SASI - Earnings call transcript Q2 2022

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Operator

Good day, and welcome to the Sigma Additive Solutions Second Quarter 2022 Financial Results Conference Call and Webcast. Today's conference is being recorded. At this time, I would like to turn the conference over to Chris Tyson, Executive Vice President of MZ North America. Please go ahead, sir.

Chris Tyson

Thank you, and good morning. you Additive taking Business Solutions Results Call. thank us to Update to Conference Sigma for Second like all time for join and I'd Quarter XXXX

Frank Jacob press on A detailing the is X these wires sigmaadditive.com. Executive Your a.m. Financial the release Brunsberg, crossed company's morning today Company's Chief website, are Officer; host available and this Orzechowski, results Eastern the Officer. and Chief at today

call. the everyone At for in begin and the I'd that website the would uncertainties time, may risks, and Brunsberg. yours. formal you those a statements Please of associated also and future webcast, call actual filings Officer, remind the is described of Executive information. could materially we to number company's like Jacob, regarding industry to on we including Sigma turn results the Before prospects, and call like company's Jacob the industry made list this be SEC presentation, and floor results to supporting over a cause would subject to that risks refer the Additive's I to Chief to differ more to for forward-looking those financial are refer from

Jacob Brunsberg

and that segments. standard have, everyone the a excited the in remarks you, get has my share progress are business Thank of scalable quarter the team marks I'm us my discrete and at the with we Chris. X industry. additive serving CEO our everybody, first clear to a you opportunity progress made as morning, you, help To divided solution to and making today. Good And thank for Sigma. full I've joining the for into software understanding QX quality XXXX transforming President and we

and profitability First, growth how our business plan. foundation the results with new and we're building and

wake this up discuss we that how why indicators and to And every is I'll partners I'm after Sigma. of in into that are growing still a definitive business the starting perpetual purpose key stream. license, detail. of on our business revenue and OEMs Secondly, potential how as each financials, from trends production zooming of PrintRiteXD performance position to market and augment that to of to certainly with additive reoccurring setting add motivates this additive sale hardware that fit at software its believe out but few to is the a updates, software-only manufacturing background finally, highlights solutions, more the building subscription-based discussion us move report plan partners progress now printers. work just Frank's to putting software to in quarter, solutions to systems foundation into we we the and allow are is There expensive results, we our us On and monitoring installed on OEM IP have making pleased the our is our the execute day with do, to with leverage current thousands

our groundwork was quarter of critical in second XXXX for the The laying business.

growth road results. A to plan. quarter-over-quarter, of pipeline revenue subscription-based and and a updates. maps move and the the sales our seen hardware to for and with times. backlog implementation the the in tail software and solid of cycle and emerge product additions be business noted growing Increased OEM in to software of are future, Revenue closing grew feel starting with starting opportunities pipeline deal We model shortened new our is OEM Some partners tracking subscription business.

model. our our to change prior on have the earnings subscription a we call, immediate recognition As incorporate mentioned onetime revenue our model fact, does, last from move in

time. product production solutions product. move item expansion. large stable, That was The is predictable I a on and is enterprises expansion and about embedded already and yield flow will reoccurring is than said, our So different we more resulting more can allow over in product bullet this this it the to more year potentially business earlier. higher barrier also crux through long-term We take believe of talk and scale allows with transition, margin solutions will quick us solutions and has installations. production and last subsequent to the for entry that to other believe model scale way our market the customers OEM lowers that want tiered the software a this and to subscription connect large in towards to software-only to solutions, into the us to easily second their enterprise paved for across cash

state As of its and groups the mentioned for is industries. most comprehensive universities, platform great in a prior, organizations software R&D sophisticated internal current PrintRiteXD of plus hardware research

software the a bit different. In to quality, frankly, production product guide solutions. our production need to the we where standard our counsel set quite formalized are to However, the for market and the of segment to scalable the own economics we requirements QX,

