Shelly Group SE ($SLYG)

Welcome to the Platform and Software Developments Webinar of Shelly Group SE. I would like to welcome the company's Co-CEO, Dimitar Dimitrov, and Ms. Samira, who will guide us through the presentation in a moment. followed by a Q&A via chat. And with that, I hand over to you, Mr. Dimitrov.

Thank you very much. Good afternoon to everybody. Thanks for joining the call. Next to me first the Mirche Mirev, which will present will guide me and help with the part of the presentation. So today will be a little bit different call. We'll present -- not -- we don't dive deeply in the devices such already built. We will show what is coming, what we make in the last years, what peers what we do. And after that, we will make some overview because my view you know about the Shelly, maybe not so many using the Shelly devices. I will show what exactly our customers see, what exactly our customers are using. And also, we will make a short demo to see also what else can be done with the Shelly devices. So let's start. This is something which in webinar already talk about that. Let's just go to the next slide. This is something which we promised 2 years ago. When we talked in 2024, we tell what we are moving, where we are moving, in what kind of direction when we talk about the devices and what kind of the direction when we talk about the -- when we talk about technology. But something much more important is to see exactly what we propose what we deliver. And here, we can see that almost everything which we promised 2 years ago, it's already delivered, something which is not is coming in the next month, 1.5 months. And on top of that, we build also additional features in opening other verticals, which we don't showing you 2 years ago. I'm very proud with the team, with everybody in the company participating with R&D, with product management because this helps us to move company faster as nobody do that. And new product categories, let's little bit go dive into the new product categories before switching to software part of the presentation. The first one, we built and we go in many direction in the last years. The first one, this is the smart box. You've seen that there is -- there is already a few models on the market. The new one is coming, but not only this one, but in combination with Shelly X, we're planning to release end of the year many different types of the box, which will cover all the different use cases for different customers. The second one, the smart cameras. We are ready with the smart cameras now they're in the mass production. We're finalizing the last approach on the interface on the software because we wanted to make the customers and to present them something not just a camera, but something much smarter for what compared with all other competitors. The next one is the monitoring and security. We're extensively working to increase our devices related to measure the environment. which can be also used for the security. And this one is something which will continue in the future. Connected protection I believe that you will see in the 2 weeks, but we're targeting before end of the month to release the first breakers, circuit breakers and not just -- this is not just the breakers. This is the real active protection for your house, which allow you to measuring the energy to controlling the high voltage and also high -- very powerful appliances remotely. Until now to do that, you need the multiple devices. Now it will build everything into the breakers and we expect the really huge interest about that. HVAC systems, something which we doesn't have, now we have multiple devices with which we can control the HVAC system for heating or cooling. And Shelly X, by the way, is very famous now. If you're opening our website, there is many Shelly X devices and some appliances, which is not ours, but the -- but the supply is built into -- inside our technology. There's EV chargers. There is a special system automatic curtain system. There is at least 17 devices, which now in the market, and we've seen that demand is huge, and our customers appreciated this approach. So what every make of this one is sometimes it's not related only to Shelly Wall. This is the reason. The last point is that when we make a fleet manager which can cover these cases, which can deliver the tiered solution, not just the hardware but also the software powered solution for every customers, something which we will show later. And now let's go through the software part. The first one, before I give you much more details, the premium applications. it's coming without pushing the customers, but it's coming strong. The customers which using our premium features and pay for premium features, increasing on a daily base, we try to deliver them really the something on top because currently, there is no other companies who are charging on top their customers -- retail customers for -- with subscription for some kind of the premium features. But I think here we reach the perfect balance. Customers will not complain, they're happy to use what we offer them. We increased the range of the premium subscriptions and with the cameras that's anywhere or not that at least between 30% and 40% of the customers using quad storage, using quad services. We will combine our premium features with the cameras. So we're expecting this to give us a huge more -- to deliver much more significant revenue. But even that does as many times as a share, we're completely happy until now because currently, our premium customers cover the costs -- expenses for our customers. This is a very good -- there is no many company which reached that level. We reached, I think, more than half year ago. And now let's talk about the fleet manager and Mirche, please.

