Arcimoto, Inc.
Q4 2020 Earnings Call Transcript

Published: 31 Mar 2021

[Mark Frohnmayer:]

All right. Good afternoon. Welcome to Arcimoto's 2020 Full Year and Current Events Webinar. This might run a little bit long. We have a lot of ground to cover today. Going to start with a recap of 2020 and some current events, layout Arcimoto’s -- what I would call, Arcimoto's not very secret plan, which I've been talking about now for 13-plus years. But we've got a lot of new folks who have joined in as stakeholders, and so I want to make sure and put it all out there, particularly in light of our recent acquisition of Tilting Motor Works. I’m going to chart the 2021 road ahead. So give some clarity on what our top level goals are for 2021, take investor questions from the Say platform, which will be our first time using that platform to let our shareholders put in questions directly. If you didn't have a chance to do so, this time, it's something we plan to keep forward with in subsequent earnings calls, and then we'll do -- like we did last time, we're going to bring a panel together of analysts of Arcimoto stock and our executive management team in order to answer sort of round robin style Q&A.

[A - Eric Fritz:]

I would love to. Let's start by going over to Say. Alright. So you touched briefly on the ATVM loan, please provide an update on status of the ATVM loan program application. If not so yet, please provide an expected data solution. Also comment on how long these loan applications typically take to receive their response?

[Mark Frohnmayer:]

Great question. So the -- in terms of where we are, we are in the final push on polishing of that document for submission. I think the submission is imminent potentially even before the end of this week. So watch for that amongst our filings, when that goes in, that will have likely a little bit more detail about the full contents. And there are a number of pieces that go into that. One is, obviously, all the due diligence that we did on the new factory, the progression of the planning work with Munro for the actual production, the mass production version of the vehicle. In terms of how long it takes to actually get funds disbursed, that can be -- we've heard from the DoE, it could be 6 months. It could be a year. What the really important marker there is, when they determine that our application is "substantially complete" because that's the point at which we can begin to accrue costs to the loan that would then ultimately be repaid out of the proceeds of the loan grant. So that is a timeframe that is likely to be much sooner than either the 6 or 12-month time horizon. But what we're doing is, it's going to be basically a whole lot of work to get all the planning done and the research done and then really push go and make sure that we're in very tight communication to move through that process in order to be able to consider it. Next?

[Eric Fritz:]

Mike T. Hi, congratulations on a new building purchase. How long is it going to take to retrofit the new building for full utilization of full manufacturing buildout?

[Mark Frohnmayer:]

So as I mentioned, we're targeting a start of production of the mass production version in Q4 of 2022. That is our present target. Jesse, do you want to offer any additional color sort of on how you see? Jesse has been really spearheading the initial site due diligence and some of the construction planning for the new factory. Do you want to share maybe a little bit about how that's going to roll out?

[Jesse Fittipaldi:]

Hey, everybody. Thanks, Mark. Before I answer that question, I'd like to comment how awesome, I think, the chat is and the positive aspirations going on over there. It's been fun to watch. And it's been great listening to you, Mark, telling the successes of last year and what our goals are for this year. I think it's been a great journey, and there is a bunch of people that are making this happen. One of those groups is the RockStar Consulting team that we put together to do the due diligence on the factory site in short order. And the mission was to validate whether or not we can do what we need to do on that site from a city's perspective, zoning occupancy, environmental, all those things look good. And then from a manufacturing standpoint, can we meet the goals that we have set up for, and is that site capable of doing it. It looks great. And now it's -- the mission is to start -- once we have acquired the site, immediately start working on the logistics, and how we're going to solve moving stuff in and off the property. And I think we're going to see some pretty major headway in the beginning of next year where that place is looking good and ready to start putting equipment in for production.

[Mark Frohnmayer:]

Alright.

[Eric Fritz:]

Great. Jason L. What is the bottleneck of production at the current facility? When do you see that being resolved? What's the projected run rate by the end of 2021?

[Mark Frohnmayer:]

So I mean, Terry, do you want to address this? I mean, I think I would say sort of supply chain, supply chain, supply chain at the moment. But I'll let you.

