Good afternoon, and welcome to the MicroVision Second Quarter 2025 Financial and Operating Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Drew Markham. Please go ahead.

Thank you, Paul. Good afternoon. I'm here today with our Chief Executive Officer, Sumit Sharma; and our Chief Financial Officer, Anubhav Verma. Following their prepared remarks, our Chief Technology Officer, Glen DeVos, will join us, and we will open the call to questions. Please note that some of the information you'll hear in today's discussion will include forward-looking statements, including, but not limited to, statements regarding status of commercial engagements, business, product and go-to-market strategies, level of customer and partner engagement, cash, liquidity and the impacts of recent financing activities, market landscape and opportunities, program volumes and timing, development projects, performance of our products and solutions, product sales and future demand, projections of future operations and cash flow, availability of funds and conditions for capital raising as well as statements containing words like believe, expect, plan and other similar expressions. These statements are not guarantees of future performance. Actual results could differ materially from the future results implied or expressed in the forward-looking statements. We encourage you to review our SEC filings, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10- Q. These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non-GAAP under the SEC's Regulation G. For reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure as well as for all the financial data presented on this call, please refer to the information included in our press release and in our Form 8-K dated and submitted to the SEC today, both of which can be found on our corporate website under the SEC Filings tab. This conference call will be available for audio replay on the Investor Relations section of our website at www.microvision.com. Now I would like to turn the call over to Sumit Sharma, our Chief Executive Officer. Sumit?

Thank you, Drew, and hello, everyone. Welcome to our second quarter 2025 results review. I'll start by updating you on our progress with commercial agreements in the automotive and industrial markets, followed by what we expect from our military engagements and finally, refreshing everyone with our vision and mission. Since our last update, our level of engagement with automotive OEMs has increased with multiple reformulated RFQs. A new architecture, which Glen will introduce at IAA in September in Munich is instrumental to this. It provides OEMs with a wider operational design domain while making solutions cost competitive for larger volume adoption. For the past 5 years, lidar companies have proposed solutions with no mass market adoption by OEMs and limited revenues. The new RFQs target form factors that can be integrated into automotive design with low power and competitive technology cost for economy of scale. Our new MOVIA S and MAVIN offer, the widest field of view, delivering what we believe is the most cost competitive performance for dynamic view lidar. Key features include small object detection at range, the widest system field of view, the lowest system power and cost competitiveness with scaled silicon technologies. To succeed in this space, our go-to-market strategy remains steadfast. We are focusing on OEMs with mass market product plans. Even with production targeted for 2028 and beyond, it is crucial for us to win in this segment with a scalable product. Cost competitive and scalable lidar products developed for automotive will also empower us in industrial and defense segment with higher sensor fusion and perception software sales. We plan to elaborate on this further in September at IAA in Munich. In our industrial vertical, we are in the final stages of several engagements with ongoing evaluations. This segment is also very important to…

Thanks, Sumit. From a financial perspective, the first half of this year, especially the second quarter, witnessed increased trading activity and institutional trading, not just in MicroVision, but across the board in our peers as well. This sustained momentum and elevated interest in lidar and auto-tech names pedals an exciting time for us. A lot of blue-chip institutions also seem to be turning their focus back on to auto-tech, especially lidar sector, primarily due to 2 factors: number one, the progress that's being made towards commercialization across automotive and robotics and defense tech; number two, a global portfolio rebalancing that seems to be at play for large financial institutions as a result of which small- to mid-cap companies are expected to continue to benefit from this trend. Expanding on Sumit's comments, we made significant progress with NVIDIA by achieving full integration with their DRIVE AGX platform. This is a big step forward for us to become a fully qualified solution provider, particularly as we engage in several RFQs with automotive OEMs for our integrated long-range and short-range lidar solution. We're looking forward to IAA in Munich next month to demonstrate our new integrated solution for the OEMs. We believe that price will continue to be the single most important fact for OEM decisions to drive higher lidar adoption. The automotive vertical will always be the primary driver for high-volume recurring business that gets us to scale. We're driving momentum in the industrial AGV/AMR market to drive near-term revenue opportunities, leveraging our perception software and MOVIA hardware to solve complex business problems for our customers at attractive price points that lower their system costs and increase their internal productivity and efficiency. We believe that our production commitment with ZF in France drives our ability to meet the anticipated high-volume demand from…

[Operator Instructions] And our first question comes from Jesse Sobelson of D. Boral Capital.

