Pioneer Power Solutions, Inc. (PPSI): Business Model Canvas [Dec-2025 Updated]

You're looking at Pioneer Power Solutions, Inc. (PPSI) as it executes a sharp dual strategy: anchoring its base with Critical Power service revenue, projected at $10 million for 2025, while aggressively scaling its e-Boost mobile EV charging platform, which is set to account for $17 million in equipment sales this year, landing them in the $27 million to $29 million total revenue guidance range for the full year. Honestly, what's compelling from a risk-management perspective is their Q3 2025 footing: $17.3 million cash on hand and absolutely zero bank debt, giving them real flexibility. Below, we break down the nine building blocks of this model, from their key activity of designing mobile charging units to their strategic franchising with partners like Savvy Charging, so you can see exactly how they plan to convert this momentum into sustained value.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Pioneer Power Solutions, Inc. (PPSI) is building to scale its e-Boost platform, especially in the mobile charging and off-grid power sectors. These aren't just handshake agreements; they involve concrete delivery schedules and revenue expectations for late 2025 and beyond.

Here's a quick look at the scale of some of these relationships based on the latest available data:

The focus here is clearly on leveraging partners for distribution, technology transfer, and accessing specific, high-demand niches like fleet electrification and remote power. The structure is designed to move from direct sales to recurring revenue models, which is a key strategic shift.

Regarding the specific collaborations you mentioned, here are the concrete details we have:

• SparkCharge for mobile EV charging distribution and multi-year purchase plan:
  • Initial agreement required Pioneer Power Solutions, Inc. (PPSI) to deliver up to 12 e-Boost rental units over the following 12 months, starting in the fourth quarter of 2024.
  • Pioneer Power Solutions, Inc. (PPSI) receives a per kilowatt hour usage fee plus a monthly rental fee under this alliance.
• Savvy Charging (UAE) for international e-Boost franchising and technology transfer:
  • The Memorandum of Understanding (MOU) establishes Savvy Charging Technologies, Ltd as the strategic partner and franchisee in the United Arab Emirates (UAE).
  • The pilot unit, the e-Boost G.O.A.T. featuring a 40kW Level 3 Fast Charger on a Ford F-350 chassis, is scheduled for delivery in the first quarter of 2026.
  • Recurring franchise revenue for Pioneer Power Solutions, Inc. (PPSI) is anticipated to start in 2026, with more revenue expected in 2027 from locally manufactured units.
  • The partnership aims to meet the UAE government mandate for 30% of all fleets to be electric by 2030.
• Large U.S. Charging-as-a-Service (CaaS) providers for multi-year contracts:
  • Pioneer Power Solutions, Inc. (PPSI) secured an award valued at approximately $10 million from the largest U.S. CaaS company.
  • Equipment delivery is planned for approximately $2 million in 2025, with the rest spread across 2026 and 2027.
  • This solution creates a new category of 'Off-Grid 180-500kW Power Hub'.
• Leading off-grid power providers for mobile microgrid solutions:
  • Pioneer Power Solutions, Inc. (PPSI) is designing a mobile microgrid solution for a rocket launching facility, integrating mobile battery energy storage units with the e-Boost Mobile - Pure Power unit.
  • The Washington State Department of Natural Resources (WA DNR) acquired an e-Boost Mobile Mini featuring a 30kW Level 3 fast charger.
• US propane distributors for rural, off-grid vehicle filling stations:
  • Pioneer Power Solutions, Inc. (PPSI) is collaborating with a leading US propane distributor on an off-grid power solution for rural filling stations.
  • The initial unit, the e-Boost Mini - Pure Power, is expected to be delivered in 2025 to power propane dispensers in central Florida.

Finance: draft 13-week cash view by Friday.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Key Activities

You're looking at the core engine driving Pioneer Power Solutions, Inc. (PPSI) right now, focusing on what they actually do to bring in revenue as of late 2025. It's all about execution on the ground, from building hardware to servicing existing assets.

Design and manufacture of e-Boost mobile EV charging platforms.

The manufacturing of the e-Boost line is clearly the primary revenue driver for equipment sales in 2025. The company reaffirmed its full-year 2025 revenue guidance to be between $27 million and $29 million, which is about a 20% year-over-year growth expectation.

