Q2 2023 Amprius Technologies Inc Earnings Call
Good afternoon, and welcome to <unk> Technologies' second quarter 2023 earnings conference call joining us for today's presentation are the company's CEO Doctor cancer and CFO Sandra Walsh at this time all participants are in listen only mode. Following management's remarks, we will open the call for questions.
Please note that this presentation contains forward looking statements, including but not limited to statements regarding future product commercialization, new customer adoption and timing and ability for us to build large scale manufacturing facility expanded manufacturing capacity skilled business and achieve a sustainable cost structure. These statements involve known and.
Unknown risks uncertainties and other important factors that may cause them for instance results performance or achievements to be materially different from any future results performance or achievements expressed or implied in such forward looking statements for more complete discussion of these risks and uncertainties. Please refer to <unk> filings with the securities and exchange can.
Finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on the company's Investor Relations website at IR got Angriest Dotcom. In addition to the webcast. The company has posted a shareholder letter that accompany these results, which can also be found on the investor Relations website.
I will now turn the call over to Amp risk technology CEO , Dr. Ken Zhang for his comments Sir. Please proceed.
Welcome everyone and thank you for joining us this afternoon.
On today's call I will report on our process and our accomplishments and the MTS second quarter.
And now our CFO , Sandra Wallach will discuss our financial results for the period.
After that I will share some closing remarks before opening the call for questions.
Although second quarter demonstrate that our business momentum to its potential.
I'm curious introduced new products and technologies.
And more customers and to either to increase because Andy.
Our pension performance continues comment affirmative and position in the industry.
The M. P is our ability to provide 450 wawa potato that she began its 10-Q and he loves and since you are a polluter well it makes it that much.
Optical power capability.
They screen, that's a hard to reach 80% steel charge of approximately six minutes.
But why the all patient temperature range of Manhattan 30 degrees Celsius.
255 degree Celsius.
And the safety features that enable us past the United States immediately benchmark in mail penetration tests.
Pizza has over 80 patents and the extensive new huh.
And the city handled that says you can take a lot of juice.
And then you saw what P. D is that yeah, no other commercial battery on the market.
Pro forma out at these levels.
It has been in commercial battery production seats.
2018.
So company has many years she'd been hearings.
It affecting high energy density and high power density batteries.
Betsy.
Our priority today is to scale our manufacturing kit.
To meet the ever increasing demand for our solutions.
We still long term ago also become a mainstream battery solution.
Implications of class always taken himself electrical mobility, including the ambition and the industry.
Building on our momentum from last quarter.
We are diligently working to execute the strategy, we laid out earlier this year. These.
This quarter, we continue to develop a new products build out our book of customers and the progress on our past two largest scale commercialization.
I would like to note a few highlights in each area.
Beginning with solid technological development.
Our second quarter include two key examples of our ongoing.
Ongoing efforts to push the boundaries of what is the possible in the high performance battery space.
Sorry.
Early this month, we announced our newest products.
Hum polymer batteries too.
He's sat with displays untested performance, leading to a cheap delivering 400, wawa potato and as you can see.
And the maximum power density over 4400 watt per kilo.
We saw it in class C test.
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Creates a high powered shell technology are critically important to the electrical ambition industry, enabling the capabilities so for eating cost and the other high performance electrical vehicles.
We believe that we are close to <unk> 10 of course to ensure proper.
Authors.
And that we will be able to commercially ship this product in early 2024.
Second.
Our city can handle battery powered.
Power to E systems.
The successful.
Shot to a Saturday flight.
She was an peers see Hudson.
The heights to the simpler safer and crude area system demonstrates that PPD is important so here's the ultra lights battery.
The horse so all sorts of necessarily powered with slide <unk>.
Yeah.
Had school when OPEC extension type of footage of a future communication networks.
<unk> <unk> and the pharmacy.
It is horizontal applications from the disaster relief to border protection.
And a companion, a turnkey who convention terrible.
And.
Certainly like to see.
And the MTA site.
A part of the future.
Third we compete the U S.
<unk> development program.
An important technical milestone to our business.
The U S on.
We successfully delivered our 390 of our Ah keto shakes out with shell polymer electrolyte.
Passing the vigorous immediately performing to specification mail penetration.
While we integrate it into a battery pack is cutting edge technology more than double the energy density of existing solutions.
It is going to be extended.
