Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the AI 4th Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question again, press the star 1. I would now like to turn the conference over to Kedan Olson, Investor Relations Manager. You may begin.

Good afternoon, and thank you for joining AI's fourth quarter 2025 earnings call. I'm Kedan Olson, Investor Relations Manager for AI, and with me today are Matt Fish, Chief Executive Officer, and Connor Tierney, Chief Financial Officer. Earlier today, AI announced its financial results for the fourth quarter and full year ended December 31st, 2025. A copy of the press release is available in the Investor Relations section of the company's website. Before we begin, today's discussion may include forward-looking statements as defined in securities laws and regulations of the United States with reference to future events, operating results, or performance, and are based on our current expectations and assumptions. Any forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances. Our actual results may differ materially from those contemplated by these forward-looking statements. You can find more information about the risks, uncertainties, and other factors in the report's AI files from time to time with the Securities and Exchange Commission, including in the most recent periodic report. The statements to be made today are as of today only, and AI does not intend to update any forward-looking statements, regardless of any new information, future developments, or otherwise, except as may be required by law. In addition, we will be discussing non-GAAP financial measures on this call, which we believe are relevant in assessing the financial performance of the business. These measures are presented as supplemental information only and should not be considered a substitute for financial information presented in accordance with GAAP. You can find reconciliations of these metrics to the most directly comparable GAAP measures within the press release. Now let me pass the call over to Matt.

