TOYO Co., Ltd Ordinary Shares 0 Earnings Call

Amateur chip. That's very difficult to do, so we'll talk about that. But before I do, I want to talk about the natural pivot that happens between defense companies into industrial and consumer. Back in the 80s, as an example. Many of the technologies like DARPA net, which became the internet as an example, came out of defense. This is no different. This technology is coming out of the Department of War and what's called an industrial based analysis and Sustainment Act. So that technology is being born and delivered to and from the government through Kopin That same technology and production line that I'm going to talk about today is the same technology and production line that's going to produce our AI chip set. Okay. So from there., a recap. We've been focused on a color micro LED technology for a major program called Soldier Borne Mission Command, which is currently being competed with a company called Andrill., Palmer, Luckey's team,, company called Palantir rivet. And,, Elbit Systems out of the United States., the Army has chosen Copan and one other company to develop a color MicroLED for that application. And the reason why is very important. All the prototypes in this system will be potentially OLEDs., but for daytime readability, for symbology being color, you need a very bright micro display, an OLEDs just are not bright enough for daytime use.

So that's why the United States government is funding Copan to develop this technology for them. The reason why is very important. China already has it. Therefore, they can see us before we see them. And that's a very bad day for our soldiers. Okay. But that same technology, that color MicroLED that we're developing is same on the basis of our monochrome micro-led allows us to place over 16 million pixels on a one inch chip. That is a tremendous amount of capability. Think about 16 million lanes of a highway When you start thinking about data transfer, 16 million lanes, all traveling around maybe a gigahertz as an example, that is very fast. That's a big bandwidth opportunity to transmit data over a micro-led as opposed to a laser or copper. As we'll talk about that in a moment. We received a $15 million order from our friends over at fabric AI., I think they trade under Fab C. If you want to take a look at their stock., this is a technology development that we're partnered on with them and we're developing a 1.6 Terabit,, transceiver with them right now to,, provide the., hyper hyperscaler market and Copan will be focused on the US DoD market, but one production line, the production line that we're being funded by the US Department of War and the industrial base Analysis and Sustainment Act actually provides two massive markets for Copan.

Firstly, the defense market and our color Microleds. That's well over $1 billion just in the United States Army alone. Massive opportunity. Reason being is this technology will go into the soldier borne mission command helmet. It will also go into programs like Thermal Weapon Sights, which we currently build, which is LCD based. We'll also go into technologies like heads up displays and rotary wing and fixed wing helmets for fighter pilots, as well., and one day it'll likely get into first person viewers for drones, but,, it's a little too expensive for that application. So we're going to use our OLED deposition line for that. But that same production line based here in the United States will also provide us a 1.6 terabit per second. Transceiver, which was codenamed Shasta. That's now our neural IO product line. And we have some exciting,, additions to this product line. I was thinking about presenting them today. Not really ready for prime time just yet, but look for more updates from Kopin and fabric AI on our roadmap and new products coming out very, very soon. Okay. So why micro LEDs and AI data centers? I get this question all over the place.

Is this the Holy Grail? In some ways, it is. But copper's not going away. Companies like credo have built a tremendous business providing copper service to folks like Nvidia and Marvell, etc.. Copper, in terms of serdes has been around since I was in high school. Engineering, electronics. It is not changed. It's basically tapping out in terms of its speed per lane and the amount of lanes that you have. So therefore, the whiz bang kids decided to come up with lasers. Okay, well, let's use lasers in a data center and transmit data ., and we get rid of the bandwidth issues. The problem that that then creates though, however, is lasers chew up a tremendous amount of power. They're mtbf is quite long, and unfortunately, they also have a tremendous amount of ,, size, weight and power consumption that they need to go through,, which adds more water to a data center. So therefore, Micro-led optics is a very good.. Alternative to those two technologies. So when we think about this in an energy per bit type of approach, a micro LED at one watt or two watts will be less than one pico of power per bit.

And that is tremendous power savings., for the average data center in a hyperscaler. So we'll talk about that in a second. So neural IO versus lasers again. CMOs compatible, very, very small Microleds can get into a one by one millimeter package in a transmit only configuration., and still transmit data well above 1.6TB, where Nvidia's GPUs want to play and operate. So when we think about then copper, copper is essentially is being driven too hard as we speak. It actually looks like individual lines of a toaster. If you actually look at your toaster when it's toasting your bread, it has copper lines. They heat up really red. That's essentially what it looks like in a data center. Why they have to cool everything with water. These days are running far too fast and creating excessive amounts of heat, and also now are creating,, an issue with,, safety and power consumption. Of course. So when we think. About neural I for defense, as an example, the Department of War needs to move AI closer to the battlefield as close as humanly possible. Therefore, you can't have trucks of batteries going with you to put a micro data center close to the battlefield.

As an example. Nor can you wait for it to be bounced. Data to be bounced off of a satellite. And this is an article that just came out from military.com at the bottom here.. It's free. You can take a look at it, but the Pentagon plans to, initiate AI data centers at military bases across multiple branches all over the world. Now, here's the interesting thing. You cannot provide chips to the Department of War that are built in China or even Taiwan. They have to be built here in the United States. If they're going to be built here in the United States, they're more than likely going to be built on our production line. Since, a the government paid for it. B we're the only ones, in my knowledge that can do the level of bandwidth that is required. And C we actually have the pedigree and provenance of being able to build this technology for the aircraft industry. As an example, rotary wing aircraft, as an example, and certainly things like soldier borne, mission command, thermal weapon sights, etc. we have the pedigree to build these chips for the Department of War, and we have the production line to do it., so saving 17 to 20kW per GPU rack enables the Department of War to bring AI closer to the battlefield.

AI gets closer to the battlefield, better decisions, quicker decisions, more people come home safe from our troops and our allies. And that's what copan's all about. So neural I o what? Is it in reality? It's a system on a chip. When we think about what ASR does is a coprocessor does it's a transmitter and it's a receiver. What we're doing is basically creating that capability all within one chip. That one chip is very much focused on two applications, potentially a third. The first application is chip to chip communication, because GPUs need to talk to each other. And right now, Nvidia is already blown apart. Moore's law, and they're transmitting and crunching data well above 1.6TB. In fact, they want to go to 3.2TB as quickly as humanly possible. And I think Copan can get there just as fast as they can. So but you also need to receive data that that receiver is something that we've been working on. We'll probably partner on this side of the technology. The receivers are actually not the issue. The receive side of this technology has been developed for many years because of cell phones. The camera that you have in your cell phone is a receiver.

