Good morning, everyone, and thank you for joining us today. On the call are Daniel O'Toole, Arrive AI's chairman, CEO, and founder, Piyush Phadke, chief financial officer, Bill Karwoski, chief revenue officer, John Ritchison, chief legal officer, and Neerav Shah, chief strategy officer. Other members of the leadership team are also here to answer questions during the Q&A portion of the call. The earnings press release issued this morning is available in the investor relations section of the company's website at investors.arriveai.com. Before we begin, please note that today's remarks may include forward-looking statements about future financial results, operations, and performance. These statements are not guaranteed and are subject to risk and uncertainties that could cause actual results to differ materially. We encourage investors to review the risk factors in Arrive AI's SEC filings, which are available on the company's website. I will now turn the call over to Dan O'Toole.

Thanks, Shannon. Good morning, everyone. This is Dan O'Toole here. We'll keep our prepared comments short so that we can spend most of the time on answering questions. One development I'm particularly pleased with is our growing relationship with our great partners at Hancock Regional Health. Hancock expanded its use of arrive points during the third quarter and added the connectivity of a second building, which drove our third quarter revenue. That expansion shows how we plan to grow, demonstrate the value of our technology, and then build on that success across our customers' facilities. It also gives us a reference customer as we pursue other hospitals and healthcare systems. They have been great partners in opening up their facility to showcase what we have going at their facility, and we're really proud of that. Revenue remains modest, but expanding as we would expect. and many more. Neerav will then provide an update on the Defense Division that we just recently formed. Bill Karwoski, our recently appointed Chief Revenue Officer, is here and will introduce himself as well. The first part of our prepared remarks from Piyush and me will be delivered using the AI-assisted voice as always. Neerav and Bill will then speak live, and we will tell you when we switch back to live. Now, let me add some more detail on the expansion at Hancock. We added a new arrive point at their parkway building to work with the hospital's existing delivery robot, supporting four to five scheduled specimen pickups a day for delivery to the laboratory with on-demand service for urgent specimens. This puts our technology to work in another part of the hospital's daily operations, and for the first time, it connects a separate building Building on that work, we are expanding our partnership with Autonomy, the autonomous delivery robot company supporting deliveries at Hancock. As part of our recently announced strategic investment in Autonomy, we received three autonomous robots and entered into a supply agreement that contemplates bringing up to 50 ground robots to our partner locations. The partnership gives us a way to bring these technologies together at additional locations, extending the approach already in use at Hancock. Outside of healthcare, on October 29th, we announced the installation of two ArrivePoints AP3 Plus units in central Indiana, marking our first installation in a commercial office setting. This will help us understand how people use a secure delivery point in their daily routines and refine our approach as we pursue opportunities in the commercial office market. Since July, we have also announced several initiatives that expand the potential applications of ArrivePoint technology. In specialty pharmacy, we signed a nonbinding letter of intent with Lifespan Pharmacy to explore a drone pharmacy delivery program. In manufacturing, we announced a partnership with DXC Technology to bring arrived points into large manufacturing campuses. These give us opportunities in two distinct markets. We are also working with Motovolo on automated drone delivery. In parallel, we are in early discussions with Purdue University about testing ArrivePoint technology with robot platforms on campus. These initiatives with Lifespan, DXC, Motivolo, and Purdue are at varying stages of development and do not currently include revenue commitments, but they broaden the potential applications of our technology and complement the revenue generating work already underway at Hancock. We are also in active conversations with a number of organizations, including venues and local governments. We are not naming them today as we treat an agreement as firm only once it is signed, and we will announce each one when it is. Supporting these efforts is the continued development of our ArrivePoint technology. The AP3 Plus became available for shipping on October 7th, adding edge computing and onboard vision. These capabilities allow the unit to detect packages and track them through the chain of custody, supporting the secure automated handoffs at the center of our delivery model. To date, we have 16 units in our fleet available for deployment. With that, I will hand it over to Piyush.