[Terry Becker:]

Sure. I'll jump right in there. Thank you. Thank you for the great questions. This is good. As a lot of you might anticipate, the answer to the question of what's the bottleneck is just that. It's the bottleneck of getting supply chains to flow like the river that they need to flow to feed our factory. Turns out that building an assembly line in a factory to assemble the vehicles is not the biggest challenge by any means. The bigger challenge is to have all of those factories that build components and parts and pieces that have to get on boats and trucks and trains and come to your factory and then get fed to the line. That is the biggest challenge. I don't want to overplay the pandemic card at all here because we take these challenges, and we tackle them and we solve them. But it is kind of true that this year has been challenging. The last year has been challenging because of some of that. Going forward, we have means to mitigate those things and unstick those bottlenecks. And I'll go ahead and just jump in there and talk about the run rate that Mark alluded to earlier. We did a test. We did a test today actually just to make sure that we're getting ready on our run rate in the assembly line, 13 station assembly line that builds an FUV from station 1 to the end of the line. We very intentionally did this test a few weeks before we intend to go to the next incremental jump, which is to 4 vehicles per day. That's 1 vehicle popping off of the end of the line every 135 minutes. So it's not . And here, again, the key is not putting them together so much, but to have -- be sure that the river is flowing toward that. We successfully achieved the assembly of 4 vehicles per day quite handily. My manufacturing team and materials team, they are stellar. When the parts are there, it flows. So I'd really like to give a shout out to them. They are ready to go to that step when we pull that trigger here in the next few weeks. And then by the end of the year, I think I heard that question as well, is we intend to jump up again from the 4 to at least 5 per day. And as sales pick up and the demand is there, we will be able to go to second shifts and double that quite handily. So we're ready for it. And to answer that question, though, what's the bottleneck and the unknown, that would be the supply chain.

[Mark Frohnmayer:]

We'll take a couple more from Say and then kick off -- let the Wall Street hear us get their moment.

[Eric Fritz:]

Sure. Moe had a few that got voted. I'll kind of consolidate his 3 questions. 2 of them were regarding technology. Specifically, any thoughts on partnering with Tesla for supercharger technology. What is our plan for autonomy? And then his third question was regarding a previous slide that we've shown that showed the global expansion and can we shed any light on our strategy for international development?

[Mark Frohnmayer:]

Definitely. On -- so I'll take on these 3. As it relates to partnerships with Tesla on technology, we don't have anything -- we've not talked publicly about anything along those lines. It's obviously something that we would be interested in. They have the leading charging network. They've got a great charging adapter. They've got amazing battery cells. They've got amazing autonomy technology. And all of those could be significant additions to the Arcimoto platform. So it's a conversation we certainly would have interest in engaging in. When it comes to Arcimoto's strategy related to autonomy in particular, we have planned the Arcimoto platform to be an autonomous foundation for mobility. And so the work that we are doing, our focus area is on the vehicle platform itself, having a very lightweight, ultra-efficient vehicle platform that can be driven by wired. And the next piece of that, obviously, is the sensor and software stack that actually lets drive on the road or in particular areas. And for that, we're actually looking to a number of different potential partners out there in the ecosystem that -- where that is their core focus. There are actually quite nearly dozens of different folks taking, in some cases, very different approaches to autonomous piloting of vehicles. And we think that the Arcimoto platform will provide an ideal platform for those ventures that are looking for the right pathway for autonomy into the marketplace. One other thing I'd like to add there is just that we think we have a new twist on autonomous vehicle sharing that is going to bring the potential for the deployment of shared autonomous vehicles into a much closer term than if we needed to have a full level 5 works all the time robo-taxi type approach. And when we -- as I mentioned earlier, we intend to demonstrate this year, our first autonomous Arcimoto vehicle. And at that point, I think we'll have a lot more to share about our vision for autonomous vehicle sharing. And then the final question was related to international expansion. As you might have noticed, we just -- today, I was actually the starting day of -- Dilip Sundaram, who's our new Chief International Business Officer. Dilip comes to us from Mahindra, where he led multiple projects opened up the U.S. office or the Korea office, and we are very excited to have him on the team. And particularly, as you look at not just Arcimoto's platform 1, but our second platform that is targeted at, again, an even lower -- sort of lower cost portion of the market, we think that will have applicability truly global. And so that's going to be, I think, a piece of the overall story as we get through to the mass production version. We are designing it with international regulatory compliance in mind, and we think that we'll have a fantastic second platform that will have truly global reach. So stay tuned on all of those fronts. And I think, Fritz, with that, I'd love it if our panelists could hit their cameras on, and let's do some round robin. I'll give this -- I said, we'd go a little long. Let's plan on going until 15 past the hour, if that works for folks, so you can each get a couple of few questions in. I see hands raised. Michael, you've had your hand raised for the last 45 minutes. So let's go to you first.

