Thank you, Dana, for a fantastic show. Welcome, everyone, to Valens Investor Day. Today's presentation is being recorded. Material will be available on the Investor Relations section under Valens. Sorry, investor.valens.com. As a reminder, the presentation may include forward-looking statements and projections which do not guarantee future events or performance. These statements are subject to the safe harbor press release. Please refer to our annual report on Form 20-F, filed on February 28, 2024, for a discussion on the factors that could cause actual results to differ materially from those expressed or implied. We do not undertake any duty to revise or to reflect new information, subsequent events, or changes in strategy. We will be discussing certain non-GAAP measures on this event. We will be involved in assessing the financial performance of the business, and you can find reconciliation of these metrics at the end of our investor presentation, which will be made available on the Investor Relations section of our website. With me today are Gideon Ben-Zvi, our Chief Executive Officer, who will present the company overview and growth strategy. Following us, VP Marketing Dana Zelitzki, who will be presenting our achievements and market opportunities, and Guy Nathanzon, our Chief Financial Officer, will provide a financial overview and our long-term financial goals, followed by a Q&A session. With that, I'll give the courtesy to welcome Gideon to the stage. Gideon. Thank you, Mikey. Hey. You hear me well? Thank you very much for coming after a very interesting week in the U.S. I guess some of you are distracted by the events and still came here, and we really appreciate it. We are going to speak today about Valens and about our plans and about how we're going to more than triple our revenues and our business, how to penetrate to new markets, and to share very strong and appealing plans that we believe we can make. You just recognized the difference between Daniel's posh English and my English, and this is the difference between nomination by the king and nomination by the board. So I really appreciate that. So if you can just move to the next, oh, it's my, sorry. I will start a little bit about facts about Valens, and then we go more into the details. Valens is a world leader. We're a blunt world leader, and I will say a statement: every chip we do is the best in the category with a gap, every single chip, and we are a company with the highest bandwidth available. We have the longest reach in this category by far, and without comparison, the lowest error rate in some areas. It is so relevant that it is not higher than others that make others irrelevant compared to us. The company has 17 years of innovation. We are traded in the New York Stock Exchange on the VLN. We have 260 employees. We had 40 million chips shipped so far, and it's growing and ramping up. Last year, we had $84 million of revenues. We have two standards that Valens invented, world standards, and a company from Israel made world standards, which is very, very unreal if you look at where standards come from: 120 patents and hundreds of customers, and we are looking and targeting more than $5 billion market total available markets. We're answering a pain, and the pain, actually, we're answering pains, several pains, and one of them, we have too many cables. I guess each of you behind this TV can't even count how many cables are there, what they're doing, what they're functioning, and this is one of the things we solve. We are answering the pain of distance limitation. In some cases, distance limitation is so bad that the whole planning is restricted by the planner, by the designer, how to design a factory or a house or a conference room according to how remote they can put equipment one from each other. We are answering the need of video resolution, and video resolution is needed in many places. In many cases, when you don't have enough video resolution in automotive, it can be an accident. In our regular life, it can be a very limited experience in video conferencing. So resolution is important. Simplicity in installation. How simple is it for the one who installs the equipment everywhere? How easy is it to use any kind of equipment? And this is another pain that we are answering. Cost. Sometimes our chips are expensive. Indeed, but always we are cheaper system cost. The whole system is cheaper because our chips enable either more simple cables, either more simple connectors, either the ability to connect on the field. So we bring more expensive chips sometimes, but always the total system cost is cheaper. And I left the last one for the end, which is the rough environment. And Dana spoke about noise. Noise is a very serious thing. Noise is what makes people lose frames, and to have a conference room that you don't see each other or you don't see the details, the color of the eyes or the wrinkles. But anyhow, you don't see things because of the lack of resolution that can be distorted because of the noise. And noise, there are many kinds of noise, but the most severe one is EMI, electromagnetic interference, which is everywhere. Every cellular antenna can damage a car that goes nearby and create a situation that the mobile will not see the camera that Sony sends the video, so it cannot calculate and cannot understand what is going on, and I will elaborate about it a little bit later. Now, guys, all of you know our chips. You don't know it's our chips, but you meet our chips every day. Like those of you who came here with Mercedes, you have our chips inside if your model is 2020 or after. Those of you, and I guess quite many of you, are truck drivers, so your trucks, your reverse camera cannot work without Valens because there is no way to transfer the reverse camera to the front without the Valens technology. I hope all of you are very healthy, but in case you need to do MRI or CT, the way that the technician sees the image and sees only through one cable, not a bunch of cables, is using Valens, and the ability to remote from radiation is due to our technology. Class, hybrid education. Your kids might be in a situation that they are in high—not might be, they're sure in a lot of hybrid education classes. If you go to a show, if you want a video wall or any—today, there is a lot of shows that are done with multiple projectors and multiple vision equipment, and all of them need the technology of Valens, and we're in all those places, and now we're also looking into technology to put the technology into the world of machine vision and industrial. Now, what's the secret here? And I want to use a metaphor. And the metaphor is water, is rain. And let's assume we built a nice house in a very rainy place. It can insulate about 20 mm a night. It's a lot of rain. And then climate change, and there is 300 mm a night. No way that the insulation could work. And now let's move from water to what Valens do. The analog world is the one that prevents. It's like the insulation in the house. It prevents the water to come in until a certain level. But there is no way in the level of noise that we have around us. It is 10x or 15x more than analog would work. And this is where we come in, and this is the yellow part you see here, is the DSP that lets the errors come in, correct them, and put them back to the cable corrected. And this is why you've seen before 20x-25x more resilience from errors, which in many cases is not like 20x more. It's below a certain point that is acceptable, which is failure or non-failure. And we operate above the failure point, and our competitors in certain domains simply cannot do it. And the three design wins, which we mentioned before, a small company from Israel cannot win by points. A small company from Israel can win only by knockout. Believe me, this automotive industry is very reluctant to work with small companies. We need to prove it by killer, by showing something that others simply cannot do, and this is what we did. Here, coming again to this electromagnetic interference, I mentioned part of it before, but we liberate the ability to do a lot of constructions, a lot of designing using our technology. This is my last slide, and I want to give here the vision before I move to Dana Zelitzki. We establish in the Pro AV leadership. Pro AV leadership is a small market, and I always say that we're a king of a puddle, and now we're moving to the lake. The lake will be a prince or other princes, but the lake is so much bigger. The lake, there are many, many players, but we have a lot of advantage to come here. Video conferencing is more like the Pro AV. We believe quite safe that we're quite the only ones, and in the video conferencing, moving from the big conference room to the small and even to the huddle room, you need Valens. You need to have the—and huddle room is a very big market. Let me mention that the Logitech CEO mentioned that 100 million huddle rooms are in the world in 10 years. Majority or almost all of them will have a video conferencing huddle room solution, and