Thank you, Dimitar. Good afternoon, everyone. So we have our solution that is strict retail or B2C. So our vertical is solid, working for millions of users at the moment. What we are facing today is how do we enable businesses solution providers, installers to build the entire vertical for the businesses, for the site operators, for the facilities that are going with Shelly solutions. So our answer is Fleet Manager. Fleet Manager is a platform that allows connecting the solutions, the hardware solutions that Shelly provide into one consistent coherent platform that allows for consistent user management, data collection, statistics management and building user interfaces and solutions on top of it. It has been available for some time already as an open source product, and we are working with expanding group of better testers and solution providers that are trying -- testing it, deploying it and we actually improve it day in, day out working it. So it's kind of the missing part where probably Shelly Cloud as it is now is not suited for lift and shift into the premises of a customer in places where data has to build and independence from other facilities, availability of Internet is needed. So Fleet Manager is providing and it's cutting cost for solution provider by implementing the knowledge that we have Shelly about devices, how those device operate, the ins and outs of devices. So it's a kind of a driver layer for our devices, connectivity for them, secure connectivity for them. It provides level of automation that can actually, in itself, the very base layer of the platform has automations. It provides statistics and analytics of data that is collected inside. And of course, operations -- business operations management based on IT devices and the solutions that Shelly provide. We are -- as I said, we already are working with solution providers on that. And we are thinking about the next step because this, in itself, we want to democratize access to Shelly solutions and we want to make it even more accessible for the regular installer. We have more than 7,000 installers that we want to make it possible for them to deploy -- quickly deploy a software solution for -- tailored for the customers they are working with. This is in the making at the moment. We have an idea about the model. We have about the pricing model, revenue sharing with the solution providers. We are working at the moment also with them on this. And it's about how this could be tailored, if you can imagine how this could expand and actually cover existing businesses, so instead of what today is being handled by an electrician, adding a bit of automation for a small shop hospitality provider probably outdoors advertisement or street lighting, this today with fleet manager could actually scale and automate the business of businesses that actually their core operations are not related, but facilitated by IoT. And in the case of our existing already existing users of fleet manager actually, they rely on the Shelly solutions. So maybe it's better to go to see some incarnations of this platform, Dimitar?

Yes, so just one question still, for example, does it mean that if I have a hotel, I'm hotel manager. And everything in my hotel is I want to automate the hotel to know, for example, how the consumption in different not only rooms but in different facilities, I want at the same time monitoring the housekeepers, how they're going, what they're cleaning exactly. I want to monitor for example, in the many areas to automate by the way, for example, heavy chargers, I have parts, is this the solution where the fleet manager can do the job for me and give me everything just made exactly the same for my hotel.

Yes. I would strongly recommend it to your local solution provider to actually go directly to fleet manager if they already decide to Shelly because it will cut weeks, if not months of development costs for them and we'll have the solution in their hands.

So they can use Shelly devices, they store them in my hotel. Then they just run the fleet manager and then I can sign hotel completely automate with everything we do.

We work with you to build the tailored UI that it's your preference of colors of how the facilities and your properties. And why don't you ask something different? If you have a hotel, how much are you spending on washing your -- washing on heating water.

Nobody know exactly.

Yes, that will be something that you will be able, at this day and age actually track your electricity. Maybe it's becoming more and larger and larger piece of your expense.

