Aeva Technologies Inc (AEVA) 2024 Q4 法說會逐字稿

Good day. My name is Jess, and I will be your conference facilitator. I would like to welcome everyone to Aeva Technologies fourth-quarter and full-year 2024 earnings conference call.

再會。我叫傑西，我將擔任您的會議主持人。歡迎大家參加 Aeva Technologies 2024 年第四季和全年財報電話會議。

(Operator Instructions) As a reminder, today's conference call is being recorded and simultaneously webcast. I would now like to turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development.

（操作員指示）提醒一下，今天的電話會議正在錄製並同時進行網路直播。現在我想將電話轉給投資者關係和企業發展高級總監 Andrew Fung。

Andrew, please go ahead.

安德魯，請繼續。

Thank you, and welcome, everyone, to Aeva's fourth-quarter and full-year 2024 earnings conference call. Joining on the call today are Soroush Salehian, Aeva's Co-Founder and CEO; and Saurabh Sinha, Aeva's CFO. Ahead of this call, we issued our fourth-quarter and full-year 2024 press release and presentation, which we will refer to today and can be found on our Investor Relations website at investors.aeva.com.

感謝大家，歡迎大家參加 Aeva 2024 年第四季和全年財報電話會議。今天參加電話會議的有 Aeva 聯合創始人兼執行長 Soroush Salehian 和 Aeva 財務長 Saurabh Sinha。在本次電話會議之前，我們發布了 2024 年第四季度和全年新聞稿和演示文稿，我們將在今天參考這些新聞稿和演示文稿，您可以在我們的投資者關係網站 investors.aeva.com 上找到它們。

Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date.

請注意，在本次電話會議上，我們將根據目前的預期和假設做出前瞻性陳述，這些陳述受風險和不確定性的影響。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們此後任何日期的觀點。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K.

這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能影響我們財務表現的重大風險和其他重要因素的進一步討論，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-Q 表和 10-K 表。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Aeva's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. The webcast replay of this call will be available on our company's website under the Investor Relations link.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標可作為 Aeva 績效的補充指標。這些非 GAAP 指標應作為 GAAP 結果的補充而非替代或孤立存在。本次電話會議的網路直播重播將在我們公司網站的「投資者關係」連結下提供。

And with that, let me turn the call over to Soroush.

現在，請允許我將電話轉給 Soroush。

Thank you, Andrew, and good afternoon, everyone. Q4 and the start of 2025 have been an incredible period of momentum in our business and I'm excited to update our investors and stakeholders. I think it's appropriate, though, to set back and frame how we got here. When we laid out our vision for Aeva and building a market-leading perception and testing company nearly eight years ago, we knew it was not going to be easy and the path we were taking with FMCW, would ultimately build the platform for the future, but it would take time.

謝謝你，安德魯，大家下午好。第四季和 2025 年初是我們業務蓬勃發展的時期，我很高興向我們的投資者和利害關係人通報最新情況。不過，我認為回顧一下我們是如何走到這一步的，是適當的。近八年前，當我們為 Aeva 制定願景並打造一家市場領先的感知和測試公司時，我們就知道這並不容易，我們採用 FMCW 所走的道路最終將為未來建立平台，但這需要時間。

Importantly, we built a strong team, understood the challenging engineering problems to overcome algorithms and software necessary to build the hardware semiconductors and silicon photonics to be developed, and iterations required to bring multiple generations of a powerful product to market.

重要的是，我們建立了一支強大的團隊，了解了克服構建硬體半導體和矽光子學所需的演算法和軟體的挑戰性工程問題，以及將多代強大產品推向市場所需的迭代。

If successful, we would have the building blocks required to enable both breakthrough long-range perception and micron level precision for broad applications and perception. Richer data sets, faster progressing, everything aligned and scalable architecture and protected by a massive wall of significant IP.

如果成功的話，我們將擁有實現突破性遠端感知和微米級精度的廣泛應用和感知所需的基礎模組。更豐富的資料集、更快的進展、一切都一致且可擴展的架構，並受到大量重要 IP 的保護。

We knew that this product vision was the only way to unlock the potential promise of autonomy and the other next-generation capabilities for our customers across automotive, industrial robotics, and other applications. Our team was constantly faced with challenges to overcome along the way and needed an intense drive to deliver on our ambitious goals.

我們知道，這個產品願景是釋放汽車、工業機器人和其他應用領域客戶自主性和其他下一代功能的潛在潛力的唯一途徑。我們的團隊在前進的道路上不斷面臨挑戰，需要強大的動力來實現我們雄心勃勃的目標。

I am proud of how we have pulled together time and again to deliver our first commercial product, Aeries II, in 2022, followed by our first integrated basic product, Atlas beginning of last year. These were breakthrough milestones in the LiDAR space as the promise of FMCW LiDAR was finally being delivered.

我為我們一次又一次齊心協力在 2022 年推出我們的第一款商業產品 Aeries II 以及去年年初推出我們的第一款集成基礎產品 Atlas 而感到自豪。這些都是 LiDAR 領域的突破性里程碑，因為 FMCW LiDAR 的承諾終於得以兌現。

These products enabled our historic series production win at Daimler Truck, one of the largest commercial vehicle manufacturers globally. We didn't stop there, however, as we have continued to push into a smaller form factor, launched a next-generation ASIC, and have increased the resolution of our market-leading Atlas Ultra product line targeting passenger vehicles.

這些產品使我們在全球最大的商用車製造商之一戴姆勒卡車公司贏得了歷史性的系列生產勝利。然而，我們並沒有止步於此，我們繼續朝著更小的尺寸邁進，推出了下一代 ASIC，並提高了針對乘用車的市場領先的 Atlas Ultra 產品線的分辨率。

Our Atlas Ultra product has now enabled us to bring the power of our platform to the passenger vehicle market had enabled us to be awarded a joint development program from a global top 10 passenger OEM. This award opens up a new market for our products and signals the confidence large global OEMs have in our technology and future.

我們的 Atlas Ultra 產品現在使我們能夠將平台的強大功能帶入乘用車市場，並使我們獲得了全球十大乘用車 OEM 的聯合開發計劃。該獎項為我們的產品開闢了一個新的市場，也顯示了全球大型原始設備製造商對我們的技術和未來的信心。

The joint development program is focused on taking our market-leading Atlas Ultra product and fine-tuning it to fit within their specific vehicles and package it for use in their stack. The engineering work and milestones for this program are well defined, and the team is laser-focused on delivering where we have confidence in our success.

聯合開發計劃的重點是採用我們市場領先的 Atlas Ultra 產品，並對其進行微調以適應他們的特定車輛，並將其打包以供在他們的堆疊中使用。該計劃的工程工作和里程碑定義明確，團隊全心全意致力於實現我們有信心取得成功的目標。

The objectives of this program are clear and on success enable us to be included as the LiDAR future and the global OEMs model lineup globally and for geographies outside of China. We expect to complete this program later this year where we expect this transition to a large-scale production award and launch the largest opportunities in the industry and delivering a next-generation technology to our customers' vehicle platform.

該計劃的目標很明確，一旦成功，我們將被納入全球及中國以外地區的 LiDAR 未來和全球 OEM 模型陣容。我們預計將於今年稍後完成該計劃，並期望將其轉變為大規模生產合同，並推出業內最大的機遇，為我們客戶的車輛平台提供下一代技術。

In summary, 2024 was a year of strong commercial momentum at Aeva, and we expect to double down on this momentum in 2025. Let's now discuss in more detail our recent business developments. We are excited to be selected by a global top 10 passenger OEM for our LiDAR development program for its next-generation global production vehicle platform where we will jointly work on development, packaging, and integration of Aeva's Atlas Ultra 4D LiDAR for use across the OEM's global line of passenger vehicles.

