Innoviz Technologies Q3 2026 Earnings Call Transcript

Innoviz Technologies (NASDAQ:INVZ) reported third-quarter financial results on Wednesday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

Innoviz Technologies reported Q3 2026 revenues of $12.1 million, below expectations due to a customer’s timeline shift; full-year guidance is lowered to $44-$46 million.

The company is implementing operational realignment, expecting $17.5 million in annualized savings, with a focus on expanding defense market presence through Persys.

Defense sales constituted 10% of Q3 revenue, with expectations to grow to 20-30% in 2027, driven by counter-UAS and perimeter security applications.

The company is progressing on automotive projects with VW, Daimler Truck, and Mobileye, though some SOP timelines have been delayed to 2027.

Innoviz Technologies is focused on integrating its lidar technology into defense and homeland security, targeting a potential $7-8 billion market opportunity by 2030.

Full Transcript

OPERATOR

Ladies and gentlemen, thank you for standing by and welcome to Innoviz Technologies’ third quarter 2026 earnings call. Our presentation today will be followed by a question and answer session, at which time if you wish to ask a question, you will need to raise your hand using your mobile or desktop application, or press star-9 on your telephone keypad and wait for your name to be announced. This call is being recorded. I would now like to hand over the call to our first speaker, Ada Menacher, Head of Investor Relations. Ada, please go ahead.

Ada Menacher (Head of Investor Relations)

Good morning. I would like to welcome you to the Innoviz Technologies third quarter 2026 earnings conference call. Joining us today are David Omer Keilaf, Chief Executive Officer, and Mordechay Eldar Cegla, Chief Financial Officer. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations section of our website at ir.innoviz.tech. Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward-looking statements.

Forward-looking statements made today speak only to our expectations as of today and we undertake no obligation to publicly update or revise them. For a discussion of some important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the Risk Factors section of our Form 20-F filed with the SEC on March 4, 2026. Omer, please go ahead.

David Omer Keilaf (Chief Executive Officer)

Thank you, Ada, and good morning to everyone joining us on our earnings call. In the third quarter, revenues were $12.1 million, below our expectations. This was primarily due to a customer’s decision to shift timelines into next year, which they recently shared with us. As a result, our NRE milestones moved and we are lowering our full-year guidance to $44 million to $46 million. We continue to make progress on these customers’ programs and we expect to realize the full value of these NREs in the fourth quarter.

We are implementing an operational realignment that we expect to save $17.5 million on an annualized basis. With a mature lidar serving both automotive and defense and production capacity in place, we believe that we can reduce cost without affecting our ability to support customers. Together with our expansion into defense with Persys, this realignment supports our runway well into 2028. Defense is a fast-growing market with ASPs an order of magnitude higher than automotive.

We expect Persys to drive revenue growth and improve profitability in the near term while diversifying our end-market exposure and broadening our customer base. We are working on several programs with leading strategic primes for counter-UAS and perimeter security applications, and we are delivering units to customers such as Kela Drive and others. We are in discussions with dozens of potential customers in Israel and abroad, many of whom have started to work with our technology. In September, MAFAT, the DARPA of Israel, recognized the maturity, robustness, and performance of our lidar for defense applications.

We see this as an important vote of confidence in our lidar product and it is already helping us broaden our reach. Let me tell you what we are seeing in the defense market right now and why we believe Persys is well suited to its needs. The threats countries face today are very different than they were a few years ago. Drone warfare has become one of the most pressing security challenges facing the world, from Ukraine to Israel and beyond. In such a war, a country’s traditional arsenal on day one matters much less than the maturity, resilience, and production capacity of the supply chain it needs to fight.

Asymmetric warfare products built for high-volume, high-performance markets like automotive are a strong fit for these requirements. Until now, limitations in reliability, performance, and resilience kept lidar out of consideration. We designed our products to solve these problems for automotive and now we are among the first to introduce lidar into homeland security and defense. While legacy solutions can struggle in harsh, complex environments, our lidars were designed from the ground up to perform in challenging conditions. They are well positioned to help systems detect and locate the threats that governments are spending heavily to counter. NATO’s projected investment in counter-UAS capabilities is $40 billion over the next five years, with additional spending by the U.S. and other nations. Our internal analysis shows that the aggregate opportunity for lidar in homeland security and defense applications could reach $7 to $8 billion by 2030.

