Scott Searle: Hey, good afternoon. Thanks for taking my questions. Hey Jeremy, just to follow up on the prior Enel [ph] question. As you’re starting to contemplate what that follow-on looks like, do you see it as being a similar magnitude? Or otherwise – so your comment about growth in fiscal 2025 implies that it’s still relatively sizable. So I’m kind of wondering about how you think of the magnitude and size as we get beyond these initial deployments?
Jeremy Whitaker: Yes. From what they’ve indicated to us as it relates to the size of this business for them, the total business is at a magnitude that’s much greater than what we’re doing with them in fiscal 2024. They have indicated that they may want to dual source the business going forward. And then there will be – as the business grows, there will be more price pressure on the delivery as well. So I think it has the potential to be greater than what we’ve seen in fiscal 2024, that entire business, what portion we get of that is still being discussed and negotiated.
Scott Searle: Got you. And maybe a follow up to that. I believe the design that you’ve done with Enel is applicable into other markets, geographies and customers. Is that correct? Or is there interest building beyond just Gridspertise in the Italian market?
Jeremy Whitaker: So there is opportunity in other markets for this type of solution and other solutions that we’re – have the ability to play in. This specific design is Gridspertise design. So us taking that into other markets, unless we’re working with them, would not be allowable. That said, this is still a big market, and we do have a number of other products and designs that can work within it.
Scott Searle: Got it. And a couple of other things quickly. Gross margins, as we progress over the course of the fiscal year, now as we start to see the Enel contract ramping up, how should we be thinking about that trajectory? And as well, I was just wondering if you could quickly comment on the EV market in general. I know there’s a lot of design activity. And I think in terms of your $150 million plus pipeline or some EV design wins in there. I’m just wondering how the visibility on that has progressed. There have been some headwinds on that front. Thanks.
Jeremy Whitaker: Yes. So on the margin front, we’re still expecting gross margins in – slightly below the mid-40s consistent with what we’ve been seeing on average over the last several quarters. And even with Gridspertise coming in, we do pick up – although some of that is at a margin that’s slightly lower than our corporate average, we do get more leverage in the operations model. So we do make up for some of that by absorbing more of our fixed overhead costs. On the EV front, we’re working a number of different opportunities. They’re all in various stages. A few of those are design service contracts that are currently in play. Expectation is some of those design services contracts will then roll into production agreements.
And then we’re also continuing to – some of the work that we did for Togg, we do have some shared IP around that, and we’re looking at how we commercialize that work we’ve done and take that into the EV market as well. So we have a couple of different areas that we’re progressing on as it relates to EV. And this current fiscal year, I would expect we’ll see a continued good growth – or continued growth from Togg. And then we – and also as it relates to some of the other service contracts that are in play. And then those service contracts, to the extent they become production contracts, would most likely benefit us in fiscal 2025.
Scott Searle: Great. Thanks so much. Nice job on the quarter.
Jeremy Whitaker: Thank you.
Operator: Thank you very much. And this will conclude our question-and-answer session as well as the conference. We thank you very much for attending today’s presentation. You may now disconnect.
