Aeva Technologies Inc (AEVA) 2025 Q3 法說會逐字稿

Good day. My name is David, and I'll be your conference facilitator. I would like to welcome everyone to the Ava Technologies 3rd quarter 2025 earnings conference call.

大家好。我叫大衛，將擔任本次會議的主持人。歡迎各位參加Ava Technologies 2025年第三季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Andrew Fung, senior director of investor relations and corporate development. Andrew, please go Ahead.

（接線生指示）現在我將把電話轉交給投資人關係及企業發展資深總監馮先生。馮先生，請開始。

Thank you and welcome everyone to Aeva's 3rd quarter 2025 earnings conference call.

謝謝大家參加Aeva 2025年第三季財報電話會議。

Joining on the call today are Soroush Salehian, Ava's co-founder and CEO, and Sara Sinha, Ava's CFO. Ahead of this call, we issued our third quarter 2025 press release and presentation, which we will refer to today and can be found on our investor relations website at investors. Ava.com.

今天參加電話會議的有Ava聯合創始人兼執行長Soroush Salehian和財務長Sara Sinha。在本次電話會議之前，我們發布了2025年第三季度的新聞稿和演示文稿，我們將在今天的會議中提及，您也可以訪問我們的投資者關係網站investors.ava.com查看。

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. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

請注意，在本次電話會議中，我們將基於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因素的影響。這些陳述僅反映我們截至今日的觀點，不應被視為代表我們此後任何日期的觀點。這些陳述受到多種風險和不確定性因素的影響，可能導致實際結果與預期有重大差異。

For 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 10Q and Form 10K. In addition, during today's call, we will discuss non-GAAP financial measures which we believe are useful as supplemental measures of Ava's performance.

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更多討論，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。此外，在今天的電話會議中，我們將討論我們認為有助於補充衡量Ava績效的非GAAP財務指標。

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 website under the investor relations link. And with that, let me turn the call over to Soroush.

這些非GAAP指標應作為GAAP結果的補充訊息，而非替代或孤立地看待GAAP結果。本次電話會議的網路直播回放將在公司網站的投資者關係頁面提供。接下來，我將把電話會議交給Soroush先生。

Thanks, Andrew, and good afternoon, everyone. It has been an incredibly busy and productive quarter here at Aeva.

謝謝安德魯，大家下午好。 Aeva 這一季過得非常忙碌，但也碩果累累。

Following Ava Day this summer, where we shared how our breakthrough unified perception platform is enabling new levels of perception for customers across a broad range of applications, interest for Eva's technology has continued to grow significantly. Our focus has been on achieving important milestones for our partners and positioning EA to meet the expanding demand to adopt our differentiated FMCW technology. The key highlights this quarter is our progress with the TOP10 global passenger OEM.

今年夏天舉辦的Ava Day活動上，我們分享了突破性的統一感知平台如何為客戶在廣泛的應用領域帶來全新的感知體驗。此後，市場對Eva技術的興趣持續顯著增長。我們專注於為合作夥伴實現重要的里程碑，並致力於使EA能夠滿足市場對我們差異化FMCW技術的日益增長的需求。本季的主要亮點是我們與全球排名前十的乘用車OEM廠商的合作進展。

At the start of the year, we announced that the OEM had selected Ava for a development program and also issued EVA a letter of intent for production, whereupon successful completion of the development program, the engagement would transition to a serious production award opportunity. I am very pleased to share that we have completed the development program ahead of plan and are now in late-stage contract negotiations for a serious production award, and more on that later. We also continue to make good progress on the diamond truck production program.

年初，我們宣布OEM廠商已選擇Ava參與一項研發項目，並向EVA發出生產意向書。該意向書規定，研發項目成功完成後，雙方將正式簽訂生產合約。我很高興地宣布，我們已提前完成研發項目，目前正處於正式生產合約談判的後期階段，更多詳情稍後公佈。此外，我們的鑽石卡車生產項目也持續取得良好進展。

Aeva's deliverables for the initial vehicle builds have been completed. And we are now shifting our focus to support Daimler truck's growing vehicle fleet in 2026, and have already received the initial orders for next year's shipments for ADA's final samples. And overall, we remain on track for diamond trucks planned market entry in 2027. Outside of automotive, we are pushing deeper into precision sensing.

