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President and CEO Lyron Bentovim explained that BLI's primary focus is the Department of Defense, with exploration into enterprises for SpatialCore, which is expected to take longer for significant revenue. Education and healthcare are less for BLI and more for other Glimpse entities, integrating immersive AI for simulation and training. He stated that the spin-off process is expected to initiate in the coming weeks, take several months, and potentially conclude early in calendar year 2026, indicating that a 12-month timeframe is too long. Bentovim noted that customers in education markets are nearing a transition from experimental use to full integration, citing a beta partnership with a leading Florida university for an AI solution launching in early 2026. He confirmed no name changes are expected for Brightline Interactive due to its established brand.

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Lyron Bentovim, President and CEO of The Glimpse Group, clarified that BLI's main focus is defense with growing enterprise opportunities, while education and healthcare are primarily for other Glimpse entities. He stated the spin-off process would take several months, aiming for early calendar year 2026, and confirmed no name change for Brightline Interactive.

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Executive Lyron Bentovim stated the current revenue split is approximately 40% government and 60% commercial, with expectations to increase the government share in calendar year 2025. He noted that defense work should lead to larger commercial opportunities. CFO and COO Maydan Rothblum confirmed the monthly operating expense run rate of under $0.9 million should remain stable for the fiscal year. Bentovim also confirmed the company is actively exploring both divestitures and accretive acquisition opportunities.

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The company plans to maintain its increased marketing spend of $500,000 per quarter, noting it is producing good results. Competitors are responding by offering free professional services to compensate for technology gaps, a tactic Bridgeline views as unsustainable. Digital engagement services revenue is expected to stabilize around $750,000 per quarter, shrinking as a percentage of total revenue as the core license business grows. There are no customers representing 5% or more of Hawk Search revenue, ensuring no significant customer concentration.

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President & CEO Ari Kahn confirmed the marketing lead-generation budget has doubled to $500,000 per quarter and is expected to remain at that level, funded by a recent capital raise. He noted competitors often offer free professional services to compensate for product gaps, a tactic Bridgeline counters by highlighting the long-term costs of custom solutions. Kahn projected services revenue to stabilize around $750,000 per quarter with a 50% gross margin, shrinking as a percentage of total revenue. He also stated there are no 5% customers for Hawk Search, though key partners like Hewlett Packard are significant.

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President and CEO Ari Kahn confirmed that sales and marketing expenses are expected to rise by $250,000 to $500,000 per quarter. He detailed the company's 3:1 LTV-to-CAC ratio, explaining how a $1 million investment could generate approximately $800,000 in new ARR. Kahn stated that the average initial contract is 30 months, with customers typically doubling their software spend over their lifespan. He noted that HawkSearch supports 50 languages out-of-the-box at no extra cost to the customer, though AOV-based pricing is not yet standard. CFO Tom Windhausen clarified that the total share count increased to 11.9 million due to the 1.4 million shares issued in the March capital raise.

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President and CEO R. Daniel Brdar explained that the Stellantis collaboration aims for commonality across multiple brands and vehicle applications, including both the drivetrain and EV contactors, creating a broad opportunity. He noted the industrial market, particularly for solid-state circuit breakers, has a larger sales funnel and will drive initial revenue. Brdar also highlighted B-TRAN's technical superiority over silicon carbide, citing a customer case where B-TRAN solved critical heat issues and tripled power density. CFO Tim Burns clarified that total EV power semiconductor content is estimated around $1,100 per vehicle. Brdar confirmed their technology can be integrated into existing data centers in a staged manner, offering significant advantages in reducing waste heat and electricity costs.

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President and CEO R. Daniel Brdar explained that the Stellantis collaboration aims for commonality across multiple brands and EV applications, such as the drivetrain and contactors. Brdar noted the industrial market has a larger pipeline and will see the first design wins, highlighting that B-TRAN's lower heat generation is a key advantage over Silicon Carbide. He also confirmed their products can be integrated into existing data centers in a staged manner. CFO Tim Burns clarified that total content per vehicle could be several hundred dollars, with the drivetrain inverter being the largest component.

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President and CEO R. Daniel Brdar explained that the Stellantis collaboration aims for commonality across multiple brands and EV applications, creating a broad opportunity. He emphasized that B-TRAN's lower heat and higher power density are critical advantages over silicon carbide, not just cost. Brdar also confirmed their technology can be retrofitted into existing data centers. CFO Tim Burns added that total power semiconductor content per EV could be substantial, with the drivetrain inverter and contactors representing significant value.