Thanks, Dan, and good morning. I will start with the third quarter results and liquidity, then cover our NASDAQ listing. Revenue for the third quarter was $39,700 made up of $25,000 in installation fees and $14,700 in monthly subscriptions compared with $7,450 in the third quarter of last year. Net loss was $3.7 million or $3.37 per share compared with $4.4 million or $6.39 per share in the third quarter of last year. Per share amounts reflect the recently announced 1 for 48 reverse stock split. The smaller loss mainly reflects a lower non-cash loss on the conversion of convertible notes, partly offset by higher operating expenses. Cash and cash equivalents were $1.1 million and investments at fair value were $1.0 million at September 30th, compared with cash and cash equivalents of $2.1 million and no investments at December 31st, 2025. Total operating expenses for the quarter were $3.3 million, compared with $1.7 million in the third quarter of last year. We are managing spending carefully and focusing our resources on our commercial delivery and product development. During the quarter, we streamlined our staffing and cost structure to better align with those priorities. Since quarter end, we completed a $250,000 private placement with an accredited investor and raised $1.3 million through our At the Market program. Based on our current operating plan, we expect our available cash and investments to fund operations through the end of the year and into 2027. On October 27th, we completed our redemissiliation from Delaware to Nevada, which we reported on Form 8K. Now, turning to our NASDAQ listing. On October 22nd, we announced NASDAQ's approval of our transfer to the NASDAQ capital market, effective October 23rd. The transfer resolved two listing deficiencies related to the market value of our listed securities and publicly held shares, leaving the minimum bid price requirement as the remaining deficiency. To address that requirement, we announced a 1 for 48 reverse stock split on November 10th. The split took effect at 12.01 a.m. on November 12th, and our shares began trading on a split-adjusted basis that morning under the same symbol, ARAI. This reduced our shares outstanding from approximately $68.8 million to approximately $1.4 million. The reverse split is intended to help us regain compliance with NASDAQ's minimum bid price requirement, which requires a closing bid price of at least $1 for a minimum of 10 consecutive business days. Throughout this process, our focus remains on building the business, managing costs, and growing revenue. Neerav, over to you.

I will now turn it back over to Arif.

Thanks, AI Dan, and thanks, AI Piyush. We're back to speaking with you live. On October 12th, we announced the formation of the ARRIVE AI Defense Division, which I lead, to explore applications of our technology in military defense and national security markets. The idea builds on what we already do. An ARRIVE point provides a secure place where a drone or robot can be stored, charged, and deployed, and where goods can be exchanged without requiring two people to be present at the same time. We believe those same capabilities apply to defense applications, including the secure storage and launch of unmanned systems, including counter UAS. Our core business remains focused on commercial delivery. The Defense Division gives us an opportunity to explore another market for the same underlying technology. Dan, back to you.

Thanks, Neerav. I'm happy to introduce today for the first time Bill Karwoski, our Chief Revenue Officer. This is the first time that we have had a CRO, Chief Revenue Officer, and I want to note that as a huge positive because that shows our belief in the fact that we have revenue significant enough to support the formation of this role. I'm counting on you, Bill, to bring it home and get us over to where we really want to be doing some big things here. So welcome to the team and go take over here, man.

Great, Dan. Thank you. Thanks so much. Hi, everyone.

I'm Bill Karwoski. I, too, am an investor in AI and recently came on board, as Dan mentioned, as Chief Revenue Officer. So I've got skin in the game and I really want to see this work just as everyone in this room and everybody out there does as well. A little bit about me. I've spent the last 40 years leading sales teams and working with Fortune 1000 companies in healthcare, pharma, manufacturing, and retail. The one thing that's kept me going all these years is delivering results you can actually measure both for the clients and for the companies that I've worked for. And that's why I'm here. I'm working with our team to target the right companies with the right solutions and drive revenue we can actually deliver on and not just talk about. Right now that means healthcare systems, pharma, and life sciences Primary. That's where we've got momentum, clients, and real opportunities and motions. We're pairing our secure delivery points with our robotics partners to solve everyday problems like lab movement, internal logistics, and keeping chain of custody tight on compliance-sensitive materials. Our job is to turn this into revenue now while we build our bigger pipeline in 2027 for all of us.

Onward and upward.

Great. Thanks, Bill. To wrap up, this quarter we grew revenue through our expanded relationship with Hancock and advanced our product and partnership efforts. Since the quarter end, we have also launched our defense division and taken steps to address our NASDAQ listing requirements. Our focus remains on building on that progress while managing our resources carefully. Thank you for your support and for your questions. I'll now turn it over to Shannon to bring on analyst questions. Go ahead, Shannon.

Thank you. Now we will take questions from equity research analysts. To ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Jack Coderra with Maxim Group LLC. Your line is now open.

