Exhibit 99.1
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2026
UNAUDITED
INDEX
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INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Short-term restricted cash | ||||||||
| Bank deposits | ||||||||
| Marketable securities | ||||||||
| Trade receivables, net | ||||||||
| Inventory | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current assets | ||||||||
| LONG-TERM ASSETS: | ||||||||
| Restricted deposits | ||||||||
| Property and equipment, net | ||||||||
| Operating lease right-of-use assets, net | ||||||||
| Other long-term assets | ||||||||
| Total long-term assets | ||||||||
| Total assets | $ | $ | ||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
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INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | $ | ||||||
| Deferred revenues | ||||||||
| Employees and payroll accruals | ||||||||
| Accrued expenses and other current liabilities | ||||||||
| Operating lease liabilities | ||||||||
| Total current liabilities | ||||||||
| LONG-TERM LIABILITIES: | ||||||||
| Operating lease liabilities | ||||||||
| Warrants liability | ||||||||
| Total long-term liabilities | ||||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Ordinary shares of |
||||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( |
) | ( |
) | ||||
| Total shareholders' equity | ||||||||
| Total liabilities and shareholders' equity | $ | $ | ||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
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INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
|
Nine Months Ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| Revenues | $ | $ | ||||||
| Cost of revenues | ( |
) | ( |
) | ||||
| Gross profit (loss) | ( |
) | ||||||
| Operating expenses: | ||||||||
| Research and development | ||||||||
| Sales and marketing | ||||||||
| General and administrative | ||||||||
| Total operating expenses | ||||||||
| Operating loss | ( |
) | ( |
) | ||||
| Financial income, net | ||||||||
| Loss before taxes on income | ( |
) | ( |
) | ||||
| Taxes on income | ( |
) | ( |
) | ||||
| Net loss | $ | ( |
) | $ | ( |
) | ||
| Basic and diluted net loss per ordinary share | $ | ( |
) | $ | ( |
) | ||
| Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | ||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
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INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
|
Ordinary Shares |
Additional |
Accumulated |
Total
Shareholders' |
|||||||||||||||||
| Number |
Amount |
Paid-in Capital |
Deficit |
Equity |
||||||||||||||||
| Balance as of January 1, 2025 | $ | $ | $ | ( |
) | $ | ||||||||||||||
| Issuance of ordinary shares and warrants, net of issuance costs | ||||||||||||||||||||
| Issuance of ordinary shares under the Sales Agreement, net of issuance costs | ||||||||||||||||||||
| Exercise of shares options | ||||||||||||||||||||
| Vesting of RSUs | ||||||||||||||||||||
| Share-based compensation | - | |||||||||||||||||||
| Net loss | - | ( |
) | ( |
) | |||||||||||||||
| Balance as of September 30, 2025 | $ | $ | $ | ( |
) | $ | ||||||||||||||
| Balance as of January 1, 2026 | $ | $ | $ | ( |
) | $ | ||||||||||||||
| Issuance of ordinary shares under the Sales Agreement, net of issuance costs | ||||||||||||||||||||
| Issuance of ordinary shares, net of issuance costs | ||||||||||||||||||||
| Exercise of shares options | ||||||||||||||||||||
| Vesting of RSUs | ||||||||||||||||||||
| Share-based compensation | - | |||||||||||||||||||
| Net loss | - | ( |
) | ( |
) | |||||||||||||||
| Balance as of September 30, 2026 | $ | $ | $ | ( |
) | $ | ||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
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INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
|
Nine Months Ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( |
) | $ | ( |
) | ||
| Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Remeasurement of warrants liability | ( |
) | ( |
) | ||||
| Change in accrued interest on bank deposits | ( |
) | ||||||
| Change in marketable securities | ( |
) | ( |
) | ||||
| Share-based compensation | ||||||||
| Capital gain, net | ( |
) | ||||||
| Foreign exchange loss (gain), net | ( |
) | ||||||
| Change in prepaid expenses and other assets | ( |
) | ||||||
| Change in trade receivables, net | ( |
) | ( |
) | ||||
| Change in inventory | ( |
) | ||||||
| Change in operating lease assets and liabilities, net | ||||||||
| Change in trade payables | ||||||||
| Change in accrued expenses and other liabilities | ( |
) | ||||||
| Change in employees and payroll accruals | ||||||||
| Change in deferred revenues | ||||||||
| Net cash used in operating activities | ( |
) | ( |
) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property and equipment | ( |
) | ( |
) | ||||
| Proceeds from sales of property and equipment | ||||||||
| Investment in bank deposits | ( |
) | ( |
) | ||||
| Withdrawal of bank deposits | ||||||||
| Investment in restricted deposits | ( |
) | ( |
) | ||||
| Investment in marketable securities | ( |
) | ( |
) | ||||
| Proceeds from sales and maturities of marketable securities | ||||||||
| Net cash provided by (used in) investing activities | $ | $ | ( |
) | ||||
The accompanying notes are an integral part of the interim consolidated financial statements.
