Q2 2025 Aeye Inc Earnings Call
Good day, and thank you for standing by. Welcome to the
AI.
Second quarter 2025 earnings conference call at this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need a press star 1, 1 on your telephone, you will then hear an automated message. Advising you, your hand is raised to a draw your question. Please, press star. 1 1 again, please be advised. That today's conference is being recorded. I would now like to hand the conference over to your first Speaker. Jeremy Apple, please. Go ahead.
Good afternoon, and thank you for joining ai's. Second quarter 2025 earnings call.
With me today are Matt fish, chief executive officer and chairman, and Connor Tierney, Chief Financial and business officer.
Earlier today AI announced a financial results for the second quarter, a copy of this press release can be found on the investor relations section of the company's website.
Before we begin, I would like to remind participants that today's discussion may include forward-looking statements as defined in the securities laws and regulations of the United States, with reference to future events, operating results, or financial performance. Such forward-looking statements are based on our current expectations and assumptions regarding our business, the industry, and other conditions.
These forward-looking statements are subject to inherent risks, uncertainties and changes in circumstances that are difficult or impossible to predict.
our actual results May differ materially from those contemplated by these forward-looking statements
We caution you, therefore, against placing undue reliance on any of these forward-looking statements.
The statements to be made are as of today. Only, an 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.
It's an exciting time for AI.
Over the past few weeks, we've delivered a wave of new wins that signal an inflection point for our company.
First, we were certified. As an Nvidia Drive agx partner and selected for the GM. Backed winter project.
Both of which could open the door to Major new commercial channels.
Second, a top, Global Transportation, OEM shows Apollo for a critical autonomous. Safety program providing us with a potential 30 million opportunity which we expect to begin contributing to revenue this year.
And third, we launched Optus our next Generation platform that has now been deployed to multiple customers.
Optus is a Clear Proof point of our ability to scale efficiently into a range of high-value markets with its open architecture, AI driven analytics and adaptability across use cases.
Our dedicated focus on business development is delivering results.
Our sales funnel has grown exponentially leading to 30 new potentially high-value customer engagements.
We've signed six revenue-generating contracts and have a clear line of sight into additional orders, totaling thousands of units.
Further. Our supply chain is ready today and our manufacturing line with light on is primed to scale production to meet growing customer demand.
Now, I'd like to take a moment to share how thrilled we are. That Apollo is now officially certified as an Nvidia Drive agx partner,
Nvidia's Drive agx is positioned to become 1 of the most widely adopted compute Platforms in the automotive industry. And certification is viewed by oems as a critical validation of Apollo's performance as well as its Readiness for integration into OEM vehicle programs.
This Milestone takes our partnership with Nvidia to the next level potentially unlocking new OEM engagements and creating a powerful channel to expand our presence across the automotive Market.
Most importantly, it paves the way for Apollo's integration into Hyperion nvidia's. Full stack, Adas platform which would put AI at the center of Next Generation autonomous driving product development.
I'm excited to announce that. This Milestone has also helped us to take a significant step forward in our engagement with a top 5, Global OEM
as a Next Generation. Laitar sensor Apollo is also leading the charge to break through 1 of the toughest barriers to full autonomy performance in adverse weather.
In June, we were selected as the lead partner for winter, a GM-sponsored project led by the University of Toronto that is focused on enabling safe and effective autonomous driving in rain and snow.
This is a strong endorsement of ai's leadership, and expanding the reach of autonomy beyond the Sun Belt region.
Our involvement with win tour supports ai's position as a leader in defining future, OEM adab specifications, creating the potential for a significant sourcing Advantage for future OEM programs.
As you may recall, we began shipping Apollo B samples last quarter, and since then, we spent much of the summer showcasing Apollo in live test drives with top automotive OEMs across the U.S. and Europe.
The response from OEM cemented Apollo's clear differentiation and unique ability to fit within existing vehicle packaging, which we believe is a key enabler to broader lar adoption of vehicle lines. That will in turn, unlock industry-leading scale for our company.
