revenue from the second quarter and engaged with 53 new customers. We have expanded our market participation in the light electric vehicle segment, signed $20 million of customer contracts, and two letters of intent with Fortune 500 industrial leaders, delivered high energy density 360 Wh/kg EV battery cells to industrial consortium, USABC, and developed gigawatt-hour-scale contract manufacturing capacities. All these accomplishments and the progress position Amprius for accelerating the growth in the coming quarters and years. The introduction of the Amprius cycle battery in January has given us a large advantage in the battery space by expanding our offerings. Amprius offers a very versatile platform that enables the designs of the best-performing silicon anode batteries for a variety of customer applications. Today, we offer customers 14 different SKUs that are available in a variety of battery formats and form factors. These cells range from 350 Wh/kg to 450 Wh/kg, ensuring that we are covering a significant portion of our customers' commercial applications. Amprius batteries are recognized as best-in-class for energy, power, cycle life, charging time, temperature performance, and safety for electric mobility. Our technology leadership and battery performance are validated by an increase in customer purchasing volume. Now I would like to briefly provide an update on our partnership with the United States Advanced Battery Consortium, or USABC, since it is a remarkable technical breakthrough in an important market segment for Amprius. After being awarded a $3 million cost-sharing contract from the USABC in collaboration with the United States Department of Energy approximately 1.5 years ago, this quarter, we successfully delivered the EV cells to them. USABC selected Amprius to address some of the most challenging issues experienced by EV users, such as range and the need for faster charging time. Amprius not only addressed this issue but surpassed many of the initial goals set by USABC. Amprius EV cell achieved 360 Wh/kg energy density, 1,200 Wh/kg power density, a charge to 90% of their rated energy in 15 minutes, and expect a cycle life of 1,000. We believe our continued success paves the way for future engagements with electrical vehicle manufacturers. Amprius batteries have become a great attraction in the electric mobility market. In many cases, Amprius batteries are the only non-commercially available batteries that meet certain of our customers' requirements in technical performance and application economics. In Q3, we shipped to 94 customers; of these, 53 were new customers covering several parts of the electric mobility sector. Our year-to-date customer count now stands at over 175. Many of these customers are also longtime partners with repeat volume purchase orders, including AALTO/Airbus, AeroVironment, Teledyne FLIR, Kraus Hamdani, and the BAE Systems. The combination of new customers and volume shipments to returning customers allowed us to generate $7.9 million in revenue for the third quarter. Our performance in the third quarter represents more than double the amount of the revenue we generated just last quarter, almost triple what we generated in Q3 last year, and compares to the $9.1 million we generated in all of 2023. The primary driver behind our growth this quarter has been our SiCore product. Since its launch in January, we have expanded our contract manufacturing capabilities, enabling us to quickly scale production and deliver large volume shipments where we have strong demand. The three customer engagements we announced in Q3 are the results of the SiCore platform introduction and the contracted manufacturing strategy. The high performance of our battery and immediate availability of manufacturing capacities enable us to quickly move customers through the commercial validation process, secure volume purchase commitments, and deliver large quantities of cells to customers. Looking at some of these new agreements in more detail, in September, we announced that we received two contracts totaling over $20 million to supply 40 Ah high-performance cells for light