It's a photodiode, but it's the transmit that everyone's struggling with. The transmitter is the diode, the LED that we do better than anybody else in the world. That's our core competency. So putting those two things together is basically a neural I o chipset. But one of the key aspects of this technology that I think the industry is getting wrong is our chipset is programmable. The reason why that's so important is brownfield and greenfield applications. As Nvidia comes out with their next generation of chip set, their old generations of chip sets still need to operate in the Department of War as an example, or even old hyperscalers. So. Or new chip sets from folks like AMD and Intel who's got a wonderful product line up will be programming those interfaces into our chip so we can talk to a legacy x86 Intel chip. As an example, transmit that information via light to a new Nvidia chip set. Also, using a micro LED. That's a key differentiator. Specifically for Copan. And we already have that in production today. So this is why we're doing what we're doing. Copan isn't changing as a company. We're just doing more with what we have.

It's one production line, two different markets, two different products. But a massive, massive opportunity from a market standpoint, these are billion dollar markets. As you saw earlier. And we're being very successful thus far with customers really interested in working on this technology with us, because we are the leader in micro LEDs. So I mentioned a little bit about manufacturing. We have all the CapEx we need. We have all the space we need the production lines going in as we speak right now., here in Westborough, Massachusetts, along with our OLED production line, which will be using for our first person view drone,, headsets, which we're being very successful with recently. And the drone dominance competition. So that'll be based here in Westborough., Reston. We are expanding slightly as well., and Dalgety Bay is also doing some back end processing for micro and OLEDs as well. So, the footprint is fine. Our CapEx is fine. We're not going to spend any more money on CapEx. We're actually going to grow into it. And,, the team is very focused on delivering this technology and bringing kopin to profitability., and,, providing X, X,, unexpected. Results. I think we're going to have a great year this year.

And even better next year. So with that, I'll pause and take any questions that I can.

Great. Thank you Michael. Very exciting times for Coban. I see that you did receive a few questions at the bottom of your screen that you can find. Please read the question aloud before answering.

Sure. The fabric AI partnership has a lot of excitement. Yes, it should. What? Technical. Commercial milestone should we watch over the next 12 months? And what would demonstrate this opportunity is becoming meaningful business rather than an R&D project? Great question David. So a couple of things. Firstly, we just had our first design review with fabric AI. It went exceptionally well. You're going to see us line up partners for each of those technology blocks that I talked about recently. We'll announce some of those, not all of them. Some of them we want to keep in our back pocket for strategic reasons. But I think you're going to have a major update very soon., this summer. And then we have another major update in November. But I do believe we are on track., this is not confirming it, but I do believe we are on track to present this technology and demonstrate this technology. At CES, which was always our goal., and we have several customer demonstrations that are already planned as well with fabric AI. So very exciting to work with them., they are staffing currently,, as we are as well., and I think you'll see some more announcements from both companies soon., next question..

You've met. Raymond AI, optical interconnects as potentially massive market. What unique capability does Copan possess that larger semiconductor companies cannot easily replicate? Great question., about five years of experience, 50 million or so of investment and understanding how to put a micro led into the world's worst environment. This is a very good question. For one non-obvious question or non-obvious reason, building a micro LED is one thing. Building a micro LED that lasts for ten years in a data center is a completely different thing that most companies haven't taken consideration of. When I talk to customers, I say, well, how are you going to make sure that your data center doesn't go down after year seven? How are you going to test for that? And the blank stares tell me a lot. With Copan being a military, developer and supplier, we have to test and support our products for at least a decade because they fly in aircraft for that long. Many companies are more focused on consumer type of electronics building in China. As an example, or even Taiwan, the US government will not allow those chips into their data centers. Period. Full stop. So that creates a great moat for Copan number one.

Number two, we have our own production line, which they don't have. Number three, we've been doing it for five years, and it's really hard to do. You can look this up. Apple spent over $1 billion trying to perfect their micro-led and failed Meta spent 2 billion and failed. Plessey got bought by a Chinese manufacturer, and they still struggle with their microleds. This is not an easy technology to bring to bear. That's why Nvidia spent over $6 billion in multiple different companies, because they know some of them will fail to build this technology. Great question, next question. What would you say are 2 or 3 accomplishments that you would make? That would make you say Copan had an exceptional year?, I would say a tune in to our earnings call., in mid ,, secondly, I think,, seeing the level of customer activity that we're, we're enjoying and experiencing right now is a great accomplishment., and seeing that we're attracting fantastic talent and obviously we're also bringing up our institutional ownership and the stock, it's now sitting around 60% institutional owned. When I joined the company, is in the 30s. So that should give some confidence that we're going in the right direction.

But lastly, the United States Department of War likes what we're doing. They're investing in Copan. They're giving us new contracts. And I think that's a very exciting time for all of us. So,, with that, I'll I'll leave it here.

Yeah. Great. That's all the time we have for questions. Michael, thank you again for your presentation and time today.

Wonderful. Thank you all very much. And I really appreciate the time.

For more information on ticker KOPN, please visit their corporate connect page on the app. Next, we'll hear from Toyo solar ticker Toyo and Nasdaq listed company Toyo solar operates one of the world's largest non-fiat solar cell and module platforms. Toyota's vision is to be the only manufacturer in the United States producing wafers, cells and modules in an integrated onshore platform using American Polysilicon, American workers and the highest efficiency solar technology. Commercially available today. And now I'd like to introduce Chief Strategy Officer Rhone Resch. Please go ahead and share your screen.

Great. Thanks for having me., my apologies. I don't think my camera is working, but that's okay. You can see my face when I get to the slide that shows the leadership on the team., thanks for having me today. I wanted to introduce Toyo. As you mentioned, it's one of the largest non-fiat manufacturers of solar cells and modules in the world ., as you can see on this slide. Toyo on a glance, we are very successful company in Q1 of this year, we had about 143, eight, $143 million in revenue. We shipped about 1.5GW of cells globally. And the first quarter,, we are, we have our capacity for manufacturing cells located in Vietnam with two gigawatts and Ethiopia with four gigawatts. That is all Topcon. Solar. Cells. And we have two gigawatts of module capacity,, in Houston, I think what's unique about Toyo though, is we are a a headquartered company in Japan. We have just really advanced engineering and very sophisticated technology were listed on the Nasdaq. And as a company, we're very focused on being structured and being fiat compliant. And what that means specifically is we are compliant with all the US requirements for being non-foreign entity of concern.