Hi, this is Jack Coderra calling in for Jack Vanderaard. Thank you for taking my question. It's good to see things keep progressing. You know, just overall, I think it'd be good, can you give us an update on how many arrive points you have in the field? And then given this, you know, 50 ground robots, What is your total pipeline of deployment look across all your agreements and how should that kind of get deployed across the next maybe 18 months?

Thanks for the question, Jack. This is Daniel O'Toole. I'll take that one. As we mentioned earlier in the narrative, we have at our disposal currently 16 arrive points. And what we're doing is while we have units that are ready to go on hand. We're also iterating our next two generations of product, the AP4 and the APX. So to be prudent and cost effective, what we're doing is we're doing limited deployments for different use cases with arrive points and we're taking those learnings and we're spooling them into the development of those next two generations I mentioned. So while the numbers are very low, that is by design. We don't want to manufacture atomic units at a high cost and have those be obsolete going out the door. So we are doing several different use cases. You may have seen we've recently done commercial deployments, our first residential deployment. We were doing a lot of healthcare and manufacturing, and we're getting great learnings, and we're looking to really leverage that starting in 2027. And then on the 50 robots, what we've learned is There's a huge differentiation in the market for both robots and arrive points. When they come together as a unified offering, it's a unified solution. And that is creating a big difference between the offerings that we have in this case with autonomy versus other robot standalone companies going out making their offerings or arrive points going out by themselves. The unified solution is what's rising. to the top, and we're excited about that. That's why we're able to commit to a large number in the context of just having 16 arrive points right now. So I think that bodes well for the future. We're seeing a lot of traction with major companies that we're not at liberty to release at this time, but it's an exciting moment, and stay tuned for more updates on that.

Okay, that's helpful. And then, you know, just touching on kind of streamlined cost structure, is this quarter's OPEX a good way to look at what the expected go-forward OPEX is? Or, you know, maybe how should I look at cash burn on kind of a quarterly and per-year basis?

Thanks, Jack.

I'm going to have Piyush take that one, or CFO. Go ahead, Piyush. Sure. Hey, Jack, thank you. Thank you for joining, and thank you for your support. So I would say that the cash burn and the OPEX that's in our Q3 results is actually probably a little higher than what it's going to be moving forward, particularly in Q4 and beyond. Before I joined, our cash burn was roughly kind of 1.2 to 1.5 per month. We wanted to get that down below one or around one. The reduction in force that we announced in August helped us get to that state. So our goal is to, when we think of cash burn, our goal is to be, you know, try to be around a million dollars a month, if not lower. And I do think for Q4 we'll be around that, and that's what we want to try and continue to optimize going forward.

Okay, that's helpful. Thank you for taking my questions.

Thank you. Our next question comes from the line of James Kistner with Water Tower Research. Your line is now open.

All right, yeah, thanks for taking my questions. So, You've mentioned that you've got kind of strong inbound entries. Can you see more where it's coming from and perhaps kind of which markets are standing out there?

Yeah, thanks for the question. So we're seeing a lot of interest at a partnership level. So we had mentioned DXC as a partner about a month ago or so. So MSPs, people that cut across different industries, and as we'll talk about later, As we've been talking about, healthcare and pharma manufacturing seem to be really the initial places we're seeing a ton of traction. That's Neerav Shah, Chief Technology Officer. Thank you.

Yeah, that's helpful. And, you know, you've obviously been streamlining costs. Can you see more kind of like, you know, where those costs are kind of coming from and, you know, We are looking at every front of this business. We recognize that we're very early and very low on the revenue curve. And frankly,

This is what we budgeted from day one as a public company. We knew we weren't going to be cash flow positive day one. We knew we weren't going to be cash flow neutral day one. When you're iterating in a new space, developing new technology, there's a cost to that. And so what we try to do is be very judicious about every dollar we spend. Every dollar that comes in is linear to development. We're really proud of that. And so if you save a dollar, you make a dollar. I think we've got A nice tailwind right now. We're beating budget on our expenses, and I'm happy to report that. But Piyush, why don't you jump in and take it from there, man?

