Good day, and thank you for standing by. Welcome to the REE Automotive fourth quarter and full- year 2024 financial results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. I will now hand the call over to the company. Please go ahead. Good morning, and thank you for joining us on today's conference call to discuss REE Automotive's fourth- quarter and full- year 2024 results. During the course of this call, management will make, express, and imply forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements regarding the company’s financial condition, including the impact that it will have on REE’s future business and plan; its ability to implement its current business, including as impacted by the going concern; its plan to address the going concern through a significant reduction in operational expenses, including a reduction in force; its need to obtain significant additional financing; the growing demand for REE’s products and technology from OEMs and technology companies, as reflected in expanding customer reservations and deepening engagement with OEMs; the ability to generate revenue from REE AI Cloud; the implementation of the next phase of our mission; REE’s ability to generate software-based revenues both in the near term and long term; REE’s software-based business being less capital-intensive; REE’s ability to license its technology and its broader transition toward a subscription-based revenue model; its plans regarding production of its P7 lineup; REE’s ability to integrate its software alongside existing products from OEMs and technology companies; delivery of initial trucks to its North American customers and the timing thereof; and its ability to improve its operational efficiencies; impact of U.S. Tariffs and trade policies on its business in 2025; addressing our supply chain and reassessment of production, including due to tariff uncertainty; and our Q1 2025 expected cash. Such forward-looking statements and their implications involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements during the course of this call are subject to other risks and uncertainties, including those discussed in the risk-factors section and elsewhere in REE’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission, and elsewhere in subsequent filings with the Securities and Exchange Commission. Today’s call is hosted by Daniel Barel, REE’s Co-founder and CEO, and Hai Aviv, REE’s Chief Financial Officer. I will now turn the call over to Daniel Barel. Welcome, everyone, and thank you for joining us today. We are pleased with our performance in 2024. We began this journey over a decade ago, and I’m encouraged by the progress we made this year. The milestones achieved have laid a solid foundation for REE as a differentiated technology company in the automotive industry. I’d like to take some time to recap our 2024 and provide you with some recent updates. We saw demand increase significantly for our technology, and we reached several critical technology milestones, reinforcing our position as a leader in the SDV space. Notably, we received the first Federal Motor Vehicle Safety Standard certification for a full-by-wire vehicle in the U.S. Also, Airbus, in collaboration with us, successfully completed the first autonomous drive on an active runway using our SDV technology. We launched REE AI Cloud in collaboration with Geotab, introducing vehicle services and advanced data analytics that provide predictive maintenance and optimized operations, opening up a path for what we see as a new software revenue opportunity. 2024 was a breakthrough year for REE. Our achievement points to one thing: our vision for REE is coming to life. Our technology has been tested on the road, under real-world conditions, and within a commercial framework. This is a critical time in the industry as we see its convergence of electric, autonomous, and connected vehicles, all of which we see as an opportunity to tap into through our scalable software-driven platform. With that said, while we enter 2025 with this positive momentum, we have recently experienced unprecedented and unpredictable challenges. The current U.S. tariffs and trade policy have significantly impacted our supply chain, similar to many in the global automotive industry. More specifically, over 2024 and the beginning of 2025, we have tirelessly worked and deployed our raised capital towards hitting the key milestones needed to work our way towards putting vehicles on the road. We achieved the first FMVSS certification for a full-body wire vehicle in the U.S. Advanced production of certain vehicles worked to prepare U.S. facilities for scale manufacturing, including product tooling, solidified our order book, and signed a significantly large non-binding MoU to integrate our technology into customers' autonomous shuttles. Unfortunately, the U.S. tariffs and trade policy created an environment that makes it significantly challenging to continue to move our original plan forward for the time being. As such, we have made a difficult but prudent decision to temporarily pause, not stop, production until the situation stabilizes, until we see the uncertainty around the broader tariff environment settle. We are focusing on what's in our control. Once the tariffs and trade situation stabilizes, we would look to address our supply chain accordingly and reassess our post-production. In the meantime, we remain in active dialogue with our suppliers and customers, and we are looking at solutions to alleviate the pressure that we and the entire auto industry are experiencing currently. We are also in discussion with technology companies on new autonomous programs and are restructuring our technology teams to focus on software programs. We are encouraged with the accelerated progress that our software business has made, which we now view as mature and gaining traction in the market as we are actively engaging with OEMs that are interested in our software. Our view is that SDV is the cornerstone of the technology, which we find to be incredibly important for the future of mobility. It's not just about the EV itself, but about intelligent vehicles and the intelligence they can bring to both the passenger and commercial marketplace. We are focused on generating revenue across both the near term and long term for our software business. In the near term, we are working closely with OEMs and technology companies to integrate our software alongside their existing products, ensuring a seamless fit within their platforms and accelerating adoption. Looking further ahead, we are advancing our strategy to license our technology as part of our broader transition to a subscription-based revenue model. This dual approach not only meets current market demand but also positions us for sustained recurring revenue. In addition to pausing