1 kilometer high resolution detection capability and Incredibly competitive product cost.
Furthermore Apollo smart scan software-defined architecture enables us to rapidly adapt, our single sensor Hardware, to many use cases.
Our customers and software, Partners, love the resulting speed and low deployment cost generating scale for AI that we believe will be unmatched in the industry.
Growing customer demand.
We've also opened our platform to third parties which allows us to collaborate with the global AI developer community.
By combining Apollo's advanced sensing with the power of AI analytics and decision-making, we are now delivering end-to-end integrated, turnkey solutions to our customers, which should enable them to reduce bottlenecks and rapidly unlock new revenue streams.
These third-party collaborations have also led to the formation of a global and Innovation Network that culminated in the development of Optus.
Optus is a full stack flexible laitar solution that enables intelligent decision-making in complex and often hazardous environments.
Powered by the world's most ubiquitous AI platform nvidia's. Jetson Orin, octis couples, open architecture and low friction integration with a broad set of third-party, AI sensing analytics and decision-making software to deliver unique solutions that meet our customers needs.
We are proud that we were able to achieve all of this while operating within ai's, Capital Light Financial strategy, which allows us to maintain the lowest cost envelope in the industry while driving tremendous scale.
We recently secured contracts for multiple office deployments in the markets I just mentioned, with high confidence in a path to several more wins this year.
AI has definitively transitioned from product development into active sales and deployment.
we're seeing strong Market validation through, a surge in customer engagement, growing product shipments in a major win with a leading Global Transportation OEM
Perhaps, most importantly, AI is emerging as the clear leader in Next Generation. Lar, and is poised for broader customer deployments in the automotive industry, as well as other verticals at the Forefront of physical AI.
Our leadership is reinforced by elevated relationships with industry Giants such as Nvidia as well as through Apollo selection for the GM. Sponsored win tour project which is forging New Frontiers in autonomous driving.
and with the launch of Optus, where extending our reach into physical Ai and intelligent systems,
The momentum is real and we look forward to sharing updates on Optus deployments and new customer wins in the quarters ahead.
I'll now turn the call over to Connor to review our financial performance.
Thanks. Matt. I'll start by addressing the commercial momentum. We have achieved this quarter.
I've not mentioned this quarter marks a clear inflection point in our shift towards sustained revenue generation.
Apollo's. Unmatched range resolution and adaptability are driving increased customer engagements, and contract wins across a diverse set of global markets.
We believe that Apollo is the only long-range solution capable of behind the windshield deployment.
Further, extending our Competitive Edge.
While our roots are in automotive, Apollo's versatility is rapidly unlocking opportunities in new verticals.
We're seeing strong traction in defense, smart infrastructure, rail, trucking, aviation, and security.
Each presenting challenges that our technology is uniquely positioned to solve.
This flexibility is a key differentiator enabling us to quickly scale across Industries and geographies.
Advancing. Our partnership with Nvidia is another major milestone.
By integrating with our Drive agx. Ecosystem, we're opening the door to OEM collaborations at scale. Accelerating our path to commercialization and expanding our reach into embedded platforms.
To our customers.
Optus opens our platform to software Partners, allowing them to build tailored AI solutions. That extend our technology into new use cases, enhance our ecosystem and grow our Market opportunity.
I'm pleased to report that our pipeline is stronger than ever.
With over 100, potential customers actively engaged and 30 of those already in advanced negotiations as a mentioned.
This momentum is translating into Real Results.
We've tripled our contract wins. This quarter growing, from 2 to 6 and have visibility to non-automotive orders totaling thousands of units.
Driven by strong customer engagement and PC's already underway.
The strength of our pipeline combined with a proven. Manufacturing partnership gives us confidence in our ability to quickly scale with Rising demand.