And so as everybody knows, policy really drives the solar industry in large part. And much is focused in and around trade and de-risking the supply chain away from China. And what I love about Toyo is we've made a very concerted effort from day one to ensure that we are de-risking our supply chain, that we're manufacturing in friendly countries, and then we're onshoring our manufacturing here to the United States. But one of. The other things that really, I think is important about about Toyo is that we have had rapid growth over the last couple of years. And we are profitable. And when you look across kind of the younger solar company platform of who you can invest in, there, very few, if any, that are actually profitable. And I'll go through some numbers in a minute that really,, elevate that. And that's in large part because we are establishing some long established relationships in the United States with utility scale customers. So we're focusing on those large scale .. Assets that are in the United States that are building out rapidly that are supporting data centers that are supporting utilities, just bringing more power to the grid.

But the reason why I think ultimately why we're so successful from a financial perspective is that we are able to deliver world class technology at a highly competitive cost. And the reason why we we use just advanced engineering, we use advanced technology to do our manufacturing. And we have really, I think the most advanced solar cells on the marketplace today. And so when we talk about building new factories, it's not always that easy of just buying the equipment and it pressing a button button and having it operate. It's actually the fact that you need to have that skill and ability to have designed, built and ramped a solar cell or a solar module factory in the past. And a lot of the startups are companies that don't have that kind of solar experience really end up struggling, frankly, to be able to ramp and to be successful. Toyo, however, does not ., and of course, the other piece is we're very entrepreneurial. We're rapidly expanding our manufacturing footprint to meet the customer demands., throughout the United States with a product that the customer is looking for. Again, Non-fiat using us and Western polysilicon ., and delivering a product that's manufactured in the United States.

So let me go through some of the growth that we've seen in the last couple of years, because I think it's a really exciting story on the left, we see just growth of solar cell shipments. So we went from about 300MW in 2023 to this year. We'll do about five and a half to 5.8GW. So truly an order of magnitude growth just in a couple of years with respect to solar modules, we're seeing that same type of growth where last year our factory in Texas came online. In fact, it's the picture up here that you should be able to see my face. But that's the picture behind me. That is the Houston factory. It's 567,000ft². We have two gigawatts online there. Now. We just added a second gigawatt, but you can see the growth of module shipments there from 250MW last year to we'll be doing somewhere between 1.1 and 1.3 gigawatts this year of solar module shipments. And then finally, look at the revenue growth again, truly spectacular going from 62,000,000 in 20 3 to 427 million last year. And just having a spectacular first quarter with about $143 million in revenue. But what's key about this is that we're able to transfer that into profitability.

And so what you see here, of course, net income on the left side having very strong. 24, 25 and off to a great start in 26 with almost 30. Million dollars of net income. And then with respect to our adjusted non-GAAP net income, you can see the growth here again from 24.6 million to 52 million last year to an estimated between 90 and $100 million. And there's very few companies out there in the solar space that can show it. So again, I want to go back to the thesis of why we are profitable. It's excellent engineering. It's advanced manufacturing. It's producing a product that the customer wants., and being very policy forward in ensuring that we do that. And so by policy forward, this is a strategy that we laid out really from the beginning and its end to end. Fiat compliance. I know it's a it's a mouthful, but with respect to the policy requirements, it's all about de-risking your supply chain. So it's removing China specifically from the supply chain. All of our polysilicon comes from the United States, or it comes from OCI, which is a manufacturer in Malaysia. There are Korean company, our ingots and wafers are all non-fiat sourced ., and again, it's right now.

China produces about 96% of the wafers in the world. So moving away from China is not an easy thing to do., but if you were a first mover, you could find those sources and we were quite successful in doing that. Ourselves. And of course, we're, we're in the process of expanding a U.S. bill of materials, trying to make sure that we can get all of those sources, all of those supplies of ingots and wafers here in the United States. Our cells, as I mentioned,, were we have a two gigawatt in Vietnam, for gigawatt in Ethiopia. We actually are under construction of a 1.5GW plant., co-located at this facility,, in Houston. And it's a hjt plant, which I'll talk about in just a minute.. Our modules are manufactured in this facility here in Houston. Two gigawatts of capacity in. Of course, there, our utility scale developers. And what's key about being non-fiat is in order for them to use the tax credits fully, they need to have a supply chain that they can prove to the IRS that they are reducing or have a specifically limited amount of Chinese supplied material and doesn't have to come from China.

It's Chinese owned. It's P.F., owned., product that ultimately allows them to use that 30% tax credit if they can't get it. There. Projects are often uneconomic. So they are looking for companies like Toyo all the time. This gives you a little bit of our strategy. How rapidly we've grown with respect to building out our capacity in Vietnam, Ethiopia and now the United States. This shows you our facility in Ethiopia. It's state of the art. This is a facility that takes a raw wafer and does full processing of that wafer into a cell. So the entire p n junction is created at this facility. It is state of the art. We were able to put this facility up in about eight months. So really world class construction. Fantastic., equipment and engineering. And it's operating actually a little bit above four gigawatts in capacity ., here's the facility in Houston., again, we have two gigawatts on site., what's great about that facility is it is eligible for the section 45 tax credits through 2032, which is a seven cent per watt incentive. So for every what you produce, you're getting $0.07 as a tax credit that you can either take as direct pay or sell it into the marketplace., so when we're up and fully operating at two gigawatts, that's about $140 million a year.

Just in those incentives alone. But this is also where we're co-locating the plant and the Hjt plant., is going to be 1.5GW, which is a very large plant in the United States that will be eligible for four cent per watt. Section 48 tax credit. Now, what's important to note about Toyo is we didn't build in the United States, take advantage of a tax credit, and there's a lot of companies out there who did, and our entire business model is successful without any of these policies that I'm describing to you. And in fact, in our forecast, we do not include these. The section 45 tax credits in our revenue forecasts,, but because we wanted to show that as a company, we are not dependent upon policy. But if the policies are in place, there's a significant upside for a company like Toyo, who again is Onshoring manufacturing here into the United States. And so one of the questions that we often get is why Hjt and Hjt heterojunction technology is really the highest efficiency cell technology available today on the marketplace. It's about 25% efficient cell., it's basically two layers of amorphous silicon on top of and below a crystalline silicon cell., but.

It's pretty much, it's just got a higher performance, not just an efficiency, but it's got better temperature coefficient, it's got better bifacial. It's really the technology that utility scale developers want today. And there's very few manufacturers of hjt, but perhaps more important is that hjt cells become the sublayer for perovskite tandem solar cells in the future. So what we're developing today is the solar cell that our customers want, but it's also future proof. It's the technology that we will be able to apply. Perovskites onto. And then achieve a 30% efficient cell, or potentially even higher. So this just gives you a little sense of what that facility is. It's a $357 million total investment. This one will take us about 20 minutes. Construction time. So we'll have it online by the end of 2027. And the beginning of 2028., again, it's, it's, it's really world class and we'll have more than 400 different people working there just on the cell line. This gives you a little bit of our global footprint. We truly are global, but everything is focused on the United States and onshoring into the U.S. so this is our global leadership team., we have,.

