Prepared remarks
Good day and welcome to the Energous Wireless Power Solutions First Quarter 2026 Financial Results Conference Call. Please note this event is being recorded. Before the call begins, Energous would like to remind participants that during today's call the company will make forward-looking statements. These statements are subject to inherent risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission. Actual results may differ materially from those anticipated. Except as otherwise required by federal law, Energous disclaims any obligation to publicly release updates or revisions to any forward-looking statements to reflect changes in expectations. I would now like to turn the conference over to Mallorie Burak, Chief Executive Officer and Chief Financial Officer. Mallorie, please go ahead.
Thank you, and welcome, everyone. I appreciate you all joining us on this conference call today, our first since 2024. On this call, we will discuss a series of firsts, in other words, new milestones we have achieved on our path to profitability and cash flow breakeven and why we believe we are positioned to continue our growth. We thank our stockholders and investors for your patience and continued belief in what we are building. I want to take the time today to properly reintroduce our company, where we came from, what we have built, why the momentum we established in 2025 is real and accelerating and what the first quarter of 2026 is telling us about the trajectory ahead. I will then turn it over to Giampaolo Marino, our Chief Strategy and Growth Officer, to provide context on our technology platform and the industry environment driving enterprise adoption. Greg Sadikoff, our Chief Accounting Officer, will then walk through the Q1 financials in detail. Energous was founded in 2012 with a vision to eliminate the wires and charging constraints that define consumer electronics at the time. Our research and development produced the world's first FCC Part 18 certification for at-a-distance wireless charging and a patent portfolio that today exceeds 300 patents. In 2022, we made the strategic decision to reposition Energous entirely around enterprise IoT, specifically, the opportunity to power a new generation of battery-free sensors, tags and monitoring devices in commercial environments where always-on maintenance-free sensing is increasingly becoming an operational requirement. The verticals we identified, including supply chain, cold chain compliance, logistics, retail inventory management and asset tracking, share a common characteristic. The scale of deployment makes battery dependency economically and operationally prohibitive. That is the problem we now solve. We spent 2022 and 2023 building the technology, earning regulatory certifications, establishing commercial partnerships and conducting the proof-of-concept trials that would allow enterprises to validate our technology. Our operations and results today reflect a company that has crossed from technology validation into volume production. Our commercial platform is built around the PowerBridge family of wireless power transmitters, purpose-built for enterprise environments requiring reliable, scalable, always-on wireless power delivery. Our flagship product, the PowerBridge PRO is designed for deployment in retail, logistics, distribution, cold storage and production facility environment. The PowerBridge PRO has shipped in meaningful volume, has yielded 0 returns since commercial production began in 2024 and has received regulatory approval, including FCC, U.K. and EU market approval, enabling immediate commercialization across U.S., U.K. and European markets. In 2025, the PowerBridge portfolio grew with the launch of the PowerBridge PRO+, featuring an integrated gateway and specifically designed to be an innovative addition to the company's wireless power network solutions. Alongside our transmitter hardware, we offer a complete end-to-end ambient IoT solution, integrating our wireless power transmitters with battery-free sensors, gateways and our cloud-based software platform, e-Compass, providing customers with real-time asset and inventory visibility, environmental monitoring and operational analytics. This end-to-end capability matters. Our customers are not just purchasing a point-in-time hardware product. They are deploying a wireless power network infrastructure that provides real-time visibility into operations and eliminates the ongoing cost and reliability risk of battery-dependent IoT systems. Our product family also includes the e-Sense tag, which we also introduced in 2025, broadening the range of use cases our platform addresses and increasing the value we deliver for deployment. The e-Sense tag provides dependability in low temperatures, is waterproof and reusable. When paired with the PowerBridge transmitters, Energous can offer customers an efficient and effective solution that is ideal for complex use cases such as cold chain monitoring, where other applications' performance often degrades when exposed to extreme temperatures. Our production infrastructure includes 2 contract manufacturers. Our established international manufacturing partner provides cost-effective, high-volume production capacity that underpins our existing customer shipments. Earlier this year, we added a second contract manufacturer based entirely in the United States. The U.S. manufacturing capabilities we have now established has enabled us to engage the customer opportunities that would previously have been inaccessible, and it positions us well, given the broader domestic supply chain priorities we are seeing across enterprise procurement. I want to be direct about why we believe Energous has durable competitive advantages. First, regulatory. Our