Aeva已完成首批車輛製造的交付工作。目前，我們正將工作重心轉移到支持戴姆勒卡車2026年不斷增長的車隊建設，並已收到ADA最終樣品明年交付的首批訂單。整體而言，我們仍按計畫推進戴姆勒卡車在2027年的市場推廣。除汽車領域外，我們也積極拓展精密感測技術。

We have already started shipping against our 1st 1,000+ unit orders for our EV 1D sensors, and in just a few months, we have expanded our precision sensing product line with the unveiling of our EV 1V sensor. This builds on the E1D product by adding motion measurements to our product line to address what we believe is more of the multi-billion-dollar manufacturing automation market. Reception has been really strong, with multiple customers already placing initial orders with the opportunity to incorporate E1D and 1V into their product portfolios.

我們已開始交付首批1,000多台EV 1D感測器的訂單，並在短短幾個月內推出了EV 1V感測器，進一步擴展了我們的精密感測產品線。 EV 1V感測器在EV 1D產品的基礎上增加了運動測量功能，旨在滿足我們認為價值數十億美元的製造自動化市場的需求。市場反應非常熱烈，多家客戶已下單，並計劃將EV 1D和EV 1V感測器整合到他們的產品組合中。

In Q3, we completed installation and bring up of the production line for our Eve sensors in Thailand. The first sensors have come off the line and shipped to customers, and we believe we now have the capacity ahead of time to fulfill next year's volume and will continue to increase the capacity as the demand grows. Now to support our growing commercial traction across multiple segments and our scaling, today we announced a $100 million investment from one of the world's leading investment firms, Apollo Global Management, in the form of convertible notes.

第三季度，我們完成了位於泰國的Eve感測器生產線的安裝和調試。首批感測器已下線並交付給客戶，我們相信目前的產能足以滿足明年的訂單需求，並將隨著市場需求的成長持續提升產能。為了支持我們在多個細分市場不斷增長的商業動能和規模化發展，我們今天宣布獲得來自全球領先的投資公司之一——阿波羅全球管理公司（Apollo Global Management）的1億美元投資，投資形式為可轉換債券。

This comes at a defining time in the industry, and we believe it further positions Eva to support not only the scaling of our existing programs, but to also win additional programs. This also follows our partnership and strategic investment from LG Innotech that we announced earlier this year, further reinforcing Eva's leadership position in next generation of sensing and perception.

正值產業發展的關鍵時期，我們相信這將進一步鞏固Eva在支持現有項目規模化發展以及贏得更多項目方面的地位。此外，我們先前宣布與LG Innotech建立合作關係並獲得其策略性投資，這也進一步強化了Eva在下一代感測和感知領域的領先地位。

So, to sum up this quarter, Ava continues to execute on the exciting and vast opportunities we highlighted at Ava Day. We believe that we are positioned to finish the year strong, including closing the TOP10 global passenger OEM production program decision. And with our differentiated technology and strong balance sheet, we see this as just the beginning, with significant potential to continue our momentum into 2026 and forward.

綜上所述，本季Ava繼續推進我們在Ava Day上重點介紹的令人興奮且前景廣闊的機會。我們相信，我們已做好充分準備，以強勁的勢頭結束今年，包括敲定全球前十乘用車OEM生產項目。憑藉我們差異化的技術和穩健的資產負債表，我們認為這只是一個開始，我們擁有巨大的潛力，能夠將這種發展勢頭延續到2026年及以後。

Now let's go into more detail on our key business developments.

