Core Insights - Pony AI Inc. is preparing to release its third-quarter earnings, highlighting significant developments in its operations and investments [1] Group 1: Company Developments - Pony AI is expanding its Robotaxi fleet in Guangzhou, China, in collaboration with Sunlight Mobility, with deployment expected by year-end [2] - The company has received a driverless permit in Shenzhen, further enhancing its operational capabilities in China [2] Group 2: Investment Activity - Temasek Holdings, a major sovereign wealth fund from Singapore, acquired over 14,500 shares of Pony AI, amounting to approximately $13.7 million [3] Group 3: Financial Performance - In Q2 2025, Pony AI reported an EPS loss of $0.13, a significant improvement from a loss of $0.91 per share in the same quarter the previous year [4] - The company experienced a nearly 76% increase in revenue, reaching $21.46 million, with $1.5 million generated from Robotaxis, reflecting a 158% year-over-year growth [4] Group 4: Industry Challenges - Luminar Technologies, a supplier of LiDAR sensors for Pony AI's Robotaxis, has faced stock declines and partnership issues with Volvo, raising concerns about potential supply chain disruptions for Pony AI [5][6] - Despite these challenges, Pony AI has an alternative partnership with Hesai Technology for LiDAR solutions [6] Group 5: Market Performance - Pony AI's stock surged by 12.51% to $12.59 at market close, and further increased by 3.26% to $13.00 in after-hours trading [7]

Innoviz Technologies FY Conference Summary Company Overview - **Company**: Innoviz Technologies (NasdaqCM: INVZ) - **Industry**: LiDAR technology for automotive applications Key Points and Arguments Product Development and Roadmap - Innoviz has been evolving its product offerings, focusing on the challenges faced by LiDAR technology in real-world conditions, such as operating effectively when dirty or wet [10][11][12] - The company has introduced the Innoviz 3, designed to be compact and suitable for mounting behind windshields, addressing aesthetic and functional requirements from OEMs [12][13] - Innoviz emphasizes the importance of collaboration with OEMs to design future vehicles that integrate LiDAR technology effectively [14][15] Market Trends and Opportunities - The LiDAR market is shifting focus from Level 2 and Level 3 advanced driver-assistance systems (ADAS) to Level 4 fully autonomous driving, particularly in urban environments [19][20] - China is seen as a leading indicator for LiDAR adoption, with a significant push towards Level 3 and Level 4 systems due to the need for enhanced safety features [20][21] - Innoviz is positioned as a key player in the Level 4 market, with plans to supply LiDAR systems to major automotive manufacturers like Volkswagen and partnerships with companies like Mobileye [22][58] Competitive Landscape - The LiDAR market is consolidating, with Innoviz facing limited competition, primarily from a few players focused on specific applications [47][49] - Innoviz's technology allows for flexibility in product configurations, giving it an edge in the short-range LiDAR segment, which is currently underserved [50] Financial Outlook and Revenue Growth - Innoviz anticipates significant revenue growth driven by high average selling prices (ASPs) for Level 4 systems, despite a smaller vehicle base compared to Level 2 systems [25][27] - The company has secured over $110 million in non-recurring engineering (NRE) contracts, which will help offset development costs and support future growth [46] Cost Structure and Technology Advancements - Innoviz has achieved a 70% cost reduction and a 50-fold performance improvement with its second-generation product, Innoviz 2, and is introducing Innoviz 3 with further enhancements [67][68] - The company aims to reduce the bill of materials (BOM) costs through vertical integration and improved manufacturing processes, with a long-term goal of making LiDAR as affordable as cameras [70] Non-Automotive Applications - Innoviz is expanding into non-automotive markets, such as security and agriculture, where it sees substantial growth potential and higher ASPs compared to automotive applications [29][34] Geopolitical Considerations - The company acknowledges the political sensitivities surrounding the use of Chinese technology in the U.S. market, which may limit competition from Chinese LiDAR manufacturers [53][54] Additional Important Insights - Innoviz's approach to product development emphasizes learning from real-world challenges, which has built trust with OEMs and positioned the company favorably in the market [12][21] - The company is actively engaging with various sectors, including trucking and agriculture, to diversify its customer base and revenue streams [29][63] This summary encapsulates the key discussions and insights from the Innoviz Technologies FY Conference, highlighting the company's strategic direction, market positioning, and future growth opportunities.

