Imagine a single Saudi national champion addressing every Vision 2030 mobility need. The same drive, battery, and software carry a delivery three-wheeler through Riyadh, a robotic mini-vehicle spraying a Tabuk farm, a perimeter-patrol unit at a Red Sea Global resort, an emergency-response carrier at Hajj. Beyond the seed plan, the same platform reaches the 2,640 km Saudi shoreline as a coastal vessel and the Saudi sky as a cargo drone.
One Saudi-anchored manufacturer. One modular platform. A validated prototype proves the engineering; the rest of this page is how it scales.
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CONCEPT 
CONCEPT One CP02 platform across every role — illustrative concept renders, production livery customer-configurable. The 2026 model prices only the delivery pod; agriculture, patrol, emergency, and the coastal and aerial variants are platform roadmap, not in the seed plan.
A planned Saudi manufacturer built around one shared EV core. Delivery is the priced cash cow. Patrol, EMS, robotic, coastal, and aerial variants are unpriced upside.
see Two parts of the caseSaudi Arabia is building an EV manufacturing hub and plans to produce 500,000 cars a year by 2030. PIF's 2026–2030 strategy prioritizes Advanced Manufacturing and Industrials & Logistics.
see Why nowSaudi last-mile delivery relies on open motorcycles in 45–50°C heat. Operators absorb downtime, accident, and compliance risk without integrated telemetry or a defined uptime SLA.
see Pod vs motoCP01 validated the hardware. CP02 turns it into an air-conditioned fleet pod: ~240 km range for a ~145 km shift. A 450+ rider operator signed a conditional LOI.
see Evidence and proofSaudi delivery-app spend is projected to more than double: SAR ~31 bn in 2025 to ~73 bn by 2031. The 2030 plan books 1.8% of that spend.
see Market sizeThe model derives the SAR 2,399 monthly price from operator economics, not a margin target. Consolidated gross margin rises from 27.9% at Launch to 53.2% at Expansion; per-pod Expansion margin is 67.2%.
see Unit economicsAt 10% steady-state market share, the model still projects 11.3× MOIC and 28.9% IRR. At the 25% base case: 28.1× and ~41.6%. Cash-cow only; other platform variants are excluded.
see ReturnsSAR 105.0M priced Seed round into the planned Saudi operating company. SAR 232.0M pre-money; 31.2% PIF ownership after close. 60.6% funds capex; SAR 28.8M remains as closing cash.
see AskEach fact links to the full evidence below.
There are two distinct elements to the business.
The delivery cash cow is a subscription fleet: restaurants, supermarket chains, and pharmacies pay a monthly fee per vehicle. The fee covers the vehicle, operator training, fleet software, insurance, compliance, and a defined uptime SLA. The subscriber pays one number. Capex and compliance stay with Cleverpod.
The delivery business funds and de-risks the full range build-out: it puts Saudi-built vehicles on Saudi streets at fleet scale. That generates revenue, manufacturing experience, and regulatory approvals. Those outputs fund each subsequent vehicle on the platform, rather than relying on the seed round.
The CP02 is the Cleverpod platform's first deployed body — the production-intent design proven out by the CP01 prototype. The target customer is a restaurant chain, grocer, pharmacy, or fulfillment operator. The proposition: a monthly per-pod subscription covering the vehicle, operator training, fleet software, and uptime SLA. The subscriber staffs the pod with its own operators; Cleverpod software trains them. Capex, service, insurance, accident coverage, and compliance stay with Cleverpod.
The CP02 is an enclosed three-wheel electric delivery vehicle built for Saudi heat and urban duty cycles. Its 20 kW drive and liquid-cooled under-floor battery provide roughly 240 km between fast charges. The model assumes approximately 145 km of driving in a working day. The top speed is designed to exceed 100 km/h, allowing the pod to keep pace with traffic rather than obstructing it. An R134a climate system stabilizes the cabin, cargo, and battery in ambient temperatures of 45–50°C. Modular thermal cargo, telemetry, 360° cameras, and remote access come standard. The hardware platform builds on prior Shenzhen engineering work. Production-intent units will be commissioned under the Seed-stage capital plan.
The CleverPod Remote Control Hub (admin, tablet, phone) runs on the CleverPod Bridge controller — a fleet operations platform, not a tracking app. Dispatch sees live location, battery state, and 360° video; operators are managed through geofencing, remote immobilisation, biometric access, and ADANEC AI scoring.
Cleverpod sells mobility as a service, not a vehicle. The fleet operator pays an ongoing service tariff rather than buying hardware once. This tariff absorbs the operating system an operator would otherwise build and staff itself: compliance, dispatch, repair, insurance evidence, and end-of-life. What was once cost and overhead becomes leverage for everyone involved.
Every Cleverpod ships as a connected, sensor-rich vehicle — and MOYA is the software that makes the fleet worth more than the sum of its pods. Built in-house by Cleverpod's Shenzhen R&D team, MOYA is the AI and fleet-intelligence layer beneath the CleverPod Bridge: it plans routes, distributes orders, scores drivers, assists operators, and turns every trip into proprietary data.
Dispatch, routing, and order distribution run as optimisation, not guesswork. Battery-aware routing keeps pods on-shift; ADANEC AI scoring rates every driver on safety and delivery quality; the same models schedule maintenance and balance load. Utilisation compounds as the fleet grows.
A virtual assistant spans the operator tablet, the Remote Control Hub, and the rider app, built on a microservices and neural-network architecture. Operators ask in natural language and get answers from the fleet's own knowledge base — onboarding, compliance, and support without a call centre.
Every pod carries 360° cameras, GPS, and full telemetry. MOYA turns that stream into a proprietary last-mile dataset — road conditions, delivery patterns, driver behaviour — that sharpens routing and scoring over time and lays the groundwork for supervised autonomy.
MOYA runs on cloud infrastructure with a dedicated GPU compute cluster. Cleverpod's own engineers build and operate it rather than licensing it from a third party. The same platform already powers CleverPod Bridge and ADANEC scoring. The plan funds it as a core workstream from the first financing stage.
Five verifiable artefacts Cleverpod has standing today, each with its status and the underlying document.
The CP01 hardware exists. The photograph below is of the validated prototype that established the engineering inputs to CP02. More images are available in the data room.