現在讓我們更詳細地了解我們的主要業務發展。

Starting first with our engagement with the TOP10 global passenger OEM. As we shared at the start of this year, this OEM selected Ava for a development program using our Atlas ultra sensor for the OEM's next generation global production platform. We expected to complete the development program by the end of this year, and I am pleased to say that we have successfully completed it in Q3 ahead of plan. The development program was focused on packaging and integration to be able to incorporate our Atlas Ultra as one standard platform across the OEM's multiple vehicle model lines. This is a global production program with a worldwide rollout plan across geographies excluding China, and the OEM plans to offer Level 3 across a broad range of their global vehicle model lineup, not just the top-of-the-line models.

首先，我們想談談與全球排名前十的乘用車OEM廠商的合作。正如我們年初所分享的，該OEM廠商選擇Ava參與一項開發項目，該項目將使用我們的Atlas Ultra感測器為其下一代全球生產平台提供支援。我們原計劃在今年年底前完成該開發項目，很高興地宣布，我們已提前於第三季成功完成。該開發項目的重點在於封裝和集成，以便將我們的Atlas Ultra感測器作為標準平台應用於此OEM廠商的多個車型系列。這是一個全球生產項目，計劃在全球推廣，涵蓋除中國以外的地區。該OEM廠商計劃在其全球車型陣容中提供L3級自動駕駛功能，而不僅僅是高階車型。

As part of our joint development, we also successfully completed key performance testing to help ensure that Atlas Ultra enables the OEM to introduce new functions of Level 3 driving, including both highway and city driving. In addition, we completed comprehensive manufacturing audits with our partner LG Initech for this OEM and detailed out our industrialization plan for the OEM's planned production. All of this now paves the way for the OEM to make the series production Award.

作為共同開發的一部分，我們成功完成了關鍵性能測試，以確保Atlas Ultra能夠幫助OEM製造商引入L3級自動駕駛的新功能，包括高速公路和城市駕駛。此外，我們也與合作夥伴LG Initech共同完成了針對該OEM廠商的全面生產審核，並詳細制定了針對其計畫生產的產業化方案。所有這些工作都為該OEM廠商獲得量產獎項奠定了基礎。

As we disclosed earlier this year, we secured a letter of intent from this OEM toward the series production Program award, whereupon successful completion of the development program, the engagement would transition to a global production program opportunity for Aeva. We are now in late stages of contract negotiations and believe that AA is well positioned to supply for this series production program.

正如我們今年稍早披露的那樣，我們已獲得該OEM廠商的意向書，即將授予其係列生產項目合約。一旦開發案順利完成，雙方的合作將轉為Aeva的全球生產專案。目前，合約談判已進入最後階段，我們相信AA完全有能力為該系列生產項目提供供應。

Beyond this particular program, we believe that the TOP10 OEM selection of Ava for the global series production program would represent one of the strongest validations of our technology platform.

除了這個特定的專案之外，我們相信 Ava 被全球系列生產專案評選為 TOP10 OEM 將是對我們技術平台最強而有力的驗證之一。

In particular, of the superior performance and maturity of our technology. This OEM has a long history of leading in the automotive industry, with significant influence and a reputation for excellence and introducing industry defining features in automotive at mass volume on a global scale. This would also be the first time a passenger OEM would transition from time of flight to FMCW to enable level 3 for both highway and city driving.

尤其值得一提的是，我們的技術性能卓越且成熟。這家汽車製造商在汽車行業擁有悠久的領先歷史，在業界享有盛譽，並以卓越的品質和大規模量產技術在全球範圍內引領行業潮流。此外，這將是首家乘用車製造商從飛行時間導引（TOF）過渡到頻移連續波導引（FMCW），從而實現高速公路和城市道路駕駛的L3級自動駕駛。

As such, we believe their vote of confidence in Eva has the potential to accelerate the interest in FSCW technology as a blueprint for other fast follower passenger car makers. To that end, we are already engaged with a number of OEMs and industry players across RFI and RFQ stages looking to leverage 40 LIDAR for passenger vehicles, trucking, and mobility.