Yeah, thanks, Dan, and thanks for the question. Yeah, so just to talk a little bit more about CODS. I mean, we did highlight this in our press release in AK. We did have a significant reduction in force in August. That was undergone by management to just look at where we can have the most effective team and how do we, you know, everyone's just become more productive. And so that was a key component of it. We also looked at every vendor relationship that we had, looked at things that were needed, not needed, maybe some excess, and just be really efficient in what we're spending our capital on. Because as Dan said, you know, obviously we're going to spend money on our salaries and benefits, but and most importantly we want to spend money in research and development and business development bringing Bill on is a big part of that and as we continue to grow our revenue has increased as we continue to you know as we continue to increase revenue obviously that's going to help us from a cash perspective so that's how we look at it.

It's helpful. Just one last one just on your launch of the defense division maybe just kind of say more about that you know why is you know what led you to do that we're going to why is now the time to do that you We kind of talk more about the sales cycle on those opportunities.

Thanks for that too, James. You know, one of the things is we're not super focused on what we think the market is. We're super focused on exploring every opportunity. And what we've seen is a lot of opportunities in the defense industry, not only in the U.S., but worldwide. We think it's low-hanging fruit. We think what we're doing and the technology we're developing lends itself very well to that. And there's also opportunity to bring non-diluted funding into the company. And when you're looking at our share price, where it is, that's important to all of us as shareholders. You know, we want to maximize opportunities with capital at the lowest opportunity to give away or dilute ourselves. So that is something that is really interesting to us. But I'll turn it over to Neerav Shah, who has experience in the defense industry and government contracting. And that's what made him the natural choice, not to mention he comes out of the drone industry. Go ahead, Neerav.

Yeah, thanks. Thanks, Dan. Thanks, James. So just to address, I think there was a couple of questions in there, James. Dan had mentioned some of the experience we have. So, you know, we've spent the last five years developing a technology that's outdoors, climate controlled, has a communication layer. and is able to essentially work in the wild. And so we think that's going to really apply itself well in the defense space. So regarding the sales cycles, I'll talk a little bit about that. We've already had the experience of showing our technology and proving it out. And we had over 12 countries that we've talked to, so including the United States, of course. And regarding the sales cycles, we're seeing what we call FMS or foreign military sales as a shorter cycle, things that they can put in quicker. But, you know, again, looking at the U.S. and abroad, we're seeing that the foreign sales is more likely to happen fast. The U.S. may take a little bit of time, but once we prove that out overseas, I think that's going to be a really effective tool for us to show domestically. And I'll just touch quickly on my experience. So I had a military contracting business where I made electromechanical assemblies for Crane Naval Base, Raytheon, among others. And so I did that for 10 years. So very experienced in that world. And so I'm happy to kind of Thank you. That's all the time we have for phone questions.

I want to hand the call back over to the ARRIVE team for online questions.

Okay, this is Tasha Jones. I'm head of marketing here at Arrive AI. I'm going to read the questions off so that the team can answer what we've received from the public. First question is from Darren and Nathan. They ask, can you explain in plain terms how the one for 48 reverse split works for a shareholder?

Great. Thanks, guys, for asking the question. A reverse split is not the way you want to typically be splitting. This is Dan here. A lot of you are legacy investor community, 5,000 shareholders before we went public. One of the unique things we did through our crowdfunding days, we did a two-for-one split. I always say the right way, forward split during that crowdfunding campaign. That's something that I think has rarely, if ever, been done before other than by us. So that's, you know, as an old investor myself, those are the kind of stocks I want to invest in. Unfortunately, we had to go the other way this time. As many of you know, through our correspondence that we put out, you know, we hung on by our fingernails, hoping to not have to do a reverse split. And we were getting down to the wire on the time. And so it became a binary choice. Do we do the reverse split and staying listed on NASDAQ, which is very important to all of us? or do we just go over the cliff and not do it? And it became evident at the end of the day here that we were not going to get organically our share price above a dollar on its own. So we ended up having to facilitate a reverse split. And then further to that, what's the right amount? The one for 48 is a function of where we closed on a certain day and what that would drive our stock up to on the open. So about three or four days ago, I can't remember which exact day it was, but we made the determination to do the one for 48, and that would land us in the mid $2 to $3 range. As it turned out, we ended up opening yesterday at $2.83 a share. That's important because we need to be above $1 a share for 10 days to regain compliance on NASDAQ. We had three deficiencies, as you guys may remember. We've resolved two of those and this reverse split puts us in a position to resolve the last one. So happy to report with 10 days of trading above a dollar, we should be back in full compliance, which I think will be a good tailwind for the company and a proud day. And then we're just going to have to roll up our sleeves and move forward positively like we do every single day here. Thanks for that question. One analogy that I like to give is people say, you know, that diluted me or changed my value. It doesn't change your value. If you had 100 pennies, I said, hey, can I get 100 pennies from you and I'll give you a dollar bill? That's essentially what we did here. We consolidated the shares. and got the share price, the consolidated price up higher. So not a fun thing to talk about. We've under this the whole way. We've addressed it proactively as a possibility. Transparency communication are things you're always going to get here. You may not always like what you hear, but it's always going to be the truth. And that's what we stand by. So thanks for those questions. What else we got?