總而言之，2024 年是 Aeva 商業勢頭強勁的一年，我們預計 2025 年這股勢頭將加倍。現在讓我們更詳細地討論我們最近的業務發展。我們很高興被全球十大乘用車原始設備製造商選中，為其下一代全球量產汽車平台提供 LiDAR 開發計劃，我們將共同致力於 Aeva 的 Atlas Ultra 4D LiDAR 的開發、封裝和集成，以供該原始設備製造商的全球乘用車系列使用。

Over the course of last year, we have discussed our advancements with this OEM, including being down selected to the final stages of the RFQ. Now this development program win represents a key milestone in our ongoing collaboration, and it is effectively the first development phase of the series production program and is focused on the joint B-sample development and packaging of our Atlas Ultra product for use across the OEMs broad lineup of vehicle models. This OEM has a long history of using time-of-flight 3D LiDAR.

在過去的一年中，我們與這家 OEM 討論了我們的進展，包括被選中進入 RFQ 的最後階段。現在，這個開發項目的勝利代表著我們正在進行的合作中的一個重要里程碑，它實際上是批量生產項目的第一個開發階段，重點是聯合開發和包裝我們的 Atlas Ultra 產品，以供 OEM 廣泛的車型系列使用。該 OEM 長期以來一直使用飛行時間 3D LiDAR。

However, through extensive evaluation and real-world testing of Aeva 4D LiDAR, including instant velocity, immediate interference, and other advantages over time of flight, the OEM has found that our technology is better able to address a number of key use cases needed for the OEM to successfully expand its operating design domain at higher speed and scale to higher levels of automation across its vehicle line and more markets.

然而，透過對 Aeva 4D LiDAR 進行廣泛的評估和實際測試，包括瞬時速度、即時幹擾和飛行時間的其他優勢，OEM 發現我們的技術能夠更好地解決 OEM 成功擴展其操作設計領域所需的許多關鍵用例，速度更快，規模更大，以實現其車輛系列和更多市場的更高自動化水平。

As such, they are moving to FMCW technology in order to future-proof their solution for the next-generation vehicles. Importantly, separate in addition to this program, we have also secured a letter of intent from this passenger OEM toward the Series Production Program award decision, and we expect that to transition to a large-scale global production program opportunity for Aeva later this year.

因此，他們正在轉向 FMCW 技術，以確保其解決方案能夠適用於下一代汽車。重要的是，除了這個項目之外，我們還從這家乘用車原始設備製造商那裡獲得了系列生產計劃授予決定的意向書，我們預計這將在今年晚些時候轉變為 Aeva 的大規模全球生產計劃機會。

This OEM is a leader in commercializing new technology at scale in the passenger vehicle space. With the annual vehicle volumes in the millions and the potential to be the primary future across geographies outside of China, we believe the opportunity for the Series Production Program upon conversion from this development phase is expected to be massive and likely one of the largest in the automotive industry, which could cement our position as a market-leading company globally.

該 OEM 是乘用車領域大規模商業化新技術的領導者。由於每年的汽車產量達數百萬輛，並有可能成為中國以外地區未來的主要市場，我們相信，從這一開發階段轉變後的批量生產計劃的機會預計將是巨大的，並可能成為汽車行業最大的機會之一，這可以鞏固我們作為全球市場領先公司的地位。

We're excited to be awarded this development program with this OEM and our planning for Atlas Ultra start-up production starting in 2027. Beyond this top 10 OEM win, we are seeing increased momentum for our funnel with other global passenger and commercial vehicle OEMs that are advancing towards FMCW technology for their vehicle platforms.

我們很高興能與這家 OEM 合作獲得這個開發項目，並計劃於 2027 年開始 Atlas Ultra 的生產。除了贏得這 10 大 OEM 廠商的青睞之外，我們還看到其他全球乘用車和商用車 OEM 廠商的勢頭日益增強，這些廠商正在向 FMCW 技術邁進，為他們的車輛平台提供支援。

Specifically, we are increasing our joint activities with other passenger OEMs, including another top 10 passenger OEM through the RFQ process and two other commercial vehicle OEM opportunities with significant volume potential based on our Atlas and Atlas Ultra platforms and with targeted SOPs between 2027 to 2029.

具體來說，我們正在加強與其他乘用車 OEM 的聯合活動，包括透過 RFQ 流程與另一家排名前 10 的乘用車 OEM 合作，以及與另外兩家商用車 OEM 合作，這些 OEM 基於我們的 Atlas 和 Atlas Ultra 平台，具有巨大的產量潛力，並且有 2027 年至 2029 年至 2029 年之間的產量潛力，並且有 2027 年至 2029 年至 2029 年之間的產量潛力，並且有 2027 年至 2029 年至 2029 年之間的產量潛力，並且有 2027 年至 2029 年至 2029 年之間的產量潛力，並且有 2027 年至 2029 年至 2029 年之間的產量潛力，並且有 2027 年至 2029 年至 2029 年的目標。

More broadly, interest to leverage FMCW technology is rising across the industry as is decisions incorporating geographic integrations. We believe Aeva is in a strong position with our product and cost-competitive solutions. Moving now to update for Daimler Truck on the production program. We are progressing well with Daimler Truck having delivered on all of Aeva's milestones for the program in 2024.

更廣泛地說，整個產業對利用 FMCW 技術的興趣日益濃厚，納入地理整合的決策也不斷增加。我們相信，憑藉我們的產品和具有成本競爭力的解決方案，Aeva 處於有利地位。現在開始更新戴姆勒卡車的生產計畫。我們與戴姆勒卡車的合作進展順利，並已於 2024 年實現了 Aeva 計畫的所有里程碑。

As the exclusive long-range and ultra-long range LiDAR supplier for the OEM's autonomous truck production program, Aeva 4D LiDAR is the primary detection sensor, and we have been working closely with Daimler Truck and a subsidiary, Torc, to achieve their key milestones towards a safe and scalable commercialization of autonomous trucks.

作為 OEM 自動駕駛卡車生產項目的獨家遠端和超遠程 LiDAR 供應商，Aeva 4D LiDAR 是主要的檢測感測器，我們一直與戴姆勒卡車及其子公司 Torc 密切合作，以實現他們在安全和可擴展的自動駕駛卡車商業化方面的關鍵里程碑。

I'm happy to share that this relationship continues to deepen in 2025. We recently expanded our collaboration with Torc to include sharing of sensing data and a freightliner vehicle platform. This will enable even closer collaboration between our teams as we work together on advancing the safety architecture for autonomous trucks and enabling Torc's virtual driver software to make safer and more intelligent decisions. So, in short, Aeva remains on track for start of production in 2026 to support Daimler Truck's market entry by 2027.

我很高興地告訴大家，這段關係在2025年將會繼續深化。我們最近擴大了與 Torc 的合作，包括共享感測數據和貨運車輛平台。這將使我們的團隊之間進行更緊密的合作，我們共同努力推進自動駕駛卡車的安全架構，並使 Torc 的虛擬駕駛軟體能夠做出更安全、更聰明的決策。因此，簡而言之，Aeva 仍有望於 2026 年開始生產，以支持戴姆勒卡車在 2027 年進入市場。

Turning now to the latest development around Aeva's products. We unveiled Atlas Ultra at CES this past January. This is our newest and most powerful automotive grade 4D LiDAR that is designed to meet OEM requirements for Level 3 and higher speed applications. Compared to our Atlas product, Atlas Ultra offers 3 times the resolution and the capability for a wider field of view all in 35% slimmer packaging, which opens up even more integration options with minimal impact on vehicle styling and aerodynamics.