without Valens, it's simply giving up for resolution, giving up from frame rate, and actually having an inferior technology, and even Teams, the Microsoft Teams, announced that USB 3 is mandatory to get awarded by Teams, so USB 3 is accepted as the standard, and to make USB 3 extension, it's a very, very sophisticated and difficult and high technological bar chip to do. I can tell you furthermore, others tried and failed. It's such a difficult thing to do to take USB 3 through such a long cable with all the noise. Automotive, we mentioned a lot, and we will still mention more. Also, a very big market, a lot slower market, but the numbers make it. And again, a market that our technology barrier will come up, but there is a market with legacy, and some very strong companies are in the legacy, and we are replacing them. In those three design wins, we replaced one of those two. The two are, if you want to ask, are ADI, Analog Devices, and TI, Texas Instruments, two very, very strong and respectable companies. Industrial, machine vision is coming up. Machine vision is going to change the industry. Today, when they design a new factory, they take into consideration that either they have a long link, very expensive, or a short link, inexpensive. The option to have the flexibility, even in the design stage, does not exist before we came in with our solution. And our solution here is a kilo. Medical device is an interesting example about the cross-platforms. The technology we have for medical devices actually was developed for the automotive. FDA announced lately that they push a lot of energy, a lot of pressure on the minimally invasive companies to move to single use. They claimed more than 50% of infection in hospitals are because of the use of minimally invasive procedures, which are 270 million in the world annually. Our solution can be a key for all the big players to come in. It is a very political issue. It's between giants such as Olympus and Fujinon and Hoya and Pentax and Karl Storz and all these guys, but we see that this is coming a lot faster than we anticipated because, again, it's FDA, and they are very, very stubborn about this change. Last, mergers and acquisition. Actually today here, where is Justin? Justin, can you just raise your hand that people see? Oh, Justin is the CEO of Acroname, the company we acquired. I think it was the first acquisition, and I think our M&A here took time, but was a process that shows how serious we are about it. We are not doing an M&A to replace our core technology. We're sticking to the core. But we see the M&As as complementary and something that strengthens our core. And the Acroname M&A is something we are very proud, and I hope that when I'm not in the room, Justin will also say the same thing about this and about the success of this merger. And I think that the thorough way we do it will be like the thorough way we do the next one, and it is part of our growth. So this is my words, and thank you very much for listening. And now I will ask Dana Zelitski, our SVP Marketing, to step in. Thank you. Okay. Hi, everyone. My name is Dana Zelitzki. I'm a senior VP of Marketing at Valens. Can you hear me okay? Okay. I've been with the company for 13 years, and I feel blessed to have grown with this company and to witness firsthand how our unique technology has transformed industries. And I'm definitely looking forward to see how we continue to transform new industries. And this is exactly what I would like to talk about in my part of the presentation. So I will review these four new market segments. I will touch upon briefly about the achievements, what we've already achieved in this market, and what are the opportunities ahead of us moving forward. I will start with the professional audio video market. This is the market where we started in. Valens is a company that is literally setting standards in the industry. Already back in 2010, together with our partners, Samsung, LG, and Sony Pictures, we have created the HDBaseT Alliance, an alliance that turned our technology, HDBaseT technology, into a real industry standard and created the largest interoperable ecosystem in the Pro AV market. By doing that, we transformed the industry from a closed vendor-dependent market to a market that is open and has a clear roadmap for the end users and significant benefits. Today, the Alliance is very successful. It consists of over 200 members, most of which are Valens customers. You can see here on the right-hand side a sample of the brand names that are Alliance members and the customers that we are serving, and some examples of the products where you can find Valens chipsets inside. It can be displays, video walls, projectors, video conferencing systems, presentation switchers, and many other examples. Moving on to the opportunities, there is one segment within the professional audio video market where we see a significant opportunity, and this segment is the video conferencing. As you are all well aware, ever since COVID and the entrance of the Zooms and the Teams and the likes into our lives, video has become very dominant everywhere. It has changed completely the way we work, learn, and live. So what happened is that today we have video and proliferation of video connected devices, video peripherals inside every meeting room. In the past, it was something that we only had in the very big, large conference rooms. Today, a huddle room, a small meeting room, a home office would usually have a small video connection equipment. We see also the popularity of USB-C based equipment, and this is something that is very relevant for us. So of course, in terms of market trends, we see always this video enriched with artificial intelligence capabilities, which demands a lot of bandwidth and uncompressed connectivity to enable real-time video analytics. Another trend that we see is what we call the democratization of the meeting room. So there's a need for seamless experience for all meeting participants, whether they are located remotely or located physically inside the conference room. And there's also a requirement for flexibility for either bringing your own device into the meeting room or reliance on the existing meeting infrastructure. All these have led to proliferation of video peripherals. And this trend is the main reason why we developed our latest product, the VS6320 product, which is a very unique, innovative solution, affordable, and simple for extending USB 3.0. We just released this product last year. Today, it is being embedded into over 50 different products, and we expect to start seeing revenues from this product already by the end of the year, ramping up in 2025. The feedback from our customers for this product is incredible. I would like to show you some testimonials in a second, but just to give you some numbers, looking at these opportunities, counting the number of expected video peripherals inside the meeting rooms, we anticipate that by 2029, the total addressable market for Valens from video conferencing will be $350 million. Moving on, I want to show you a short video that I think is a great example of what our customers are expecting from us, and it's the- HDBaseT Alliance showcasing cutting-edge technology and products, setting the stage for the future of AV. Basically, Microsoft actually certifies a lot of peripheral devices, cameras, microphones, speakers, whatever it is. We don't necessarily certify those extension solutions. We look at our partners who actually partner with HDBaseT, and they say, "Hey, this is the solution that if you need to extend this peripheral, let's use this technology and make sure that it can get there." And whether that's in the home or whether that's in the business, this is something that's needed inside of every application and something that a lot of our partners and integrators actually work with. How do I accomplish this? And HDBaseT is a technology that does that. This year, you're solving one of this. This is really cool. You're going to want to watch. We're going to do a deep dive on solving one of the biggest problems in meetings globally, and that is extension of USB, especially USB 3 specifically. We get the power from the USB port. How much power is it drawing? Only 2 watts. That's substantial because if you compare that to other USB 3 extension, by the way, they can't do this, but if you did compare it, you're talking about three times the wattage. Probably three times the wattage, three times the size, three times the cost. Yeah. This is a breakthrough. So the use cases scenarios I talked about, like Zoom Intelligent Director that we are showing with multiple cameras to capture the classroom, you need technologies like HDBaseT to make sure that the cabling solution is robust and easy to deploy and manage. And so for us, it's a critical driver to achieve the educational outcomes and the engagement that we just talked about. Probably one of the biggest challenges, and here our sponsor at Valens and HDBaseT is distance and getting it from point A to point B because