SKYX

LLM Evaluations

Transcript Summary

SkyX Platforms Corp. reported a successful Q1 2026, achieving record revenues of $22 million and marking nine consecutive quarters of growth. Financial health improved significantly with $32 million in cash and a gross margin increase to 30%. Management remains focused on a 'razor and blade' strategy across B2B hotel/builder segments and retail channels like Home Depot and Target. Key highlights include a strategic partnership with Europe’s OTT Group for 250+ properties and participation in a $4 billion smart city project in Miami. Product innovation is centered on the Turbo Heater Fan and the upcoming Generation 3 all-in-one smart platform hub, slated for H2 2026. This platform integrates safety features, communication, and AI, aiming to drive recurring subscription revenue. SkyX is also aggressively pursuing safety standardization for its ceiling receptacles, working with NFPA/NEC experts and insurance providers to mandate its life-saving technology. Despite a slow construction market, the company leverages AI-driven e-commerce platforms to maintain momentum. Management expects to be cash flow positive by the end of 2026, supported by a diversified global supply chain and high-margin product expansion.

5-year share-count history (top 10 holders by peak, incl. exited) + price

Filing Risk Scores

SKYX Platforms: A High-Burn Dilution Engine Disguised as a Technology Play

Full Earnings Call Transcript — Q1 • 2026-05-11

Operator: Good afternoon, ladies and gentlemen, and welcome to SkyX Platforms Corp.'s Earnings Conference Call. Before we begin, I would like to remind everyone that statements made during this call may include forward-looking statements within the meanings of the federal securities laws. These statements are based on current expectations and assumptions and are subject to the risks and uncertainties that could cause actual results to differ materially. Please refer to the company's SEC filings, including its most recent Forms 10-Q for a discussion of these risks and uncertainties. The company undertakes no obligation to update any forward-looking statements, except as required by law. In addition, the company may discuss certain non-GAAP financial measures during today's call. Reconciliations to the most directly comparable GAAP measures are available in the company's earnings press release. I would now like to turn the call over to Founder and Executive Chairman, Ronnie Kohen. Please go ahead, sir.
Ran Kohen: Thank you very much. Good afternoon to all. We welcome you to our Q1 2026 earnings call, and I'll pass it to our President, Steve Schmidt. Thank you, Steve?
Steven Schmidt: All right. sorry, Ronnie, thank you very much. First of all, good afternoon to everybody. And let me start by saying that we are happy to share that we are continuing our progress in growing our market penetration and remain focused on our razor and blade model through B2B segments for hotels and builders as well as on the retail aspects through our e-commerce platform and big box retail. As we previously have discussed, we are continuing our growth despite the slow new build market that is affecting smart home, lighting and home decor segments. So let's start with 4 key financial points demonstrating our positive progress. First, we're pleased to report 9 consecutive quarters of growth year-over-year with a 10% increase in record revenues for Q1 '26 with $22 million compared to $20 million in Q1 '25 as we continue to grow our market penetration. Next, our cash position improved significantly to over $32 million in cash and cash equivalents as of March 31, 2026. We believe we have sufficient cash to achieve our goal of becoming cash flow positive in 2026. Our gross profit improved by 16% to $7 million in Q1 '26 compared to $6 million in Q1 '25. And finally, our gross margin improved to 30% in Q1 from 28% in Q1 '25. Lenn Sokolow will be providing additional insights shortly on these financial results. So let's talk about the business front. First, we've entered into a strategic partnership agreement with prominent European Hotel and Real Estate Developer Group, OT, or OTT Group, to deploy our advanced smart and AI platform technologies as a brand standard throughout our hotel and Building segments. Group OT has developed over 250 hotels and buildings across Europe. Next, we just announced that we will be deploying our advanced and smart technologies to its first European hotel master renovation of the historical architectural preservation hotel, the Grand Hotel du Parc, formerly the Grand Medicis in Bourboule, France. We also have signed an additional agreement with the group at Heritage Hospitality Group to deploy and market our technologies to the vast European hotel market over 132,000 hotels. We expect to supply our advanced smart home technologies to upcoming and future key projects in the U.S. and globally, including New York, North Carolina, Austin, San Antonio, South Florida, including Miami's new $4 billion smart city, Europe, Saudi Arabia and Egypt. Next, our technologies reduces up to 90% of the time and cost of buildings and hotel renovations and installations or new build, and we continue our discussions with additional hotel groups and owners regarding utilization of our game-changing advanced and smart platform technologies. We expect to deploy over 1 million units of our products, including advanced smart home plug-and-play technologies during these projects and to over 100,000 units and homes by the end of 2026, through our Pro and retail segments. Next, despite warmer weather, our sales of our patented Turbo Heater Fan are continuing to grow, and we are expanding the category of the all-season ceiling fan, heat and winter and cool in summer, and we are working on additional products in new designs and larger sizes. In Q1, we announced the beginning of our collaboration with NVIDIA, AI Ecosystems Connect program, and we expect to grow our collaboration with NVIDIA into future smart home projects. Our technology expansion provides additional opportunities for future recurring revenues through interchangeability, upgrades, AI services, monitoring subscriptions and more. And finally, our enhanced safety code standardization team continues its progress towards its goal of a safety mandated standardization in homes and buildings of our life-saving ceiling outlet Receptacle technology, a lot of great progress. So it's my pleasure now to turn the call over to Lenn Sokolow, our CEO, who will provide additional insights. Lenn?