現在來談談 Aeva 產品的最新發展。我們於今年 1 月在 CES 上推出了 Atlas Ultra。這是我們最新、最強大的汽車級 4D LiDAR，旨在滿足 3 級及更高速度應用的 OEM 要求。與我們的 Atlas 產品相比，Atlas Ultra 的分辨率提高了 3 倍，視野更寬廣，而且封裝厚度減少了 35%，從而提供了更多的整合選項，同時對車輛造型和空氣動力學的影響最小。

Like other Aeva LiDAR products, Atlas Ultra leverages our proprietary LiDAR on chip architecture, which integrates all optical components, including transmitter detector and lenders onto a silicon photonics module. This, along with no use of fiber or exotic materials allows us for a highly automated manufacturing process and ability to mass produce at affordable cost.

與其他 Aeva LiDAR 產品一樣，Atlas Ultra 利用我們專有的 LiDAR 晶片上架構，該架構將所有光學元件（包括發射器探測器和貸款人）整合到矽光子模組上。這一點，加上不使用纖維或特殊材料，使我們能夠實現高度自動化的製造過程，並能夠以可承受的成本進行大規模生產。

Atlas Ultra also utilizes our custom Aeva X1 SoC or system-on-chip processor, which enables seamless integration of data acquisition, point cloud processing, scanning and application software into a single mixed-signal processing chip. Our X1 SoC also powers Aeva's advanced perception algorithms that leverage velocity data for object detection and Symantec segmentation.

Atlas Ultra 也採用了我們客製化的 Aeva X1 SoC 或系統單晶片處理器，可將資料擷取、點雲處理、掃描和應用軟體無縫整合到單一混合訊號處理晶片中。我們的 X1 SoC 也為 Aeva 的先進感知演算法提供支持，該演算法利用速度數據進行物體檢測和賽門鐵克分割。

We are already working on integrating Atlas Ultra with key partners such as the global top 10 passenger OEM and plan for additional availability to automotive customers later this year. At CES, we also showcased the industry's first functional behind windshield integration of an FMCW LiDAR in collaboration with an automotive partner. This enables a high LiDAR positioning for optimal long-range detection with seamless integration, minimizing impact to vehicle design and aerodynamics.

我們已經在致力於將 Atlas Ultra 與全球十大乘用車 OEM 等主要合作夥伴整合，並計劃在今年稍後向汽車客戶提供更多產品。在 CES 上，我們也與汽車合作夥伴合作展示了業界首個擋風玻璃後整合的 FMCW LiDAR 功能。這使得 LiDAR 能夠實現高精度定位，實現無縫整合的最佳遠端偵測，最大限度地減少對車輛設計和空氣動力學的影響。

The in-cab integration is enabled by our FMCW LiDAR on chips, small form factor, low power consumption and passive cooling which helped maintain good visibility and passenger comfort. Our operational demonstration vehicle utilizes a co-developed custom formulary glass from Wideye by AGC that is compatible with Aeva's unique FMCW wavelength to maintain long registration endpoint cloud quality. Feedback from leading OEMs following real-world on-road demonstrations have been very positive and has already led to deeper engagements.

車內整合由我們的晶片上的 FMCW LiDAR 實現，其體積小巧、功耗低且採用被動冷卻，有助於保持良好的可視性和乘客舒適度。我們的運行演示車輛採用了由 AGC 與 Wideye 共同開發的定製配方玻璃，該玻璃與 Aeva 獨特的 FMCW 波長相容，以保持長註冊端點雲品質。在現實世界的道路演示之後，領先的原始設備製造商的反饋非常積極，並且已經導致了更深入的參與。

Switching now to industrial development, where we are growing rapidly with major applications of our products with industry leaders such as Nikon and SICK AG for the $10 billion plus market opportunity in industrial robotics and factory automation. This is possible now in 2025 because of the completion and our core technology components including our core vision LiDAR on-chip module and XO1 SoC for industrial applications.

現在轉向工業發展，我們正在快速發展，我們的產品主要應用於尼康和 SICK AG 等行業領導者，在工業機器人和工廠自動化領域擁有超過 100 億美元的市場機會。由於我們的核心技術組件（包括核心視覺 LiDAR 片上模組和用於工業應用的 XO1 SoC）的完成，這一目標在 2025 年就已實現。

In particular, late last year, we partnered with SICK AG to incorporate Aeva's FMCW technology into its portfolio of high-precision contactless sensor solutions. As mentioned, SICK is one of the top leaders in sensor solutions with revenues of nearly $3 billion annually.

特別是去年年底，我們與 SICK AG 合作，將 Aeva 的 FMCW 技術納入其高精度非接觸式感測器解決方案產品組合中。如上所述，SICK 是感測器解決方案領域的頂級領導者之一，年收入近 30 億美元。

Specifically, though, in the multibillion-dollar market of high accuracy displacement sensors, SICK sells more than 250,000 sensors a year which are used across a broad range of industrial robotics and factory automation applications. Aeva's sensors brings a number of major performance side and cost advantages versus current solutions such as more reliable micron level precision across many operating conditions or the ability to measure both short and long standoff businesses with the same small sensor.

具體來說，在價值數十億美元的高精度位移感測器市場中，SICK 每年銷售超過 25 萬個感測器，廣泛應用於工業機器人和工廠自動化應用。與目前的解決方案相比，Aeva 的感測器具有許多主要的性能和成本優勢，例如在許多操作條件下更可靠的微米級精度，或能夠使用相同的小型感測器測量短距離和長距離業務。

And because of Aeva's ability to directly measure velocity, we believe our technology would open up new capabilities that bring the possibility to expand the use of Aeva's sensors across industrial precision market. Having now substantially completed our validation with SICK, we're now moving to commercial deployments beginning in Q3 of this year.

由於 Aeva 能夠直接測量速度，我們相信我們的技術將開啟新的功能，從而有可能擴大 Aeva 感測器在工業精密市場的使用。我們現在已經基本完成了與 SICK 的驗證，並將從今年第三季開始進行商業部署。

Turning now to our key objectives. I would like to first provide a quick recap of our 2024 goals before sharing more about our 2025 objectives. We set challenging objectives for 2024, and I am proud to say that we have achieved essentially all of them. With regards to the goal for two additional production wins, we secured an industrial win with The Indoor Lab and a global top 10 passenger OEM development program.

現在來談談我們的關鍵目標。在分享更多有關我們 2025 年目標的資訊之前，我想先簡單回顧一下我們的 2024 年目標。我們為2024年設定了具有挑戰性的目標，我很自豪地說，我們基本上已經實現了所有目標。關於另外兩項生產勝利的目標，我們與室內實驗室和全球十大乘客 OEM 開發計劃取得了工業勝利。

Our other goals from maturing our production product to finalizing our supply chain and exceeding our financial metric targets with over 100% revenue growth were all successfully achieved. Looking to 2025, we expect the work accomplished last year will enable Aeva to build on our momentum this year.