Looking at the year so far, Pioneer Power Solutions reported year-to-date revenue of $22.0 million as of the third quarter of 2025. The second quarter of 2025 saw revenue hit $8.4 million, a 147% increase year-over-year. The first quarter of 2025 revenue was $6.7 million, a 103% increase over Q1 2024.

Specific, large-scale manufacturing activities include:

• Securing a multi-year e-Boost contract valued up to $10 million with a Charging-as-a-Service provider.
• Completing the final delivery of five units for a school district project totaling $1.3 million in Q3 2025.
• Receiving an order from the City of Portland for $1.3 million worth of e-Boost Mobile units.
• Receiving a $725,000 order from the City of Long Beach for an e-Boost Mobile Stretch unit, scheduled to ship before the end of 2025.
• Receiving a $1.6 million order from strategic partner SparkCharge for four e-Boost Pure Energy units.

Service and maintenance of power generation equipment for over 900 customers.

The service side, primarily through the Critical Power Solutions segment, is a steady contributor, with management expecting approximately $10 million in service and maintenance revenue for the full year 2025. Service sales were the main driver for the 7.4% revenue increase in the third quarter of 2025, which totaled $6.9 million.

A concrete example of this activity is the renewal and extension of a service agreement with a large U.S. retailer:

This renewal represents an increase from the previous estimated annual revenue of $1.3 million for that customer.

Product development for new distributed power solutions (e.g., PowerCore, 1.25 MW unit).

Pioneer Power Solutions is actively developing new distributed power solutions, which CEO Nathan Mazurek identified as one of the two most impactful growth initiatives actualizing in Q3 2025. The residential power/charging unit, originally called HOMe-Boost, has been rebranded as PowerCore.

Key development milestones for late 2025 include:

• Technical completion of the PowerCore residential/light commercial unit.
• Preparation for the launch of a modular 1.25-megawatt natural gas-fired power solution by the end of 2025.
• The full-year 2025 revenue guidance of $27 million to $29 million assumes no contribution from the new PowerCore solution.

Project execution for large fleet and school bus electrification contracts.

Project execution involves delivering the manufactured e-Boost units to fulfill major contracts, especially in the school bus and municipal fleet sectors. The initial school district order was for 25 e-Boost Mobile units valued at $7.1 million, likely to grow to over $8.0 million, intended to support approximately 200 EV buses. That same district plans to add another 600 electric buses over the next two years.

The company is executing on other fleet projects, such as the delivery of an e-Boost Mobile unit to the City of Portland under a $1.2 million contract. Furthermore, Pioneer Power Solutions has a robust sales pipeline that includes government agencies, transit authorities, autonomous fleets, and package delivery customers.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Key Resources

You're looking at the core assets Pioneer Power Solutions, Inc. (PPSI) relies on to execute its business strategy as of late 2025. These aren't abstract concepts; they are tangible financial positions and established technological capabilities.

The financial foundation is quite clear following the Q3 2025 results. You see a company that has maintained a strong liquidity position despite significant cash deployment earlier in the year, like the $16.7 million special cash dividend paid in January 2025.

The Key Resources are anchored by their proprietary technology, which is validated by recent contract wins. For instance, the e-Boost platform was central to a 25-unit, $1.3 million school district fleet electrification project. Also, they secured a $725,000 order from the City of Long Beach for a specialized off-grid EV charging system. Furthermore, the e-Boost segment has secured over $10 million in multi-year contracts with U.S. CaaS providers and schools.

Pioneer Power Solutions, Inc. designs, manufactures, services, and integrates distributed energy resources, power generation equipment, and mobile electric vehicle charging solutions, serving utility, industrial, and commercial markets. This operation is supported by their manufacturing and service facilities located within the United States.

The recurring revenue component is tied to their service business, which contributed to the Q3 2025 revenue increase. The company reaffirmed its full-year 2025 revenue guidance, which implies a certain level of contracted or predictable business flow.

Here's a quick look at the hard numbers supporting these resources as of the end of the third quarter of 2025:

The service agreements and technology deployment are what drive the top line. For example, year-to-date revenue through Q3 2025 reached $22 million, a 68% increase compared to the same period last year. The company expects the full year 2025 revenue to show approximately 20% year-over-year growth.