regulatory credentials in wireless power are not easily replicable. They require years of iterative development, testing and deep regulatory expertise across multiple jurisdictions, a foundation that we have built over time and continue to apply as we expand into new markets. Second, intellectual property. Our 300-plus patent portfolio creates a commercial barrier to market entry. Any competitor seeking to operate in RF-based wireless power for IoT applications must navigate this IP position. Third, market experience. We have now conducted proof-of-concept deployments and commercial installations across dozens of enterprise environments. The operational knowledge embedded in those deployments, including how our networks perform in real environments with real installation requirements, is not something a new entrant can acquire quickly. Fourth and most importantly, the ability to meet commercial needs. Enterprises are choosing wireless power networks over just ambient harvesting alternatives because they need guaranteed reliable power delivery. Our PowerBridge infrastructure delivers consistent, defined power within a coverage area. The dedicated power required to consistently and frequently transmit data to the cloud is what mission-critical applications require and which ambient harvesting cannot independently provide sufficiently. With respect to the current momentum, in 2025, Energous moved from validation to production. We reported revenue of approximately $5.6 million for the full year, a 633% increase over 2024 and the highest annual revenue in the company's history. We shipped more than 25,000 PowerBridge transmitters. We reported 4 consecutive quarters of revenue growth with Q4 revenue of approximately $3 million, representing a 139% sequential increase from Q3. Behind those financial metrics were 2 pivotal commercial deployments. During 2025, we began large-scale commercial deployments with 2 of the largest enterprises in the world. Both of these programs represent exactly what we designed our platform to do, solve a real costly operational problem at enterprise scale with infrastructure that performs reliably without battery dependency. The commercial infrastructure we built last year, including recently expanded manufacturing capacity, a strengthened balance sheet and a growing portfolio of active deployments is enabling us to pursue opportunities at a pace and scale that was not possible 12 months ago. Giampaolo, our Chief Strategy and Growth Officer, will now discuss the technology landscape and industry tailwinds in more depth, and he will also cover our proof-of-concept pipeline and technology differentiation. Giampaolo?
Thank you, Mallorie. The demand environment for wireless power networks in enterprise setting is structural and strengthening. Let me identify the specific drivers we are seeing in our customer interactions. Supply chain visibility has moved from a competitive advantage to an operational and regulatory requirement. The disruption of recent years and the increasing liability exposure around cold chain compliance, food safety and pharmaceutical logistics have made real-time always-on sensing a baseline expectation at large enterprises. The question is no longer whether to instrument a supply chain with sensing technology, but rather how to do at scale without the ongoing cost and the failure risk of battery-dependent systems. Our RF-based wireless power network technology is an end-to-end platform, combining transmitter systems, receiver integrated circuits, antenna systems and supporting software to enable at-a-distance wireless power delivery for low-power IoT devices. A key architectural advantage of our platform is one-to-many power delivery. A single PowerBridge transmitter can deliver power to multiple receiver-enabled devices with range simultaneously. This is what makes our technology economically scalable at enterprise level. The infrastructure cost per sensing point decrease as the deployment density increases. Our platform supports interoperability between transmitters and battery-free receivers regardless of the device manufacturer or the system integrator, an open ecosystem approach consistent with how widely adopted wireless technology like Wi-Fi and Bluetooth operate. Our semiconductor devices provide the underlying IP building blocks for our transmitters and receivers technologies. These chipsets allow us to continue evolving our product family efficiently as we address new applications and market requirements. e-Compass, our cloud-based analytics platform, transforms the data generated by the battery-free sensor networks into a real-time operational intelligence, including asset location, environmental condition and compliance status, delivered through a software interface that integrates into a customer's existing enterprise system. We believe this data is invaluable for feeding AI models, compiling compliance data and generating real-time and predictive analytics to improve operational management. I'd like to take a few minutes to walk through our commercial agreements portfolio. We think about our pipeline in 3 distinct stages: active commercial deployment, active proof-of-concept programs and our broader pipeline outlook. Our current production infrastructure deployments with Fortune 10 enterprises are generating revenue today and continuing to scale. Our first Fortune 10 commercial deployment is with a leading national retailer, focused on inventory management and cold chain compliance monitoring across its retail store locations. The first phase deployment program started at approximately 4,700 U.S. locations. And as one of our most recent updates, the customer has completed installation at over 1,500 of those locations. The