production and accelerating the prioritization of our SDV business, we will be laser-focused on cost reduction. We intend to significantly reduce our monthly burn by reduction of operating costs and adjustment of headcount and leadership structure. As you can see, while the broader macro environment has negatively impacted our business plan and all the excellent work and progress we made in 2024, we remain nimble in our exploring path to deliver for our shareholders while working in parallel to accelerate our software offering, which we'll go into more details about later in the course. I'd like to turn the call over to Hai to discuss our financial milestones and a review of our financial results. Thank you, Daniel, and hello, everyone. In 2024, we strengthened our financial position. Our liquidity improved to $72 million inclusive of $18 million credit facility at the end of the year, reflecting the impact of two successful registered securities offerings. These offerings raised approximately $60 million in gross profits, including $45 million from M&G and Madison Group in September 2024, and an additional $50 million earlier in 2024 from M&G. In the first quarter of 2025, we raised an additional $36.5 million in gross profits through two more registered offerings, each led by M&G and Madison Group. During the last 12 months, we have spent approximately $75 million on production readiness and R&D completion. Looking ahead, we will continue to prioritize enhancing our capital position, with plans to expand financing options that will enable us to accelerate our technology-driven strategy. Now, turning to the P&L. For the full year, our GAAP net loss was $111.8 million, a slight improvement from $114.2 million net loss in 2023. This was primarily driven by lower engineering and R&D expenses as we completed a substantial portion of the P7 program R&D phase, along with operational efficiencies that helped reduce overall operating costs. However, we were impacted by non-cash losses related to the remeasurement of warrants and derivative liabilities. On a non-GAAP basis, our net loss improved to $70.3 million from $98.3 million in 2023. This improvement was driven by a reduction in engineering and R&D expenses and operating efficiencies, as mentioned earlier. In Q4 2024, our GAAP net loss was $37.3 million compared to $38.5 million in Q3 2024 and $35.2 million in Q4 2023. The quarter-over-quarter improvement was primarily driven by lower non-cash losses related to remeasurement of warrants and derivative liabilities, partially offset by higher cost of revenues associated with the production of the P7 vehicles. The year-over-year increase in net loss was primarily driven by non-cash losses from the remeasurement of warrants and derivative liabilities, partially offset by increased non-recurring engineering development costs in Q4 2023. Our non-GAAP net loss in Q4 was $19.8 million compared to $16.8 million in Q3 2024 and $32.2 million in Q4 2023. The quarter-over-quarter increase was largely driven by the higher cost of revenues associated with the production of P7 vehicles. The year-over-year improvement was mainly attributed to higher non-recurring engineering development costs in Q4 2023 compared to Q4 2024. A reconciliation of GAAP to non-GAAP measures has been provided in the financial statements tables included in our earnings press release. We continue to narrow our free cash flow burn year-over-year thanks to the operational efficiencies and the completion of significant R&D efforts. As part of our ongoing financial review, due to the recent changes in the macroeconomic environment and tariff situation negatively affecting our ability to bring our P7 to the market as planned and affecting our ability to raise debt, which directly impacts our revenue forecast, management has determined that there is a substantial doubt about our ability to continue the going concern for the next 12 months. Our plans to alleviate these going concerns include temporarily pausing production and significantly reducing costs, adjusting headcount with a view to optimize the corporate structure to become more flexible in the face of industry uncertainty. We will announce details of this in the near future, but for now, investors should expect a significant reduction in operational expenses alongside the production pause. We'll be announcing Q1 results promptly, but our expected Q1 2025 cash and cash equivalent balance is approximately $79.6 million, including credit facility, of $80 million, and we remain committed to providing OEMs with differentiated technologies that we have custom-built over the years. I'll now turn it back over to Daniel for his closing comments before going to Q&A. As you've heard today, we made meaningful progress in 2024, technologically, commercially, and financially. REE is and has always been a technology company. Our mission from day one has been to create a scalable, technology-driven mobility platform built on both software and hardware. We were never focused on becoming a traditional OEM. Today, we are accelerating the next phase of that mission, enabling the future of mobility by partnering with OEMs, technology companies, and others to bring vehicles built on our proprietary SDV technology to market faster, with better performance and with more efficient manufacturing. The critical question for REE in recent years has been identifying the most effective business model to bring our technology to the customer who needs it most. We are seeing the answer through a path of developing our technology through less capital-intensive means, including licensing and partnership models. We embarked on a journey toward mass production to demonstrate our technology and its capabilities. While this remains important, it is not the only path forward. Given the heightened uncertainty and risk in today’s production environment, we have made a strategic decision to focus on our software technology. This decision is rooted in a commitment to being good stewards of capital. Preserving cash today allows us to maintain flexibility for tomorrow, ensuring we can adapt as market conditions evolve. Importantly, we are not resting on our laurels. Our technology can be deployed through less capital-intensive means, including licensing and partnership models. We are actively advancing several commercial opportunities along these lines and remain confident in our ability to pursue potential long-term profitable growth, even amid broader industry and trade headwinds. Our future lies in providing the software and intelligence that will drive tomorrow’s vehicles. We envision growth through recurring revenue and margin expansion, which is increasingly important in today’s market. Through our software-first approach, OEMs and technology companies can leverage our modular