Good morning, good afternoon, everybody. Thanks for joining us. I'm Rick Schafer, semiconductor analyst at Oppenheimer, and I'm joined today by Valens Semiconductor CFO, Guy Nathanzon. Guy joined Valens last year in 2024. He's got a long tech resume. He brings, I think, more than, and you'll correct me, Guy, but more than 20 years, I believe, of executive leadership across semiconductors and medical imaging and industrial verticals. I know pretty extensive experience over the decade. Anyway, great to see you, Guy. Thanks for joining us. I'll turn the mic over to you for the presentation, and at any time at the end, we'll open up for Q&A, everyone. Thanks. Thank you, Rick. Thank you. Hello, everybody. My name is Guy Nathanzon. I'm the CFO of Valens Semiconductor. It is a pleasure to be here today. Valens is the high-performance connectivity company. We are a fabless semiconductor, and we developed technology that knows how to deliver video in high quality, low latency, over a long reach of cables. We have the highest bandwidth, the longest reach, and the lowest error rate. We've been established about 20 years ago. We are publicly traded in the New York Stock Exchange since 2021, 360 employees, more than 40 million chipsets sold to date. Q2 2025 revenue $17.1 million. We have two global industry standouts, 125 patents, half a billion dollars accumulated R&D expenses, hundreds of customers, and we address a total market of $5 billion. What are the pain points of wide connectivity? First, there are too many cables, distance limitations, video resolution that requires high capacity, rough environment like electromagnetic interference, high cost of infrastructure, and installation complexity. We serve two main segments. The first one is the cross-industry business, which includes two main verticals: the professional audio-video and industrial and machine vision. The audio segment is automotive. Under the vertical of the professional audio-video, we serve video conferencing in the education market. We're already working with companies like Crestron, Extron, that provide the overall system, companies like Epson, Panasonic, NEC that provide projectors when we connect the projectors to the screen in the other side of the room, companies like Logitech with applications like cameras or video bars, and companies like Atlona. We also work in other sub-verticals like digital signage and entertainment, working with companies like Panasonic and Sony on video walls or Samsung and LG Electronics on screen display screens. We also work in another vertical, which is the industrial and machine vision. We already have customers like B&R and Siemens when we connect industrial PCs to the screens that are located remotely, or in medical applications when we connect MRIs with companies like Siemens or Medtronic to the screens that are located in the other side of the room. In the segment of the automotive, we currently have one customer, Mercedes-Benz, and we have another design win already announced with Mobileye when we expect to start generating revenue from late 2026, early 2027. The core competency of the company is around the DSP. We have 125 patents, accumulated investment of half a billion dollars to date in R&D expenses, and I can say that we have one of the best R&D design teams in the world in terms of the area of the semiconductors. What is unique about our technology is our ability to handle electromagnetic interference in the channel. We have developed algorithms that, by definition, assume that there is a noise in every channel and know how to handle this noise and eliminate it, and this brings a lot of value to our customers. I'll start with the first market, which is the ProAV. The main vertical in this market is the video conferencing vertical, which represents an opportunity for the company of $350 million by the year 2029. We believe that the video conferencing market is expected to continue growth due to the hybrid work and mainly due to the hybrid education in the next few years. We've seen companies like Microsoft Teams and Zoom invest a significant amount of money in certification programs for hardware devices for video conferencing systems, and we've seen companies that are developing AI-based applications into this market. One example application that we are part of is an application when there are cameras spread around the room that know how to focus on the one that is now talking with an AI-based application. We're partnering with a company called iCatch in this vertical. We recently, in 2024, actually, we announced a new chip for this market, the VS6320, which has USB Type-C connectivity. This chip will allow us to increase our footprint in the market. If until today, we used to concentrate on the high end of the market, with this chip, we can penetrate to the smaller size and the huddle rooms. For example, in my own office, I have my computer, my laptop that can be connected with USB Type-C, which is becoming kind of a universal standard in our industry, to a docking station, and with a docking station with HDMI through the wall to the screen in the other side of the room. Until today, we did not have any presence in these types of rooms, and now with this new product, we expect to have a significant presence in these types of rooms, which will support our growth in the future. We expect customers releasing products to this market toward the end of this year, early next year, and ramping up the revenue from this product starting from 2026 and beyond. We are part of a standard called HDBaseT, partnering with companies like LG, Sony, and Samsung. We can say that if you would like to be HDBaseT compliant, you need to work with Valens. This other segment is the automotive. Our main focus is on ADAS, Autonomous Driving Systems. We expect that by the year 2029, this market will present for the company an opportunity of $4.5 billion. This is based on the number of cars and the number of cameras that are expected to be in every car with the deployment of the advanced ADAS systems. What is the use case? Imagine a child crossing the street. In the camera, the camera in the car will take a video picture of the child and will deliver the video picture over the cables in the car to a centralized computing system, for example, such a system that is being developed by Mobileye. In the system, there will be a very fast analysis of the video picture in order to identify if the car should be stopped immediately, yes or not. This whole process should take only a few milliseconds and require high-quality video, low latency that can be delivered over a long reach of cables. Another unique advantage that we have is our ability to handle electromagnetic interference in the car because you cannot allow yourself even one millisecond of disconnection of the video. We know how to do it much better, and there are a lot of them in the car because of the solar towers inside of the road, because of the electricity in the car, because of the engine in the car. This is a key advantage of Valens for the automotive market, especially for advanced ADAS systems. We announced a few months ago the first three design wins with leading European OEMs. We cannot disclose the name, but we did disclose that Mobileye is our strategic partner for these design wins. We hope to continue and work with Mobileye, which is considered to be a market leader, on new opportunities in the future and become a real strategic partner to Mobileye. In parallel, we are working with different OEMs globally. We're in an evaluation process with a lot of them. We see more and more interesting solutions around our technology. We expect initial revenues from ADAS systems in 2027, ramping up 2028, 2029, and beyond, with full deployment of ADAS beyond the year 2030. ADAS is a huge opportunity for the company, but it's more a long-term play. Today, we sell to automotive with one customer, Mercedes, around infotainment applications. It was like a one-time opportunity, and we took it, delivering video to the screens in almost 50% of the models of Mercedes-Benz. This product was commercialized to the market starting from 2021, and in 2024, it generated to Valens more than $20 million of revenues for the year. Another application is around long vehicles. We were partnering with a company called Stoneridge, delivering video from the rear of the truck to the front and also a surround view of the truck over the electricity cables in the truck. It will be commercialized in 2026. It's not a huge market, but could be very profitable and relevant for the company. We are part of a standard called MIPI A-PHY, partnering with other large companies in the standard. Our main competition in automotive comes from legacy products of Analog Devices and TI, for example. They are already in the market, and these are huge companies. It's a very tough competition to convince OEMs to replace these types of companies with Valens. We have technological advantages, and I can tell you that when we win a design win, we need to win in knockout. This is exactly what we did in those design wins that we already won, with technological advantages around the capacity, the resolution of the camera, and our ability to handle electromagnetic interference in the car. There is a whole ecosystem around MIPI A-PHY from different types of companies delivering different types of products. All the big names in the industry are here, so we expect continuous growth for our products into this environment with the MIPI A-PHY standard. Another vertical that we started to address only in late 2024 is the industrial and machine vision. This vertical represents for the company an opportunity of almost $0.5 billion by the year 2029. There is a rise of the machine vision due to increased factory automation, addressing workforce shortage and increased cost of labor, tighter inspection regulation, and increased e-commerce, resulting in growth in AMR for warehouses. Our customers are potential camera manufacturers. Here is an example to illustrate the use case around machine vision. Imagine a manufacturing machine of small parts. In the end of the line, there are two cameras that are aimed for visual inspection for quality purposes. In order to do this work properly, they need to deliver high-quality video in low latency over a long reach of cables because in an industrial environment, you cannot use wireless because of the noise. To a computer that is located remotely, because industrial environments typically are in very large spaces, on the PC, there is an AI-based application that knows how to do visual analysis, computer vision of the video picture, and identify which parts should be disqualified for quality purposes and should be eliminated. This whole process should take only a few milliseconds. Our ability to deliver high-quality video, low latency over a long reach of cables, and handle electromagnetic interference, and there are a lot of them in the industrial environment, creates a significant advantage to our solution. On top of it, we know how to reduce the cost of the cables in the machine vision systems, and we have developed very good applications for preventive maintenance in these applications. As explained, we've started our first steps in this market late 2024 around existing chips, mainly around the chip from the automotive, the VA7000, which has a small form factor, low power consumption, and has CSI2 interface, which is very much relevant for this market, and makes it an ideal candidate for integration into camera. We've already been able to announce on collaboration with a few partners like D3, FRAMOS, RGo Robotics, CHERRY Embedded Solutions, when, for example, we announced on platform for robotics applications. We see more and more