It really sounds like there's a lot of exciting developments, both on the military side here with the autonomous drones you mentioned in these remarks as well as just across the board with some other end markets that we've discussed previously. I wanted to ask just on the industrial pipeline visibility. You mentioned growing momentum in the industrial verticals. Can you expand on specific use cases or customer types showing any traction? And when do you expect this to materially impact revenue?

Yes. I think we updated this at the Investor Day. I think everything we said publicly so far stays in play. In the industrial space, primarily AGV/AMRs is the target. Imagine in the logistics space, there's a bunch of requirements for autonomy that people think about, but there's a bigger unmet need of higher levels of safety. Our product with our current MOVIA L integrated with an LCAS system with a display sort of equivalent to a retrofittable like a bolt-on solution that goes on all existing installs. So you're not waiting for a forklift OEM to integrate into their next-generation product, which their cycles are longer and slower. We are in some of those RFQs, right? And I think we're planning to successfully close on some of them. But I think the bigger opportunity is the installed base that already exist. And there is quite a lot of sales organizations out there that retrofit that have access to these customers that have huge installed bases, and they're looking for a plug-in ADAS solution, more like a warning system to get it going faster than the forklift OEMs would. So from that standpoint, there's a market for that, certainly higher ASPs there. They get -- time to market is faster because we give a fully integrated product. Beyond that, there's also other opportunities where a lidar with customized software with multiple customers can be integrated to enable their LCAS system or other kinds of automation, and our team is working actively on that. Our engineering teams and our sales team are working actively on that.

And Jesse, from a timing standpoint, we expect these revenues in the second half of this year and then continue in 2026, as we mentioned before.

That's wonderful to hear. I really appreciate the detail there. Then just to quick touch upon the defense sector, and then I'll let the line open up for some other questions. But the drone -- the autonomous drone solutions that you guys are discussing sound very intriguing. Are there any specific programs or agencies that you're aiming to engage with in this defense vertical? And are there any prototype -- what would be the timing of expecting any prototypes to be announced or any potential pilots beginning with these targeted agencies?

We're working actively in this space, right? I think as partnerships happen, we will announce them. I think in this case, something we have certain blocks of technology that were already built out, specifically the sensor fusion, the perception in our lidar products. Beyond that, we are integrating other sensors into it. So again, as Anubhav mentioned, very mission specific, so we're not making a general product. But instead of waiting for a partnership to be announced and then start working on the development, we've seen enough interest in it that it was easy to demonstrate something by the early first half of next year with the drone technology, which is completely -- puts us in a completely different category than any other lidar company. So if you think about this thing, it's a demonstrator, a public demonstrator. We're funding it based on input that we've received from a lot of different places of something that -- what are the crucial blocks that we should be demonstrating for partners to evaluate our level expertise. Glen, perhaps you want to give some color?

Yes, that's exactly right, Sumit. As you mentioned, we really have a multiple phase project launched for airborne drones where we can show not just -- here's how a lidar sensor works, but rather here's how lidar, vision, ultimately radar all work together to provide a couple of different things. One is pure autonomous navigation for that drone. So in RF and GPS-denied environments, very common and particularly in areas of conflict, you are able to navigate that drone with precision without having to rely on any external communications. We can also create the maps real-time and then share those maps with other drones, Sumit mentioned, swarming and multiple drone operations. Well, you can enable that through that communication of real-time maps from one drone to another. And so we'll be showcasing how that actually works and how our technology develops that. And the great thing is we don't -- if you think about the drone somewhat agnostically, it's a vehicle platform that we will control. MicroVision has all of the constituent technologies required to make that happen. We have the sensors. We have the ability to process and fuse the different sensing modalities. We have the map making and the -- basically the perception software, so we can build the environmental model for the vehicle or for the drone. And then we have the actual autonomous stack that sits on top. This is back from the IP that we acquired with Ibeo. So we're able to integrate those existing assets into this new package. And that's why, for us, it's important to be able to just showcase that, use that as a platform to attract and work with and identify and work with the right partners in that space. And the initial focus is on defense. But when you think about what we just talked about, it really applies very broadly to commercial markets, logistics and many other different markets. So that technology can easily be transferred over to other end markets, but the initial focus is really what we can do in defense.

And our next question comes from Casey Ryan of WestPark Capital.

Talking about end markets and TAM, do we need to break industrial down to be broader than what we've talked about historically, just that distribution and warehousing is one, but are we starting to see a more expansive definition of industrial or sort of nonautomotive? It'd be great to hear about that.