我們的其他目標，從完善生產產品到最終確定供應鏈，再到超越財務指標目標（收入成長超過 100%），都已成功實現。展望 2025 年，我們期望去年完成的工作將使 Aeva 能夠延續今年的發展勢頭。

Our focus is on further driving the adoption and commercialization of FMCW technology, while continuing to maintain strong financial discipline. Specifically, we target winning two additional programs in 2025 beyond the top 10 passenger OEM. Second, we are on schedule to complete and release the C sample of our Atlas product to key customers this year. This key milestone will keep us on track for our 2026 starter production with Daimler Truck.

我們的重點是進一步推動 FMCW 技術的採用和商業化，同時繼續保持嚴格的財務紀律。具體來說，我們的目標是在 2025 年贏得除十大乘用車原始設備製造商之外的另外兩個項目。第二，我們計劃在今年完成Atlas產品的C樣，並向重點客戶發布。這個關鍵里程碑將使我們與戴姆勒卡車公司合作的 2026 年首批生產順利進行。

Third, we are working to expand substantially in industrial robotics and factory automation. For Aeva's unique FMCW technology has the potential to transform the industry. We are seeing significant interest from some of the global leaders in the space with potential for materially higher deployments to the tune of at least 1,000% for Aeva in 2025.

第三，我們正在努力大幅擴展工業機器人和工廠自動化領域。因為 Aeva 獨特的 FMCW 技術有可能改變整個產業。我們看到該領域的一些全球領導者表現出濃厚的興趣，到 2025 年，Aeva 的部署量可能會大幅提高，至少達到 1,000%。

Fourth, we plan to complete our automated and automotive qualified production line with capacity for 100,000-plus units annually. This critical step will not only better position Aeva to meet the increasing near-term interest for our 4D LiDAR, but also our upcoming commercial deployments.

第四，我們計劃完成自動化和汽車合格生產線，年產能超過10萬輛。這一關鍵步驟不僅將使 Aeva 更好地滿足我們 4D LiDAR 日益增長的近期興趣，而且還將滿足我們即將進行的商業部署。

And fifth, we aim to achieve these objectives with a strong focus on financial growth this year. As Saurabh will discuss later on, we believe we have the ability to achieve record revenues for the company this year with approximately 70% to 100% year-over-year growth in 2025.

第五，我們今年將專注於財務成長，以實現這些目標。正如 Saurabh 稍後將討論的那樣，我們相信我們有能力在今年為公司實現創紀錄的收入，到 2025 年實現約 70% 至 100% 的同比增長。

At the same time, we expect to reduce our operating expenses this year by approximately 10% to 20% year over year. In summary, Aeva is working on multiple significant commercial opportunities in 2025. And with our unique 4D LiDAR, the strong team, and liquidity position, we believe we are in a good position to execute on our objectives and capitalize on the growing momentum around FMCW.

同時，我們預計今年的營運費用將年減約10%至20%。總而言之，Aeva 正在致力於 2025 年的多個重大商業機會。憑藉我們獨特的 4D LiDAR、強大的團隊和流動性優勢，我們相信我們完全有能力實現我們的目標並利用 FMCW 日益增長的勢頭。

With that, let me turn the call over to Saurabh to discuss the financials.

說完這些，讓我把電話轉給 Saurabh 討論財務問題。

Thank you, Soroush, and good afternoon, everyone. I would now like to discuss Aeva's full year 2024 financial results. Revenue for the year 2024 was $9.1 million, representing growing sensor shipments to automotive and industrial customers, including for the Daimler Truck program.

謝謝你，Soroush，大家下午好。現在我想討論一下 Aeva 2024 年全年財務表現。2024 年的收入為 910 萬美元，這意味著對汽車和工業客戶（包括戴姆勒卡車專案）的感測器出貨量將持續增長。

Full-year non-GAAP operating loss was $123.2 million, consistent with our plan to keep it flat from the prior year. 2024 gross cash use was $112 million, which comprises of operating cash use of $106.9 million and capital expenditures of $5.1 million. Aeva ended the year with total available liquidity of $237 million, which includes $112 million in cash, cash equivalents, and marketable securities and $125 million in undrawn facility.

全年非公認會計準則營業虧損為 1.232 億美元，與我們保持與去年持平的計畫一致。 2024 年總現金使用量為 1.12 億美元，其中包括 1.069 億美元的營運現金使用量和 510 萬美元的資本支出。截至年底，Aeva 的總可用流動資金為 2.37 億美元，其中包括 1.12 億美元的現金、現金等價物和有價證券以及 1.25 億美元的未提取貸款。

This facility has conditions to drop that are fully met and can be drawn at management sole discretion. We believe Aeva's total liquidity positions us to continue executing on our existing production programs as well as securing additional wins. And as more industries look to FMCW technology, Aeva is in a unique position to drive this adoption. We will continue to be strategic in how we invest and believe we can simultaneously scale manufacturing to support increasing deployments and pursue new business while also lowering total spend.

此設施有取消條件，但必須完全滿足，並可由管理階層自行決定取消。我們相信，Aeva 的總流動性使我們能夠繼續執行現有的生產計劃並獲得更多勝利。隨著越來越多的產業關注 FMCW 技術，Aeva 在推動這項技術的應用方面具有獨特的優勢。我們將繼續在投資方面採取策略性，並相信我們可以同時擴大製造規模以支援不斷增加的部署和開展新業務，同時降低總支出。

Turning to our financial outlook for the full year 2025. We target growing our revenues to be in the range of $15 million to $18 million this year. which is an increase of approximately 70% to 100% year over year in 2025, and continues on a similar strong 100% plus year-over-year revenue growth trajectory that we achieved in 2024.

談談我們對 2025 年全年的財務展望。我們的目標是將今年的收入成長到 1500 萬美元至 1800 萬美元之間。這意味著到 2025 年將比去年同期增長約 70% 至 100%，並將繼續保持 2024 年實現的 100% 以上的強勁同比增長軌跡。

The higher revenue is expected to be driven by the ongoing scaling of product shipments to automotive and industrial customers. Revenues are expected to be back-end loaded in the year. As we mentioned earlier, we see opportunity to reduce our spend in this year, 2025. This is due to completion of certain major engineering activities and our overall maturing the commercialization of our products.

預計收入的成長將得益於面向汽車和工業客戶的產品出貨量的不斷擴大。預計今年的收入將後期增加。正如我們之前提到的，我們看到了在 2025 年減少支出的機會。這是由於某些重大工程活動的完成以及我們產品商業化的整體成熟。

As such, we are targeting non-GAAP operating expenses, which excludes stock-based compensation and other potential nonrecurring charges to be in the range of $95 million to $105 million, a reduction of approximately 10% to 20% on a year-over-year basis. We are at a very exciting time in the company's journey as we begin to scale deployments and meet the growing interest for our 4D LiDAR technology. We believe our available liquidity enables us to execute on our plan.

因此，我們計劃將非公認會計準則營運費用（不包括股票薪酬和其他潛在的非經常性費用）控制在 9,500 萬美元至 1.05 億美元之間，比去年同期減少約 10% 至 20%。隨著我們開始擴大部署規模並滿足人們對我們的 4D LiDAR 技術日益增長的興趣，我們正處於公司發展歷程中非常令人興奮的時刻。我們相信，我們可用的流動資金使我們能夠執行我們的計劃。

With that, let me turn the call back to Soroush for closing remarks.

最後，請容許我把電話轉回 Soroush 做最後發言。

Thank you, Saurabh. 2024 was a transformational year at Aeva beginning with our major production program award from Daimler Truck to multiple industrial wins and the start of commercial deployments. Aeva is taking a leadership position in driving the growing adoption of FMCW LiDAR across a broad range of applications.

