Initiation Report: Applied Intuition – Pushing the Envelope in Autonomous Mobility

‍

‍

Summary

Applied Intuition offers end-to-end autonomous mobility solutions, ranging from simulation to validation, with a vision to enable full autonomy across diverse vehicle types—cars, trucks, construction equipment, unmanned aerial vehicles, and military vehicles, among others. The startup differentiates itself by offering comprehensive autonomous mobility solutions for land, aerial, and marine vehicles, in contrast to its competitors focusing exclusively on land vehicles – largely autonomous cars. As global regulations for autonomous mobility remain fragmented, ensuring compliance at local, state, and country levels is a significant challenge. Applied Intuition’s pre-defined regulatory scenarios help companies navigate these complexities efficiently, reducing reliance on costly physical testing. As the autonomous mobility sector accelerates—fueled by Elon Musk’s ambitious timeline for fully self-driving Tesla models—Applied Intuition is uniquely positioned to capture value in a rapidly evolving market. Applied Intuition’s advanced technology stack gives it a competitive edge, delivering model iterations 32 times faster and 95% cheaper in data labeling than competitors. The company serves 18 of the top 20 automakers, including Volkswagen, Toyota, Porsche, and Nissan, among others, as well as military clients like the US Army and Defense Innovation Unit. A 67% increase in valuation to $6B in the latest funding round, supported by investors such as Lux Capital, Andreessen Horowitz, and Coatue, among others, underscores strong investor confidence. Partnerships with Luminar, Audi, and Porsche, among others, bolster their technological capabilities. Recent innovations include an off-road autonomy stack, a generative AI tool for simulating scenarios 40 times faster, a hardware-in-the-loop testing platform, and an automated parking development solution.

Methodology

Our views on Applied Intuition are derived from our rigorous research process, involving proprietary channel checks with users, competitors, and industry experts, and synthesizing publicly available information from the company and other reliable sources.

Key Points

Diverse End-use Markets Ensure Rapid Revenue Growth: Applied Intuition's software solutions offer significant value across a range of sectors, including automotive, trucking, defense, construction and mining, and agriculture, among others.

Tangible Benefits to Clients: Applied Intuition substantially benefits clients, including a 90% reduction in real-world testing and 10x faster ADAS/AD (Advanced Driver Assistance Systems/Autonomous Driving) software development. The startup provides 12x faster automated parking development with a 70% decrease in cloud costs, 32x faster model iterations with 95% lower data labeling costs, and 40x faster simulation scenario creation.

Solving Labor Shortage and Safety Issues by Facilitating Automation: Applied Intuition's simulation solutions will catalyze the adoption of autonomous mobility in various industries, addressing workforce shortages, improving safety, and enhancing operational efficiency.

Key Strategic Initiatives Ensuring Revenue Growth: Strategic initiatives such as acquisition, partnerships, and new product launches position Applied Intuition for continued growth, innovation, and market leadership in autonomous mobility solutions.

Cost-Efficient Scaling Solutions Boosting Further Adoption: As global AV and ADAS regulations become increasingly fragmented, Applied Intuition's pre-defined testing scenarios are essential for cost-effective compliance and expansion.

Working With 18 of the Top 20 Automakers: Leveraging unparalleled data from 18 of the top 20 OEMs, Applied Intuition creates a competitive edge by offering superior datasets and pre-trained AV and ADAS software to attract new clients.

Well-positioned to Ride the AI Spending Wave: Car and EV manufacturers are ramping up AI integration. For instance, in May 2024, Toyota committed $10B to AI, EV, and related technologies, per Nikkei Asia.

Key Concerns: Delayed Adoption of Autonomous Mobility: The AV industry is still evolving, facing fluctuating investor interest, public trust, and funding. It is also subject to stringent and changing regulations, which may challenge the company’s business model.

Valuation: Applied Intuition raised $590M across 5 funding rounds, reaching a valuation of $6B after a $250M Series E in March 2024 — an impressive 67% surge from the Series D round. While the company has not disclosed its revenue numbers, as with most private companies, Manhattan Venture Research (MVR) estimates 2024 revenue at $40M-$80M, with projections reaching $890M-$1.25B by 2030.