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INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
|
Nine Months Ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| Cash flows from financing activities: | ||||||||
| Issuance of ordinary shares and warrants, net of issuance costs | ||||||||
| Issuance of ordinary shares under the Sales Agreement, net of paid issuance costs | ||||||||
| Issuance of ordinary shares, net of paid issuance costs | ||||||||
| Proceeds from exercise of options | ||||||||
| Net cash provided by financing activities | ||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( |
) | ||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | ( |
) | ||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | ||||||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | $ | ||||||
| Supplementary disclosure of cash flows activities: | ||||||||
| (1) Cash paid during the period for: | ||||||||
| Income taxes | $ | $ | ||||||
| (2) Non-cash transactions: | ||||||||
| Purchase of property and equipment | $ | $ | ||||||
| Reclassification from property and equipment, net to inventory | $ | $ | ||||||
| Exercise of options | $ | $ | ||||||
| Right-of-use assets recognized with corresponding lease liabilities | $ | $ | ||||||
| Sale of machinery (see Note 4) | $ | $ | ||||||
| Issuance costs to be paid | $ | $ | ||||||
| (3) Cash, cash equivalents and restricted cash at the end of the period: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Short-term restricted cash | ||||||||
| $ | $ | |||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
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INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 1:- GENERAL
| a. | Innoviz Technologies Ltd. and its subsidiaries (the “Company” or “Innoviz”) is a Tier-1 direct supplier of high-performance, automotive-grade LiDAR sensor platforms and complementary solutions that are designed to bring enhanced vision and superior performance through safe autonomous driving and other perception-focused applications at a mass scale. The Company provides complete LiDAR based solutions for OEMs (original equipment manufacturers) and Tier-1 partners that are developing autonomous driving vehicles for the passenger car, robotaxi, shuttle, delivery vehicle and truck markets. The Company also leverages its automotive-grade LiDAR technology to offer solutions for non-automotive markets, including smart infrastructure, perimeter security, defense and homeland security, traffic management and robotics. |
| b. | The Company was incorporated on January 18, 2016, under the laws of the State of Israel. |
| c. | On December 10, 2020, the Company entered into definitive agreements in connection with a merger (the “Transactions”) with Collective Growth Corporation (“Collective Growth”), a special purpose acquisition company, that resulted in Collective Growth becoming a wholly owned subsidiary of the Company upon the consummation of the Transactions on April 5, 2021 (the “Closing Date”). |
The Company's ordinary shares were listed on the Nasdaq Stock Market LLC under the trading symbol “INVZ” on April 5, 2021.
| d. | As of September 30, 2026 the Company’s principal source of liquidity includes its cash and cash equivalents in the amount of $ |
| e. | On October 7, 2023, Israel was attacked by a terrorist organization and entered a state of war. On October 9, 2025, the sides agreed to a ceasefire, although there is no assurance that this agreement will be upheld. On February 28, 2026, the United States and Israel launched a joint attack on Iran. Iran launched ballistic missiles and drones against targets in Israel and against U.S. military bases and other targets in several countries in the Persian Gulf. On April 8, 2026, the United States and Iran agreed to a conditional ceasefire that included Israel. On June 17, 2026, a memorandum of understanding was entered between the United States and Iran that contemplates the termination of military operations on multiple fronts. As of the date of these interim consolidated financial statements, the hostilities have resumed and any future escalation is difficult to predict, as such are the economic implications of the conflict on the Company’s operational and financial performance. The Company considered the impact of the war and determined that there were no material adverse impacts on the interim consolidated financial statements, including related significant estimates made by management, for the period ended September 30, 2026. |
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
| a. | Interim financial statements: | |
|
The accompanying interim consolidated balance sheet as of September 30, 2026, the interim consolidated statements of operations and the interim consolidated statements of cash flows for the nine months ended September 30, 2026 and 2025, as well as the interim statements of changes in shareholders’ equity for the nine months ended September 30, 2026 and 2025, are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. |
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES (Cont.)