[Michael Shlisky:]

That sounds about right. Can you hear me okay?

[Mark Frohnmayer:]

Yes, loud and clear.

[Michael Shlisky:]

Alright. Great. I want to maybe first ask about a little bit more -- just some more detail about the marketing outreach for your products.

[Mark Frohnmayer:]

And by the way, if you wouldn't mind introducing yourself first. I think that would be great.

[Michael Shlisky:]

Good point. We have the logo here. Mike Shlisky of Colliers Securities. I'm one of the analysts covering Arcimoto for -- it's been a little bit over a year now, right, Mark, 1.5 years, maybe. So again, thanks for all the answers along the way, hopefully, today as well. So I wanted to start off asking about the marketing plan for your products going forward. You had mentioned there is going to be some kind of road team or away team it goes from place to place. I guess 2 things, are there any fixed marketing points you've got planned besides a rental fleet where it's just one activity? And secondly, do you have to market the Roadster differently than the other products? And is there any additional cost there to kind of get more matched channel marketing?

[Mark Frohnmayer:]

Great questions. I think I'm going to take a little bit of this, and then, Fritz, if you want to add some more color on it, that would be great. So we've got a multifaceted approach to market development that starts with online -- learning about the brand through online videos. We've made video sort of core competency of the venture because that's -- we found the absent actually driving the vehicle. That's the closest we can get to showing you what it's really all about. The experience rental is another really key component of that. So targeting destinations where people can rent the vehicle for a half a day or a day or in the case of rideshare, maybe just for 20 or 30 minutes. And in order to get an experience of the vehicle in a way that is, for us, long term, we think going to be a revenue generator rather than a perpetual cost sync. And then on the fleet side, our goal is to get -- particularly for the next 18 months, is not to sell vehicles to delivery-type fleets, but rather get what is now a very limited number of delivery-focused vehicles into the hands of key potential fleet adopters that can try the vehicles for 2 weeks to 2 months in order to first give us feedback about what works and what doesn't so that we can feed that into the development of the mass production version of the Deliverator. And then second, begin to collect letters of interest for more substantial fleet purchases that give us additional confidence in the market tractability of those products. First, did I leave anything out on the Roadster side? We had a fantastic feedback from our trip to Daytona, where -- I mean this is bikers who love big loud gas burning bikes. And I think our team out there was pleasantly, even potentially a little surprised at just how positive the reaction was. But Fritz, have you got anything more to throw on there would be great?

[Eric Fritz:]

Sure. Michael, you were asking about difference in marketing those 2 products, and there will be -- we will be targeting different segments and a slightly different strategy just based on the regulatory requirements around the 2 different vehicles. One is most clearly in motorcycle, one kind of straddles the line between motorcycle and some states have an autocycle definition and kind of straddles the line between motorcycle and cars. So there are certainly considerations that we're thinking about, both on the marketing side and the regulatory side there.

[Michael Shlisky:]

Okay. Great. Can I ask secondly about your cash burn? You've seen plenty of cash. Thanks to some recent activity in the capital markets. I'm just curious if you can give us any kind of quarterly or monthly feel for how you might run through that going forward.

[Mark Frohnmayer:]

I think we'll have more to talk about. I mean, we've maintained a pretty steady cash burn. Actually, maybe a little bit of a decline in that in 2020. I'm obviously expecting that to go up. I think we'll have a little bit more clarity to communicate on that front at our Q1 call. But I would say that Arcimoto has, I think, made a point of being incredibly efficient with cash. We spent a grand total of $42 million from the napkin sketch to first production vehicles off the line. I think it was in terms of generating return on value for shareholders. It's been a pretty extraordinary ride. And that's a discipline that we intend to keep as much as we possibly can as we go to scale, that is that in the event that we dilute shareholders minimally in order to increased value. The goal is always to increase the size of the pie way ahead of the shrinking of the slices.

[Michael Shlisky:]

Got it, Mark. And maybe my last question for you here is on the gross margin and EBITDA breakeven outlook. You work with Munro and Associates for quite some time now. You've got a new facility coming soon. But the current AMP, have you had any -- whether you can update us on whether you've pulled down the volumes that you need to get to breakeven on the gross margin or EBITDA wise?