A Dubai-based last-mile operator has put its demand for the CP02 in writing. The operator runs more than 450 riders and a fleet of commercial vans and motorcycles. It is also testing 50 EV scooters for a major global e-commerce client and food aggregators. After seeing the CP01 live, the operator's e-commerce client confirmed interest conditional on a GCC-standard, liquid-cooled vehicle for the summer heat — precisely the CP02's design point. The letter sets out the gap the CP02 fills against an EV scooter: 660 L of customizable cargo versus 60 L, roughly 4× the orders per day, year-round operation, and driver safety.
The GSO / SASO technical regulation for electric vehicles requires the producing factory to hold an IATF 16949 quality-management certificate (or equivalent) as part of the EV Certificate of Conformity. CP02 is SKD-assembled in Saudi Arabia from the Seed stage — components are produced in Shenzhen and shipped as knocked-down kits — so the Saudi assembly-and-QC line is the site that carries this certification. Certifying that line is a Seed-stage build item; as a fallback, the first CP02 deployment fleet can be sourced through a SASO-recognised IATF-certified partner factory while the Saudi line completes certification.
The full CP02 Bill of Materials lives in the financial model: every component with its per-line cost, useful life, and service venue, exposed through the BOM_* named ranges and wired directly into the per-pod unit economics. A standalone BOM document is in the data room.
The CP02 program runs on a staged engineering plan: requirements analysis and CAD, a design FMEA (DFMEA), and prototype builds of the battery liquid-cooling system, cabin climate control, and the driver-safety system (seatbelt, external and internal airbag). The concept stage and its engineering documentation pack are complete; the next stage covers prototype assembly, unit testing, and validation/homologation along the certification path.
Riyadh's summer regularly exceeds 45°C: a motorcycle rider works an eight-hour shift in extreme heat. The rider is exposed to traffic and fumes. Food and pharmaceuticals travel in a backpack with no reliable temperature control. The fleet is largely unmanaged and unmonitored. That encourages aggressive driving to maximize income.
There is a solution: its name is Cleverpod.
Exposed rider, no climate control. In Riyadh's 45-50°C summers, sustained outdoor work in full protective gear is a welfare and productivity liability.
Enclosed cabin with A/C, heating, and lumbar-support seating. The operator works a full shift in comfort at any temperature — same vehicle from December cold to August heat.
Exposed two-wheeler in mixed urban traffic. Rider injury risk is high; insurance and liability sit with the operator.
Enclosed three-wheel platform — a middle ground between a car's crash protection and a bike's urban mobility. Insurance, licensing, and compliance are bundled into the Cleverpod subscription.
The rider pool stays overwhelmingly expat — few nationals take the job — so operators sit below their Nitaqat band, carrying a Saudization shortfall and a rising expat levy on every head.
A role nationals will actually take, which widens the local hiring pool and lifts the operating company's Nitaqat standing — turning a compliance cost into a hiring advantage. Localisation is in the hardware, not just the org chart.
Petrol drivetrain with no emissions management. A full working shift generates CO₂ and urban particulates. No mechanism reduces output as a fleet scales — the environmental cost scales directly with volume.
Zero tailpipe emissions at the point of use. The same vehicle gets materially cleaner over time as Saudi's grid mix shifts toward its 50% renewables target under Vision 2030 — no hardware change required.
Insulated backpack at best. Temperature-sensitive cargo — food, pharma, cold-chain grocery — degrades in transit. No temperature record, no accountability.
Modular thermal cargo system from -20°C to +65°C. 660 L enclosed space with configurable fridge, heater, insulated, and fresh compartments. Temperature-controlled from door to door.
An unlocked box or an unattended backpack. No alarm, no record of tamper, no remote visibility.
Fingerprint lock, shock and tamper sensors wired to the alarm, remote video connection, breathalyzer ignition interlock. Cargo integrity is maintained even when the operator leaves the vehicle.
An individually-owned motorcycle has no telemetry, no GPS reporting, no remote access. The operator is invisible to the dispatcher between check-ins.
360° cameras, GPS, CAN bus telemetry, and remote access as standard. Dispatcher sees every vehicle in real time. Video communication between operator and control room is built in.
A rider's backpack. No brand surface, no consistent customer-facing appearance across a fleet.
Fully wrapped exterior — custom colors, car-wrap branding, panel design. Every pod on the road is a moving brand asset for the subscriber.
Petrol-powered: fuel, oil changes, filter replacements, higher consumables count. Maintenance sits with the operator and is unmanaged.
Electric drivetrain with battery-swappable design eliminates oil and filter costs; total consumables are significantly lower than ICE. Centralized scheduled maintenance bundled in the subscription.
The case is strongest in food and pharmacy delivery — the two fastest-growing Saudi verticals. Both are temperature-sensitive, both are brand-visible, and both carry downstream liability if cargo integrity fails. A motorcycle backpack is not a food-safety or cold-chain solution.
Dignity is engineered into the hardware. Cleverpod offers the operator an air-conditioned cabin and an ergonomic seat, protecting him from both brutal 45°C summers and traffic fumes. This physical upgrade drives a demographic shift: safe, comfortable work attracts Saudi nationals, transforming a migrant-only sector into an engine for Nitaqat localization. Every pod on the road becomes photographable proof of Saudi modernization: a tangible expression of Vision 2030's human-capital pillars and one of the most visible forms of soft power the Kingdom can deploy.
Every pod is already zero-emission at the point of use from day one. The compound effect is meaningful: as Saudi's grid mix shifts toward its 50% renewables target, the same hardware gets materially cleaner without any vehicle change. A fleet of electric pods is a green infrastructure investment that depreciates in carbon intensity — not in environmental relevance.
Cleverpod sells the vehicle used in the delivery-app economy, not the app layered on top. The plan therefore sizes the 2030 opportunity in two ways: the first is Cleverpod's share of delivery vehicles. The second is its share of delivery-app spend. The ladder below derives both from the same pool and includes the model's bottom-up check at each step.
Food, grocery, pharmacy, and on-demand spend in 2030, interpolated from SAR 31.2 bn (2025) → 72.9 bn (2031), 15.18% CAGR. Mordor Intelligence.
The couriers and small operators carrying that spend. ~442k active delivery drivers in the Kingdom at end-2024 (GASTAT), grown to ~730k by 2030 on a separately-sourced fleet-count curve (~12%/yr easing to ~3%, about 7.5% CAGR; Dimension / Reed Intelligence). This counts vehicles, not spend — deliberately slower than the 15% delivery-app revenue CAGR above, since spend also rises on order frequency and pricing, not just rider numbers.