You should also note the intellectual property is being actively monetized through specific projects and orders, which are the concrete evidence of the value of the e-Boost platform. These include:

• Delivery of 25 eBoost units for a school district fleet electrification project.
• Secured $725,000 order from the City of Long Beach for an off-grid EV charging system.
• Secured $1.2 million contract with the City of Portland.

The company's ability to maintain zero bank debt while funding growth and returning capital is a direct reflection of the strength of its balance sheet as a key resource. Finance: draft 13-week cash view by Friday.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Value Propositions

You're looking at the core value Pioneer Power Solutions, Inc. (PPSI) delivers to its customers as of late 2025. It's not just about selling equipment; it's about providing immediate, scalable, and resilient power where the grid falls short or when mission-critical uptime is non-negotiable. The numbers from the first nine months of 2025 show this strategy is driving significant top-line growth, with Year-to-Date revenue reaching $22.00M, a 68% increase year-over-year.

Mobile, off-grid EV charging: Rapidly deployable infrastructure for grid-constrained areas

The e-Boost mobile charging solutions are clearly the primary revenue driver, pushing that year-to-date growth. This value proposition targets the immediate need for EV charging infrastructure without waiting for utility upgrades. You see this in the size of the deals they are closing, which are moving from pilot to fleet deployment.

Key metrics demonstrating this value include:

• Secured $10M+ in multi-year contracts with U.S. CaaS providers and schools (as of August 2025).
• Completed a landmark school district project involving 25 units totaling $1.3 million.
• Received a $725,000 order from the City of Long Beach for an e-Boost Mobile Stretch unit featuring 250 kW of Level 3 off-grid charging.
• Secured a $1.6 million order from SparkCharge for four e-Boost PureEnergy units rated at 275 kW each.

Critical power resiliency: Reliable, redundant power for mission-critical operations

This segment is proving its worth through recurring revenue, as service sales from Critical Power Solutions were the primary driver for the 7.4% revenue increase in the third quarter of 2025. The value here is the assurance of continuous operation, often integrating with mobile EV charging or other distributed assets.

The deployment examples show the breadth of critical applications:

• Partnered to deploy a mobile microgrid solution for a rocket launching facility using a 250 kVA natural gas-fueled unit.
• Delivered a 175-kilowatt e-Boost Mobile Open Flex unit to the City of Portland.
• Secured a high-capacity system order from a major U.S. fitness chain for delivery in the first quarter of 2026.

Comprehensive service: Preventative maintenance, repair, and remote monitoring for power systems

The service component underpins the reliability of the deployed assets. The fact that service sales drove the Q3 revenue increase shows this is a sticky, ongoing value stream. This service layer helps manage the operational risk for customers, especially given the margin volatility seen in Q3 2025, where the gross margin was 9.3%.

Modular distributed power: Scalable solutions like the new 1.25 MW power block system

Pioneer Power Solutions, Inc. is making a strategic push into the distributed power market, aiming for larger, pre-engineered solutions. The company is preparing to launch its modular 1.25-megawatt natural gas-fired power solution by the end of 2025, targeting data centers and industrial loads. This is a clear move toward higher-capacity, fixed-site resiliency solutions, complementing the mobile EV offerings.

Here's a look at the product scale and financial context:

The PowerCore unit, the rebranded HOMe-Boost, is set for a soft launch on Dec 17, tapping into the decentralized energy needs of the residential and light commercial sectors. So, you have immediate mobile charging revenue, recurring service revenue, and a new, larger-scale distributed power offering coming online right at year-end.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Customer Relationships

Pioneer Power Solutions, Inc. (PPSI) engages with customers through direct sales channels, evidenced by the $22.0 million year-to-date revenue as of September 30, 2025, which is up 68% compared to the prior year period.

Dedicated sales and engineering support for complex, high-value projects.

Complex projects require specialized support, such as the work done for the largest U.S. Charging-as-a-Service (CaaS) provider, which involved a $10 million multi-year contract for e-Boost mobile EV charging systems. Engineering refinement was necessary for initial units in a large public school district order, which totaled 25 units and was a landmark project supporting the district's initial fleet of 200 electric school buses. The company's Q1 2025 gross margin of 2.2% was impacted by higher costs incurred during the early stages of production as the team optimized build efficiency for a large contract in the Pioneer eMobility business.

