Canoo (GOEV) 14 Aug 242024 Q2 Earnings call transcript

Greetings, and welcome to the Canoo Second Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to John Wolff, Vice President, Capital Markets and Investor Relations. Thank you, John.

You may begin.

Paul. you, Thank joining for Thanks, us. everyone, Welcome to call. XXXX QX earnings our

materially. activities, you Tony business an During the go OpEx financing and today, financial update the update Ramesh on that and results QX current and over our provide are expectations. we the advised call discuss subject generate. uncertainties, forward-looking actual make to . Please will to efficiencies will may our results differ statements will risks Greg and These and may our capital be on and strategy. significant continue we based on

affect For refer future with the a that discussion today's our of factors Form disclosure and including the SEC, Form results that earnings please reports could XX-K business, recent may and other on our most we and file in X-Ks. release financial to XX-Q and

our based are as no All statements. any today made us. on by such information are obligation law, of of Except available we assume to update required as and statements to currently

During financial this measures. call, we'll discuss non-GAAP

You be can in which non-GAAP release, financial today's IR earnings a financial can these to GAAP measures in of our measures the section website. reconciliation found find of

I'll to over hand that, it Tony. With

us and for everyone, Jon, joining Thanks, thanks, today.

some review the insights We and conclude announcements achievements our to will coming we expect recent into give in quarter.

manufacturing, schedules will allocation our and align supply As and specs and announce finalizing complete, we projected fleet XXXX into are delivery we configurations advance significant into build chain we Once with our customers. most for our XXXX. and

'XX and $XXX,XXX. up quarter. the quarter QX to our was revenue largest Turning

battery some hot revenue program weather its year. XX of drive testing the of we We XX% DIU May configured awarded mail of delivered right-hand delivery X lower first cash and in recognized humid our us than to days approximately this in wet, DoD Georgia approximately earlier QX XX, Our to lowest Atlanta, from LDV USPS, XXXs On outflow Phase our conditions. seasonally was 'XX.

cases. few over partnership The industrial logged our past to miles platform stability of with XX,XXX attributed use years. our extensive real-world is the testing customers Our have over customers

its took and reaction repair. model which government military is aviation our with and fleet, customers. SM step, quick well to functions a and called resonated similarly military first and maintenance force, service has team Our This QRF,

successfully containers to We functionality XX, for quarter additional June received workflows, a and total with an deployed first of request manufacturing to UK On OTA updates update. announced also advanced our last containers. the often to enhance client this hours Arrival quarter in XX Oklahoma, assets customers XX benefits XX arriving within in of to from X we

of are advances integration. in commissioning our vertical focus We process the which these assets, on

On for July full zone our customs inspection and and border trade from approved facilities, was OKC designation approvals U.S. after foreign activation personnel. XX,

option Paints the On first to of front, with XX-vehicle to a expected we initial quarter the 'XX. international relate Jazeera and purchase with deliveries agreement 'XX to quarter and second expand XXX announced of

on test in attended With we U.K. of rides shows and drive numerous tracks. the LDVs multiple XXX and our fleet and and drives XXX we platform, commercial had quarter, right-hand hosted of debuts our customer and the

the in the Award, multiple U.K. pilot the in July design the Show Global including Sea Watch and days the and testing British prestigious lasted quarter, On award on-location to X, the Red One numerous awards We Great conditions. Bid in intense Red concluded received Fleet XX [ peak temperatures in Dot Green ] at environments, the

you the from configurations. what me a preview quarters. in to coming give Now Finalizing let customer expect of us

down large and specifications with locking which into inform production have our focused fleet been our customers, visibility will 'XX and allocations on We in 'XX.

by deployment our of terms and customer specific conditions services which use and acquisition, includes customer vehicles commercial our configurated fulfillment We cases post-delivery partnership model, continue expected and for and testing clients. refining

we for We testing when customers' Walmart we use specs Walmart's of cases partnered team is and refining phases completed the other and an Walmart with extensive and in customers varying of finalize specifications hand-in-hand order. announced how example. work our of and years to of July And XXXX workflow. It of large X examples are was there schedule.