Executive Summary

Applied Intuition provides comprehensive autonomous mobility solutions, covering simulation to validation. The company is creating a future where all moving entities—from trucks to construction equipment and military vehicles—will operate autonomously. Additionally, with fragmented autonomous mobility regulations across the globe, ensuring compliance at the country and state level is challenging. Applied Intuition's pre-defined regulatory scenarios help autonomous mobility companies meet diverse requirements cost-effectively, avoiding expensive physical testing. As the autonomous mobility sector accelerates—fueled by Elon Musk’s ambitious timeline for fully self-driving Tesla models—Applied Intuition is uniquely positioned to capture value in a rapidly evolving market. The company’s end-to-end integration and advanced technology offer a competitive advantage, featuring model iterations that are 32 times faster and 95% cheaper in data labeling than competitors. Their client roster includes 18 of the top 20 automakers, such as Volkswagen, Toyota, Porsche, Nissan, Kodiak, as well as the Army and Defense Innovation Unit, among others. A recent 67% valuation increase to $6B in the latest funding round reflects strong investor confidence, with notable backers including Lux Capital, Andreessen Horowitz, Bond, General Catalyst, Addition, and Coatue, among others. Recent partnerships with Luminar, Audi, and Porsche further enhance their technological capabilities. The company has recently introduced several groundbreaking solutions, including an off-road autonomy stack for navigating complex terrain, a generative AI tool that accelerates simulation scenario creation by up to 40 times, a hardware-in-the-loop testing platform, and an automated parking development solution.

Company Overview

Software and artificial intelligence are revolutionizing next-generation vehicle development. Applied Intuition’s solutions enable automakers, Tier 1 suppliers, and companies in trucking, construction, and agriculture to successfully navigate this transition and safely introduce software-defined vehicles to the market.

Competitive Benchmarking

Applied Intuition sets itself apart by providing a comprehensive range of autonomous mobility solutions, encompassing cars, trucks, aerial vehicles, and marine vessels, while most other startups focus primarily on software solutions for cars alone.

Applied Intuition – Strong Competitive Position

Entering the autonomous mobility simulation market necessitates substantial technological expertise, establishing a high barrier to entry. However, manufacturers of autonomous vehicles can create their own in-house software solutions. Applied Intuition provides comprehensive end-to-end autonomous mobility simulation solutions across a diversified range of applications, which diminishes customer bargaining power. With numerous vendors available to meet the needs of simulation providers, supplier bargaining power is also reduced. As the best-funded startup in this sector, Applied Intuition boasts a diverse use case portfolio, ensuring a stable revenue stream and a low threat of substitutes. Operating within a broad addressable market, the startup is well-positioned for growth. However, the presence of large public competitors with significant budgets heightens competitive rivalry.

Key Positives

Diverse End-use Markets Ensure Rapid Revenue Growth

The software solutions of Applied Intuition hold utility in automotive, trucking, defense, construction & mining, and agriculture, among others.

Agriculture: The agriculture sector has effectively implemented precision solutions for commercial crops, driving demand for similar technologies in smaller and specialty farms. To address this, scalable and cost-effective autonomy solutions are essential. Virtual testing is crucial for safely and efficiently deploying autonomous systems at scale, minimizing the risks and costs associated with real-world trials.

Applied Intuition enables scaled virtual testing for autonomous agriculture systems. Evaluating complex systems in virtual environments enhances safety, speed, and efficiency in developing workflows for field operations, multi-robot coordination, and field-to-field transit.

Automotive & Trucking: The development of automotive ADAS and AD systems, including eyes-on hands-off and eyes-off hands-off capabilities, is increasingly complex. Traditional validation methods are linear and insufficiently fast to meet production timelines or identify issues early in development. Automakers and Tier 1 suppliers require vast amounts of diverse data to effectively train and validate these systems. Next-generation solutions must leverage advanced machine learning to deliver targeted functionalities. Ultimately, automakers must ensure a sufficiently safe system across countless test cases.

As the automotive industry transforms electrification and autonomy, the trucking sector faces similar disruptions. Accounting for every potential scenario and edge case on the road is challenging, necessitating extensive testing for new software releases, which drives up costs and prolongs development. Additionally, addressing operational design domain (ODD) cases presents obstacles due to the diverse environments in which trucks operate.

Applied Intuition facilitates scaled virtual testing for automotive ADAS and AD systems. This approach ensures safer, faster, and more efficient development workflows, enabling the deployment of next-generation software-defined vehicles and delivering greater value to customers. The startup also enables scaled virtual testing for autonomous trucking systems. This allows for safer, faster, and more efficient development workflows, focusing on edge case testing, modeling highway interactions, analyzing disengagement events, and building safety cases for commercial deployment.