Long-term service contracts creating sticky, recurring revenue relationships.

Service revenue is a key component of the relationship structure. The increase in service sales from the Critical Power Solutions segment was the primary driver for the Q3 2025 revenue of $6.9 million, which was up 7.4% year-over-year. The strategic international franchise model, announced via an MOU on December 2, 2025, with Savvy Charging Technologies, Ltd in the UAE, is explicitly designed to generate recurring franchise revenue and other revenue-sharing opportunities beginning in 2026.

Customer engagement data points include:

• Final delivery of the 25-unit e-Boost order for a public school district occurred in Q3 2025.
• A follow-on rental order was secured from a Fortune 100 retailer supporting their e-commerce fleet.
• Q3 2025 saw a $981,000 cash distribution from the Voltaris Power LLC business.
• The company secured a $1.6 million order from SparkCharge post-quarter.

Direct engagement with fleet operators and government agencies.

Pioneer Power Solutions, Inc. secures business directly with governmental and large commercial fleet entities. The Washington State Department of Natural Resources acquired an e-Boost Mobile Mini featuring a 30kW EV charging capability for remote utility vehicle recharging. The City of Long Beach, California, placed an e-Boost order on September 25, 2025. The company also received a $725,000 order from Long Beach. Furthermore, Pioneer is collaborating with a leading U.S. propane distributor to power rural propane vehicle filling stations, with an initial unit expected to be delivered in central Florida this year.

Strategic alliances for international market entry and technology licensing.

The December 2, 2025, MOU with Savvy Charging in the UAE launches the e-Boost international franchise model. This alliance includes a technology transfer agreement for local manufacturing in the UAE, which mandates 30% of all fleets be electric by 2030. The initial phase involves a paid pilot unit, the e-Boost G.O.A.T., scheduled for build and delivery in Q1 2026. The company is actively engaging with several charging businesses internationally using this licensing and revenue-share approach.

Key financial metrics reflecting customer-driven activity as of late 2025:

Finance: draft 13-week cash view by Friday.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Channels

You're looking at how Pioneer Power Solutions, Inc. gets its products and services to the customer base, which is heavily weighted toward large-scale mobile EV charging and distributed power solutions as of late 2025.

The full-year 2025 revenue guidance remains firm at $27 million to $29 million.

Direct sales force targeting government, industrial, and commercial customers

The direct sales effort is clearly focused on securing large, high-visibility public and commercial fleet orders, which is where the bulk of the equipment sales revenue is expected to land.

• Year-to-date revenue through the third quarter of 2025 reached $22 million.
• The third quarter of 2025 revenue was $6.9 million, with growth primarily from service sales in the Critical Power Solutions segment.
• A landmark school district project was completed in Q3 2025, involving the final delivery of five units and totaling $1.3 million.
• Pioneer Power Solutions delivered a 175-kilowatt e-Boost Mobile Open Flex unit to the city of Portland.
• The company secured a $725,000 order from the City of Long Beach, California, for an e-Boost Mobile Stretch unit.

Channel partners and distributors (e.g., SparkCharge) for product sales

Collaboration with channel partners like SparkCharge, Inc. is a key route for penetrating the Charging-as-a-Service (CaaS) market, often involving integrated product offerings.

Long-term lease/rental agreements for e-Boost units

Leasing and rentals are explicitly separated out in management's revenue expectations for the year, showing a dedicated stream outside of outright equipment sales.

Here's the quick math based on the guidance provided after the 2024 fiscal year end:

• Expected revenue from equipment sales and rentals for the full year 2025 is projected at $17 million.
• Within that $17 million, revenue specifically from long-term lease agreements is projected to be $2.5 million.

New franchisee model for international expansion (e.g., UAE with Savvy Charging)

Pioneer Power Solutions, Inc. launched its international franchise model in late 2025, using the UAE as the entry point to capitalize on local mandates.