platform, is vehicle need with for modular our a USPS, we purpose. With match available commercially believe, right-hand a good for drive their built

expansion, are EV units this for fleet and X LDV 'XX to our targeting on fit Mandated upcoming in The in in adoption our targeted shows customers the on largest to as We for geographies. later the XXX that XX,XXX U.K. or in QX debuted electric creates for discussions of expected pilots with QX. RFP. positive XX expected the focused estimated LCV fleet X feedback market. XX,XXX of USPS vehicles RFP an More for year tailwinds, early international at commercial a U.K. Configurations, vehicles the quarter substantial fleets. initial on specifications, in engaged XXX start LDV large unique

in miles and rock Global. conditions, over XXX temperature of models; XX% concluded Sea sand the ambient It of Red the XX degrees. average of XX% degrees rigorous days of days was were XX Pilot Farenheit for degrees XXX over heat; max desert X,XXX with successfully.

as our customer We model. are outlined above focused engagement on about we next steps

make We progress chain our continue to targeted harmonization. in supply

OKC our suppliers week the from with approximately their vehicle to drives BOM August visits. been our through were of the and vision able factory we've we It factory time first inaugural long-term The supplier able facility. connect suppliers. open held for engagement We X, was up hosted the During to event our tours. half our of at representatives

phase. aligned path We forward the this continue to a as production ramp and on we manufacturing in refine together

clients finalizing our supply PO -- we We especially for build debt including only creditworthy continue our and our XXXX units only capital build Grade A for sold to BBB harmonizing chain since financing, and instruments, and XXXX. work on

other and the and our of We expect sources. to capital, including access reduce this incentives sources cost capital maximize flexibility non-dilutive to of

with the financing more appropriate partners, X in time. follow workforce. are discussions Oklahoma's We up multiple to Ramping Tier at

continuing of are migration facilities. and the phase, our workforce we Oklahoma our the manufacturing As we to accelerate Texas

look it questions and [indiscernible] Greg turn answering after I over forward to will to With that, now

Thank dedicated always gratifying a model been the be to the that It's and team Canoo. you, it's every with being with our outside, difficult I progress is out made our our I'm you macro day evident lot a and produces trenches but despite the positioned of work spend term. dynamic not in investors, results. that with road proud from and environment. a in company suppliers. at lot important with week trust build it's team and see Tony. the It's to a time on see of win to the a team to customers to play long

the things at Canoo. as them. share focused the you of suppliers, other putting and for the our on not great focused supporters, quarter-to-quarter, investors value are We partners. it's we're excited can been and our And game, on building Remember, tell, together instead long-term and appreciate month-to-month blocks lot appreciation customers, volatile. but happening have or a long is success to team We short-term,

has make a phase. team. place Shifting we fortunate to capital with line, at We're businesses a like resources. CEO and built Not to be choices tough large visionary leading a Growth team to and and global has Tony chance and funding in each straight in doesn't need to our nimble every that him a take is also partner. have past work the

minimizing to As match carefully are dilution. our you've from before, while the us capital business needs heard our raising designed of efforts

During which matched cash the we of quarter, purposely capital, million our $XX outflows. raised

allowed and capital funding new testing to to scrappy. been us The the manufacturing The progress engage significant and remain choppy, customer pursue creative but our to deployments. has markets company

is from landscape. to a access Our we capital reflects carefully careful is a but it the wide but the funding it consistent -- success as of sources, navigate balance variety balanced

During XX% at creatively on Partners was prepaid advance a structured QX, convert refund. and to financing, secure we XX% as able an were our preferred tax from partners AFVP which advance

pursuing nondilutive $XXX This quarter amount the we first of to raise have the in year-to-date others. million. bring of PPA and we from from QX, capital a access raised Thus total funding time far material [ ] capital sources, represents are we've

a We to that evaluating range limit funds continually best And diversify and actively been flexibility with financial of marketing opportunities base. Canoo continually shareholder shareholder financing family with dilution. our are offices we've

We able with have pleased financing significant have we evaluate. number of been opportunities the been to

our dollar capital to day take markets. enhances of a equity and Additionally, need do shares approach. balanced X we the accessing million But million X options around a daily to of substantial volume

managing And option forward. believe we as Ramesh capital and been added on Further, will investors outflows. we and our attractive move to we as share, were recently focused us very we an for institutional Indexes, have Russell this the makes

with will meets that capital needs way into continue finances in of business, advancing and raise to disciplined the a manage our broader the We incremental the manufacturing. team

section. over to Ramesh it cover hand will I the Now financial to

Thank you, Greg.

of results the for me XXXX. let Now you the fiscal quarter year walk second through

Key and discipline. Defense $XXX,XXX the financial derived As record of mentioned, this in had we to We the on units our continue focus a our from include following: quarter, delivery . USPS contract. accomplishments revenue Innovation Tony

Moving the income to statement.