While topline revenue growth may remain modest through the rest of the year, we are delivering what truly matters. At this stage, we are accelerating the pace of new customer engagements and widening the breadth of our use cases.
We'd like to note that many of our customer contracts. Begin with smaller initial Scopes as we co-develop, tailored solutions for their unique needs.
While its early phase takes time, it lays the groundwork for larger follow-on orders as customers, see results and look to scale adoption.
We're incredibly energized by the road ahead.
The diversity of industries were entering from automotive and defense to Smart infrastructure, Aviation and Beyond underscores, the transformative potential of our technology.
This is just the beginning.
I'll now move on to slide 7 to address our cash Burns and capital Lite models.
Excluding net financing proceeds.
Second quarter cash burn decreased by approximately 1 million dollars to 7.1 million dollars.
We reduced our quarterly cash burn rate. Despite several 1-time expenses, including a 1.4 million lease settlement from exiting an unfavorable agreement.
Mitigating 6.4 million dollars in potential cash liability.
Our Capital 8 model is at the core of our growth strategy.
Enabling us to scale through building Partnerships instead of making costly investments in infrastructure, like manufacturing and software development.
As you can see on this slide, our disciplined approach results in significantly lower operating expenses. Compared to peers, giving us a clear advantage in capital efficiency as we grow our business.
now, turning to our second quarter Financial results on slide 8,
Second quarter Gap. Operating expenses were 8.6 million up from 6.88% of 2025.
This was primarily due to the favorable adjustment recorded in the prior quarter related to the lease settlement and higher engineering Business Development and Personnel costs which were partially offset by lower, stock-based compensation expense.
Second quarter, non-gaap operating expenses for 6.8 million dollars, an increase of 1.2 million dollars compared to the prior quarter.
We reported a gaap, net loss of 9.3 million or 48 cents per share in the second quarter, an increase of 1.3 million compared to a gaap, net loss of 8 million or 46 cents per share in the first quarter of 2025.
The increase was primarily due to the operating expense increases discussed above.
Partially offset by lower financing costs.
On a non-gaap basis. Our net loss was 6.7 million or 35 cents per share and the second quarter compared to a non-gaap net loss of 5.5 million. Our 31 cents per share and the prior quarter driven primarily by the increases in Personnel, engineering and Business Development expenses.
net cash used for operating activities, decreased to 6.4 million and the second quarter from 7.8 million dollars and the first quarter of 2025
We ended the quarter with cash cash equivalents and marketable, securities of 19.2 million.
Friend, we've more than tripled this balance.
Extending our cash Runway into 2027.
Our total potential liquidity, which includes cash on hand and our ELO and ATM facilities, is now approximately $126 million.
As we look ahead to the next phase of growth driven by increasing customer demand and continued pipeline expansion. Our top priority is to ensure we have the resources to scale while also maintaining a disciplined approach to Capital, allocation
With that, in mind, we took steps recently to further solidify our liquidity position and to provide us with the operating Capital needed to execute our production plans and strategic priorities.
Moving on to our cash. Burnout, look on slide 9.
we now expect full year, 2025 cash Burns to come in at the high end of our previously, communicated range of 27 to 29 million,
This updated Outlook reflects, several key factors.
The positive impact of a recently settlement.
If we continue paying down the convertible note in cash.
1 Time, Professional Services and anticipated investments in product development to support upcoming customer programs.
While these are near-term costs. They are aligned with our broader strategy to scale, efficiently and position the company for long-term growth.
We remain disappointed in our Capital, allocation and confident in our ability to execute within this revised framework.
In summary, we're excited about the progress we're making in translating innovation into commercial wins, delivering truly differentiated products that are gaining real market traction.
All while operating with 1 of the leanest, most efficient cost structures in the industry.
Looking ahead, we will remain focused on financial discipline as we scale our business, to meet Global demand for advanced lighter sensing and drive sustainable, long-term growth for our shareholders.
With that, I'll pass it back to Matt to wrap things up.