I think exactly because I will start presenting you, but first you pick 2 different topics, first you will be the Shelly application, not exactly today our customer use, what they can do, what they see. This is the important to -- because many of you, you're our investor, but you maybe will never use our Shelly device, someone who uses the Shelly devices. Maybe who does use the everything which we can provide for what I want to show you. And the next topic is exactly some third-party clients, third parties, which already built the fleet manager for them to see same Shelly devices, which you can use at home how they can be used for the some kind of industrial from the professionals to deliver distribution for the factories, for the stores, for the municipality, for everything. We're just using not Shelly Cloud, but using this fleet manager, which is especially made for that. Okay. Please let's share the screen. Okay. But I think can be on a big screen, yes. Okay. So we'll open the Shelly application and if you have many devices, which many of our customers has, you can see that your house in different rooms, but only in each room, we can see, for example, how much is consumed this room, what is the temperature, are the doors and windows is closed in this room. Let's say, if we dive into the room, you can see, for example, about lighting, you can control the lights in the room, you can switch it on and off, if you have a curtain, automated Shelly curtains, then you can open and close these curtains remotely. You can there -- by the way, there is a different groups control multiple lights. There is a scene which are automatically executed based on different conditions. For example, for the good night, everything is switched off, the curtains are closed. When you go into the toilet, automatically, the alarms are going to come to you there. Also in different rooms, by the way, we can have a thermostat to control the heating, but this is on the group level how everything is looks like. On the garden, there is an irrigation system which we can control. There is a moving robot, which we can control almost everything. But something which is our customers -- and also by the way, that is important using Shelly app and using this place, you can control the music in your house in the whole room. So we are not just automating the home, but we make complete entertainment, we can control the complete entertainment of the home. But something which everybody likes about and which only we provide -- I can say we provide, this is the real-time very detailed information for what the customers spending there money regarding the electricity. And as the mutual said before, when we have some facility not only the house, but do know exactly for what are you paying. And I can see, for example, this is the data which we receive from the real time, and I can see, for example, in this home that how much is using heating and cooling, how much for pool and garden? How much for the lighting. How much is it for the refrigeration and everything. And I can see that only real time but not only real time, how this is separated and disaggregated, but also I can see how much energy is on each room and in that room, what exactly is consuming energy. As example, if you take a look on the kitchen, we see that there is a refrigerator and refrigerator is consuming almost 60 watts. But only this one, if I push on them, then I can see how much and every customer can see how much this cost on a daily basis, on a monthly basis, on a weekly basis, how much they pay for refrigerator, how they spend for the washing because if they go into the washing room, then I can see, for example, now the dryer is working right now. But I can see when the dryer is working, when it's working, how much energy is consumed. And by the way, if you want to check for a last, for example, last 30 days, how much you can see how much money you pay for the dryers, how much money you pay for the washing. And this is something which we provide for every customer on a real time, even if these customers doesn't -- is not a premium one. So the premium customers have some features on top, where the AI could help them to lowering the energy consumption. We give them information by minutes, not only by hour, not only by day because this information also is here for on a daily basis, for example, for last 24 hours, you can see -- I can see how much energy I used, how much this cost me, how much energy is produced, if there are solar panels, you can see each hour exactly what's happening in your house. And also, you can see this very detailed information also by room. And this is still available for every Shelly customers without paying nothing. This is just regular, with a Shelly device in house, you can see exactly what's happening and how much you pay for this one. And by this lots of information, which is about our team is able to proceed because this is coming for over 4 million households. And this information is coming every 15 seconds for more than 10 million, 12 million devices, 24 hours. And we're processing this data, make a sense, storing this data, make analytics, and this is happening in real time. This is something which is the bit of Shelly and also, we make this one without spending millions for the quote. We're spending maybe a very reasonable amount, which I say they cover it at the moment from the customers. So starting off, which is important for the premium customers, they have some very special monthly overview, where they have, for example, average energy per hour. So you can see, for example, that early morning at 9:00 and afternoon about 6 to 10 p.m. is the most consuming hour in this house. You can see which is the most consuming days. And by the way, we can see now the summer season is coming. The winter is a little bit prolonged, the Easter season because you can see this is coming from the heating. Some days, it's colder. So the heating is working. There is -- I spend more and more money for the heating. The last 2 weeks is the weather is much better from the middle of May and then I stop -- the customer stopped using the heating pump, and you can see that the consumption is going down. And this is the whole data which they receive every month with very precise analysis where we tell them guys, this is the most consuming device, this is the most consuming days in your house. This is the -- how much the -- there's some comparison with the years ago, with months ago. So they know exactly what they need. Of course, there is an AI system where you can ask the different questions for electricity, you can ask, for example, when I go in the bed last night. And they say our system based