We are going to continue to make investments over time, but it is something that we our weighing, which is obviously making sure that we can put in place a healthy business model for the future. And so we are looking at opportunities to continue to reduce our cost structure and put us in a good position for that.
Andres Sheppard: Wonderful. Thanks, again and congratulations on the quarter. I will pass it on.
Angus Pacala: Thank you.
Operator: Thank you. We go next now to Brian Dobson of Chardan Capital Markets.
Brian Dobson: Yes. Thanks very much. So I understand that you’re not issuing guidance. However, you did issue a combined pro forma outlook for the two companies just prior to the close of the deal. Now that you’ve had some time to overview the businesses with the combined , how do you feel about those 2023 and 2024 revenue numbers? And should the Street still rely on them?
Angus Pacala: Yes. We appreciate the question. Obviously, right now, we’re only giving our first quarter guidance, which was for this period, which is between the $15 million and $17 million. We are continuing to look at the combined business and what it’s going to look like. Obviously, we’re only 40 days into this merger. So we’re just starting off with kind of looking at the opportunities to grow the business, for the opportunities to get our cost structure in line. So I look forward to updating you in future quarters as we continue to make more progress on some of these integration activities. But for right now, we’re really just putting our heads down and focusing on the task at hand.
Mark Weinswig: Yes. And I’d just add that we came out of 2022 with $70 million in bookings for the year. That’s an extremely strong number for us as a business, and that was built primarily from the REV6 product line. And obviously, we’ve invested and now we’re shipping REV7 products. They are a game changer for our customer base and for expanding our SOM. And so the growth we saw in bookings, the growth we saw in revenue and shipments and won deals last year gives us a lot of confidence that we’re on the right trajectory for this year. And the merger from the work we’ve done in the last 4 weeks, we’re on track with the merger. We’re on track with our product transition on the Velodyne side, Fabrinet to really supporting those products and that revenue base long-term as well. So I think in aggregate, we feel really good about where we are for the year.
Brian Dobson: Right. And were those REV7 sales, were those contemplated in the pro forma numbers that you put out in the filing?
Angus Pacala: Yes, absolutely. So absolutely, this year, REV7 will be a major catalyst for us winning new business and also expanding business with our existing customer sets. I can’t stress enough how much of a game changer the REV7 product line is. We changed basically every component in those devices we upgraded starting with the L3 chip a much more advanced semiconductor node, hundreds of millions of transistors worth of logic that double the range of the entire product line with no drawback in power draw, size, form factor, cost structure to the product line. And we also released a new form factor, the OSDome in the process. So not only are we improving our existing products, but we released this very differentiated OSDome product to expand more in our industrial and robotics space, but also give us a perfect sensor for all of our smart infrastructure solutions business.
I’m using it in a ceiling-mounted way, just like a security dome. So the REV7 is absolutely a part of the business. And I’d highlight that we have already announced head-to-head wins with the REV7 sensors, Cyngn and LASE R2 that we recently released one in industrial robotics, the other LASE in port automation. And so the early product feedback has been incredibly promising.