Leonard Sokolow: Thank you very much, Steve. Appreciate it. And I'm very pleased to announce strong financial and operational results for the first quarter and most recently. This reflects our continued momentum in revenue growth, operational execution and market expansion. As we have referenced, we generated the greatest increase in year-over-year revenues of 10% with a record $22 million in revenues in the first quarter of 2026 compared to $20 million for the first quarter of 2025. This is a -- reflects 9 consecutive year-over-year quarters of growth. As of March 31, 2026, we reported $32 million in total cash, cash equivalents and restricted cash compared to $10 million as of year-end December 31, 2025. We continue to leverage the rapid conversion of our e-commerce sales into cash, advancing our cash position. This is often referred to, as we've mentioned before, the Dell working capital model, lowering our cost of capital along with it. That we believe we have sufficient cash to achieve our goals of becoming cash flow positive exiting 2026. Our gross profit for the first quarter ending March 31, 2026, increased comparatively by 16% to $7 million as we compare it to the first quarter ending March 31, 2025. The gross margin for the first quarter ending December -- ending March 31, 2026, increased comparatively by 2% to 30% compared to 28% in the first quarter ending March 31, 2025. Net loss decreased. This is a net loss per share decreased by $0.02 to $0.07 per share in the first quarter of 2026, compared to $0.09 in the first quarter of 2025. And our adjusted EBITDA loss per share, which is a non-GAAP measure, decreased to $0.03 per share in the first quarter of 2026, as compared to $0.04 per share in the first quarter of 2025. And if I could turn it over to Ronnie.
Ran Kohen: Thank you, Steve. Thank you, Lindy. -- we will open in a minute our phone for Q&A. We would like to emphasize, as Steve mentioned, that we're laser-focused in our razor and the blade model. And on the B2B segment through hotels and builders, reaction is actually very strong and very positive. And we hope we can announce more on this front in the coming -- in the near future. And we're also happy with the growth of our retail segment. And as Steve mentioned, despite warm weathers now around the country, we are continuing to see with in our turbo heater. That's one of many products we intend to offer on the razor and the blade model. And as we mentioned before, we are going to expand that category to create an all-season, season ceiling fan. As you all know, ceiling fans is a product that's mainly focused for summertime and warm weathers. And we strongly feel that this can open a whole new category, especially based on the demand we have for that product in the next coming months and this year, we believe it's going to be a strong aspect of our razor and the blade model showing additional types of ceiling fans in sizes of 18 as we have now 24-inch, it's going to be 18, a bit smaller, but also a large one with 28 inches. And we're also going to do for much bigger rooms starting with 42 inches a new model, new design with the same turbo heater with 3 blades, 42-inch, 54-inch as well as 60-inch. So we really think that this is a category that with time, we can create a lot of demand to those type of -- different type of heater -- turbo heater fans. We're going to offer them in 5 colors, and we intend to expand this in the next coming months. You will see more announcements on additional products and hopefully, additional places that we'll be able to announce. With that being said, we're also progressing with the standardization aspect. We also hope to introduce our products this year to insurance companies. We believe -- strongly believe that, that can have another angle of standardization as we hold many products that have strong aspects when it comes to life saving and eliminating the need to such hazardous wires, long time on ladders with heavy or large-sized devices. And with the launch of our Generation 3 all-in-one smart platform hub, adding the smoke detectors, seal detectors, emergency light, 911 calling, nightlight and many other safety features, we have strong indications that we will cooperate and with insurance companies that are quite excited towards our launch in the second half of 2026. With that being said, thank you again, and we will pass it to Q&A here.So I think we have Jacob from Lake Street first in line.