Thank you, Zetan, and thank you all for joining our fourth quarter and full-year 2025 earnings call. 2025 marked an important year for AI as we continued building the foundation for commercial sales. scale. Over the course of the year, we expanded our customer base, increased engagement activity, and delivered revenue growth as customers progressed through their evaluation cycle. At the same time, we significantly strengthened our balance sheet, ending the year with nearly $87 million in cash, and we believe we are funded well into 2028. Importantly, we are also seeing broader market interest, including new RFIs, new strategic partnerships, and additional autonomous trucking evaluations. We began 2025 with a plan to demonstrate that our technology, business model, and balance sheet all positions us as one of the most innovative companies in the LiDAR industry. And we executed against the key milestones we set out for the year, with momentum on our business accelerating each quarter. Throughout the year, we made continuous progress against our growth strategy, including launching multiple products, Optisk, our fully integrated physical AI solution, and Stratos that firmly set the industry bar for detection range. extricuting on our commercialization strategy, keeping our spending under rigorous control while investing in sales, marketing, and operations, and we build a financial foundation that offers the long-term stability that partners in our sector look for. We believe AI is emerging as a differentiated provider in long-range LIDAR, with capabilities that address some of the most challenging perception problems in autonomy. The LiDAR sector has undergone significant consolidation over the past several years, and AI has emerged from this period with a stronger balance sheet, a capital-wide operating model, and a growing commercial pipeline. Our Apollo sensor with near-infinite software programmability and the one-kilometer detection range is driving increased engagement with a growing set of prospective customers. We are also advancing several commercial discussions that stem from successful POCs, which are creating clear pathways toward higher-volume programs. In defense and aviation, we are now engaged across multiple opportunities, including repeat business with an existing defense customer. We are also supporting programs in UGV, UAV, and counter-detection applications, where our long-range performance and ability to tune scan patterns in software are particularly valuable. We've seen this momentum translate into concrete activity. We received multiple new RFQs, and we entered a new strategic partnership with a distributor, which strengthens our positioning and helps unlock opportunities outside of the United States. Taken together, these developments validate the inroads we need in sectors where our performance advantages matter most. We are also seeing promising traction in commercial and ground mobility, including early conversations in long-haul trucking and rail, where long-range sensing and software-defined field-of-view control are increasingly important for next-generation safety systems. In the transportation and infrastructure sectors, our momentum is equally strong. As announced in June, we were selected by a major global transportation OEM for a program representing a $30 million revenue opportunity. We are now in the first stage of deployment, and based on the current outlook from the customer, we expect to enter a broader phase of deployment in the second half of 2026. We recently completed a successful Intelligent Transportation System, POC, in Australia and are now discussing commercial terms. Multiple smart intersection deployments are in progress across the U.S., and we also signed an LOI with an ITF solutions provider, which we expect will unlock opportunities in Korea and the broader APAC region. These engagements reinforce the strength of our diversified go-to-market strategy and support our expectation that non-automotive will be a meaningful contributor to near-term This increased deal flow is feeding directly into our POC and coding pipeline, and we expect this level of activity to continue throughout the year as our technology becomes increasingly visible across strategic markets. As these engagements progress, we expect to see increased conversion into deployment phases, which is where revenue can begin to scale. VES 2026 served as a barometer of strong market interest, and as a result, we generated over 130 high-quality leads across automotive, trucking, and a broader set of physical AI-driven markets. The physical AI market is estimated to represent a $5 billion market today, and according to a recent analysis by Barclay, a potential trillion-dollar opportunity of 2035. AI's software-defined LiDAR architecture positions us as a core-enabling layer of this emerging ecosystem. The launch of Stratos, our ultra-long-range third-generation LiDAR sensor, sets the tone with its unprecedented detection range at a disruptive price point. Stratos is not merely an addition to our portfolio. It is a value multiplier for our software-defined architecture. By delivering a 1.5-kilometer detection range and resolution greater than twice that of our flagship Apollo sensor, Stratos redefines the boundaries of high-performance sensing. While maintaining a form factor, automotive OEMs can sit behind a windshield. By preserving a 500-meter range, even when placed behind glass, we offer OEMs a streamlined packaging solution that simplifies weather mitigation and avoids the aesthetic compromises required when employing roof-mounted sensors. Apollo and Stratos are built around a 1550 nanometer architecture, which allows higher power transmission while remaining eye-safe. The result is improved long-range detection and more reliable classification of low-reflectivity objects at distance, capabilities that are increasingly important for applications such as highway autonomy, industrial automation, and defense. Through our global SEER1 manufacturing partner, LightOn, we have secured dedicated manufacturing capacity of 60,000 Apollo units annually. Our supply chain is globally diversified, giving us the flexibility and resiliency to mitigate geopolitical risk and shifting trade policies. Our tech stack was derived from off-the-shelf components from the telecom industry, allowing us to compete on cost while providing mass manufacturability and high performance to customers. Our partnership with NVIDIA remains a cornerstone of our automotive and industrial market opportunity. We have demonstrated Apollo LiDAR integrated with NVIDIA's next-generation Drive EGS-4 platform, the future-centralized brain of NVIDIA-equipped autonomous vehicles. This helps ensure compatibility with leading autonomous compute platforms and meets rigorous standards and transparency with regard to sensor performance. I'm also very excited to confirm that we are joining the NVIDIA Halo's AI Systems Inspection Lab, which bolsters our commitment to build products that meet the safety and robustness requirements of the automotive industry. Beyond automotive, our Optus platform, powered by NVIDIA, Jets, and Oren, is transforming legacy infrastructure. By providing a turnkey vision-to-action pipeline, we are delivering real-time detection and analysis to sectors that lack the resources to build their own AI perception stack. We have expanded this ecosystem through strategic partnerships with software partners like SplashEye for ICS, airport security, and other applications, BlueVan for smart city traffic management, BlackSpesame Technologies for high-speed rail, and most recently, V-ROM for dynamic perception required by moving vehicles such as rail and trucks. Together, these partnerships are turning technological opportunities into actionable revenue pipelines today. I will now turn the call over to Connor Kearney, who will review our fourth quarter results in our uniquely strong capital position in the performance LIDAR sector. Thank you, Matt.