Investment Rating - The report assigns a "Buy" rating for Hesai Group with a target price of US$38.10, implying an expected share price return of 76.9% [5][12]. Core Insights - The report highlights several upside catalysts for 2026, including anticipated L3 legislation, increased LiDAR content per vehicle, and design wins from major ADAS customers [1][4]. - The company expects significant growth in LiDAR shipments, projecting 2.5 million to 3.5 million units for 2026, with a stable gross profit margin due to cost optimization [3][4]. - The customer mix is strong, with major contributions expected from Li Auto, Xiaomi, and others, achieving 100% LiDAR adoption across their 2026 models [5][7]. Summary by Sections 2026E Upside Catalysts - Management anticipates L3 legislation in 1H26E, which could accelerate LiDAR content per vehicle, estimating three to six LiDAR units per L3 vehicle valued at US$500–1,000 each [1][4]. - The overseas ADAS business is expected to contribute significantly in 2026, alongside growth in the robotics sector, which has higher ASP and margins than ADAS [4]. Customer Mix - Key volume contributors for 2025 include Li Auto, Xiaomi, BYD, Leapmotor, Zeekr, and GWM, with expectations of continued strong performance in 2026 [5][7]. Financial Guidance - For 4Q25E, the company guides revenue between Rmb1.0-1.2 billion, with LiDAR shipments at 600k units and a blended gross profit margin of approximately 40% [2]. - The 2026E outlook includes a shipment increase to at least 2-3 million units, with a projected average selling price (ASP) of Rmb1.8k and a gross profit margin of 40% [3][4]. Capital Expenditure and Operating Expenses - Management plans annual capital expenditures of USD30-50 million, with operating expenses expected to grow by 5% YoY in 2026E [9][10].

Summary of Hesai Group Earnings Conference Call Company Overview - **Company**: Hesai Group (HSAI/2525.HK) - **Industry**: LiDAR solutions provider, focusing on advanced driver assistance systems (ADAS), autonomous mobility, and robotics Key Financial Highlights - **3Q25 Performance**: - Revenue: RMB 795 million, a decrease of 4% YoY but an increase of 41% QoQ [10] - Net income (GAAP): RMB 256 million, a significant increase of 327% YoY [10] - Non-GAAP EPS: RMB 2.01, up 232% YoY [10] - Gross margin: 42.1%, improved by 1.4 percentage points YoY [10] Revenue and Volume Growth Projections - **2026 Estimates**: - Revenue growth forecast lowered to 43% from 52% due to ASP decline [3] - Volume growth projected at 90%, with net income growth expected to reach 80% [2] - LiDAR volume estimate remains at the high-end of management guidance (2-3 million units) for 2026E [1] Market Position and Competitive Landscape - **Market Share**: - Hesai holds a 32.8% market share in the ADAS LiDAR segment as of 8M25, up from 28.4% in 1H25 [11] - Expected contributions from major OEMs: Xiaomi (29%), Leapmotor (26%), Li Auto (21%), BYD (12%) for 2026E [3] - **ASP Trends**: - Forecasted 10% YoY decline in ASP for main ATX product, now projected at US$160 for 2025 [3] - Overall pricing pressure due to rising competition [1] Strategic Developments - **Design Wins**: - Secured design wins with top ADAS customers, achieving 100% LiDAR adoption across their 2026 models [11] - Expansion into new OEMs like Geely and Chery, with expected market shares of 35% and 15% respectively [3] - **Robotics Segment**: - Robotics LiDAR shipments reached 61k units in 3Q25, a 1312% increase YoY [14] - Exclusive supplier agreements with major players in the robotaxi market [14] Future Outlook - **Adoption of L3 Technology**: - Anticipated turning point in LiDAR adoption in 2026, with potential for 2-3 units per vehicle and up to 6 units for L3 vehicles [12] - Higher price tolerance expected from L3 customers due to increased utilization [12] - **Financial Position**: - Raised US$614 million from dual-primary listing in Hong Kong, enhancing financial capacity for product development [14] Risks and Considerations - **Key Risks**: - Slower LiDAR adoption, intensified competition, customer pricing pressure, and policy risks [15][16] - **Valuation**: - Current trading at 23x 2026E P/E, with a target price of US$34/HK$265, implying significant upside potential [4][13] Conclusion - **Investment Rating**: - Goldman Sachs maintains a Buy rating on Hesai Group, citing strong growth potential in the LiDAR market and robust financial performance [14][15]