We are already starting to capture this opportunity. With defense sales comprising 10% of revenue in the most recent quarter, we expect to see volume orders in the first half of 2027, expanding defense’s share of revenue to 20% to 30% next year and potentially growing further thereafter. With Persys, Innoviz is addressing multiple applications in homeland security and defense. First, in counter-UAS, we are enabling centimeter-level 3D localization of drones at distances of up to several hundreds of meters, and systems that use our lidars can locate multiple threats in real time, even at low altitudes and in cluttered urban environments. That precise localization can help these systems to respond quickly and accurately while potentially minimizing collateral damage.

Our lidars can be deployed on both stationary and mobile platforms. They can be used to secure installations, convoys, and military units on the move. Second, in perimeter security, we believe systems that integrate our lidars are a significant improvement over legacy camera- and radar-based solutions in locating and identifying intruders. Such systems can be used to protect borders, airports, military facilities, and air infrastructure. Third, in manned patrol vehicles, unmanned ground vehicles, and robots, we offer autonomous driving and functional safety expertise and add the ability to detect drones overhead.

Finally, our lidars can aid in tactical surveillance and recon applications. To simplify integration into partner systems, we also offer the Innoviz Smarter, which we introduced earlier this year. It pairs our lidar with an onboard NVIDIA Jetson Orin Nano processor. Much of the processing is done on the device so partners can integrate it more quickly and it carries a higher ASP for us. We believe that our strategy of addressing the market through integrators and primes has begun to pay off. We are already working several programs with leading strategic primes for counter-UAS and perimeter security applications. We expect these programs to generate revenues in 2027 and we hope to be able to tell you more about them. We have delivered hundreds of units for testing and integration and we are focused on converting these early engagements into partnerships.

Last month we were at the Association of the United States Army Annual Meeting and Exposition. It was one of the busiest conferences I have attended in years. We met dozens of potential customers, including the CTOs and senior leaders of key defense companies and system integrators. It could close a gap in operators’ ability to precisely locate drone positions and this resonates strongly with the people we met. We came away from the conference with multiple promising opportunities for strategic partnerships and long-term projects, primarily in counter-UAS.

Our goal now is to turn these conversations into evaluations and collaborations with U.S. customers and partners who feel a sense of urgency as we introduce our lidars to the market. Customers increasingly note that they see the potential of our technology for next-generation products beyond applications we are initially targeting. In September, MAFAT recognized our mature, robust, and scalable lidar capabilities for defense applications. We are working closely with MAFAT to prove that the lidar technology is foundational for counter-UAS. MAFAT is introducing us to similar entities abroad and we believe our work with them could drive significant adoption in Israel and beyond.

Let me now update you on our automotive business. Late in the third quarter one of our customers let us know that they are pushing their SOP timeline out to next year. As a result, a large portion of our NRE revenues moved into 2027 and we expect to recover their full value then. Our projects with VW, Daimler Truck, and Mobileye are progressing and we are pleased with our development work with other customers as well. We are competing for a variety of RFIs and RFQs with multiple OEMs and, going forward, we believe we could support automakers with a production-ready, automotive-grade lidar platform without the need for incremental investment, while at the same time using our existing technology to expand in homeland security and defense—a business that gives us a shorter path to revenue growth and profitability.

With that, I’ll turn it over to Eldar to discuss our financials.

Mordechay Eldar Cegla (Chief Financial Officer)

Thank you, Omer. In the third quarter, revenues were $12.1 million, with roughly 10% from our new pre-series business from Homeland Security and Defense. As Omer mentioned, the shortfall largely reflects NREs that moved into 2027 when one of our customers shifted its SOP timing. Gross margin in the quarter was negative 10.3% due to the lower revenues. We expect gross margin to improve as unit volumes increase over time, and we believe the ramp of pre-series can accelerate that trajectory.

Cash use in operations and capital expenditures was $21.4 million, mainly due to the timing of payments related to our production ramp-up. Over the past four quarters, we averaged cash burn of $15 million, a significant decrease from previous years that demonstrates our commitment to disciplined spending. We continue to have no long-term debt, and we ended the quarter with approximately $54.4 million in cash equivalents, short-term deposits, and marketable securities on the balance sheet.