only the consumption and some motion sensor could tell you exactly, okay, the last you're going to the bed in 10:00 p.m. because then switched off, consumption is going usually low on the night mode. So this is something we choose. And this is what mainly Shelly apps provides. Now with the cameras, we will provide more, but also for the people, by the way, which has the solar system, they can see exactly, for example, how much energy is consumed by -- from the grid or from the solar system. And this is no matter what kind of solar system do they have. We are completely agnostic about the brand. We're completely agnostic about the protocols. This is happening only through our devices without any additional data from the solar system from the customer. And this is something which we built and we very precisely working and built it. And so you can see, for example, on a daily basis. What is the demand we can see, for example, for the last month? What's 7 days? How much is used for the last 30 days, you can see when -- how much the battery is recharged from the grid, how much is the consumption of house, which days because it's not sunny, the house is consuming more energy for the grid and for which days which is sunny, the energy is coming from the system. And by the way, optimizing the consumption, which we do very actively, for example, the water heating is coming is using only exceed energy from the sun, if you have an EV car, car will be charged from the battery from the grid. And you can see the actual data, which not -- not so many people can reach it, from total 1.3 megawatts of energy for a month. Our system optimized 900 kilowatts to come from the sun and only 400, which mean 1/3 is coming from the grid total from the sun. This is because there is a different kind of algorithms, which control the EV charger exactly to work when there is sunny day and the battery is full. The same with the PV system is working -- the heating system is working mainly to produce the heat water when this is -- when it is not sunny. But this is highly optimized interface for the house usage -- for the home usage. And so we start to have a demand from the customers guys who want to use for different. One is for the hotel, but what we're showing here is not enough from the hotel. We want to use for the city street lighting, you're going to control the street lights with your device because they're capable to do that, but then this interface is useless. We need something else. And this is the reason what we create, for example, I can show the first one which we create, this is whole same Shelly devices behind but completely different platform based on the fleet manager. And this is the platform which allows customers to control and to monitoring their PV plants remotely and also for the PV point providers, by the way, they can control multiple PV points depends on the weather, it depends on the battery. It depends on many tasks. For example, if you go there, you can see for these customers, how much -- this is the 2 investors in this system. He can see these -- how much produced energy, how much energy they sold. You can see the prediction, you can see the price -- energy prices, this is energy history, by the way, I will show the energy price for the next 24 hours, maybe there. Just a second, this is in Greece. We already do that. This is a day ahead prices. So the system automatically can tell to these customers when to save energy when the price is high. So the prices tomorrow, for example, in Greece because this is based today in Greece a bit higher, maybe because the weather is not good for tomorrow. So still is not maybe we'll be ready in 1 hour when this -- when the forecast is made. But also here, you can see in the -- the customers can see very detailed information about his PV parts to see how much is the current production, how much consuming from the grid, how much -- or the battery, how much battery is charged and can make a different kind of the automations based on this data system to optimize and to save energy on the best conditions. And not only this one, something which we create, is for the energy traders, for the company which combine multiple plans, they can create a virtual plans, they can control for example, 100 if they want, each done simultaneously. So if there is demand from the grid to warning the production, they not need to jump one by one. Until now, they need to go to each cloud provider -- solution provider based on the inverter manufacturer and to control each part independently with the fleet manager and the Shelly devices behind because this is fully on the Shelly devices, they can control multiple plants in different locations. This is one of the patterns which we're showing and also we're offering to the market for the customers we needed. The second one, which you can show here, this is maybe somebody from where they can see the region where this is working. But this is the platform which gives opportunity to municipality to control the city lightings. So in every street, there is a multiple lighting strips, and this is the special electric from which they're controlling the controlling the district during the night to switching off to detect different malfunctions. For example, because now it's the day, this is the night form by the way. You can see that the street, this particular, let's say, that maybe if the light is off, consumption is this one, is just 5 watts, what is the voltage at the moment and also some of them which provide data about the door-door cost, temperature, humidity, all data which need control in one city or in one region, the whole city wide on the municipality. In different groups, different schedules, the electrical panels, by the way, where the customers can see information what exactly is behind the Shelly devices, which is involved in this system. And the UI is completely different, different kind of the reports by the way, it's a total energy. And if I switch it to the monthly view, then for June, let's say, now June is beginning, if I switch to May, we can see that especially now C1 municipality, which is not so big, by the way, how much energy is consumed. But not only this one, this system gives them information if something happens, if something going off-line, if there is a malfunction of the some of the panels or on the street lighting. If there is maybe still energy from some of the panels, and this system gives them all kinds of information on a minute base and analytics switch from which they can operate the lightings much more efficiently than before. Having the reports and all data here, they can see each street how much they consume, how many streets there is. And