primary application is pallet-level asset tracking across operational facilities, collecting real-time data as assets travel through dock doors and freezer and cooler storage areas, preventing spoilage, product diversion and inventory loss, while addressing regulatory compliance requirements and operational cost reduction at scale. To our knowledge, Energous is the only provider capable of delivering up to 99% asset visibility in fixed enterprise environments, which is made possible by our PowerBridge PRO transmitters, which deliver 2 watts of conducted power or 8 watts EIRP, up to 8x the power output of our nearest competition. In cold chain environment, where a single blind spot can mean spoilage, loss or compliance failure, the power advantage is not a feature. It is the reason why we are in this program. Our second Fortune 10 commercial deployment is with a major enterprise in the e-commerce fulfillment, reverse logistics and grocery sector. This customer has increased the cadence of its engagement with us and has expanded its program across multiple use cases and geographies. Importantly, this program has now expanded internationally with over 14 completed installations outside of the United States to date. And we are planning to continue supporting this customer's international expansion of its infrastructure modernization project to complete installation at approximately 35 facilities in 2026. This deployment validates that our platform performs at scale beyond the U.S. market and reflects the growing global demand for wireless power network infrastructure. The active proof-of-concept programs we are advancing today are designed to provide reference deployment for production-scale performance, often across multiple facilities. Several of our current programs are specifically structured to scale from initial site deployments to broader multi-location rollouts in the near term. A few sample use cases and opportunities we are addressing today include a large-scale proof-of-concept with a U.S.-based subsidiary of a multibillion-dollar international parent company, focused on modernizing semi-perishable inventory tracking across its production and distribution operation. This program is notable because it deploys our full end-to-end ambient IoT solution, wireless power networks comprised of battery-free sensors, RF transmitters, gateways and e-Compass cloud analytics working together to deliver real-time inventory visibility at key production facility. We have also initiated a structural proof-of-concept evaluation with a national quick service restaurant operator. The QSR vertical, in addition to grocery, is a significant market expansion for Energous across several dimensions. Food safety, compliance, inventory visibility and environmental monitoring in food preparation and storage environment are all applications where battery-free wireless sensing has a clear operational advantage. To our knowledge, we are the only provider today with a solution proven to operate efficiently in low range temperature. Battery performance degrades in cold storage. Our wireless power infrastructure does not have the constraint in lower temperature ranges, and that is what makes this application category unique, addressable by Energous. The potential deployment scale in a national QSR program, measured in thousands of locations per customer relationship, represents a meaningful revenue opportunity. Finally, we are progressing with government and regulated sector organizations, where the most important requirements are domestic manufacturing, infrastructure security and system reliability. Our new U.S. manufacturing capability positions us to directly meet those requirements. I should also note that through Amazon Web Services, our cloud infrastructure partner, ISV Accelerate Program, we are supporting proof-of-concept evaluation with enterprise customers, engaged through the co-selling relationship. It gives us access to enterprise customer conversation at a scale we could not reach independently. This channel has become a genuine commercial pipeline source, and we are advancing active evaluation through it, evidenced by the 50-plus customer launches reported on the AWS partner page. We expect several of our active programs to reach commercial decision during 2026. As our customers advance their timelines, we are committed to providing increasing specificity on the composition and scale of our pipeline. I will turn it back to Mallorie now.
Thank you, Giampaolo. Before Greg walks through the financials, I want to address our balance sheet and capital position directly. Following fiscal year 2025 through March 23, 2026, we raised net proceeds of approximately $31.9 million through our ATM equity program, resulting in a cash position of approximately $37 million at the end of the first quarter. As Giampaolo just described, as we move from development stage engagements to active commercial deployment, supporting multiple simultaneous customer programs, each involving engineering support, customer integration, inventory positioning and certification of our work, our working capital requirements grow in proportion to that activity. With approximately $37 million in cash as of the end of the first quarter and 2 contract manufacturing relationships in place, we believe we are well positioned to support our pipeline through commercialization. We have no plans for additional ATM usage this year. Our priority is executing on our commercial programs and translating that activity into revenue growth that makes our path to profitability and cash flow breakeven increasingly visible. I will now turn it over to Greg Sadikoff, our Chief Accounting Officer, to review the first quarter 2026 financial results. Greg?