Financial Data and Key Metrics Changes - Innoviz generated $15.3 million in revenues for Q3 2025, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024 [4][22] - Cash burn for the quarter was $14 million, expected to decline sequentially in line with guidance for lower year-over-year burn [5][22] - Gross margins for Q3 were approximately 15%, with year-to-date margins at about 26% [23] Business Line Data and Key Metrics Changes - The company reported significant progress in shipping LiDAR units, with a notable increase in shipments compared to Q2 [5] - The InnovizSmart platform is gaining traction in non-automotive applications, indicating a broadening of use cases [15] Market Data and Key Metrics Changes - The number of relevant automotive LiDAR players is declining, suggesting a consolidation in the market [6][7] - Innoviz is gaining traction across multiple end markets, reflecting the strength and versatility of its technology [7] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond [7][25] - The company is focused on ramping production capabilities and expanding its presence in both automotive and non-automotive sectors [21][25] - The upcoming InnovizThree is expected to revolutionize the industry with better performance and a smaller form factor [19][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the importance of recent agreements with major OEMs for Level 4 autonomous trucks [4][20] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, providing Innoviz with more opportunities [30][31] - The company expects to see a twofold increase in revenues year-over-year for 2025, projecting revenues between $50 million and $60 million [20] Other Important Information - Innoviz has achieved key automotive standard certification for LiDAR testing, which enhances value for customers by reducing external testing costs [5] - The company is actively engaging with various sectors, including perimeter security and intelligent transportation systems (ITS) [15][39] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with customers, and several technical and commercial discussions need to be completed before moving to series production [27][28] Question: Changes in the competitive landscape - Management noted that the competitive environment is limited due to geopolitical factors and the inability of some competitors to meet customer needs [30][31] Question: Incremental investments in Sensor Fusion - Management explained that the approach to Sensor Fusion varies between automotive and non-automotive applications, with different software opportunities and business models [35][36] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technological advancements and industrialization, making LiDAR more accessible [40][41] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among automakers to differentiate themselves, with expectations for rapid growth in Level 3 and Level 4 applications [46][48] Question: Details on L4 Commercial OEM win - Management stated that further details will be shared in the coming weeks, including the number of LiDARs per vehicle and overall volume opportunities [54][55]

Financial Data and Key Metrics Changes - In Q3 2025, Innoviz generated revenues of $15.3 million, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024, which had revenues of $18.2 million [4][22][23] - Cash burn for the quarter was $14 million, with expectations for a sequential decline in line with guidance for lower year-over-year burn [5][22] - The company ended Q3 with approximately $74.4 million in cash and equivalents, with no long-term debt [22] Business Line Data and Key Metrics Changes - The gross margin for Q3 was approximately 15%, with a year-to-date gross margin of about 26% [23] - Operating expenses for Q3 were $18.1 million, a decrease of approximately 30% from $26 million in Q3 2024 [23] - Research and development expenses for Q3 were $12.4 million, down from $19.7 million in Q3 2024, primarily due to cost allocation related to NRE sales and operational realignment [23] Market Data and Key Metrics Changes - The LiDAR market is consolidating, with a declining number of relevant automotive LiDAR players, indicating a "winner takes more" scenario [6][7] - The company is gaining traction across multiple end markets, including non-automotive applications, which are expected to benefit from a shorter path to market and lower acquisition costs [15][16] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond, with a focus on expanding its technology across diverse segments [7][25] - The company is unveiling the Innoviz 3, which is expected to revolutionize the industry with a smaller form factor and better performance, based on proven time-of-flight technology [19][25] - Innoviz is actively pursuing collaborations with major OEMs for Level 