we'd all love it if we could just plug in a little cable and run it as long as we want, but we can't do that with USB-C technology. So being able to extend that and extend it reliably in a way that is compatible with everything we want to do and support all the other features, we've really been lacking until this little company in Israel that nobody's ever heard of came along with the VS6320 chip. And now we have the ability to design products that utilize that technology and do all kinds of really, really cool things. And we're just - we're taking that and we're riffing on it, and we've got like 15 different versions of it. It's quite evident that there's a lot of anticipation for this product in the market, and we're also looking forward to seeing it succeed. Moving on to automotive. While the automotive industry, as you are all well aware, is characterized with very long sales cycles, we have been active in this domain for a few years and have some significant milestones and achievements to talk about. So the first customer that we have in this market is Mercedes-Benz, and the VA6000, our first-generation automotive product, has been enabling Mercedes-Benz infotainment systems since 2020, as Gideon mentioned. One of the things that we are very proud of in this project is that we are offering the only multi-gig connectivity solution that is operational over unshielded wires. This is a unique advantage that only Valens can achieve, and one of the main reasons that Mercedes selected our technology. Another customer that I would like to talk about is Stoneridge, which is a leading technology manufacturer for trucks and commercial vehicles. With Stoneridge, not only were we able to achieve an unprecedented link distance of up to 40 m, we were able to do it over the existing power line, the existing infrastructure of the truck, something that, of course, minimized the investment and the efforts of the customer on the customer side. By doing that, we enabled Stoneridge to offer a reversing camera for their customers, something that we all take for granted, but before Valens came along, was not achievable for such long vehicles. This project is currently going through field testing with Stoneridge customers, and we expect it to be operational and commercialized next year. Lastly, we recently announced the first Valens VA7000 design wins with three leading OEMs. These projects will only be operational in 2026, and the revenues specifically from this project are moderate. This is a pivotal achievement for Valens in the automotive industry. The reason for that is that the VA7000 is the first MIPI A-PHY compliant chipset in the market, and this achievement cements MIPI A-PHY position as the global standard for ADAS connectivity. Of course, this opens the door for further adoption of the MIPI A-PHY standard and Valens chipsets. Furthermore, I think it's important to explain. In this project, like in every automotive project, we have partnered with two leading tier one suppliers, one from the sensor side and one from the SoC or central compute side. They are very invested in this project. So what it means is that today, when they will go to their other OEM customers, they will offer the MIPI A-PHY and Valens VA7000 as the connectivity of choice. So we expect more and more design wins like this in the future. Before I go and start talking about the automotive industry in numbers, which are very significant, I would like to briefly explain our strategy in this market and why we chose to go with the MIPI Alliance and to have our technology standardized. When we're talking about ADAS systems or ADAS connectivity, this is a very complex system and safety-critical systems, and it was very clear for us that the industry needs a standard. The industry is calling for a standard in this domain, and for Valens to succeed in such a pivotal part of the car, we have to be a standard technology. The MIPI A-PHY standard was defined by the MIPI Alliance. The MIPI Alliance is a very well-established standard organization that comes from the mobile world. What it means is that all the interfaces inside the mobile phone that connect the sensor or the camera of the phone to the CPU and the CPU to the memory are all MIPI interfaces. They are very commonly used, and the Alliance identified an opportunity to take these interfaces, extend them, and use them inside the car. When they set out to define the standard, they wanted a standard with the best-in-class EMC performance, with a clear roadmap for ultra-high bandwidth moving forward, and with focus on simple architecture and end-to-end safety, and this is exactly why they selected Valens technology. When we competed or offered our technology to the MIPI Alliance, we competed there with other companies, much larger companies. Everyone wanted to have their technology at the basis of the standard. We went through a lot of testing, a lot of evaluations, and really, we won by knockout in every criteria. So this is the reason why Valens was selected to be the basis of the MIPI A-PHY standard. And today, we are leading the MIPI A-PHY ecosystem with the first in the market standard compliant chipsets. You can see here the A-PHY ecosystem. I will not review all of the companies, but all of the brand names and logos that you see here are all working on developing A-PHY products or adding support to A-PHY into their platform. This is the power of having a standard technology, and it's important for me to note that we are working with most of these companies to help them and to support them in developing A-PHY products because it's important for us that the standard is strong and that the standard is successful and to have a strong ecosystem. We are very confident in our ability to continue and lead this ecosystem also in the next generations of the standard. We have the expertise in A-PHY, and we will continue to have it. Moving on to some numbers, as we've mentioned, this opportunity is significant. In terms of market trends, really, there's a race lately in the last few years towards higher levels of autonomous driving, advanced driver assistance systems, and very complex software-defined vehicles. What it means is that more and more high-resolution sensors are being added into the car, and the architectures become more complex, more centralized, and demand more bandwidth. From Valens' perspective, it means that there's a lot of video that enters the car, and we need to make sure that it gets to the central compute unit of the car without any latency, with the highest resolution, no compression, and with flawless reliability. Another trend that is important to mention is that with the addition of new OEMs or new types of OEMs into this ecosystem, like Tesla or a lot of OEMs in China, the platform lifecycles have shortened, which means there are more and more opportunities in this domain. I want to stress something about automotive, although I think you already understand it from our messaging. We talked throughout the presentation about our ability to provide superior performance even in the harshest electromagnetic environment. The harshest electromagnetic environment out there is the car. It's very, very complex, and this is where we have the strongest edge and the strongest capability to win our competition, as you saw in this demo. So really, only Valens' error-free connectivity can guarantee passenger safety and provide the resilient infrastructure upon which OEMs can build their cars into the future. In terms of numbers, of course, we're looking at the numbers of high-resolution sensors that are constantly being added into the cars. All are translating to high-speed video links, and we estimate that by 2029, our total addressable market in automotive will reach $4.5 billion. Also, here, I would like to show a short video just summarizing our path in automotive so far, and I can guarantee that it will be more useful in the future. The best technologies are the ones that our customers don't even notice but can simply enjoy while driving. Okay. Will be interesting. Moving on to industrial and medical markets, Valens has been active in these segments for quite a few years with our professional audio-video products. Our chipsets have been integrated into a variety of products. In the industrial, we're talking mainly about industrial PCs, where we enabled the leading manufacturers in this domain to place a central PC in a remote server room and connect it to several displays throughout the manufacturing floor with a regular Ethernet cable that can go up to 100 m. In the medical market, our products have been integrated into a variety of products or devices, whether it is X-ray machines, mobile medical carts, and also ventilation machines, something that really spiked during COVID. Up until now, it was a niche market for us. The numbers were not very big, but lately, with the recent launch of two new products, one is the VA7000 that comes from the automotive world, and the second one is the VS6320 that we developed for the video conferencing. We