Thanks Connor. In closing, we're incredibly proud of the breakthroughs. The AI team has made so far in 2025.
Our technology is proving itself in the field, and our entire team is excited and aligned around our path forward.
We look forward to building on our momentum and sharing updates on our continued progress. In the quarters ahead.
We will now open the call for questions.
Thank you as a reminder, to ask a question. Please press star 1, 1 on your telephone and wait for your name to be announced to withdraw your question. Please, press star 1 1, again, 1 moment while we compile our Q&A roster,
Our first question is going to come from the line of Paul Fraught with Alliance Global Partners. Your line is open, please go ahead.
Great. Good afternoon, M. Good afternoon, Connor.
Um, really solid progress. Would you tell me more about the knidian integration?
Sure. Uh, hey Paul. Thanks for joining us. This quarter, I'm happy. This is Matt. I'll take that 1 just a couple key points here. Uh, first of all,
If you go to NVIDIA's website today, the developer website for NVIDIA Drive, you'll see that AI Apollo Lidar is at the top of the list when it comes to performance—that's detection range and resolution.
And 1 of the things that this really does. Look Nvidia, has been great at defining, objective, standards, and benchmarks for various things out there in the world of autonomous driving. And there certainly doing that for Light art.
We're happy to see that we've risen to the top of that list in terms of capability.
And, uh, it makes the conversation with OEMs, for example, very simple. Because now we have that objective stamp of approval that while this device really performs and it's mature, it's ready for integration.
I think the second piece that's really important about this partnership is, look, we have a special status here now with Nvidia, and it's not just about being included in the ecosystem that has that credibility. But now we have support from their sales and marketing channels. This accelerates our conversation and expands our conversation to a greater pool of OEMs.
It paves the path internally inside NVIDIA for direct integration.
Of our sensor into their Hyperion platform. That's the brain behind the autonomous driving and really gets us connected through proactive resource assignment from Nvidia. By the way, we also mentioned on the call about Optis because we are integrated into that Nvidia ecosystem. We're also getting that same world-class support from marketing and sales channels from Nvidia outside of the automotive space.
That's great. Um, yeah, because you sort of answered the second question I had is, you know, could you give us a little more details on this and, you know, how does it fit into your broader your broader strategy?
And um, you know, if there's any color, you could add there, that'd be helpful. Matt sure I'm happy to do that. Look as we hinted at during the last call Automotive is doing its thing and taking a bit of time at least in the western, uh, part of the world. And we felt that due to the strong demands, uh, that that we had for Apollo and its applicability outside of the automotive space that we're, we're driving more aggressively outside of Automotive today. Uh, due due to the fact that Apollo's, a great fit,
Okay. So so think about this. It's as Automotive as ramping up more slowly, we're filling in the short term with a pretty aggressive ramp of non-automotive business.
Now, in order to hunt,
Uh, appropriately in the autumn in the non-automotive space, you need to provide when I'm going to call a complete solution, it's not just the sensor but the sensor and the thinking and the Brain part. Okay? And opt this is about the combination of those 2 things.
uh and and it brings those 2 things into uh, together in such a way that look, we're doing something that we believe is very unique here which is opening
Optus and opening the platform to a host of third-party developers. The integration with Nvidia is helping us to do that, because people know the platform, they feel comfortable developers, feel comfortable, um integrating their software, on top of Nvidia.
So so this is your driving scale, right? So we have this complete solution, that's necessary to hunt which is necessary to ramp our revenue, and our business, more aggressively uh, in the short term. And then we're taking a very unique approach to this where we have basically a Global Network of developers that are allowing us to deploy up this in different parts of the world at a very very favorable investment cost for us.
Um, so we are in the market with Optus today. So, this is just not, you know, we're not talking about a future product, but a product that's here today and is already deployed in multiple parts of the world because of this very SCA fast scaling capability that's afforded by our global networks of developers.
if I may,
Give us a little more color on your customer pipeline both on the OEM side and also on the uh, non-automotive, you know, you talked about 30, you know, over a hundred contact points or potential contact points.