3 and Level 4 autonomous vehicle programs, with expectations for significant growth in these areas [10][11][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the strong demand for validated auto-grade LiDARs as customers rush to bring Level 4 solutions to market [4][10] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, with fewer companies able to meet OEM performance requirements [6][31] - The company expects to see a twofold increase in revenues year-over-year for 2025 to 2026, projecting revenues between $50 million and $60 million [20][21] Other Important Information - Innoviz has been selected to supply LiDARs for a major global trucking OEM's series production of Level 4 autonomous trucks, with multiple sensors expected per vehicle [8][54] - The company is also making significant progress in non-automotive applications, particularly in perimeter security, where its technology has shown superior performance [24][58] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with the customer, and several items have been delivered, but technical and commercial discussions are still pending before moving to series production [27][28] Question: Changes in the competitive landscape - Management noted that the competitive offers are limited due to geopolitical consequences and other competitors being unable to fulfill needs and timelines, leading to a more constrained competitive environment [30][31] Question: Incremental investments in sensor fusion - Management explained that the approach differs between automotive and non-automotive applications, with various software components provided for LiDAR management and integration with platforms like Mobileye and NVIDIA [35][36] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technological advancements and industrialization, with LiDAR becoming more affordable over time [40][42] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among OEMs to differentiate themselves, with discussions around urban Level 3 applications gaining traction [46][48] Question: Details on L4 commercial OEM win - Management stated that further details will be shared in the coming weeks, including the number of LiDARs per vehicle and overall volume opportunities [54][55]

Financial Data and Key Metrics Changes - In Q3 2025, Innoviz generated revenues of $15.3 million, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024 [6][30] - Cash burn for the quarter was $14 million, expected to decline sequentially in line with guidance for decreasing year-over-year burn [7][30] - The company ended Q3 with approximately $74.4 million in cash, cash equivalents, short-term deposits, and marketable securities, with no long-term debt [30][31] - Gross margins for Q3 were approximately 15%, with year-to-date margins around 26% [32] Business Line Data and Key Metrics Changes - The company reported significant progress in its LiDAR production, shipping more units in Q3 compared to Q2, aligning with plans to ramp up production [7][30] - The Innoviz Smart platform is gaining traction in non-automotive applications, with several engagements announced and the first perimeter security installation completed [21][22] Market Data and Key Metrics Changes - The LiDAR market is consolidating, with a declining number of relevant automotive LiDAR players, indicating a "winner takes more" scenario [8][30] - The company is experiencing increased demand for its LiDAR solutions across various end markets, including autonomous driving and perimeter security [8][21] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond, with a focus on expanding its technology across diverse segments [8][35] - The company is set to unveil the Innoviz 3, which will offer a 60% smaller form factor and improved performance, targeting both automotive and non-automotive applications [27][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the importance of recent agreements with major OEMs for Level 4 autonomous trucks [6][28] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, with fewer companies able to meet OEM performance requirements [8][43] - The company expects to see a twofold increase in revenues year-over-year for 2025 to 2026, driven by the ramp-up of production and new engagements [28][29] Other Important Information - The company achieved key automotive standard certification for LiDAR testing, allowing it to avoid costly external testing [7] - Innoviz's time of flight technology is positioned as the preferred solution for automotive LiDAR, with ongoing interest from customers previously committed to FMCW technology [25][26] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with