因此，我們相信他們對Eva的信任投票有可能加速人們對FSCW技術的興趣，並將其作為其他快速跟進的乘用車製造商的藍圖。為此，我們已經與多家OEM廠商和產業參與者在RFI和RFQ階段展開合作，尋求將40吋雷射雷達應用於乘用車、卡車和移動出行領域。

Over the course of this year, our pipeline has continued to grow, and we expect our first passenger OEM win to further increase interest in AA as other OEMs view the TOP10 OEM's decision as a reference design for implementing Level 3 automo driving functionality.

今年以來，我們的專案儲備持續成長，我們預計首個乘用車OEM廠商的訂單將進一步提升人們對AA的興趣，因為其他OEM廠商會將TOP10 OEM廠商的決定視為實施L3級自動駕駛功能的參考設計。

Turning to our production program with Diamond Truck, we are progressing well on the OEM's milestones, keeping us on track to meet Dimon Truck's planned market entry in 2027. We have now completed sensor deliveries for the OEM's initial vehicle builds, and down the truck, together with its subsidiary Torque, are operating this fleet of trucks on large routes to validate production intent, hardware, and autonomous capabilities ahead of commercialization.

談到我們與Diamond Truck的生產計劃，我們正按OEM的里程碑穩步推進，確保Diamond Truck在2027年按計劃進入市場。我們現在已經完成了為OEM首批車輛交付感測器的工作，Diamond Truck及其子公司Torque正在運營這支車隊，在大型路線上進行測試，以驗證生產意圖、硬體和自動駕駛能力，為商業化做好準備。

Aeva is the exclusive long range and ultra long-range liar supplier for Damon Trucks autonomous truck production program with our Atlas 40IDAR playing an important role as the primary detection sensor. We're now preparing for next year to support the expansion of vehicle fleet rollout by D the truck and Torque. And we have already received the first orders for 2026 and plan to deliver our Atlas sea samples to fulfill diamond trucks scaling of vehicle build throughout next year and ahead of launch.

Aeva是Diamond Trucks自動駕駛卡車生產項目的獨家遠端和超遠程雷達供應商，我們的Atlas 40IDAR作為主要偵測感測器發揮著重要作用。我們目前正為明年Diamond Trucks和Torque擴大車隊規模做準備。我們已經收到2026年的首批訂單，並計劃在明年及正式發布前交付Atlas 40IDAR樣品，以滿足Diamond Trucks的車輛生產規模擴展需求。

Now moving to precision sensing, with the introduction of our E 1V motion sensor, Aeva is expanding into a whole new category of applications within the multi-billion-dollar manufacturing automation market.

現在，隨著我們推出 E 1V 運動感測器，Aeva 正邁向精密感測領域，並擴展到價值數十億美元的製造自動化市場中一個全新的應用類別。

E 1V uses our core FMCW lighter on chip technology to deliver high precision contactless motion sensing, which means we can consistently do this more accurately, faster, and without the wear and tear challenges of traditional encoders and tactile sensors that are used to measure an object's motion in manufacturing today.

E 1V 採用我們核心的 FMCW 晶片輕量化技術，可實現高精度非接觸式運動感測，這意味著我們可以始終如一地更準確、更快速地完成這項工作，並且不會像當今製造業中用於測量物體運動的傳統編碼器和触覺感測器那樣面臨磨損問題。

We also designed E1V for a wide range of applications and flexibility for users across multiple processes. This has the potential to be a game changer for the industry, and reception so far has been very encouraging. We have already received initial orders from multiple customers for our E1V sensor.

我們也為E1V感測器設計了廣泛的應用場景和靈活性，以滿足不同製程流程使用者的需求。它有望成為產業的顛覆性創新，目前市場反應非常積極。我們已經收到多家客戶的E1V感測器訂單。

Now, more broadly, the number of engagements for our precision sensing capabilities continued to increase since we first announced our product line this year. Precision sensing is a unique market opportunity for Eva due to our techno technology's ability to achieve the needed micron level accuracy that is not really possible with traditional time of 5 IR.