Heiko Onozuka, who is our CEO, myself is chief strategy officer, and Doctor Wang, who is our chief technology officer out of Australia, who truly is one of the world class researchers in cell technology around the world., again, the one thing I want to emphasize is our ability to execute. And it's not just saying we're going to build a plant, but it's actually installing the equipment, ramping the equipment, and then successfully. And efficiently running the cell factory., and it's, it's how we have done it over and over and over at these facilities because we're using advanced engineering, it's Japanese engineering. It's people who've worked in the industry for decades and have a track record of success. The one piece I want to point out here is a little bit of the opportunity that we have as a company. And so what has happened in the United States, if you look at the bottom right, that far bar chart that is the volume of module manufacturing capacity, right? Those are the companies who are manufacturing solar panels, who need solar cells. They're not producing cells here. They're just buying cells from someplace else. That next bar to it that says 28.5.

That is the total amount of cells that are either currently built., capacity or the capacity we're building today. So there's a gap of about 50GW of cells ,, that will this is by 2027 that will exist that,, needs to be supplied in the U.S. so we're going to be manufacturing in the U.S. and providing some of those cells into this marketplace. But we're also bringing four gigawatts from our facility, in Ethiopia. And the key piece is you can bring them in if you're non-fiat, you can bring them in. If you don't have Chinese polysilicon, you can bring them in. If you don't have Chinese wafers. And so that whole supply of Ethiopian product will be coming into the United States to help meet that gap. Huge price premium, as you can imagine, for specifically for those types of products. So I want to start to wrap up just some financial summary. Again, in Q1 of 2025, we did about 50 million in revenue this year. We did 143 million. Our gross profits last year for the first quarter were 4.8 million. This year, there are 47.8 million. Our operating expenses doubled from 6.1 to 11.5. But more importantly, our net income went from a -3.7 million to 28.4.

And as you can see, our earnings per share went from negative to positive. So why invest in solar and Toyo specifically? Again, we're large scale. We're non-fiat. We're a solar cell manufacturer. But now we're also doing modules here in the United States, and we're onshoring our domestic cell manufacturing. That is advanced technology with heterojunction. That really is, again, I think, future proof us., going forward., you know, we have an 82% shipment ,, compound annual growth rate year after year. We expect that to continue to grow. And we have a very strong vision in the United States of continuing to build out that capacity ., and then finally, of course, we have, we're profitable, but that is continuing to improve over time. And we're expected to have a very strong year this year. So I'll stop there and see if there are any questions.

Thanks, Ron. Very exciting updates. It looks like you did receive a few questions that you can find at the bottom of your screen. Please read the question aloud before answering..

I don't see them.

I, Q&A button at the bottom of your Zoom screen.

There.

You..

Can you read them? Harrison? I do not see him here.

Yeah., so. What is the current backlog on production? How hard is it to get the necessary materials at this time when China has reduced supply to the U.S.?, yeah. Great question., we are sold out through ,, this. Year and into next year as a company, we, we maintain a strategy. We try to maintain a strategy of not being fully sold out because there's a great spot market. And we feel strongly that prices are going to continue to increase., with respect to the supplies coming from China ,, we don't buy any supplies from China. You know, there's maybe a few pieces like back sheets or, or some other smaller components that come in for the modules., but for the vast majority of, of our materials that we're using to manufacture our solar panels, we're either getting them in the United States, we're bringing them in from other countries that are non-china related with respect to the manufacturing equipment itself. We've already secured the Hjt tool. Set, which is fantastic. We were early mover before the Chinese government started to put restrictions on selling manufacturing equipment into the U.S. and so we have that facility secured.

Thanks. Next, as next as chief strategy officer, I'm curious what opportunities do you think investors underestimate most about Toyo today?

I think people are are kind of thinking about the overhanging cloud of, you know, policy uncertainty. And the. 232 case and not realizing kind of the way we have structured the company specifically by being non fiat and, and I live in Washington, D.C., we have a very close relationship., with the. Leadership in this administration. And we've been working with them very closely on specifically the. 232 case to ensure they understand who Toyo is, both as a company. The fact that we're onshoring significant manufacturing here to the United States and that our facility in Ethiopia is completely fiat compliant. And so I think a lot of people think, oh, it's a foreign company. They manufacture in Ethiopia. There's. 232 cloud is hanging out there without really looking under the hood to realize how sophisticated we are from a policy perspective and how that really drives markets in the United States.

Another one. Here I work upstream in polysilicon manufacturing, looking 5 to 10 years ahead. Where do you expect the greatest gains in solar performance to come from? Improvements in polysilicon quality, wafer technology, cell architecture, or manufacturing processes. Also, as your manufacturing scales, what becomes more difficult? Maintaining product quality, reducing costs, or increasing throughput? And how do you balance those trade offs?

Wow. Great question. I mean, it's a little bit of everything, right? Polysilicon quality ,, cell design., you know, certainly wafer quality., you know, right now the wafers are pretty good, but they're all imported. There's no manufacturing of wafers here in the United States. And I think you're going to see that change in the next couple of years. But I think the biggest change is going to be just in the cell type. You know, we're moving to Hjt ,, specifically because it's higher efficiency today. And, and all of those other improvements in polysilicon or in wafer design, we will be able to employ, but we're also able to add perovskites to hjt and maximize the efficiency. So if our cells are 25% efficient today with Hjt, when you add perovskites and you put them into a solar panel, now you're talking 30 to 32% efficient. So that's really a step gain in the long run. So from our perspective, the biggest gain is going to be in that cell technology. But certainly continuing to improve those other subcomponents.

Great. And we. Have time for one more. So n g. Asks I'm new to the story. Who is your main competitor now and who and what is the key? Differential between Toyo and them?

Yeah. So our, our main competitor, it's kind of interesting. We're a little bit different than most of the other companies out there. So I'd say our main competitor, for example, is a T one in the sense of a new ish company manufacturing in the United States. But we're already manufacturing our own cells and they're starting to ramp their own cell facility here in the United States, or at least build it,, other competitors that we have directly or other domestic manufacturers of solar panels using either domestic cells or foreign cells. So it would be Q cells. Q cells is a Korean company. They manufacture in Georgia. They're good, but their cell technology is not nearly as efficient as ours. They tend to do mono perc, where we're doing topcon today, and we're doing hjt in the future., and so and then another company that you probably have heard about is Sineva. Sineva is really doing previous technology. It's called mono perc. They bought a facility from China, brought it over to the United States, and they're making mono perc, which is even lower efficiency. But the demand is so high right now in the United States for domestic modules..