This is ty.
Also part of the U S Army funded manufacturing technological progress.
We are working closely with the wildfire with partners to deliver.
Control more variable batteries, so yes on before the end of the year.
We believe that this is the important stepping stone for further developing our relationship with a U S military and syndicate them, giving us entry points.
The company more valuable as we market estimated at a 1.2 for fueling that 23rd.
Finally.
We have become an integral part.
Several teams participate.
Three stone.
For the solar challenge.
Cobra.
Well do you then assume that designs develops and the pilots the solar powered vehicle along with 30000 kilometer Continental Australia allografts.
M P S battery superior fulfillment attracted significant attention.
Teams' entering that you've got them on the process.
And a 14 shows okay battery powered their solar lease costs.
High energy density and the high power density capability of our battery are critical for this application.
These are just a few.
Of the ways I'm curious.
Angie the battery landscape.
We are constantly evolving our products through.
Sure.
Or industrial boundaries and the need of our customer performance goes.
Turning to our business development efforts, we continue to see the demand for our products in the second quarter.
Shapes, the 227 total customers this quarter.
From <unk> 16 in last three years, the second quarter.
And up from 19 in the first quarter of this year.
These customer relationships extend the P young technical engagements.
And with customers, who have it placed camera.
Florida is the orders with MTS.
This includes the piece of customers like Airbus Air environment.
I'm sure, we'll continue to show their support and the demand for energy.
As batteries with the addition of the orders and the commercial shipping.
We shipped to new customers in the quarter as well.
Please indicate growing industrial regulation and the validation of our products.
In addition, our parallel pipeline offer the potential customers should remain strong.
Two key lease that we bolstered our pipeline through either strategic or tactical engagements.
Prototype secrets in the.
Second quarter.
We like on the Tau with significant progress.
Ongoing technical engagements.
So sponsor new technical engagements with the leading high performance all the material.
Yeah.
This engagement is expected to be part of the joint development of contract we are finalizing wafer manufacture.
Once finalized we believe that these.
Engagement will offer us another <unk> <unk>.
Encouraging opportunity.
Ultimate T space.
As for prototype shipments this quarter, we made a site visit to choose that cheap Panther manufacturers to whom when we start a C. P sand policy.
Fourth quarter of last year.
We believe that these visits.
Meaningful steps toward a significant potential to match some of the aviation industry. So it's 2025 and beyond.
In addition to driving demand for our batteries.
It remains a priority for our business to expand our production.
Our capacity to meet this demand.
We believe that T T critical parts of our strategy.
Putting short term as we work to expand our MTA snapping Fremont, California and over the medium and the long term as we strive to achieve gigawatt scale manufacturing with M. P. It staffing bright in Colorado.
I'm, Chris Lab will allow us to increase our production capacity to two times what it is today.
Well that didn't have the capacity to both expand commercial shipments.
Our strategical com as well as the sheep samples to our pipeline of potential customers.
I will expand the Fremont production facility is designed to have a lithium ion battery manufacturing capabilities, including both animal and the castle of production.
So ultimately to SaaS.
Cell assembly, enabling us.
To further develop a Catholic high velocity and the cell chemistry in house.
In the second quarter, we have all the necessary equipment to begin executing our MTS led retrofits and.
Expensive.
A process that we are in fact to complete at the end of the year.
Thanks, all for having said that and the run rate entering 2024.
We are also working diligently.
To meeting our project plan set.
Our gross Angie.
Rachel will allow us to reach high volume manufacturing capacity.
As a reminder, our planned 774000 square foot largest scale production facility is a part of the total sites.
With over 1.3 square feet available for expansion.
Expect to be the first to mass production.
Auction sites. So the next generation battery technology in.
In the United States.
The initial phase of our build outs will provide the potential of up to five gigawatt hour.
Expansion capability as well.
The total potential manufacturing capacity of a 10 gigawatt hour.
I'm pissed pad site.
Already acquainted with the electrical power and existing.
And structural layouts meet the four gigawatt scale lithium ion battery electric.
Which will reduce our build out cost and the time to market.
We are now working through the rezoning in the sites permitting processes.
And believe we are on schedule to begin construction.
But later in the soda quarter.
Part of our 18 to 24 months.
Our goal is to be operational in 2025.
And as of this call we remain on track.
To me that at this time.
Right.