Thank you, Mallorie. Good afternoon. I will now review our financial results for the first quarter ended March 31, 2026. Earlier today, we issued our earnings release announcing the operating and financial results for the 3 months ended March 31, 2026. Focusing on the GAAP financial statements, during the 3 months ended March 31, 2026 and 2025, we recorded revenue of $3.1 million and $0.3 million, respectively. Revenue recorded in the first quarter of 2026 represents our fifth consecutive quarter of revenue growth. Commensurate with the increase in revenue, our cost of revenue in the first quarter of 2026 was approximately $2 million, yielding a 36% gross margin versus a 27% gross margin reported in the first quarter of 2025. The increase was primarily due to higher volume of our PowerBridge PRO transmitter shipped during the first quarter of 2026. Total operating expense for the 3 months ended March 31, 2026 decreased by approximately $0.8 million to $2.9 million from $3.7 million in the first quarter of 2025, representing a 21% year-over-year improvement. The GAAP net loss reported for the 3 months ended March 31, 2026 was $1.7 million versus a net loss of $3.4 million in the prior-year period, representing a 51% improvement year-over-year. With that, I will turn the call back to Mallorie for closing remarks.
Thank you, Greg. I would like to close with some perspective on where we stand. Two years ago, when I joined Energous, we were continuing to develop our technology and operating with a challenged balance sheet. In addition to strategic execution, it has been equally as important to me to rebuild credibility with investors. I have personally spoken to a broad population of investors, and it is my sincere hope that our performance over the last 2 years has demonstrated that commitment. And the Energous team is excited about the prospects ahead. Today, we have demonstrated 5 consecutive quarters of revenue growth. We launched 3 new products, creating a compelling end-to-end wireless power network solution and have more than 39,000 PowerBridge transmitters deployed. We have 2 active large-scale commercial deployments with Fortune 10 enterprises, 1 with over 1,500 U.S. locations completed and expanding, and 1 now operating internationally across multiple geographies and use cases. We have a structured proof-of-concept pipeline spanning retail, manufacturing, food service and government sectors. We have an active co-selling partnership with a major cloud infrastructure provider. Our flagship products have achieved regulatory approvals in key jurisdictions. I believe that we have crossed the turnaround chasm. The transformation is real and it is documented. Our job now is execution, converting pipeline into deployments, expanding within existing customers and scaling our platform across new industries and geographies, and continuing to innovate. We believe the platform, the infrastructure, the partnerships and the capital are in place to do exactly that. We are grateful for your attention today, and we look forward to continuing this dialogue, and we'll now open the call for questions.
Questions and answers
Our first question comes from Jon Hickman with Ladenburg Thalmann.
Mallorie, can you hear me okay?
Yes.
Can you give us a little insight into your ability to keep that quarterly growth trend going for the rest of the year? I know you have a goal of growing each quarter, and you've done it for five quarters.
Yes. So maybe I'll start, and then Giampaolo can chime in as well. So we're working really hard to not just try to produce sequential growth on the top line, but also working toward a path to profitability and cash flow breakeven. So we're doing those in parallel. A lot of the top line growth is based on our ability to convert proof-of-concept deployments that we have going on. Many of those are co-selling efforts with AWS and converting those into commercial deployment. And so...
The question was just answered, about the gross margins.
Our next question comes from Mark Gomes with Pipeline Data.
Yes. I don't know what happened on the call there. It sounds like you're in the middle of giving an answer, and then something happened there. So maybe you want to finish that response, and then I can ask my questions.
Sure. Thanks, Mark. Yes. No, I was just saying that we're highly focused on working with the pipeline that we have to convert it into revenue. And we're bringing up the U.S. contract manufacturer into higher volumes and just being prepared to fulfill demand as we can convert it.
Great. Can you talk about the AWS relationship in more detail and how important the ISV Accelerate Program is and kind of the pace and magnitude of the launches that we've seen on the partner side moving from 5-plus to 50-plus? And I know you clarified in the press release, but like what does that say for the relationship you have with them? And maybe you can give us some color in terms of kind of what the response seems to be in those POCs so far, kind of give us an indication of your ability to continue to grow and accelerate over the next couple of years.