The model's 2030 revenue ÷ the SAR 2,399 per-pod monthly price implies ~60,000 revenue-active pods on the ~730k Saudi last-mile fleet.
SAR ~1.1 bn of 2030 revenue against the ~SAR 63 bn delivery-app pool. Cleverpod earns the vehicle subscription, not the basket.
Everything above is sized only against orders that flow through delivery apps. A large share of Saudi last-mile delivery never touches an app — restaurants and retailers running their own delivery, pharmacy and grocery direct-to-door, parcel and courier, and B2B distribution. Cleverpod sells the vehicle, which is indifferent to whether the order came from an app, so this is additional addressable fleet on top of the 8.2% / 1.8% above. For scale, Mordor separately sizes Saudi's formal courier/parcel (CEP) market at ~SAR 7.5 bn and its last-mile delivery market at ~SAR 4.7 bn by 2031 — but these measure logistics-service revenue, not app spend, so they are shown only as directional context and are not added to the headline shares. It is deliberately excluded from the model: pure upside.
Forecast fleet share rises stage by stage: 0.03% → 0.67% → 2.62% → 8.17% of the Saudi last-mile fleet — the model's realized pod count against the ~730k 2030 fleet. Beyond the model window it assumes a 25% steady-state target, approached gradually rather than in one step.
The full-range roadmap spans a civil three-wheeler, a modular robotic mini-vehicle, and long-horizon coastal and aerial variants. It is viable because the platform separates shared engineering from product-specific bodies and payloads. Battery architecture, controllers, centralized computing, telemetry, and software are reused. The most expensive engineering, certification, and supplier work is not restarted for every product.
Same on every Cleverpod product.
Different per variant, same mounting and control bus.
Customer-configurable; software-recognised at boot.
Vision 2030 developments are now coming online, including Oxagon and the Port of NEOM, Red Sea Global, Qiddiya, and Diriyah. Guarding roles are also subject to Saudization. A 2025 amendment to the Private Security Services Law expands 24-hour coverage requirements across 15 commercial sectors. Together, these forces are reshaping Saudi Arabia's physical security demand. The patrol variant is the same Cleverpod platform with a different cabin: telemetry, 360° cameras, two-way audio, operator training.
Oxagon and the Port of NEOM, Red Sea Global, Diriyah, Qiddiya, AWS's Saudi cloud region, and stadium upgrades are commissioning perimeters that must be patrolled at fleet scale. These are operational or under active construction now — perimeters that need hardware in the field, not announcements.
Private security guard roles are subject to Saudization. The structural effect is to push operators away from large headcount of low-cost expat labour and toward capital-for-labour substitution — one trained Saudi operator in a pod covers a route that previously took several walking guards.
The 2025 amendment to the Executive Regulations of the Private Security Services Law expanded 24-hour coverage to 15 commercial sectors, including banks, hospitals, hotels, malls, gated communities, car dealerships, and large warehouses. A mobile pod patrols the same perimeter with fewer operators and a continuous telemetry record.
A mobile pod replaces a walking patrol, not a guard post. Telemetry, 360° cameras, and two-way audio give the principal a continuous record; that record is what large institutional buyers (banks, hospitals, megaproject operators) increasingly require.
Public disclosures from Saudi government bodies, PIF, and reported amendments to the Private Security Services Law. The financial model does NOT assume revenue from this market — it is pure upside to the 2026–2030 modelled plan.
The Saudi Red Crescent Authority runs the Kingdom's largest emergency medical response operation. It already uses small-format electric vehicles — golf carts, e-scooters, e-bicycles — where full-size ambulances cannot reach: Hajj and Umrah, stadiums, airports, malls, megaproject construction sites. The first-aid variant is the same Cleverpod platform with an EMS cabin: climate-controlled medical cargo, telemetry, two-way audio, operator training, defined uptime SLA.
Hajj 2024: SRCA deployed 320 ambulances, 150 golf carts, 150 electric scooters, 27 electric bicycles, and 10 ambulance buses. Small electric vehicles are not a speculative use case — they are how SRCA already handles crowd-dense rapid response.
Per Saudi Press Agency, SRCA in the Makkah region alone handled 345,000 emergency cases in 2024 across 98 emergency centers (38 in Makkah, 36 in Jeddah, 24 in Taif). Crowded-venue rapid response is a steady, recurring demand — not event-dependent.
SRCA is a single institutional procurement counterpart with a 90-year operating history and Kingdom-wide coverage. A pod variant that meets SRCA certification requirements has a clean procurement path — one buyer, one specification, fleet-scale order.
Saudi Arabia's 2026 Budget Statement allocates SAR 259 bn (~USD 69 bn) to Health and Social Development per the Ministry of Finance — the single largest sector, broadly stable versus 2025. Capex for new pre-hospital vehicles is a named line item within that envelope.
Figures are taken from publicly reported SRCA operational disclosures (via SPA and Arab News) and the Saudi Ministry of Finance 2026 Budget Statement. As with the patrol market, the financial model does NOT assume first-aid revenue — it is an adjacent Saudi opportunity addressable by a purpose-built variant of the same pod platform.
The venture is not built around general optimism about Saudi growth. It is built around five specific events that have already happened, or are committed to happen, in the next 24 months. Each one removes a structural blocker; each one is dated; each one cites the underlying policy or programme.
Why now — five dated tailwinds, each underwritten by Saudi policy
PIF's Board approved its 2026-2030 strategy on 15 April 2026. The Vision Portfolio names Advanced Manufacturing & Innovation and Industrials & Logistics among six priority domestic ecosystems. A planned Saudi fleet-EV manufacturer sits at their intersection.
Source PIF — 2026-2030 strategy press releaseSaudi Arabia is investing in an electric-vehicle manufacturing hub and plans to produce 500,000 cars a year by 2030. PIF is driving the battery-powered vehicle ecosystem through projects including Ceer and Lucid. Cleverpod would enter a market where EV manufacturing, localization, and supplier development are already public policy.
Source PIF — Saudi Arabia's national electric-vehicle sectorThe 2025 amendment expanded mandatory 24-hour coverage to 15 commercial sectors (banks, hospitals, malls, gated communities, dealerships, large warehouses). Combined with Saudization, that is structural pressure away from headcount-heavy patrols and toward telemetered mobile units — the same Cleverpod hardware, different cabin.