[Mark Frohnmayer:]

I think we made a decision last year that we were going to go for a much higher scale. And I think -- and we said, okay, we're just going to stick with the current AMP and push maximum production capacity out of that. That would have been a substantial undertaking just to ramp up our sort of the way that we presently build vehicles, and we saw the potential to achieve positive cash flows in the end of 2021 kind of a timeframe. I don't think that, that is going to be the case with the addition of the plan for the ramp. I think now we're looking at -- basically, we'll be sort of well into our first production year out of the ramp at the earliest before we would see things start to flip positive. And again, that's -- I mean I would just anticipate that Arcimoto is going to be growth focused for the foreseeable future. Alright. I think the second one was from Amit. If you wouldn't mind turning on to cam and introducing yourself, if that's...

[Amit Dayal:]

Can you see me?

[Mark Frohnmayer:]

Yes. Yes.

[Amit Dayal:]

Alright. So with respect to sort of the preorder book or the sales leads, however you want to define that, is there an opportunity to start taking advantage of that list and using the balance sheet that we have to maybe deliver orders to or vehicles to folks who have shown that level of interest?

[Mark Frohnmayer:]

Yes. And Amit, if you wouldn't mind introducing yourself real quick.

[Amit Dayal:]

I'm with H.C. Wainwright. I've been covering FUV for a couple of years now.

[Mark Frohnmayer:]

And so if I understand your question correctly, you're saying with our indications of what we are -- what we call our preorders or our strong sales leads, is there an opportunity with those to -- I mean we're definitely looking to deliver vehicles on -- particularly some of the folks out there, some of you have been waiting a very long time for your Arcimotos. And that's really -- a piece of that is, there are really 2 pieces of that

[Amit Dayal:]

Mark, can you remind us which states we are certified for currently?

[Mark Frohnmayer:]

Well, so the vehicle is certified on the road, it's for all 50 states. But in terms of where we are presently selling -- and this really has mostly to do with making sure that we have that we have service in place for our early customers because -- and this has been, again, a substantial challenge throughout this last year. We have had certain circumstances where customers have had to wait far too long to get their vehicles repaired or to get warranty work done. And so we want to make sure that our customers have the best possible experience with the Arcimoto product, and that really has a lot to do with not just how awesome it is on the road, but the care and feeding of the product after the sale. So as we are able to scale our service network, that will also allow us to open up new states.

[Amit Dayal:]

Platform 2 versus platform 1, is there any cannibalization in that? Or are these very different products and you don't expect much overlap?

[Mark Frohnmayer:]

They are very different products. The principal overlap would be on sort of materials construction, and I think on the things like the battery and the battery management system technologies. We'll have a lot of shared effort between those, which of course, makes up the bulk of the single largest item on our build materials. And so the one advantage, I think, that we will get by producing a larger vehicle that has 20-kilowatt hours plus on board is that the economy of scale that we will be able to achieve from battery purchase will be advantageous to the cost structure of our much lighter weight, lower-cost vehicle products.

[Amit Dayal:]

Understood. And just one last one for me. On the quality issues, are those addressed or resolved already? Or are you still working through them? Any color on that would be helpful.

[Mark Frohnmayer:]

I would say that they are -- we believe they are largely addressed. There has been one real challenge that we've had with one of our electronics components, and we are hopeful that this last rev from our supplier addresses those issues. But we're aggressively testing those new components, and we will not stop, obviously, until we've got a vehicle that is truly exemplary for all. Alright. I think Jim McIlree, you might have been net.

[James McIlree:]

Yes. Thanks, Mark. I'm with Bradley Woods. Mark, can you share with us how much Tilting Motors will contribute revenue and cash flow for 2021?

[Mark Frohnmayer:]

I think we will have a much greater -- clearer picture of that at our next earnings call. Unless, Terry, if you want to take a while to swing that, but softball it.

[Terry Becker:]

I actually have to calculate this in my head, so don't hold me to anything, but we're selling a kit about every couple of days. And it's roughly a $15,000 kit. However, we're moving the company from Seattle down to Eugene. We're bringing in-house a lot of the manufacturing of components. We will need to hire people to assemble them. So there is a lot of infrastructure that we need to put into place. And so we will likely intentionally not get too crazy with numbers, but our goal is to let it ramp up at a pace that we can be sure we get the quality in check, the vendor supply chain in check. And then, of course, the dealers and distributors that sell the Tilting Motor Works products out there into check.