this is still fleet manager with different user interface with the same Shelly devices, which is used in the stores, panels, same Shelly devices, which use for the home appliances, but with the purpose to control city lighting from one of the -- this is part of the -- one of the regions of Bulgaria at the moment which we make for us a first test. The third one is for the customers which have multiple locations. For example, this is the -- the company which have multiple stores, selling different equipment with mobile phones. And there, they can monitoring in a live, with Shelly devices, information how much consuming in these stores not only this one because in these stores, they can control the music using Shelly devices, how loud the music, what kind of the music to be at the moment in the store, they can see how disaggregation, how much consuming the total store, what about the lighting, what about the outdoor advertising, now is during the day. Maybe we talk about only not the whole advertising, which is part of it. How much using through the socket, how much using to cooling or heating for HVAC system in their stores? What is the warehouse temperature? What is the humidity because some of the equipment they're selling is very sensitive to the humidity and temperature. How many people in the store, by the way, there is nobody in the store, but now it's one, is just entering in the store as you see. So how many people is in the store because they can count which days there is many people, which days there's less people so they can -- based on that, they can assume how many people also to -- and how this -- how mnay to meet them, to be in the stores from the staff just to have enough resources. And this is something which they can see with different panels. They can see with different kind of the reports in live, still some of our own systems, which can tell to their support team that something is wrong and they can go and check it, different schedules, automatically control the temperature, automatically control the lighting. And all these -- this is the Shelly devices, which, by the way, which is behind the system and working with the system to make everything possible. So 227 device, as you see at the moment is online and controlling the stores, monitoring the stores, monitoring this system. And the device is not different. Same as we're selling for the households. This is just different UI, different interface especially made for this customer. And if you continue to add that, for example, this is made for a third-party team using our profit because currently, we believe that is not only we should do that, we should empower the integrators to do their one job. When the customers come, our integrators are able to provide this solution. And this is one of the examples. This completely third party, which make a whole building management with our solution where the owner can see this is still ongoing. It's not completely finished product. But some of the device already is working. So they can see, for example, they can change the -- to control the heating, the cooling, the system on the whole building, they can see how much is consuming this building in lifetime, how many devices is already there. They can choose between different forums to manage them separately, if there is another building. Also here on the left side, it's very interesting how they build it because they make a format of the -- of each of the force. And after that, they start adding devices on this format, which is providing this data and different things which they do. But this is the third-party platform, third-party interface based of the Shelly platform. Another example, for example, this is for the storage management, there is a demand from the client side renting containers for people working, they store their items. And they want to be sure what is the temperature of the container, what is the humidity, how much is the total consumption of the container, are the container is worked or now is not. And this is the Shelly devices acting as a -- and the platform which acting the container management, they not only this one, but also for customers which rented the container can see in his container -- it's what is the state -- what is -- how much is the -- what temperature, humidity, pickup to the container, or remotely to walk and walk the container to place some things into the container. Both interface and the whole platforms is made with Shelly devices and the fleet manager behind which just empower them to have this very -- The last one, by the way, this is something which we do for one of the food chain in Macedonia, where in the map, you can see how many food chains they have. In each store, they can see information about the consumption, they can see not only this one, but they can monitor in their fridges here, for example, fresh display, how much the temperature in their fridges. And if something is going wrong, immediately the system warns them and sends them information about the issue, and they have a time to fix it before it needs to trash. Before worse -- so preventive maintenance, thank you, Mirche, preventive maintenance which is implemented for them. And on top of that, they can see exactly for what they're using the energies in the stores. And by the way, this is another preventive management because in case the ventilation doesn't clean well or if there is a malfunction, immediately, they will see that there's consumption is too high and too low as usual, and the system will inform them and give them this information. So this is still same Shelly devices, but different UI and different platform. So this is a short overview what exactly fleet managers do and what we -- how we exactly working on the future. Just currently, we are the first client is there. We're developing for them. Now we are working on the solution to make it easier and AI help us a lot because part of this interface is made without developers. We just trained special agents -- AI agents how Shelly works, we give them the best practice for the platform. We give them some rules, and we give them where to host it. In a day, the platform is ready to be used, something which each of these ports create and give it to the customer for less than a week, a final version, something which a year ago or 2 years ago, you need or 0.5 years, sometimes more than a year, a huge team to work on it and usually lots of money which customers could spend. And now we completely working this solution to available for everyone with our devices, which could act as monitoring sensors, actuators as usually they do. Thank you very much. Mirche, do you want to add something or further questions.