• A Memorandum of Understanding (MOU) was signed with Savvy Charging Technologies, Ltd to act as the strategic partner and franchisee in the United Arab Emirates.
• The UAE has a government mandate requiring 30% of all fleets to be electric by 2030.
• Pioneer will deliver a pilot unit, the e-Boost G.O.A.T. (integrated with a Ford F-350 chassis), in Q1 2026.
• Recurring franchise revenue for Pioneer Power Solutions is anticipated to begin in 2026.
• The company's market capitalization as of the MOU announcement was approximately $41 million.

Finance: draft 13-week cash view by Friday.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Customer Segments

You're looking at the specific groups Pioneer Power Solutions, Inc. (PPSI) targets with its Critical Power Solutions, particularly the e-Boost mobile EV charging platform, as of late 2025. This is where the revenue is coming from right now.

Pioneer Power Solutions, Inc. reported total revenue of $6.9 million for the three months ended September 30, 2025. The company's full-year 2025 revenue guidance is set between $27 million to $29 million.

The customer base is clearly segmented across public and private electrification efforts:

• Government and Municipal Fleets (transit authorities, City of Long Beach).
• School Districts and Electric Bus Fleet Operators (e.g., $1.3 million project).
• Commercial Fleet Operators (package delivery, LMD retailers, robotaxi services).
• EV Charging Infrastructure Developers and Owners (CaaS providers).
• High-end Residential and Light Commercial (target for PowerCore launch).

The company's customers include Federal and State government entities, package delivery businesses, school bus fleet operators, EV charging infrastructure developers and owners, and distributed energy developers.

Government and Municipal Fleets

This segment involves direct sales to public entities needing resilient, off-grid charging solutions. The City of Long Beach placed an order for an e-Boost Mobile 'Stretch' unit valued at $725,000, scheduled to ship before the end of 2025. Separately, the City of Portland secured a $1.2 million contract for e-Boost Mobile 'Open Flex' units. The Washington State Department of Natural Resources (WA DNR) also acquired an e-Boost Mobile Mini.

School Districts and Electric Bus Fleet Operators

Electrification for student transport is a major focus. Pioneer Power Solutions, Inc. completed the final delivery of five units for one landmark school district project, totaling $1.3 million in Q3 2025. This followed a significant order from one of the largest US school districts for 25 e-Boost Mobile units, announced in 2024, which was expected to be fully delivered in the first quarter of 2025.

Commercial Fleet Operators and Logistics

This group includes large-scale commercial users grappling with grid capacity issues at distribution centers. A Fortune 100 retailer is piloting e-Boost units to bridge the "grid gap" at its depots, with plans to deploy multiple sets across key metro markets in 2026. Furthermore, Pioneer Power Solutions, Inc. delivered over $700,000 in high-capacity kilowatt systems to four customers in Florida spanning commercial and industrial markets during the third quarter of 2025.

EV Charging Infrastructure Developers and Owners (CaaS Providers)

This segment involves partnerships with Charging-as-a-Service (CaaS) providers. Pioneer Power Solutions, Inc. received an order from SparkCharge, Inc. for four new e-Boost PureEnergy 275 kW units valued at $1.6 million under a multi-year purchase plan. Overall, the e-Boost platform secured over $10 million in multi-year contracts with U.S. CaaS providers and schools for delivery in 2025 and 2026.

High-end Residential and Light Commercial (PowerCore Launch Target)

Pioneer Power Solutions, Inc. is expanding its focus with the upcoming soft launch of its PowerCore system (formerly HOMe-Boost) aimed at consumers. This product targets the high-end residential and light commercial backup power and EV charging market. The global Smart Home market is projected to reach $174 billion in 2025. It's important to note that the reaffirmed full-year 2025 revenue guidance of $27 million to $29 million assumes no contribution from the PowerCore solution.

Here's a quick look at some of the specific contract values associated with these segments as of late 2025:

The Critical Power backlog stood at $19.8 million at the end of 2024, supporting the 2025 revenue guidance.

Finance: draft 13-week cash view by Friday.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Cost Structure

You're looking at the cost side of Pioneer Power Solutions, Inc. (PPSI)'s operations as of late 2025, which shows some pressure points, especially around product margins.