cameras usage in robotics applications and so on. We expect initial revenue late 2026, ramping up from 2027 and beyond because of the design win cycle in this industry. I would also add that we are already working in the industrial environment with different types of companies with revenues which are not very significant, but still very lucrative customers, companies like Siemens, B&R, and Beckhoff, delivering video from industrial PCs to screens that are located remotely in the other side of the industrial space. Another vertical that is still more like a future opportunity is around the single-use endoscopy. Today, there are 250 million endoscopy procedures every year in the world. Recently, the FDA announced that in order to eliminate infection, it would like to encourage the MedTech companies to move to single-use devices. This creates a huge opportunity from our perspective, which is estimated at more than $600 million a year when this product will be ramping up. The use case, again, small form factor, low power consumption, the ability to deliver high-quality video, which is very important for the doctors, and the ability to handle electromagnetic interference in the surgery room. I can tell you that the initial feedback we received from the market is very positive, and there are some partners that are already starting doing the evaluation process with us. It's more like a long-term play for the company. We expect initial revenues maybe in 2028 and beyond. Still hard to quantify, but it looks like at least in the beginning of this journey, we have a good product-market fit. In the medical, we already have some applications with companies like Siemens and Medtronic connecting MRIs to the screens in the other room. From our perspective, medical is expected to be a significant growth driver in the long term for the company. Valens has one technology, core technology, with families of chipsets based on the same technology, the same file, serving different verticals, different markets. Sometimes the same chip can serve different types of customers in different applications in different markets. Getting to the financials. In 2019, the company had revenue of around $60 million. In 2020, the same, all the revenue were generated by the professional audio-video vertical. 2021 was the first year when we were able to generate revenue also from Mercedes-Benz, from automotive, ramping the revenue to $71 million, while the ProAV continued to be in the range of the $60 million. In 2022, it was a peak year. The revenue in the professional audio-video was significantly increased to $74 million because of the COVID, the post-COVID effect. Customers were afraid to be left without inventory and actually bought more than they needed in order to secure inventory. Automotive grew to $16 million, and the overall revenue for the year was $91 million. In 2023, the professional audio-video got back to the normal level of around the $60 million a year. The automotive continued to grow to $27 million, bringing the overall revenue of the company to $84 million. 2024 was a rebound year to 2022. The professional audio-video declined significantly to $36 million because in the beginning of the year, our customers still had a high level of inventory because of 2022. In addition, their customers, the video conferencing manufacturer, suffered also from a significant decline in their business because many companies invested a lot of money in building new video conferencing rooms after COVID, and 2024 was kind of a relief year for them. The overall revenue of the company declined to $58 million. For 2025, we started getting back to growth. The first quarter, $16.8 million, the second quarter, $17.1 million above the guidance, and for the year, the guidance is anywhere between $66- $71 million. If we take the midpoint of the guidance and we compare it to the revenue of 2024, we see growth of 18% year- over- year in the revenue. Gross margin for the second quarter of 2025 was 63.5%. The CIB is around the 70% gross margin. The automotive is around the 50% gross margin, with good improvement in the last few quarters in the automotive gross margin because of the product of cost optimization, and EBITDA loss of $4 million. In the second half of the year, we expect to see some headwinds because of the tariffs. Q3, it looks like we're going to have revenue anywhere between $15.1 million -$15.6 million, mainly because of the tariff. A gross margin of 58% to 60%, and EBITDA loss of anywhere between $6.8 million - $7.4 million of EBITDA loss. Q4 should be better, bringing the overall revenue for the year anywhere between $66 million - $71 million. We have a strong cash balance end of the quarter, $103 million. In the beginning of the year, we had $131 million. Through the year, we announced on two buyback programs. One of them actually was announced in 2024, and the other one was announced during the year in 2025. We accumulated an amount of $25 million of buyback share repurchase program until today. In July, we completed the second buyback, and in 2025, we had $20 million of cash influence because of the buyback program. Inventory level end of the quarter, $11.5 million. Slight increase versus the previous quarter because of the increased demand and because of the fact that we see some longer lead time with our suppliers. In November last year, we announced on a strategic new modified strategic plan for the company, and we set the long-term goals for the company for the year 2029. We said that we expect to bring the business by the year 2029 to anywhere between $220 million- $300 million of revenue. It means 30% - 40% growth year- over- year over the course of the next five years. We said that in the short term, we expect growth coming from the professional audio-video, mainly because of the recovery after the 2024 year and because of our expectations to increase