Financial Data and Key Metrics Changes - For the second quarter, the company reported revenues of $150,000, driven by sales in the industrial verticals [21] - R&D and SG&A expenses for the second quarter were $14.1 million, with cash expenses at $11 million after backing out non-cash charges [21] - Year-over-year, expenses have been reduced by 44%, and the company expects to sustain current spending levels through the rest of the year [21][22] - The company finished the quarter with $91.4 million in cash and cash equivalents, with additional availability under current facilities [23][25] - Average daily trading volume has more than doubled to over 5.2 million shares during the second quarter compared to 2.6 million in the same period in 2024 [26] Business Line Data and Key Metrics Changes - The automotive vertical is expected to be the primary driver for high-volume recurring business, with a focus on cost competitiveness to drive adoption [18] - In the industrial vertical, the company is finalizing several engagements and has introduced an aftermarket product that can be retrofitted into existing forklift fleets [9][10] - The defense vertical presents significant opportunities, with plans to demonstrate an autonomous swarming drone system in the first half of next year [12][13] Market Data and Key Metrics Changes - Increased trading activity and institutional interest in LiDAR and automotive technology have been noted, with blue-chip institutions focusing on these sectors [15][16] - The company is well-positioned with its manufacturing partner in France, minimizing exposure to China-based manufacturing amid dynamic global tariffs [18][19] Company Strategy and Development Direction - The company aims to accelerate the global adoption of autonomous technologies across automotive, industrial, and military segments [14] - The go-to-market strategy focuses on OEMs with mass market product plans, emphasizing scalable and cost-competitive LiDAR products [8] - Partnerships with established prime defense contractors are targeted to enhance revenue growth in the defense sector [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the engagement with automotive OEMs and the potential for increased revenue from industrial and defense sectors [6][15] - The company is focused on developing advanced LiDAR sensors and sensor fusion technology to deliver actionable perception software [13][19] - Management highlighted the importance of cost competitiveness in driving higher LiDAR adoption among OEMs [18] Other Important Information - The company has raised approximately $35 million net from the ATM during the second quarter, bolstering its balance sheet [23][25] - The recent investment commitment of over $90 million from a single investor has significantly increased trading activity and visibility among institutional investors [26][27] Q&A Session Summary Question: Can you expand on specific use cases or customer types showing traction in the industrial pipeline? - The company is targeting AGV AMRs in logistics, focusing on higher safety levels and retrofittable solutions to existing installations [31][32] - Revenue is expected to materialize in the second half of this year and continue into 2026 [35] Question: Are there any specific programs or agencies in the defense vertical that you are aiming to engage with? - The company is actively working on partnerships and expects to demonstrate drone technology in the first half of next year [36][38] Question: How do you plan to compete with existing players in the industrial sector? - The company competes on technology, offering silicon-based sensors that provide a cost advantage and are designed for harsh environments [59][60] - The full software stack accompanying the sensors allows for tailored solutions to OEM needs, enhancing competitive positioning [62] Question: What is the status of the industrial OEM evaluating your technology? - There is no delay in decision-making; customers are in various levels of evaluation regarding integration into their systems [54][56] Question: What happened to the seven RFQs mentioned previously? - The RFQs are being reformulated by OEMs, and the quality of these RFQs has improved, indicating potential for real programs and revenue [80][84]