In management’s opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair statement of the Company’s financial position as of September 30, 2026, as well as its results of operations and cash flows for the nine months ended September 30, 2026 and 2025. The results of operations for the nine months ended September 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for other interim periods or for future years.
| b. | Significant accounting policies: | |
|
The accompanying unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the “2025 Annual Report”) filed with the SEC on March 4, 2026. |
||
|
There have been no changes to the significant accounting policies described in the 2025 Annual Report that have had a material impact on the unaudited interim consolidated financial statements and related notes. |
| c. | Use of estimates: | |
|
The preparation of interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. |
||
|
Significant items subject to such estimates and assumptions include inventory reserves and useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
| d. | Concentration of credit risk: | |
|
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, trade receivables, marketable securities, bank deposits and restricted deposits. |
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES (Cont.)
The majority of the Company’s cash and cash equivalents and short-term bank deposits are invested with major banks in Israel. The Company believes that the financial institutions that hold the Company’s cash deposits are financially sound and, accordingly, bear minimal risk.
Trade receivables of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral.
The Company invests in marketable securities with an average credit rating of “A” and a maturity of up to three years. The Company’s investment policy is not to invest more than
NOTE 3:- INVENTORY
Inventory is comprised of the following:
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Raw materials | $ | $ | ||||||
| Work in process | ||||||||
| Finished goods | ||||||||
| $ | $ | |||||||
NOTE 4:- REVENUE RECOGNITION
During the nine months ended September 30, 2026 and 2025, the Company recognized revenue at a point in time for LiDAR sensors and critical components, after transferring the control of the goods to the customer of $
During the nine months ended September 30, 2026 and 2025, the Company recognized revenue at a point in time for application engineering services, after receiving customer acceptance of $
In June 2025 the Company entered into a contract with a customer for the sale of machinery (including subsequent adjustments to the machinery) for $
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 4:- REVENUE RECOGNITION (Cont.)
Deferred Revenues
During the nine months ended September 30, 2026, the Company recognized $
Remaining Performance Obligation
The Company’s remaining performance obligations are comprised mainly of application engineering services revenues not yet rendered. As of September 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $
NOTE 5:- FAIR VALUE MEASUREMENTS
The below tables set forth the Company’s assets and liabilities that were measured at fair value as of September 30, 2026 and December 31, 2025 by level within the fair value hierarchy.
| September 30, 2026 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Marketable securities | $ | $ | $ | $ | ||||||||||||
| Foreign currency derivatives | $ | $ | $ | $ | ||||||||||||
| Total financial assets | $ | $ | $ | $ | ||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign currency derivatives | $ | $ | $ | $ | ||||||||||||
| Total financial liabilities | $ | $ | $ | $ | ||||||||||||
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 5:- FAIR VALUE MEASUREMENTS (Cont.)
| December 31, 2025 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Marketable securities | $ | $ | $ | $ | ||||||||||||
| Total financial assets | $ | $ | $ | $ | ||||||||||||
| Liabilities: | ||||||||||||||||
| Warrants | $ | $ | $ | $ | ||||||||||||
| Total financial liabilities | $ | $ | $ | $ | ||||||||||||
NOTE 6:- COMMITMENTS AND CONTINGENCIES
Legal proceedings:
On March 28, 2024, a putative class action lawsuit was filed in the Delaware Court of Chancery against several former officers and directors of Collective Growth (the “Defendants”) which relates to events preceding the Transactions. Under the Transactions agreements, the Company may be required to honor all rights to indemnification or exculpation existing in favor of the directors and officers of Collective Growth, as were in effect prior to the Closing Date, solely with respect to any matters occurring on or prior to the Closing Date. The lawsuit generally alleges that the Defendants impaired Collective Growth’s public stockholders’ ability to exercise their redemption rights on an informed basis in connection with the Transactions, by failing to disclose material information in the proxy statement concerning the Defendants’ interests relating to the Transactions and the net cash per share that Collective Growth could contribute to the Transactions. The lawsuit asserts claims for breach of fiduciary duty and unjust enrichment.