30 and advanced negotiations. And could you just give us a little more detail on the customer pipeline Beyond those sort of 2 metrics.
I'm going to turn that 1 over to Connor.
Hey Paul. Yeah, I'll address this 1. So you you sort of just alluded to it, you know, we're feeling very confident about the pipeline and you just got to bear in mind that we really only had a product to sell in February. So the traction that we've made there is amazing. And, you know, we've got over 100 plus customers that were engaged with 30 of those are in events, negotiation phase. And then of course we we've tripled the number of wins from 2 to 6
Is the software defined ability, reconfigurability of the sensor, right? So we can optimize the sensor for the end customers use case, if they want to optimize for range, we can optimize for range. They want optimized for resolution. We can optimize for resolution. That's why we talked about it earlier that initial phase where we're working with the customer, and we're exploring that initial use case is critical and that's where we spend some time and it's a very Hands-On um, phase and and so we're working through those points right now. I think the other thing that gives us an advantage, there is just the the, the design of the system. We we have a a by Static system with, with a separate transmit and receiver and that really allows us to see far but also to see what the high degree of precision. So you take all those things, you take the performance and then you match that with a very competitive price point, we have a distinctive advantage in the marketplace and we're seeing that customers are energized engaged to work with.
With us and now um, you know, we're bringing up this to the market. So we're expanding our portfolio, right? We're we're um we're we're using Nvidia to to to power the system and also opening up to developers to enhance the functionality so we can offer more to the End customer. So all in all very excited about the potential here and this is just the beginning.
Hey, just wanted to add 1, other point to that 1 of the things you see happening in the market, that is particularly on the lighter side is a lot of what I'll call variance Hardware variance of products that are coming out. Uh, in order to optimize for these particular markets, we don't need to do that.
We drop in a software upgrade and we have a configuration of Apollo that's optimized for, you know, particular use case. So in that case, we're a lot faster and uh, our Capital expenditures, a lot lower when you're just talking about a software upgrade versus having to build and release and announced a new hardware version of your product.
Great. Congratulations. I'll turn it back. I have a couple other ones but I'll I'll turn it back and see if anyone else is in the queue.
Thank you. 1 moment for our next question.
Our next question is going to come from the line of Scott, buck with HZ Lane, right? And Co your line is open, please go ahead.
Hi. Good afternoon guys. Thanks for taking my my questions.
Um, Matt, I'm curious the uh, 30 million dollar opportunity with the transportation OEM.
Are there additional deliverables? Or is there anything? The customer is waiting on you guys for uh, between now and and
The end of the year or are you uh, on on their timeline at this point.
Scott, I think the sample answers were on the timeline, right. This is with uh many larger. Deployments it takes time uh to take this answer to integrate it uh and the ramp that deployment across you know, repeatedly.
Uh, we are growing, uh, a fleet of vehicles. Um, so, uh, it's happening right now. We're on the customer timeline. In fact, we're on the ground today.
Uh doing that integration and deployment. Uh we'll be ready to talk about a bit more details on that particular OEM contract here uh, in the coming weeks. Uh but but right now it's live. We have people on the ground and it's ramping today.
Perfect, that that's helpful. And then on the uh, tripling of the new business wins from from 2 to 6:00. Can you give any kind of incremental, cover color color on those additional 4? Maybe, you know, size them versus the initial 2 or or give us a little more, uh, info on, you know what?
What industry they're in or or any kind of additional color would be helpful I suppose.
All right, you got that 1 con.
Legal for the next 6 to 12 months.
Great, that's that's exciting. So 1, 1 more, um,
Delta marketing expense stepped up, uh, this quarter.
You give us uh a little information on maybe where those incremental dollars are being spent and and how we should think about sales and marketing uh, expenses here moving forward.