Yes. Can you go on mute so we can answer. Let me just give some context on that. So think about the industrial, I think the way to approach the problem is what are the channels that you have to go in that you have to develop to get your product into the market. Actually, we know how to make product. We know how to solve problems. But I think it's really come from you got this awesome technology that you're sitting with, but how are you going to actually develop a channel to dominate. So if you can take the industrial space, the way to break it down is geofence, mixed-use, ADAS, but also there are certain parts that are kind of automated in the sense that if somebody needs a safety sensor right now, they know exactly who the 3 to 4 suppliers are. They know who's #1 that's got more than 80% market share in there. They go get a quote and they just keep replacing or the new equipment keep adding. So over a long period of time, there is a recurring revenue in that space that is agnostic of the 3 segments that I described. When they develop any kind of AGV/AMRs, they need the safety sensor, they always go to a standard product. So if you think about the channel, that's a creative channel for that market where we are a standardized safety sensor product, then you need a higher workforce, of course, when that moment comes in because the way you would actually go to sales is different than the small thing we have right now that goes after individual high-volume projects, you have to really be a mass market product and deploy across different distribution channels. So the real answer is that…

Mr. Ryan, did you have a follow-up?

Okay. Let's move to the next then.

I will now turn this call back over to Mr. Verma to read questions submitted through the webcast. Thank you.

Thank you, Paul. Right. So first question, what is the status of the industrial OEM evaluating our technology? Can you explain what is causing the order delay? What is the status of other industrial companies evaluating our technology?

Yes, I'll take this. I don't think there is any delay in making a decision. I think we have a sensor. We provide software. They have their own software to integrate into their AGV/AMRs. Like some of the ones that we visited are as few as 1,500 units. Some of them are higher than that. I think they're all in different levels of evaluation of how they will integrate into their system. Of course, we sell a solution. But the bigger thing that every partner has to figure out is if they are making a new product, how is that going to plug into their supply chain, has to go to their factory, get installed, the integration part of it. If you have a customer that's potentially looking at to go more aggressively and retrofit it, they have to figure all those things out, like once the product gets installed, how would you upgrade firmware bugs that could be found. So there's lots of steps involved to get that integration part done. So I would just qualify it as more that it is in deep evaluation. I think in all cases, we have not really submitted any big changes. I think we're done. We just support them in the various things that all these customers are finding just to upgrade our offering. But our input at this point is minimal, and we are actively supporting their integration efforts to make sure everything is exactly the way they would want. These customers are different than automotive customers. Automotive customers have multiple years to figure this out. Industrial customers, on the other hand, they take as little as 12 months, as much as 24 months. So typically, like they want to make sure whatever they're buying is going to smoothly integrate. So that's where we are in these engagements. Anubhav, I think you're mute.

Next question. Recently, most of the other lidar companies have announced sensors for the industrial sectors. How do you plan to compete with them, especially existing players like Ouster and SICK that have a stronger revenue and a customer base?

Glen, do you want to tackle this?

Yes. I think really on a couple of different levels, especially when we look at the existing -- when we kind of look at the existing portfolios of those parts, they're largely electromechanical, electromechanical assemblies, quite large, large towers. So really, there's a few dimensions that we compete on. The first is really on technology. And what I mean by that is when you look at the products we're offering for industrial, which are all silicon-based, so their flash lidar, all silicon-based, they just have a fundamental cost advantage for the technology itself in terms of how you assemble the sensor, how you operate the sensor and the benefit that scale brings in terms of the production of that sensor. So there's a significant cost floor advantage for us. The second is, as we package ours, it's for harsh environments. And so whether you're spraying it with a wand to clean the vehicle, or it's wiping it down with an older cloth. Our lenses are Gorilla Glass. The product is field, has high integrity sealing so that it's very, very compatible with harsh environment, not just shock and vibe, but really the elements that you see when you -- in these industrial environments. And then the third is just size and power. They're more compact. They consume less power, which is very critical for battery-operated AGVs and AMRs. The next dimension really that we think where we have a competitive advantage is in that we're not just providing a catalog sensor that can deliver a point crop. We have, in fact, that full software stack that goes with that sensor. So we can provide perception, we can provide driver assistance or LCAS features on top of that perception. We can deliver a wide range of functional content in that sensor.…

Thank you, Glen. Next question. MicroVision is entering the military tech space. Today, you mentioned drones, aerial and marine applications in the defense tech space. Are we pivoting away from lidar because we have limited success? Or do we have something valuable to offer? And how much dilution should shareholders expect from this?