Source Saudi Press Agency — Private Security Services Law amendment coverageUSD 8.4 bn financial close in May 2023; commercial operation scheduled from 2026. For Cleverpod, the relevance is procurement, not engineering: cheap green kWh is what depot charging looks like at scale, and the platform is unchanged whether the charger is grid, solar, or hydrogen-derived.
Source NEOM Green Hydrogen Company — financial close announcementSaudi Green Initiative legally binds the Kingdom to 50% renewable electricity by 2030 and net-zero by 2060. Every percentage point added between now and 2030 reduces the operating carbon footprint of the existing fleet — without any vehicle change, recall, or firmware push. It is a free upgrade to the lifetime emissions of every pod already on the road.
Source Saudi Green Initiative — 50% renewables by 2030, net zero by 2060What this builds for Saudi Arabia
Revenue is booked in the Saudi operating company. Every subscription SAR is a non-oil services SAR. The financial model ties this figure to the Saudi entity's projected income statement so contribution is visible stage by stage.
Operations are Saudi-resident, with headcount split Saudi-vs-Shenzhen entity by entity. The model tracks the Saudi company's Nitaqat (Saudization) standing month by month and holds it in the compliant Green bands throughout — Mid-Green at minimum, High-Green for much of the horizon — at ~30–51% Saudization. The air-conditioned pod makes that credible at the worker level: it turns an exposed, migrant-only motorcycle job into an indoor one a Saudi national will take — localisation built into the vehicle, not just the org chart.
IP, trademarks, and operator training programs are designed to be capitalized on the Saudi entity. Shenzhen R&D and procurement serve the Saudi entity on a cost-plus transfer-pricing basis — the Kingdom retains the brand and the customer relationship.
The pod's only power interface is the battery, so it is indifferent to how the electricity is made — solar, hydrogen, or grid all reduce to another way to charge the pack. As Saudi's grid moves to 50% renewables by 2030 under the Saudi Green Initiative, every point added strips carbon from the fleet automatically — no vehicle change, no recall.
Modular construction means no single scrap event: battery, drive, controller, and cabin are each replaced on their own schedule while the chassis stays in service. A retired pack still holds 60–80% of its capacity for second-life depot storage, and even an abandoned pod keeps separable, recoverable value — unlike an integrated motorcycle. The same modularity meets the EU's 95% end-of-life recovery benchmark by construction.
A fleet of colourful, sleek, purpose-designed pods stands out against the sea of mismatched petrol motorcycles found in many capitals. A uniform, branded form factor could, over time, give Saudi streets a cleaner visual signature. Perhaps one day Riyadh will be known for Cleverpods just like London is known for double-deckers.
Subscription pricing gives the revenue line predictability. Centralized maintenance and procurement give the cost line a favorable gradient. Figures below are projections drawn directly from the financial model's Unit Economics and Revenue sheets, not from live operating data.
The model derives the monthly subscription price from operator economics, not a target margin. COGS is fully loaded: fleet depreciation — the pod's capital cost amortized over its service life, and the single largest cost line — plus maintenance, road tax, insurance, and SaaS/support per pod; operator training runs through the SaaS line. Because fleet depreciation is included, the per-pod figure below is a true gross margin, not a contribution margin. It exceeds the consolidated gross margin because the consolidated figure also includes manufacturing, procurement, security, hosting, and non-fleet depreciation and amortization across the group. The subscription price is held constant across stages; Expansion reflects own-factory unit-cost savings. Source: Unit Economics sheet (projection, not operating data).
Each pod costs ~SAR 28.5K to build and earns its margin back in ~18 months on margin alone. With asset-backed fleet debt funding 65% of vehicle capex, the equity outlay pays back in ~6 months — alongside a ~67.9% unlevered asset yield. This is the financeable, high-ROIC fleet the whole structure is built to scale.
src Sub_Fleet_Capex_perVehicle · Fleet_Debt_Pct_Expansion · BOM / Unit Econ / F&MI Inputs · the financial model| Year | Stage | Consolidated revenue | Gross profit | Gross margin | Operating profit | Operating margin | Net profit | Net margin |
|---|---|---|---|---|---|---|---|---|
| 2026 | Seed | 902,504 | -7,317,663 | -810.8% | -19,272,780 | -2,135.5% | -16,899,318 | -1,872.5% |
| 2027 | Launch | 70,623,297 | 19,712,539 | 27.9% | -25,168,361 | -35.6% | -24,439,368 | -34.6% |
| 2028 | Growth | 333,540,672 | 141,110,055 | 42.3% | 18,134,046 | 5.4% | -15,570,186 | -4.7% |
| 2029 | Expansion | 1,124,425,959 | 598,700,699 | 53.2% | 274,517,158 | 24.4% | 159,927,443 | 14.2% |
The monthly subscription is not reverse-engineered from a margin target. It is solved against a fleet operator's real alternative — running the same delivery route on owned petrol motorcycles — so the fleet nets more per pod than per motorcycle, after energy, every vehicle cost, and the back-office a motorcycle fleet has to staff itself. At Saudi input levels that lands at SAR 2,399 per pod per month.
The reference is the cheapest way a delivery fleet fields a vehicle today: an owned petrol motorcycle. The subscription is solved so the fleet's net margin per pod sits about 15% above that motorcycle benchmark — the price follows operator value, not a margin target.
Every input is a real Saudi figure — gig pay around SAR 12 per order, petrol at 2.18 SAR/L, commercial grid electricity at 0.22 SAR/kWh, motorcycle and car lease, insurance, registration and maintenance, and the Kingdom's 0% personal income tax. Each line carries its source link in the model.
Running motorcycles, a fleet still has to staff the work around the vehicle — dispatch and routing, roadworthiness sign-off, driver pre-trip medical, waybill and hours-of-service compliance, roadside recovery: about SAR 690 per vehicle a month. The Cleverpod platform automates all of it to zero, and electric drive on cheap Saudi grid power replaces petrol. The fleet swaps a stack of variable, capital and staffing costs for one predictable figure.
Zero upfront capital for the fleet, and — under the Transport General Authority rule that expat couriers must operate through a licensed fleet — one compliant vehicle-and-platform to deploy them on. For the driver the fleet has to keep, an enclosed, air-conditioned cabin through 45°C summers. These hold the case even where the pure cash margin is close.