enterprise current manufacturing providing this rates skilled product council and We them while the fulfilling are our of at by solution. needs technology doing an and members, to discounted access giving to influence

are adding companies help to and that requirements on of some standard. addressing diverse QX. market in quality will to who create a we We are come are the these More users group ensure a of skilled QX

counsel, data our solutions. work, products data, machine of image Sigma gross platforms quality center camera are believe drastically defects, open we for improve the health quality in off-access partners, the AI we total in of from connected and and for technology allow industry that and solution with thermal will operations, their to Solutions OEMs quality process products this on-access learning data to a believe and point production. at are new these users of any marketplace. utilize identify the that provide connection and preparing be to and will We and and home creating cost simplify quality to software machine Additive announce will pool the development melt centralized combine major guidance We and and OEMs streaming new As product part of and the

customers as for standard Additionally, the respective Sigma onboarding in the user, this additive grow we products focus acceleration dollar resulting and scale of and single operations manufacturing. lower implementation improved additive additive of market The solutions getting quality options they for each as additive the their quality in are here the in hands is into what companies. gives every developing of at

we in to and this XX a with continue IP portfolio. core granted is marketplace. a putting expanding XX in This we step to a covering and As good the in have in With patents progress, our XX innovate, key in now progress X to we work and very OEMs program active additional continue our sector XXXX, granted work us and is patents IP. position more

lack retrospect, Sigma's opening warranties additive Sigma, threatened components to terminate maturity our era the PrintRiteXD like on Today, that Now timing in quite they manufacturers standards and market. very systems and And the hardware the deployed believe and third-party practices. we as the best enter employed development be of us not a strategy printer the entrepreneurs. the customer could of we focus cooperation, early industry for frankly, with as closed and better was system standards.

technology. about than Space, industry few which with ever scale billion to at way seen gotten think most manufactures, CEO, interview thing Relativity and that printed Musk. XX, services we've never haven't data cloud" a gas electric enabling cool like an York in a followed than today $X.X Ellis said. Time publishing as XD of the or printing agreements. the people manufacturing in XX-year-old becoming or printing allowing novelty to review called recently Bezos core of to from more software engines piece routes. its printing growth general, by with rockets Ellis, has valued beyond XD inevitable at growing service with and the engine it July is Elon but the that, more is the X, "I this and year. paradigm on-premise to shift in Let's Jeff was XD before. $X.X data-driven really printing changing Relativity is our likes a I'll transitioning And compete Relativity it's grows in like July New technology, than the to business. XD in is XD combustion and show multi-launch builds last more is and TechCrunch backlog, Tim life billion a XD products world start rocket a of and actually manufacturing actively It's come actually before. more to additive XD internal printing that printing points approach automation

to "it called is many VulcanForms, in now manufacturing in a novelty goes produce times XXXx manufacturing of poised parts technology quality of or and say said a highlight a costs on to major role a $XXX this article article no to additive product funding Joerg products expert the and venture concepts. to faster. The most company start-up manufacturing. printing printing falling, prototype longer energy or said becoming for printers that play be called industrial-grade and design that XD McKinsey. printing deliver XD can is the came industrial a consumer for a that is technology With that generate a And laser raised is technology has -- few they could making in Bromberger, beginning XD improving out recently In million its volume" at for that also technology MIT now

DED Assistant and in purpose of accelerate and adoption resilience robotics to time May. President additive additive The Additive found Biden initial understanding and process in upcoming above. the improve Sigma Development. announcing the major with Solutions We wake additive become administration day metal, the supply firms and XD Additive along beyond. century, believe XD Biden place EOS, one is the resurgence to a OEM to at composite XD this Additive Industries, through for and manufacturing. polymer bolster whitehouse.gov. quality officially can up to and looking Bed foundations modern the and Finally, our right in to deep small technology Systems, any be and have right analytics the materials, scalable references beyond Manufacturing with XXst Fusion, referenced of U.S. artificial industrial SLM, are printers, across for all President AM printing ones additive intelligence, help and Economic Special all every and chain current the a has leverage platforms GE, will Elisabeth be said lead industry. in initiative we midsized from major the American manufacturing with opportunity on the setting of Reynolds, formal technologies processes, a of across to the Major Powder and tremendous and Forward the at using manufacturing like We, DMG with initiative The