謝謝你，Saurabh。 2024 年是 Aeva 轉型的一年，從我們獲得戴姆勒卡車公司的重大生產項目獎，到多項工業勝利以及開始商業部署。Aeva 在推動 FMCW LiDAR 在廣泛應用領域的普及方面處於領先地位。

I would like to thank the Aeva team for their immense work that they continue to do in realizing these accomplishments. Looking forward, I am really excited about what lies ahead for our company in this year. We are uniquely positioned to execute given the maturity of our 4D LiDAR technology and the company's financial position. With our first top 10 passenger OEM program and other auto and industrial opportunities, the number and depth of our engagements have never been stronger, and we believe that Aeva is on the path to emerge as a leader in our market.

我要感謝 Aeva 團隊為實現這些成就所付出的巨大努力。展望未來，我對我們公司今年的前景感到非常興奮。鑑於我們的 4D LiDAR 技術的成熟度和公司的財務狀況，我們具有獨特的執行優勢。憑藉我們首個十大乘用車 OEM 計劃以及其他汽車和工業機會，我們的合作數量和深度從未如此強大，我們相信 Aeva 正在成為我們市場領導者的道路上。

With that, we will now open the line up for questions.

現在，我們將開始回答問題。

(Operator instructions)

（操作員指示）

Colin Rusch, Oppenheimer & Company.

奧本海默公司的科林‧拉什 (Colin Rusch)。

Congratulations on all the progress. With the industrial applications, clearly there are a myriad number of them, and they're fairly sizable. Can you talk a little bit about initial targets outside of metrology, if there are any, and what the cycle time is? And in terms of design wins and when we might start to see some revenue off of those wins. And I guess, since you're doing one question, the secondary piece would be if you could give us an update on manufacturing progress from here.

祝賀你取得的所有進展。對於工業應用來說，顯然它們的數量是無數的，而且規模相當大。您能否談談計量學以外的初始目標（如果有的話）以及週期時間是多少？就設計勝利而言，我們何時才能開始看到從這些勝利中獲得一些收入。我想，既然您只問了一個問題，那麼第二個問題就是您是否可以向我們介紹目前的製造進度。

Yeah, Colin. Happy to answer that. This is Soroush speaking. So as you pointed out, we are actually beyond automotive, which was a big update today. We are really excited about the opportunity that's ahead of us for robotics, especially, and also the factory automation space.

是的，科林。很高興回答這個問題。我是 Soroush。正如您所指出的，我們實際上已經超越了汽車領域，這是今天的重大更新。我們對機器人技術以及工廠自動化領域面臨的機會感到非常興奮。

So in that space, as we have talked about, across our products, as I mentioned at the beginning of the call, we've spent the past number of years laying the foundation for creating the products and a platform, the perception platform, including our key core technology pieces with our two silicon chips, right? So the optical core vision as well as the X1 SoC.

因此，在那個領域，正如我們在電話會議開始時提到的那樣，在我們的產品中，我們在過去幾年中一直在為創建產品和平台，感知平台奠定基礎，包括我們的兩個矽晶片的關鍵核心技術部分，對嗎？因此光學核心視覺以及 X1 SoC。

And with that, we've been able to actually put this product together in a way that can be applied to automotive and industrial applications. Now that these are substantially complete, this is the year that we are really excited about that we're starting to actually increase those sales and be able to actually commercially deploy those across the markets.

透過這種方式，我們實際上已經能夠將該產品組裝起來，使其能夠應用於汽車和工業應用。現在這些工作基本上已經完成，今年我們真的很高興，因為我們開始真正增加這些產品的銷售量，並且能夠真正在市場上進行商業部署。

So within the industrial sector, just to give you an idea, these applications, the industrial automation, robotics and factory automation, we see an opportunity just for the sensing supplier on similar to us to be in the $10 billion-plus market per year opportunity. Now obviously, SICK is one of the leading players in this space. Nikon is another in the metrology space. So we are working across with these players and others to start to deploy our first kind of industrial precision products.

因此，在工業領域，僅供大家了解，這些應用，工業自動化、機器人和工廠自動化，我們看到了與我們類似的感測供應商有機會進入每年 100 億美元以上的市場。顯然，SICK 是該領域的領導企業之一。尼康是計量領域的另一家公司。因此，我們正在與這些參與者和其他公司合作，開始部署我們的第一個工業精密產品。

And for this, the opportunity is quite massive. SICK by itself does about $3 billion of sales annually. That's in the multiple millions of sensors. But if you kind of peel down and look at what is actually actionable and marketable for our specific sensor set in the kind of high accuracy or precision displacement sensing, SICK itself does about 200,000 or 300,000 units per year, right?

就此而言，機會是相當大的。SICK 本身每年的銷售額約為 30 億美元。這涉及數百萬個感測器。但是，如果你深入研究一下，看看對於我們的特定感測器組而言，在高精度或精密位移感測方面，什麼是真正可操作和有市場的，SICK 本身每年生產大約 200,000 或 300,000 個單元，對嗎？

So right there is where we see a critical opportunity for Aeva. And so this market, because it is already in existence, it is one that is ripe for disruption, it is one that is really exciting for us. So we are part of SICK 1to actually transition their portfolio sensors from other types of technologies such as (inaudible) LiDAR or others, more and more towards FMCW-based sensors as it relates to high accuracy and displacement sensing.

因此，我們看到了 Aeva 面臨的一個關鍵機會。因此，由於這個市場已經存在，因此它是一個可以被顛覆的市場，對我們來說，這是一個真正令人興奮的市場。因此，我們是 SICK 的一部分，實際上將其產品組合感測器從其他類型的技術（例如（聽不清楚）LiDAR 或其他技術）越來越多地轉向基於 FMCW 的感測器，因為它與高精度和位移感測有關。

And so, we see that as quite a large opportunity, and we have talked about that on this call as well in which we are planning to actually increase our industrial segment, sensor shipments by nearly about 10x or 1,000% this year. So that's just to give you an idea of kind of the scale that we're going after, and we think this is just the beginning.

因此，我們認為這是一個相當大的機會，我們也在這次電話會議上談到了這一點，我們計劃今年將工業領域的感測器出貨量提高近 10 倍或 1,000%。這只是讓您了解我們所追求的規模，我們認為這只是一個開始。

We think the run rate and the opportunity for this if we're able to execute on the next couple of years could be quite massive, providing us opportunity potentially of in the $100-plus million type range per year of business. So that is a very exciting thing for us. And the reason that I think I would say we are seeing traction in this area.

我們認為，如果我們能夠在未來幾年內實施，那麼運行率和機會可能會非常巨大，為我們提供每年 1 億美元以上業務的潛在機會。這對我們來說是一件非常令人興奮的事情。我認為，之所以這麼說，是因為我們在這個領域看到了發展動能。

This is not the same as maybe others in the space when they talked about LiDAR for industrial. This is something that's quite different. The unique advantages for Aeva there is really around accuracy in [micron] level precision in a noncontact way at kind of long standout businesses. And that's something that's really time of flight or 3D LiDAR is not even in the business of doing so. And that's why we are excited about it.

這可能與該領域其他人談論的工業用雷射雷達不同。這是一件非常不同的事情。Aeva 的獨特優勢在於，它能夠以非接觸方式實現微米級的精度，在業界具有長期的領先地位。而這其實是飛行時間或 3D LiDAR 無法做到的。這就是我們對此感到興奮的原因。

So I hope that answers your question.

我希望這能回答你的問題。

Thanks, and can you just address the manufacturing question for a second, just in terms of your progress in manufacturability and preparation to ramp because you start to see some of these opportunities materialize.