Construction: The construction and mining industries have successfully implemented initial autonomy solutions in larger, controlled environments, driving demand for similar technologies in smaller-scale and less structured settings. To address this, autonomy solutions must be scalable, cost-effective, and safe for users. Given the challenges of costly and risky real-world testing, virtual testing is essential for the safe, scalable deployment of autonomous systems in these sectors.

Applied Intuition facilitates large-scale virtual testing for autonomous construction and mining systems. Evaluating complex systems in virtual environments enhances safety, speed, and efficiency in developing multi-fleet off-road solutions.

Others: Applied Intuition is well-equipped to offer its simulation software for end-users such as Unmanned Aerial Vehicles (UAVs), Autonomous Military Vehicles, Autonomous Underwater Vehicles, and Delivery Robots.

With a shrinking Army, the US military is increasingly prioritizing advanced technology. The US Army is reducing its personnel by 5%, focusing on long-range strike capabilities to prepare for future large-scale conflicts with reduced direct combat. In 2023, the Army had 445,000 active-duty soldiers, a decrease of 41,000 from 2021, marking the smallest force since 1940.

Unmanned aerial vehicles (UAVs) are the fastest-growing segment within the U.S. Air Force. The current-generation F-22 Raptor and F-35 Lightning II fighters are significantly over budget. Additionally, using $3M missiles to defeat $2,000 drones is effective but not sustainable.

Key advantages of military unmanned systems, including UAVs, unmanned land vehicles, and autonomous surface vessels (e.g., unmanned navy boats), include:

• Lower build and operational costs

• Reduced size flexibility

• Remote operation from base stations

• Ability to operate in high-risk environments

• Minimal to no risk of fatalities

These autonomous systems require testing across varied climates, terrains, and scenarios. Virtual simulations offer a more cost-effective
and efficient alternative to physical testing, allowing for improved planning. Startups like Applied Intuition are leading the way in virtual
simulation testing.

Tangible Benefits to Clients

These autonomous systems require testing across varied climates, terrains, and scenarios. Virtual simulations offer a more cost-effective and efficient alternative to physical testing, allowing for improved planning. Startups like Applied Intuition are leading the way in virtual simulation testing.

Tangible Benefits to Clients

Applied Intuition delivers substantial benefits to clients, including a 90% reduction in real-world testing and 10x faster ADAS/AD software development. The startup provides 12x faster-automated parking development with a 70% decrease in cloud costs, 32x faster model iterations with 95% lower data labeling costs, and 40x faster simulation scenario creation.

Solving Labor Shortage and Safety Issues by Facilitating Automation

Applied Intuition, with its advanced simulation solutions for autonomous mobility, can address several critical issues in industries like trucking, ridesharing, and mining, among others.

Applied Intuition's mission is to accelerate the global adoption of safe and intelligent machines, to save lives. While their primary focus is on the automotive industry, their vision is much broader. They foresee a future where all moving entities—from trucks to construction equipment and military vehicles—will operate autonomously.

According to the US Department of Labor, in 2022, transportation and material moving occupations recorded 1,620 fatal work injuries, making it the occupation with the highest fatalities. Construction and extraction workers followed, with 1,056 fatalities—a notable 11.0% increase from 2021. Transportation incidents accounted for 37.7% of all occupational fatalities, with 2,066 deaths in 2022, up 4.2% from 1,982 in 2021.

With 1.35M global fatalities and 43,000 annual deaths in the US from vehicle crashes, according to the CDC, the demand for safer driving solutions is urgent. For reference, AVs can potentially prevent up to 94% of fatal crashes in the US, per NHTSA, underscoring the transformative impact of AV technology.

The American Trucking Associations (ATA) estimates a shortage of 60,000 truck drivers in 2024, projected to grow to 82,000 by year-end. By 2025, industry trends suggest the shortage will persist. A significant factor is driver retention, with long-haul trucker turnover exceeding 90% at many large companies due to poor pay and working conditions. The average truck driver is 46, and many are nearing retirement. To offset this, the industry needs 1.2M new drivers over the next decade.

According to the Insurance Institute for Highway Safety, in 2022, 4,764 people died in large truck crashes. Of these, 17% were truck occupants, 66% were in passenger vehicles, and 16% were pedestrians, cyclists, or motorcyclists. The fatality rate from truck crashes in 2022 was 51% higher than in 2009.

