Ron Dutt: Yes, yes, yes, we’re pretty careful here to attract new customers each quarter. We tagged our salespeople and incentivize them with this. And it’s once who we shipped packs to that quarter, and we secure the relationship with them to the point that we’re confident, it’s a long-term relationship, we look at the size of their fleet. And project that there going be a very, very large customer. So, a small customer is down the street now. We don’t count that kind of business. We’re not even focused on that business. But it’s the once that we get to that point in that quarter.
Chip Moore: Perfect. And my follow-up there Ron, I think you talked about it was more than 95% of revenues coming from customers that have been around a while. How does that compare to backlog? Really, when we think about some of these new wins you’ve had and more recent times.
Ron Dutt: Yeah. The backlog really varies a lot. It varies from orders where the customer wants it delivered in six weeks or even less than certain packs, we have a shorter lead time. Two, customers that are projecting out through the end of this calendar year and a backlog, as a footnote, doesn’t include letters of intent that we’ve received for large volumes in calendar year 2024, and 2025 we want to protect their place in the line and some of our very large customers. To give you just a little more perspective on that, so we said our backlog is around 30 million, about a little less than 25% of that won’t be shipped until July 1 through December 31.
Chip Moore: That’s very helpful. Appreciate all the color. I’ll take the rest of mine offline. Thanks.
Operator: Our next question comes from Matthew Galinko with Maxim Group. Please go ahead.
Matthew Galinko: Hi. Thank you for taking my questions, and congrats on the strong quarter. I guess going back to the new large customer wins you announced this quarter. Can you talk about, I guess, where are those customers are in their adoption cycle of lithium-ion and replacement of lead acid and highlight what — how competitive was the bidding process and what puts guide you over the edge?
Ron Dutt: Okay. So if I understand the question is you want to get some color on, as we acquired these new customers — sorry, my Apple Watch was trying to answer the question — new customers and to color on the acquisition of how that goes, particularly, for example, the two new customers we added this quarter? Is that the question I’m asking? I want to make sure I’m focusing.
Matthew Galinko: Yes, that’s right.
Ron Dutt: So typically, our sales people will collaborate with the OEM sales force. Toyota Crown, they’ll collaborate with major dealers, distributors, occasionally go direct and reach out to these customers or we’ve had customers reach out to us and say, hey, we’re interested in your packs. But we’ll want to demo a pack. And so, our people work with them, what kind of pack is appropriate for what you want, they demo it. They — we work with them some more to make sure they got the right power ratings and the right packs, and then they’ll go typically pilot some, and then they’ll start ordering. Our whole — all of our target customers have many locations around the country. So they’ll pick one location, let’s say, all right, let’s start putting lithium in that facility.