This quarter, our engineering team works with the central time chain in Germany to complete the necessary silicon, none or handle mass production equipment and the process is and the optimization efforts the process.
While it's optimized.
<unk> deployed at MTS laughs manufacturing line.
And then ultimately at M P sand.
And because of that and then that will have a high performance M. P. A citizen and battery manufacturing capabilities.
I have one final update before I turn the call virtual centric.
We recently had a point.
Hi, Mary got Stansky as independent director to our board of directors and our compensation Committee.
The very worst and very challenging set of opportunities in our industry and offers a unique and valuable perspective to our board.
We are confident of that.
Our extensive automotive sector and the technical management experience will help us as we navigate this.
And entering new markets.
With that overview completes.
I will now turn the call over to wireless yeah, So Sandra Wallach.
I'll review, our financial results for the course.
Andrew.
Thank you Kim I would now like to spend a few minutes covering some key financial update as a reminder, our detailed financials can be found in our shareholder letter.
We finished the second quarter with $1 6 million in revenue and 0.9 million increase compared to 0.7 million in the same quarter last year.
Our two main drivers of this increase first we drove a 0.6 million increase in product revenue as Karen mentioned, our product revenue was largely driven by shipments to 27 customers this quarter a quarterly record for Empress.
Also at these customers five customers, representing greater than 10% of revenue as compared to three such customers last quarter.
And to touch customers in last year's Q2.
Even though our product revenue remains largely driven by customer purchase orders that can arise and uneven throughout the year, we have shown consistent new customer growth and diversification in waste in quarters.
Second our development services revenue totaled <unk> 3 million a reflection of the army tapes out delivery, we completed in the quarter.
Noted in previous quarters, our development services revenue is intermittent based on revenue recognition timing and as our capacity expands and more customers transition to a commercial orders. We expect this revenue category to continue to decline as a percentage of overall revenue as we begin to process larger orders.
From a broader customer set and as our product revenue ramps even more.
Government Grant revenue was flat year over year for the quarter.
Moving to our profitability metrics are GAAP gross margin was negative 186% in the second quarter in line with our Q2 22 gross margin of negative, 197% and better than our Q1 'twenty three gross margin of negative 518.
Percent, which was primarily impacted by nonrecurring startup charges for our large scale manufacturing facility.
The build out continues and construction begins in earnest, we expect these scale up related charges to increase.
Still we are confident that our GAAP gross margin will begin to normalize as we approach our capacity expansion goals in the coming years.
Now onto our operating expense management, our GAAP operating expenses for the second quarter increased to $7 1 million largely due to increased public company cost and additional targeted investments in R&D staffing.
Our GAAP net loss for the second quarter of 2023 was $9 4 million or a net loss of 11 cents per share.
As of June 32023, we had 80 686 million shares outstanding.
Also as of June 32023, there were 72 full time employees with those employees, primarily based in our Fremont, California location.
Our share based compensation for the quarter was <unk> 9 million.
Now turning to the balance sheet, we exited the second quarter was $65 million in cash.
0.8 million from the last quarter and no debt.
One of the key drivers of our cash activity for the quarter was $5 6 million used in operating activities as discussed previously our run rate for cash used in operating activities remains projected to be around 2 million per month, excluding audit and transaction related expenses.
Other drivers included $1 7 million in Buildout related investments and the expansion of our Empress lab facility in Fremont and $8 1 million in financing cash inflow from accessing our committed equity facility to fund our capacity expansion and operating cash requirements.
Considering our business achievements and ongoing projects. We believe we are efficiently using capital to drive Empress far apart.
Before I turn the call back over to Kim I would like to take a moment to discuss our outlook.
As mentioned last quarter, we have several ongoing development services programs with performance obligations that we expect to complete within 2023.
Which means we should see increased revenue recognition weighted more heavily towards the latter part of the year.
Also we anticipate that our G&A costs will continue at the higher rate we experienced earlier this year when accounting for additional public company and transaction related expenses.
Also we continue to expect to be capacity constrained until we exit 2023.
When our new two megawatt hour capacity is projected to come online.
That project, along with our build out of Empress Fab in Brighton, Colorado.
Our top capital allocation priorities.
We believe that we are on track with our prior Capex protections, which are that we expect to spend approximately 10 to 12 million completing the build out of the Empress lab facility in Fremont by the end of the year as well as 50 to 80 million in the second half of this year as we start construction and previous fab.