That everybody is doing okay., the truth of the matter is you want to be the highest efficiency cells you can get, the best price and have the greatest efficiency with respect to manufacturing. And that's something that we've been able to execute on time and time again.

Great. That wraps up our Q&A. Rhone, thank you again for your time and presentation.

Thank you for having me for.

More information on ticker TOYO. Please visit their corporate connect page on the app Lastly, we will hear from Innovative Eyewear, ticker LUCY. A developer and manufacturer of cutting edge. ChatGPT enabled smart eyewear under the lucid Lucid Armor. Reebok, Nautica and Eddie Bauer brands. Now, I'd like to introduce President and CEO Harrison Gross.

Hey, folks, thanks everyone for coming to our my presentation today. Looking forward to giving you all the latest information on our company. Our mission is to upgrade the world's eyewear by adding useful technology features. To comfortable, prescription ready glasses. And we really see smart eyewear as a gateway into the coming AI revolution., let me get my presentation up and we'll get started. Yeah. You see.

We. Okay. All right. So a.

Little bit of background on our company., we produce more styles of smart eyewear than any other US company., this is necessary to address the very different needs of different segments of the eyewear market. The overall US eyewear market is much bigger than you think. It's a 70 billion market, $70 billion market covering eyeglasses, sunglasses, and eye care. And we are bringing it as first serious digital transformation of the 21st century by introducing smart glasses that look and feel like normal eyewear, but allow you to stay connected to your digital life seamlessly and safely. And now also access the world's most powerful LMS through your glasses to literally make you smarter with your eyewear., a little bit of background., we actually started the company with crowdfunding,, back in 2017, a little bit before the current entity started. We have about nine years of experience in smart eyewear overall, collectively, our team has over 100 years of optical industry experience and 100 years of audio and engineering experience. So we have a lot of different types of design chops that come together to make,, market leading smart glasses very high barrier of entry to the smart glass market. Not only do you need a ton of IP, we have access to a lot of the critical patents necessary to sell smart eyewear in the United States.

But you also do need a very varied and capable team that has a lot of different backgrounds in AI optics, traditional engineering, audio engineering to come together to make a great pair of smart glasses. And that's the team that we have assembled,, in Miami, Florida. And we're fully devoted to making the best possible smart eyewear ., just a quick look at the product advantages of, of our smart eyewear over traditional glasses., not only do we have the vision correction and protection of traditional eyewear, but we also have access to AI., we have access to music, you know, high quality speakers., you can take your phone calls hands free from the glasses. And we also have translation and walkie features through the lucid app. So really the glasses are doing a whole lot more from you for you in the same package as traditional eyewear. And what really makes it disruptive is we're doing it all at the same price as regular eyewear. All of our frames cost between 150 and $250. So we're really price matching the traditional eyewear industry., and offering so much more value to the consumer. Imagine you go to get your next pair of glasses and you get a free pair of AirPods with it and free access to ChatGPT, Gemini and Claude all through your eyewear., at the same cost as any regular frame., so we've eliminated essentially all of the cost of switching from traditional eyewear to smart eyewear., a couple of key features.

We introduced the first voice interface for ChatGPT ever,, back in 2023, six months after GPT came out. We made it voice accessible through not only our glasses, but through all wearables, through our custom Siri integration., we also have,, just recently launched our cloud integration as well. So we're the first multi AI glasses that really allow you to tap into the biggest LLMs., this is done through Siri or Google Voice,, which we have live for GPT and Claude and Gemini are through our app., but we're also launching Siri integrations for those in the next few weeks., so really this is all heading towards what we, what we envision as the future of our company, which is offering multi eye glasses, glasses that allow you to connect to whatever AI systems you need., quickly, swiftly, with a simple voice command., and that's really where we see the smart eyewear market heading glasses is a centerpiece of the Internet of things as an on ramp into all the systems that you use. And that's really describes also how our approach is different from the other companies producing smart glasses. We're not trying to sort of inculcate the user into a walled garden or a specific AI system., we're actually, we want the user to be able to use our glasses to make it easier to access whatever systems, whatever platforms they're already using., so that sort of ubiquity of our product really does set it apart from other types of smart eyewear that want you to kind of in a specific ecosystem., we want to be a Swiss Army knife that really helps the user do whatever they need to do and access whatever system they want to with their voice,, hands free heads up., so that's really what we're doing.

That's a little bit different. We're really user centric and really focused on,, allowing users to access whatever platform they want more easily., so in a way, I see our glasses as kind of an audio interface layer that sits on top of whatever other systems you like to use,, iOS, Android, GPT, we make it all more accessible and more mobile friendly. Another thing that's kind of different about us, we're the first smart eyewear house of brands., we recognize that, you know, not everyone wants to wear, you know, a tech brand. That's why they know the Amazon glasses didn't work out., people don't want to wear, you know. Microsoft, you know, it's not, it's not attractive as an apparel brand., so one thing we do is we have these partnerships with authentic brands., and we produce smart eyewear under all five of these brands to address completely different market segments., of that 70 billion US eyewear market, it's really broken into four major categories. Prescription eyeglasses, ready to wear sunglasses, safety glasses and sport glasses. We're the only company producing smart glasses in all four of those categories. And marketing them to the specific user profiles that can really benefit from them., this is our breakout product, Lucid Armor., it's our most popular product by far.

Right now it's about two thirds of the company's revenue. So it's the only OSHA compliance, smart safety glass on the market right now. It's really unique. And it's delivering a huge amount of value to all these industrial workplaces., logistics, warehousing, all these different industries that use safety glasses., this product is really bringing safety eyewear into the 21st century. It's $149 and it's a major tech upgrade for workforces around the world. We're already shipping out thousands of these a month., and it's, it's just a major tech upgrade for anybody that wear safety glasses because now you have translation features. You have AI features, you have hands free calls, in your safety eyewear and in these safety environments, these OSHA environments,, looking at the phone can be deadly, you know, or having earbuds in can be deadly because you don't hear something, you know, forklift coming up behind you. Right? So you need open ear audio., you need awareness and you need communication needs to be free flowing and easy to access and ergonomic. And that's what this product is delivering., and that's why we believe, you know, it's so successful right now because it's really offering a unique solution for these heavy industries., that need power tools to get through their day.