second period, year Our XXXX. the expenses a reduction as results million to development prior primarily and XXXX for XX% followed: QX totaled the quarter, quarter $XX.X million from Research $XX.X of in are compared

primarily compensation, the improvements, support million by testing driven our were totaled 'XX. of period, The prior for 'XX to as expenses Our when million XXXX. final reduction XX% $XX excluding pilot from engineering quarter, XX% expenses, to sequential for $XX.X reflects in prior a reduction quarter of year also stock-based the compared compared an SG&A QX well. QX the programs of QX and

it negative $XX.X XX.X% $X.XX [ from million QX to negative of quarterly QX net adjusted in to XXXX. in XX.X% non-GAAP or XXXX here per QX or negative a $X.XX relates is from negative 'XX quarterly per QX share per in from share QX improvement adjusted to improvement As loss in million million adjusted share million X.XX EBITDA EBITDA negative million negative in in of of our metrics, 'XX a XXXX. or negative negative summary, QX million ] $XX.X $XX.X key, $X.X of of improvement $XX.X XX% XXXX. $XX.X to of

Cash flow XXXX, lower compared financing provided $XX.X June the statement. provided million $XX.X million prior of quarter activities cash for prior million XX, Now the in outflow months million, turning period. for the quarter million We year the Net in year the ended XX, $XX.X months the cash by cash the operations guidance XXXX, X million. equivalents to cash, XXXX. for of used to previous ended June period. the in towards $XX.X restricted the cash cash with to $XX.X of end X and April was compared was in was $XX.X ended

needs continue will capital working and optimize to in We future quarters. our now

move as our outflows Our in of facilities. XX, to period. cash million our We as as lower the the year compared from continue into was $X prior come for guidance range million June reaffirm focus in the ended XXXX, we to manufacturing spend the we well X on months cash Oklahoma investing activities $XX.X have as

Additionally, half $XXX million of based for chain due capital on and negative our we pacing to the current adjusted supply of million harmonization, the be negative second EBITDA projections, to to $XXX our XXXX. expect between

Let me back Tony turn closing it for remarks. Tony? to

hungry with questions. us the special a Thank do to Kingdom, bringing you, doing it's were we'd of joining conditions all executive extensive we we We weather in in everyone, multiple often hard, deployments is the like that, in the a possible. to the thanks on out . And work tests across conditions advancing and a to meaningful tribute We great teams the thank to innovation These vehicle to today, long Arabia. and Saudi give and creativity, and look put I coupled have our some character of the that extreme. for who scrappiness that news and behalf of supporters continents. of addition in in to our way incredibly the would ahead. and look cases like more thanks and forward progressive our use forward best perseverance, love and the team, build you. the United team, to vehicle quarter the to worst been answering value-creating testing were and This some therefore, to in

With back to that, questions. it for I Jon turn

questions Paul, to for you. poll we'd Thank now. like

from is . question Ives [Operator Wedbush Securities. Instructions] first with Dan Our

job the Good this on progress quarter.

next, capital in raise, least So able continue expect capital terms sort that you'll the the will you the be to philosophy going -- and you same of every the for of it's given raise like be quarter, the to quarters? few whatever just could at do needs,

question, Dan. that's great Yes, I a think

So to kind deeper into that. dig of

focused believe, on events. rate do fallen on and you we've criticized burn as of from We that I've high. know, as raising I the So company more the have been the company being that the for too gets key Dan, money has capital. we've discussed based know, you seen scrappy, the if incremental that milestones others some funding

from to turn that business started we'll is is under executive actually the do we're team, really personal continue now, of favor that perspective And how to think to learned our I of perspective way because my to the And operate. right and par.

it therefore, no makes as to volatile we're sense than to markets. exactly capital so do doing do And anything during other these

it. depends the ago Oklahoma. terms of on when coming today. order Got changing just are Does flow it conversations are think just it And feel are you X relative let's to, demand, through and in like they -- like customers that like months say, to where about

you we've ground had for customer, a a the think and up I even wheels in sign the with like order workflow. on unless with when ride won't test customer we their actually our

conversation. the So I has changed think that

to with clients. deep as criticized think we've shifting are that the a military fact economic they're that beginning the progressed. And mandated They gives have . and in being capital markets. just conversations well these Our to the government coupled resistant platform fleets on to built also and institutional are activities going policy-driven because about back for a our heavily the focus, return steadily I as

been because specifications down So the platform allows our the the on to conversations modifications for some advancing have right assembly built-for-purpose line.