the top five OEMs, with several items delivered and awaiting further stages of the process [37][38] Question: Changes in the competitive landscape - Management noted that the competitive offers are limited due to geopolitical consequences and other companies being unable to meet needs and timelines [41][43] Question: Incremental investments in sensor fusion - Management explained that the approach differs between automotive and non-automotive applications, with various software components provided for integration [47][48] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technology advancements and industrialization, making LiDAR more accessible [54][56] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among OEMs to differentiate and accelerate Level 3 and Level 4 deployments, with ongoing discussions about urban applications [61][62] Question: Details on L4 Commercial OEM win - Management stated that further details will be shared in the coming weeks, with multiple sensors expected per vehicle [72][73]

Core Insights - Hesai Group reported a record profit of 256 million yuan ($36 million) in Q3, exceeding its profit target for 2025 one quarter ahead of schedule due to strong performance in LiDAR technology [3][4] - The company raised its full-year net income guidance to between 350 million yuan and 450 million yuan following the stronger-than-expected profit [4] Financial Performance - Q3 revenue increased by 47% year-on-year to 795 million yuan, driven by robust shipments and growing adoption of LiDAR in advanced driver-assistance systems (ADAS) and robotics [4] - Total LiDAR shipments grew 228.9% year-on-year to 441,398 units, with ADAS LiDAR shipments nearly tripling to 380,759 units and robotics LiDAR shipments increasing almost 14 times to 60,639 units [8] - The company's gross margin for the quarter was 42%, while operating expenses declined by 23% year-on-year [8] Market Position - Hesai has maintained its leadership in long-range LiDAR for seven consecutive months, capturing 46% of the market share in August, significantly ahead of its competitors [5] - The company secured key design wins from top ADAS customers for all their 2026 models and signed new LiDAR supply agreements with leading global robotaxi and robotruck companies [6] Industry Trends - The shift towards multi-LiDAR setups for Level 3 driving is creating favorable conditions for product makers, with each L3 vehicle expected to adopt three to six LiDARs, expanding Hesai's addressable market [7] - The company's high-end ETX lidar, featuring the longest detection range, secured a design win with a top NEV automaker in China, with mass production expected in late 2026 or early 2027 [7]

Summary of Hesai Group (HSAI/2525.HK) Conference Call Company Overview - **Company**: Hesai Group - **Ticker**: HSAI/2525.HK - **Industry**: LiDAR solutions provider, focusing on advanced driver assistance systems (ADAS), autonomous mobility, and robotics Key Financial Highlights - **3Q25 Results**: - Operating profit and net profit exceeded Goldman Sachs estimates by 125% and 200% respectively [1] - LiDAR shipment volume increased by 10% compared to estimates, with ADAS and Robotics volumes up by 8% and 22% respectively [1] - Market share in LiDAR increased to 41% in 3Q25 from 27% in 2Q25 [1] - Gross margin improved to 42.1%, up 1.4 percentage points from estimates, attributed to cost reductions and improved utilization [1] - Total operating expenses decreased by 15% compared to estimates, mainly due to lower R&D and administrative expenses [1] - Non-operating income of Rmb173 million primarily from a non-recurring gain on equity investment disposal [1] - Management raised 2025 full-year guidance for GAAP net income to Rmb350-450 million, up from Rmb200-350 million [1] Revenue and Profitability Metrics - **Revenue**: Rmb795 million, down 4% YoY but up 47% from the previous year [6] - **Gross Profit**: Rmb335 million, with a gross margin of 42.1% [6] - **Net Income (GAAP)**: Rmb256 million, representing a 327% increase YoY [6] - **EBIT Margin**: 9.7%, up 5.6 percentage points from estimates [6] - **Net Margin**: 36.2%, up 24.6 percentage points from estimates [6] Market Position and Growth Opportunities - **Market Share**: Hesai holds a 33% revenue market share in the global LiDAR market as of 2024 [7] - **Growth Drivers**: - Anticipated acceleration in the adoption of navigation on autopilot (NOA) in the China NEV market starting in 2025 [7] - New design wins from global OEMs with mass production expected to begin in 2026/2027 [9] - Significant share in the global robotaxi