The full line-by-line derivation — every input, its source link, and the solved SAR 2,399 price — sits on the “Operator Comparison” and “Operator Comp Inputs” tabs of the financial model in the data room.
The shared layer of the Cleverpod platform — battery, drive controller, software stack, sensor pack — does not change when the cabin is replaced by a hull. A coastal patrol, light cargo, or port-logistics vessel built on the CP04 Robotic Membrane is a credible long-horizon extension. It is shown here to make the platform's reach legible.
The drive controller, the battery management, the telemetry, the operator software. Maritime variants reuse the same CleverPod Bridge unit and Remote Control Hub stack.
Propulsion (marine drive), and corrosion-resistance treatment. These are well-understood maritime engineering scopes — not new platform invention.
Saudi's coastline runs over 2,640 km across the Red Sea and Persian Gulf. Oxagon, Red Sea Global, and AMAALA developments all involve maritime perimeter operations. The platform extends naturally into that demand without re-engineering the core.
Note Sea variant is exploratory and not in the seed-stage capital plan. No marine prototype is funded under the current ask.
An aerial variant of the CP04 Robotic Membrane reuses the platform's most expensive engineering — the battery, the controller, the software stack — and replaces the chassis with an airframe. Cargo drone, sensor drone, or coastal-overwatch frame are all credible roles. Like the sea variant, this is shown to make the platform's long-horizon reach visible, not to claim a near-term product.
The battery management, the centralized controller, the telemetry stack.
Airframe and rotor system, regulatory certification (GACA in Saudi). New scope, but adjacent to engineering already in the platform.
Saudi's GACA released a national drone strategy in 2024 explicitly targeting last-mile, agriculture, security, and emergency response. The platform fits each of those use cases without bespoke airframe development beyond the rotor system.
Note Air variant is exploratory and not in the seed-stage capital plan. No airframe prototype is funded under the current ask.
The competitive map for a Saudi-incorporated subscription fleet manufacturer reads in four buckets, not one. Cargo three-wheeler imports are bare vehicles without fleet-operations software, a subscription wrapper, or Saudi-climate engineering. The PIF EV portfolio targets non-overlapping segments. Failed modular-EV ventures relied on a funding architecture that Cleverpod is designed to avoid. Existing subscription-fleet operators serve passenger markets rather than delivery, and they do not operate in the Kingdom. Each row below names the non-replaceability dimension Cleverpod claims against that class.
Mahindra Treo Zor, Piaggio Ape, Bajaj Maxima E-TEC — the cargo trikes of South Asia and adjacent markets. Each competes on the vehicle alone.
India's market leader — but bought outright and run by the owner, with no telemetry and no Saudi-resident service network behind it.
Still CNG/diesel, not even electric — and thermal cargo is an aftermarket bolt-on, not designed in.
The closest on paper — a recent EV — yet still just hardware: no fleet software, no subscription, no Kingdom presence.
The imports compete on the vehicle; Cleverpod competes on the operating system around it. Each pod ships inside a managed smart-fleet stack — live telemetry, remote immobilisation, geofencing, biometric access, AI driver scoring — wrapped in a Saudi-resident subscription that carries the capex, service, insurance, and compliance an owner-operator otherwise shoulders alone. Layered on top: a cabin engineered for 45-50°C, built-in thermal cargo, and a road-to-market built with the regulator rather than around it — a supervised pilot today and a new premium class tomorrow (see Regulatory strategy). Replacing a Treo Zor swaps one vehicle for another; replacing Cleverpod means rebuilding the whole stack.
Ceer Motors, Lucid Motors, Hyundai-PIF JV. All target non-overlapping segments — luxury sedans, mid SUVs, ICE/EV passenger — none builds three-wheel cargo or runs a subscription fleet operator. Cleverpod is complementary inside the PIF mandate, not competitive.
Saudi Arabia's national passenger-EV brand — mass-market sedans and SUVs at volume (240k/yr from late 2026). Consumer cars, not cargo.
PIF's luxury-EV play, now assembling in-Kingdom against a government fleet order. The top of the passenger price ladder — nowhere near commercial last-mile.
Affordable mass-market passenger cars, ICE and EV (50k/yr from 2026). Again a consumer segment, not a working fleet vehicle.
These are not rivals to displace — they are the portfolio Cleverpod sits beside. PIF has already backed passenger EVs across the luxury, mid-market, and mass segments, but to our knowledge, none of them builds a commercial cargo or fleet vehicle. Cleverpod fills exactly that gap, under the same Vision 2030 industrial-localisation mandate and the same local-content goals. It adds a missing segment to the portfolio rather than competing inside it.
Canoo, Arrival, Fisker, Lordstown, ELMS, Lion Electric, Proterra, VIA — EV startups that mostly went public via SPAC in the 2020–21 boom and then failed between 2022 and 2025. The common thread is not the product; it is the money: one-time equity raised at the top of the cycle, cash burned far faster than vehicles shipped, order books that never converted to volume, and no way to raise more once the market turned.
UK-based, Nasdaq-listed via SPAC. Bet everything on robotic 'microfactories' meant to build vehicles in-house — unproven and cash-hungry. Restructured repeatedly, was delisted, and entered administration in early 2024 without ever building at scale; even a 10,000-van UPS order never turned into volume.
Nasdaq-listed via SPAC. Bought Arrival's manufacturing assets at an ~80% discount in 2024, then liquidated months later. Had marquee names — Walmart, NASA, USPS, DoD, Oklahoma — but shipped only a handful of vans; cash burn dwarfed revenue and both the US DOE loan and foreign-capital talks fell through.
The same shape across very different vehicles — a passenger crossover, a pickup, delivery vans: SPAC cash raised once, a production ramp that stalled, and no fresh capital when the window closed.
Adjacent electric bus and truck plays that hit the same wall: heavy upfront capital, slow to volume, and a financing base too thin to bridge to scale.
Funding architecture, not just better hardware. The planned anchor is a long-horizon strategic investor that can underwrite through the cycle. The venture does not depend on a single injection of retail SPAC capital. Revenue comes from recurring subscriptions in one Saudi vertical, rather than hardware orders that may never convert. From the Growth stage, the model adds asset-backed fleet financing instead of relying exclusively on equity.