We closed the year with strong commercial momentum. In Q4, we shipped the highest number of Apollo units in our history. demonstrating increased customer readiness and execution capability. Customer traction also continues to deepen. Since our last earnings call, our active customer count has grown from 12 to 16. Active engagements are up over 40% and active quotes are up more than 30% quarter over quarter. We are seeing broad activity across both automotive and non-automotive opportunities. Repeat business amongst customers is emerging as a bright spot, reinforcing product market fit and validating the performance advantages of our architecture. While we are in the early stages of this revenue ramp, our underlying metrics provide clear visibility into future growth. Fourth quarter GAAP operating expenses were $8.3 million, up from $7.8 million in the third quarter of 2025, primarily due to increased engineering spend and one-time payroll costs. Fourth quarter non-GAAP operating expenses were $7.5 million, an increase of $1.4 million compared to the prior quarter of $6.1 million, primarily driven by the same cost drivers just discussed. We reported a GAAP net loss of $7.3 million, or $0.17 per share, in the fourth quarter, compared to a gap net loss of $9.3 million at $0.30 per share in the third quarter of 2025. The decrease was primarily due to smaller changes than the fair value of our convertible note and warrants, as we fully repaid the note in the fourth quarter and had fewer outstanding warrants this quarter. These decreases were partially offset by the increased costs noted earlier. On a non-GAAP basis, our net loss was $6.8 million, or $0.15 per share, compared to a non-GAAP net loss of $5.4 million, or $0.17 per share in the prior quarter. The increase in non-GAAP net loss was driven primarily by increased contract development expenses and one-time payroll costs. Excluding net financing proceeds, fourth quarter cash burn increased to $7.5 million from $6.4 million in the third quarter of 2025, primarily related to increased engineering costs, professional services, and insurance premiums, as well as purchases of certain long-lead components. During the fourth quarter, we raised an additional $10 million, which included funding from a well-known institutional investor. By leveraging Tier 1 manufacturing partners, instead of making heavy investments in internal infrastructure, we continue to maintain the lowest burn rate amongst our peers. We entered the year with cash, cash equivalents, and marketable securities of $86.5 million. This war chest provides us with an operational runway well into 2028. And importantly, we have simplified our capital structure. We have fully repaid our 2025 convertible note and eliminated legacy warrants associated with our convertible notes. leaving AI virtually debt-free, establishing the company as a reliable long-term partner for leading automotive ODMs and high-performance industrial partners demanding multi-year production cycles. Moving on to our cash burn outlook on slide 8, we expect full-year 2026 cash burn to be within the range of $30 to $35 million, dollars, reflecting increased investment in sales and marketing to support our go-to-market efforts, scaling our operational capabilities, and executing on customer deployments as we transition from evaluation into commercial programs. Apollo continues to be the foundation of our competitiveness and growth strategy. Apollo's core architecture, paired with software flexibility, allows us to rapidly tailor performance, field of view, and feature steps without requiring a hardware redesign. This scalability is central to our rapid roadmap expansion, which enables us to continue to lead the high-performance market at significantly lower development costs. A prime example is Stratos, which leverages Apollo's core architecture and software definability to allow us accelerated access to a broader set of customers. Stratus demonstrates how we can keep development costs low while maintaining the performance profile that differentiates us. And this approach is resonating strongly with OEMs and industrial customers who require flexibility without sacrificing capability. We expect 2026 to show increasing momentum towards a revenue generation inflection point. as our technical engagements begin to translate into volume commitments and a durable revenue ramp. Apollo's differentiated performance and software-defined flexibility continue to deepen engagements across markets, while our capital-like model and cost-competitive tech stack allows us to scale efficiently and maintain one of the most attractive cost structures in the industry. I will now hand it back to Matt to wrap things up.

Thank you, Connor. As we enter 2026, we believe AI is positioned on a much stronger foundation than a year ago. Our customer base is growing, engagement activity continues to increase, and our balance sheet provides the runway needed to execute our strategy. The focus now is converting these engagements into deployments and building a durable revenue ramp. We look forward to updating you on our progress throughout the year. Operator, we are now ready to open the floor for questions.

Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again. If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star 1 to join the queue. Our first question comes from the line of Pofrat with Alliance Global Partners. Your line is open.

Yeah, good afternoon, Matt. Good afternoon, Connor. Hey, can you just talk about the, you know, the big jump in your customer base this quarter? I think you mentioned the jump to 16. And can you give me any more detail on sort of your pipeline, if you will? You know, you're talking about a lot more engagements. If you can sort of give us a little more color on that, that'd be helpful.

Hey, thanks, Bo. This is Matt, and I'll take that. And happy 2026 to you. Thank you for joining us. So, I hope you got a strong impression from the script earlier that there's a lot going on at the company right now. And the 16 active customer number that we talked about is just really reflective of our growing activity and growing business opportunity in our non-automotive pipeline. If you take that 16 and now you start looking back upstream, we really saw a sizable jump, not just customer interest, but the number of outbound proposals to customers. These translate into this increased customer base. And really, look at this as a feeder from these proof-of-concept projects, and so we've got a lot more in the pipe coming behind these. By the way, across all the market segments we had mentioned in the call, that's the thing. The interest is very broad across the market segments. And so, therefore, what we can expect to see going forward is a corresponding junk in the number of customers, in other words, the number of paid POC projects.

Okay, great. And then are there any new developments on the Davidian partnership? And then can you just talk about, you know, how you see that adding value in 2026 and beyond?

Yeah, so look, first and foremost, I think you saw the press release earlier. Our relationship with NVIDIA continues to deepen. And there are two things that we spoke about in the call earlier. Number one, let's start chronologically with our work with NVIDIA during CES. I believe at CES we were the only LiDAR vendor to show Apollo integrated with NVIDIA's Thor platform. That's their Drive AGX Thor platform. This is their latest and greatest autonomous platform for ADAS and autonomous driving. And we're out there on the cutting edge showing that with Apollo. And secondly, there was an announcement earlier we joined the Halos AI lab with NVIDIA. I think really the way to look at this, it shows NVIDIA's interest in our strength and commitment to the automotive process, right? There's an unbelievable amount of rigor, functional safety, all these kind of things. And this partnership deepening with NVIDIA with HALOS really increases our momentum, and our commitment to the quality, safety, and readiness that's required certainly, in our opinion, shows NVIDIA's continued broadening interest in Apollo and the products we have here at AI.

Okay. And then, you know, you said you were at CES, and, you know, can you talk about sort of any pull-through that you see from, you know, on LIDAR from, you know, being at that conference?

It was incredibly positive for us, Poe. Connor and I were both there personally. We had a full team on the floor at CES, and the amount of interest in LiDAR, in my view, is off the charts. I mean, there were two or three days there in a row where it was hard to even leave our booth because we had people backed up. The OEMs are back out on the floor, and I'm talking about automotive OEMs and also in particular trucking OEMs. Even though they may not have had large booths at the conference, their ADAS teams and their engineering leaders and purchasing leaders were definitely out on the floor, and we could see a huge spike and jump in interest, especially in the auto OEM passenger vehicle market and trucking. I think there was one thing that really stood out to me above and beyond that. As we were approached by the leaders of these organizations, they're really asking about readiness for mass manufacturability, and I think this is where our partnership at LightOn really struck a positive chord. In fact, we had our partner LightOn there at the conference, and we felt that the OEMs were really impressed by our approach by using a season tier one automotive supplier to supply into this market. It really helped increase our credibility.

Yeah, I'd just like to add to what Matt said there. Hey, folks, good to talk to you here. I would just say, you know, aside from the traction in automotive and trucking, we walked away with something like 130 leads out of the event. And even with some of those leads right now, they're maturing into evaluations. So this is feeding directly into our funnel and actually feeding downstream in terms of, you know, POC momentum. So I think that was just a great outcome all in all.