By enabling autonomous trucking, Applied Intuition can help reduce reliance on human drivers, mitigating the ongoing driver shortage and retention issues. Autonomous vehicle technology can significantly improve safety by reducing human error, which accounts for a large portion of truck-related fatalities.

In the US, approximately 1.3B ride-share trips are taken annually, with fewer than 60 ending in fatal accidents, according to Uber. However, physical and sexual assaults by ride-share drivers are more common, which may explain why nearly 50% of female users request female drivers. Each year, over 3,000 Uber passengers report sexual assaults, including nearly 300 cases of rape or attempted rape. In contrast, only about 14 of the country’s 200,000+ taxi drivers are accused of assault annually.

For the ride-sharing industry, Applied Intuition’s technology could support the development of autonomous ride-hailing vehicles, reducing the risks associated with driver misconduct and passenger safety concerns. This would offer a safer, more reliable alternative for passengers, particularly women.

The US is facing a looming mining workforce shortage, with over 221,000 miners expected to retire by 2029, according to the Society for Mining, Metallurgy & Exploration. The pool of new candidates is shrinking. In 2022, 39 workers died in trench or excavation accidents, including four in Illinois and two in Ohio. Worker fatalities in this sector have more than doubled since 2021, continuing a concerning trend identified by the Bureau of Labor Statistics, which recorded 166 trench cave-in deaths from 2011-2018, averaging 21 annually.

In mining, autonomous vehicles and machinery can help offset the workforce shortage, reducing dependence on human labor for dangerous tasks. Applied Intuition's software can be used to develop autonomous mining vehicles, enhancing safety and productivity, especially in hazardous environments like trenches and excavations.

Key Strategic Initiatives Ensuring Revenue Growth

Applied Intuition’s new product launches, including the off-road autonomy stack and automated parking development solutions, create new revenue streams. Strategic partnerships with Isuzu, Audi, Porsche, Valeo, Caterpillar, and Nissan strengthen its technological capabilities, while the acquisition of Embark Technologies expands the product portfolio and broadens the customer base.

Cost-Efficient Scaling Solutions from Applied Intuition to Propel Adoption

Multiple European countries have independently developed regulations for AVs and ADAS, without coordinated efforts. Similar municipal-level regulations have emerged in China. As global regulations become increasingly complex, self-driving car companies face the challenge of meeting diverse requirements before launching in different countries or even adjacent cities. Pre-defined scenarios addressing various regulations from Applied Intuition are crucial for companies aiming to expand, as conducting extensive physical testing for each regulation would be prohibitively expensive.

Countries have varying legal frameworks for autonomous vehicles, with some having stronger resources and infrastructure to support development. However, key challenges persist globally:

Regulatory responses to AVs in four leading markets – Germany, Japan, the US, and China – are briefly discussed below:

• Germany has developed a comprehensive legal framework, including safety, liability, and data protection guidelines, alongside test sites to foster innovation.

• Japan has amended existing laws and created the Strategic Innovation Program (SIP) to advance AV technology and establish international standards.

• The US has decentralized regulation, with federal guidelines and state-level laws permitting AV testing and deployment, particularly in California and Nevada.

• China leads in AV development, with government-backed initiatives like “Made in China 2025” and pilot zones for testing, alongside policies supporting R&D and safety standards.

Working With 18 of the Top 20 Automakers

Applied Intuition establishes a formidable competitive advantage with unparalleled data on autonomous vehicles and partnerships with 18 of the top 20 OEMs. Its extensive data repository enables the creation of a robust network that offers superior datasets, significantly accelerating training times. This attracts new clients and allows the firm to monetize its expertise by selling pre-trained AV and ADAS software directly to other OEMs seeking to launch their own autonomous vehicle initiatives.

The development of autonomous vehicles is under intensified scrutiny, with GM-owned Cruise embroiled in multiple investigations following a pedestrian crash late last year. Waymo is facing its first-ever software recall, alongside a recent minor crash with a cyclist. Additionally, the sector is dealing with layoffs and changes affecting the scope of several high-profile projects.

Applied Intuition is well-positioned to address these challenges. By integrating advanced AI technologies, it aims to significantly accelerate the development of next-generation vehicles. This includes using AI to create dynamic, complex simulated environments for autonomous vehicle testing. With teams of PhDs dedicated to solving these problems, Applied Intuition is also exploring emerging technologies like large language models and other innovative, research-driven approaches. With a world-class AI team focused on automotive problems, there is significant potential for rapid innovation and solving key industry challenges.