our footprint in more parts of the market, for example, the huddle rooms and the small-size video conferencing rooms. We said that by the year 2029, we expect this vertical to grow to anywhere between $90 million - $100 million and be anywhere between 65% - 75% gross margin. Industrial machine vision, we're a newcomer. It's a new vertical from our perspective. Initial revenues are expected at the end of 2026, early 2027. We expect to bring this business from maybe $1 million today in industrial applications to anywhere between $35 million - $50 million by the year 2029, with a gross margin of anywhere between 55% - 65%. Automotive, as I said, the real growth driver is coming from ADAS. Currently, we're only with Mercedes-Benz. ADAS is expected to generate initial revenue starting from 2027, with a full ramp-up in 2028, 2029, and beyond. We expect by 2029 to see anywhere between $65 million - $110 million of revenue from automotive, with a gross margin of anywhere between 35% - 45%. In the long term, we expect significant growth drivers, first of all, coming from, first of all, ADAS because of the full deployment of ADAS beyond the year 2030, and then also from the medical, especially around the single-use endoscopy, which currently we could not quantify and did not include it as part of the forecast. Altogether, we expect above the 50% gross margin for the company, above the 15% EBITDA margin for the company. The company can be EBITDA positive at an annual run rate of revenue of $120 million. At this stage, it is hard to say when it's going to happen. To summarize, Valens expects significant revenue growth over the course of the next few years, target of four to six times higher by the year 2029. Diversification among different verticals and industries. Design win cycle, long sales and product life cycle provide long-term customer engagement and good visibility. Profitable business model, above the 50% gross margin, above the 15% EBITDA margin, and a strong cash balance that supports our future growth. Thank you. Thanks, Guy. Maybe I'll kick things off if you've got time for a couple of questions. I was hoping you could just recap, maybe you guys just reported last week, but I was hoping you could maybe recap 2Q a little bit more. I mean, I think that was your fifth consecutive quarter of growth. Obviously, things have slowed a little in 3Q, as you mentioned in your prepared remarks around some of the tariff impacts. I was just curious if you could sort of recap some of the latest events and sort of, I'm really particularly interested in what you're seeing in terms of demand, pull-ins, or push-outs, or sort of what that order flow looks like right now for you. Okay. I would say in general that the year is expected to be, we expect it to generate significant growth versus last year. Currently, the midpoint is 18% year- over- year, so we see a better demand than we used to see last year. We see continuous recovery in the professional audio-video space. It's not a slow recovery, but a recovery versus the year 2024. In automotive, we are mainly run by Mercedes-Benz. To be honest, Mercedes-Benz is not doing great this year because of the tariffs. They already announced on this, and there are a lot of articles about this factor. We're currently totally dependent in the automotive sector on Mercedes-Benz. The other verticals should expect to start generating revenue for the company in late 2026, early 2027. Altogether, I think that the demand in the ProAV looks okay. There are some areas where we do feel some challenges because of the tariffs, and some areas that we feel we are better than last year, and we feel a higher level of confidence. In Mercedes-Benz, we have a challenging year, and we hope next year that it would be better. Oh, thanks, Guy. I think everybody appreciated that you gave that full-year guide on your call. It does imply a relatively nice bounce in 4Q. I'm just curious, what's that confidence based on in your mind? I mean, is that the order velocities you're seeing today for 4Q delivery? Is it backlog building? Can you give us some color on what informs your confidence, I guess, on 4Q? We have some backlog, and we have discussions with customers that typically we know how to assess these discussions and provide estimation of what is the probability that these discussions will be converted into purchase orders eventually. I think that we have a reasonable level of confidence that Q4 is going to be okay. Again, we still need to work very hard in order to achieve this. For 2026, I can tell you that from initial discussions that we have with customers, we expect to see moderate growth. I would put a disclaimer. First of all, it's too early. We still don't have full visibility for 2026. Second, we still don't know what will be the impact of tariffs or new tariffs, or are there any other surprises around the corner on that aspect. According to what we see right now, we expect continuous growth in the professional audio-video, again, slow growth, and we expect and hope that Mercedes-Benz will be able to recover and have a better year next year because of the impact of the tariffs this year. Altogether, we would like to believe that 2026, we should expect to see another moderate growth. In 2027, we expect to see new growth drivers coming in, again, from the machine vision, from the ADAS, with ramping up 2028, 2029, and beyond. The message I would like to convey here is that Valens is more like a long-term play. We truly believe that in the short term, we can continue and increase the revenue, but eventually, the new verticals, ADAS, machine vision, and hopefully also medical will be reflected in all power, starting from 2028, 2029, and beyond. This is more like a long-term play. Thanks for that, Guy. On the inventory side, you guys have been clearing out excess inventory for a while since the pandemic. I just was