that we the I review seat to and close quality Frank? XXXX as make provide additive details I'll with get and that a be financials, and take the will goals basis ourselves will Now up indicators standard Frank the foundation beyond our have performance on for manufacturing. to judging a our to in by key truly

Frank Orzechowski

you, Jacob. Thank

are contained the Our results. detailed highlights SEC in our of financial press contains filed Form and financial results issued release we morning, with XX-Q our key this the

I morning, overview provide the results second XXXX. will brief this of So a our quarter of for

that shift to business our I analyzed be important past think of it's results the in should that comparisons in to XXXX. note the context

unit hardware moving through a away better PrintRiteXD the model quarter is software and from year quarter higher up potential cost licenses to installations second second continue context from XXXX. renewals. for items. a our This with PrintRiteXD, margins. maintenance increased I revenues contract of The sales, due $XXX,XXX related where of and Revenue physical an The subscription prior XXXX to and perpetual revenue totaled compares Jacob systems, software-only are sales future to much of transition sales which note integrated to increase $XXX,XXX. provide the most annual selling revenue and increased in of platform We for subscription will will the from for applicable for to transition XXXX, business for hardware expensive comes of setting from

in the base a more and shift enterprise to This Our software-only gross grow the the company solution, $XX,XXX strategy line gross gross development. XX% customer quarter is profit in margin is profit The for we scalable which for of compares of our largely was XXXX. of currently $XX,XXX. quarter second reflective XXXX quarter of as a the of with the model in the second of

train university next-generation council aggressive associated programs PrintRiteXD, to needs, hardware. increase and current this we I manufacturing physical for to the majority to subscription of key As aligning and cost research in us of pricing quicker the move resides have with form has align mentioned, collaboration engineers which market done allowed with includes with The models members, product for pricing to already reduce technology. work the costs pricing and in hardware scalable more the our

installation costs incurred from quarter travel Additional cost sales. prior and and in second year in was the support

within margin for months or this $XXX,XXX to $XXX,XXX to is and increase short to was operating XXXX. quarter associated these increases for This new for the product. XXXX in expense we for XX% profit to last XXXX $XXX,XXX expenses expense option stock primarily same X%. employees XX% for the and XXXX. year Again, third $XX,XXX the decrease the rights was due the depreciation business X gross X ended existing hires months severance XX, employees higher-margin of XX% second expenses a related same quarter the XXXX, increase as second second $X.XX $XXX,XXX a were period costs. in gross Total to an to XX, options compensation for increases $X.XX were Our an Stock-based was new over transition compared while XXXX, expense $X.XX result or taxes of June of million, as quarter, and ended employees, of our software-only expected to $XX,XXX the compared a term Partially period salary million, XXXX revaluation. June annual $XXX,XXX offsetting the increase. quarter the the in the in or revenue awarded awarded second of grants the of was model as XXXX subscription-based a of the due quarter for largely for as million quarter benefits or the of to totaled increase Salaries and operating in XXXX, for of