And begin to order long lead time equipment.
We expect to confirm the facility design and scale as well as provide a projected budget during the second half of this year.
Our spending pattern is dependent upon several factors outside of our control, including the timing of rezoning approval for the Colorado site.
We expect to provide more specific projections as we have additional information to share.
Overall with the strength of our balance sheet and multiple vehicles to generate additional funding through the equity issuances that just Lawrence and sales under a committed equity facility.
Non dilutive sources, such as grants loans and incentives.
Believe me, we will have enough cash to execute on our strategic plan.
With that I will conclude the financial discussion and pass the call back to Kim.
Thanks, Thank you.
I'd like to.
We emphasize.
A few key points before close.
Right.
I'm, sorry, the city and hotel.
<unk> continues to demonstrate unmatched performance in the industry.
I'm pleased to betsy's comment Afirma GEC.
50.
<unk>.
Power charging time temperature performance and are uniquely positioned for electrical mobility market.
Second.
Batteries are commercially available today.
We have been seeking commercial products <unk>.
And now we'll take a technological.
And to continue to.
We have significant customer demand.
This quarter, we now.
Not only do people or to repeat the customers and they expand our technical engagements, we added 10, new customers as well.
Our demand pipeline is robust.
We look forward to further building out a customer over the coming quarters.
So we are scaling our manufacturing capacity to serve the demand.
In 2023.
Further to our largest scale manufacturing process and the parameters with our two megawatt hour production line at IMTT smack in Fremont.
We also remain on track to pay it out and to set our gigawatt scale.
In place in Colorado.
Which we expect to be operational until 2025.
Finally.
We are looking forward to several.
Types of milestones over the rest of the 2023 before end of the year, we expect secured customer commitments.
And is that expected production capacity for 2025.
<unk> 500, Wawa potato Betsy prototypes to customers complete to our megawatt hours SKU because he can handle battery manufacturing facility at MTS.
And as Todd said, the construction and to complete our product line and security.
Equipment purchases.
As we look to the rest of the year the strategy and the focus that amtrust remains unchanged.
We have a tremendous opportunity ahead, we support other 40, which positions us to post growth in aviation market and expand it.
She is thinking battery with a leasing performance.
Our opportunity she found the MTA site homeless, including the $1 two fob purely control.
Conformal variable battery market at 2030.
The 49 fueling aviation market by 2025.
And the 67 EV battery market that you saw.
Oh, Screech MTS goes past in coming years.
2023 has been a very productive year for company.
Our solid performance this quarter demonstrates our team's.
The ability to deliver what we have planned and the promise.
Thank you for your continued support of Amtrust technologies.
At least that I was trying to back to the operator for Q&A.
Thank you at this time, we'll open the line for questions. The company request that participants limit themselves to one question and one follow up.
If you would like to ask a question. Please press star one on your telephone keypad.
Information talking to one particular line there's no more question Kipp you made.
Let's start too if you'd like to remove your question from the queue for participants using speaker equipment and they've been also starting to pick up your handset before pressing with Barclays.
Yeah.
Our first question from Colin Rusch with Oppenheimer. Please proceed with your question.
Thanks, so much.
And can you talk a little bit about where you're at from a testing perspective around the sub systems from the megawatt scale tool and when do you expect to really kind of just flip the switch and start running at a full out.
No claim we have the test.
The hour I assume you are talking about at the Fremont all patient here. So we know we already finished the almost the full test in Germany.
At a central sort of them.
While our supplier that's for sure he can and ore deposits should too. So we expect that to trend for that to move that entire.
Piece to free them up so I.
By the end of the year, we will have.
The Queen bad debt, a part of the equipment.
The equipment in place.
So that's a key part of this entire manufacturing process.
Ken is that arise the vessel with other saw relatively easy.
Yeah.
Excellent and then with the customers you know, obviously, adding incremental customers.
There's an awful lot for a company at this point can you talk a little bit about what percentage of that are our customers who are sampling and how many of those are folks that are taking commercial products at this point for particular applications.
So we are.
And the new customer I think.
Proximity E in terms of pushing toward the all have processing orders for even the perfect.
Sampling prototyping, some really qualified our product so I wouldn't say, 40%, where those customers are really quantified our part I'm going to start a person for that commercial applications.