I'll take that. I think I'll answer the first half of it, and then Anubhav probably can come and help with the dilution part of it. All right. So let's -- first of all, I think like we're expanding what we have. So as I think Anubhav has already mentioned, right, we don't expect big increases in our OpEx. And we're still promising that in the first half of next year, we're going to have this very sophisticated drone demonstrator. So I think like I want all of us to think about -- all of the shareholders to think about it as we're doing more with the same set of resources, but we're optimizing what the market needs. So lidar still is a foundational sensor. It is why we're going to keep having advantage. So let me give an example, right? And I've been thinking about this over the weekend. So far, we do with lidar, and you always think about autonomous vehicles on roads. We mentioned drones, and we'll talk about why we have avenging drones. But we also mentioned maritime. So we're going where the market is going in the military tech space, if there is huge investments to automate watercrafts in maritime. Of course, we have to see do we fit and do we offer anything new. So if you think about like any of us, let's say, we had enough experience on our team that says, you know what, enough maybe X maybe seals that would say, you know what, let's make this product. They would always start. They would need what. They would need some sort of like GNSS. I think about like some GPS, there could be IMU, they could be -- they need like vehicle automation systems, camera sensors, radar sensors, lidar sensors,…

Yes. No, I think that's right, Sumit. So I think in terms of dilution, I think I want to make sure our shareholders understand the model here. I don't think the model is to become a full solution provider where you're trying to become the Auroras or a fully autonomous systems provider. What we are -- essentially, I've heard the word partnerships here, right? We are partnering with the right company for the right mission. And I think that's what the key to this message is because what we're trying to come up with the right pieces that they are missing because we have already built them out as individual blocks and how do we collaborate/partner with them to deliver these specific missions. As an example, we're not looking to become a drone company, but we're looking to partner with a drone company where we can enable the drones for a specific mission like mapping. And that, from an expenses standpoint, yes, it will add a few millions of dollars of expenses. But again, this is not pivoting away to become and own a full autonomous solution that we'll have to develop from scratch. I think that's not the business model that we're going into because that model, while it is actually very juicy, but as you can imagine, it requires billions of dollars of capital and really a lot of patience, which we have seen in some of the big companies, which are chasing this dream. So I think that's why I want to be very clear that here, we're trying to partner with some of the other companies where we can provide a solution that together becomes a comprehensive package for delivering a particular mission. All right. Next question. What's happened to the 7 RFQs? The number was taken away from the Q2 press release. What is going on with these RFQs?

Yes. Let me start off with that, and maybe, Glen, you can come back and add some more. Think about the RFQs as OEMs reformulating, which is they do quite often every so often where they reformulate what their really needs are. So I think like we've been at MAVIN for a long period of time. And as we've always said, our go-to-market strategy is to really focus on not just making announcements, increasing our OpEx and not revenues coming in, is to go work with target OEMs that actually have a real product plan where we can connect. As you can imagine, as Anubhav said, I've said, Glen has said, for OEMs, automotive OEMs, cost is always going to be #1. They want the highest technology, but cost is equally or even higher in the priority list. So they want to get it at the right level. So for the longest term, I would say, MAVIN, is some of the choices that have always been made of what's required for a long-range lidar, you want wide field of view, but you also want length, you want low power. It's just over constrained problem. So yes, if you develop something, you provide it there, the cost is extremely high. The power is extremely high. The form factor is pretty high because the optical choices you have to make. So I would say these new RFQs, I think they're going to keep evolving, but I think they are starting to realize that there are other alternative ways to think about the problem that can be much more cost competitive and meet and exceed the requirements. So to perhaps to deliver dynamic with lidar, imposing all those requirements for one sensor and then expecting to be super cheap is a fool's errand, because every OEM and every award that they've done so far, that has never worked out. So I think I'll let Glen talk about it, but I think since he has so much experience from Tier 1s and OEMs, he sort of guided us toward what's the right product. And maybe we can introduce it now, Glen, before we give all the details, like a little teaser, so in IAA, we can give them first of all, perhaps you can join.