And that's really what I compare this to is like, you know, going from a screwdriver to a power drill, going from a three M safety glass that cost eight bucks, that does nothing., and just gets left on your desk to a major workforce upgrade here. Still very affordable, still in line with the pricing of regular eyewear., but allowing you to be more connected with your team and with more connected with intelligence., so this is really our breakout product and we're expanding it into an entire enterprise platform. So another really interesting thing about this product, is it really addresses a couple of distinct markets at once. So we have the sort of DIY dads that are at home doing tech projects in their garage., they love it. And then you have, you know, these industrial workforces,, you know, like we're, you know, DHL is testing it., we've got a major oil and gas company testing it on out on oil rigs., those kinds of workforce. And then you also have the hardware retail channel like Home Depot and Lowe's that we're working on getting the product into., so there's a lot of different angles of attack with this product and,, and we're developing it into, like I just mentioned into this complete platform, we're going to have a camera version, a non version.

Actually Non-camera is better for a lot of workplaces because of compliance issues. They don't want a lot of cameras around., or there's a lot of sensitive information or proprietary information in those. You don't want a lot of cameras., and then also the AR glasses can be an issue,, due to distraction, safety, there's a lot of other issues with that. So in a way, the audio glasses are actually really the perfect platform for most of these industrial environments. But we do want to introduce a camera version for training purposes and for other, environments that can really take advantage of that camera. And then we're going to back up these two versions of the safety glass with complete enterprise software platform lets the IT managers at the companies that take it on control exactly what the glasses can do, and get a total feed of every photo that's taken on the glasses and really have that fine level of it control to really deploy it as needed into these different workforces., so we have a lot of potential with this product category. I'm gonna move on. I won't spend too much time on it., Lucid Lite is our classic flagship smart optical smart eyewear, it's great for prescription where I've been a consistent sell out product since we introduced it in 2021., this is our, our first collection with Reebok., these are very sporty frames., these are developed with,, some former Bose engineers.

So we have really strong audio in these frames. They sound better than AirPods., because we have that little bit of a thicker temple here. So we're able to put in a much larger driver. So these are really our product for the runners, the cyclers, the pickleball people that want to go out and have fun, be active with smart eyewear,, and even in those scenarios, there's a lot of benefits to the open ear audio over earbuds., it's safer for your hearing., you have more awareness. So if you're running on the side of the road, you can better hear the traffic around you.. And then the fact that you had the vision correction and protection as well, all in one device. So it's really convenient and great for sport as well. And we have a completely different type of marketing that we do to the sport consumer ., and then here's our new Reebok Opticals and wearing one of these. Now it's a really cool frame., it has, it's our first with auto on temples, which is great for accessibility and for older users that are,, have a little bit of a hard time with some of the smaller controls on smart eyewear.

So having the auto on feature has just been a major ergonomic upgrade., and then what I'm really. Good about is coming out in October, which we just unveiled in one of our last press releases is Lucid Aero., this is a really, really impressive collection. These frames are going to cost $149, the same price as the vast majority of traditional eyewear, but they look exactly like normal glasses. They feel exactly like normal glasses. They cost the same as normal glasses, but they give you access to AI. They give you your music, your phone calls, all of these additional features at no extra cost. And this is really the inflection point where we see the form factor of smart eyewear can really be exactly like a normal pair of glasses., so we see this frame as highly disruptive. Here's one. Here's the woman's style here. And it can really be transformative for the optical industry in terms of them bringing on,, a lot more smart IR, specifically our smart eyewear,, because we're really matching all of the user needs and expectations on glasses form factor here, but it's smart., so this is really the first product of its kind smart.

Our product that truly looks like normal eyewear., no one has really done this yet, so we're very excited about this product. It weighs 24g, which is about the same or less than most regular glasses., and it. Costs the same as regular glasses. So we really see it as having a lot of disruption potential in optical,, as well as in direct to consumer side, having a lot of potential too. So really excited about this collection. We're planning on expanding it. This is going to be our new,, optical flagship. And,, I really think that this, this has a lot of potential to,, to bring lucid eyewear into a lot more retail doors,, in the optical side of things. So very excited for this collection. And,, I really, there's no telling what it could do. I mean, it's just the way that it, it really, really mimics the look and feel of traditional eyewear in a way that no other smart eyewear has ever done. And you can even see the product evolution here just from the the Reebok Opticals to the arrow., just holding them side by side. Hopefully it's visible., you can see how much thinner and lighter the arrow is.

And that does come with a trade off. The audio quality is not as good, but for voice,, and for AI use, it's fine. And, and it's really, when it comes to the comfort, the ergonomics of smart eyewear, it's our best frame yet. So we're really excited to see what this does on the market., the lucid app,, we offer for iOS and Android, this is where most of our smart features live., and we also use lucid app to provide upgrades to our glasses without requiring cumbersome firmware updates. We just push new features through the app and all of our users get it immediately. The app is free, and it's also a gateway to non wearers to learn about us and use our products. Because we have a lot of really useful utilities in the app for every Hearable device. It's agnostic. It works with AirPods, it works with any headphones. And that allows us to get new software subscribers, even among people that don't wear glasses., so it's really a great entry point to learn about the company and see what features that we provide through the eyewear and even all of you on the call today can go download it and start using our translate feature on, on your next trip., our translation features are amazing.

We have some of the best in the game right now., we have two major modes of translation. One is hot seat where you're in the room with the other person, and then we have over the translation through walkie, where the AI actually dubs your voice over into the other person's language automatically and instantly on a phone call. So really cool stuff., and with the, the hot seat. Translation, what really makes it killer is it works with no internet. So, you know, I was in China a couple weeks ago. Internet was super spotty and I was still translating Mandarin, no problem. And navigating using our own software. So really cool stuff. And it's totally free as well., we do charge a subscription for the, the stronger users that are on it all day., but for, for most users, it's free., and offers a ton of value walkie translate., and now multi AI access, which we actually have a pending patent on,, on multi AI glasses. Hopefully we'll get approved., but we really envision that that's where this is heading is your glasses are going to connect you to all of your agents, all of your systems,, just through simple voice commands., so in a way, it's ironic because all the other companies in the smart eyewear are pushing towards augmented reality as quickly as possible, but the need for displays is actually only going to diminish over time as voice agents become more powerful, as we can do more through audio interfaces., the need for screen time is only going to go down.

And not to say that AR doesn't have its uses, I actually think AR ultimately will be more ergonomic than the displays of today because it tracks to your natural head and neck position ., but for now, for practical user, for the mass market, it's all about the audio eyewear and even on the safety glass, for example, you know, like, again, there's just a lot of issues with the camera, consumer privacy concerns,, industrial privacy concerns, espionage concerns., so when it comes to compliance and all that on the safety glasses, the audio glasses are the ticket,, a couple of other. Things,, you know, these are some of the innovations we brought to the smart eyewear space over the years. You know, when we started, it was just us and Google Glass. And then, you know, meta came in, Bose came in, everyone else kind of showed up to the party after we did. But,, along the way, we managed to launch a lot of industrial industry firsts in smart eyewear, including the first ever prescription smart glass ship direct to a consumer back in 2018. First smart glass collection in ten plus styles. First smart glass styles for women and youth. list goes on and on., we've just done a lot to really, really with just the goal of making smart eyewear more user friendly for the average consumer., that's really been the motivating factor behind behind a lot of these innovations ., you know, when we started, the products were clunky.