That's incredibly helpful and then one for Sondra.
Terms of the cadence of the cash flow.
The balance of the year, how would you characterize.
Yeah. The spend in terms of how much is going towards equipment orders, how much is going towards the socialization.
And you know how much its going to third quarter versus fourth quarter.
Yeah.
So.
We're going to keep our operating activity is relatively flat as far as use of cash.
We've got about 10 to 12 million more finish out Fremont and we're projecting somewhere between and this is all dependent on timing.
But the.
And for the construction and the pre ordering long lead time items is estimated to be on the low end and $50 million on the high end 80 million.
For Colorado.
Thanks, a lot.
I appreciate it thanks, so much guys.
Yeah.
Thank you. Our next question is from Chris Southern with B Riley Securities. Please proceed with your question.
Hey, guys. Thanks for taking my questions, maybe just on the performance of automotive Oems can you give us a sense of the timeline.
For updates there and can you can you share what you hope the goals of the joint development contracts will potentially lay out and just kind of curious from a high.
High level standpoint, do you think this changes.
Your potential timeline for commercialization in the automotive sector or should we kind.
Kind of tempered your enthusiasm around that in the near term mid term.
So we are.
We're already engaged with this customer for some time now we would like it to formalize the religion shape, which the stable one would be joined the development program. This is the first thing things going for us.
This is a high performance.
Electrical vehicle manufacture.
He's going to guide us into this business so.
We expect to we'll finalize these.
Agreement.
X months or so.
Okay.
Maybe just on the battery pack manufacturing.
Relationships that you called out in the letter and then the.
And earlier on the call can you talk a bit about how that fits into the overall customer strategy due to the larger customers you you've talked about like Airbus call. It unclear.
Kevin.
In house manufacturing or is it around kind of standardized sells for specific applications for smaller customers can you just kind of talk through what those relationships.
I'm just left in Fremont, Okay, we'll have 10 times more capacity that why do we have today.
It's very very scalable.
Listen to that.
We will have this.
Logic two.
In place these fees are going to improve our battery performance asphalt because if we have better uniformity we have better.
Con call over the our annual manufacturing here so for the <unk> at this time, we still customize our batteries each of designs for specific customers.
All four major customers for the <unk>.
Smaller customer of course, they take a why do we have here now.
But ultimately I'm.
Not only we wanted to standardize.
The battery cell the industry is moving towards that direction as well.
Okay on the <unk>.
Oxide, though you called out visiting to manufacturers.
Hey, Neil.
Just kind of starting to standardize the thousands it you know more standardized packet you can expect as well.
Yeah, we have Chris So we have two type of customers one one type customers Oh, Yeah. For example, Airbus now we'll work with them directly.
Since we are a cell battery cell manufacturer, so read down the our customer readout on the Peg company a module company to put those sell together and then make a module and the pack for their cover fabrication. So the tech companies are very important.
Customer of Amperes Tagalong did your SaaS swell.
So those two are.
Customers will visit that.
The leaders in this business they already have a standardized the module to supply to the industry. This.
While the main purpose of visit that is to discuss long term working relationship supply agreements.
<unk>.
2025.
And it'd be young this is very important because we have a 500 megawatt facility is under construction.
At a time when we finish okay, we need to have a full capacity operation.
This wasn't the purpose of these visits we have very good if they didnt ship to customers at this time.
That's great to hear I'll hop into queue.
Thank you. Our next question is from Tim Moore with Yeah.
Please proceed with your question.
Thanks, and your shareholder letter commentary today it was insightful.
I've got two questions here. The commercial success is quite evident with 27 total customer shipped this quarter up from 16, a year ago and 19 in the March quarter, you know as I think out here out of capacity and that plan for the year 2025.
How do you prioritize the production for specific customer proposals that come across your desk I mean, clearly the U S Army safe cell development has been in the works since two summers ago.
E Systems' stratospheric play batteries are nice headline accolades, but.
But can you maybe sharon rank maybe.
How do you handle the incoming opportunities and prioritize them as it.
Is it this year, you're trying to demonstrate a wider range of applications for your offerings like solar in flight and the army or is it really more based on something like sales potential three years out from a single customized customer.
Yeah, Tim or serve our existing customers, who need our products right those call summer show the loyalty to us. So we have for example, Airbus we have to we have been working with them. It seems a clunky.