Yes. I just want to add that it's not our intention to get alone into this game of actually providing the software platform. We're looking for partners. We are looking for making a viable business model where all our installers, all our -- the solution provider that we already work with to start working with us on using this platform.

Yes. Thank you very much. Ladies and gentlemen, we're opening the Q&A session. Today, we're only taking your questions via our chat box. So as I can see, we have already received some questions, actually 3 by Mr. Tobias Zending, I will read them out one by one. He says, first question. Can you speak to how you're approaching sales and deployment for the fleet manager and energy solutions.

So there's different approaches. The first one what we do, you know that currently, we have over 7,005 current electricians. But most of them is just electricians, we're working with more 1,000 demand integrators. So for us, what we believe currently working to train them to show how to use the platform. And then integrators, we work with electricians to build the platform for their customers because there is much positions which you need to solve. Sometimes the customer doesn't know exactly what they want. They can explain, but not on a technical way. The electricians, they can -- they know what they can do to measuring that point and this one, but they don't know how to present it. Then for this one is the integrator, which acting as a project manager to understand the customers' need to help electricians to build the right devices and then to give it to the customers the interfaces and the distribution as you've seen. And for what we see, the demand is huge because currently, there is no other options. Our options are limited or very expensive. And there is no such freedom which we're delivering now for everybody to build as they want for the proof of concept, they can deliver them and show them in 1 hour. They can show them, okay, do you want to see your billing or your businesses consumption or normal temperature, doors, everything like that or these machines, you want to monitoring these machines like that. If they say that exactly I want to do that, the only next step which they need to do is to connect this mockup which the make for the quant fleet manager, connect -- and install the Shelly devices. So let's say that approach is quite similar to what some big names like ABB, Siemens, Schneider do on until now, but we completely revolutionize how this could be made, how much this will cost and especially the speed. I think until now this takes years. And if there is some change requests, customers want out something, we take this -- the whole process should start not from beginning, but still the big team, some huge team need to be involved. Now we do that very simple. And this is the main approach which we're looking for. Also, we're working with the solution with everybody because there is a 2 solution, by the way, for the fleet manager. One of them is fleet managers installed into our quad, then the customer doesn't need to think about nothing. I mean not hosting, not what to paying. They just need to go into our quad, activate their 1 account, explain what they needed, and this whole UI interface to be created. And they connect Shelly devices. For the much more advanced customers, announced for customers which is security sensitive by themselves because the platform qual doesn't make everything less secure, but maybe somehow then the automation related to their internet connection. And some customers is very sensitive and the information. For example, if you're working on the factory, the automation to stop working because there is an internet outage is not a solution. Then we give -- we provide them options to install the whole fleet manager locally in a server in their building or in their factory. And everything is working locally without losing any kind of the benefits. But in this case, they need somebody to take care about the software upgrades, about the -- all kind of the hosting and buying the PC. So we're offering these 2 solutions for different kind of the customers.

Thank you very much. We have a second question by Mr. Zending. Given the complexity of the products, what kind of onboarding cycles do you expect? And will you partner with larger scale installers for both solutions?

Mirche?

Yes, we see 2 different paths. So one would be premade tailored templates for different business verticals. And we will work directly with our large installer base or people that would like to jump into building business based on Shelly. And they will be able to use the premade templates to quickly prepare and very close to deployment, the solution for -- and working to a business and have a meaningful conversation based on actual data. They bring a few devices with them, they install them, and they show the customer that in this moment, they can see the consumption of all the refrigerators in the shop they are working in. And the second approach would be actually, this is a very good question. We are starting working with -- and this -- the rollout, we will probably be geographically limited because we are also limited working with in which area we work. But we started working in Western Europe, U.K. at the moment with system and solution -- provide system integrators and solution providers and via them and supporting them to deliver the first solutions for the customers. We go through the training and onboarding and the knowledge sharing for our platform.

Yes. So we don't need to create the demand. Demand is there. And now as many times we say every moment for -- every issue for the economy or something help us to be stronger because currently, many of the customers anyhow they need to finish their projects, but they want to spend less money for these projects. And then they have a choice what is the standard approach and to spend hundreds of thousand for the platform and also for the devices right now or they can do something new and much more innovative, spend less, add devices as they need now and because the Shelly device completely is not worked to the infrastructure after, so we can install in any moment after, they can just add the devices on the next steps. But the demand is there. This is the well-known business for the project management. Now when -- but until now, we don't approach it because our interface is mainly oriented to the households for the retail usage. Now with what we have, we just start offering house for the rest of the business.

And I just wanted to add that we keep true to whatever Shelly did so far also with Fleet Manager. We are true to less vendor lock-in in what we provide. So as with every device, Shelly that you acquire, it's yours, and you can put it in whatever system you decide we'll be glad if you continue working with the rest of the Shelly ecosystem. But this is the usual case, a lot of customers do use their own solutions and based on their own preference. Fleet Manager also comes with this openness. The APIs are open, the documentation is online. So we welcome also this group of people that would like to actually build something, and we are not locking them in.

All right. His third question is, can you speak about the camera products and the price range for those?

Yes, the price range, we keep it hidden. Anyhow, even this is the cost conversation, we keep it hidden because we doesn't want also the competitors to react before. It's -- I can say, there is -- we have a special care group, which received already the cameras, the external one. Everybody is amazed for what we built about the size, about the quality, they also advise us what else can be done to improve additional the camera as a service. Even not if you ask us about our criteria, it is our very first camera. And there will be second one, third one and fourth one. But really, I don't want to share about more data about the cameras right now because anybody is expected. We believe that end to end of the month, the first quantity will be delivered because it's a very tight period. This could be moved out also for the beginning of July, but not late. So we're working -- and you will see because really the project is going -- this is just the beginning of this journey with the camera. And from what we've seen, we have work to give to the world even from the cameras and with our -- with the combination with the smart home, but even without -- there's innovation is there, and nobody has seen them, but soon, we will be sure that we're showing to the world. Yes.