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President and CEO R. Daniel Brdar explained that the Stellantis partnership aims for commonality across multiple brands and vehicle applications, including drivetrain and contactors. CFO Tim Burns noted the total power semiconductor content per EV is about $1,100. Brdar highlighted a broad industrial sales funnel, particularly for circuit breakers, and emphasized B-TRAN's technical superiority over silicon carbide due to lower heat and higher power density. He also confirmed B-TRAN's suitability for upgrading existing data centers.

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President and CEO R. Daniel Brdar explained that Stellantis aims for commonality across its EV platforms and multiple brands, with a goal to use a common B-TRAN semiconductor design for both drivetrain and contactor programs. CFO Tim Burns noted the total power semiconductor content in an EV is about $1,100, with the drivetrain inverter and contactor being major components. Brdar added that the sales funnel is growing, with industrial applications expected to secure design wins sooner than automotive due to shorter design cycles. He also clarified that customers often find silicon carbide solutions generate too much heat, a problem B-TRAN solves. Finally, Brdar confirmed their products can be integrated into existing data centers in a staged manner, offering significant advantages in reducing waste heat and electricity costs.

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CFO Timothy Burns confirmed that shipments for the Sekorm order began in Q1 and will continue, viewing it as a potential design win. CEO Dan Brdar addressed the Stellantis questions, explaining that while the company is large, the EV contactor program is a high priority and the PO process should conclude in weeks, not quarters. Brdar clarified that a design win would mean Ideal Power's semiconductors would be used in platforms across multiple Stellantis brands. Burns also confirmed a second EV contactor opportunity with another large global automaker and engagements with a third automaker and several Tier 1 suppliers.

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CEO Omer David Keilaf confirmed that Q3 unit shipments would represent a peak to date as production ramps. CFO Eldar Cegla added that, per industry 'just-in-time' methodology, shipments to an OEM like VW would typically occur about one quarter before vehicle deployment. Keilaf concluded by stating that ASPs and margins in the non-automotive sector are 'significantly higher,' with prices in the thousands of dollars compared to several hundred for automotive, making it a very compelling market.

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The company confirmed that unit shipments are ramping significantly, with Q3 expected to be a peak to date. For large programs like the ID.Buzz, they typically ship units about one quarter ahead of vehicle deployment, following a just-in-time model. They also stated that non-automotive ASPs and margins are significantly higher, in the thousands of dollars per unit versus hundreds for automotive.

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CEO Omer Keilaf and CFO Eldar Cegla clarified that NREs are milestone-based payments for pre-production development, recognized as revenue upon customer acceptance. New NREs could come from existing customers for expanded scopes or from new program wins. Keilaf confirmed that while not exclusive, the Mobileye Drive platform currently uses only InnovizTwo sensors. Eldar Cegla specified the positive gross margin guidance is on an annualized basis for 2025, acknowledging potential quarterly fluctuations.

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NREs are booked and recognized as revenue upon meeting specific, pre-agreed milestones with customers. Future NREs could come from both existing and new customers. The Mobileye Drive platform currently uses only InnovizTwo sensors, and this is expected to continue for future customers on that platform. The positive gross margin guidance for 2025 is on an annualized basis, with quarterly fluctuations possible.

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CEO Sumit Sharma responded that the key is not redefining the segment but developing the right sales channels. He explained that MicroVision's current strategy is to target high-volume projects, even if initial volumes are small (e.g., 1,500 units), to build trust and momentum. He stated that factory automation and warehousing remain the dominant focus, and the approach to developing channels within these segments will dictate future investment and sales team expansion.

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CFO Anubhav Verma confirmed that Q1 revenue, like Q4, included commercial sales. CEO Sumit Sharma and CFO Anubhav Verma explained that the industrial revenue timeline is dictated by end-customer deployment schedules for automation and productivity. Sharma stated they are engaged with 'less than 10' industrial OEMs. He detailed the military strategy as being a technology partner to primes, including newer tech companies, with a recent focus on drones. Sharma clarified that capacity has not yet been expanded but is planned for later in the year if agreements necessitate it, which Verma confirmed would correlate with hitting the upper end of the revenue outlook.

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Chief Financial Officer Anubhav Verma clarified that the $1.7 million in Q4 revenue was primarily from sensor sales to multiple customers (fewer than ten), with minimal NRE. Chief Executive Officer Sumit Sharma explained that the defense opportunities are mainly for ground-based vehicles, leveraging existing lidar and perception technology, and will be pursued through partners. He added that being a U.S.-based company with unique, low-power, software-integrated solutions provides a competitive advantage in the industrial space.

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CFO Anubhav Verma stated that industrial ASPs are expected to be in the $1,000-$2,000 range and confirmed the 10,000-30,000 unit volume for 2025 is a reasonable estimate, with a revenue ramp expected mid-year. CEO Sumit Sharma detailed the customer landscape in volume-based tranches and confirmed current production capacity is approximately 45,000 units annually on a single shift, which can be scaled without issue.