For the details of our operating expenses and stock-based compensation, please see the tables in our press release. Now turning to our updated guidance for the full year: as mentioned, we now expect revenues of $44 to $46 million, with approximately 6% to 7% coming from pre-series. We expect two to three new programs and new NRE payments plans of $20 to $30 million. Our pipeline also includes several mature opportunities together worth more than $30 million in NREs. The timing of NRE booking is hard to predict, and these could close either before year-end or in 2027.

Going forward, as our revenue shifts from NREs to LiDAR sales, we plan to replace these targets with KPIs that better reflect our business to support our operational runway into 2028. As we grow our defense business, we have made a difficult decision to optimize our operations. Since we are serving both our end markets with a mature, production-ready LiDAR, we are able to introduce additional efficiencies across the company. These actions will be implemented in the fourth quarter and are expected to deliver approximately $17.5 million in annualized savings.

This includes about $12 million in costs from an approximately 20% workforce reduction, with the balance coming from savings in OpEx and CapEx versus our current run rate. Over the next year, we expect to see meaningful business expansion driven by our Homeland Security and Defense end market. We are encouraged by the progress we have already made this year. Our initial orders are being delivered, and we are engaged in active discussion with multiple strategic partners on projects that can lead to substantial, high-margin business. We have more work ahead of us, but we believe our path to break-even has been shortened by our entry into the defense market and the operational efficiencies that we are putting in place.

With that, I’ll turn the call back to Omer for his closing remarks.

David Omer Keilaf (Chief Executive Officer)

Thank you, Eldar. This quarter, we took important steps to building a more robust and balanced company. We are reducing our cash burn and are ready to meet the opportunity presented by the defense business, which is off to a strong start. We are approaching this market through potential strategic partnerships with defense primes, integrators, and technology solution providers, which we believe will help us grow faster and expand our reach delivering units to customers.

Our partners are integrating our LiDAR into their systems, and we believe the recognition from a FAT can help us accelerate adoption. On the automotive front, our programs are moving forward towards production, and we continue to compete for new business. While our short-term results have been below our expectation, I’m encouraged by the technological and business progress we made this quarter and about what we are creating with our partners and customers. And with that, operator, let’s begin the Q&A.

OPERATOR

To ask a question, please raise your hand using your mobile or desktop application, or press star-9 on your telephone keypad and wait for your name to be announced. First question will come from Jash Patwa from J.P. Morgan. Jash, please go ahead.

Jash Patwa (Analyst at J.P. Morgan)

Hi, good morning, and thanks for taking my questions. Omer, could you maybe walk us through the revised SOP timelines for the Mobileye, Volkswagen, and Daimler Truck programs? I’m just curious what is driving the delays and to what extent do they reflect broader technology challenges as opposed to issues integrating the LiDAR itself? Thanks, and I have a quick follow-up.

David Omer Keilaf (Chief Executive Officer)

I want to reassure you that the delays are unrelated to the LiDAR. Those are related to internal challenges that the carmaker has related to the program, and I don’t think that I should share their problems. But those are unrelated to the LiDAR. They are very satisfied with the LiDAR, and it is definitely not related to us. And therefore, I don’t see any coupling between this program to other programs that we’re involved with.

Jash Patwa (Analyst at J.P. Morgan)

Understood. And just any updated SOP timelines? How should we think about the ramp in LiDAR shipments towards these programs into 2027?

David Omer Keilaf (Chief Executive Officer)

Sure. So the program that was expected to launch this year was pushed to next year, which basically means the ramp-up would start not at the beginning of the year, at a later time. I don’t want to give the exact date now, but it’s planned for next year. The programs with Daimler and Audi are still on track with the planned schedule.

Jash Patwa (Analyst at J.P. Morgan)

Got it. Understood. And Eldar, I think you gave some hints around how you’re thinking about 2027, but maybe if you could double click on any moving pieces that we should keep in mind, particularly the trajectory of LiDAR shipments. How should we think about NRE and defense revenue as these programs approach SOP? Should we think about any incremental costs associated with the launches? Thank you.

Mordechay Eldar Cegla (Chief Financial Officer)

So, I’ll start with the last question. In terms of extra cost, we have everything we need in place: production line maturity that we have in Fabrinet, the maturity of the products, and I’m not expecting any increase. On the contrary, as you saw, we were able to introduce some additional efficiencies. Of course, unfortunately, not a very, very happy day for us today. But we look forward, and I believe that we will maintain this cost structure for the company for future times.