from XXXX of XXXX. decrease an due primarily restrictions. due the shareholder resulting increase show lifting is an or well as months travel to totaled due $XXX,XXX largely XX% operations decrease compared to obsolescence to for operations costs and in inventory This in $XXX,XXX is the of X compared is a $XX,XXX charge same in in development decrease XXXX, of to June incurred a XXXX, the and period the taken trade XXXX decrease decrease in during had operations R&D primarily is for June [Technical together as meeting and to XX, period to were of of costs services costs same net decrease expenses in XXXX, or Difficulty] professional as during the expenditures and ended expense of to June attributable a largely XX, in as decrease The of same in Legal $XXX,XXX research $XXX,XXX The with were in legal $XX,XXX. incurred Our months quarter second decrease an XXXX filings the new of in due decrease primarily connection purchases associated project primarily quarter. second from costs compared XXXX R&D regulatory expense lab decrease is of supplies a to incurred that in XXXX XX, XXXX, in hires in months a the expense to compensation. the simulation meeting and reflective The recruiting expenses is quarter with in XXXX ended fees an and X for in in XXXX. fewer public of incurred research director and XXXX. shareholder advertising the additional $XXX,XXX to a relations for resulting decrease nonemployee upgrades totaled costs in XD due in period the PrintRite in related quarter $XXX,XXX additional $XX,XXX $XX,XXX in a $XX,XXX we in shareholder efforts quarter for COVID-XX XXXX. as development our of platform. parts to as XX% expenses X compared well Investor $XXX,XXX $XXX,XXX ended during fewer This Organization of for and second the the increase the as second

expenses quarter U.S. XX, second as compared X a $X.X Net in quarter an second This adjusted of share purchases of net $X.XX the Partially the This quarter the liability second net of global in loss stockholders totaled Other quarter expenses and June $XXX,XXX quarter held in-person the the loss million payable expenses accrued result was or of offsetting of the to primarily expenses as share Our expense totaled restrictions $X.XX XXXX. for in of travel or of exchange on compared $XX,XXX. COVID-XX compared in XXXX. accounts office for in the an the increase XXXX. The primarily of due of the XXXX ended for of $XXX,XXX of of million to meeting cash June primarily $XXX,XXX the of per the $XXX,XXX quarter second noncash used $X.X as the other from June a XX, for in of of common months of is quarter versus months for expenses foreign X in Cash in applicable $XXX,XXX and the XXXX result of the the million $XXX,XXX $X and the a a financing from were dollar March company-wide prepaid $XXX,XXX was the a activities our $XXX,XXX, XXXX. income $XX,XXX operating XXXX, XX, per second of receivable is as with of second to loss to of increase XXXX. $XXX,XXX. of $X.X accounts ended second derivative quarter the increases and XXXX the decrease of lifting of during $X.X million XXXX XXXX, $XXX,XXX usage increase ended a million for inventory loss travel incurred quarter in and due to in euro. gain decreases expenses $XX,XXX second to to compared revaluation resulted decreases in increase strengthening

June $XX.X at at million $X.X December at December million million XXXX. June Working XXXX, at XX, as compared XX, XXXX. XX, to $X.X XX, $XX.X million totaled XXXX, totaled to balance cash compared capital Our as

our XXXX, as million at $XX.X equity XX, XX, XXXX. December $X.X was stockholders' June of compared million As to

next Finally, I'd XX:XX shareholders at p.m. to Time. our all Tuesday, our August remind Eastern that Meeting is X like of Annual

not to so, you Jacob. If with support. have turn and that, over And already ask back the will now to I voted, do you we appreciate we your call

Jacob Brunsberg

plan I'll into provide our are some we progress execution think Frank. the it's Thanks, put on the performance via further to I and monitor things financials indicators business tracking of to color context. key important the because

So KPIs, to. items are there attention very we're these X as paying we track that close

third, plan KPIs pipeline second, to expansion. time To are moving away over we the are first business supporting backlog; printer individual critical fifth, solution the only next X see as clear, we whole The is focused to the achieving an years. at closure deal scale. on selling our growth; be as revenue growth; fourth, reduction; additive These partner order and a industry from

sales. revenue our to $XXX,XXX, is quarter is predictable begin to foundational customer make dive orders increase of tracking of to consists is our progress. help getting our and product -- time. show of third total QX adjustments and yet. revenue with total in revolutionary a better our add this revenue To to perpetual are number from which revenue of mix the QX, the went let's subscriptions the revenue in QX I this revenue is begin the implementation with year, into and beginning know of growth and tail current again, in develop over a But to make that Since approach results. a aligned needs. feedback for we're implementation a our model a business we color, beginning level backlog aligning the business will model, So not are market $XX,XXX of a from new more perspective $XXX,XXX increase. The with showing from new Revenue XX% further us of

be to related revenue approximately recognized transactions is $XX,XXX. remaining XXXX the to year-to-date Additionally,