Thanks, Dan. That also covered our second question from Thomas and Nathan about After the reverse split, what protections exist against further dilution, including the Streeterville capital? We'll go ahead to question three from Thomas. What obligations remain under the Streeterville capital agreements that could result in more shares being issued?

Thanks for those questions. I'm going to ask Piyush, our CFO, to answer that, Piyush. Sure.

Thanks, Thomas, for the question. Yeah, so, you know, we entered into the Street Reveal agreement at the time of, prior to our IPO last year. We have drawn on that agreement historically, and they have redeemed shares. As we stand right now at the end of Q3, we have a little under $4 million outstanding under the agreement, in the same conversion terms as before. As we mentioned, we do have additional opportunity to draw more on that agreement, but we don't anticipate doing that because we don't need that capital. So yeah, it's on the same terms as it was last quarter.

Okay. So on question four, this one is from Nathan and Thomas. Does management expect to issue additional shares after the split? And what is the company's general approach to managing shares as it grows?

This is Dan. I'll take that and then I'll ask Piyush to chime in as well. Yeah, obviously going public as a low to no revenue company requires capital. It has to come from somewhere. And when you acquire capital and you're pre-revenue and you're not bringing anything in the door other than investment, it's obviously going to be diluted if you are to be issuing shares. And that's what we've done historically. Even when we did crowdfunding, that's how we facilitated and perpetuated the company. So it will be a part of it. If you want to get to the likes of a Google or Amazon or Nvidia, there's a lot of shares that are issued between now and then. Even myself as a super majority holder in the stock when we started, I've been diluted significantly. And I hate to say embrace the dilution. But I've kind of got my mind set to that point because if I really want to grow this and get this to where it needs to be, it's going to be inevitable. So, you know, if you watch Shark Tank, I think Mark Cuban says, would you rather have, you know, 100% of a grape or a small percent of a watermelon? And I think that's a good analogy. And that's kind of how I look at things. So I've embraced the dilution because I know we're headed to some bigger things here. And I want to thank everybody. for taking this journey with us and staying the course and being true. You know, it's fun. I always say, you know, I don't know what I always say, but, you know, it's tough when things are great and everything's great, right? When things are bad, I think that's when you earn your medal. You know, nothing has changed here. We're doing this every day. We come in with our sleeves rolled up, we're kicking butt. We've got new iterations every day. Today is the best day this company has ever been. If you don't look at the share price when you come in here every day, It's better every day than it was the day before, and I'm focused on that. And I haven't lost any momentum or any drive or enthusiasm, and I hope that you guys haven't either. So anyway, Piyush, stop here from talking.

Sure. Nathan and Thomas, thank you for the questions. Yeah, I mean, listen, as Dan mentioned, when the company went public, there was no revenue. Now we're slowly getting some revenue. We have had revenue increase this quarter. We've made some key hires to help that out, and Bill gave his background in Listen, we're focused on generating revenue. We know for small cap companies, revenue is king. We want to have revenue that leads to growth and eventually leads to cash flow and all those great things that some of the very mega companies that Dan mentioned had. So as a cash burning company, we're going to be raising cash in the market. I mean, we have to do that because we want to sustain. We want to build a business. We want to grow revenue. And eventually your revenue growth kind of outpaces that and you don't need to raise as much capital. So listen, we're going to be very opportunistic. We're also going to be very Okay, the next question.

I just learned also from Nathan, does the company plan any later forward splits and would one bring back the earlier share count?