our things. we we U.S. has it markets probably only of where -- often advanced and to well. us into for the and And launch now and BOM this done our In efficient partners sign think like of love so domino to have like the the having air, we don't and on partners our [ a area was activities our on can helping something, approval the into growth product We're all other that the XX% like focusing or you to reduces feet drive delivery when with active durable. industry, millions a to square for obviously, site, as bring expansion our customers like signing can it makes couple to and the get affordable ability we markets the our more up which cost quick that cost, right-hand And they become it into our People most to our U.K. customers. having getting platform. we reaction ] Post And focused very most more So things the ability have, those but force, we on over FTC worst teams. in Office, like over Most test, modify quarter for and better. you really few it I the heard that the entice because the people build deploy we learn something like is makes start. up that this of

the Our Benchmark next from Legg is with question Company. Michael

with are of progress moving be and suppliers bit seem today. being It's it's to fleet nice that had the all lot a to made. little you see the down it obviously we on positioned horizon. a orders the supply that How appears wanted where to with, chain the understand I dig supplier the into forward

a So are we just kind walk give of through supply us chain-wise, where please?

Yes.

product, a think a pay to our industrial-grade, we So our for I I We had the to the which look, supporting to changed because to suppliers redesign. the military-grade over have their of implication direction went an patience when company, suppliers. of I many business, took debt repairability,

completely a have different of to we customer into all base. of that. lot So of reharmonize the kind we threw shock system And

so that's of on an them been similar it's was about the it conditions, put track We get then the now, driving ] got the XX% aggressive factory, event. in customers. They we And a we are we how behind them, for ourselves, with the [ to aggressive see people the they supplying the see don't really environment, test event, of to in doing BOM others. place a the at they been represented pieces it the way had the coming why our them a pieces blast. put created with or how connection and to to And put at we the they've volume we're we're we've and like CapEx, which them in had how ahead together, and what why scaling because wheel we changing got test according phases, which that

need away lot. that And now supply down. harmonize our proud, we our they customers walked and high-volume We won't to specs a our do capital means into that but we until chain, lock

a units. to want multiple we build on -- out to on a actually could single this sell. is So of model get sold our tightly had I And remember, cycle clients day to multiyear took basis. we're want we because of building with phase. integrated chain bit every what with a now, be only business is we until can on supply on the our levels that of very I to we get focused our And them hold

We buy highs. was industry equipment got being in lows this where entered a to at we all-time lucky when all-time at lot it able of

So continue us being to things be the look, take are company. recognized But prove will that going seen while eventually the the in it's value to a to hopefully, ourselves. of

just Paints. test a the looks you side, With like Sea had customer a coming Red through. Obviously, it's favorable the then And Jazeera there. order Global, on

Walmart X years. You're working for with

us. mentioned What delivery be? about putting do schedule the timing some that a together and point that You you at communicating with may of think

it's good a question. Yes,

lot We clients our the doing advantage. last over Sea. a their competitive with part for, work done about not year with we've So company communicate. we've don't we're the we been We or like a ourselves bragging we things in as a a with decide Red notice Walmart are our you -- customers. X what we tech -- out frankly, let what see say of years -- they don't of any We the

eventually, this But And deeply customers into surprising will become TEM, will integrated because their an a and we things OEM, these be respect function we our so like are information. it -- super not strategy.

So in And course, of those few have your that answers they as question fully through discipline. make as the hope anticipate I we to follow our them would public. indications that And break we of we quarter, a to through. well will like accordingly.

Great. the I than does. just And R&D, better much The modeled. controlled Yes, it very to much had had hearing forward The come better as then them through. I the guidance this EBITDA than question. modeled. last we're is they I SG&A, quarter, well look

assume similar on levels R&D should and So the just SG&A forward can comment Or going I please? remain somewhat you here? that,

Yes. now. Look, right we're pacing ourselves

I entering about that's a we known the we're how we think talking why capital be very about and going that next phase. made disciplined to phase, capital. deploy partners for this talked to We're we're we it that

it's those to as be think survival emerges going the the I industry of to here. key

we're obviously, in addition how conditions that over time. capital as much and building we're And difficult that, depending flow, on as run, big dilution managing focused a we which company can, long But to as terms much this is here. on the at

may not deploy money then all time capital on have, And a is lot the how effectively based it's not to you inflows, understand. but we the thing So vary bit talked much how about a little can that because it. you I team it's one

life, of And XXX you do get not cents on a a dollar company's of this in efficiency. phase

leakage in maturing a is tightening belt to your area system. ] look $XXX,XXX advanced team is is And [ think engineer, this is manufacturing finally at understanding. in your software and And $XX,XXX every your be humbly continuously every what's the I personnel. and have $XXX,XXX, You

although were culture. on to leakage constantly they this It's the think I resonate And So I'm that a proud it's [indiscernible] a as disciplined rebounding company. still we starting very in about had quarter, pretty how of in