feel that these two products are very relevant for industrial machine vision, and this opportunity has become much more significant for the company. So, as you can see, there is a rise of machine vision applications, specifically when it comes to inspection. This rise is due to shortage in workforce, high costs of the labor, and also very tight and increasing inspection regulations. Of course, in these types of applications, there's always an AI layer. There's sometimes 3D imaging, so there's always a need for very high bandwidth connectivity to enable real-time processing and real-time video analytics and flawless reliability. Our chipsets, the VA7000 and the VS6320, are extending either CSI-2 video interface or USB. Both are interfaces that are very commonly used in this market, and by offering them, we really simplify the design of industrial machine vision cameras and simplify the installation process for industrial integrators. Just recently, we participated in Vision Show a few weeks ago in Germany, a very important show in this industry, where we already showed prototypes with some of our partners from the camera modules and camera manufacturers, partners like Framos, Teledyne, or D3, and the feedback was great, and we are looking at a very significant opportunity in terms of numbers. By 2029, we anticipate that this market will represent a total addressable market of $460 million. Last video for today, I want to show one testimonial from an important partner of ours, D3, that I think explains exactly the benefits that we have in this market. We are partnered with Valens for the last year. We've developed a solution, a camera system around their MIPI A-PHY chipset and solution. So you know MIPI A-PHY lets you get further away from a camera, further away from the processing. You have to put these cameras out on the edge of a vehicle, and your processing has to be back in the central part and getting raw, uncompressed data back with no latency. It's an area that the Valens chipset does great at. We utilize it in many different ways. You can see it starting in automotive. You have to put cameras out on the edge of your vehicle. That same thing happens if you go to an industrial vehicle like a forklift, an agriculture vehicle like a tractor. You have to have these cameras and other sensors on the edges of the vehicle. You have to move all that data back so you can process and do the artificial intelligence somewhere in a computer on the vehicle and then send the data back out to the system. As you move more robotics in the factory and more distributed machine vision, you're going to need longer cable length. You're going to have to go through articulating joints. You're going to have any one of these situations are high EMI. Everything in the factories are unshielded. It's not consumer products. So I think those areas lend to this MIPI A-PHY as being the right solution, and I think it's going to be able to grow. So we're excited about what we see in machine vision. Customers we already have offering cameras in this and processing solutions, I think we're going to be able to switch our customers over to their next generation of parts. I'm really excited for the partnership with Valens and the MIPI A-PHY. We have been in imaging on vehicles for many years, and we've seen this move over the years. Moving to a standard that's not proprietary, the current competing standards are proprietary. Moving to more of an open standard is going to open up a lot more opportunities for us. It's going to open up opportunities in areas that it hadn't happened before. And I think the advantage of MIPI A-PHY, being able to go longer distances, being able to go through not just standard cabling, but unshielded twisted pair, cables that are degraded, it's going to open up more ruggedized, more edge applications like this that the current standards can't. So I'm excited about the new leap in technology and what it's going to bring to us. As you can see, maybe I would mention here, also in these markets, the standards are very, very important. Traditional markets that like to rely on standard technology, we're working with the MIPI Alliance and with other standard organizations in this domain to do exactly the same and to define our technology to be the industry standard in this market. Last market segment I would like to address today is the single-use medical, or more specifically, endoscopy of any type. Today, there are around 250 million endoscopy procedures that are being performed a year. What it actually means is that you need a solution for endoscopy that would be very high-resolution video. Obviously, the cable has to be thin, lean, and with long distance, and the reliability has to be perfect. The performance has to be perfect. And this is exactly the conditions where our technology excels, and we feel that it's a perfect fit together with the VA7000 product to address this use case. Today, around 3% of the endoscopy procedures are already performed with a single-use product, meaning the sensor side is replaced after every procedure, and the FDA is urging the industry to increase the pace of this shift, and the reasons for that are quite clear. First of all, disposable endoscopies eliminate the risk for infection, which is a very serious factor. In addition, when you're not using disposable or single-use equipment, the sterilization process is very complex, very expensive, and generates a lot of toxic waste for the environment. I'm sure that this reason alone would be the one that is driving the shift in the industry. Lastly, the shift to single-use would enable performing these kinds of procedures also in outpatient clinics, not only in the big central hospitals. Of course, in terms of numbers, when we move to single-use endoscopies, it's a whole new game changer in terms of market sizing. We anticipate that by the time 50% of the operations will be single-use, it will represent a $625 million TAM for the company. I have to say that we are in early stages in this market. It is not yet included in our forecasts for that reason, but since the opportunity is very interesting and we feel that our technology is a perfect fit to address this use case, we are very much active in business development activities and in promoting this opportunity, which will be very significant in the longer term. To summarize, here you can see the entire chipset and product offering of the company. Across all of these products and across all of the markets we serve, we are sticking to our core technology, long-reach, high-performance connectivity with flawless reliability. This is what we have to offer. And we're very confident that we are well-equipped with this offering to address all of the opportunities that I've just mentioned. And with that, I would like to hand it over to Guy that will also show you how these opportunities translate to revenue, profit, and value for our shareholders. So Guy, please. Thank you. I'm the CFO of the company. It's a pleasure to be here today, and I would like to thank you again for being here with us today. Try to speak louder than that. So during our presentation, we'll hear Gideon in just one second. Now it's okay? Great. So again, my name is Guy Nathanzon, and I'm the CFO. Pleasure to be here today. Thank you all for coming. During my presentation, I'm going to review our past performance and talk a little bit about our long-term goals, starting from the revenue. In 2019, we had $60 million revenue generated mainly by the audio-video business. 2020, first year of COVID, slight decrease to $57 million revenue, again, mainly about audio-video. Okay? Okay. Sorry for that. Are we good? Thank you. In 2021, it was the first year of the mass production with the Mercedes-Benz in the automotive. We had $8 million revenue from the automotive business. We had also a slight increase in the audio-video business, bringing the overall revenue of the company to above the $70 million. In 2022, it was a peak year. We doubled the business in the automotive to $16 million revenue, and the audio-video also was increased significantly to $74 million, related to the supply chain issues as part of the COVID. In 2023, the audio-video business got back to the normal levels of $54 million, and the automotive grew to $26 million because we were able to penetrate into more models in Mercedes. Altogether, $84 million of revenue in 2023. In 2024, we have kind of a rebound year for 2022. In the audio-video, we suffer from the level of inventory that our customers are holding in a very high interest rate environment, and our lead time to our customers got back to the normal days pre-COVID. In addition, our customers are suffering from weakness in their end markets because their customers invested a lot of money in building new video conferencing rooms after the COVID, and now, in 2024, they have decreased their budgets, so we expect to have in 2024 revenue above $57 million. The audio-video is expected to decrease from $57 in 2023 to around $33 million this year, but we expect to