Great, Connor. And then, you know, Matt, you emphasized the balance sheets not only cleaned up with the converts and some of the legacy warrants gone, but you have a, you know, cash runway into 2028. Can you just talk about your capital raising? Should you be pretty quiet for 2026? Or what's your capital raising strategy as we look at 2026?

Yeah, sure.

We'll have Connor jump in on that one. Yeah, it's a great question. And look, what I would say is we're well capitalized at this point. You mentioned the fact that we had, you know, 87 million or so in cash, and that really kind of gives us enough runway well into 2028, just assuming we maintain a similar burn rate to what's projected here in 2026. You know, what I would say is the question is not really when will we raise capital. It's more about strategic optionality. And what I mean by that is, you know, we're really pushing commercial traction this year, right? We have a number of opportunities. You can see the strength in the pipeline, the momentum, the increase in quoting activity, and POCs. And so, you know, we will be evaluating opportunities for growth. And if that's why companies' best interests and deliver shareholder value, then that's something that we may consider.

Great. That's helpful. Thank you, both Matt and Connor. Thanks, Bob.

Thanks, Bob.

Our next question comes from the line of Greg Masniev with Kingswood Capital Partners. Your line is open.

Yes, thank you. Two quick questions. What kind of CapEx range are you modeling for 2026?

Over to you, Connor. Yeah, I mean, we haven't given specific guidance on that, Greg. What I would say, it should be relatively low, probably at least under the million-dollar range. So not a huge amount, and that's just purely because of our business model, this capital-like business model. We're working with our contract manufacturer and our tier-one partner, LightOn. So they really do bear the brunt of a lot of that heavy capital investment. So that's one of the upsides of our business model.

Sure. And when you look at your existing and new customers that you're adding, the current systems you're delivering to them, can you give us some idea of the percentage split between hardware and software and how that may change over time? Thanks.

That's for you as well, Connor. Thanks. Yeah. What I would say is we're probably predominantly hardware-based right now because this is really about selling sensors. Now, we've started to shift into the software piece with Optus, and that's where we think we can add a lot of value going forward. And we're starting to see some revenue there, but I would say the vast majority of it is still hardware revenue. One thing that I'm really enthusiastic about is just because of this software definability of the sensor and the flexibility there is what we're seeing is there's opportunities to upsell for customization. And so this could be working with, we'll take the defense industry as an example, upselling on customizations to enhance range or to enhance certain feature sets. So there's a lot of flexibility there. So I think we're really just scratching the surface in terms of, you know, the revenue-generating opportunities there.

Thank you. I have no other questions. Thanks, Greg.

Next question comes from the line of Richard Shannon with Craig Hillen. Your line is open.

Well, hi, Matt and Connor.

Thanks for letting me ask a couple of questions here. Apologies, I jumped on the call a little late here as the flight was delayed here today. And I think there was an earlier question that I sort of missed the answer on, Matt, so hopefully it's not a repeat. But your announcement today coincided with the earnings here about partnership with NVIDIA on this Halos ecosystem. I would love to understand what application or application sets this is addressing here. How does it overlap or extend what you've been doing with NVIDIA to date? And I know at points in the past you talked about NVIDIA's Hyperion platform. Is there any relationship to that as well?

Yeah, thanks, Richard. Yeah, just a quick recap from earlier. This is a deepening and broadening of the relationship of NVIDIA. Specifically, it's targeted at the automotive space. One of the things that we're collaborating with NVIDIA on through Halos is increasing our commitment, essentially, They're bolstering our commitment to the amount of robustness, focus on functional safety, resiliency, reliability in the automotive space. So, yeah, I mean, it's really positioned under the broader umbrella of Hyperion. And yet, you know, checking another box on the level of rigor that's required to be ready for automotive shipments.

Okay.

Okay.

Thanks for that here. I guess my second question is, and I can't remember which one of you made the comment in the preparator marks here, but your nice win you talked about last summer, the $30 million double transport win here. You talked about, we'll use my wording here, a pickup in the second half of the year. Just get it. We'd love to get a sense here of what that really means, if you have any way you can quantify what kind of magnitude we're talking about here. And then ultimately, do you see the $30 million eventually being realized by this customer within that three-year timeframe that I think you're expecting?