We to over year. Congrats on progress. the forward continued the look progress

question MKM. Our is from next Irwin ROTH with Craig

characteristics Tony, you're customers end there as in prioritizing I the early that a or you'd allocate little ask be market support Are things any you highlighting to And or wanted where your to over of with the XXXX. to looking look handful years? you're that production seed being small larger in about opportunities well-established the with others bit to adopters look the specific up to deliveries you would many few strong, serve than primarily next long-term of XXXX. can some a

Yes.

on a an because good high system, that's, we've Craig, that's with done in good focused of aligns schedule implementation to we sorry, our often -- question have question. volume, So What that ability a scale. internal few is and that infrastructure their a multiyear customers it's charging requirements

so trying So we're to harmony. really things, pair we're these off all in

you are return do Walmart, they're the to -- addition -- mile. people it what sophisticated and in when every very and on are these Office, Sea, Paints, with that, time these Red Jazeera In the like vehicles customers the capital Post takes focused on these work

So more few we will allow as boxing that from as judo a much to many. It's sell our perspective, than the us model focus always the a we model. of long can on

alignment we currency, keep control. under that's the customers. out And a a methodically in ways our We one under of States like flag U.S. cost and the United the our countries we XX are look at with through rolling

not so not profitable, through capital. focused we're not units weakened. We're And really We're to being [ XX,XXX burning production. starting ] we're a on break scattered,

software So revenue excludes -- and this and accessories. that

A, we buyers that on a So credit we're us, and focused multiyear your on with spread, BBB I purpose. hope high-volume, can answers align -- question it for the that just Grade deliver

lot makes That a of sense.

What Will commitments can Are Canoo that expect about publicly. progress. external towards could milestones should look help this observers we maybe see production, sort announceable we as of of us as some be exiting factory to be these what possibly a for? year? So that order of we we be from your unpack the other you we'll else there could that commitments the announceable should looking there learn

Yes.

come to So again, a tech company. being back I'll

business. said, a the see partners companies they're more you Like their competitive as we like ourselves with IP I cover, extension guarded. rollout just much Craig, of tech So guarded, our

to customers the we that through those of quarter. And it. what do, so to in do I you'll think anticipate being to And some we'll an that enter coming announce see going announcing want they're era start where

Well, on progress the congratulations Great. here.

Stifel. question from Stephen is with Gengaro next Our .

a talk of bit kind but term, we Walmart you Can about any and perspective, stand be just over that? thinking know kind of we this relationship? like about how with just things longer should to relationship the deliveries an about time? changes just little I how and should from is And update think where

customer great chain the right? about things of no understand beyond our base they quantums I appreciate and is One actually BS, -- problems in supply they ours. mean

XXX-or-so have of ] We [ thousands. of Many have suppliers. hundreds customers our

a so we they've of And learned we really real a Two, lot them. did wanted up. actually make from they But we so and wanted in we've view appreciated, multiyear whipsawed testing they to one, specifications. either that get sure not the fact us, signed we needed had what requirements for before

so very business did. we're think an on have our on for customers or concentrated high you who -- any also And of platform. return -- these is until full we we on a have auxiliary charging anxiety well that their don't They're like had those elements moving us, in infrastructure really place. And long-term for a customers electric to I and aligned capital targeted range that people view that get issues by are have charging

They're their probably I progressive and the sites. household so as $XX maintenance as on multiple in environment, take very things some balancing service expansion not that Crown per far. so liberated targeted Red Prince -- in just the their well distribution repair you'll for only we've amazing get vehicles he's activities and the not commitment global billion you the has only the ecological as for if out, it's Saudi Arabia, And this to also everyone done those invested environment can drive, believe been So -- know. things project, Sea rooftop you but so all way has

They guests are to see very we and with on cost-efficient capital thing focused their Same customers. our demonstrating ecological other also on return very a experience.

top people credit been of charge in we've to many worked which have that for give U.K., company built Ramesh Kingdom. insulated to leading great use thanks with U.K. integrated and signed specific the the opening And up helping so in in be the get us wet, the their who market. test targeting cases I to in difficult customers. to QX in think in the the we'll us be in for joining us testing. me in the able And another And I cold And weather and we United again, in in the with