Operator: [Operator Instructions] The first question comes from Jacob Stephan of Lake Street Capital Markets.
Jacob Stephan: On a nice quarter. Maybe just first, I wanted to touch on the construction project pipeline here. I know you got 12 major projects over the past year, 1 million total units and obviously, group OTT. I guess how many of these projects so far have moved from kind of the signed agreement to, I guess you would call it like an active supply order? And maybe if you could give us any sense of updated timing on the Austin, New York or Miami Smart City projects, that would be great.
Ran Kohen: Yes. Thank you, Jacob. We are actually -- a few projects already have moved to purchase orders, and we expect to start supplying products in the next coming months to several places, including in Texas, I believe Austin as well as, I think, New York, San Antonio maybe and hopefully, even to one of the European hotels we announced. So European -- the first European hotel we announced.
Jacob Stephan: Okay. And maybe, I guess, if you could kind of give us an overview of the developer pipeline just beyond what you already have signed in purchase order. Maybe you could give us a sense of what the future pipeline looks.
Ran Kohen: We can say that we're entertaining discussions with several developers on new projects and as well as hotel developers. And we're confident that this is a strong path for us, the B2B segment, as Steve mentioned, for hotels and builders, the value proposition with saving almost up to 98% of time and labor cost of those renovations and installations is quite significant. And also the razor and the blade model opens the door to start with maybe something simple, but to upgrade and then down the road, the subscription model and AI services and recurring revenues can be quite significant for us down the road as we penetrate. So our goal is to focus on the razor in the blade, penetrate buildings. And then once we penetrate a property and deliver receptacles, we kind of "have an ownership on that electrical and electronic real estate that we strongly believe will be fruitful down the road.
Jacob Stephan: Got it. And maybe just moving on to big box retail. You now have the turbo heater at Home Depot, Target, Walmart, Lowe's. Maybe if you could kind of quantify what a single in-store SKU order from one of these big box retailers could be, that would be helpful. And maybe if you have any comments on the pipeline there.
Ran Kohen: So as Steve mentioned and I repeated that despite that warm weather now, we expected slowdown with that product, but we're happy to announce that we're actually seeing continuing growth. I think word-to-mouth, people now recognizing they can buy a fan that also has a heater all in one. And that opens the doors to really good customer reviews in addition to word-to-mouth product, and we see that growth. And as you know, dealing with big box retail such as Home Depot and Target and [indiscernible]  And others, if you penetrate those stores and once you start -- if you penetrate significantly beyond a few stores or a few hundred stores that, that can be -- even a few hundred stores can be significant revenues. But obviously, when you go over 1,000 or 2,000 stores, that can be a major turning point for us. And it looks promising. We hope towards the winter to -- or hopefully earlier to get -- to be able to talk about it in more detail.
Operator: Next question comes from Tom Hayes of ROTH Capital Market Partners.
Thomas Hayes: . Can you hear me okay? Tom from ROTH Capital. Just wondering about the strong Q1 gross margin performance. I was just wondering if you can kind of talk about what was the drivers on the year-over-year growth.
Ran Kohen: I think that our focus in implementing more new products in our e-commerce and other big box retail and a combination of our -- some of our -- a new software AI-driven that's already almost, I would say, in 1/3 of our e-commerce platform. So combined products for lighting, the heaters, the home decor products, a combination of our strong emphasis on growth is starting to show, and we hope to continue to show that in the next coming quarters.
Thomas Hayes: Okay. I appreciate that. And maybe I appreciate all the color that you gave us on the turbo heater fan. I was just wondering now that it's really going to become an all-season fan, do you see more opportunity in the winter or the summer for the unit?
Ran Kohen: We believe that in the winter, it will provide more emphasis with -- and purchases based on -- in addition to decorating a home and impulse buy because many people don't think about a ceiling fan or they see one, if it's not urgent, we'll probably not buy it during the winter. But if they're aware of it and there's a new category that can serve winters as well as summers, I think we strongly believe that we can continue seeing additional growth in winter times. The data shows that most of the space heaters are very strong from October through February. So those 5 months are probably 3/4 of the market. And then March through August is really only 20%. So I would say 75-plus percent through October through February and then 25% between March and August. So therefore, we think that this coming winter could be quite significant for that product. Although as we mentioned, we're already seeing growth in the summer, and that's a pleasant surprise.