electric vehicle applications, which we are already shipping. For context, our 40 Ah high-performance cycle batteries are produced at a contract manufacturing facility as soon as the batteries and production lines are qualified by the customer, enabling us to rapidly scale and meet customer demand. We expect to recognize this revenue by mid-2025. In the last few months, we have also signed two separate agreements with Fortune 500 leaders. While we are in the early stage of these projects, both engagements have the potential to greatly expand and become high-volume orders from Tier 1 customers, where we now have the capacity to meet the demand. The first of this contract is a non-binding letter of intent with a Fortune Global 500 technology OEM to develop a high-energy SiCore cylindrical cell for the light electrical vehicle market. This letter of intent is expected to translate into a commercial supply agreement that will cover the next five years and could provide Amprius with battery production orders exceeding 2 gigawatt hours over the proposed contract duration. We will begin shipping the first group of SiCore cylindrical cells designed for this application later this year. The second Fortune 500 agreement is a development contract for small format, custom, high-energy SiMaxx pouch cell. Amprius' high-energy battery provided a critical solution to the customer's application. The project is expected to reduce the battery width and size by approximately 50% compared to their current battery without compromising performance. Just a smaller and lighter battery enables better product design, enhances the overall customer experience and offers a significant competitive advantage in the market. The application is projected to require over one million cells per year if the project objectives are met. On that note, in order to support the current as well as the future customer commitments, we took additional steps forward this quarter to increase our manufacturing capabilities. In June, we announced the initial rollout of our contract manufacturing strategy that secured over 500 megawatt hours of additional capacity to several partners. To further diversify and expand our manufacturing capacities, we recently launched two lines designed for the requirements of Amprius batteries with one of our existing partners. These production lines will be supporting the $20 million light electrical vehicle battery orders that I just mentioned. They are already operational and shipping cells. Beyond creating additional capacity, having lines engineered specifically for our products enables us to provide a more stringent design for our cell chemistry, which is a key consideration for many of our highly technical customer applications. Just as of today, we now have access to up to 800 megawatt hours of pouch cell and over one gigawatt hour of cylindrical cell production annually. As for our manufacturing facility, we are planning in Brighton, Colorado, we have now completed production line specifications and selection, finished construction design drawings and specifications for the facility. We remain on track from the regulatory standpoint, having recently submitted our site plan and advanced all other regulatory plans and applications for the facility. Since we have gigawatt-hour-scale contract manufacturing capacity available today, we may not need the Colorado production capacity to support market demand for some time. We also continue to make progress ramping up our facility in Fremont, California. We remain on pace to scale our Fremont production rates entering 2025 with up to 2 megawatts of capacity. Looking ahead, we are increasingly optimistic about the road ahead of us as well as our ability to meet the challenges. With technical leadership, great battery performance, a growing book of customers, and the capacity to now support large volume treatments, we believe that we are set up for sustainable growth for the foreseeable future. We are working hard to execute our goals, and we expect to carry our momentum through the end of 2024 and into 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.