Yes. Mark, this is Giampaolo. I'm going to address this, and obviously Mallorie can chime in regarding AWS. I think the relationship is a very strong one that we have built with AWS over probably the last two to two-and-a-half years. We've had a lot of discussion and lots of training between Energous and the AWS RSMs, which are the sales managers, to demonstrate how our solution works and why it is something AWS needs, wants, and will want to push. I always say the relationship is mutually beneficial. It's a quid pro quo: we push data into the AWS cloud and AWS basically makes money off that data. But most importantly, when we talk about real-time asset tracking and visibility across retail supply chains and manufacturing, this is the missing link that AWS did not have in the past. When they encounter applications involving real-time asset tracking or cold chain monitoring, they did not have a robust and compelling solution that brings significant value and ROI within a year. They have recognized that with Energous, which is why we are in many discussions with some of their end customers where we are introduced by AWS. Those discussions often turn quickly into POCs because we encounter the same pain points we've seen at Fortune 10 customers: lack of visibility, lack of real-time data, and inability to monitor assets as they move through complex supply chains. We solve that pain point very effectively, and that's why we're in those conversations. In terms of momentum, yes, sir?
Yes. Is that why they're subsidizing the POCs? From what I understand, ISV Accelerate means that they put money towards those POCs and that they compensate their own salespeople for selling the solution.
Yes, certainly. Yes, oftentimes, we see AWS stepping in, sponsoring the POCs to enable customers to really test the technology, quickly assess the value and obviously move them quickly from a POC phase into what we want, the deployment phase. So sometimes, that sponsorship helps accelerate the momentum in terms of like, okay, let's get the POC going. Let's validate the data. Let's validate the technology. And then, let's move quickly once we do that into more of a deployment discussion with the end customer.
Okay. And then, you were going to comment on the momentum there?
Yes, absolutely. I think you mentioned we went from about five to more than fifty, so there's definitely a lot of momentum. Mallorie mentioned earlier during the call that we have definitely crossed that inflection point. Now we are at a point where many other customers in retail, manufacturing, and logistics are no longer on the fence about this technology or about ambient IoT, and they want to get a piece of it. This really reflects the acceleration we see through POCs because people see what we are doing with the two Fortune 10 customers. So anyone else in the same space or market wants access to the technology because the benefits are very tangible.
Yes. And just to add to what Giampaolo said, I think we pointed this out in the earnings release, but it's important to say it again here. The 50-plus launches on the AWS partner page don't necessarily reflect 50-plus customers. The way they recognize a launch is more like an order, so a single customer might have multiple orders because they may be testing different use cases or deploying to different facilities and stages. I just want to make sure that's clear.
Right. No, that's clear. One other item in supply chain news: I know you don't discuss who your customers are, so I'm not suggesting this is one of them. Amazon announced supply chain services that appear to compete with UPS. Could the services they're planning be a potential fit for you? I'm not saying they are a fit; I'm asking whether there might be an opportunity for you.
So let me answer the question by looking at UPS. We know that UPS basically uses a company called Trackonomy. When you look at it from a technology standpoint, they have a similar base layer technology, but it's battery based. They use battery-based BLE that helps UPS assets get a lot more visibility as they travel. I think we have a superior technology because not only do we eliminate the batteries, thereby reducing cost of ownership, but we also have a much more accurate technology that can really pinpoint where things are, even within very complex operational facilities. So I think it's converging in a direction where, why not? Why couldn't Amazon make use of what we are building today?
Great. I've got more questions, but I'll come back in the queue. Also, it sounds like UPS may present an opportunity to switch over to you guys if you have superior technology, but I'll cede the floor for a minute.
Our next question comes from Jon Hickman with Ladenburg Thalmann.
I just wanted a follow-up question on the customers you mentioned, like the Fortune 10 and a large overseas tobacco customer: would you have the time or bandwidth to handle a more mundane company near the bottom of the S&P 500? Are you even pursuing that kind of business?
Mallorie, I'll take this, and please chime in. Jon, we're looking at every opportunity that comes our way because once you have deployed the technology, the use cases are very similar from opportunity to opportunity. For us, it becomes more of a land-and-expand exercise. It is also important to highlight that we have strong partners that we work with throughout the POC and deployment phase, and those partners are critical to enable us to capitalize on multiple opportunities. It's not that we do everything on our own. We work with system integrators and installers who help us scale the solution and move to the next use case within the same customer or to the next customer.
So, Mallorie, do you think there will come a time this year when you might be able to name a name?