Lyft Flexdrive, Onto, Kyte, FairPlay. Passenger-side, not delivery, and none operates in Saudi Arabia. The closest referent for the wrapper is Moove — vehicle subscription and financing for ride-hailing and delivery drivers, headquartered in Dubai and profitable in the UAE. Moove demonstrates that a subscription fleet can work in the Gulf: it finances standard vehicles for individual drivers. Cleverpod would instead operate a purpose-built delivery fleet with service, insurance, and compliance bundled. Moove does not operate in Saudi Arabia.
Passenger driver subscription. No delivery analogue, no Saudi presence.
EV subscription for consumers. Not commercial fleet.
Short-term car subscription. Passenger.
Vehicle subscription and financing for ride-hailing and delivery drivers; ~USD 400M ARR, EBITDA-breakeven, profitable in the UAE. Same wrapper discipline, on standard vehicles financed to individual drivers. Not in Saudi Arabia.
Distribution asymmetry + market timing. Saudi has no subscription delivery analogue; the SASO bar on imported cargo trikes, combined with the courier-licensing reform of April 2024 and a regulator that pilots new vehicle types before standardising them, means a subscription fleet operator with Saudi-spec hardware and a pilot-to-standard road map is uniquely positioned, with no incumbent to displace.
Cleverpod is not 'the Mahindra of Saudi' or 'the Ceer of cargo'. Cleverpod claims four advantages simultaneously: it combines a Saudi-resident fleet with service, insurance, and compliance. Its positioning complements the existing PIF mandate. Its financing architecture addresses the failure pattern of earlier modular-EV ventures. Its subscription model has no incumbent to displace in Saudi delivery.
Saudi vehicle law has no settled category for a purpose-built cargo three-wheeler: cheap imported cargo trikes are barred. Existing moped classes were not written for a 20 kW, airbag-equipped, climate-controlled pod. Cleverpod therefore proposes the pathway Saudi Arabia has already used for autonomous vehicles. The CP02 would first operate under a supervised pilot permit. Evidence from that pilot would then support a new premium vehicle class.
Saudi Arabia already runs this exact playbook. The Transport General Authority's regulatory sandbox put vetted operators' autonomous vehicles on Riyadh's public roads under supervision — geofenced, telemetered, reviewed — expressly to help regulators write the rules that followed (the SASO autonomous-vehicle technical regulation and Saudi Highway Code Vol. 801, entering force in 2026). Cleverpod proposes the same route: a controlled, geofenced delivery pilot under TGA oversight. The CP02 is built for it — live telemetry, 360° cameras, and remote immobilisation are standard, so every pilot kilometre is logged, supervised, and auditable.
The pilot is intended to support a new vehicle class with a deliberately high engineering standard: the first requirement is a top speed of at least 100 km/h, so the vehicle can move with traffic instead of obstructing it. The second is a liquid-cooled battery for thermal safety during a 45–50°C summer. The third is an enclosed safety cabin with an airbag and three-point seat belts. That bar does two things at once. It keeps cheap, slow, unsafe imports off Saudi roads — protecting the order and quality of the Kingdom's streets — and it makes room for the kind of futuristic, purpose-built three-wheeler that belongs on a Vision 2030 road. The CP02 is engineered to clear every line of it.
The proposed class keeps motorcycle-licence eligibility for a defined transition window. That matters for adoption: today's courier workforce is largely expatriate and motorcycle-licensed, and Saudization is a trajectory, not an overnight switch. Licence continuity allows the existing workforce to keep operating from day one. At the same time, the air-conditioned cabin turns delivery into indoor, dignified work that can attract Saudi nationals. This moves the operator base toward its Nitaqat targets without stranding the fleet during the transition. A high-speed three-wheel class also avoids forcing every operator onto a full passenger-car licence, which a four-wheel reclassification would require.
The company that runs the pilot, meets the highest bar, and sits at the table while the class is written is the hardest to displace — not because of a loophole, but because it helped define the standard everyone else must later meet. Layered on the Saudi-resident fleet, service, insurance, and compliance stack, first-mover-plus-standard-author is a far more durable position than any single certificate. It is also precisely the role a sovereign investor is best placed to enable.
Every objection here has come up in live conversations. Each gets a direct response, and points to the modeled evidence where it exists.
Discipline. The case has two parts — the delivery cash cow (the CP02 subscription business, Saudi first then GCC) and the build-out of the full range (CP02 hardware sales, CP03–CP04 vehicles, IP licensing, sea / air variants). The financial model prices the cash cow only because that is the part with production-intent hardware (CP02, validated forward from the CP01 prototype), validated unit economics, and month-by-month projections through 2030. The full-range build-out is real engineering, but it is not assumed in the headline IRR or MOIC. PIF gets the underwritten number on the cover page; the upside is roadmap, not promise.
The CP01 hardware is a validated prototype, with engineering documentation and a Bill of Materials in the data room — and a Dubai last-mile operator running 450+ riders has confirmed demand for the CP02 in writing. The CP02 takes that engineering forward to production-intent design and is the model the planned Saudi fleet is to be built from. CP02–CP04 share the same drive, battery, and CleverPod Bridge controller — that is what makes the platform claim structural rather than rhetorical.
No. The sea and air slides carry a 'platform potential, not in seed plan' label and the seed-stage capital plan does not allocate against either. They are shown to make the platform's reach legible, because the same drive, battery, and software stack does extend that far in principle. Building either one becomes a separate funding decision after the cash cow is paying its own way.
Three concrete reasons, not a process of elimination. Scale: Saudi Arabia is the GCC's largest e-commerce market, so the absolute delivery volume a subscription fleet addresses is bigger here than anywhere else in the region. A regulatory opening unique to the Kingdom: SASO's motorcycle regulation keeps imported cargo trikes off Saudi roads, removing the cheap low-cost substitute, while the Kingdom's proven pilot-permit-to-new-class process — the same sandbox route used for autonomous vehicles — gives a compliant, Saudi-registered operator a credible road to market (see Regulatory strategy). Capital and policy alignment: PIF's 2026–2030 strategy names Industrials & Logistics a priority ecosystem with a localization mandate. UAE is the regional default, which is precisely why it is a crowded fleet market with little room for a subscription entrant at early-stage scale; it stays a GCC expansion target, not the first move.