謝謝，您能否簡單談談製造方面的問題，就您在製造能力和產能提升準備方面取得的進展而言，因為您開始看到其中一些機會正在實現。

Yeah, absolutely. So as you pointed out, we have been focused heavily on increasing manufacturing capacity, obviously, is important for us to be able to meet the growing demand of our products to hit these targets that I mentioned, the 1,000% for the industrial sensor. So one of our goals this year actually is to install and complete our manufacturing production line with a capacity of 100,000 units per year.

是的，絕對是如此。正如您所指出的，我們一直非常重視提高製造能力，顯然，這對於我們能夠滿足日益增長的產品需求以達到我提到的目標，即工業感測器的 1,000%，這一點非常重要。因此，我們今年的目標之一實際上是安裝並完成年產能為 100,000 台的製造生產線。

And as you may recall from last year, we set a goal to really secure our final assembly, manufacturing as well as make a dedicated manufacturing line of Fabrinet for our core module. So all those, as I mentioned on the call, are done now. We're now can into the next year to really start being able to have the manufacturing capacity that is a much higher scale and then be able to satisfy the demand that we're seeing from the various markets across the industrials.

您可能還記得，去年，我們設定了一個目標，真正確保我們的最終組裝和製造，並為我們的核心模組打造一條專門的 Fabrinet 生產線。正如我在電話中提到的，所有這些現在都已完成。我們現在將進入明年，真正開始擁有更大規模的製造能力，然後能夠滿足我們看到的各個工業市場的需求。

Thanks so much, guys.

非常感謝大家。

(Operator Instructions) Suji Desilva, Roth Capital.

（操作員指示）Suji Desilva，Roth Capital。

Congrats on all the progress here. Taking into consideration your comments about OpEx being able to bring it down some of the product after maturing. I'm wondering if also that applies maybe to some of these large programs like the Daimler Truck program. Could you characterize the '25 kind of effort left and versus maybe '24, perhaps was the heavy lift and there's less risk in what's left between now and program start '26, '27 or whether there's still some significant milestones and challenges remaining?

祝賀這裡取得的所有進展。考慮到您關於 OpEx 能夠在到期後降低部分產品的評論。我想知道這是否也適用於一些大型項目，例如戴姆勒卡車項目。您能否描述一下 25 年剩下的努力以及與 24 年相比，也許是最艱鉅的任務，從現在到 26 年、27 年專案開始之間剩下的工作風險較小，或者是否仍存在一些重要的里程碑和挑戰？

Suji, this is Soroush. Happy to answer that. So obviously, as you mentioned, we have substantially completed a significant chunk of the efforts as it relates to our first launch of our product for Atlas. This is the year in which we're working on releasing a final C sample which is the, I would say, key milestones for us to be able to commercially deploy this at scale.

Suji，這是 Soroush。很高興回答這個問題。顯然，正如您所說，我們已經基本完成了與首次推出 Atlas 產品相關的大量工作。今年我們正在努力發布最終的 C 樣本，我想說這是我們能夠大規模商業部署的關鍵里程碑。

There's no coincidence that we're actually, if you go back and look at it, pulling forward the installation of our manufacturing line capacity from '26 to '25, including to be able to give that to 100,000 units per year is because of the growing demand that we're seeing across automotive, industrial.

如果你回過頭來看，你會發現我們實際上將生產線的安裝產能從 26 年提前到 25 年，包括能夠將年產量提高到 10 萬台，這並非巧合，因為我們看到汽車、工業領域的需求不斷增長。

So with Daimler Truck, we have delivered on every milestone either on time or ahead of time last year. I think we have had a really successful partnership with production since when we announced this at the beginning of last year, and we continue to do so as we go forward. So majority of the development work is complete.

因此，對於戴姆勒卡車來說，我們去年按時或提前完成了每一個里程碑。我認為，自從去年年初宣布這一消息以來，我們與製作方建立了非常成功的合作關係，並且我們將繼續保持這種合作關係。因此大部分開發工作已經完成。

A good chunk of the manufacturing line installation is done. We're now increasing that, making a full automated line for our final assembly and being able to hit these types of numbers that we're talking about. So as that relates to our spend, it's obvious and goes without saying, this is the year that we are looking to set out record revenues for the company.

生產線安裝的大部分工作已經完成。我們現在正在擴大這一規模，為我們的最終組裝打造一條全自動生產線，並且能夠達到我們所談論的數字。因此，就我們的支出而言，這是顯而易見的，不言而喻的，今年我們希望為公司創下創紀錄的收入。

As I mentioned, 70% to 100% year over year. We're not just making this out of thin air. We have set those goals last year, we exceeded them. Now we are back here again, are setting these goals this year and hope to do the same. And at the same time this year, we're looking to reduce our spend. Part of that is because of the fact that we are substantially complete with our product development, some of the one-time or engineering type cost development that can be cost are now getting behind us.

正如我所提到的，年增 70% 到 100%。我們並不是憑空捏造這個事實。我們去年就設定了這些目標，超額完成了它們。現在我們又回到了這裡，今年設定了這些目標，並希望能夠實現同樣的目標。同時，今年我們正在尋求減少開支。部分原因是由於我們的產品開發已基本完成，一些一次性或工程類型的成本開發現已被我們拋在後面。

And we're maturing as a product or maturing in the company. So really excited now to kick in the idea and start scaling our products. And on top of that, keep on some of our momentum with wins in automotive and others. So pretty exciting year for us to look ahead for.

我們的產品和公司都在不斷成熟。所以現在真的很興奮能夠實現這個想法並開始擴展我們的產品。除此之外，我們還透過在汽車和其他領域的勝利保持了良好的發展勢頭。因此，對我們來說，這是非常令人興奮的一年。

Great progress and a great setup for the '25. And then my other question is on the OEM program and the '27 target for start of production. I just was curious, first of all, is that an L3 car program? And second of all, as you talked about $1 billion lifetime value, maybe 10 years straight line, is '26 the beginning of that contribution part of it? Or these were '27 early the first year, you'd get some kind of one-tenth of that sort of run rate beginning? What's the more realistic expectation?

取得了巨大進步，為 25 年做好了準備。我的另一個問題是關於 OEM 計劃和 27 年開始生產的目標。我只是很好奇，首先，這是一個 L3 汽車項目嗎？其次，正如您所說，終身價值 10 億美元，也許是連續 10 年，26 年是這項貢獻的開始嗎？或者這是 27 年的第一年初，你會獲得這種運行率的十分之一？更現實的期望是什麼？

Yeah, sure. Happy to maybe touch on the top 10 win here with the passenger program for that we talked about. So as I mentioned on the call a little bit, we've been working with its OEM for quite some time now over the past year or two years. In the past year has been quite intensive, really extensive collaboration together. But before I dive into that, maybe we have to zoom out for a second.

是的，當然。很高興能夠在這裡談到我們討論過的乘客計劃中的十大勝利。正如我在電話中提到的那樣，在過去的一兩年裡，我們已經與其 OEM 合作了相當長一段時間。過去的一年，我們之間的合作非常密切、非常廣泛。但在我深入探討這個問題之前，也許我們需要先把話題放遠一點。

So you also -- you have to understand that this OEM has had significant experience with time of flight already, time-of-flight LiDAR and throughout their experience and lessons learned, they're now realizing what they need and what may be missing and ensure they're looking now to move past time-of-flight towards the FMCW technology.