get back to growth in 2025. We also anticipate a slight decrease in the automotive business to $22 million, and we generated $3 million from the first acquisition from Acroname. On a quarterly basis, we can see that in Q4 of 2023, we had $22 million of revenue, decreasing to around $12 in Q1 of 2024, but ever since, we see a nice increase to $13.6 in Q2, $16 million in Q3, and continue to grow in Q4 anywhere between $16 million-$16.3 million revenue. At this point in time, we understand from our customers that this inventory adjustment is a temporary event, meaning it should be over at a certain point in time. It's still early to say when, but we do believe that we see initial signs of recovery, and we hope to see better results next year. Gross margin. Our gross margin is heavily impacted by the ratio between the audio-video business with more than 70% gross margin and the automotive with more than 35% gross margin. For example, in 2019, we had almost 80% gross margin because almost all the revenue was generated by the audio-video. In 2024, we have less than 60% gross margin because 40% of the revenues were generated by the automotive. In the first nine months of 2024, we had 179 active customers. We have reasonable diversification in terms of customer base, meaning there is no significant customer concentration. So in 2023, we had $84 million of revenue, Adjusted EBITDA loss of about $10 million. In 2024, we expect to have above the $57 million of revenue. Adjusted EBITDA loss is expected to be anywhere in the range between $22 million- $21 million. At this level of gross margin, around 60%, and at this run rate of operating expenses, around $80 million, we expect to have positive Adjusted EBITDA at annual revenue of between $110 million- $120 million. We have a strong balance sheet. We have $133 million in cash at the end of the quarter. We started this year with $142 million, and we also paid $8 million as part of the acquisition of Acroname. The inventory goes in the right direction, reducing from above $23 million end of 2022 to around $12 million end of September. Now, speak about the future. In order to understand better our goals, first, I would like to review our sales and product lifecycle. We define three stages in this lifecycle. The first is the stage when our customers will evaluate our products against competing products or competing technologies. In the Pro AV, it will take about six months. In the machine vision and industrial, up to 12 months. In the automotive, up to 18 months. Then comes the second stage where the customer will develop their own product based on our chipset. In the Pro AV, it will take up to nine months. In the industrial and machine vision, up to 12, and in the automotive, up to 30 months. Then comes the last stage. In the first two stages, we would not generate a significant amount of revenue. In the last stage, we have a stable stream of revenue over the course of the time of this stage. This is the mass production, when our customers will commercialize their product, and in every unit they will ship, there is at least one chipset of Valens. For the Pro AV, it could be anywhere between three to five years. For the industrial, anywhere between five to seven years. And in the automotive, the same. Altogether, the Pro AV has around six years of cycle. The machine vision industrial, almost nine, and in automotive, almost 11 years of lifecycle. Now, I would like to talk about our long-term goals. We expect to increase the revenue from $57 million in 2024 to a range between $220 million-$300 million by 2029, which means 4x- 6x more, or an average annual growth of anywhere between 30%-40%. In the short term, the growth will be the Pro AV. In the midterm, industrial and machine vision, and also new acquisitions. And in the long term, automotive. We expect another significant upside in the revenue after 2029, coming from automotive, around mass deployment of ADAS, and from single-use endoscopy. And that could be an amazing upside in the revenue. Starting from Pro AV. In 2024, we had $32 million from the Pro AV, and we expect that by 2029, we'll have anywhere up to $100 million from the Pro AV, ramping up from next year with a target gross margin of anywhere between 65%-75% from this vertical. In order to support the growth, we need to assume several things. First, end of the inventory adjustment cycle. Second, adoption of the VS6320 with our customers' product aimed for video conferencing. And third, the growth vertical of the video conferencing due to the hybrid work and hybrid education. In the industrial and machine vision, in 2024, we generated only $1 million because we just started, mainly around industrial applications. Now, we assemble a sales team, dedicated go-to-market, and we expect that within five years, we'll be able to generate anywhere between $35 million-$50 million of revenue from this vertical, ramping up from 2026, 2027 with a target gross margin of anywhere between 55%-65%. Our assumption is wide adoption of our solution, the VS6320 with USB connectivity, and the VA7000 with the CSI-2 connectivity into this new set of customers, companies that provide cameras for machine vision and industrial usage. Automotive is expected to grow from $21 million in 2024, based on just one design win from Mercedes-Benz, to a range between $65 million-$110 million by 2029, ramping up from 2027- 2028. Just to clarify, the design wins we've just announced are going to provide initial revenue in 2026, ramping up in 2027, 2028 because ADAS platforms will be commercialized during this year. We expect another significant upside after 2029 with mass deployment of ADAS and adoption of our solutions into more models with the OEMs that we already talked with and achieving new OEMs. As we said, we have a strong balance sheet right now, and we intend to use it for new non-organic growth opportunities. We are going to have a focus on companies in the areas of Pro AV and industrial, companies with synergistic business to our business, companies that already generate revenues with a clear line of sight for profitability. In this case, these acquisitions will contribute anywhere between $30 million-$40 million in five years, but this is depending on the opportunities that we're going to have along the way. It's a good wide Acroname. This is exactly what we're looking for: a highly synergistic company providing complementary products to our customers in the Pro AV and the industrial market with a high level of synergy. $15 million of purchase price, $8 million upfront, the rest in earn-out payments. Acroname is expected to contribute about $3 million for the company during the months June to December, seven months. So, to summarize our long-term financial goals, revenue is expected to grow significantly from $57 million this year to a range between $220 million-$300 million by the year 2029. We expect to generate 50%-60% gross margin, and our EBITDA margin target is between 15%-20%. For 2025, we set an aggressive goal to get back to growth, 25%-33% versus this year, setting the goal to generate revenue between $71 million-$76 million. In the Pro AV, we hope to see a partial recovery of the inventory adjustment cycle that our customers are facing. We would like to see more adoption of our VS6320 with the USB connectivity into the video conferencing systems that our customers will develop, and we hope to see commercialization of the products for our customers, those 50 customers that already announced development of products based on Valens during the second half of 2025. In industrial and machine vision, our goal for 2025 is to achieve design wins based on the VS6320 and the VA7000. In the automotive, our goal for 2025 is to announce new design wins with new OEMs, and we hope to continue and identify more potential acquisition targets and hope even to close at least one deal, assuming that we will find such targets. So, to summarize the financial part, Valens is set for significant growth, 4x-6x more versus 2024. We have a diversified business. We are diversified among different industries: Pro AV, machine vision, industry, medical, and automotive. The design win business model allows us significant predictability and visibility with long-term relationships with our customers. We aimed to achieve a significant business model above the 50% gross margin and above the 50% EBITDA margin. We have a very strong cash balance that will support both organic and inorganic growth opportunities. I would like to thank you. And now, I will ask Daniel to join us for a Q&A session. Okay. So, if I can just have a microphone. It's a mic. Ladies and gentlemen, please take your seats. So, thank you for some great presentations. Turn the floor over to the people in the room first. The questions that are coming in online. I will try and field them to the right people here. But, of course, if you'd like to move the questions around amongst yourselves, please feel free. Okay. I'm going to just pass this over to you. Begin within the middle. Oops. No, you need