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CEO and Chairman Matt Fisch defined 'physical AI' as AI and sensing interacting with the real world, using the term to refer to opportunities outside of traditional automotive. He attributed the increased activity to both proactive support from NVIDIA's sales channels and strong independent inbound interest driven by Apollo's unique 1-kilometer detection range. CFO Conor Tierney added that their strategy is adaptable, working with integrators for DOTs or going direct with the full-stack Optus solution, and employing a multi-pronged approach in defense by engaging with primes, smaller players, and the DOD directly.

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CEO Matt Fisch defined 'physical AI' as AI and sensing interacting with the real world, which the company uses to refer to its non-automotive business. He confirmed NVIDIA provides significant sales and deployment support in this area, but also noted that Apollo's 1km detection range generates substantial independent inbound interest. CFO Conor Tierney added that the go-to-market strategy is adaptable, utilizing both direct sales and integrators. For defense, he described a multi-pronged approach targeting large primes, smaller players, and direct work with the DOD.

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CEO Matthew Fisch defined 'high volume' as moving from development programs in the thousands of units to mass production contracts starting at tens of thousands and ramping above 100,000 units annually, highlighting their Tier 1 partner's expertise as a key advantage. He identified Level 3 as the 'sweet spot' for OEM roadmaps. Fisch confirmed AEye is open to all markets, including trucking and robotaxis, where Apollo's software-adjustability is a benefit. For passenger cars, he noted a typical Level 3 system might use 1-2 lidars, and emphasized the simplicity and cost benefits of their in-cabin solution. Executive Conor Tierney stated R&D is about half of their cash spend, while Fisch added the focus is shifting from core development to customer integration. Finally, Fisch attributed their global reach to their partnership-led model, utilizing a global Tier 1 manufacturer and local partners in China.

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Expansion beyond automotive is a key focus, with new customer acquisition expected to accelerate following new product launches at six upcoming trade shows. Bookings are expected to remain strong and grow, driven by these new products. The company is implementing better cost accounting to get a clearer picture of product-level margins, but noted that manual systems and sockets have higher margins, and future simplified automation designs should also improve profitability.

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President & CEO Bill Wentworth acknowledged the need to diversify away from the automotive sector, which grew to 66% of bookings. He outlined that new product launches and a revamped sales strategy, including adopting Salesforce Service Cloud, are key to generating new leads. Wentworth expressed confidence that bookings will continue to rise with new product rollouts. Regarding margins, he noted that while a detailed analysis is ongoing, manual systems and sockets typically have higher margins, and future automation systems are being designed for lower cost and higher throughput.

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CEO Angus Pacala and Interim CFO Chen Geng clarified that Ouster's robotaxi focus is primarily on North America with partners like Motional and May Mobility. In warehousing, Pacala confirmed Ouster targets a wide range of applications, from AGVs to driver-assist systems, viewing humanoids as a longer-term opportunity. On pricing, they explained that while new technology can support higher ASPs, the general trend is for prices to decline over time, which helps drive volume adoption. Pacala noted that for most customers, price is not the primary barrier to adoption.

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CEO Angus Pacala declined to break out margins by vertical for competitive reasons but confirmed all are margin-positive. Interim CFO Chen Geng noted that while accretive software growth provides upside, the 35-40% range remains the company's commitment to shareholders amidst market uncertainty. Pacala added that in smart infrastructure, Ouster wins tenders by meeting price requirements while offering superior performance and features that legacy technologies lack.

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The executive confirmed that increased messaging costs have been absorbed but may be partially passed on in the future, while also promoting cheaper alternatives like push notifications. The company has largely completed a shift to prepaid models for smaller clients to manage credit risk. The 2024 guidance assumes continued new client growth. The non-cannabis segment is generating revenue and is expected to grow, though the average revenue per client may be slightly lower than in the cannabis sector.

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The company clarified that customer weakness is more concentrated in mature western markets like California and Colorado, while newer states like Missouri and New Mexico are performing well. The non-cannabis opportunity (liquor, smoke, vape, CBD) is estimated at over 100,000 locations. Growth is expected to accelerate in Q2 2024, driven by a new integration with the Lightspeed POS system and a subsequent co-marketing push.

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The company has tightened its collections process for non-paying accounts to under 60 days. They believe many churned retailers eventually return and are developing win-back offers. Strong growth is being seen in new markets like Maryland. Bad debt expense is expected to level off and decline into next year as tighter management processes take effect and the customer base becomes healthier.

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