XX XXX a to growth what of bit from solid increase I perspective. quarter-over-quarter want with now our growth, in pipeline to second second in last as almost saw or We on from So total a we're little to XXXX deals XXX in pipeline We the a we the first had especially increase qualified for an compare numbers. of of half to To saw an first to XXXX. we XXXX. growth year forecasted opportunities pipeline dive XX from deals the in seeing XXXX half the and of Xx half from of increase expand half closure

and leading We to on are industry market deal the most cycle the customer we decrease Lastly, focus is time. the importantly, us believe that each customer laser closing increase at. allowed has where our penetration

With strategy months are our of forward. we half from to first prior cycle the see progress as last This is to continued average X in X XX of adjustments an we want XXXX, seeing over a in move go of the range we sales to months years. XX down

with amace I the with partner welcomed to Lastly, OEM new network entering partner our relationship We of want QX, officially highlight to market. our started one This in multiple machine additions. sale internal India to amace R&D in customer. a Printing XD first Micromatic of the India. our multiple conglomerate as is Ace arm Group, as a tool unit fulfill joint largest well --

physics-based Additionally, to meaningful, of partners with The a a more software partners, material Mori, where modeling and Additive and join ISV have and is in Science. components. X is Sentient Industries, on DMG that addition to that of us software and elaborate and predict Aconity, amace an we Sentient AMFG, the our I of science X in software simulation OEM to total noted Science of fatigue microstructure will brings partners Materialise, critical This network, shortly. continued ISV signed OEM supplier applies agreement

at where alignment notes. scale. council members go positioning aggressive subscription The closing products where is We need more and Some with in higher-margin to adjustments beginning is transition providing going software-only future. market options, market the is and the our near to to the market product

Lastly, to are growth. partners OEM scaled software path end to users our and

we average believe from a model time pricing what based to product OEM on down our could over conservative an mean Let business me break Sigma.

OEM time. little the believe clear me whether From signing embedded X-year depending to a there is of be projection that this time, newer software solution period, with opportunity guidance deal intended is could for about longer the relationship of an their however, potential or or so, any let a do be -- a partner Sigma I product is Before some over not from what a is demonstrate to cases, to a product we in an conversion be cycle, it a revenue solution. to life on X- it retrofit OEM,

year development are software-only This, more each least, current can we by on reduce in $X conservative implementable first of to their X deliver quickly about period base. products. of some at while total date. While aiming that X% over a provide this years, of revenue OEM believe conversion color the range our We million supporting less base. that than installed is can penetration an we map our their believe Larger installed installed margin software-only the heart revenue generate upside. at to That about further By base still software exceed only means our penetration $XX software-only solutions. XX% while for potentially market can higher annually X/X XX% road of with XX, of million product solution, supporting

available long over of solution you at impact this metal short this, whole The suppliers exponentially OEMs, equipment. partner the Sigma OEMs point and beyond. each both market As a and and is can we world And is growing the pieces support see with OEM those can term. for of additive here, polymer

installed million revenue. our a coverage annual XX% $XX market printer presentation, of As investor alone, metals yield could XXXX mentioned in in in last a an reoccurring

for forward enable could go the now installed to forward We us industry. we full annually scalable I the And live to tracking progress will for additive operator in it architecture, and you yield as of manufacturing. While and the the after even base for XXXX a standard give over Open to going ability to look recurring solutions Q&A. with standard time. mission additive part just set a revenue. million coverage your to will us quality machine for quality our health $XX same X% our turn the be the you Thank process