hoping you could give an update on where you stand now with that effort. Are you happy with current inventory levels, or is there still, I mean, do you feel like when we get to 4Q or maybe even here in the third quarter that you're shipping to consumption, or is there still a little more work left to do on inventory? Do you mean our inventory level? I was speaking of your inventory, but also the channel. I believe you've been bringing down inventories for a while. I just was curious where we were with that effort. Okay. Our inventory levels are reasonable. We had a significant drop from 2022, and now we increased a little bit the inventory because of different reasons, including, I would say, supply chain. The supply chain looks like, again, getting back to a longer lead time. We wanted to build inventory. We're approaching the second half of the year, end of the year, and we do not want to miss revenue because of lack of inventory. It was very important for us. We're doing this very cautiously. We're trying to manage this very carefully. We hope that we're in an optimized level of the inventory in our balance sheet. Okay. Thank you. Maybe I'll end it if I could, to the cross-industrial piece of the business and specifically the VS6320. You know, you guys have obviously, I mean, you look at like the, you look at the 3,000 chip for ProAV and it's gained a ton of momentum. I mean, I think, I believe you've expanded it beyond 150, 150 customers or engagements. I was wondering on that particular, on the 3,000, sort of what applications or end markets are really behind that. You know, it just seems like it's got some good momentum. Yes. The applications are mainly around video conferencing. We've also provided some names of companies, like, for example, Crestron or Kramer, that are a traditional player in the video conferencing systems. The VS3000 knows how to deliver HDMI 2.0 with USB 2.0, and it used to be more on the high end of the market in the last few years, and now it's getting into the mid of the market, becoming like the new industry standard. This is a good example to illustrate that the industry, the professional audio-video market, is moving forward, but at a relatively small pace because this chip has already been introduced to the market in 2019. This is now the year when we see some upside in the revenue and significant growth in the number of customers' products from 100 to 150 between the end of 2024 to today. This is a good sign. That means that our customers really appreciate working with us. We have almost 200 customers in the area of professional audio-video. Most of them are with us for years, and they continue and move with us from one generation to the other. This shows stickiness and provides a good and high level of comfort that will continue and grow in this business. It should be emphasized that this market is, you know, moving a little bit slow, but still moving forward and growing year- over- year. The VS6320 is a chip that should take us to different verticals in the market, to the smaller size and the huddle rooms, as like the example I gave in the presentation. That should increase our footprint in the market and support the growth in the future years. Again, also in the VS6320, we see a good pace of adoption by customers. More than 70 customers' products already are there. Should we expect launches of this product and ramping up these products toward 2026 and beyond? The cycles, the design win cycle in this industry takes a long time, and then there is the product launch by the customer, which also takes a long time. On the other end, once you're in, it's very hard to get out. This is also a long-term play. I'm just curious, switching gears just slightly, to Acroname. I'm curious how Acroname, in your words, sort of complements, I know obviously USB hubs and switches, but how does that complement your core existing tech at Valens? I'm curious what your long-term plans are for Acroname. Okay. Acroname is playing in, is not a cheap company. They provide the overall solution. We found that many customers sometimes need a solution not at the chip level, but at the subsystem level. This could be kind of a complementary product to our offering to our customers. We would like to be a leading company in the area in the world of the USB connectivity, and Acroname provided us some complementary products both in the world of the professional audio video and also in the industrial world. This is an important piece too and kind of complementary capabilities to what we know to do. It's a very good team of engineering located in Boulder, Colorado, and we are very excited about this company. Acquisitions of new companies always take some time. The integration takes some time, and the natural cultural differences between the companies also take some time. We, as a management, are very happy and satisfied with this acquisition and very bullish about the company and believe that we made a good acquisition. It's a long-term play, and we should judge this acquisition a few years from now. We're definitely bullish about this acquisition. I think we think about gross margin as a system or subsystems company. In terms of, does it skew more toward your auto business in terms of gross margin profile long term, or does it skew more towards your ProAV sort of gross margin profile? I need to be very careful about the answering because we did not disclose this information, but I would say that the gross margins are in line with our strategy. Okay. Fair enough. On that topic, and it's a question I've never asked you, but you know, you had a great slide up there that showed the different products, the different chips from Valens, and it begs the question, especially when I'm talking to the CFO. It just seems like there's the potential, you know, to give you a lot of leverage as a CFO from on that R&D line. Maybe a way to