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 third quarter with $7.9 million in total revenue. As we have previously discussed, our total revenue is a combination of our main revenue streams: product revenue and development services and grant revenue. This quarter, $6.1 million came from our product revenue, representing a $2.7 million or 81% increase sequentially and a $3.9 million or 176% increase year-over-year. Our development services and grant revenue totaled $1.8 million this quarter, which went from none in Q2 and was up $1.2 million year-over-year. As we've discussed in the past, development services and grant revenue is nonrecurring in nature, leading to greater fluctuations depending on the comparison period. The combined increases in revenue this quarter were driven by the addition of new customers and grant programs. As Kang mentioned, we shipped to 94 customers in the third quarter. Of these customers, only 4 accounted for greater than 10% of revenue, an increase from 3% in the second quarter and consistent with the 4 customers counted in the third quarter of 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. Gross margin was negative 65% for the quarter compared to negative 195% in Q2 of 2024 and negative 152% in the prior year period. As a reminder, we see significant gross margin variation as our product and services revenue mix fluctuates. Gross margin this quarter was also impacted by design preconstruction costs related to the Colorado facility, which will not recur. Longer term, we're 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 third quarter were $6.2 million, a decrease of $0.2 million or 4% compared with Q2 2024 and an increase of $1.3 million or 26% from the prior year period. The sequential decrease was driven by lower share-based compensation and outside services. The year-over-year increase is primarily attributable to increased investment in sales, allocation of R&D from COGS as development services agreements run off, and largely flat G&A. Our GAAP net loss for the third quarter was $10.9 million or a net loss of $0.10 per share, with 110.4 million weighted average number of shares outstanding. In Q2 2024, net loss was negative $0.13 per share with 97 million weighted average number of shares outstanding. Q3 2023, net loss was a negative $0.10 per share with 86.4 million weighted average number of shares outstanding. As of September 30, 2024, there were 92 full-time employees, up from 88% at the end of the second quarter, with those employees primarily based in our Fremont, California location. Our share-based compensation for the third quarter was $1.7 million compared to $1.9 million in Q2 and $1.1 million in the prior year period. The sequential decline was due to changes to the Board of Directors. As of September 30, 2024, we had 111.3 million shares outstanding, which was up 3.4 million from the prior quarter. That increase includes 3.1 million shares issued as part of the warrant exchange that reduced the total number of outstanding private warrants from 15.9 million to 0.3 million. Now turning to the balance sheet. We exited the third quarter with $35 million in net cash and no debt. Key drivers for the $11.4 million of cash we used in the quarter were $9.5 million used in operating cash flow. We continue to remain lean with a $2.5 million to $3 million run rate per month, excluding transaction-related costs. Note that our Q3 '24 operating cash included $2.4 million of nonrecurring expenses used for the design of the Colorado facility. These expenses are projected to tail off with the completion of the construction drawings, which are substantially complete: $1.3 million used to continue the build-out of our expanded 2-megawatt production line in Fremont; and $0.5 million related to the payment of stock issuance costs associated with the warrant repricing offer. 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 CapEx outlook for the remainder of the year. We expect to spend another $1 million on supporting equipment to complete the 2-megawatt line in Fremont in addition to our normal operating capital requirements. Now that the designs are effectively complete for Colorado, we will continue to monitor the larger industry dynamics driving our ability to proceed further. Timing and availability of funding, along with the monitoring of the overall sector for changes in demand, supply, battery cost structure, government incentives, trade tariffs and other considerations will influence our decision on next steps and timing. One last housekeeping item I'd like to discuss is a change to our cap table after the end of the quarter. On October 23, we announced that Amprius Inc., our former controlling shareholder, had voluntarily liquidated and dissolved. As a result, the shares held by Amprius Inc. were distributed pro rata per a dissolution plan approved by their Board of Directors. This distribution removes a controlling shareholder consideration and dispenses the shares more broadly into the hands of the original investors in Amprius, Inc. Amprius, Inc. also contributed to us 5.5 million common shares of Amprius Technologies and will reimburse related expenses in exchange for our assumption of the outstanding stock options of Amprius, Inc., an aggregate of 7 million options with a weighted average exercise price of $2.10 per share. There was no operating impact to Amprius Technologies as a result of this distribution or option assumption, and we extinguished the contributed shares. The option assumption was approved by a committee of the Amprius Technologies Board of Directors comprised of solely independent and disinterested directors. 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 remains unchanged. Our top priorities are innovating next-generation batteries, growing our customer base, and scaling our manufacturing capability. Today, Amprius has the best performing battery for the electric mobility market, strong revenue growth, an impressive cost pipeline, and gigawatt-hour scale manufacturing capacity available to us. Our technical leadership and unmatched battery performance in the industry has been validated by industrial leaders and repeat customer orders. Our contract manufacturing strategy has also shown great results. We are already able to support our customers with over 10 million pouch battery cells and 125 million cylindrical cells annually. We also recently celebrated the launch of dedicated Amprius lines at one of our manufacturing partners with the capacity for 800 megawatt hours of pouch cells. At the same time, we are exploring additional manufacturing partners in Asia and Europe, expanding our Fremont production capacity for SiMaxx battery production, and have finalized our design for the factory in Colorado. We believe that the opportunity in front of Amprius is tremendous. Our teams are more confident than ever in delivering what we have planned and promised. We look forward to closing out the year strong and heading into 2025 with increasing momentum. Over the last few months, we will also be attending several industrial and financial conferences, and we hope to see you there. Thank you for your continued support of Amprius Technologies. We look forward to continuing to deliver on what we have planned and promised in the upcoming quarters. With that, I will turn back to the operator for Q&A.