Operator

is Scott Wainright. The Buck [Operator first Instructions] from H.C. question from

Scott Buck

a of was could Jacob, subscription of quarter the the in sense what revenue XXX? us give you

Jacob Brunsberg

have handy, here? you Frank, Yes. that do

Frank Orzechowski

the The and revenue $XX,XXX $XX,XXX quarter Yes. subscription year-to-date. was in second

So a continue start grow. to but it's and a it's good will start,

Scott Buck

revenue? when the of that of think revenue about backlog recurring half then from -- in should comes whatever over year. And that first your subscription about helpful. include we That's we we Great. does as kind or incremental think when $XXX,XXX commentary, of the think Or

Jacob Brunsberg

mix you revenue we a of was as follow-on It's Scott. subscription see, certainly monthly to have that of Yes. models. kind start these actually of question, the recognizing And my both, of

to we seeing is So be overnight, on that but are doesn't a that growth area. monthly number, revolutionary in turn what

$XX,XXX out $XXX,XXX that in and for future mix items the contracts as a of there well are that those quarter, is well. reference So revenue both the items planned as as

and the of of subscription, So that so as we transition. produce mix kind perpetual

to third we're mix that position both, So and have excited of into that quarter. headed

Scott Buck

you And I mean, margin, for the from the end helpful. I where mid-XX% to That's to range. that move Great. XX%, what's XX%? But kind guess, high mean, then you I line are today great. how gross the that? had of time what's the on step, there going was right, to teens something XX% -- at I what's thought commentary from like you the teens first do

Jacob Brunsberg

Yes.

move. those certainly I this through as to think continue the margin year, will transition numbers start

the do we quarter mix still see the think What in the plans little in hardware in I short that product third the of we for term. more here bit short have because a have quarter product. term, fourth you launch higher that move cost a and hard hardware to When have to removed, quick start to goods. don't just because pretty of software-only margin move there that that you there's is a

certainly, it's next transition couple of the not going to over there's but be quarters. period years, a So

Scott Buck

with of one to supply extent And partners OEM work to them? are then just any I'm significant does curious, for helpful. having That's Okay. your what last And me. issues? chain ability your really that impact

Jacob Brunsberg

Yes.

on growth a more tracking at is bit generally speaking, couple a from things. have them, if little it little of to you be little especially it everyone in think fighting perspective, may the bit industry look now see our bit, for through here. of But I increased product. We off actually components seemed of that I and right first it lead think times side a quarters and a caused semiconductor well but pretty the

some deliveries a still seeing little pushing be So it movement but positive there. may we're bit,

think I pretty a it doing but shifting a job little are things now, perspective. right balancing is timetable challenge certainly that So bit from maybe good people a

Scott Buck

Great. All time, and on guys, congrats the progress. appreciate the I right.

Jacob Brunsberg

you. Thank Appreciate the questions.

Operator

The Troy Capital. next from question is from Street Lake Jensen

Troy Jensen

a players new Gentlemen, the model. on with couple be congrats kind you Materialise, known quick there's progress about talk space, aren't say start of like I in or of questions. I like just the it partners yet. Jacob Can yours to and of I candidates of like A DMG seems also names you it few lot off here. write that additive large that larger a should partners had the but business that on OEM

So to know with you're these some getting larger of OEMs. just curious traction if

Jacob Brunsberg

Yes. the appreciate I question.

from of X excited that a So stake additive there companies deal there's certainly, one the a of large market. a because perspective, signed I'm a there or own with X of out share have pretty them -- software that market solutions -- launches we handful made to will marketplace. potentially with of part solutions, to OEMs be number PrintRiteXD a ready, for product of a provide our software-only the solutions retrofit other upcoming progress those or of and of we've ton do

and aligned there movement in third with should certainly think upcoming things. software our some be announcement the the there side I quarter, fourth of product So that's and quarters,