更廣泛地說，自今年首次發布產品線以來，我們精密感測技術的應用數量持續成長。精密感測為Eva提供了一個獨特的市場機遇，因為我們的技術能夠實現傳統5倍紅外光譜技術難以達到的微米級精度。

We are working aggressively now to meet the growing interest, including ramping up manufacturing. And importantly, over time we plan to expand our product lines for industrial manufacturing and robotics to new categories beyond 1D and 1V to address even more of this major market opportunity.

我們目前正積極努力滿足日益增長的市場需求，包括擴大生產規模。更重要的是，我們計劃逐步拓展工業製造和機器人產品線，將產品線擴展到一維和一伏以外的新領域，以便更好地掌握這一巨大的市場機會。

Key to enabling this is the precision sensor manufacturing line at our partner Fabernet, a leader in the manufacturing of optical components. This quarter, we completed installation and bring up of our line, with the first sensors produced and shipped to customers.

實現這一目標的關鍵在於我們合作夥伴 Fabernet 的精密感測器生產線，Fabernet 是光學元件製造領域的領導者。本季度，我們完成了生產線的安裝和調試，首批感測器已生產完畢並交付給客戶。

We now have the capacity in place to fulfill next year's expected volumes for EV 1D and building capacity for our 1B sensors following its introduction. We have also started shipping against our initial orders of over 1,000 units that we received just a few months ago.

我們目前已具備滿足明年電動車1D產品預期產量的產能，並在1B感測器推出後正在加緊產能。此外，我們已開始出貨幾個月前收到的首批1,000多台產品的訂單。

Our ability to scale is driven by our chip-based architecture, which we designed specifically for fully automated assembly process steps. By integrating all optics onto the silicon photonics module, we have significantly reduced the number of components within a liar that can be manufactured with greater efficiency and quality. And through our partnership with global manufacturing leaders, we believe that we can lean on their expertise and scale to ramp production quickly without the need to invest significant levels of CapEx.

我們的規模化能力源自於我們基於晶片的架構，該架構專為全自動組裝製程步驟而設計。透過將所有光學元件整合到矽光子模組上，我們顯著減少了裝置內部的組件數量，從而提高了製造效率和品質。此外，憑藉與全球領先製造商的合作，我們相信可以藉助他們的專業知識，快速擴大生產規模，而無需投入大量資本支出。

With that, let me now turn the call to Saurabh, who will discuss our financial results.

接下來，我將把電話交給 Saurabh，他將討論我們的財務表現。

Thank you, Sarosh, and good afternoon, everyone. Let me share more about Ava's third quarter 2025 financial results.

謝謝Sarosh，大家午安。接下來我將詳細介紹Ava公司2025年第三季的財務表現。

Starting with the revenue, it was 3.6 million in Q3, with contributions from ongoing sensor shipments to multiple customers as well as NRE, such as for the Daimler truck program. Moving to non-GAAP operating loss for this quarter, it declined by 13% year on year to 27.2 million, which largely reflects our target to reduce full year 2025 non-GAAP operating expense by 10 to 20% year over year.

首先來看營收，第三季營收為360萬美元，主要來自持續向多家客戶出貨的感測器以及非經常性工程費用（例如戴姆勒卡車計畫）。本季非GAAP營業虧損年減13%至2,720萬美元，主要反映了我們2025年全年非GAAP營業費用年減10%至20%的目標。

Aeva's gross cas uses, which we define as operating cash flow, less CapEx, was 33.6 million in Q3. Which is higher than the prior quarter due to timing of certain payments and working capital adjustments.

Aeva 第三季的總現金使用量（我們定義為營運現金流量減去資本支出）為 3,360 萬美元。由於某些款項的支付時間和營運資本調整，該數值高於上一季。

In addition, we have received cash of 32.5 million in gross proceeds from LG InnoTech upon closing of their strategic equity investment. This brought total available liquidity at the end of September to 173.9 million, excluding the Apollo investment we announced today.

此外，我們已收到LG InnoTech完成策略性股權投資後支付的3,250萬日圓現金。截至9月底，公司可用流動資金總額為1.739億日元，不包括我們今天宣布的對阿波羅的投資。

This is comprised of 48.9 million in cash equivalents, and marketable securities, and a 125 million in undrawn facility that is fully available to draw at AA's sole discretion. Let me talk a bit more about the capital raise we announced today. The 100 million in convertible senior notes will provide incremental capital for AA to continue to accelerate our ongoing growth.