Thomas Hayes: Okay. I appreciate that. Maybe one last one. Just wondering if you could give us an update. I know you've been working on updating your 60 websites. I was just wondering kind of where you are in that process and kind of when you expect to have that all wrapped up.
Ran Kohen: Yes. I think we were around 1/3 into it now. So I think last call, we were around 20% plus. And now I think we're 30% plus of websites that merge into the AI-driven software. And we -- I think we'll continue our progress this quarter, and we hope and believe that the Q3 -- during Q3, we can finalize that product -- project. So that's our anticipation
Operator: . The next question comes from Barry Sine of Litchfield Hills Research.
Barry Sine: I want to follow up on that last question where we talked about the website upgrades. Obviously, you had a very strong quarter, revenue up 10%. Could you give us some sense how much of that is coming from the website upgrades, the contractor shipments? And then obviously, the turbo heater sales were very strong, both through your website channels as well as through retailers. So if you can give us a little color on what drove the growth in the quarter, please?
Ran Kohen: We really think, as I mentioned earlier, we really think it's all of the above. We think we're emphasizing on growth in all aspects -- so obviously, the SkyX and the SkyPlug products as much as we can, the turbo heater and definitely the new AI-driven software that we're implementing on the websites that we already completed the implementation, we do see this. So it's a combination of all the above and our e-commerce home decor and lighting products as well as, as we mentioned, our own products, including the turbo heater fan. So it's a consolidated effort here to continue our growth on all fronts.
Barry Sine: Okay. And then just on the website upgrade, maybe you could give us a little more detail. What exactly are you doing with the websites? And why has that been so successful? What is causing consumers to spend more through your websites?
Ran Kohen: So today, the older software is, and I can say even 5 years ago, if someone implemented the new software, today, it's aged 5 years afterwards. So any improvement you have by AI identifying customers that have more focused on customers that are able to acquire or purchase our products within lighting, smart lighting, home decor, et cetera, that can identify better, faster turnaround of this customer, easier maneuvering through the sites -- and as the AI would show you, you go to one place, you're interested in a certain area. Today, the AI is really able to profile you much faster as what type of customer you are and what type of products there are higher chances for you to acquire. So all of this AI-driven software today, they are -- as we all know about AI, way more advanced than what you had the newest software 5 years ago. So the difference is, as we all know, with is quite significant and AI attacks all fronts at once. And this is just the beginning. We believe that as we fully implement the entire AI-driven software in our platform, we will see towards the end of the year. and the learning and the data, the data that we can get is quite significant compared to what we had in our old software. So it's all the above that really helps us to grow our business on the e-commerce side.
Barry Sine: Okay. And then my last question on the regulatory front. Could you give us a bit more detail on what actions you took in the most recent quarter in terms of getting government entities to do some type of a mandate, whichever entity that might be, how many meetings were there and so on, really feedback? And then a similar question with the insurance companies because it just seems obvious the insurance companies should be requiring this for projects where they're covering workman's comp on the job side.
Ran Kohen: Yes, Barry, thank you. That's a great question, actually. So as we mentioned, it's a slow process. That's the bad news. The good news is we started that process over 14 years ago and achieved a lot here. So we are in the final stages, we believe. And we're working on all fronts. As we mentioned, there are NFPA and NEC and then there are other bodies that report directly to the government and the government bodies that all have this clear criteria of saving lives, mitigating injuries and property damages. They were established in the past 50 to 100 years for that purpose, okay, of saving lives. And they really need to find product like us and bring them to the finals. Obviously, we're helping them not to find us and we're finding them, but that's part of that type of organizations that we need to help. But our co-team led by Mark Early, the former Head of the National Electrical Code and Chief Engineer of the National Fire Protective Association, together with Eric Jacobson, the former President and CEO of American Lighting Associations, those 2 gentlemen are leading our team here, and they're having meetings almost every month now or even more than once a month. And we're stepping it forward. We're working on some other aspects. We got some more help with -- hopefully, with government agencies and also experts on later falls that joined us to emphasize how significant our safety aspect or how much we can reduce ladder fall in a quite significant way. As you know or people know, most of the ladder fall happens close to 80% according to data we saw are in homes. And many of those ladder falls happen when you have heavy or big obstacles in your hand and/or your unstable movements. So you have with trying to twist wires. So reducing that time by up to 95% to 99% can be quite significant in reduction of lateral falls. With that being said, Steve Schmidt and myself with other members are actually focused now, and Steve is leading it with insurance companies. And we think, as you mentioned, that insurance companies, if you look at their history, they mandated or required or promoted safety products starting with smoke detectors, seal detectors, emergency lights and commercial buildings and other products that we're working on that we didn't disclose yet. And we have so many of them together that our initial discussions now are looking quite well. And we hope that once we have the all-in-one Smart platform in the market, we will hear some -- we're confident, Steve had and our team had some good discussions. We're confident that we have a significant play that we strongly believe that can save many billions of dollars on an annual base to insurance companies. So we're progressing on this front as well.