[Mark Frohnmayer:]

And just to clarify, so we acquired Tilting Motor Works. They had an existing product line that is a conversion kit for large motorcycles to turn them into tilting vehicles. That was not ultimately the driving reason for the acquisition, was their existing product line, although we think that it is going to be additive to the overall Arcimoto picture. It gives us a nice beachhead, additional beachhead into the motorcycle market, but that is distinct from what I talked about earlier as far as our sort of platform 2 product family that we are going to be introducing the first product in that new product family, but that won't happen likely until late this year.

[James McIlree:]

And the recommendations that Munro is making or has made, when will those be integrated into the product?

[Mark Frohnmayer:]

So it's going to be a mix. Some are -- some of the insights have actually already made it into the product. And I would say that there was one, they've got a notion that Sandy talks about, B.O.B, the blindfolded one-armed builder, and in terms of how you design parts to be easy to assemble and to be able to be assembled without error. And we have taken some of those approaches through existing parts on the vehicle. And in some cases, those have been applied to all the vehicles that we built. So we'll see some of those development insights make it into the vehicles that we're selling now and in the near future. But the real bulk of the effort that the Munro team is doing is on planning out higher volume production for lower cost in our new facility. And that's -- again, the start of production on that is October of 2022. That is our target, and we will obviously continue to keep folks updated as we move down that product development path. Alright. Rommel, welcome. Please introduce.

[Rommel Dionisio:]

Great. Mark, I'm Rommel Dionisio, one of the other sell-side analysts coming to stock, and I'm at Aegis Capital. So Mark, just -- obviously, you've got a lot of irons in the fire, but just wanted to ask about the federal opportunity. Obviously, you've already been targeting some state, municipal agencies. But with the new Biden administration, does seem like they're making a big push for electric vehicles, emission-free type of vehicles. Can you maybe talk about the long-term opportunity that you foresee there? And how your product might be tailored for that?

[Mark Frohnmayer:]

Well, I would say, stay tuned. We've got some things that we have not talked about yet that we think might turn into opportunities in the relatively near term. But in the long term, I think I've been very heartened by the bold goals that the Biden administration has set forth for vehicle electrification, and we think that the automotive platform family has potentially a very big role to play in that push. And it could be anything from vehicles driving around Army bases to last-mile delivery for postal services and anything in between in terms of campus fleet-type vehicles. So we look -- we're engaging on a number of different levels with the federal government. We've joined the Zero-Emission Transportation Association with the goal that -- that group's goal is to go 100% electric by 2030. And so that's -- I think the combination of all that will push the relevance of Arcimoto's platform with the federal power.

[Rommel Dionisio:]

Just one follow-up. You did touch on -- I think a couple of days ago, we saw a press release in the hiring of international executive. Yes, I wonder if you could just maybe just give us a little more color on what the low-hanging fruit there might be. Obviously, there's a lot of countries around the world, who -- some of them frankly are even maybe a little further down the curve in terms of electric vehicles than here in the United States. And I wonder if you can just share some color there in terms of the near-term -- near or long-term opportunities.

[Mark Frohnmayer:]

I would think of that as sort of the midterm opportunity for the company in the bigger picture sense. The near-term opportunity is that we have -- we continue to have substantial amount of inbound inquiries from all over the world for Arcimoto's platforms and products. And so having -- the reason that we moved to bring Dilip on Board in the immediate term is just to really begin to understand the dynamics of market entry in different areas in the world, size out the market opportunities in various different areas and understand the potentials for partnership for manufacturing to distribution, sales, all the rest, all over the planet. And I think we build out really for that. Alright. , coming to you. You're up, and then we might have time for one more question, if you had so.

[Unidentified Analyst:]

Can you hear me, Mark?

[Mark Frohnmayer:]

I can hear you loud and clear.

[Unidentified Analyst:]

Okay. Great. The first question was just a follow-up on something that you talked about earlier in the call today. I was wondering if the changes that the fireman test that you talked about, the changes that they recommended, would that end up increasing the cargo capacity of an Arcimoto?