that for me. Okay. I need that for me as well. Okay. Oops. One, two. Perfect. Okay. We have a question in the room. Can we please pass the microphone over? Hand up, please. Lisa? Okay. Please go ahead. Yeah. Can you talk us through? You have three different segments that you're addressing with competitions in various segments. You have very different business models, different gross margins, one of these 75% all the way down to 35%. Why is that? And how do you guys? Those are three very separate kinds of businesses. How do you become successful in all three segments? I will take it. Thank you for the question. I will elaborate about the answer. It's mainly two. The automotive definitely has different characteristics than the audio-video and the machine vision. Machine vision and audio-video are more similar than it might look. It's very similar. ODM is very similar. Go-to-market. The differences are nuances. Automotive is definitely a different game. However, the synergy is huge. We see that a lot of the chips developed initially for automotive find their ways to the audio-video. There is always the question when it's fine for a company to have more than one activity. There is a phrase in Hebrew, I hope it translates good to English, that someone should not take laxative and sleeping pills at the same time. I'm not sure that we are in such a case. I think that we can justify the being in two activities and see that the synergy. I agree that to take third and fourth at our size is wrong. But if you look at companies in the semiconductor area, in certain areas, none of them is based on one technology. Okay. Some do, like NVIDIA does and Intel does. But if you look at a company like TI and ADI and Renesas, all of them have different departments. And there is synergy in the technology. They come from one or two cores, and they diversify and make the diversification. That's the way it works. I know it's not a complete answer, but it's a candid one. The sales cycle, the customers, how you win in each business. I mean, you have great technology, but I assume it's going to be very different. Yeah. Valens does not divide it into units. We have one R&D, one marketing, one operation. The go-to-market, there are people who do only automotive. There is a team that do only automotive. They know how to go to the automotive market, how to speak to automotive customers. And it's mainly the difference of the people on the sides, the Japanese, Chinese, Germans, United. Those people who are meeting the customers definitely need to specialize in the go-to-market. The machine vision and the audio-video are very similar. It's going to be under one roof. Of course, machine vision would have some different customers. But as I said, if you look who are the ODMs, a very important part in this game, a lot of them are the same ODMs in audio-video and machine vision. And therefore, it will be under the audio-video, which we are changing the name as we announced it will be called now Cross Industry. And the Cross Industry will do those things which are like the conference room and machine vision. And it is a lot. It's not far enough to be cut into two different activities. But as I said, if you have 260 or something of these employees in Valens, maybe 20 are core. All the rest are people who are working for mixed systems, R&D and marketing and sales. Those who are facing customers are the only ones who have an expertise and those who should have an expertise. Thank you, Gideon. Thank you for the question. Another one at the back. And please be sure to speak into the microphone so we can all hear as well as the people online. Please go ahead. Hi. Kevin Cassidy from Rosenblatt Securities. In the presentations, I noticed you talked about uncompressed video as one of your features. Is there ever going to be a need for compressed video? Or maybe why do you make that emphasis that it's uncompressed? I'll answer your last question first. Why do we make the emphasis on uncompressed? Because in some of the use cases, most of the use cases that we've talked about, uncompressed means no latency at all. And this is crucial for most of the applications, definitely for automotive, also for medical inspection, and so on. It's becoming more and more crucial as much as we have more and more artificial intelligence involved in or artificial intelligence layer in almost every industry where we are addressed. And actually, we feel that when it comes to real-time artificial intelligence or real-time video analytics, our technology is one of the enablers for this application. And the reason for that is because we enable an uncompressed video connectivity. Your first question was, is it ever going to need compression? The answer for that is also yes. It all depends on the bandwidth that you have available and what is the resolution or the video resolution that you would like to achieve. So sometimes in the very high-end audio-video installations, there are applications where we use very light compression to achieve the video resolution that is required. Thank you, Dana. Please go ahead. Hi. Yeah. My question is on the automotive business. You guys currently have OEM wins with Mercedes and European OEMs. What's your go-to-market strategy of getting OEM wins and design wins in North America and Asia, and particularly in China? I think in one of your slides, you mentioned a shorter time to market in China. So what's your strategy there? Well, it's a question that most of the answers I'm not permitted to answer, the rules in the stock market. I'll first start with what we anticipate for market share in the world. As big a success MIPI is, we'll never have 100% of the market. If we have 100% of the market, it will be a very small market. We need to help actually our competitor to come into the market. And I'll give you an example. We helped Sony to make a transmitter embedded in their sensor. For us, it's great because every sensor they sell, we sell a receiver. We help them to take part of the market for part of the pie for us, but the pie becomes a lot bigger. We're speaking about a billion links a year. We never said we'll have a billion links a year. I think it's safe to say that it's irresponsible and it's not realistic. If we help the market to be a market of billion links, and usually, if you look at semiconductor and you're a semiconductor investor for many, many years, in complex chips, you never see more than two or three players. In non-complex, you see five, six, and seven. You look at all the complex chips, those who cost $50 million and above, three players. This is the answer: what is our anticipation to have a market share in China? We have to do things in China. We work in China for quite a long time. There is an upside in the Chinese market. I cannot elaborate more. I will be able to elaborate more in the future. We have thoughts about some changes which might accelerate time to market, and that's the most I can say and still be out of jail. Okay. Okay. Great, so my other question is also on automotive. It's also based on your 2029 forecast. It looks like it has the widest range among the three segments, $45 million. What's baked into that assumptions? How much are you factoring units and more design wins? Excellent question. Let me take a non-European example because otherwise, you might guess what's the European. Let's take Toyota, for instance, which is not our customers. And by the way, it's the holy grail of the automotive industry, everyone. One day, it is one of the goals, of course, of Valens to win there. They will always start with what's called their pilot car. BMW cars' pilot will usually be 540. In Mercedes, it's the S series. Every company has the pilot, and then it goes to several more, and then it goes to all the models. Companies usually want to have not more than one or two platforms and scale them. That's the same technology will not be the same in Mercedes S and Mercedes C. It will be the same technology, but with a different scale. Toyota is very, very extreme in how to make it efficient. Europeans are not at this level yet. But when we are penetrating into European companies, we always see that they start with the pilot. The pilot expands to more models in the certain segment and then to the whole manufacturer, to the whole OEM. Now, it's a little bit confusing, but there are two dimensions of growing. Why two dimensions? Because let's say they have 10 cameras and only four of them are high resolution and four are not. In the beginning, they might take it only for the four which are high resolution. And then one scale is all the cameras in the same vehicle. This is one scale. And the other is all the vehicles in all the models in the OEM. So you can start with one significant model with four of the eight or the 12 cameras, and you have the two-dimensional scale. And this is why it expands. And this is why we put 2034 without numbers. Because in 2029, we'll be in the market, but we cannot assume that we will have the full model, which is a significantly bigger number. But