Barry Sine: That's great, thank you very much.
Ran Kohen: Thank you, Barry. And I think that we have...
Operator: Our next question comes from Jack Vander Aarde  of Maxim Group.
Jack Vander Aarde: Okay. Congrats on the momentum, and it seems like progress is accelerating. It's great to see. So Ronnie, just it sounds like there is progress being made on the standardization front. It sounds like your new smart plug-and-play product rollout is ramping. Can you maybe just remind us of the vision and provide an update on your General Electric, or GE? I think you signed a 5-year global licensing partnership agreement back in -- at the end of 2023. Is GE still in the cards here? And what's the vision there with them, if so?
Ran Kohen: As you know, yes, we have this contract. And as you know, GE merged some of those divisions, the licensing division is merged with Dolby. And we are in connection with the GE former -- they're not former, but they're part of Dolby or collaboration with Dolby on this. So yes, they're in the game, and we expect that as we progress with the standardization in the mandatory, the licensing will become a major thing for us. And then I think this licensing segment will become quite significant for us. And also with insurance companies that can be, if you heard our other answer. So those 2 things we expect can help us significantly on the licensing aspect.
Jack Vander Aarde: Okay. Great. And then maybe a question for Lenny or Ronnie as well. I think last quarter, I believe the next-gen all-in-one smart platform hub was on track for maybe a third quarter or fourth quarter launch this year. One, just an update there. And then I have a follow-up.
Leonard Sokolow: Yes. Thanks, Jack. I think we are on track. We think by mid- to third quarter, we should be on track for generation -- the all-in-one platform. We called it our Generation 3 for getting production. And so far, we believe that's in our projection.
Jack Vander Aarde: Excellent. And then just a quick follow-up there. Is this the product -- do you foresee this product being what unlocks a recurring revenue stream for you? And just is there any color you can provide on what that might look like in terms of a recurring revenue stream from this product?
Ran Kohen: Yes, Jack, that's a great question. Thank you. And the all-in-one smart platform hub is actually a product that helps several industries or segments into all in one. So we have the home security industry that will have our safety -- home safety -- home security -- excuse me, home security sensors for burglers, et cetera. We will have also the home safety segment in this platform, as we discussed earlier for insurance companies, et cetera. So that's another segment that will be inside. We have the smart home features that will be part of this. We have the communication features WiFi extenders and WiFi communication and any type of communication. We will have also hospitality sensors. So that's another industry. We can do the same for the cruise industry with that platform, and that can go also to elder living and facilities. And also there's a growing market of home elder living that people stay in their homes, but they have visits and monitoring in their own homes that, that can be quite significant market for that product as well as hospitals. And that's also a significant aspect for us. So as you can see, there are several segments and industries that our all-in-one platform can serve. Now as it comes for what we can generate, so first of all, significant data aggregation that we have and precise data that will help us in many aspects and learning and studying and very strong knowledge of those industries and where the platform, all-in-one smart platform hub will be implemented in. And obviously, that's going to generate -- depends on what industry, but it's going to generate monitoring subscriptions, AI services that are definitely down the road, we expect to see. And to answer your question, that definitely this product is where we expect that to open doors with the recurring monitoring subscription opportunities to come in all of those industries.
Jack Vander Aarde: Congrats on the continued momentum.
Operator: The next question comes from a private investor.
Unknown Attendee: Again, congratulations on a stellar quarter. Lenny, I don't know if you remember, but we talked probably about 6 months ago or so. So thanks again for having me. And congratulations on a good quarter. A few questions starting off first, about this time last year, you had announced a partnership with ProFab, a local manufacturer. I was just looking for an update on your partnership with ProFab and kind of guidance on what percentage of your products are now made in the U.S. versus what percentage of your products are made in the non-U.S. and where kind of ProFab sits within that?