這筆資金包括4,890萬美元的現金等價物和有價證券，以及1.25億美元的未提取額度，AA可全額自行決定提取。接下來，我將詳細介紹我們今天宣布的融資計劃。這1億美元的可轉換優先票據將為AA提供額外資金，以繼續加速我們的持續成長。

The notes have a coupon of 4.375% payable in cash or stock at the option of the company and conversion price of 115% to the stock price. The notes are due in 7 years in November 2032. This represents a flexible source of unsecured capital with no financial or maintenance governance, and we will retain the flexibility to settle the convertible in cash, shares, or any combination at our election upon a conversion.

此債券票面利率為4.375%，公司可選擇以現金或股票支付，轉換價格為股票價格的115%。債券將於7年後，即2032年11月到期。這提供了一種靈活的無擔保資金來源，無需任何財務或維護管理，我們將保留在轉換時以現金、股票或任意組合方式結算的靈活性。

For additional details, please refer to the related 8k. Including the new investment, our total pro forma liquidity position now stands at approximately 270 million. Which we believe provides AWAs strong competitive advantage to support existing programs as well as secure more wins.

更多詳情請參閱相關8-K文件。在計入新增投資後，我們目前的預期流動資金總額約為2.7億美元。我們相信，這將為AWA提供強大的競爭優勢，以支持現有項目並贏得更多項目。

As we detail at Eeva Day this summer, EA's Unified perception platform enables us to bring new levels of perception to a broad range of large markets and applications. Our momentum has only grown since then, and as we continue to execute, we believe that we are in a strong position to convert additional opportunities into wins.

正如我們在今年夏季的Eeva Day大會上詳細闡述的那樣，EA的統一感知平台使我們能夠為眾多大型市場和應用帶來更高水平的感知體驗。自那時以來，我們的發展勢頭持續強勁，隨著我們不斷推進各項工作，我們相信我們有能力將更多機會轉化為實際的成功。

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

那麼，現在讓我把電話轉回給索魯什，請他作總結發言。

Thanks to Rob. At a pivotal time for the industry, Ava is increasing its leadership position in next generation sensing and perception. We are firing on all cylinders, achieving major milestones on existing programs, progressing towards additional wins, and strengthening our balance sheet to scale multiple programs across many markets.

感謝羅布。在產業發展的關鍵時期，Ava 正在鞏固其在下一代感測和感知領域的領先地位。我們正全力以赴，在現有項目上取得重大里程碑式的進展，不斷爭取更多項目，並增強財務實力，以便在多個市場擴展多個項目。

I would like to thank the EVA team for their continued dedication and our stakeholders for their ongoing support.

我要感謝EVA團隊的持續奉獻，以及我們利害關係人的持續支持。

Together we are in a strong position to realize Ava's vision to bring the next wave of perception to all devices, and with that we will now move to Q&A.

我們齊心協力，就能更實現 Ava 的願景，將下一代感知技術帶給所有設備。接下來，我們將進入問答環節。

(Operator Instructions)

（操作說明）

We'll take our first question from Colin Rush with Oppenheimer and Company. Please go ahead. Your line is open.

我們首先來回答來自奧本海默公司（Oppenheimer and Company）的科林·拉什（Colin Rush）提出的問題。請開始提問。您的線路已通。

Thanks so much guys. Can you talk a little bit about the ramp and metrology sales? I mean, certainly it looks like you have a pretty meaningful opportunity there and a number of op number of applications. We just love to understand kind of how that that cadence of product rollout really starts to hit as we get to the balance of this year and into 2026.

非常感謝各位。能否談談產能爬坡和計量銷售的情況？我的意思是，你們在這方面顯然擁有相當大的發展機遇，並且有很多潛在的應用領域。我們很想了解，在今年剩餘時間和2026年，產品推廣的節奏將如何真正發揮作用。

Yeah, hi Colin. This is happy to answer that. So obviously, as we're, as I said, we're firing on multiple centers here. So we announced our E1D sensor just a few months ago earlier this year.