to speak about the forecast of 2034, we say it's far more. We say it's only the beginning. We say that it is penetration. And in some cases, it's 15% or 20% of the OEM. In some cases, it can be more. Guy, do you want to elaborate more about it? Or it's fine. Okay. Thank you. Sir. Great. Thank you very much for the presentations. Your goal is to increase your revenues by 5x over a five-year time period. And that seems like that could create a lot of stress for your supply chain. And what we saw over the last three years is a lot of stress put on how fragile that supply chain is. The question is, what has happened over the last several years in the supply chain? Has that caused you to go back and kind of change the processes that you have with your own supplier base and similarly with your own customers in order to get maybe tighter forecasts as you think about growing the business as much as you want to grow it? Thank you. I'll take this one as well. Yes, there is a challenge to grow, but yet the numbers compared to companies who make chips of sub-dollar and have billions of chips. They are the stress on the company. We never, never been late in one chip to one company. None of our customers ever held a line because of us. As a small company that works on the high end, we have the flexibility. We're a high-end company for good and for bad. Being working only on the side of excellence has a lot of constraints. It's not always easy, but it has advantages. One of them, being on the high end, is meaning selling more expensive chips. That's a smaller quantity of more expensive chips. And from the supply chain, it's easier. From R&D of us, it's harder, without a doubt. So this is a partial answer, I know. Because the other part is you cannot expect another COVID. You cannot expect where the Chinese-U.S. trade war will continue or resolved or released. We try to be prepared. So far, we did. But this is definitely an unknown in this industry. And I think we'll ever be an unknown in this industry because there is a huge dependency in supplier and customer in this industry. To move from Samsung to TSMC is not taking the masks and do it again. It's redeveloped out of the chip. If it's on a digital chip, it will take six to eight months or nine months. If the chip is analog parts, the analog parts are done from scratch. It can be two years. So the dependency in the supplier is huge in this industry. And this is part of the game. And the suppliers, by the way, acknowledge it and say, "You depend on us. We'll never disappoint you." You wouldn't believe how TSMC's CEO sent personal letters to each of his single customers, apologizing and giving access to him during the time of crisis. He understood his responsibility. This is part of this industry. It costs $20 billion to build a factory. You don't have other choice. Fair enough. Thank you. Okay. Anyway, yes, gentleman here in the front. Thanks for the help. Thank you. Question just on the automotive gross margins. What's the mix between the VA6000 and VA7000? You mentioned TI and Analog Devices as competitors with an analog solution. My guess is their margins for those chips are well above 35%-45%. And so why not higher in the automotive segment? Thank you for the question. So first of all, currently, we're only with the VA6000 in the automotive. The 7000 is expected to have initial revenue in the automotive starting from 2026 and beyond. Currently, we are in a situation that we see some competition coming from the big guys. And according to our understanding of the current market environment and the discussions we're having with our customers, we set the gross margin goal as discussed. We're working extensively to continue and work toward cost reduction. Once we get to the mass production, we hope to improve the margins. Currently, as we do not want to miss the numbers, we're providing those kinds of numbers. Understood. What's the outlook for the VA6000 business through 2029? Do you expect that to tail off? Does that continue over the forecast period? The good news about automotive, it's very hard to get in, but it's very hard to get out. We expect to continue and generate revenue for a while from the design wins that we have. We currently do not anticipate any future design wins with this chip. Basically, the 7000 family is now the chip that we are now concentrating in selling for the future. In 2029, we do expect to continue having some revenues for the 6000, but slowly it will fade away and will be replaced by the 7000 and the next generation products of the automotive. Thank you. Okay. Please go ahead. Hi, Matthias Beger. So say I buy a car, a Mercedes with the technology and a Mercedes with the legacy technology. What is the customer experience differential? Who would like to take it? Dana. I'd like to take it. My initial response is you should try both and decide. The difference is not always visible to the end user. In the automotive industry, the regulations are very, very strict. So a technology that cannot handle the requirements of the OEM will not get into the car. So if the requirement is to have a very sophisticated infotainment system or an ADAS system, the OEM will make sure it happens. But one of the advantages of our technology is you cannot see it. It's under the hood. One example is the fact that, specifically in Mercedes, we enable to transmit USB and video and other interfaces over unshielded wiring. So from Mercedes' perspective, we enable them to offer the customers the same experience, but with less cabling, with less money, with a more sustainable architecture, etc. So I think across all of our offering, not only in automotive and not only in Mercedes, we just simplify the architectures and reduce the complexities for our customers in order to reach their requirements or the desired user experience. Thank you. Thank you for the question. Thank you, Dana. Please go ahead. This is a follow-up. The gentleman asked a question about go-to-market in Asia, specifically China. And you were going to say that you can't say something because you might be put in jail. So I'm not going to ask you that question. But can you talk a little bit about sort of the political risks and any restrictions in terms of selling to the Chinese market that you might anticipate going forward? Thank you. Thank you. You mean about Israel or you mean about the US-China trade war or both? Both. I was looking at China. Okay. We did all what needed not to have any restriction to sell to the USA and to China. And we went on a very conservative approach, far more than we legally needed. We took the spares that we can sell everywhere and we get the authorization. We went more than by the book. So actually, we don't have any constraints. Our chip is originally made in Israel. There are many rules about what's defined as American IP, U.S. IP, how much percentage you are permitted. There is a lot of restriction there, and can I say we went by the book with spares to be on the right side so actually we can sell everywhere. But it can be changed. Tomorrow, there can be new rules, and the new rules will put us below some rough. We don't anticipate it to be a problem. Even NVIDIA sells to China. Of course, Intel sells to China, so this is not something that at the moment we are concerned about. About the situation in Israel and how it influences. Let me quote Pat Gelsinger, the CEO of Intel, as an answer. He said he never seen in his life resilience such as the Israelis. Nothing is changed in the timetables. We cover each other. If you went now to Israel, you wouldn't believe there is a country in a war. You can't find a place in a restaurant. All the movies and all the theater and everything. Israelis are living. We have a war, and we live, and we have our goals. Somehow, this resilience is stronger than us. It became part of the Israeli DNA. We are Israelis. There was some part we didn't give the number that we had almost actually between 15% and 20% of the Israelis were in reserves. Furthermore, we are a very non-typical Israeli company that a lot of them were in combat roles and not in the intelligence. We were on time. We did our things. People covered each other. Yes, we stretched. But that's the answer. Thank you, Gideon. Any more questions in the room? Yes, at the front, please. Can you speak to your M&A strategy and what you're targeting there? Go ahead. Please keep the mic. Sure. So Acroname was a great example. And this also implies on the future. Synergistic business, in the case of Acroname, providing complementary products in markets that we are interested to move in even further than what we are in the Pro AV and also in the industrial. We're looking for companies that are generating revenues with line of sight to profitability. We're looking for companies that one plus one equals three with synergistic business to what we do. And we're looking for an excellent team of people. This is, in a nutshell, our strategy. And maybe a little more on the pipeline that you're seeing. You mentioned that you're seeing some activity