Oh my gosh, we would love to name a name. Unfortunately, right now, the customers we have won't grant us permission to do it. But yes, we're definitely trying to work with customers that will let us use their name.
And Giampaolo, can you maybe qualify how large that quick service restaurant proof-of-concept is in scale?
Yes. I can say that it's a major QSR here in the United States with thousands of retail stores nationwide. So it's pretty sizable.
Our next question comes from John Henderson with Inflections Consulting.
Congratulations on the seminal inflection point. Just had a quick follow-up question on the AWS opportunity. Can you quantify for investors, to help educate us, within their reverse logistics partnership that you guys have with them, like how many potential customers would benefit from your solution, both end-to-end and the hardware stack? Just trying to understand what the long-term opportunity is. We see the 50 launches. It's phenomenal. But I think if you can kind of help educate investors, that would be great.
I'm going to start. When we talk about AWS and you look at the scale of customers AWS has within retail IoT, manufacturing and logistics, we're talking about thousands of customers. The scale is huge. We are working closely with them so that we can potentially reach as many customers as possible. The use cases and pain points these customers have are pretty similar from customer to customer. Given the scale of AWS and the number of customers they have, it's a very large opportunity — really thousands of retail IoT, manufacturing and logistics customers with similar use cases and pain points.
Our next question comes from Michael Molnar with MYDA Advisors.
I appreciate the clarity on the ATM and all the progress you've made over the last year. So well done. Giampaolo, a question for you on the international opportunity. Is the go-to-market process there similar to what you experienced here in the U.S.? Or is there a sort of degree of difficulty or customization that an international, non-U.S. client requires? And would that ultimately imply less opportunity there or lower margins for that business? Or do you see it as just as robust as what you could do here in the U.S.?
It's a great question. In terms of use cases, we see very similar use cases internationally as in the U.S., so from a margin standpoint, it's pretty much the same. There are technical differences, though. In Europe, you see two different frequency operations when it comes to RF energy: 917 megahertz and 865 megahertz. Some countries want to operate strictly at 865 megahertz versus others at 917 megahertz. We have products capable of meeting both requirements. We have PowerBridge PRO transmitters that can operate at 917 megahertz and others that can operate at the lower frequency, so it's not a challenge but it is a technical difference to highlight.
Okay. I got it. And Mallorie, you added a contract manufacturer. And I think when we spoke a couple of months back, you had mentioned there was some spend associated with spooling up these relationships. Is that pretty much behind you now? And what sort of capacity do you have in place from a revenue perspective with 2 contract manufacturers here in the U.S.?
So we're still in the process of ramping the U.S. contract manufacturer to accommodate what I would call significant volume. There is some tooling and test fixtures and things like that we need to invest in. I think that will be settled within Q2. In terms of capacity, between the two contract manufacturers, I believe we're in very good shape to be able to accommodate any kind of accelerated growth that we may see as these POCs and enterprise expansions ramp up.
Okay. Great. Well, thank you both for your time. Well done, and happy to see you doing a call again and providing so much information and clarity as you progress. So well done. Thanks for your time.
Our next question comes from Mark Gomes with Pipeline Data.
Yes. So, obviously, food and drugs are getting a lot of attention. You've got the government mandates as kind of the driver there. What other areas or use cases are you seeing popping up? And are there prospective customers approaching you and saying, hey, can we use your technology this way?
Mark, it's a great question. Manufacturing is also a market segment where we see our solution being a great fit. We are working with a manufacturing facility here in the U.S. Manufacturing is a broad term, and within that space there are multiple interesting segments looking at our solution. Pharmaceutical, logistics, retail — you name it. We see multiple use cases where prospective customers approach us to apply our technology to their operations.
Great. One last question: with all the attention on government mandates and given that AI has been a helpful enabler, how would you characterize AI's role? Is it a smaller driver, an equal driver, or a larger driver, and how should we view its impact?
I think AI is an important driver. But if you don't feed the AI with meaningful data, then there is no AI that scales. We are creating a physical data layer where data gets generated seamlessly and is fed into AI models used to make better and more efficient decisions. The two go hand-in-hand: you need the data to have effective AI. We are at that intersection, generating data and pushing it into AI models to enable better operational decisions and efficiencies.
Great. Well, keep it going, guys. Congrats on the progress, and looking forward to hearing about more.
Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.