ask the question is, you know, how much, have you ever looked at how much R&D reuse you're able to, you know, to squeeze out of the model? Yes. I think that the R&D today is in, if we take all the tasks that we have currently in the R&D versus end opportunities that we have in the future versus what we spend today for R&D, it looks reasonable. You need to remember that any design win of automotive requires a lot of support after you have the chip because you always need to develop specific software sometimes for a specific customer and supporting hardware and the other related items and support the customers in any question or challenges that you have. In automotive, there are many tests that you need to go through, many evaluation tests that you need to go through, and R&D is required for any single evaluation process, definitely in automotive. Also in other areas, for example, we have started a new market, the machine vision, and that requires a lot of R&D efforts in the software, in the hardware. Even if you have the chips, still you cannot sell the chips standalone. You always need to sell the chip plus other elements around, like software, hardware, and so on. This requires a lot of R&D investment. I would like to remind you that in 2023, with a significant reduction in the headcount of the company, we reduced significantly the operating expenses and specifically also the R&D expenses. We feel that at this stage, the R&D is okay versus all the challenges that we have. In semiconductor companies, you always invest the R&D today, and you generate the revenue in two, three years because it's always a delay because of the design win cycle. This is a real issue also in Valens. For example, in automotive, the evaluation process and design win can take almost five years in which you cannot, you will not generate a revenue. There is a lot of stickiness in the years after, and you can generate revenue for many years thereafter. These are challenging years before we generate revenue from machine vision and from automotive, but we do need to spend the R&D. This is an investment for the future, and we show that we can generate a significant amount of revenue in the next few years, and then it will be a good ROI on this investment. No, that's nice for all that colored guide. I'm trying to be cognizant of the time. I might have time for maybe one more question if that's okay. It's on auto since you just mentioned. I mean, I think we all understand that the auto segment is going through some challenges the last couple of years, just as a segment, just as a market. You guys had the VA7000 trying to penetrate that market. I'm trying to understand what impact has just a slower auto market had on those, and I know these are long design cycles, as you mentioned, so what impact has it had, if any, on the level of engagement, the sense of urgency amongst your OEM or tier one customers? I'm just trying to understand that market a little better and sort of when we should start thinking about VA7000, maybe seeing a little ramp. Yes. Our advantage with the VA7000 is mainly on the advanced ADAS, where you need a high-resolution camera. This is where we win in knockouts, our ability to support high-resolution camera, our ability to support capacity, our ability to handle electromagnetic interference, which becomes critical in the more advanced ADAS systems when it is a real safety system. This is where we win in knockout. Today, in this year, it's not there yet. We expect full deployment of the advanced ADAS where we can reflect our relative advantage in 2028, 2029, and beyond. This is where we have a real advantage. I can tell you that we've seen many programs that are being delayed by the OEMs right now. For example, we heard things like, "Hey, our revenues this year are declining, so we would like to postpone the plans for the new ADAS system for 2028, for 2029, and beyond because there is no sense of urgency." These kinds of statements we hear from the OEMs all the time. On the other end, everybody does appreciate our technology. The engagement we have with Mobileye is in evidence. Our technology, Mobileye is a market leader, a technology leader. They would not engage with us, a relatively small company, if they would not feel that we have real chances to win knockout in most of these design wins. We've already been able to win the first three design wins. We hope that we'll be able to win more in the future. We're currently in multiple evaluation processes with different OEMs all over, with Mobileye and also with other companies as well. Again, it's a long-term play. We expect to see initial revenues in 2027, ramping up 2028, 2029, full ramp-up behind the year 2030 because this is where we will have the most significant advantage. However, you mentioned the name 7000, and the 7000 chip is found to be a very interesting solution for other industries as well. For example, the machine vision. The machine vision is very relevant for the 7000 because of the same features in automotive, small form factor, low power consumption, CSI2 interface, and other elements, which makes it a perfect fit for machine vision applications. We opened a new vertical for this chip beside automotive, and the same in the medical, in the single-use endoscopy. The same chip is also relevant for this as well. In each of these verticals, we need to develop software and other elements in order to be in the market, but the chip is a chip, is relevant for this market as well. To summarize, we expect ramping up of the 7000 starting from 2027 and beyond, and we are very bullish about this chip. Sounds like good R&D reuse to me, guys. Anyway, it's great seeing you. That's got us right on time. It was great to see you. I really appreciate you carving out the time, and I enjoyed our conversation today. Thanks a lot. Thank you very much. Thank you. Take care. Bye-bye. Bye-bye.