there. How's the health of that pipeline looking? Sure. So we see different companies under this strategy. There is a good pipeline. We're evaluating different options nowadays. And once we have something to report, we'll, of course, provide the information. I'm fine to say one sentence more. Some of the opportunities are companies that are selling assets because they are servicing a big debt, and they want to get rid of even some very good assets. So it's not only startups or companies or small opportunities. It's also some small divisions and some larger companies who are looking to sell because of the situation, mainly because some of them took huge loans during the zero-interest era. And now they have to rehabilitate from the era, and this is the way they do it. And then last question from me. But Guy, you mentioned a path to profitability. I think you're looking at, if I remember correctly, $220 million revenue. You're looking at 15% adjusted EBITDA for 2029 on your targets. What are the drivers of the positive inflection to EBITDA? And what is the threshold for revenue to hit break-even on EBITDA? So the threshold, as I said, is $110 million-$120 million of annual revenue. And again, this is under the same assumption of the gross margins and OPEX level. We believe that the real driver is getting to the scale of the revenue, getting back to gross, and then getting to scale of the revenue, and continue and be efficient in everything we do. These are the major drivers. Okay. Thank you, Guy. So it seems like we've got just one more on the corner there. I was curious if you could distinguish between demand in AV between HDMI and USB 2.0, now 3.0 extension. Can you tell the difference between USB 2.0 versus HDMI in your sales SKUs? And talk about competition with active optical or electrical cable and so on, and how much of the market might have been taken by those sort of more difficult but cheaper solutions. USB 3 is 5 Gb. USB 2 is 480 Mb. The difference, if you have a camera and you want to zoom between USB 2 and USB 3, is even sometimes to see expressions, sometimes to see the color of the eyes, sometimes to see the wrinkles, and sometimes to see many other things. But the difference is huge with the experience in the quality of the video. Of course, there are very good compression systems, and compression systems will make latency and will make more temperature for more watt because it has to compress and decompress. So, the USB 3 gives a very, very simple, strong solution, and we think not irreplaceable. It seems irreplaceable that very strong companies tried and failed. Even issues that cheaply didn't work. And the only solution today which exists in the market, which exists in the market, is using huge FPGA to about $1,200, two stations with ventilation and noise. And that's the only way today to transfer USB 3 over distance. About active cables. Active cables is a competition in the very short distance market. Active cables have a lot of disadvantages. And the first of them is that you can't have the accurate distance you need, and you cannot make any termination in the field. So, it's not a very efficient system. USB 3 over a category cable is by far the simplest, the cheapest, the easier go-to-market. And we see the reception in the market. The reactions remind us of the reactions of when we came up with the HDBaseT when the company just started, and this was the ramp-up of what we have today in the AV. So this is the reaction to the USB 3 is like the second time Valens seen this market, such a demand. Did I answer? You had another question, or? Oh, you asked about HDMI. HDMI is limited in the length of the cable. It's a few meters. And we enabled HDMI to extend using our USB extension of the actual mainly of the VS3000, not with the USB 3. It's a different chipset. But we also give the actually most of the projectors you see is using this extension. Most of the 5,000 lumens in the world, and I think a very big percentage of the 3,500 lumens and more have Valens system to extend the HDMI. Am I accurate about it, Dana? Yeah. Okay. So I would just like to give a voice to our visitors who are online. We do have a couple of questions that have come in. So let me just read the first one. And again, we don't want you to go to jail, Gideon. Okay. Can you provide any color on who your three automotive OEM customers are? Luxury automakers, commercial vehicles, what part of the world? Europe, China, US. Also, of the addressable market of $4.5 billion, what's a realistic market share goal for Valens going forward? I guess some have been answered before it was answered. I can, of course, not say the word. I could say it's not Lada. Okay? I'm happy to see you're not going to jail tonight. Okay. So we have a question here. Oh, market share. The market share, $4.5 billion. I think we said about the market share that the higher the market is, we're not expected to be 100%. I believe it being the first, being leading the high end. Our goal, and this is a very long-term goal, is to be there above 30% of the market. 30% of this market is far above $1 billion. But I'm not presenting it as a forecast. I'm not presenting it as what we're going to do. It's presenting what we have in mind. And yes, we have in mind that we will have 30% or more of this market. As I said before, in complicated chips, you usually have two or three players. You don't have seven. And those of you, and I see some analysts here covering the semiconductor world for years, it's a specialty. Usually, people who cover semiconductor, that's what they do. They're not covering semiconductor and then medical and then software. It's an expertise, and some of them are so knowledgeable about it. I see some of those faces here. They could be the evidence to say the sophisticated chips, two, three players. Actually, wait, can you confirm that? Okay. You have Oppenheimer confirmed that. Thank you, Wayne. Okay. Another question. Complete cost, reach cable size, error rate versus Ethernet. Which can Ethernet achieve but not as good? Which can Ethernet not achieve at all? Dana, Gideon. Go for it. I'm tempted to give you the opportunity to answer. The question is very general. We are competing with Ethernet across different industries. I can focus on the audio-video and on the automotive. In the audio-video, we have seen some AV over IP solutions in the market. It is still very niche and very low quantities. And most of the AV over IP solutions do involve compression. So they are not a good fit for a lot of the applications that we serve in the audio-video market. In automotive, automotive Ethernet cannot reach the performance, the EMC performance that we are achieving with our solutions. That is a fact. There are some automotive Ethernet solutions that are deployed. There are not multi-gig solutions because when they tried to make the shift and make the move to multi-gig connectivity, they failed to meet the EMC requirements of the OEMs. And again, this is one of the reasons MIPI A-PHY came in and actually filled in this void. Yeah. So we can add that as well. Ethernet applications. Ethernet in its nature is a symmetric protocol. It means that the same amount of data is being sent on both sides. This is not the case in sensor connectivity within the car. We're talking about ADAS connectivity, sensor connectivity. There's a lot of bandwidth that is coming from the sensor side to the central compute unit and hardly any bandwidth that is going on the opposite direction. Therefore, any solution that will be based on Ethernet or automotive Ethernet will not be as efficient in terms of performance like asymmetric protocols and like MIPI A-PHY, for example. I could not have done better myself next time you're presenting the demos. Okay. We have time for just one more question that's come in, and then we really do need to wrap. So what percentage of your growth will be organic and what percentage from M&A? Guy? So we provided the guidance or the goals for 2029. We expect to generate total revenue of anywhere between $220 million-$300 million by 2029, out of which $30 million-$40 million are expected to be generated from buy-side M&As, all the rest from organic growth. Perfect, so thank you to everyone in the room and online for asking questions. I just would like to hand over to Gideon to wrap up our session today. First, I want to thank again all of you, and thank you for the effort to come and to hear us. It was quite long, but I can see that you all were concentrated, and we hope we've been able to convince and make you acquainted with our thoughts. I want to thank all the team that worked very hard for this. I want to thank a lot of our board members that actually eventually are here and coincidentally joined. I want to also thank our M&A that came to say hello here and to our new shareholders that all the team of Value Base are here sitting in front of me and came to help Valens and to be a contributor shareholder. Thanks for everyone. Thank you for coming, for helping, and for the team. All the best. Thank you.