We're of that, muddy the that's is if the it is trying cover I And will, the to that one vehicles to high. things anxiety and customers failed get have you do -- if and the And because with to you too do really bloody don't with game. electric the get, test think you surprised. product also

products use money vehicles return this and for learned these of our there. So This out I the tremendous X take of a on [indiscernible] I for capital launches because saved And lot. testing we market a they're repairable. a specific have case would they're best vehicle been this. is And built toughest it. its years one in for amount the shareholders of the side data And say has around at multiple

H.C. with Our next question is from Wainright. Amit Dayal .

of outside the needed are set the to equipment get up, Tony, So now complete of that for equipment any other sort you ready arrival assets, with there production? critical to need the is respect production to that

Yes.

-- hate and kind that's a garage have So every that look, team say I on it big be industry. we continue but we the visiting the sale fact, of just that And in in dividends. to specializes to it, guys

we about only else into City things some plus gap move that level, need Oklahoma We more to we manual are equipment, pieces more a in the that have, do those of as automation have steps areas we have little costly currently everything that. few paint but we

really impressed. been the on. lot of really that love the the there we're environment, people. taxes hiring And a we've of the They workforce and so been We've living, cost relocating

tough great and It it's a in company do disciplined very So market, it. coming to about got you to takes be to together. build a time it

there Understood. any this the But of trade the obviously, benefiting are In advantages not term, The free about the we with previously have guys that think approval for that? may the should considered from sort in is near benefits zone approval? long clear. term, we how you

Yes.

question. a it's good So

amazing, there to with many, So in been the amazing, track with the past. record a been for us U.K. able engagement -- have have being many with and worked because has government we us has the the government years

on we're -- the we're customers customers that They we love few serious. understand that the to a because almost the government-assisted focused government fact benefit So funding. are all they

of supply we addition Jaguar our sense to And party, to just building. which assembly zone, we India in that their have trade will trade recently. mandates give that of Kingdom. that, of been could lost the stringent ship the in be category United free those and create our out took United in MPPX free to And chain reinforced. into we that the is to they've And And bring they no within has all new elected believe with manufacturing partners makes Kingdom. eventually, there, the but the part them supply jobs our zone, able space this

cost. looking is of at suppliers we're build as possible as model a and the integrated for cost it for of is profitable geographic and well expansion So capital keeping to that customers our our financially the long-term lowest the advantage

of migrate move markets. we ability And us together. the to this into So kind those gives

directly zone trade have you've with been important. And work if I-XX [ XXX on free very acres is the to So the very, we there. ]

-- and needs a little to Got is it. the OTA aspect note of finish this you to to sort you Can activated feature? update talk of of capabilities. about what experience that customer kind bit complete this done it sort of the how you've interesting are now be is Also,

Yes.

XX they're request absolutely and they're are got team very an team, amazing, understand engaged. we get of actually young, and successfully a work hours They proud I'm mile engineering have our ability. underwriting data because turnaround love We've pulling and their what these mean, deploying I'm customer help awesome. schedules. the pretty and us the doing to software guy, and testing and flow, a with of longevity very our I software creative We warranty these so rigorous model our customers tests refine of and for

will, you every I Office So the right, idling stopping and XX feet, it's out. because vehicle Post starting if is mean, the

deploying to you've Like belongs many them. the we these it, vehicles optimized our on and years been literally the X [indiscernible] and of to getting for customers well. but lot it's some said And workflows. that building the just when had U.S. that braking, they keep The torque, delivering about to out so driving you a and deploy we'll ask Office, get optimize kept number guarded come attention speed, of them. And we got of them of mail as stuff about the And I do their customers got it. be be that customer integrated earlier, got are because people temperature, vehicles, Post commented

astronauts the So it's to do that, Artemis. to able the be especially bringing vehicle that's cool to

when respect together drivers vehicles awareness; ergonomics you these right insane and you. think we've has put and in that the a two, great vehicle I respect are has the We situational the use they no the because things respecting which them, the right had virtually cases drivers, the the vehicle lot. is accidents, one,

for Thank questions I you. this like comments. back the Aquila would closing no further are over any hand to to Tony floor at There time.

by to you and calls thank we have and ourselves of the team of you again, our follow-up And our with for the of will you. with those And forward haters, that, updating piece quarter. especially And We'd supporters, hopefully the improve piece everyone convert everyone, great believers. rest like have look in our you. we'll to that a are quarter those

today's conference concludes call. This

participation. for your now you may lines. You Thank disconnect your