Joseph Moore: Great, thank you. In terms of the new OEM arrangement that you talked about, you talked about it as a development agreement with kind of the intent to go to manufacturing in 2025. Can you be — what does that development agreement mean? Is it a commitment to volume? Is there, prospects for volume, but you have to meet certain milestones, just how should we think about what a development agreement means in terms of certainty of revenue commitment?
Soroush Dardashti: Yeah, sure, Joe, happy to answer that. So let me give you some context background as we talked about this now a little bit. So first of all, as I mentioned this OEM as an established leader in automotive with significant scale, we’ve been working with them for some time. They have tested with other 3D time-of-flight LiDAR in the prior stages. And with our close collaboration with this OEM in the next stage, they decided to really implement our technology as the long range LiDAR. So what does this mean? This means that we’re expecting that this replaces the 3D time-of-flight LiDAR on the vehicle fleet, that’s what our understanding is. And to your question about, okay, what does the development include? What does it pertain?
So, there’s a few things. One is that we’re deploying our LiDAR on the road fleet. So this is, we’re providing them with sensors. They’re integrating on their vehicle fleet. Importantly, they’re starting to actually integrate our velocity data products and our perception software into their stack, which I think is a critical point as we expect with this that the overall stack is going to start to be defined with their — for the production vehicles with our velocity data, right? So we’re working together to define those specs for production. And the SOP target is for 2025. So that is all critical and the reason, I think one of the key reasons for them deciding to implement us on their vehicle fleet, that’s setting the path and the key specs for the production program is that they were not really able to achieve the standards of the safety and performance that they’re looking for again, to our understanding for deployment and with our technology, they’re starting to see what they can do with the addition of the velocity.
And as we have talked about the long range detection, which other time-of-flight solutions are challenge. So it’s further evidence towards the unique advantages of FMCW technology.
Joseph Moore: Great. It sounds like a great win. When you think about attach rates out in the 2025 timeframe, is this the kind of thing that would be part of sort of an option package that people would buy for the car? Would it be standard in all the vehicles? May maybe not, if you can’t talk to the specific one as you just think about 2025 types of production, is it more of like a driver assistance package or is it part of the standard delivery?
Soroush Dardashti: Yeah, so I obviously can’t comment on the specific details yet, but, our expectation is that this is for higher level automation product and it’s obviously using the LiDAR sensor technology is crucial for the OEM achieving their specific use cases specifically as we talked about on, for example, highway driving, long range sensing. So that’s what I can say at this time. And we’re really focused on helping this OEM achieve those requirements that they could not really be able to achieve before for their production vehicle program.
Operator: Our next question comes from the line of Tristan Gerra with Robert W. Baird. Please proceed with your question.
Unidentified Analyst: Hi, this is Tyler on for Tristan. Thanks for taking the questions. How has the competitive landscape for FMCW technology changed? Are Intel’s Mobileye and other players still working to develop the technology, or have you seen any changes there?