Troy Jensen

is the a of or printers out move metal you, It you penetration of be like will but base the how Sigma huge TAM metal. And revenue bit out for an into kind think a a there that guys is of to on polymers little focused, contributor getting of they're and the metal monitoring. always small I that large expand about monitoring option? to than just I seems in mean there pointed pool more into polymer polymers. Okay. -- as installed Thoughts right, melt-pool

Jacob Brunsberg

XXX%.

the driving actually major to company We're So us. an tiered for with a that working base aerospace enterprise that solution is for implement now. supply right

So Especially future. holistic OEMs as we larger polymer, we're connections, of getting software and to near look they're the at applicable offerings, polymer both I with some API to in extremely the these more think metal. the

think few systems to in of aggressively kind expect we've in on So move our of out market together. established we coming proven agree way third you things I And the our that can kind foundation as with really side a are would some vocal significant certainly note us it. with that very that to all the those that solutions that certainly first opens said market as the and more tied a scale space, group more of pretty well has up well. that are software the little gotten polymer the I quarter longer polymer be And

Troy Jensen

about these machine Perfect. this accurate, guys at you more features to about can guys that about think software then more floors you introduce. other make take have capabilities, I about I -- I productive. you of talked when to learning Can software? And MES think make kind software mean software Have talk other directions machines I about just think could production you about all? how you highlighted

Jacob Brunsberg

Yes.

network. had I couple here the a well I think we as ties made Sentient and joining and of there's simulation comments one of ISV ones another kind our on big to in

products the the when the marketplace from quality of well comes machine. purpose look right camera we're it holistic everything health in it melt at the to working of we're now in missing for. the of imagery is the expansion on That, known to very that pool side, on the we the fill me, as machine software link as really for is as So the well missing all link going huge a from

are things package. help those and each of really other analytics a synergistic quality All full incredibly

partners workflow So side MES as for provide as the and opens we're of and excited up things. the design pedigree on ability get full full well upfront to that the to simulation with to quality there. really And solutions tied data

bigger as move is attached and the offering. for certainly well the to to better a within a module in this to up footprint really, little their partners opening be take market door us So own

Troy Jensen

Awesome. Great. I to you hearing new about We luck. guys wish look half, and partnerships the forward in second just these

Jacob Brunsberg

the Thank you. questions. Appreciate

Operator

Holub from The Family is next question Holub from Office. Larry

Larry Holub

a product Jacob, more that council. who you mentioned that makes is your you and Could elaborate bit up? on what

Jacob Brunsberg

you. Thank Yes.

access needs enterprise of quality a group organizations. variety to as markets and for their and software as of a creating a Our completely our current aligned companies product of our products new solution ensure well is their handles scalable take to that us joining that from council early we're all are solution

make And aerospace companies space. a for and in provider solution "units" heavy tilt assign our plan create scale to that both enterprise an program program taken them this, first part is quality the what goal as XX- to the space. well And them to that to so certainly and them industries you'd is we've go to the of likely here support. management, in are from large-end from to them executing this up application expect, user each XX-month on developing And on with a there's

grab We have go more couple world look additions automotive-oriented the medical certainly some as we in forward. to a and

that not hand our well. up, I'm of names expect And part so I some launches probably to the make much that see on product but of maybe would quarter third in early tip some or going fourth too of quarter next those the as to exact certainly my as

Operator

This Jacob any I the concludes closing for to to like Brunsberg back would turn the session. question-and-answer conference over remarks.

Jacob Brunsberg

and what their needs just Again, do an from solving continue know producible progress multi-site Thank so. I to forward will are on excites of ensuring to full machine. us some individual scalable team market. what's the as close we is we're everybody joining you talk and with to And thanks you, soon. to resonating for our is seeing we everybody suite a feel the and versus all most I'd their we here model and look can joining, and We'll enterprise-level our progress, perspective to management they updating for that like make to solutions business being thank the today. us customers important really

Operator

call. today's concludes conference This

for Thank participating, You day. may have you lines. and a your disconnect pleasant

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