Thank you for your questions, Mr. Zending. We have another question by Mr. Ishtenan. He's asking, do you know how many current users the fleet management software has.

Mirche could help with that. I think it is not so much, but it's...

Yes. As I said, it's available for download the public version. So we don't track this. At the moment, we have several tens of businesses that are working and because we are in a very much better moment, we are more reactive than proactive. So we are waiting for customers and to find the proper partner and more in direction of system integrators that are actually deploying to the customer, the final solution. The usual problem is to be available for the customer, as Dimitar said, and be able to handle his request and be there for the changes that he requests. So at the moment, in beta testing several tens of customers across mainly Europe. We have another team in -- a little bit of U.S., a little bit of Africa.

So I can tell the platform is there. We're working. But we're expecting to show something in the Q4 this year and to have a real impact of the revenue next year. Because when we talk about such customers and the projects, first, the project is not going fast. Even now the platform is done, but somebody to implement the project, the project business for this is usually is going a little bit slower. So we're expecting next year, the first project to be completely done and they will be integrated and implemented to the system. For example, this project we show from municipality here with the city street lighting, I think we expect many more. There is a demand, but also this one is going very slow. It could take a year or 2 years before somebody use it. it's most important that we need to start this journey. And I think the foundation is already built. And now we need to continue in that direction and to deliver it to the customers, which, as I say, we will take a little bit more time.

We have another question by Mr. Harry Walton. He's asking, please, can you explain the monetization road map?

Yes. There's 3 ways. I think there's one slide maybe there, which we skip it. But the first one is customers, they can choose to use the platform on their own premises under their hosting or using our cloud. If they're using locally and they can also change it locally, the platform which is built, we doesn't charge them nothing from the platform. We can charge them some customization fee, installation fee, but this is just a single time charge. Net fee is coming on the platform using Shelly devices, the profits coming from the Shelly devices. If they want to use -- if they doesn't want to handle with local storage, they doesn't have administrators and they don't want to. They then can use this platform in our cloud, placed in our cloud. In this, we charge them, we charge them for the platform, we charge them per connected device. This is the second way of the monetization because we're selling them Shelly devices. And after that, we charge them per device connected to the platform. And the third way, which we're offering right now is to give them also devices as a lease. So they lease that platform to our cloud and devices which they need for their own project. In this case, they doesn't have any CapEx on their side because they were paying a monthly fee, which will cover devices post platform. And I don't want to go now a little bit deeper into detail because we will make a calculation, but say roughly, we expect first year of usage everything to be paid off from the device as a cost. And then for another next 2, 3 years, 4 years, depends on the agreement to realize the profit from the device and from the platform which we give them under vast conditions, I mean the license and platform together.

Thank you. We have 2 questions from Mr. Alexander Disdress. He's asking, are you using multiple cloud providers to support the software platform?

No. Currently, we're cloud agnostic. We can go whenever we want. Our preferred partner is Google because we have special conditions, and we have very good pricing from them. And using multiple Google clouds. AWS, for example, from Amazon, is something which we try, we've seen. But currently -- and we can go there, especially the fleet managers, completely where will be stored. Even it can be stored for example, if you have home PC, it can be stored there. But yes, when we host it, we prefer Google, but we can install whenever the customers want it, if they have they want preferences.

The usual European data center of Google.

Yes.

All right. His second question is what is the percentage of false positives for the alarm function.

What kind of the alarm function.

Maybe for the street lights, there was some alarms.

There is. But no, if there is an alarm, it's an alarm. I mean I think maybe it looks like complicated, but I can tell that it's not so complicated. Just imagine, I will explain, especially for this case. If you control the street of the lights, 10 lights. And you know that the street, there is a 10 lights and they consume 100 watts. If you've seen that from tonight, the consumption is 90, not 100 watts, you can assume that one of the lights is gone, and you can send that to customers. And this is something also different if you're monitoring the fridge temperature and the temperatures increased by some reasons, you're expecting minus 20 and the temperature is minus 5 or 0. There is no false positive. The fridge is gone and something needs to be done before. Something which could happen and when we -- when you try to make a predictive reasons based only on the consumption. Because sometimes, for example, the consumption of one fridge is dependent of the ambient temperature. And sometimes, for example, the system can say, this is something is wrong because the fridge is consuming less than 24 watts to go. And the reason could be because the weather today is not expected colder. And even if you try to fix this one, this could happen. But this is the false positive, false negative. This is completely logic, which working in the I think cost to the 100% of the cases.