Nathan, thanks for that question. I think I mentioned just organically in an earlier question, you know, my mantra, my mindset is to always be splitting the shares the right way forward. That's how I like to invest and I love to see that. Unfortunately, you know nobody hates more than I do what we just did and I'm sorry again to everybody but you know when we get to a point where we're cranking and doing some great things our share price is appreciating we want to we want to obviously look to not only restore back to everybody's you know making them whole on the share account but you know our goal would be to to go further beyond that and these are forward-looking statements but you know I just want to give you kind of a a glimpse into How I want to run this company and what my vision is. I want the share price to go up, split, go back up, split, and have that be our recurring theme, not the opposite. We're finding our footing as a young company right now. We're finding product market fit. We're creating a brand new paradigm in an industry that people don't really even know about. So it's a lot to tackle. But once that switch flips, I think you're going to see It's going to flip in a big way, and that's what we're really excited about. So thanks for your question. And back to us, what else we got?

Number six is from Brandon and Thomas. They ask, how many arrive points are currently generating revenue from paying customers?

Yeah, thanks. I think we kind of alluded to that earlier, too. You know, we have in our ethos, we have 16 units right now. Those are interchangeably put out at different variables, different use cases. R1 static. is Hancock. And we refer to them a lot because they're great partners and they've stepped up big time. They've worked through issues that we've admittedly had as you're trying to build a bulletproof product. I always say you're judged by your failures, not your successes. And couldn't have asked for a better partner to withstand those trials and tribulations. And that's one of the reasons that we are doing these use cases on a limited basis. We're putting them out. We've got internal people that are able to look at all the different interactions that we have in every use case. We've got video, how people interact with our units ergonomically, practically, functionally. The standard needs to be every unit needs to operate with the reliability and redundancy of a 747 with 300 people on it. It needs to work every time, not some of the time. The other standard that I want to see I'm not the biggest tech guy in the world, I admit that. And I want the standard to be, if I walked up to an arrive point, I didn't know what it was, I could quickly figure it out and then know how to use it. And that's what I want the standard to be. And so these are things we're working at. We do not want to get ahead of ourselves on spending a ton of money and putting out units that can have one little tweak that could change them in a way that we have to redo every one. That would not be a good custodian of the dollars that we're spending to do these. So that's why we're being so deliberate. Everything's built on a strong foundation, and then we can build it big from there. So that's our strategy.

Okay, question seven, Thomas asks, what are the company's recurring revenue number of paying customers and cash departments today?

I'll take that quickly, and then I'm going to hand Piyush that. But I think what I just said in the previous question kind of speaks to that. You know, we've got lumpy income. and what I mean by that is if we're taking on a new customer, then there'd be a deployment cost that's a little lumpy at the beginning and then spreads out over the recurring part of it. I think speaking to the fact that we're not giddy to get a bunch of units out there that are going to create more issues, human resource requirements, capital requirements for support, all that. We want to get this thing standardized and we're standardizing every part of it from pricing to reliability, to implementation, installation. There's a whole facet of things that come with our rollout in SAW and all these kind of things. But Piyush, take it from there, Matt.

Yeah. So, you know, I got a couple questions from the research analysts regarding, you know, cash requirements and cash burn. You know, we feel pretty good about our cash situation right now. We're fully funded through 2026 and into 2027. We had cash on the balance sheet at the end of Q3. And subsequent to that, we did two capital markets transactions. One was a small $250,000 investment in the company and then raised about $1.3 million in our ATM. So we're going to be opportunistic raising cash. We know that we do, you know, from our cash burn perspective, we kind of targeted, hey, we want to try and be around a million dollars a month. So that's $3 million a quarter. We're always working to be more efficient in terms of how can we, you know, how can we reallocate vendor costs, vendor cost expenses, things like that. So, listen, we want to save as much money as possible and raise capital to help this business grow. We want to deploy more arrive points, get our technology even better, have more customers. And, you know, that's how we're doing kind of targeted moves like bringing Bill on board.

Okay. Question eight, Thomas asks, how many announced partnerships and pilots have become reoccurring commercial contracts?

Thanks for the question. I keep hearing an overlying theme of recurring revenue. And obviously, when we started the company, recurring revenue is something that we want to have. We know the market really celebrates that, and it's better than a one-and-done kind of thing. So our pricing strategy is based on our recurring revenue model. Now, having said that, we are playing with other pricing strategies, a couple would be RevShare. Revenue Sharing with partners. One might be just a simple model of pay per delivery. This is part of the testing that we're doing so we can consistently roll out. It's interesting because in scenarios we're finding that the users that are really embracing our ride points are the highest volume users, which makes sense. But if you went to a and many more. So, these are some of the things that we're thinking about. Neeral, why don't you answer the other side of the question here?