Well-positioned to Ride the AI Spending Wave

Car and EV manufacturers are increasingly adopting artificial intelligence in their operations. In May 2024, Toyota committed $10B to AI, EV, and related technologies, as reported by Nikkei Asia. Similarly, Chinese EV maker Xpeng plans to hire 4,000 new employees in 2024 as part of its AI investment strategy. UK-based AI autonomous vehicle startup Wayve has raised over $1B from investors such as Microsoft and Nvidia to develop the next generation of AI-powered vehicles, according to The Guardian. The automotive AI market is projected to grow from $2.3B in 2022 to $7B by 2027, reflecting a CAGR of 24.1%, as per MarketsandMarkets. Applied Intuition is well-positioned to capitalize on this expanding market.

An IBM survey found that 81% of automotive enterprises are actively deploying or exploring AI, with 73% accelerating AI investments over the past two years. According to Pymnts, 93% of automotive stakeholders believe generative AI will significantly impact the industry, and 75% plan to integrate it into their operations within the year. This underscores the industry's commitment to AI, with nearly 70% of decision-makers prioritizing its adoption. These favorable trends position Applied Intuition to benefit from the sector’s expansion.

AI boosts operational efficiency by automating design iterations and virtual testing. For instance, a German supplier reported a 70% productivity increase in test vector generation due to AI integration, per Pymnts. Additionally, AI has improved testing efficiency by 20% to 30% by automating reporting and scenario simulations, per Pymnts, accelerating product development while ensuring compliance with stringent regulatory standards.

Investment in automotive engineering R&D is projected to grow by 8–9% annually through 2030, reaching up to $540B, according to BCG. Key drivers of this growth include advancements in connected mobility, digital vehicles, sustainability, and artificial intelligence. AI allows for continuous updates, akin to smartphone technology, enabling manufacturers to enhance their products over time. As a result, Applied Intuition is well-positioned to capitalize on this rapid adoption.

Key Concerns

Delayed Adoption of Autonomous Mobility

Self-driving cars are hailed as the future of automotive, but their software remains imperfect. A key flaw is that, in critical situations, the system often hands control back to the driver too late to avoid accidents. For example, in February 2024, a Ford Mustang Mach-E, using its BlueCruise feature, a level 2 autonomy, crashed into a Honda CR-V in Texas, resulting in a fatality. The NHTSA is investigating BlueCruise’s role in the crash, marking another inquiry into autonomous vehicle systems, including prior Tesla and GM Cruise robotaxis probes. These ongoing investigations highlight that while autonomous driving is a competitive priority, the technology is not yet mature for widespread use.

The autonomous vehicle AV industry continues to evolve, characterized by fluctuating investor interest, varying levels of public trust, and ongoing funding challenges. This landscape is further complicated by stringent and evolving regulatory frameworks that may impact Applied Intuition’s business model. Nevertheless, the broader applications of Applied Intuition, particularly in aerial vehicle technology, provide a diversified revenue stream that can mitigate some of these risks.

While autonomous vehicles are currently operating in select markets like San Francisco, Phoenix, Wuhan, and Beijing, among others, widespread adoption remains limited. Although 60% of vehicles on the road today feature some form of driver assistance, only 1-2% of global vehicle sales in 2026 are projected to include Level 3 automation. The deployment of higher-level automation has been slower than Goldman Sachs Research's 2022 forecast due to technological limitations, regulatory challenges, and business model hurdles. However, advancements in AI could expedite the rollout of more autonomous vehicles. Research indicates that scaling AI—through enhanced computing power, larger training datasets, and refined model architectures—could significantly improve AI performance, accelerating automation. In addition, declining hardware costs for cameras, sensors, and lidar devices—critical components for both driver assistance and fully autonomous vehicles—could further drive adoption. For instance, a Level 2+ vehicle today uses 8 cameras, while a Level 4 vehicle uses 29. As these components become more affordable, AVs will become cheaper and more efficient. This shift in AV adoption is poised to benefit a wide range of sectors, including chipmakers, rideshare companies, autonomous vehicle tech developers, and automakers. Looking ahead, Goldman Sachs Research anticipates a bullish scenario where AVs (Level 3 or higher) could comprise 60% of light vehicle sales by 2040. Even in a more conservative scenario, AVs are expected to represent nearly 40% of new vehicle sales.

