Daniel Barel: I think yes, Yaron will add more color, Jeff, on that. But I think the quick answer for that is all of our vehicles are for revenue depends on where we recognize them, right? But we’re being paid for each of those vehicles that we deliver. The difference between the reason we call them, like Joe said, pilot vehicles is because they’re intended to gather customer feedback in order for us to, if needed, make the relevant changes before we initiate our production tooling, because of the cost naturally in time that it takes to change production tooling. And once we are very comfortable with this, we’ll kick up the production tooling and go to, like we said, about 300 by the end of next year and then at the low-1,000s and mid-1,000s. But Josh and Yaron, if you want to add?
Yaron Zaltsman: We are starting delivering the pilot vehicle by the end of this year. Most of the vehicles that will provide not pilot vehicles, of course, right? And therefore, all of them will be recognized as revenues. Small amount only on the first part of the year, probably Q1, we still see it as a pilot vehicles, and therefore, we are — I think we already gave some guidance about revenue recognition guidance about this specific amount of vehicles, but it’s a really small amount only for this year and only for Q1 next year.
Jeff Osborne: Sorry for the follow-up. So Q4, Q1, you’ll have modest revenue for pilots, and then there’ll be a low in Q2, Q3 and then it ramps back up in Q4?
Yaron Zaltsman: Yes. Correct.
Josh Tech: Maybe to add a little color to that. That’s very strategic what we did because why we’re calling those pilot vehicles is basically to make sure that our dealer network has units they need to get customers in fees and test the vehicle. And that way, we’re using those feedback before we start the ramp. And then as we said, we kicked off the tooling. Key for the ramp isn’t just to build trucks. It’s to get them where we can start driving towards material margin parity, right? So we want to — we want to get the parts down at a lower cost. So as we start ramping, we’re actually coming to bump parity and then driving positive material margin as we ramp, right? So it’s very strategic what we did there.
Jeff Osborne: Great, thank you. Appreciate the detail.
Operator: Thank you. We will now take the next question from the line of Colin Langan from Wells Fargo. Please go ahead.
Colin Langan: Oh, great. Thanks for taking my questions. Just to follow-up on the cash flow needs, so I understand. So you have enough cash to get through the end of ’24, but you will need another $50 million as for ’25. And one, is that correct, but — or do you need the cash, but you still have to use the ATM program, so — because there’s $35 million, I think you only used less than $1 million of it. So does that mean more dilution will be coming as you use that program through ‘25. That will give you $35 million. And then on top of that, you go simpler before 2025, you need to raise another $50 million. So there’s two pieces, there’s $50 million for ‘25 million and the $35 million or $34 million left under the ATM in terms of sort of dilutive impact?
Yaron Zaltsman: So I think we published last time that we’ll need to raise between $80 million to $100 million in equity or in debt, year 2024, year 2025. So what we are trying right now is actually to give much more color on that. We are trying to give breakdown between year 2024 to year 2025. And we are sales for year 2025, we’ll need $50 million, which means that for 2024, the need is less than $50 million. It’s probably between — around $35 million. How we are going to take this $35 million, we can take it by bank loans or by using the ATMs. We have both options. And this is still what we are doing right now. So already $50 million out of that already been secured. And based on that, we will not need to use the full ATM of $35 million. And, two, it’s our decision based on the stock price, how much do you.