And we'll take our first question from Colin Rusch from Oppenheimer.

And I appreciate all the detail on the contract manufacturing capacity that you have. Would love to dig into the customer list a little bit more. Can you talk about how many customers are in late-stage negotiations that have the potential to be 10 megawatt hours or more, and how should we think about the cadence of incremental customer announcements like the one you just mentioned?

Yes. Colin, for the customer with a significant volume, we already concluded two customers with a combined revenue of $20 million that we will deliver within the year. Actually, we expect that by next May, we can recognize the revenue. In addition to that, we are in conversation with another three customers. Those are high-volume potential customers.

Great. That's very helpful. Given the shift in strategy towards a capital expenditure-light model, could you discuss the approach to achieving operational cash flow breakeven? It appears that with the unique product and available capacity, you have a clear path to reach that operational breakeven.

Absolutely. So as we've mentioned before, the product that we sell under the trademark SiCore is profitable from day one without having to put any of our investor money to work in the capital and infrastructure. We still have limitations in how much of the SiMaxx we can deliver, given the up to 2 megawatts that we're increasing in Fremont. We expect the near-term revenue growth to all come from SiCore. So that gives us a clearer view now that Kang has removed the capacity constraint to really grow into that operational profitability profile as we move forward.

And then just from an organizational capacity perspective on the OpEx side, can you talk a little bit about what investments you need to make to really support a drive towards breakeven revenue levels?

So this last quarter, we made an investment in two additional salespeople. That's really been our big focus, along with business development and adding some key R&D resources into the Fremont team so we can drive the cycles of learning faster. So that's really where we're looking at. With 92 employees, we're talking about a handful of really critical hires that we're focused on right now.

And we'll take our next question from Jed Dorsheimer from William Blair.

You have Mark Shooter on for Jed. Just to put a finer point on Colin's question, are you saying that you'll be recognizing all of the $20 million by May or that you'll start to recognize some revenue by May?

Mark, at this time, our plan is to recognize the revenue by May.

Okay. So by May of next year, you'll have $20 million in revenue from those customers.

Yes, the $20 million is from these customers. We already started shipping the product this quarter.

Got it. And to dive into that a bit more with the customer strategy, congrats on 175 customers, that is quite a lot. I'm wondering if your strategy is to continue to service many customers with more smaller volumes and bespoke cell designs maybe to capture higher margin. Or are you looking to secure more chunkier large customers with higher volume? How are you thinking about that?

Yes. We like to focus on large customers with substantial volume. That way it's easier for us in not just product development, but also the manufacturing and service. So those are our focus. We have the 175 of them, but eventually, we hope to have sizable large volume customers who will place an order.

Okay. And lastly, I mean at a steady state, say, in a couple of years out when the facilities are ramped and you have large orders, do you have a gross margin target in mind considering the cost for the toller?

We haven't given any guidance about our target model. But again, because the majority of the volume will be coming from SiCore, which is made on traditional graphite manufacturing lines, we've seen the reason why we can't get to parity with graphite.

And we'll take our next question from Chip Moore from ROTH.

Congrats on all of the progress this quarter. I wanted to follow up on the $20 million contracts that it sounds like you're going to recognize by the middle of next year. Is there potential for those to grow? Or should we think about a new set of purchase orders? Or what's the opportunity with those customers?

Chip, at this time, the orders they placed will satisfy their needs until mid-next year. That's why we expect to recognize the revenue by mid-next year. These batteries will be made and sold, and the revenue will be recognized. But those are very important customers. They are the leaders in this particular segment. We anticipate that they will grow and will have additional orders coming sometime next year because this only satisfies half of their demand. So we are working with those customers very closely. Our first task is to get those products made and have revenue recognized by May.

Understood. That's helpful, Kang. And maybe for my follow-up, on the LOI in the electric vehicle space, large potential, right, 2 gigawatt hours. I think you talked about a potential supply agreement over 5 years. What are the milestones to reach that in terms of samples and evaluation? I imagine that takes some time, but how should we think about that?

Yes. I think the key to this is breakthrough technology. This requires a substantial change in cell chemistry and cell design. Now we have done most of those. This is not from scratch, okay? Amprius already has the foundation for both. So we need to perfect the cell design. We are planning to give them the first batch of samples. Whatever they ask for, there is no one in the industry that has made it, also no one in the industry, so they believe this can be done, okay? But Amprius is already demonstrating that. They were planning to come to the factory on December 5, okay, because I will not be available. So that delayed the factory inspection probably toward next year. We convinced them they should test the sample first before they come to the factory. So this is a very reputable customer. It's an industrial leader, definitely, in the industry leader. They are number one and two in a particular market segment. So we are very proud of having this opportunity to serve there.

We'll take our next question from Jeff Grampp from Alliance Global.

I had a question on customer account metrics you guys provided. I think this was a new record, both for new customers as well as total, which I guess also kind of means it looks like existing customer count was also at a record. So I'm curious to drive into the main drivers of that. In particular, wondering, is this SiCore expansion and the capacity that you guys have secured, would you say that's the main catalyst to the increased receptivity, if you will, from customers that they feel more conviction in your ability to deliver in volume? Or what other factors might you see at play to drive this acceleration?