In terms of revenue, we shifted much of our focus to the security and defense market. We are competing and we are already in testing and deployment on a few programs that we expect to mature already next year. So we are expecting to see more meaningful numbers from this business, which is a good business for Innoviz with positive contribution to gross margins.

David Omer Keilaf (Chief Executive Officer)

Maybe I can add on this. So, obviously today we did a restructure of the company in a way. I think that the people that are at Innoviz now are encouraged by the momentum they see in programs that we’re supporting now. In the defense market, people are busy; they are working on multiple opportunities right now, which are also important for them. Eventually, the task we are asked to fulfill is a very important one, and we are working with very strong companies.

People are filled with trust that since our technology is capable of solving this problem, they have the confidence that the company can succeed. Of course, in order to make sure that we are able to fulfill this capability and our success, we had to do optimization for the team to allow us to capture that opportunity. So it is sad because people today are saying goodbye to people who worked very hard and they worked with the team. But I would say also that people that are in the team walked to me today and told me that they have full trust that the company can succeed with the technology that we’ve built.

It is serving an important purpose. And now we look ahead and will continue to work on those communities. And eventually we are still very much committed to take this technology, built very quick, very, I would say, differentiated in how it can serve this purpose, and make it a reality. So it’s kind of a tough day, and it’s also very sad to see that the automotive programs that we’ve been working very hard on are being pushed out. You can hear our frustration as well because we’ve been working very hard in delivering and meeting the requirements. So obviously the results are related to this push-out, which we need to be responsive and responsible and to allow us to continue. Even though this is taking a hit on our revenues this year, we are expecting to return those revenues next year.

But even though, we do need to keep our heads up and look at the opportunities that are in front of us. And I can tell you that the team here is working very hard to make that happen and committed to make that happen.

Jash Patwa (Analyst at J.P. Morgan)

That’s great color. Thank you for that. And if I could just squeeze in one more, Omer: you mentioned that liquidity runway is good through 2028. I’m just wondering if there are any incremental equity raises that are embedded in that expectation.

Mordechay Eldar Cegla (Chief Financial Officer)

No, our planning for next year does not include fundraising or the use of ATM in that calculation of getting well into 2028.

Jash Patwa (Analyst at J.P. Morgan)

Okay, great. Thank you, and good luck.

OPERATOR

Thank you. Our next question is from Mark Delaney from Goldman Sachs. Mark, please go ahead.

Will Bryant (Analyst at Goldman Sachs)

Thank you. This is Will Bryant on for Mark Delaney. Good morning, and thank you for taking my question. My first one relates to the realignment and the streamlining for your R&D operations. Can you speak to what that may mean or any implications on your ability to pursue incremental opportunities for growth, especially in the defense and homeland market that you highlighted in the slides? And just maybe as a quick follow-on, when would you expect to get to the full run-rate on those savings?

David Omer Keilaf (Chief Executive Officer)

Sure. So I would say right now the activities that we are engaged with with different customers are related to programs which are planning to utilize a mature product. InnovizTwo—we’ve always stressed its capabilities in its ability to see very high resolution and long range and its durability in dirt, etc., which are completely aligned with the needs of the defense market. The defense market is now going through a very interesting mindset change in the way they are looking at solutions that are already in production, that are providing resiliency in terms of availability of the supply chain.

And on that, we are checking all of the boxes. Our LiDAR is NDA compliant. So basically, we are meeting different teams that are amazed by what the sensor is capable of in many ways. Not only in counter-UAS, but in counter-UAS we find many, many teams who are working on several applications. As I think I said in the past, we are already involved in a program where our LiDARs are being equipped on vehicles for counter-UAS solutions. We were awarded for a program that is expected to conclude beginning of next year, which is a proof of concept which right now is working very well and is very promising, and that might turn into a very significant program for us, not only in Israel. It’s a very unique solution—unique in the sense that there is no solution today in the world for threat of FPVs.

Most of the teams that have been developing solutions for drones made an assumption that you’ll be able to identify the drone and track it from at least 1 km. Now they understand that the threat is actually the last 100 meters, 200 meters, 300 meters, and the reaction time is critical, and there’s no solution today that can give you that ability to react fast and accurate enough. And this is exactly what we are offering, and it’s very unique. So basically, in terms of the downsizing, we do not see an effect on these programs. We are directing the teams to support the delayed SOP in order to make sure that with the delay it allows us to support these new opportunities that are in front of us, while maintaining the new timeline that we are upfront with in front of the customer SOPs. What was the last question? Sorry.