Yes. Just to touch on the whole OEM quoting process and status. As we talked about in Investor Day as well as the prior earnings call, the auto OEMs in general, broadly speaking, we're kind of reformulating their strategies around Level 3, the adoption and the use of lidar for Level 3 and how that would look. And that was -- that's been an ongoing process. It continues. And I think what we're seeing now really 2 things. One is more of a rational approach around this in terms of which platforms are they really going to deploy Level 3 on, how they're going to do it, the timing associated with that. So the quality of the RFQ has improved as well as, I think, from my perspective, our confidence at the RFQ that there's real volume at the other end of that process. So that's -- for me, that's a good thing. Lidar is not at the maturity level or at the commodity level as a brake controller or radio and where the purchasing process for those types of components is very predictable. I mean it's just a very well tried and true process and the outcomes are pretty predictable and the timing of that is predictable. Lidar with a Level 3 functionality is still very much an engineered product and a tech product that -- where the OEMs still kind of feeling their way through that, but they're making progress. The RFQs that we're involved in now, like I said, have higher quality, we're more confident in the ability for those things to really turn into real programs and revenue. So that's the exciting part of it. Now Sumit touched on something that is very near and dear to my heart because with my history with radar, with…

No. Thanks, Glen. This was very helpful. I guess there is a follow-up question here is, do you anticipate any high-volume automotive production RFQs to be awarded in 2025? Or are the time lines being pushed to at least 2026?

No, I think here's how I would answer that because predicting OEM sourcing timing can always be tricky because that's not in our control and other factors that the OEM may influence that. We're actively engaged in quotes now that could very well be completed yet well before the end of the year. That certainly would be our hope. And so that's how we're behaving. What I would tell you, though, is that quote timing may shift around a little bit. It may slide out to '26 as they finalize their plans. But ultimately, it's not shifting out the launch dates of the introductory dates. And depending on the OEM, that's still as early as '28, small volumes coming in more into '29, higher volumes. So we aren't really seeing the launch timing move, the sourcing timing may shift around. But like we talked about at Investor Day and earlier, really that next generation of platforms we see still happening in that maybe as early as '28, '29 time frame for sure and then '30 really hitting higher volumes.

Thanks, Glen. Next question. MicroVision has not won any deals and other companies have since made changes to their products. Are we at risk of having outdated or inferior technology? What are we doing to remain best-in-class?

All right. Let me start with this. So I think if you think about industrial, our MOVIA L with our software is a refreshed product at a very competitive price with integrated software. I think that's our path to revenue immediately. I think this is a very fair question. I think the way you think about it, it's actually working really perfectly. But if you think about like some of the other lidar companies what they're saying and what you're hearing from our call is there's nuance, but it is clear how we're thinking about our strategy. I think as Glen described, that there will be -- instead of thinking about a complicated set of requirements and shoving it into one single box, it's not the right strategy. It makes sense to have multiple sensors, software architecture. Think about the entire car, how can be simplified and their overall cost will come down. In that sense, we are evolving our product with MOVIA S, with MAVIN to give them the right tool for the right problem, okay? So think about that as more of an evolution instead of like other of our competition there that completely stopped the development and gone to a completely different product, right? We're still MEMS-based technology. We're still using 905 laser. We're still time of flight. So all that construct is the same. But instead of a dynamic new lidar being shoved into a single sensor with a wide field of view, think about it being broken down into some different sensors that cover it, but still bringing cost down, not going up. That's the interesting part that we'll talk about and demonstrate at IAA. When you think about other awards that have happened, right, I just want to give context, right? I congratulate them. It's great. We choose not to do those because it increases the OpEx, but there is no guarantee you're going to have any follow-on volume, right? We certainly want to get some validation, but we have products that we can show that should be able to get deals done. You hear other things like people are working on economy of scale. They're going to put everything on a single chip, a laser on chip and so on. So all these words are thrown out there. But none of them are amounting to guaranteed revenues from OEMs because the OEM products are far away and most of them are really just making NRE. So I think like I totally appreciate your question about someone has won deal, they have evolved their product. Do we have to evolve the product? I think we are -- they're not evolving products. They just went to a next generation. I would say we are evolving the product by breaking the problem down, keeping cost in mind, integration in mind. Glen, did I miss anything? Do you want to add more?

Yes. The thing I would add is a lot of times, you'll hear people talk about technology. And generally speaking, they're talking about the hardware component. And as Sumit mentioned, we have a very robust road map and have had a road map and have been looking at that for those 3 markets that we talked about, industrial, automotive and defense. And so we have a very robust hardware road map that I think puts us into an industry-leading position. But along with that, and this is really critical, we have a very good software road map and including how do we incorporate the very latest software capabilities using machine learning, using AI, using GenAI for not just the end product functionality, but also for how we develop that product. And so -- and all of this to deliver best performance but at lower total system cost. And so I always enjoy -- personally, I always keep an eye very much on the competitive landscape and like to see how lidar is progressing more broadly speaking. But I feel we're -- I feel very good about the direction we're heading, the speed at which we're heading in that direction and then the approach that we're taking and the road map that we have to support that.