所以你也必須明白，這家 OEM 已經在飛行時間、飛行時間 LiDAR 方面擁有豐富的經驗，並且透過他們的經驗和教訓，他們現在意識到他們需要什麼以及可能缺少什麼，並確保他們現在正在尋求從飛行時間轉向 FMCW 技術。

So given both the lessons learned, the challenges as well as the significant advantages they see that they can gain by going to FMCW, we think that's a win-win situation, and importantly, a crucial signal for the passenger OEM space of what we think is to come as a major shift for the OEMs as they start of transition to FMCW-LiDAR technology. And we hope and we believe Aeva is going to play a key role for that as FMCW.

因此，考慮到他們從中獲得的經驗教訓、面臨的挑戰以及採用 FMCW 所能獲得的顯著優勢，我們認為這是一個雙贏的局面，而且重要的是，這對乘用車 OEM 領域來說是一個關鍵信號，我們認為這將是 OEM 開始向 FMCW-LiDAR 技術過渡時的重大轉變。我們希望並且相信 Aeva 將在 FMCW 領域發揮關鍵作用。

Now, together, we've done a lot of work since last year. They have a valid out technology firsthand on extensive real-world testing, on-road testing. We've talked about this over the past year or so, a few months. We have passed a number of audits, maturity as a directory of one supplier and done a lot of technical analysis, gone through thousand requirements together and gone through the final stages of (inaudible), we were down by (inaudible) as we mentioned last year.

現在，自去年以來我們一起做了很多工作。他們在廣泛的實際測試和道路測試中擁有第一手有效的技術。在過去的一年左右，在幾個月的時間裡，我們一直在談論這個問題。我們已經通過了多項審核，作為供應商的目錄已經成熟，並且做了大量的技術分析，一起經歷了數千個要求，並經歷了（聽不清）的最後階段，正如我們去年提到的那樣，我們被（聽不清）打敗了。

So the culmination of all of that is what is the two kind of agreements that we talked about. One is the award by the top 10 passenger OEM for the development agreement. This is intended for developing a solution that fine tunes our Atlas Ultra product in a way that fits across their global production vehicle platform, which includes multiple lines of vehicles.

所以所有這些的最終結果就是我們所談論的兩種協議。一是取得前十大乘用車主機廠的開發協議。這是為了開發一種解決方案，對我們的 Atlas Ultra 產品進行微調，使其適合其全球生產車輛平台（包括多條車輛生產線）。

And the work is effectively the kind of first phase of the production program and really focused on growing B sample development for us to be able to get them to use it across their lineup of vehicles. So this OEM has obviously serious vested interest and [skin] in the game with Aeva as well as within our contribution to help make sure that we are successful.

這項工作實際上是生產計劃的第一階段，真正專注於發展 B 樣品，以便我們能夠讓他們將其應用於整個車輛系列。因此，這家 OEM 顯然在與 Aeva 的合作中有著濃厚的既得利益和 [皮膚]，並且在我們的貢獻中幫助確保我們取得成功。

And in addition to that, the second piece is we have got a step beyond that with this top passenger OEM and have been able to secure a letter of intent from the OEM for a large-scale production program aboard this year, which we believe is a very strong indication of the OEMs plan for next generation as well as our collaboration together. So overall, we're feeling confident about that.

除此之外，第二點是我們與這家頂級乘用車原始設備製造商的合作又向前邁進了一步，並已從該原始設備製造商那裡獲得了一份意向書，將在今年開展大規模生產計劃，我們相信這是原始設備製造商下一代計劃以及我們雙方合作的一個非常有力的跡象。所以總的來說，我們對此充滿信心。

I think the objectives and the milestones are clearly laid out, as I mentioned, we know what needs to happen. The team is laser-focused here right now and is understood what we need to do, and we have high confidence will to close it out together in the next number of months here. So that's what I would say about kind of our activities and kind of how we got here.

我認為目標和里程碑已經明確，正如我所提到的，我們知道需要做什麼。團隊現在全神貫注於此，了解我們需要做什麼，我們非常有信心在接下來的幾個月內共同完成這項工作。這就是我要說的我們的活動以及我們如何到達這裡。

But to answer your question about kind of timing in SOP, we have mentioned on this call and earlier today that our target for the Atlas Ultra SOP which obviously ties into what we're talking about here is 2027, and we expect that from production ramp to market entry to follow that.

但為了回答您關於 SOP 時間的問題，我們在這次電話會議和今天早些時候提到過，Atlas Ultra SOP 的目標是 2027 年，這顯然與我們在這裡談論的內容相關，我們預計從生產提升到市場進入都會遵循這一目標。

Mason Wayne, Morgan Stanley.

摩根士丹利的梅森·韋恩。

I just wanted to ask, given some of the additional wins and engagements, just how are you feeling about the level of cash right now? It looks like the cash burn last year was kind of similar to what's on the balance sheet today. Spending will be a little bit lower this year, but is there a cash number you feel comfortable operating the company at? Do you expect to be able to have to draw on that facility before we kind of start to get to scale over the next couple of years?

我只是想問一下，考慮到一些額外的勝利和參與，您對現在的現金水平感覺如何？看起來去年的現金消耗與今天的資產負債表上的情況有點相似。今年的支出會稍微低一些，但是您對公司營運感到滿意的現金數量是多少？您是否預計在未來幾年內我們開始擴大規模之前能夠利用該設施？

Hey, Mason, this is Saurabh. So happy to answer that question. As I mentioned in my prepared remarks, our total liquidity available is $237 million, $112 million is on the book from the balance sheet and the remaining $125 million is in the form of an undrawn facility where the conditions to draw have been fully met and now does that management sold discretion to draw at any point in time.

嘿，梅森，我是索拉布。很高興回答這個問題。正如我在準備好的發言中提到的那樣，我們可用的流動資金總額為 2.37 億美元，其中 1.12 億美元來自資產負債表，剩餘的 1.25 億美元是未提取的貸款，提取條件已經完全滿足，現在管理層可以隨時自行決定提取。

So we feel pretty good about our liquidity. It's a multiyear runway to take us all the way to production. And as you see that we are, while we are increasing revenues, we are decreasing cost. And as Soroush mentioned earlier in the call, that there are certain heavy lifts on the R&D front, particularly the silicon development, and maturity of the product, those activities are coming down, as you would expect, as you reach maturity.

所以我們對我們的流動性感覺很好。這是一條需要多年的時間才能帶我們一路走向生產的道路。正如您所看到的，我們在增加收入的同時，也正在降低成本。正如 Soroush 在電話會議中早些時候提到的那樣，研發方面有一些繁重的工作，特別是矽片開發和產品成熟度，正如您所期望的那樣，隨著產品逐漸成熟，這些活動正在減少。

So we feel pretty good about it. We don't have any debt. And at the same time, we look at the whole ecosystem of LiDAR companies than others. We feel we're in a very good position from the balance sheet strength and the liquidity to execute on our plan and with more customers.

所以我們對此感覺很好。我們沒有任何債務。同時，我們比其他公司更關注 LiDAR 公司的整個生態系統。我們認為，從資產負債表實力和流動性來看，我們處於非常有利的地位，可以執行我們的計劃並吸引更多的客戶。

Okay, excellent, and thanks and congrats on the progress.

好的，非常好，謝謝並祝賀你的進展。

Richard Shannon, Craig Hallum.

理查德·香農，克雷格·哈勒姆。

Hi, this is Tyler on for Richard. I was wondering, what is the general area that the top 10 OEM is located in for their headquarters? And in which geographies ex China are they operating in? And is there any cadence to the different model ramps? Or any kind of way to describe the size of this opportunity?