Jeff, the first driver is our battery performance. There's no doubt about it. They couldn't get a battery with the same performance anywhere in the industry today. I think that's the key driver. That's the key attraction for us in the marketplace. Before, we had capacity limitations. So our qualification process has been long and lengthy for some customers. We had to give up because we don't have enough capacity to serve them. So the SiCore introduction plus our contract manufacturing strategy works very well for us. And not only do we have sufficient capacity to serve the customer, but customers are also quite familiar with our manufacturing process. When we have a customer coming to visit our facility, we have another large customer coming to China to look at our factory on November 18. That's where I will make a trip to Asia next week. So the driver is technology leadership and available manufacturing capacity. Also, manufacturing capability. Capacity and capability are two different things. Capacity means our manufacturing lines can deliver quality, can deliver the format and the form factor you want, also can deliver on time.

Great. That's really helpful details. For my follow-up, I was curious about that $20 million-plus level order that you guys had a couple of months ago now. Given that that was for SiCore, it really hasn't even been in the market for a full year yet. It would seem to suggest, I guess, a pretty quick qualifying period for the customer. I'm curious if in your sense that's unique for that particular need or how you're generally seeing customer qualification timelines changing, if at all, with SiCore and with some of your recent proof points, if you will, and derisking this for customers?

We gather accurate data points for customers to examine. Amprius has a long-standing history and a wealth of data available on various batteries for customers to review. The qualification process is often not hindered by our battery but rather by certification procedures. Depending on the specific application, the certification process can vary in complexity. For example, the qualification for eVTOL batteries takes significantly longer than for drones, which in turn takes longer than for light electric vehicles. Therefore, the qualification cycle can be relatively short for certain applications, enabling customers to qualify our battery quickly. In the case of the $20 million contract, we provided our database, and the customer performed a swift test to validate that data. Their qualification process turned out to be much shorter than other qualification timelines.

And we'll take our next question from Ed Jackson from Northland Securities.

I've got a couple of questions that are still left on my list. One is with regards to the spending on the Colorado facility and its impact on your third-quarter gross margin. You said, if I listened to the call correctly, that it was $2.4 million. First of all, I want to verify that's what you said. And then secondly, can I assume from your commentary that the spend for kind of the leg work for that facility is kind of ramped down and now we could expect it to essentially be nonexistent with the fourth quarter and going forward? That's my first question.

Yes, Ted. So the $2.4 million was based on cash flow for operating cash; that's what we spent in the third quarter. There's always a difference between the P&L and cash. But the $2.4 million is related to the cash. And yes, we substantially completed all of the design and construction specifications in October. So we're expecting that to ramp down and drop to a very low rate until we're ready to spin back up and get started.

So what was the nut that was in your COGS for Colorado that was in the third quarter, just kind of an apples-to-apples comparison when I think about your fourth quarter since that won't be in there anymore?

It was a little bit higher than the cash basis. So it was closer to $2.9 million.

Okay. So then just to make sure I understand right. So all else being equal, if we had the exact same shipment levels in the fourth quarter that you had in the third quarter, that we would see your margin improve by just under $3 million simply because of that?

Yes. Again, our margin fluctuates based on the mix of...

Yes. My next point is seeking some clarification. When you mentioned the Fremont facility and the additional $1 million needed in the fourth quarter, is that considered extra capital expenditure? Are you indicating that your fourth-quarter capital expenditure will be around $1 million?

So it's $1 million to finish off the build-out for the balance of the up to 2-megawatt capacity. Every factory I've ever been with has some normal run rate of CapEx for replacement and upgrade. So it won't be a material number.

Okay, that's helpful. If I understand correctly, you expect to end 2024 with 2 megawatts of capacity available at Fremont, is that right?

So we believe that we will be entering 2025 with the up to 2 megawatts of capacity. So 2 megawatts is the nameplate, and we've been ramping through that. But we've always said that we'll be up to 2 megawatts.

And at this time, this concludes our question-and-answer session. If you have any additional questions, you may contact Amprius' Investor Relations team at [email protected]. I'd now like to turn the call back over to Dr. Sun for his 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 the upcoming events and presentations from the Investor Relations section of our website. We hope to see you at one of our upcoming events, and we'll continue to update you on the exciting progress we are making in transforming the electrical mobility market. Finally, I'd like to thank our employees, partners and the shareholders for their continued support.

Thank you for joining us today for Amprius Technologies Third Quarter 2024 Earnings Conference Call. You may now disconnect, and have a great day.