Thanks, Glen. Next question. From this earnings call, I gather that MicroVision is transforming from just a lidar company into an autonomous systems company. How does the future look for lidar companies moving up the chain? Let me take that question because I think this is related to the dilution question earlier. Like I mentioned in my previous remarks, I don't think this requires huge amounts of investments or significantly improving or adding to the cost structure of the company because like I mentioned, the word -- you are hearing the word partnerships. And again, the idea here is the blocks that we already have, how do we fit them in the puzzle, which other providers are looking for and then present a complete package to the other parties to the end customers. And that's why I mentioned that, again, we're not looking to compete with the Auroras or full autonomous systems company where they are providing the system solution end-to-end because that's a very expensive and a very long process. We're not looking to become that. What we're looking to become is a company that enables some of these smaller players to deliver autonomy to the industrial customers as well as defense tech customers from the end market standpoint. And I think the future for lidar companies moving up the chain, what we're simply working on right now is integrating multimodal solutions. So lidar becomes one of the components of the sensor suite that we're going to be offering along with our full stack software. And then it could be combined with, as Glen mentioned, radar or cameras. And then you present that solution with that software that needs to be integrated at the customer's end. That's the future that we're shooting for. And this would not require huge…

Yes. I think as you think about the military revenue opportunities, think about partnerships. Partnerships mean that you have to demonstrate your technology. So there's some sort of co-development. Everybody has their architecture they're dealing with right now. They have fielded products. They have contracts within the military right now with the DoD. And we are targeting specifically people that need an upgrade on their solution. And not just that we sell them a lidar, we try to give them a more holistic product. Certainly, with products that are off-road vehicles that are doing some sort of logistics or all sorts of other things in terrestrial space, that's something that we can demonstrate or find the right partner that is willing to work with us to not just buy the lidar, but also work with us to see what the advantage of our sensor fusion technology is. When it comes to drones and when it comes to maritime products, I think we may have a better opportunity there to showcase our technology and then expand from there. But in all cases, you start with the partnership. And then after you've proven yourself and you can be a trusted partner to them, that is got components that are not susceptible to or they're not sensitive to anything from China, which we are successfully, we could demonstrate that. We have a robust lidar product line. That will enable us to think about other next steps beyond that. I think that's the best way to think about it from a recurring revenue when their products go into market. Glen and Anubhav, if you guys want to add something to this?

Maybe -- go for it.

This is Glen. Sorry, Anubhav. Yes. Just to maybe add a little bit to what you said, Sumit, because you covered it very nicely. I think ultimately, as we've talked to, in particular, terrestrial, the MAV market, they're looking for much more robust systems that are easier to package on the vehicle, that are incredibly robust, not just dust resistant or currently a light spray of water resistant, but rather really, really aggressive and robust systems that can withstand high-pressure wash, can withstand all environmental conditions, can be sprayed and cleaned off and will work reliably. And that's exactly what we do. And so it's been really -- it's been fun to talk to some of these OEMs about how our solution can really help them and make their solution more robust and more effective in the field. So it's a great opportunity for us in addition to what we've talked about with drones and everything around enabling autonomy.

Thanks, Glen. And let me add a few things here. So I think I want our shareholders to think about it in 2 steps. Step one is maybe sort of have a broader view on the defense tech industry, right? Because, again, clearly, if you guys follow or if you start following this defense tech space, this defense tech space is having it, what I call as the auto-tech moment 4 years ago. What I mean by that is, 4 years ago, if you recall, auto-tech companies were really flying high because the demand and the strategic importance of these companies to the future of our economy and our progress was very important and very critical. And I think that's why if you look at the same moment is now being experienced in the defense tech industry, especially in some of these opportunities, this maritime and this airborne area that we mentioned, where there's a lot of investment going into. Why? Because it's of strategic importance. And I think in terms of revenue, while the revenue may not be big in 2025, the strategic importance of that collaboration is going to be far more bigger than the revenue quantum. And what I mean by that is because as the geopolitical world or plays out on the international stage, it becomes even more important for our economy and our military might to increase significantly and protect us from any -- and building our defense capabilities. And that's sort of what you're seeing in this market. And hence, what some of the projects that we have described is -- are some of projects with very high strategic value where you become a very critical player in the ecosystem, delivering that capability. And that's why the value of being a very important player…

Thank you. This concludes today's conference. All parties may disconnect, and have a great day.