Transcription of The Stock Network Interview with Elsight (ASX:ELS), CEO Yoav Amitai
Lel Smits: Elsight is building the technology that helps drones and autonomous systems stay reliably connected in demanding environments. As adoption accelerates across defense, public safety and commercial industries, Elsight is expanding its product portfolio beyond connectivity while strengthening its presence in the key U.S. market. I’m joined today by CEO Yoav Amitai to discuss record revenue, growing commercial adoption, and the rollout of new AI-powered technology.
Yoav, welcome to the Stock Network.
Yoav Amitai: Hi, well, great to be here. Thank you for having me.
Lel Smits: Pleasure to have you on. And look, Elsight’s technology is designed to keep drones connected when reliability is critical. So maybe for investors that are new to the story, can you outline what problem Elsight solves? Also, why demand is growing across both the defense and commercial markets?
Yoav Amitai: So first of all, like you said, Elsight is enabling uncrewed systems or unmanned systems.
By the way, not only drones, we’re also doing all domains except space and underwater. So we’re doing aerial vehicle, ground vehicle, maritime robotics and everything. And basically what we’re providing is enablement technologies like communication.
Today we’re also expanding into navigation, which I assume we’ll talk about. And in terms of demand, I think everyone who watched the news recently have seen that drones and robots are all over the place, whether we’re talking about defense or commercial application. And Elsight is in the middle of this perfect storm in terms of the demand growth and leveraging on this growth that is happening in the addressable market to grow the business.
Lel Smits: So as you’ve mentioned, you’re introducing new AI-powered positioning technology. You’ve also been expanding your product portfolio beyond just connectivity. But can you outline really how these new products are strengthening your competitive advantage? Also, looking ahead, what opportunities are they really opening up over the longer term?
Yoav Amitai: 100%. So when we thought about what we want to get Elsight to be, we thought about being the T1 of enablement technologies for unmanned systems. And that’s true for commercial application, that’s true for defense application or any other. The first products that are outside of communication, that’s where we come from, are exactly like you said, positioning solution is also known as navigation or other autonomy features and video and sensors processing units with the understanding that a lot of our customers, which happens to be the OEMs, the companies who are actually building those platforms, have a need for someone that will help them to look on all these different silo technologies as one whole approach.
And we were pulled into there by a lot of our customers. We have a lot of experience in this field. For those of the listeners that don’t know, Elsight today have more than 500,000 flight and drive hours in actual real-time deployment.
That’s a lot of experience and a lot of data that we logged over the years. And we’re utilizing this data now to create new products and new capabilities based on different measures. So that’s how we expanding our addressable market from being only communication, now expanding it into becoming also navigation or autonomy, like I mentioned, which are kind of parallel market that’s growing our addressable, our total addressable market.
Lel Smits: Yes, and in terms of building momentum and looking ahead, you have continued to in repeat customers and also deepen those relationships in the U.S., also expanding into new applications, as you’ve mentioned, also public safety. But looking ahead, what are your immediate priorities for Elsight and also perhaps your outlook over the coming year?
Yoav Amitai: So I think for those who looked on Elsight in the couple of years, we have proved that we know how to execute. We’ve been saying what we’re going to do and we were pretty good on delivering on that.
Looking ahead, we grew the revenue just again for the audience who are not familiar with Elsight. We have grew the revenue by 11-fold in the last 12 months, which is pretty substantial in a super, super profitable business model. Looking forward, seeing the perfect storm that I was referring to before and Elsight positioning in this perfect storm and the understanding that we’re now expanding into more regions, more OEMs, customers and more products.
Those are the three engines that are helping us to continue in this growth that we’re seeing. And I’m continuously saying that we’re just getting started. People are smiling sometimes when I’m saying it after growing the revenue so fast by literally feel and we all feel it in the company that we’re literally just getting started.
And that’s how we see the next quarters, years and so on.
Lel Smits: Yoav, thank you for the update from Elsight.
Yoav Amitai: Thank you very much, Lel. Great to be here.
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