Yes, I'm going to start this one off, and I'll hand the quantitative piece over to Connor. But this is, as you well know, it's not commodity off-the-shelf technology, and it just takes time for an OEM in this space to properly test and evaluate. And as they gain more confidence in their use case, they'll do broader deployments, broader and broader builds over time. And that's why the process is stretched out over two to three years here. But it just really happens to do with the newness of the technology and the need for the OEM to really, you know, start in a modest way and then start expanding their deployments over time. I don't know, Connor, why don't you comment on just, you know, a little bit more detail on the quantitative part of this?

For what it's worth, I don't hear him on here. Can you hear him?

No, I can hear you, Richard. So, you know, why don't I pick it up and if we get Connor back. but look at the short answer.

I'm back, back online here.

Yeah, sorry, Richard. What I would say is, you know, there is an assumption that it's going to contribute some revenue here in 2026. And as Matt alluded to, we're really going through the kind of validation steps right now. And we expect obviously kind of back half of this year to do some initial deployments. I don't think we're going to see a meaningful amount of revenue, and probably until 2027. But that said, there will be some contribution, and that's sort of baked into the cash guidance numbers that we gave.

Okay, perfect. I'll ask one more question and jump out of line here. This is regarding both Optus and Stratos. I'm going to ask kind of a two-part question. The first part of it is backward-looking, and then the second part is forward-looking here. So in terms of backward looking, were any of the customers that you gained, the 16 I think you mentioned here, any of those related to Optus and Stratos in 25 here? And then what do we think about, how should we think about kind of milestones or the number of customers you might be expected to gain in 2026 from both Optus and Stratos? I guess I'd be particularly interested in Stratos given what looked like some great performance metrics here, but I'd love to hear some comments on both.

Yeah, sure. Sure, and I think Connor touched on this a little bit earlier. Let's hit Optus first. The numbers we talked about earlier absolutely include Optus numbers. And as Connor mentioned earlier, we have a modest portion of the revenue driven by software today, but we do expect that to grow over time. On the Strato side, it's definitely also baked in to what we talked about earlier in terms of active customers and POC. I'll say a little bit more about it. If you think about those really high-speed applications that you might see in defense where you're attached to a vehicle that's moving very quickly and also it could be something like a locomotive or a long train that carries a lot of weight and needs extreme stopping distance, I would say those are most definitely related to our inspiration to build a product like Stratus. And, again, I would expect us to be expanding here later this year and into next year as well. But we'll let Connor comment on any specifics.

Yeah, I mean, I think that's correct. You know, we only really truly launched Stratus in January. So we're still at the early stages of the opportunities there. But what I would say is most of the sales in 2025 were driven by Apollo and Optus. And I think the opportunities were pretty broad, right? They were a mix of defense-related opportunities, ITS applications, so a wide variety of sectors and rail, as Matt mentioned as well. And what we're really seeing is some common denominators there. Range is obviously critical. But the software definability piece is really resonating. And, you know, in some sectors, that's just like a must-have, right? Just the flexibility to be able to tune and change scan patterns. And it really gives us an edge on legacy kind of sensing modalities, such as radar and camera and even traditional fixed LIDAR type scanners. So, yeah, yeah, just I think we're very enthusiastic coming into 2026 now that we have Stratus in the portfolio as well. That's going to open up a lot of other opportunities for us, too.

Okay, perfect.

That's all from you guys. Thank you.

Thanks, Richard. Next question comes from the line of Casey Ryan with West Park Capital. Your line is open.

Thank you. Hi, Matt, Connor. Great update. I was hoping to go back, you know, a little bit back to the future a little bit, and I just wonder if you'd comment a little bit about automotive. I think we're hearing, like, there's some reset in thinking about LIDAR and automotive, but sort of L3 plans maybe being recast, but do you see that benefiting you as maybe those solutions are rethought at a lot of the major OEMs?