Mordechay Eldar Cegla (Chief Financial Officer)

The first quarter? Yeah, we are implementing it this quarter, so it will be effective in Q1.

David Omer Keilaf (Chief Executive Officer)

So we have quite an extensive pipeline that we’ve already built with several customers who gave us indications for next year. The program that I was referring to earlier that we were awarded the next cycle is, by itself, quite significant. The volumes that we have in our pipeline are further than, you know, what we are now guiding for. But we need to take into consideration also changes. So these are programs that we are working with the customer on several opportunities, and once we’re awarded, we will provide an update.

I can maybe share a little bit more information about the types of programs that we are currently engaged with. Primarily, the bigger programs are related to counter-UAS in the U.S. These are related to convoy protection of vehicles. Today the cost of a defense system for a vehicle, for a truck for example, costs around three times the truck cost itself. What we are able to offer is a very affordable solution by the use of the lidar from a single point of view that allows detection, tracking, and eventually interception of a drone.

That’s one type of program. There is another where we are providing a solution for critical infrastructure where they need full coverage of the surroundings of the scene with multiple sensors per location. This could be stationary, or it could be on mobile, like on a vehicle where you want to have a vehicle that is tracking and patrolling and wants to do interception at a longer distance. Other than that, we are working with MAFAT on different, I would say, other architectures, and we are working with the different primes in Israel and the U.S. and Europe on more specific applications.

So it’s primarily counter-UAS. We are also engaged in homeland security where there are companies today offering security solutions for outdoor where today’s solutions are pretty limited. Today’s solution, I think we talked about that in the past. We are disrupting this market by offering a lidar that displaces radars that are used today and are very expensive and are unreliable. The bigger problem with the use of radars is the huge amount of false alarms. And I’m talking about hundreds a day. You can imagine how exhausting that could be for a system, which usually the only way to deal with it is either turn it off or just lower its sensitivity to a point that it becomes irrelevant.

So what we are capable of showing to customers is quite, I would say, quite interesting. So we expect it to be also a major contributor to our sales next year. And we are expanding our outreach by working with different distributors that we have engaged and started to work with. We are not only trying to sell this solution ourselves; we are working with different distributors around the world. Sure. So there are several programs. I would say primary ones are related to Level 4 robotaxis. I think the majority of them are also in the U.S. for long range and short range and with different teams. We sell lidars to these opportunities right now as part of their evaluation where they equip vehicles and test. We are continuously doing evaluation days and testing and negotiation. So these are discussions that are still ongoing. And generally, I do see several opportunities there where I think that we, I believe that we have a good fit, but these things tend to take longer than we’ve hoped for.

But still opportunities that we’re supporting. And again, we are primarily and only offering Innoviz 2. We are not trying to promote Innoviz 3 right now to these robotaxi programs. Innoviz 3 is a product that we are promoting either to Level 3 programs or for the defense market. When it relates to drones, where size and weight matter, it’s obviously a very attractive proposition that we are able to show to customers. You know, the production of drones worldwide is in the tens of millions a year.

And today the solutions, the sensors that are used in this category, are pretty limited. So that’s obviously another opportunity in front of us, and we are talking with some very interesting companies on that.

OPERATOR

To ask a question, please raise your hand using your mobile or desktop application or press star-9 on your telephone keypad and wait for your name to be announced. Our next question comes from Casey Ryan. Casey, please go ahead.

Casey Ryan (Analyst)

Yeah, good afternoon, gentlemen. Thank you for the update and Q&A. Omer, you were saying something very interesting. I was going to ask, in defense, if you could categorize where the current revenue is, if it’s sort of fixed-position solutions versus, as you got into, ground-based mobile. But I was curious about airborne platforms and if there were opportunities there. And it sounds like you were getting there. But I think that says something important about the weight of your product as well in airborne solutions.

I just want to talk a little bit more about that.

David Omer Keilaf (Chief Executive Officer)

Sure. So I’ll start with saying that we’re involved in all of those categories. I’ll start with the last one; it’s easy. Innoviz 3 is a lightweight and very small form factor, and hence it’s attractive for these applications. I would say where we started was related to mobility, in the sense that when you think about the soft belly—I think that’s the term—of the defense armies, it’s related to logistics and convoys. Equipping every vehicle with a defense system for drones today is super expensive and, quite honestly, unrealistic.