All right. And the next question is from Mr. Beleza Volansky. He's asking, what is the monetization path for the software solutions, especially solar and city lights. Is there options for clients to order a customizable software solution from Shelly?

I think absolutely, yes. Just on the previous question asked about the monetization. This is still valid for the solar, for the city street lighting, I think we're offering all 3 solutions. I mean dependent cloud hosted by us, leased platform with devices. And of course, that's the idea for the fleet manager. The fleet manager can decide to customize it by his preferences or not, and this could be done in a few hours, a day or maximum in a week.

All right. Thank you. We have another question by Mr. Weltson. He's asking your customers have historically appreciated the open loop nature of the product and Home system website. What makes you think that they will want to commit to the software?

To work completely open. No, no, even though Fleet Manager itself is completely open, but if somebody want to add additional module made from themself or is part from Home assistant. We're that's -- we'll keep this -- we will keep everything on it. We believe that we will deliver a good enough solution. But at the same time, we know that the people maybe could ask for more and we're completely open instead try to fulfill everything. We give them opportunity and options they can do by themselves if they want to. So this approach, even with the cameras we will see, we're offering them completely workable solution or complete open APIs. But that, I think this also unique for us we're offering. And this is not -- this is coming -- is not -- security is still there. The device is still secure, the local environment connected to the third party or our cloud or APIs is opened and at the same time, without affecting the security, cybersecurity, any kind of security at all. This is something which we reach and everybody is happy from our customers.

Maybe just to add if I got the question correctly, I understood if we are trying to get into home assistant territory, if I ready claims, we are not. This fleet manager is a solution for Shelly devices. So we will never get into this territory where home assistant shines. It's a universal platform, connecting all kinds of different IoT. So we are not going there.

Sorry, the question whether -- Home assistant mean this is the universal hub and everything for everything, so not. But maybe something which we can seen that for home assistant, every customers can do their one UI for their houses. This is something which we try to give to the businesses, but using Shelly devices.

All right. So in our chat box, there are 9 questions left so far. But due to time, I think we take 2 more. I will start with Mr. Kenneth Nord. He is asking, will you start reporting revenue separately for Shelly X. And if so, when?

There's 2 streams of revenue and we're still counting how -- we're still working how to. But I prefer to because the R&D cost and explicitly doesn't want to ask for any financial questions. So you can ask in your website, you can comment with our CFO. You can ask them or on the next call. But I really doesn't want to dive into the financial things.

All right. Thank you so much for your question, Mr. Nord. We will continue with Mr. Mark Sheregeski. He's asking can your energy management solution can be used at data centers in the future.

Not only in the future, they're using right now. They're right now, they're using for different approaches. They're using to monitoring the racks and monitoring servers, not only this one, they used to manage them in case of the first tech malfunctions before this happens. And the second one is to detect in case of the -- they can reboot them remotely. But data center is a very good client. But I don't know what they do. This -- usually, this device is not connected to us. We never seen them because there is a level of security is much higher that these sensors usually the Casa systems, which we do not only our device, but also many more devices, and we are part of this system. And now currently, the big part of -- some part of the revenue is coming exactly from the third parties buying our device installing them into data centers. So could they use our portfolio, probably yes. But I believe that the company's which operate in data centers, they have a much more complex workable solution. And they're just using our devices, but not the platform itself.

All right. Thank you so much. Well, ladies and gentlemen, we have still 7 questions in our chat box, but due to time, I would say we come to the end of today's webinar. Thank you very much for your interest in Shelly Group SE. A big thank you also to you, Mr. Dimitrov and Mr. Mirav for your presentation and the time you took to answer all these questions. Should your questions have not been answered, you can contact Investor Relations at Shelly Group SE. I wish you all a successful day. and I'm handing over to you, Mr. Dimitar, once again for your closing remarks.

Thank you very much for your participation. I see a lot of questions. I don't expect so many questions, by the way from the investor, but I'm happy that you're interested. Anyhow, you can ask this question through many channels, through the Investor Relations, but also in our forums in our Facebook page, even directly to me, I will be very happy to answer all technical questions all the time because this for us is some kind of the -- I think this is the DNA of the company and what we're building and what we work in every day and we're happy what really what we're developing and what we're delivering to the people. So thank you very much for everybody. And I'm sure that if there is such interest, we will do that again. Maybe not now, in 3 months, maybe during the IFA or after the IFA when we have new releases, new devices, new ideas, we can update you on what we doing and what we're going. I'm happy that we have such a clever and innovative and interesting investors from the business, not just from the share price. Thank you very much.

Thank you.