Look, obviously, we we live and breathe this light Capital business model and we, we talked about it quite a lot. So a lot of that spent is an incremental spend, it's just reallocation re reallocating dollars from, um, GNA and from R&D. And so, this is like SE time on some of these deployments. Um, so if my time on the business side, so really it's just a reallocation. I would say of expenses from, um, the GNA bucket and R&D, uh, buckets. There is a little bit of information to spend there but but not a whole lot.
Okay, perfect. Well, I appreciate the time, guys. Thank you very much. Thank you, Scott.
Thank you. 1 moment for our next question.
Our next question is going to come from the line of Glenn, metzen with ladenburg Hall in your line is open please go ahead.
Oh hi. Yeah. Thanks for taking the question and, uh, congrats on all the progress lately. Um, so just building a lot of my questions been asked already by building on some of the stuff that was just talked about, uh, pipeline that 100 actively engaged customers that um,
Uh, you know that that's growing nicely. Can you do you have a sense that you've hit up inflection point in terms of momentum, where you're going to start closing multiple deals, a quarter? Kind of like into this quarter? Uh, just maybe a little more about the maturity of that pipeline of the, the 100 customers. And is there any of them that are like outside contracts? That could be similar to the 30 million dollar when you announced last quarter?
Uh, do you want me to take that 1?
M, sounds great. Conor. Why don't you get us started? I'll let you chime in if you want to add some color too. So what I would say, we have a 100 at 30 of those are in the advanced negotiation stage. So I think there's definitely an opportunity to move those 30 into wins.
And, you know, at this point point, we're in, it's on technical conversations with these customers, we're on-site doing demos and, like I said earlier, it's basically a vast array of industries that we're targeting, right? It's not just 1 industry that said, we're seeing a lot of tools on the smart infrastructure side and that's definitely seems to be an easier lift for us. But that said, um, there's opportunities on the aviation side that we're pursuing defense, uh, security
Rail you name it and like I said earlier, that, that that goes back to the versatility, uh, of the sensor. What I would say is, yes, there are a few opportunities that are similar to that 30 million, uh, dollar opportunity, uh, that we talked about. Um, there definitely is the opportunity, uh, to, to, to scale some of these contracts and to high volume Awards. Um, you know what I'm pleased about is, you know, I'll give you 1 example. We've just started working with a customer, and we worked on a very specific use case, and we're now working on that use case, building it out and pretty soon, we'll, we'll be deploying it across multiple sites, but as we've been doing that, they've brought an entirely new use case to us. So we're not even done with the initial deployment, and they're also bringing us other work as well. So I think that's an indication that they're pleased with the results. Um, but pleased with the uh, the product that we're obviously delivering. So it's, it's good to see that kind of traction, um, with individual customers
I just had a couple things that just to maybe give some insight to what's happening inside the company right now. So Conor and I run this, uh, deal desk. Where, when 1 of these discussions, the the 30, for example, we talked about earlier, he gets to the point where the customers says, okay, give me a proposal. Um,
These are filling up my calendar in Conor's calendar, uh, multiple per week.
Uh and if you look at by by the numbers and the conversion rate we've seen with the first 6, we're definitely going to see uh more coming in the short term.
Uh, great, that's a great color. Thank you for that. And I, I should know this, probably everyone else does with me. But the 30 million dollar opportunity is that, uh, uh, in aggregate or, or is that an annual potential, once it gets up and running,
Next 2 to 3 years.
Okay. Thank you helpful. Thanks again.
Thank you. And 1 moment for our next question.
And our next question is going to come from the line of Casey Ryan with West Park Capital. You'll find us open. Please go ahead.
Yeah, thanks. Um,
Thank you for the update and the opportunity to ask some questions gentlemen. Um,
You guys are using the term "physical AI" as well. Um, I think we're seeing that across.