Cost of Goods Sold (COGS) for equipment manufacturing and integration is a major component. For the third quarter ended September 30, 2025, with revenue at $\mathbf{\$6.9 \text{ million}}$ and gross profit at $\mathbf{\$640,000}$, the implied COGS was approximately $\mathbf{\$6.26 \text{ million}}$. This reflects a significant margin compression, as the gross margin fell to $\mathbf{9.3\%}$ from $\mathbf{23.7\%}$ in the third quarter of 2024. The primary driver for this cost-of-sales pressure was an unfavorable sales mix, specifically related to the final five eBoost units delivered for a large school district project.

Research and development (R\&D) for new products like PowerCore and the 1.25 MW unit is managed outside of the GAAP operating loss calculation for non-GAAP reporting purposes. R\&D expense is one of the items excluded when calculating the non-GAAP operating loss of $\mathbf{\$196,000}$ for Q3 2025. Management reaffirmed plans to launch the PowerCore solution in December and introduce a $\mathbf{1.25 \text{ MW}}$ power block system by the end of 2025, indicating continued investment in this area.

Service and maintenance labor costs for the Critical Power segment are embedded within the operating expenses, though specific labor line items aren't broken out. The increase in Q3 2025 revenue, which grew $\mathbf{7.4\%}$ year-over-year to $\mathbf{\$6.9 \text{ million}}$, was primarily driven by an increase in service sales from the Critical Power Solutions business. Higher service activity generally correlates with increased direct labor costs for field service technicians and maintenance personnel.

Sales, General, and Administrative (SG\&A) expenses, along with other overhead, contributed to the GAAP operating loss. The operating loss from continuing operations for Q3 2025 was $\mathbf{\$1.4 \text{ million}}$, a widening from the $\mathbf{\$714,000}$ loss in the third quarter of 2024. This $\mathbf{\$1.4 \text{ million}}$ GAAP operating loss includes corporate overhead expenses, R\&D expense, depreciation and amortization, and non-recurring professional fees, which total the difference between the GAAP loss and the non-GAAP loss of $\mathbf{\$196,000}$.

Here's a quick look at the key Q3 2025 figures impacting the cost structure:

The composition of costs that led to the Q3 2025 results included:

• Cost of Goods Sold pressure from an unfavorable sales mix.
• Operating loss from continuing operations of $\mathbf{\$1.4 \text{ million}}$.
• Non-GAAP operating loss of $\mathbf{\$196,000}$ before adding back R\&D and overhead.
• Year-to-date revenue of $\mathbf{\$22 \text{ million}}$, up $\mathbf{68\%}$.
• Cash on hand was $\mathbf{\$17.3 \text{ million}}$ as of September 30, 2025.

What this estimate hides is the exact breakdown of the $\mathbf{\$1.204 \text{ million}}$ difference between the GAAP operating loss ($\mathbf{\$1.4 \text{ million}}$) and the non-GAAP operating loss ($\mathbf{\$196,000}$), which contains the absolute R\&D spend plus overhead and D\&A. Finance: draft 13-week cash view by Friday.

Pioneer Power Solutions, Inc. (PPSI) - Canvas Business Model: Revenue Streams

You're looking at how Pioneer Power Solutions, Inc. (PPSI) brings in cash as we head into 2026. The company's full-year 2025 revenue guidance sits in a tight band, projecting between $27 million and $29 million. That total is built from several distinct streams, some product-focused and others service-oriented.

Here's a quick look at the major projected components driving that top-line number for the 2025 fiscal year:

Equipment Sales is definitely the biggest piece of the pie, based on current projections. We're looking at an expected $17 million coming directly from selling hardware. This is heavily weighted toward the e-Boost mobile EV charging units, which is where the current capital deployment is focused.

Service Revenue provides a solid, recurring base, which is always good for valuation stability. Maintenance and repair contracts are projected to bring in $10 million for the full year 2025. That's a significant portion of the expected total.

Next up, we have Equipment Rentals/Leases, which relies on securing longer-term agreements for deployment. This stream is currently projected to contribute $2.5 million to the overall revenue picture.

The final identified stream involves strategic growth outside the core domestic sales and service model. This is where future optionality lives, though the specific dollar contribution for 2025 isn't itemized separately in the guidance breakdown we have:

• Licensing and Revenue Share agreements.
• Focus is on new international strategic alliances.
• This stream supports market expansion efforts.

So, you see the core business is product sales and the associated service contracts. Finance: draft 13-week cash view by Friday.