[Mark Frohnmayer:]

What they were looking for is really just the Deliverator that we've already got, but as a -- and he specified it in more detail, it was sort of like they want to have one Deliverator and one Rapid Responder as we've currently articulated it so that they can have a 3 person team with a bunch of gear go out in terms of a Rapid Response. And the one thing, I guess, I would also add is just that one of the advantages, I think, that we really have at this point of this sort of new wave of electric vehicle companies is that we actually have vehicles on the road in the market, and we're able to test those vehicles with potential adopters, really understand what their needs are as we look to much higher scale production. And that's really what this -- it's part of our mantra of continuous improvement. But it's really all about gaining as deep as possible, understanding -- as possible an understanding of what our customers need in order to build the right solution for daily mobility for them.

[Unidentified Analyst:]

Okay. And it's getting late, so I'll limit myself to one follow-up. I wanted to ask about the recently announced hire of Dilip Sundaram as Chief International Business Officer. He formally worked for Mahindra, which itself offers commercial 3 wheel vehicles, including an electric last-mile delivery solution. I was just wondering, was he hired specifically for his 3-wheel experience? Or were there other aspects in his background that was important to Arcimoto?

[Mark Frohnmayer:]

I think his -- so his depth of experience in international vehicle deployment -- in electric vehicle deployment was certainly one big part of key to bring him on Board. The other was just -- and this is true of the vast majority of Arcimoto's hires. It's just that when Dilip came to us and expressed a profound alignment with the mission of the company, sustainable mobility is something that he has been passionate about for many years. And he looked at what we were doing and said, this is the solution for the global marketplace, and I want to lead the charge. That was a pretty compelling intro. Alright. We want to do a lightning round? Mike, any quick follow-ups.

[Michael Shlisky:]

Mark, you can hear me okay?

[Mark Frohnmayer:]

Yes.

[Michael Shlisky:]

Alright. I'll ask it with the camera off to keep it up to work. Alright. So my other question is, I was curious, you have been talking a lot about micromobility recently. I think you've got a speaking engagement coming up in that sector. Are you waiting for platform 2 to put a product into fleets? Or does the current FUV in its current innovation have some potential there? I see one of your competitors in the FUV space is now doing a fleet in Phoenix. Are you talking with any cities about the turn -- FUV to roll out that product in micromobility applications?

[Mark Frohnmayer:]

So we see the current sort of platform 1 family of products as being really kind of on the edge of micromobility. I think the technical threshold is 1,100 pounds, and our 1.0 is about 1,300 pounds. But yes, we absolutely see opportunity in deployment of the FUV and its variance in micro mobility type fleets. And really, it's those combined fleets, where there is -- where you're going to have the bicycle class vehicle as one option, the pickup truck as another option, an FUV-type vehicle, where you're -- there is a quote that I love that say people aren't looking for quarter-inch drilled, they're looking for a quarter-inch hole. So the real potential for vehicle sharing is having the right tool for the job, whatever your job might be. And we think that the Arcimoto platform 1 products fill a huge potential swath of the on-road vehicle needs as we go forward. And really, it's -- the platform too is all about that next -- the other side of the gap between the bike and the car. Alright. Who wants to take the last question?

[Unidentified Analyst:]

I will.

[Mark Frohnmayer:]

Alright, do it.

[Unidentified Analyst:]

Can you hear me?

[Mark Frohnmayer:]

Hit it, Jeff. You got it.

[Unidentified Analyst:]

Okay. Arcimoto is filings note that its R&D spend focuses in large part on reducing the cost of products, and that sounds like a pretty smart goal. I was wondering, what are the major cost nuts to crack between now and mass production?

[Mark Frohnmayer:]

Well, the big cost centers of the product are the battery, electronics and everything else. So those are the 3 buckets. And I would say that we've got major initiatives focused in all 3 areas and some very interesting technology developments that we're not quite ready to pull the wraps off of yet. But that will certainly be a part of our story going forward.

[Mark Frohnmayer:]

Alright, guys, with that, I'm going to call it. It is -- we're an hour and 20 minutes in. Really appreciate everybody tuning in. 2020 was a year that's hard to put into words. I'm incredibly proud of the accomplishments of the Arcimoto team during that time and going forward, very excited about the road and deeply grateful for all of our stakeholders. Some who've been with us for a very long time, some of you who are just tuning in. We appreciate your support, and we do look forward to seeing you on the road, and that will be happening soon. So thanks a lot. Cheers.