Uh, the public company sector. Um,
Is that sort of euphemistic or, or, or just tell me for framing purposes. Does does physically AI just mean non-automotive or how do you think about it? Because I think there's a lot of spaces to drill down into that. But um, in terms of understanding what your, you know, signaling to us and painting as opportunities, it would be helpful to just, you know, kind of figure out what you mean by.
you know, painting things with this physical AI trying to monitor that like a lot of people are using it seems like
Right. Hey that, that's a really good question. And thanks again for, uh, joining us. This quarter. Uh, Casey I think look, um, physical AI Loosely put his, uh, this artificial intelligence, and, and sensing
Interacting with the real world, okay? So clearly autonomous driving is physical in that sense. Uh, but we refer to that as autonomous driving Automotive, uh, for example, so I think for the purposes of our conversation here and interacting with the world, if you will, we're we're using it. Uh, most often to refer to interaction outside the scope of autonomous driving.
Okay, uh, great. Well, that's actually really helpful. So, um,
you know, I like do want to join, you know, I am drawn to the sort of Optus product, and, and the opportunities there, and I'm curious about 2 things, um,
You know, it feels like there's a lot of incoming, um, as well as maybe some Outreach on your part around.
Sort of, um, physical AI opportunities. Um, is NVIDIA specifically helping you with that or, or has something happened, where maybe the market has shifted? Um, you know, consumers in defense and security and all these things have suddenly realized that they need lidar at a much bigger scale. What is sort of happened to sort of create? What feels like a lot more activity, um, around the whole space and particularly with you guys. But um, broadly, it feels like the activity is picked up substantially in 2025.
Yeah, absolutely. Uh, there's been a very strong inflection point to answer. Your first question, Nvidia is definitely very active in the physical AI space as we've just described it, uh, their Jets and Orrin project, uh, product. For example, um, Nvidia has, uh, the same kind of marketing channels, Business Development channels, uh, and resources dedicated to their physical AI products. That includes customer out, Outreach as well as deployment support. And
In a promotion and sales. Um, this is a, a very significant investment that we're seeing on nvidia's board and they're very proactive, uh, uh, with us uh, in that space. You know, at the same time we are getting inbound requests, uh, and Outreach. Uh, simply from the headline that, uh, Apollo is capable of doing high resolution detection at a kilometer that that headline is really brought out. So also a lot of business independently and in fact was instrumental in the large OEM uh, win that we, we talked about earlier. The high value 1. That was a matter of connection because nobody else can do the kind of distance that we can. So what we're definitely seeing some independent Outreach and inbound on our own because simply because the policy capabilities are unmatched out there.
Right, okay. Well, I mean, well, that's terrific. And to kind of my next, my other question around sort of physical AI and these other new opportunities outside automotive, um,
Is is do you, is it a goal of the company? Do you think you need? Um,
Like with defense, maybe some kind of Defense Contractor, right? Which is about you know, access and opportunity set to sort of be allowed to bid on things or broader, corporate sort of integrators. Um does the company want to partner with those people? Are you already partnering with them and not announcing them? Or how do you think about? You know, you know, going to Market I guess with with people who have access to these purchasers ultimately
Uh, because of the way that the Apollo lidar is scanning, um, we have a unique Advantage there. Okay? So, um, lidars that have spinning mirrors, is kind of like a lighthouse, it's broadcasting, a beam of light, in a circular pattern out there in the universe. Uh uh and uh, defense is really picky about that because that that's a Target uh in Defense Language. So Apollo does have some unique abilities because of our ability to randomize scanning. Uh it becomes much less visible than than say a spinning.
Um, mirror, so look, if we can, uh, take Apollo and through our software-defined model, upgrade or configure it for that type of application, we're all over it.
And that's what I think, where we're drawing the line right now to maintain our Capital like Focus, which allows us to go fast and work on a lot of things at once. We kind of set the boundary at like, okay, can we address this with a software upgrade? Um, if the answer is yes chances are we're going to go for it.
Um, and uh, we're incredibly busy, just doing that alone. So the answer is yes, we're open.