Not yet as an off-the-shelf category — that is the go-to-market by design. A purpose-built cargo three-wheeler sits between two regimes: the SASO motorcycle regulation (which bars imported cargo trikes) and the EV technical regulation (which homologates electric vehicles by propulsion). The plan does not force the CP02 into a moped class it has outgrown. Instead, it follows the route Saudi Arabia has already used for new vehicle types: the CP02 would deploy under a supervised TGA pilot permit. This is the same sandbox mechanism that put autonomous vehicles on Riyadh roads before formal rules existed. Evidence from the pilot would then support a new premium cargo three-wheeler class. The proposed standard requires a top speed of at least 100 km/h, a liquid-cooled battery, and an enclosed safety cabin. The CP01 prototype is validated engineering proof the platform works; it is not the CP02's road pathway. The full sequence is set out in the Regulatory Strategy section.
The subscriber is comparing a predictable monthly service fee to a lumpy total cost of ownership: vehicle, battery, maintenance, insurance, compliance, downtime, training, resale risk. Our number is higher on the sticker; the TCO is lower for any operator that values uptime and compliance. We are not competing with the sticker price — we are competing with the real cost of running a small fleet without infrastructure.
No. Each round is priced independently — a fixed pre-revenue seed value, then forward run-rate-revenue multiples that compress round on round. The return is modelled as a long hold: PIF draws dividends once the fleet self-finances, then exits once on a defensible EV/EBIT multiple, net of fleet debt, set below the multiple the model's mature-WACC DCF implies. IRR (~41.6%), MOIC (28.1×) and NPV follow from those inputs. The exit dominates the return, but the annualised figure is not knife-edge on its date: a 12-month slip moves the IRR by ~3 points.
The proposed Seed pre-money is SAR 232.0M. It is not presented as a revenue multiple: it is the entry price for a platform moving from a validated prototype to a production-intent CP02 and Saudi deployment. The investor is buying into the existing CP01 engineering, vehicle and software IP, the CP02 development programme, a signed operator LOI, and the Saudi market-entry pathway. Seed proceeds fund defined de-risking milestones across production design, certification, Saudi assembly readiness, software, and initial deployment preparation. Those assets and milestones are the basis for assessing the Seed mark; later rounds move to forward-revenue pricing once operating evidence exists, with valuation and ownership sensitivity set out in the data room.
Three things, in order. First, adoption pace: this is a subscription fleet, so if operators are slower to switch from owning motorcycles than planned, utilization stays below break-even and the cash cow never starts producing — the single biggest risk. Second, hardware in the real duty cycle: if the pod's reliability, battery life, or A/C performance degrades faster in sustained 45–50°C use than the bench data suggests, service cost overruns eat the per-pod margin. Third, capital continuity: the plan stages four equity rounds through Expansion, so a round that stalls midway leaves it short of runway before the delivery business carries itself. Regulatory reversal and a cost-of-capital shock sit behind these — possible, but less likely than simply ramping too slowly or under-building the service operation.
PIF does. After the fleet financing, the Seed entry price and the subsequent rounds, PIF holds about 43% to the founders' ~33% at Expansion, so at exit PIF takes the larger cheque. The founders retain a substantial ~33% for building the platform and the IP, and PIF's participating 1× preference returns its ~SAR 315.2M capital first.
No, and the reason is structural, not optimistic. The subscription is prepaid — cash precedes service — so receivables and bad-debt risk are minimal. And demand is market-share-driven across a large, growing national fleet, not a handful of contracts: the pods are modular and redeployable, so a unit no longer needed by one operator or in one city is redeployed to another. There is no stranded asset and no churn write-off the way a single-customer lease would carry. That is what makes the model's negative working capital structural — customers pay a month ahead while suppliers are paid on terms — and the model still takes prudence on top: a 1% payment-default haircut on subscription revenue and a 3–5% fleet-vacancy allowance are netted against the plan.
Materially. Essentially all of the long-run value sits in the post-2030 continuation, which ramps Cleverpod to a 25% steady-state share of the Saudi last-mile fleet. At a 10–15% steady state the value is far lower, and the enterprise DCF is likewise discount-rate sensitive — the full sensitivity table is in the data room. The 25% level rests on a pod that is safer and cooler than an open motorcycle in 45–50°C heat, carries integrated fleet management a bare vehicle cannot, and rides the Kingdom's renewable-electrification mandate. The exit multiple is set below the model's mature-WACC DCF-implied multiple.
Cleverpod is led by two founders. Alexander Yuryev leads product, vehicle development, and engineering. Benedikt Wagner leads finance, capital, and the Saudi build-out. They draw on a team of Russian and Chinese engineers. Once incorporated, the Saudi entity will run operations, commercial activity, and finance. The Shenzhen R&D and Procurement entities will provide engineering and procurement under transfer pricing. PIF is expected to lead the priced rounds. Ownership and governance will be set round by round, including board representation and a participating preference.
Founder and CEO of Cleverpod. A deep-tech founder and inventor based in Shenzhen, he owns the platform thesis, the vehicle concept, and the engineering direction, and leads the company's engineering teams. Fluent in Russian, Mandarin and English.
Co-founder, CFA, Oxford graduate. Owns the financial model, the capital plan, and the Saudi entity build-out — MISA incorporation, PIF engagement, and the cap table sit here. Fluent in German, English and Russian.
PIF invests in priced equity rounds across the financing stages, each sized by the financial model. Ownership grows round by round as new capital comes in; the model provides a transparent basis for valuation discussion at each stage.
The Saudi entity owns the brand, the subscriber contracts, the fleet, and the revenue. Shenzhen provides cost-plus R&D and procurement. Transfer pricing is explicit — HNTE-qualified where applicable — and the model reports both consolidated and per-entity P&L.
At the priced round, board seats proportional to ownership, an independent Saudi-resident director seat from close, and reserved matters (budget, headcount gates, material capex, new debt) requiring investor consent.
PIF equity carries a participating 1× liquidation preference — it recovers its capital ahead of the founders and then participates pro-rata in the upside, wired into the exit waterfall in the model. Broad-based weighted-average anti-dilution, pro-rata / pre-emptive, and drag / tag are documented at the round; founders vest over four years. The participating preference, the co-investor split and founder vesting are carried in the model; the remaining protections are term-sheet items documented at the round.