Ran Kohen: Yes, I'll answer that product development question. So thank you for that question. ProFab is a leading electronic sophisticated PCB, electronic boards manufacturing with industries like our military, aviation, hospitals and other sophisticated industries. They're investors in our team, and they're also long-term partners of ours. And we expect as we grow the all-in-one smart platform opportunities here in the U.S. to have made in U.S. opportunity. Part of our product development and all the testing and manufacturing and Six Sigma process is done together with them. So they're a great partner to have and really a leading manufacturer here in South Florida now where the tech is growing. That's a very -- it's a growing company, not related even to us, but great to have them as a partner, and we're looking forward to manufacture together with them some of the products here with a goal to have a strong U.S. manufacturing channel. So that's in development. And once we start production of the all-in-one Smart platform, we will look into how to start making some of this product made in the U.S.
Unknown Attendee: Great. That sounds like a bright future. Do you anticipate costs being relatively manageable as you migrate the manufacturing, especially with all-in-one platform? Are the margins -- do you plan on those being able to be sustained or continue to grow as we've seen in the past few quarters?
Steven Schmidt: Yes, that's a great question. So not like in the car industry that still a few years away, but it's happening with Tesla and others to become fully automated or 80%, 90% fully automated with robots that are being manufactured by leading with Tesla and other companies. The electronic board, the PCB is actually already in a mode that can be fully automated. And by that, you don't have the 5 to 10x labor situation that U.S. has compared to other places in the Far East and Asia or in Mexico and other places. Therefore, the U.S. government today is really looking into manufacturing anything that can be fully automated made in the U.S. has a great chance to be manufactured in the U.S. because the differences will not be as significant because the labor is not a big factor during these type of productions.
Unknown Attendee: Understood. Thank you for shedding a little bit more light on that. A few more questions. Just as we think about the manufacturing for the next all-in-one platform, as we think about the pipeline of these major projects that you have, do you have any concerns about meeting the future demand, especially for those B2B contracts and kind of as you look forward to meaningfully scaling the production of your products, do we think we can really kind of take that jump from where we are now to, say, a year from now as we're meeting kind of millions of products being deployed?
Ran Kohen: As we stated several times, including, I believe, in our latest press releases, including today, we are collaborating with manufacturers all around the world. We -- in addition to China, we have Taiwan and we have Cambodia, Philippines, U.S. and Vietnam options. And we're in discussions with all of them because we do not want to rely on one area of the world or one country. So all the manufacturers we associate ourselves are all mass production and are each one of them able to produce millions of units. So it's a combination of cost and quantity. Quantity we're okay, and we strongly believe those manufacturers are part of a validation are capable to do the products in the million, each one of them. And it's really the cost factor is what will be the best place to manufacture. But when it comes to quantities, we think we're in very good shape.
Unknown Attendee: Great. Sounds like you're quite nimble as needed. And last question here. Hopefully, it's an easy one, just I've seen this in other parts of kind of my coverage. We've seen some disruption to Middle East funding and projects just during the recent conflict. I know that you have a few Middle East projects. Notably, you've got Egypt, we've got some Saudi Arabia plans. Are those relationships continuing to kind of stay steady? Have we seen any disruption or say, trepidation about moving forward from those parties?
Steven Schmidt: No, we are actually in discussions with those parties, and they're moving ahead with their projects. And this is expected to happen. We hope to start something and be able to announce something even this year. We have discussions towards that. And it's -- those projects, Middle East has tremendous growth. Obviously, there were some issues with the war that probably didn't help anyone. But as those projects are long term and in planning stages, so there's no interruption to what they're doing, and we're in discussions with those groups and it looks like everything is moving forward according to plan.
Unknown Analyst: Congrats again on...
Leonard Sokolow: Sam, if you have anything else in the future, feel free to call. So happy to answer.
Unknown Attendee: Thank you very much, Lenny. I appreciate that.
Operator: Ladies and gentlemen, with no further questions in the question queue, we have reached the end of the question and answers. I will now hand back for closing remarks.
Ran Kohen: Thank you again for all the participants. We look forward to continue our progress and sharing it with you in the near future. And our next earnings call, hopefully, sooner than that in some aspects, we will be happy to announce if we have something to share with the market. So thank you, and good evening to all.
Operator: Thank you, sir. Ladies and gentlemen, that concludes today's event. Thank you for attending, and you may now disconnect your lines.