Because today, if you want to be able to identify, track, and intercept a drone by using a radar, you need to use super expensive and large and heavy radars that are basically unavailable for that capacity. And therefore these vehicles are under a lot of threat, the driver in the vehicle is unaware, and these attacking drones are obviously preying on those opportunities. Being able to offer a relatively low-cost solution, very practical because of the size of the product, is very attractive.

Because even if you want to use radars in an infrastructure, you could triangulate with multiple radars to get sufficient accuracy. You cannot do that on a vehicle. You cannot use multiple radars on a single vehicle and try to triangulate radars to get sufficient accuracy. You need to use a single point-of-view sensor that gives you the information as soon as possible. The task in hand is being able to detect, track, guide the interception tool in less than 10 seconds.

And you need to make an assumption that you might need to deal with multiple threats in parallel. So I would say the claim to fame, or I would say what the lidar enables in a way, is a solution for mobility. For sure, the same cost-attractive solution for infrastructure is available. But I think that what we’re solving for vehicles and mobility is just, I would say, a game changer because there is just—there is no other alternative. So, as far as we understand, and as I’m in discussion with different teams, while trying to solve the problem of interception, they all went through cameras, thermal cameras, radar, imaging radars, and they all come back saying that eventually they don’t get sufficient accuracy.

Just to understand, when you’re throwing something at a drone—that is, shooting something at a drone—at 150 or 200 meters, there is a ballistical path, not a straight line, which means that in order for you to really accurately get close enough to the drone—let’s say that your kill zone is around half a meter or two meters or even three meters—a radar with half a degree resolution will have only 2% chances of actually hitting that drone. You need a lidar that has 5 cm range accuracy in order to have basically 100% hit rate.

And you need that hit rate because you don’t have multiple opportunities. You need to be able to deal with multiple drones in a very short time, and you need that accuracy. So that’s what the lidar offers, and it offers that in a lidar that is already in production, in high-volume automotive grade, available in different conditions, in mud. When you think about these activities, they are not done in the lab; they are done outside in tough conditions. So these are the points when we show to customers; this is what usually catches their attention. And I think everyone that we talk to—on the primes that are today selling a solution for drones—they have a blind spot.

They have a solution for drones that are coming from possibly a kilometer or two kilometers. They don’t have a solution for the last engagement. And this is what we are able to offer them. And that is the engagement where we are starting from.

Casey Ryan (Analyst)

Okay, great, thank you. Just quickly, I guess this falls into defense, but are there market opportunities for civilian infrastructure? I think in the news we see civilian infrastructure becoming part of the, you know, sort of areas of risk. So I don’t know how that would be implemented, but is there a market that sort of falls into sensing and sort of perimeter defense solutions, you know, against drones for whatever reason? I guess, but something that would be bigger beyond just military installations and military assets.

David Omer Keilaf (Chief Executive Officer)

For sure. When I’m referring to homeland security, I refer to those opportunities, exactly. We are talking about airports, and we are talking about energy sites, railways. I think just recently we had a customer announcing implementation of our sensors in railways. Companies are using our lidars in municipal areas either for detection of soil—wrongdoing in soil throwing—or bridge collision. So obviously the lidar usage is much beyond counter-UAS or defense systems.

We do expect big opportunities on that front as well eventually. I mentioned on the call also—sorry—that we are offering the Innoviz 2 Smartel, which is a lidar and compute box. So it’s a solution that I think we announced first a year ago. And it’s a product that allows anyone to use the lidar anywhere and run its application at the edge. And that unlocks several other opportunities beyond counter-UAS, of course.

Casey Ryan (Analyst)

Okay, great. Last question very quickly, what’s happening with color? You know, integrating multiple sensors and color—has that been decisive or important in any of the near-term activities, or where are we going, I guess, with integrating color into the solution?

OPERATOR

There are no further questions. I’m handing the call over to Omer for closing remarks.

David Omer Keilaf (Chief Executive Officer)

Okay, thank you very much for being here today. Again, we are looking ahead on the opportunities in front of us and we hope that we’ll be able to show you that the transition into the defense market will pay off early and will allow the company to succeed. We have high confidence in the technology the company is offering today. We believe that our technology has many opportunities to scale and we are determined to succeed. Thank you very much. Goodbye.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.