They were, you couldn't wear them all day as your, as your main eyeglasses. And we really set out to eliminate all the hurdles to that., and we did. So I believe successfully ,, a couple of quick,, just quick words on our community, community initiatives. So we have,, an 18% discount for students, military and healthcare workers., it's much beloved discount by those groups., we donate a couple thousand frames a year of traditional eyewear to local charities in South Florida, where we're based,, and to national vision charities as well., all of our e-commerce shipments are our carbon neutral, which is actually very affordable to do that nowadays., only cost us around $0.50 per shipment., and then we also use 99% post-consumer recycled packaging. And we're leading the way in trying to introduce,, bio resins into smart eyewear. Ultimately, we want all of our products to be fully sustainable. It's not something that everyone cares about, but there is a large group of consumers that do care about this. And also, we believe in, in being stewards of our local environment, especially in South Florida, where,, the ecological situation is very delicate., so we really believe in ultimately making our glasses fully out of recycled materials., a couple of key awards., we actually just got a red dot award,, really proud of my team for bringing that in,, on the smart safety glass.

We also got two other awards from the hardware channel.,, on the safety glasses., recently also were featured on the today show. I've got a couple of recent bylines in entrepreneur. We get a lot of coverage because we're really making smart eyewear more accessible for the average consumer., than, than the big tech guys are., and so that gets picked up in the news a lot. And I've been featured in Bloomberg and,, and a number of other outlets in the last year,, just covering, you know, the interesting things that we're doing in smart eyewear., and a lot of that, you know, I think really traces back to our origins as a crowdfunded company. You know, we started with 6000 retail investors coming in and funding that first pair of glasses because they believed in the vision that I had for the future of this category., and that that through line is kind of continued today where today, you know, I really. Me and my company are really thought leaders in the smart eyewear space., at Vision Expo, which is the major eyewear industry event in the US., I was leading the panel on smart eyewear this year.

So, you know, we're starting to really get the recognition, not just by the media, but by the industry players that want to play in this category. They see the hard work that we've done in normalizing smart eyewear, making it more accessible and enjoyable. And they want to work with us. And that's why,, a lot of the, you know, bigger eyewear companies that were on the radar now, a lot of bigger retail companies as well. And we've got some really exciting things going that we just announced, like FYI doctors, which is the biggest chain of eyewear stores in Canada, is putting us in 375 stores ,, for holiday this year., and we're also starting a big box store test, which has just been expanded. It's going to be a bit more than 50 stores with one of the major,, big three big box stores here in the US. Can't announce that yet, but,, who that is yet, but,, that's coming also for October of this year. So we've got about 550 new retail doors opening just with those two partners in the next few months will be about 1000 doors by the end of the year., and all of that is pure upside to our current financials, which are all based on the e-commerce revenues of the business.

So everything brick and mortar, everything enterprise around the safety glass, all of that is pure growth over where we are now, which has been built just completely on the e-commerce funnel., and I think that's going to really strengthen the business and diversify our, our channel mix and give us,, more longevity. We don't want to be too centralized on any one channel. We think it's the right thing to be balanced ., so that's, that's our goal. A couple of key financial highlights,, 12 consecutive quarters of growth., we're growing about a double a year. We're doubling, give or take ,, every year we did about 3 million sales last year. We're targeting 6 million this year., and we're. We're expecting that, that rate of growth to continue and possibly increase. As you know, smart eyewear becomes more known., interesting factoid, only about 17% of us adults have ever even tried a smart glass, let alone bought and own one., so we're still in the very early days of this category, you know, think about it like the iPod one just came out, you know, and that iPod revolution is around the corner. And what I always bring it back to is the smart watch revolution, which is the closest analogy for what we're doing., Apple introduced the Apple Watch in 2015.

Five years later, the entire watch market worldwide flipped. And as of 2020, more smart watches are sold worldwide than traditional watches because they offer more functionality in the same form factor. And that same market flip is coming. That same digital transformation is coming for the eyewear industry. The 70 billion a year,, Goliath industry is going to transform into the smart eyewear industry. And hopefully we will be leading that charge., thank you so much for listening to the presentation and,, glad to take any questions. We have.

Yeah. Thanks, Harrison. Very exciting times. I see many questions came in during a presentation that you can answer. You can find that at the bottom of your screen in the Q amp. A. Button. Please read the question aloud before answering.

Yeah, sure., okay. So first question is,, what? Customer feedback has surprised you most over the last year. This is really insane because we had no idea this was going to happen, but we did a big marketing campaign on the Reebok Opticals around, no cameras go anywhere. That was kind of the line. And,, consumers immediately drew the connection to the meta glasses and, and went for it. And they totally loved it. And that campaign was extremely successful. We didn't realize that actually advertising no cameras by design, which is something you wouldn't really think of ., ended up being our most successful marketing campaign of the year. So that was really interesting that consumers do not necessarily want cameras in their glasses., and so we're addressing that market and, and there was a huge response to that. And like I said, in industrial, we're hearing that even more where they really don't want,, excess cameras in the workplace., so that was really unexpected., and pleasing to hear., next from Phoebe ., as large tech companies have entered smartphone glasses. I guess smart glasses. What you mean,, how has that changed your strategy? And where do you believe innovative, innovative eyewear can realistically win?

Well, I think we've already built a really strong beachhead in the smart safety glasses. We really have the only compliant product right now in the market. So it's very, very high barrier of entry into that product because not only do you need like all the engineering and design that goes into a great smart safety glass, which took us about two years., you need many levels of compliance., there's a lot of liability involved. There's a lot of IP involved., there's a lot of software design involved., so it's just a very high barrier of entry. And this is why we've seen,, we haven't seen a lot of the traditional eyewear companies, which many of them are very well heeled, very successful, strong distribution. They're very afraid to get into smart eyewear, a lot of them, because they just don't have the engineering chops. They don't have the marketing chops. But it's funny because when I break it down for them, for the optical industry professionals, they're already used to selling lens technologies and lens upsells are a big part of their business., so we really just have to convince them to see it as a, as sort of a frame technology upsell.