Yeah, sure. Happy to take that one, Casey. Good to hear from you again. Look, I'll just start with CES this year, and also it kind of bleeds into Q4 as well. The OEM guys are back, so if anything, our interest level that we're seeing has jumped. I would say over the last few months, we've seen two RFIs inbound in that space. And so, if anything, activity has increased. I mean, yet we're not fully dependent or solely dependent on the automotive industry. We're diversifying nicely. But I would say the interest has gone up and the engagement level has gone up over the last few months. The thing that I really like about it is now when we're having these conversations, those OEMs are leading with, hey, we're thinking about getting more serious and going more broadly. Do you really have the manufacturing chops to deliver in mass production? And this is where our relationship with Lighton has really paid dividends in those conversations. So I would say an interest level up.

Terrific. And then one second question on automotive. of do you see l3 l4 l5 kind of roadmaps across both i guess um i guess propulsion types it feels like a lot of the early you know adass stuff was done on ev platforms but um i know there's no technical reason why they can't be done on sort of ice vehicles as well but um have you seen that proposed i guess for for both types of vehicles moving forward yeah so in general i i'm just say we're not, we don't have that level of visibility necessarily.

This is, you know, sensitive OEM roadmap stuff, but the technology is surely agnostic. That much we know. And yeah, and again, I think to your question about L3, L4, both camps, the OEM piece is a lot about L3. And then the interest we've seen coming out of trucking space from CES especially. A lot of interest in the L4 space, but the technology is agnostic.

Okay. Yeah, great. And then sort of with this new long-range product, are there opportunities I guess especially in trucking or, you know, as you mentioned, train and real where you guys maybe have made some traction on the short-range and now, you know, obviously prior to having a long-range sensor, maybe they were using someone else, but maybe you're sort of getting two opportunities instead of one, I guess.

Yeah. Actually, it's great that you mentioned that. I'll give you an example of a conversation that came out at CES. Just as an example, as the trucking guys are getting out there on the road and getting some miles under their belt, they're finding new cases that are being exposed. For example, you've got a truck that maybe is pulling off on the side of the freeway and has to merge safely back into traffic, and that involves looking backwards into the side, and that's where we're seeing a demand, which I'll call for medium-range LiDAR, that became known to us at CES through those trucking OEM visits, and Apollo's a really good fit for those medium-range applications, so definitely interest there in the Apollo solution for things like Okay, terrific.

And then just the last question, because I know we've covered a lot of the financial questions, but what are your thoughts about, I think, other people in the LiDAR space are now combining cameras, most specifically, into their solutions, but maybe potentially setting themselves up to integrate multiple sensors? What are your thoughts about the product roadmap? You know, does that matter? Is that sort of people future-proofing, or is that not that important today in today's market? You guys are obviously making great progress, so.

No, thanks for that. And look, one of the things we're seeing with all this, all these topics we discussed about our pipeline growth, what we see very, very clearly in terms of what's driving that pipeline growth are the new use cases that LiDAR is enabling, okay? And so we're just focused on building great LiDAR and LiDAR that's really easy to integrate. And in the case of Optus, ensuring that for those customers who can't build their own AI layer, that that integrates very simply and easily. So for us, it's about the magic that LiDAR unlocks in terms of new use cases and new levels of visibility that camera doesn't provide today. And we're incredibly busy with that alone.

Okay, terrific. That's it for my questions. but it's a fantastic update today. Thanks, Casey.

See you, Casey.

And again, if you would like to ask a question, press star, then the number one on your telephone keypad. There are no further questions at this time. I would like to turn the call back over to Matt Fish for closing remarks.

Just want to take a moment to thank everybody for joining us today. Really enjoyed the dialogue and grateful for all of you following our journey as things are really starting to get exciting here. So looking forward to updating everybody next quarter. Thank you and have a great evening.

Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.