Industry Overview

Automation technology has its roots in mechanization, a concept that emerged during the Industrial Revolution, where human and animal power was replaced by mechanical power. This evolution has been fueled by our innate drive to innovate and create advanced tools and devices. Today, we stand on the cusp of a transformative era with the impending mass-market introduction of autonomous vehicles—spanning cars, military applications, aerial drones, construction machinery, and agricultural equipment—set to disrupt a multi-billion-dollar addressable market.

Autonomous mobility will enhance safety and convenience in various tasks. For instance, the Insurance Institute for Highway Safety analyzed over 5,000 car accident reports and found that current self-driving technology could potentially reduce accidents by approximately 34%, a percentage that will improve significantly with further technological advancement. Additionally, commuters could use travel time for video calls, entertainment, or work, potentially boosting productivity and shortening workdays. This flexibility may allow employees to live farther from the office, attracting more people to rural areas and suburbs. Autonomous mobility also improves mobility for elderly drivers beyond traditional transport options.

Financials

Applied Intuition's Revenue Estimates - MVR Analysis

With best-in-class simulation models and comprehensive autonomous mobility software solutions, we project Applied Intuition will secure
a 5-7% share of the automotive simulation market and the autonomous driving software market by 2030. Based on these forecasts,
we anticipate significant revenue growth for Applied Intuition in the coming years, with the following estimates:

Funding Rounds & Private Valuations

Applied Intuition has secured around $615M in funding across five funding rounds. Applied Intuition’s approach of end-to-end autonomous mobility software solutions has resonated with both customers and investors, leading to significant investor interest since 2020. Notably, the company raised $125M in 2020, followed by a $175M series D round in November 2021. The company's ability to attract investment has continued to grow, with its latest funding round – a $250M Series E in March 2024 with investors including Elad Gil, Lux Capital, Andreessen Horowitz, Bond, General Catalyst, Henry Kravis, Human Capital, John Quinn, Mustafa Suleyman, Nico Rosberg, Porsche Ventures, Ray Dalio, and Reid Hoffman. The latest funding round valued the company at $6B, a 67% markup from its valuation of $3.6B post-series D in November 2021.

Comparative Public Multiples

The following table shows the public peer multiples of simulation software firms. These multiples provide a useful reference for valuing Applied Intuition. Given the end-to-end development solutions, from simulation to validation, of Applied Intuition, best-of-breed simulation models in the industry, and solutions for the most diverse range of vehicles, we believe the startup’s valuation multiple should command a premium over its public peers.

About the Analyst

‍

Santosh Rao

Santosh Rao has over 25 years of experience in equity research with a primary focus on the technology and telecom sectors. He started his equity research career at Prudential Securities and later moved to Dresdner Kleinwort Wasserstein, Gleacher & Co, and Evercore Partners, where he followed Telecom and Data Services. Prior to joining Manhattan Venture Partners, he was the Managing Director and Head of Research at Greencrest Capital, focusing on private market TMT research. Santosh has an undergraduate degree in Accounting and Economics, and an MBA in Finance from Rutgers Graduate Business School. While at Gleacher & Co he was ranked leading telecom equipment analyst by Starmine/Financial Times

Disclaimer

I, Santosh Rao, Head of Research, certify that the views expressed in this report accurately reflect my personal views about the subject, securities, instruments, or issuers, and that no part of my compensation was, is, or will be directly or indirectly related to the specific views or recommendations contained herein.

Manhattan Venture Research is a wholly-owned subsidiary of Manhattan Venture Holdings LLC (“MVP”). MVP may currently and/or seek to do business with companies covered in its research report. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. This document does not contain all the information needed to make an investment decision, including but not limited to, the risks and costs.

Additional information is available upon request. Information has been obtained from sources believed to be reliable but Manhattan Venture Research or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. All pricing information for the securities discussed is derived from public information unless otherwise stated. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. MVP does not engage in any proprietary trading or act as a market maker for securities. The user is responsible for verifying the accuracy of the data received. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments, or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein. Periodic updates may be provided on companies/industries based on company-specific developments or announcements, market conditions, or any other publicly available information.

Copyright 2023 Manhattan Venture Research LLC. All rights reserved. This report or any portion hereof may not be reprinted, sold, or redistributed, in whole or in part, without the written consent of Manhattan Venture Research. Research is offered through VNTR

Securities LLC.

‍