And when you frame it that way, pun intended, they're able to really understand the value of smart eyewear and kind of position it within the practice. So. I don't see that, you know, I. Was very specific. You've got these four major categories within the within these industries. I don't expect this to win on all four long term. I think we're going to have, you know, we're going to win in 1 or 2 of those lanes, and that will be enough to build a huge business because of the size of the market., so just in the same way that the traditional eyewear market today is broken up over many companies,, we believe that smart eyewear market will be, will be the same in the future, but we aim to really offer a competitive open source and flexible solution that we think can potentially lead the pack ., so that's, that's our goal is, you know, we're not threatened by the major companies, what we care about is offering as much value and utility as possible to our consumers, because we know that you can build a great business doing that brick by brick consumer by consumer. So that's kind of what we're doing now.

And,, you know, there were many times like throw up our hands and say, oh, Bose is getting into the space. Oh, Google's making another product. Let's give up. That was never the right approach. It was always about just, you know, focusing on the user and really delivering the experiences and the tools that they wanted, not what the big tech companies think they want, but actually talking to the 6000 Crowdfunders actually talking to our, customers that have ordered six, 78 pairs and really understanding what they what they need out of the category.. Next,, what does product adoption look like after the initial purchase? Customers using the glasses daily, weekly, or only occasionally. This is highly variable depending on the user., many of our users will wear our glasses all day, every day as their main glasses. I said it's probably about a third. The other two thirds are maybe one third, one third is using them in the workplace., and then taking them off. And then,, one third is, is using them as sort of their sunglass., so it's in their car or when they go for a run., so that's just, we're seeing a lot of variety in terms of how users adopt the glasses.

What we need to work more on is getting our users to universally download the app after they get the glasses, because that's where really you unlock all these additional features. And even now,, many of our customers are not using our app yet. And that's where we see additional, you opportunities for recurring revenue opportunities to deliver content., entertainment through to through the glasses and just a lot of different,, expansions on the basic platform that can be done through the app.. Next, what feature capability has driven the highest customer engagement?, I think it's, you know, kind of unironically, it's your standard Bluetooth audio features, your music and your calls. And that's always historically how we, how we marketed the glasses until the AI revolution came., and started a couple years ago. And now we see probably about a quarter to a third are buying for AI features. And then the other,, remainder are buying for hands free Bluetooth features .. Five years now, from now, what does success look like for innovative? Is the goal to be a leading consumer brand, a tech platform, or something else entirely? Well, I think, you know, what we're doing is we're really trying to hedge our bets and play in these different markets.

So we've got the direct to consumer channel that's been consistently growing. Our customer acquisition cost is half what it was a year ago because of improved awareness of smart eyewear., so we're going to keep attacking the, the direct to consumer channel. We're also starting to work with more traditional optical retailers. And then the third rail angle is, is the enterprise platform around the safety glasses where we're not only selling the safety glasses en masse to, to large companies, but also selling a per seat,, software platform as well. That goes with it., which has a monthly recurring cost. And that's where we see ,, a lot of potential right now is, is developing this enterprise platform. We're launching our first product with Qualcomm. The Lucid Aero is going to be our first fully voice accessible ,, frame where you don't have to touch the frame to, to interact with the AI ., and. We're going to try to deepen that relationship with Qualcomm, expand it and,. And really build out that full enterprise platform.. And push it out to companies around the world., the, the lenses adapt to your vision or do you need a prescription?, there's a false claim with a brand like blue cheese and another one that the lenses adapt to near far vision seamlessly, but I tried it.

It doesn't work. How do they interact with vision? So all of our glasses come with ready to wear lenses, either blue light transitional or sunglass lenses, depending on the frame and the intended use., that. Said we have, you know, we pioneered custom lenses in smart eyewear. That's kind of our whole thing., going back to 2018, we've been shipping, you know, custom lenses and smart glasses., so the user can get whatever lens they want. You want a progressive,, you know, you can get a progressive. We also have this new technology called chemistry clips where you can add,, a lens mounted clip to any type of lens and give it, make it a multifunctional,, frame. So that's something else that's really cool that we're offering. It's a really strong upsell ., what you're talking about is basically a, a Plano progressive lens that was marketed as,, as adaptive. To your vision. It's really just a, essentially an online bifocal,, it's a little bit of a, it's a marketing trick I've seen around. But yeah, there's nothing really special about that. It's just an online bifocal., we don't. Next question is do your translations offer Haitian Creole?, we don't we currently in the hot seat.

Translation we support 17 languages right now., we do have Arabic, Chinese, French, German, Hindi, Italian., but we're going to look to add more., sort of like,. Less popular languages like Tagalog, Hebrew and Creole. Those would be good to add in a future update., so we are planning to continuously add more languages right now. We're focused on adding languages to the,, over the air translations, because right now we just have English, Spanish, French and Portuguese., so we're looking to add more to those like those translated phone calls right now because we're missing a couple of key languages there.. Next question. Battery life seems to be a bottleneck. What supplier are you using at this time for next generation battery life? So this is really interesting. So basically there's a, there's a, you know, a direct correlation between the size of a smart glass temple and the battery life. Usually., so lucid aero being our lightest and thinnest is also going to have the shortest battery life. As you imagine. So this has like a,. A, you know, a battery the size of maybe two tic Tacs here in the temple. So very small battery. This is going to give you six hours of music or talk time and about 100 hours of standby Bluetooth notifications.

Our longest battery life right now is the Reebok Opticals, because we have these distinct battery tips here. So we have much larger batteries., you know, about the size of a triple a,, a little bit slimmer, but, this is going to give you 12 hours of music and talk time per charge and about 150 to 200 hours of standby Bluetooth, meaning you only need to charge the glasses once a week, maybe twice a week at most. If you're listening to audio all day.. So that's kind of where we are, you know, and we offer these different platforms for different user needs., the safety glasses designed for a work shift. So it has eight hours of music and talk time. It's really designed and optimized for that eight hour work shift. So it all kind of depends on the user. And we want to really be very clear in our marketing about what you get with our different frame platforms. And you know, if you prioritize music quality, you know, you should go for the Reebok raps because they have our best, our best music quality. And if you prioritize lightness and thinness and aesthetics, then Lucid Arrow is going to be the ideal frame for you because it looks, you know, like normal glasses, super discreet., so it all kind of depends on the user and really determining what feature set that.

They, that they want to focus on ., is the next question is the enterprise platform the same company? Yeah. It's essentially just the software back end for lucid armor that we're developing.. Yeah.

Okay. That wraps up our Q&A. Harrison, thank you again for your time and presentation.

Yeah, this was great. I always love presenting to Webull. I really strongly encourage everyone to,, to follow the stock, maybe jump in,, if you want to connect with me directly., my email is h gross@lucy.co. I do one on one presentations as well. Glad to follow up with any additional questions. You have. Thank you so much. I highly encourage you to try the product. You'll see what it's all about in just a couple of minutes. Very easy to use. All right. Take care.

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