So existing customer certainties Alba priority you know do you have a priority on the capacity allocation.
But we have a lot of inquiries from the market. That's the reason we built a new capacity.
The Fremont capacity could it be 10 times more.
Production capacity down why do we have today. This is a very very helpful for us to develop a new customers.
That's helpful. I mean, you're getting a company that clearly has a lot of great advantages beyond just.
Power density and fast charge time in your healthy balance sheet.
Obviously, youre not solely a developer but.
Actually doing the manufacturing with firm orders and production in house.
You know as you kind of approach new customers and new prospects.
Are you seeing anything in particular that you can point to that's maybe helping you win orders better is it the extreme fast charge the zero to 80% CAGR.
They're charging six minutes as it were.
Or is it really the power density.
I was wondering if there's one thing over another really kind of.
On the cake to win orders.
Tim for MTS.
<unk> today.
It's a full closing aviation market for aviation market really top priority.
<unk> energy and the power.
They cannot missing any wild with us because of the Sydney is absolutely important to fly, but you should know how.
Our company in the leadership position for safety.
We passed the United States Army immediately spec for safety.
Secondly, the energies are very important because these are big a piece how far they can fly. This is very very important for them otherwise, we don't have any commercial value.
He cannot fly far enough.
Sort of like the power they need to have power to lift off and the man. This is the reason the M. P. As it has a lot of customer inquiries because even if we look at it the market. There is almost no battery chemistries today can deliver why do we have here.
In addition to safety and to have a variety of a compromise between the power and energy as our.
Our news release published.
Published just a few days ago, we have a 401 hour per kilowatt battery can deliver 10 seat power Covid did it.
Great. That's very helpful. I'll say my question's for offline later thanks.
Thanks.
Thank you. Our next question is from Avi Sinha with Northland Financial. Please proceed with your question.
Yeah, Hi, Thanks for taking my question. So just on the customers I guess, one of the breath of more than that.
If you could talk about the process.
Adding a new customer like what does it take in terms of the process and the timeline before you get an order and more importantly, if you could talk about the feedback that we get from the customers from whom you are not able to get the order like well, what what what would they have to say.
Okay.
First let's talk about the Oh, what does the wanting a port all the specs.
Our customer and basically as I mentioned earlier the team three things okay.
Energy and the power we thought of those three performance parameter needed Arris pack and there is no discussion.
Yeah. So those are very very important parameters that we need to deliver.
In addition to that and all that.
The customer we don't get the order.
Normally it's a capacity issue and this is why the MTS has been focusing on the capacity expansion.
But it's a 12 to 18 months ago, that's our primary focus and the customer would not engage with asos.
Cannot we cannot again.
Okay, we can support that growth.
For example, the next 24 months at least.
The the customer visit that in Europe , and the United States recently, they basically off the house the guaranteed until 2026 do you want to see a good days of route them at so the capacity expansion before the placeholder.
Thanks, that's helpful and just on that.
When you go to a new customer when you provided them or something how long does it take for them to approve or or to place an order.
Uh huh.
Okay.
Customer takes about seven or eight months, they've done because they take off a standard product.
Product they take it past the other people use it and so is that is relatively easy.
But for the new program from the from the scratch. Okay. Do you have a different technical spec to meet now that you really take a year and a half definitely.
Asia is much shorter than the electrical vehicle.
At this time, okay in the future and the lead time maybe longer because.
When we have that.
At this moment are the most of the customer we are working with that are on mens flagging devices. Okay.
The stabilized.
Okay. Once we get a peasant you're carrying vehicles.
Then the time of development will take longer.
While we see that the vitamin.
Hi, I'm. Okay. This is a two parts one part is the our pet food you've got another party with our customers.
Development.
Alright, Thank you very much sir.
Okay.
At this time. This concludes our question and answer a question.
You have any additional questions you may contact <unk> Investor Relations team.
I R and stockpile I'd now like to turn the call back over to Dr. Tom for any closing remarks.
Yes.
Thanks again, everyone for joining us today.
I also like to thank how employees partners and shareholders for their continued support as a reminder, you may learn more about our company funded additional updates and learn about our upcoming events in the presentation from the Investor Relations section of our website.
We look forward to updating you on its progress.
Our next call operator.
Thank you for joining us today for <unk> technologies second quarter 2023 earnings Conference call you may now disconnect.