大家好，我是泰勒，請接聽理查的電話。我想知道，前 10 名的 OEM 的總部大概位於哪個區域？除中國以外，他們在哪些地區開展業務？不同模型的坡道之間有節奏嗎？或是用什麼方式來描述這個機會的規模？

Yeah. Happy to do that, Tyler. I think -- obviously, I have to be careful here. I think we just announced this, that we don't want to get ahead of ourselves too much. I can tell you, this is obviously a top 10 OEM, a super, obviously, well-known brand with global presence. I don't think I can tell you the exact quarters, but in general, I can tell you that they have significant business globally.

是的。很高興這樣做，泰勒。我認為——顯然，我必須小心謹慎。我想我們只是宣布了這一點，我們不想太超越自己。我可以告訴你，這顯然是十大 OEM 之一，是一個超級、顯然是全球知名的品牌。我想我無法告訴你具體的季度，但總的來說，我可以告訴你他們在全球範圍內擁有重要的業務。

What we see with this OEM is, as I mentioned, is they're making in the millions of vehicles per year. And they're importantly, really one of the top leaders in introducing new technology, right? So we think that, that combination, together with Aeva's ability to provide this really unique FMCW technology and along the way, really prove out as maturity and scalability is going to be a major win-win situation, not just for the two companies, but we also see this as an opportunity for us to jointly bring this technology to the passenger bill market, similarly to what we're doing with Daimler Truck on the commercial vehicle market.

正如我所提到的，我們看到這家 OEM 每年生產數百萬輛汽車。而且重要的是，他們確實是引進新科技的頂尖領導者之一，對嗎？因此，我們認為，這種結合，加上 Aeva 提供這種真正獨特的 FMCW 技術的能力，以及在此過程中真正證明的成熟度和可擴展性，將是一個重要的雙贏局面，不僅對兩家公司而言，而且我們也將此視為一個機會，讓我們共同將這項技術帶入乘客賬單市場，類似於我們與戴姆勒卡車在商用車市場上所做的那樣。

So we are really excited about that, Daimler obviously is a leader in their respective commercial vehicle field. And we see that the opportunity here with this OEM also is to be in a leading position in the passenger vehicle field. So we're looking to work together and really build up that potential of the scale. As you alluded to the size. So as I mentioned on the call, millions of vehicles sold, we see the opportunity, the production program to be across multiple vehicle model lines, we see that for some of these key model lines, we expect it to be as a standard future for LiDAR.

因此我們對此感到非常興奮，戴姆勒顯然是其各自商用車領域的領導者。我們看到，這家 OEM 也有機會在乘用車領域佔據領先地位。因此，我們希望共同努力，真正發揮這規模的潛力。正如您所提到的尺寸。正如我在電話中提到的那樣，數百萬輛汽車的銷量，我們看到了機會，生產計劃涵蓋多種車型系列，我們看到，對於其中一些關鍵車型系列，我們預計它將成為 LiDAR 的標準未來。

So people on the math, this potential opportunity would be quite massive, as I mentioned in the call to be amongst the largest in the industry. And we expect the size to be at least similar to what was the Daimler Truck program, which is the $1 billion-plus revenue opportunity. So we're really excited by this. But again we see this as a stepping-stone and not at all as a destination. And we're just getting started here in Q1. So looking forward to providing more updates as we go along.

因此，從數學角度來看，這個潛在的機會將是相當巨大的，正如我在電話會議中提到的，它是業內最大的機會之一。我們預計其規模至少與戴姆勒卡車項目相似，即 10 億美元以上的收入機會。所以我們對此感到非常興奮。但我們再次將其視為墊腳石，而不是目的地。我們的第一季才剛開始。因此，我們期待在未來提供更多更新。

That's fair. And thank you for answering. I have one more for the manufacturing, is this enough to get you going for the next couple of years? Or does that need to be adjusted as we move forward into like end of 26th and beyond?

這很公平。感謝您的回答。我還有一個用於製造的計劃，這足以讓你在接下來的幾年裡繼續前進嗎？或者說，隨著我們進入 26 號末期及以後，是否需要調整？

Yeah. So as we mentioned earlier, our goal is to probably see install manufacturing capacity in the hundreds of thousand units to really be able to satisfy the demand that we see in the market from our customers. Our target this year is just to start this year for our manufacturing capacity install. But I can tell you that our line as is being installed is already able to go north of 20,000 as we install them and able to expand that. And that's something we already have plans for as we go around installing this manufacturing capacity.

是的。正如我們之前提到的，我們的目標是安裝製造能力達到數十萬台，以真正滿足市場客戶的需求。我們今年的目標是開始安裝製造能力。但我可以告訴你們，我們正在安裝的生產線已經能夠達到 20,000 以上，而且我們能夠擴展它。我們在各地安裝製造能力時就已經制定了這項計劃。

So our ability to produce at significant volumes for each. There's just one line is going to be crucial. And one of the reasons we can do that is actually because if you look at our system, what we have been able to do with Atlas and then Atlas Ultra is reduce the components that goes inside the LiDAR, let's say, if you compare it to in contrast it, but let's say, a typical LiDAR or a time-of-flight technology, you may have many tens or hundreds of components, modules where what we see with FMCW, what we have done at Aeva has been able to reduce that to a handful of key modules.

因此，我們有能力為每種產品進行大量生產。只有一行是至關重要的。我們之所以能做到這一點，原因之一實際上是因為，如果你看一下我們的系統，你就會發現，我們能夠使用 Atlas 和 Atlas Ultra 來減少 LiDAR 內部的組件，與典型的 LiDAR 或飛行時間技術相比，它可能有數十或數百個組件和模組，而我們在 FMCW 中看到的，我們在 Aeva 所做的就是將其減少到幾個關鍵模組。

And that significantly reduces the complexity of the product. We have had very positive feedback from the OEMs, has contributed to some of the success that you've had so far. Some have even commented that this is going to reduce to the max in terms of complexity at the system level. So we see that opportunity to be able to really make this for us to make this fully automated is not going to be that much of a huge challenge for us.

這大大降低了產品的複雜性。我們得到了 OEM 的非常積極的回饋，這對您迄今為止的一些成功做出了貢獻。有些人甚至評論說，這將最大限度地降低系統層面的複雜性。因此，我們看到了真正實現這一目標並使其完全自動化的機會，這對我們來說並不是一個巨大的挑戰。

So that's why from the beginning of the design, we've been able to actually get the system-level complexity to a level where it's straightforward to be able to manufacture in automated fashion. All of that, what I'm saying is ability for us to increase our capacity system level is already in our plans, and it's something that we know how to do. And then our focus is on scaling our manufacturing and the module is silicon level to match that up which, obviously, that is something that is also a known quantity that we know how to do. So hopefully, that answers your question.

因此，從設計一開始，我們就能夠將系統級複雜度提升到能夠以自動化方式直接製造的程度。所有這些，我想說的是，我們提高容量系統水平的能力已經在我們的計劃中，而且我們知道如何做。然後，我們的重點是擴大我們的製造規模，並且模組是矽級的，以匹配這一點，顯然，這也是我們知道如何做的已知量。希望這能回答你的問題。

It appears we have no further questions at this time. This will conclude the Aeva Technologies fourth-quarter and full-year 2024 earnings conference call. We thank you for your participation. You may disconnect at any time.

目前看來我們沒有其他問題。Aeva Technologies 2024 年第四季和全年財報電話會議將結束。我們感謝您的參與。您可以隨時斷開連線。