On August 9, 2024, an amended complaint was filed, and in response, on August 23, 2024, the Defendants’ legal counsel filed a motion to dismiss. On November 19, 2025, the court granted the Defendants’ motion to dismiss with prejudice. On the same day, November 19, 2025, the plaintiff filed a notice of appeal. On January 9, 2026, the plaintiff filed its opening appellate brief. On February 9, 2026, the Defendants filed their answering appellate brief. Plaintiff filed its reply brief on February 27, 2026. On May 11, 2026, the court directed the parties to file supplemental memoranda addressing a recent court order, which involves legal issues similar to those at issue in the lawsuit. Plaintiff and Defendants filed their supplemental memoranda on May 28, 2026. On June 10, 2026, the court notified the parties that the case would be submitted for decision on the briefs as of August 12, 2026. On August 25, 2026, the court affirmed the dismissal of the lawsuit. On September 10, 2026, the court issued a mandate closing the case.
Based on the foregoing, the Company, with the advice of its legal counsel, considers this matter to be closed.
The Company is currently not part of, as plaintiff or defendant, any legal proceedings that, individually or in the aggregate, are expected by the Company to have a material effect on the Company's business, financial position, results of operations or cash flows.
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 7:- EQUITY ISSUANCE
| a. | On February 12, 2025, the Company issued a total of |
| b. | On August 13, 2025, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with a sales agent. In accordance with the terms of the Sales Agreement, the Company may offer and sell its ordinary shares from time to time through the sales agent, having an aggregate offering price of up to $ |
As of September 30, 2025, the Company issued
During the nine months ended September 30, 2026, the Company issued
| c. | On July 29, 2026, the Company issued |
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 8:- BASIC AND DILUTED NET LOSS PER SHARE
The following table sets forth the computation of the net loss per share for the periods presented:
|
Nine Months Ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| Numerator: | ||||||||
| Net loss | $ | ( |
) | $ | ( |
) | ||
| Denominator: | ||||||||
The following potential ordinary shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:
| a. |
| b. |
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 9:- SEGMENT INFORMATION
| a. | Segment information: |
|
Nine Months Ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| Revenues from external customers | $ | $ | ||||||
| Less: | ||||||||
| Cost of revenues | ||||||||
| Research and development expenses | ||||||||
| Sales and marketing expenses | ||||||||
| General and administrative expenses | ||||||||
| Financial income, net | ( |
) | ( |
) | ||||
| Taxes on income | ||||||||
| Segment loss | $ | $ | ||||||
| Other segment disclosures: | ||||||||
| Depreciation and amortization expenses | $ | $ | ||||||
| Share-based compensation expenses | $ | $ | ||||||
| Interest income | $ | $ | ||||||
| Expenditures for segment assets | $ | $ | ||||||
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets: | ||||||||
| Segment assets | $ | $ | ||||||
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 9:- SEGMENT INFORMATION (Cont.)
| b. | Geographic information: |
Following is a summary of revenues by geographic areas. Revenues attributed to geographic areas, based on the location where the customers accept delivery of the products and services:
|
Nine Months Ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| Europe, Middle East and Africa (*) | $ | $ | ||||||
| North America (**) | ||||||||
| Israel | ||||||||
| Asia Pacific | ||||||||
| $ | $ | |||||||
| (*) | Includes revenues from Germany in the amount of $ |
| (**) | Includes revenues from United States in the amount of $ |
| c. | Concentration of credit risk from major customers: |
As of September 30, 2026, Customer A accounted for approximately
As of December 31, 2025, Customer A accounted for approximately
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