Yeah, sure. Thanks, Dan. So, one of the things that we're really doing a lot of learnings on is dealing with large organizations There's a lot of complexities. So, you know, I'll give you an example. We're working with a large health care company to put some units in there, a large hospital, I'll say. And we're also working with a pharma company. And one of the things that we have to deal with is something called SOC. So it's not SOC like Sarbanes-Oxley, but it's called SOC, which is systems and organization controls. So these are things like security testing, penetration testing. And Doug Highland on our engineering team is just doing a wonderful job balancing that. but these things take time and we're learning that it's not, you know, we can agree to a price, we can agree to a date but, you know, the security stuff, the backend SaaS stuff, all the software stuff, Doug's working on doing a great job but we're just realizing it's taking time. So these are like 60, 90 day sprints that we're trying to get this stuff done but again, with SOC 2 on board, it's just proving timely, taking a lot of time and so that's just something we deal with. Thanks.

And question nine from Brandon. What measurable revenue milestones does management expect to reach in 2027?

Thanks, Brandon. You know, I think we've announced some public milestones that we've put out over the past, but in 2027, our goal is going to be to put 105 points out. We think that we have a clear path to that, both in supply and partnership opportunities that we see on the horizon right now, and that's what's really exciting to us. You know, I think there's going to be a moment where The paradigm of where we are shifts 180 degrees. We're going to be thinking, how do we manage the growth opportunity that's in front of us? And I'm excited about that for when it gets here. I think that we're going to have some really blue sky opportunities in front of us. We think it's going to be a great year coming into 2027. And I would say stay tuned because nobody wants to share things faster and quicker than we do with our shareholders. And that's not just the good stuff. I think you guys know that. We're not a vanity company where you can go out and say, hey, we want to give you this great news and then disappear. We own everything. Our commitment to our shareholders is you're always going to hear the good, the bad and the ugly here first. You're not going to hear it on the street. You're going to hear it here. And that's the company I want to invest in. And that's the paradigm that we set here every day. How do we be the company that we want to invest in? And that's an important part of it. And, you know, I know I hear a lot of our are legacy shareholders. I hear your frustration. I'm right there with you. I'm not determining the market. The market determines it. And it's confounding because what I would say is every time I think I put out something that's great news, it's construed the opposite way. Every time I think something is bad, it's even worse. So it's hard to win. I know within these four walls, every day we're performing. We're doing great things. We're astounding people that come in here. They can't believe the tech, all the iterating, all the new advancements. I mean, there's so many things we could be doing. It's almost overwhelming, but it's exciting, too, because it shows how open the market opportunity is for what we have and what we're doing here. One thing I also want to say is to kind of conclude the call here. You know, when we went public in May of 2025, We subsequently had our first earnings call. And I wanted to set kind of a tone of how we do earnings calls. And, you know, we're an exceptional company. I believe that. I call us a We the People story. We had 5,000 investors on our cap table before we even went public, which is just unheard of. I always thought that was a validation of how good the idea was because people invest in things they see themselves being able to use. And we had a lot of great investors. And I love all you guys. Whether you've lost faith in us or not, I celebrate that you were here and I don't hold that against you. But when we started out, I said, you know what, I want to do something to represent the spirit of this company. So I told a silly dad joke for each earnings call, and I haven't broken that streak. So today, when this earnings call came about, I thought to myself, you know, we had three deficiencies, our share price is down, we did this terrible split. How in good faith can I do that? Are people going to frown on me for that? And I thought, you know what? I'm not going to buy into the gloom and doom. I am going to be the same company here because that's what we believe every day. We're not gloom and doom. We're happy, excited, and we're iterating every day. So I just want to leave you with this. When does a joke become a dad joke? Does anybody know the answer to that? When it's apparent. You get it? Oh, come on. So that's Arrive AI. We love you guys. We're going forward in a big way. I hope you're with us. Historically, people sell stock at a very low, and that's a very long time to do it. I don't, you know, I always say what goes down must come up. So we're going to rocket this thing. So thanks, guys, for being with us. I'm going to give it back to Shannon because I know you want to hear her more than me. Shannon, are you going to take it back? Shannon, go ahead. Thank you.

This concludes today's conference call. Thank you all for your participation. You may now disconnect.