SDV technology to design and develop vehicles more quickly and cost-effectively without costly hardware design. We are gaining traction in the market, illustrating to OEMs and technology companies that we are here as a solution for them, not as another competitor. The growing interest in our SDV technology, reflected in expanding customer reservations and deepening engagement with OEMs, underscores the market validation of REE’s strategy. We believe these collaborations strengthen our credibility and position us as a reliable enabler of SDV innovation, giving OEMs and mobility technology providers confidence that REE can support their growing demand and requirements for the next generation of vehicles. The future of mobility is evolving, and so must the way vehicles are built. REE's role is to support OEMs and suppliers with a flexible platform that enables better performance, faster adaptability, and more efficient manufacturing. By doing so, REE is helping others succeed while also building a more sustainable, scalable, and profitable business model for ourselves. We believe that this approach will allow REE to move faster to market and be more profitable, an essential advantage in today's economic climate. We believe our technology is matured and that customer demand is strong, and we are advancing into a more scalable and profitable phase of our growth, guided by our technology-first model and commitment to supporting the industry's transition to software-defined mobility. With that, operator, please open the line for questions. Thank you. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Once again, press star one one if you wish to ask a question. Please stand by while we compile the Q&A roster. We will now take the first question from Paul Fratt of AGP Alliance Global Partners. Please go ahead. Yeah, good afternoon. Daniel, good afternoon. Hi. The first question I had was, can you talk about the conversion of the MoU to a definitive agreement? And do these changes potentially push out the timing of that finalization or have any impact on the MoU as you see it right now? Hey, good morning. Thanks for the question. Regarding the MOU, currently, we do not see any change in the timeline that we have indicated. We have already started to receive payments from that MOU on services that we have been delivering. Currently, we believe that we are on track as to what we previously announced in terms of timeline. Great. Hi, could you repeat the first quarter cash balance and ignore the credit facility? What is the actual cash that you had on the balance sheet at the end of the quarter, the first quarter, that is? Thank you for the question. The cash balance at the end of the first quarter was $61 million, excluding the credit facility. If I may, I would like to ask about the restructuring and your plan going forward. None of these potential changes impacted your run rate in the first quarter, correct? Correct. Secondly, can you talk about your cash burn, the starting point from which you plan to cut costs? Is it roughly $18–$20 million of cash burn in the first quarter that you aim to reduce? Can you also discuss headcount at the end of the quarter? Additionally, regarding the restructuring of the leadership team, can you explain how that might shape or change the leadership structure? Sure. As we mentioned, we are taking immediate actions to reduce our cash burn, including pausing production, engaging in discussions with our suppliers, and significantly reducing operating costs. We previously communicated that anticipated operating expenses would be between $5–$6 million per month. We ended the quarter with $61 million. Going forward, we plan to reduce operating expenses over time, targeting $3–$4 million per month by the end of the year. Great. Thanks. Thank you. That's very helpful. Thank you. As a reminder, to ask a question, please press *11 on your telephone. Press *11 again to withdraw your question. We will now take the next question from Paul Fratt of AGP Alliance Global Partners. Your line is open. Yes. sorry. Daniel, can you discuss the reservations and whether these changes might affect the reservation book? While these are non-binding reservations, have you seen any cancellations, or do you anticipate any? Can you also explain the path to first revenue and the revenue ramp, and highlight if these timelines may have shifted. Sure. Regarding the reservations, we are working with our customers to assess the current production situation, which is affecting everyone in the industry. We believe it’s important to maintain open and active dialogue and collaborate to find solutions. The good news is that customers have expressed increased interest in our products, driven by our SDV software-defined vehicle technology, not just because it’s an EV with strong characteristics. The strongest selling point customers highlight is our software-defined vehicle technology. We believe that nearly $1 billion in reservations, including binding orders and capacity reservations such as the previously mentioned MoU and others, demonstrates strong demand for our technology. Due to the fact that we're temporarily pausing production, it's a little bit too early to say when we're going to be resuming production and therefore to assess when we're going to be ramping up deliveries and generating revenue from deliveries. With that being said, we've always said that we are a tech company, and technology is in our core. We are very excited by the fact that we currently believe that our technology is mature and we have demand for it, the software-defined technology, the software itself. That actually allows us to move our focus in the interim as we evaluate the macroeconomic conditions and tariffs. We will be focusing more and more on our software business. It's worth mentioning also regarding the MoU that there is a good portion there that is also related to that. We believe that we would be having great products to the market around our software in the meantime, where our goal is to generate revenue from software and software-related business in the interim as we continue to assess. Great. Thank you. Thank you. I would now like to turn the conference back to Daniel Barel for closing remarks. Thank you. Thank you, everybody, for taking the time today. I think we're seeing, as we said, some challenging times in the industry. I'm very proud of Team REE and their accomplishment, not only in 2024, but the way they have and are handling the current situations in 2025. I see an amazing team of people that gives me a lot of confidence that they're able to manage the current situation well and to generate strong and significant value for our shareholders. With that, I want to thank everybody again for their time today. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.