Projected PIF / sovereign ownership across the financing stages, founders' retention, and implied ESOP + other pool. All figures are pulled from the Cap Table sheet of the financial model — they describe the intended ownership path, not a current cap table.
| Seed | Launch | Growth | Expansion | |
|---|---|---|---|---|
| Sovereign / PIF ownership src CT_Saudi_Ownership_* · Cap Table · the financial model | 31.2% | 42.2% | 43% | 43% |
| Founders' ownership src CT_Founder_Ownership_* · Cap Table · the financial model | 58.8% | 35% | 33.4% | 33.4% |
| Implied ESOP + other | 10% | 22.7% | 23.6% | 23.6% |
| Pre-money (SAR) | 232.0M | 423.7M | 1.5B | 3.4B |
| Post-money (SAR) | 337.0M | 682.7M | 1.6B | 3.4B |
The model projects the business forward monthly through 2030 across four stages. Each stage has a defined capital injection, a set of operating targets, and a projected cash bridge that balances to the consolidated cash flow statement. This is the same bridge the Executive Summary dashboard prints — no second set of numbers.
Saudi entity incorporated, MISA licensing secured, first fleet prototype deployed, pilot subscriptions targeted.
First commercial fleet (three-digit pod count), fleet service infrastructure stood up, second Saudi city entered.
Fleet scaling across Riyadh, Jeddah, Dammam; software productized; transfer pricing and HNTE fully in place.
GCC pilot (bonus, not thesis) and the operator marketplace. The Saudi plan raises no new equity here — by this stage it funds itself, and the last priced round is Growth in 2028. Taking the pod beyond the Kingdom is not costed in the model and would be its own capital decision.
PIF's return is modeled as a hold rather than a flip: the model assumes capital across four priced rounds through 2029. Dividends begin once the fleet can finance itself. A single EV/EBIT exit follows, net of fleet debt and at a multiple below the model's mature-WACC DCF implication. The exit timing is an assumption, not a forecast. The model holds the investment for seven years after the plan window closes, placing the exit near 2037 on an approximately eleven-year horizon. A one-year delay reduces the IRR by about three percentage points. The return structure is firmer than the date. Dividends are secondary, while the exit generates approximately 89% of PIF's proceeds. IRR, MOIC, NPV and the cash schedule live on the Cap Table and DCF+GGM sheets, each with a source pill to its named range. PIF is modeled as the lead but not the sole equity investor, and essentially all long-run value rests on the post-2030 share ramp, shown with its sensitivity. A comps table sits alongside.
The continuation case is sensitive to the steady-state share of the Saudi last-mile fleet. The model calculates six points from 10% to 35%; the table presents the 10% downside, 25% base case, and 35% upside. Driver: MS_PostModel_Target.
| Case | Steady-state share | Enterprise value (SAR) | PIF MOIC | PIF IRR |
|---|---|---|---|---|
| downside | 10% | SAR 170.2M | 11.3× | 28.9% |
| base case | 25% | SAR 1.5B | 28.1× | 41.6% |
| upside | 35% | SAR 2.2B | 39.1× | 46% |
Three comparables, each marked within the last 18 months, with the basis of every multiple shown.
| Company | Category | Geography | Valuation marker | Source |
|---|---|---|---|---|
| Moove | Vehicle subscription and financing for ride-hailing and delivery drivers — the closest structural twin | Dubai HQ · ~12 markets incl. UAE | USD 750M at the USD 100M Series B (Mar 2024, Uber and Mubadala). Reported Sep 2025 to be raising at USD 2bn+ on ~USD 400M ARR — ≈5× revenue. An equity mark: EV/Revenue is higher again on a debt-funded fleet book. | Mubadala (Mar 2024) · Bloomberg (Sep 2025 — reported, not confirmed closed) |
| Zypp Electric | EV-as-a-service rentals to delivery gig riders — same customer and same subscription revenue, on two-wheelers | India | ~USD 335–350M in the ongoing Series C (Jan 2025) against an INR 600 Cr (~USD 72M) FY26 revenue target — ≈4.7× forward revenue. ~22,000 vehicles; EBITDA-positive since Jul 2025. | Entrackr (Jan 2025) · company disclosures |
| Euler Motors | Cargo three-wheeler OEM, in production — sells vehicles rather than operating a subscription fleet | India | GIC-led USD 60M Series C (Oct 2022), Hero MotoCorp-led ~USD 75M Series D (May 2025), Lightrock-led ~USD 47M Series E (Mar 2026). Round valuations undisclosed — Hero's 32.1% for ~USD 72M implies ≈USD 225M, an inference rather than a mark. FY25: 3,050 units, INR 192.3 Cr (~USD 23M) revenue, loss-making. | TechCrunch · Entrackr · company disclosures |
Comparables are for orientation, not claims of equivalence. Only Moove shares the structure of this plan — a subscription fleet financed on its own balance sheet. Zypp runs the same delivery-rider customer on two-wheelers. Euler is an OEM: it sells vehicles, so its mark prices the manufacturing business this model deliberately excludes, and it sits here as a hardware reference rather than a valuation basis. Private marks are post-money equity, not enterprise value, so a debt-funded fleet book carries a higher EV/Revenue than the ratio shown. None of the three operates in Saudi Arabia, and all three are loss-making or only recently at breakeven — which is the distance between a revenue multiple and the earnings basis this plan exits on. Cleverpod is also earlier-stage and geographically focused; a single-country subscription fleet operator at scale is genuinely rare.
Seed-stage capital is raised as a priced equity round into the planned Saudi operating company once incorporated. The model-derived bridge reconciles the round across operating cash burn, investing cash flow and Seed closing cash; pre-money and round size come from named ranges in the financial model. Specific terms are available for review.
Model-derived for the full Seed stage. Operating cash burn, investing cash flow and closing cash reconcile to the round.
MISA license issued, Saudi entity incorporated, statutory capital paid in. First pilot pods deployed with paying pilot subscribers. Software and operations playbook validated in the field.
Three-digit pod count, two Saudi cities live, positive per-pod contribution, first cohort renewal data. The 2027 priced equity round is raised around this point.
Fleet scaled nationally, HNTE tax status secured, software productised, operator training institutionalised. First full-year positive operating cash.
UAE / Kuwait pilot (bonus, not thesis). Operator marketplace operational. The Saudi plan raises no new equity at this stage — the last priced round is Growth in 2028 — though a GCC build-out would be funded separately and is not in these numbers. The exit sits outside this roadmap: the model holds for seven years after the plan window closes, putting a single EV/EBIT trade near 2037 — an assumption, not a scheduled event.
The headline returns and unit economics on this page are pulled live from named ranges in the financial model; narrative and market-sizing figures are stated from the same model and cited third-party sources. The full model, the staged equity capital plan, and the term sheet are available for review.
View the financial model