market, projected at 61% in 2024 [9] - Introduction of next-generation ATX products with a three-year product cycle starting in 2025 [9] Risks and Challenges - **Key Risks**: - Slower adoption of LiDAR technology [10] - Increased competition and pricing pressure [10] - Regulatory and policy risks [10] Investment Thesis - **Rating**: Buy - **Price Target**: US$36.0 for ADR and HK$281.0 for H share, implying an upside of 56% and 60% respectively [11] - **Valuation**: Currently trading at 30x 2026 P/E with expected earnings growth of over 100% in 2026 [9] Additional Insights - **Cash Position**: Ended 3Q25 with Rmb6.6 billion in net cash, significantly improved from Rmb2.1 billion in 2Q25 [5] - **Cash Conversion Cycle**: Increased to 148 days, with stable receivable days and shorter inventory days [5] - **Design Wins**: Secured 100% LiDAR adoption from top ADAS customers for all 2026 models [4] This summary encapsulates the key points from the conference call, highlighting Hesai Group's strong financial performance, market position, growth opportunities, and associated risks.

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenues of $0.2 million, driven by sales in industrial and automotive verticals [18] - The cash burn for the quarter was $16.5 million, including one-time payments related to inventory buildup of Movia L [19] - The company finished the quarter with $99.5 million in cash and cash equivalents, with additional availability under current facilities [21][22] Business Line Data and Key Metrics Changes - The Movia S product is positioned as a low-cost, high-performance sensor, with a target price of $200 for short-range and $300 for long-range applications [15][36] - The company is transitioning customers from Movia L to Movia S, which is expected to be transformational for industrial and warehouse automation markets [17] - The Movia S production launch is planned for Q4 of 2026, with demonstrations currently ongoing with various customers [10][12] Market Data and Key Metrics Changes - The company is experiencing strong interest in its Movia S and tri-lider architecture offerings post-IAA engagements [12] - The defense vertical is being actively pursued, with a new team in Virginia focused on drone-based LiDAR developments [18] - The company anticipates revenue from industrial applications in 2026, with automotive revenue expected to ramp up in 2029 [63] Company Strategy and Development Direction - The company aims to transform the LiDAR industry by moving to solid-state systems and simplifying sensor architecture [6][15] - A strategic investment in Scantinol Photonics is expected to enhance the company's ultra-long-range LiDAR capabilities [16] - The focus is on diversifying revenue streams through targeted investments and maintaining a strong capital structure [22] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for cost reduction in LiDAR sensors to achieve mass adoption, drawing parallels with the radar industry's evolution [6][7] - The company is confident in its ability to meet cost targets for its products, ensuring profitability while driving volume [55] - The management expressed optimism about the company's competitive positioning against Chinese LiDAR manufacturers through innovation and flexibility [52] Other Important Information - The company is actively managing production commitments with ZF as it prepares for Movia S manufacturing [17] - The leadership team has been strengthened with key hires in sales and engineering to support growth plans [14] - The company is committed to providing updates on the Scantinol acquisition and its impact on product offerings [20] Q&A Session Summary Question: What is the status of the RFQs? - The RFQs are ongoing, with the company following the pace of OEMs as they evaluate new features and systems [49][50] Question: How will the $200 price point be sustainable? - The company has a detailed cost model ensuring that the $200 price point is achievable without compromising margins [54][55] Question: How does the recent upheaval at Luminar affect opportunities with Volvo? - Supplier issues at Luminar may provide opportunities for the company to engage with Volvo for alternative sourcing [60][62] Question: When can revenue be expected from industrial and defense sectors? - Revenue from industrial applications is expected in 2026, while automotive revenue is anticipated to ramp up in 2029 [63] Question: How does Scantinol technology compare with existing products? - Scantinol's technology is complementary to existing products, with different strengths in range and application suitability [71][72]