I just want to add, basically, I think the points you were getting about, you're talking about integrators. Like what I would say is our go-to-market strategy is adaptable. Uh, yep. Sometimes, when you're working with DOTs, they want you to go through an integrator, right? Because they have those relationships with a set of integrators that they've worked.
With fraternity, or 40 years. And so, we are working with integrators. We have the ability to do that, but we're also chatting with the dots directly, and we can do that because of Optus, right? Because we have a solution. Um, that's fully bundled, right? That has all the attributes and and components that you need to go to market.
So helpful. Um and for Connor on defense, is it similar? I mean, do you guys feel the need to get with an existing?
Defence contractor, you know, mostly that that's about access. It's not about functionality, right? It's just about being pulled into opportunities, I guess.
Yeah, I mean, look, obviously you have the big defense primes, so just landing one of those deals is a tremendous opportunity, right? You don't have to probably worry about volumes ever again. But also, there are smaller defense players out there as well that are more receptive to new technologies and emerging technologies. So, there are two angles there, and then there's obviously working directly with the DoDs themselves, and we've done that. We have a number of SBIRs that are in the works with the DoD we're pushing through. So, yeah, we have a multi-pronged approach there.
Okay, um, well terrific. That's very Illuminating and um
I'll jump back in the queue. I appreciate you guys. Excuse me.
Thank you. And 1 moment for our next question.
And our next question is going to be a follow-up question from the line of poor fraught with online Alliance Global Partners, your line is open. Please go ahead.
Yeah, thank you. Uh, just two quick ones. More on the financial side, Conor. You talked about $126 million as sort of your overall liquidity, including cash, your ATM, and your EOC.
Can you break that down between those three different buckets right now, or...?
Should we wait until the queue is out?
I, I would wait for the queue on that 1 Poe. What I would say is I I can talk to cash specifically because we we discussed that in the script. So you know, we um we finish the quarter with about 19.2 billion in cash and I would say thanks to the growth Capital that we've raised since they since then. We've been we've been able to more than triple that number. But I think the most important thing about that Capital that we raised is that that's really going to help us convert some of those customer opportunities into wins. And like I talked about earlier, right? Um, we need Capital to deploy, uh, that the sensors across multiple sites, and this is going to help us.
Accelerate that and do that. And so that's why I think this is perfect timing for us. We're at an flexion Point here. Um, the business is about to scale so this is going to help us scale even faster. Now that said, um, this doesn't mean, uh, we're going to change anything in terms of our Capital light strategy, we're still going to do things in a very fiscally prudent and, and methodical way. Um, so that's not going to change. Um, but you know, we're pleased to be able to take advantage of the market
Okay, and then maybe on the contract pipeline Backtrack on that. Um you talked about, you know, you get the 30 million OEM contract
a contract pipeline, a top 5 OEM.
That you're in advanced discussions with, is that accurate or did I hear that correctly?
Yeah, I'll take that one. I did mention, as part of the script, because of our work with Nvidia.
And the fact that we're now certified with them has really enabled us to take a big step forward with a top 5 global OEM, absolutely. And that's about all I can say.
Uh, just to clarify Matt. So that's exclusive of the 30 million dollar contract that was signed at the end of the, at the end of the quarter.
Absolutely remember the context for that one also was, uh, we're talking about passenger vehicle OEMs. So, uh, in addition to the 30 million. Yep.
Great, that's really helpful. Thank you.
Thank you.
Thank you. I have no further questions at this time, and I would like to hand the conference back over to Matthew Fisch for closing remarks.
Thank you all for your time today.
We will be attending several investors and industry events during the quarter, including the JP Morgan Automotive Conference in New York.
The KPMG Automotive Innovation Summit in Santa Clara and its World Congress in Atlanta.
We look forward to seeing you there and we appreciate your continued support and confidence in our vision. Have a great day.
This concludes today's conference call. Thank you for participating and you may now disconnect everyone have a great day.