嗨，科林。很高興回答這個問題。正如我剛才所說，我們正在多個中心同時進行研發工作。我們在今年早些時候，也就是幾個月前，發布了我們的E1D感測器。

Since then we talked about how the traction the market has been very strong.

從那以後，我們討論了市場需求如何變得非常強勁。

Following that, we started getting initial orders. We talked about the 1st 1,000 plus units orders. And since then, a couple of things that we've done in the past 2 or 3 months. One, we pulled forward our set up of our manufacturing line for the e sensor due to this increasing demand. Our team is engaged with, multiple tens of customers in this space alone. Each one presents significant opportunity volumes for us. And in this quarter, what we talked about just earlier today was we've now been able to set up the line quickly within a couple of months' time frame. And also start building out the units off of this line, and we started to ship the first units against those 1,000+ units order already. So that's very important for us, which means, we, we're starting to now crank that gear around shipping the units towards those customers.

之後，我們開始收到首批訂單。我們討論了首批1000多件的訂單。從那以後，在過去的2到3個月裡，我們做了幾件事。首先，由於需求不斷增長，我們提前啟動了電子感測器生產線的建設。我們的團隊正在與數十家客戶接洽，光是這一領域就涉及數十家客戶。每家客戶都為我們帶來了龐大的商機。正如我們今天早些時候提到的，本季我們已經能夠在短短幾個月內迅速完成生產線的建設，並開始根據這條生產線生產產品。我們已經開始出貨，履行那1,000多件的訂單。這對我們來說非常重要，這意味著我們現在正全力以赴地將產品交付給這些客戶。

Separate from that, as we also get into the market, we're also getting feedback from customers about the capabilities of our sensors. So beyond measuring micron level accuracy for distance sensors. We have also been able to provide an initial SKU or a new type of product with our E1V sensor, which is now measuring the speed of things on the on the manufacturing line to a very high level of accuracy, right, so submillimeter per second precision. So that is what provides additional opportunities for us. We are already starting some orders for that as well from existing customers, also some new customers, but just to give you a rough sense of that. The market for this industry, as we talked earlier, is about 2 million sensors a year for these kind of displacement sensors and it's, roughly ASPs are higher than automotives, so it's multi-billion dollars, $4 billion going to about $6 billion in the coming years, and we are partnering already with some of the key leaders in the space, including SI and LMI and others that are coming down the path that we can talk about hopefully as we go forward.

除此之外，隨著我們進入市場，我們也收到了客戶對我們感測器性能的回饋。除了測量微米級精度的距離感測器之外，我們還推出了首款產品，即新型的E1V感測器，它能夠以極高的精度測量生產線上物體的速度，精度可達亞毫米每秒。這為我們帶來了更多機會。我們已經開始收到現有客戶和新客戶的訂單。為了讓您大致了解市場狀況，正如我們之前提到的，這類位移感測器的市場規模約為每年200萬個，平均售價高於汽車產業，市場規模達數十億美元，預計未來幾年將達到40億美元左右。我們與該領域的一些主要領導者建立了合作關係，包括SI和LMI，以及其他一些正在加入我們行列的公司，希望未來有機會與他們進行更多交流。

And those themselves represent double-digit percent of the market share here, right? So, you're talking about, for example, 6 maybe shipping 2 or 250,000 sensors annually every year, right? So, when you look at that, I think for us, the way we see the ramp up is obviously it's not going to be overnight, but it's going to be faster also than some of the automotive applications. So it helps us kind of also fill in that revenue growth and pipeline for the company as we go along. So we're very encouraged by the perception that we're seeing from the market. Importantly, we're now shifting gears on focus on building the units and be bringing up the manufacturing line and getting ready for the demand ahead of time for next year, right? So that's what I can share at this point and as we are able to get additional information from our customers and orders, of course, we'll be talking about that as well.

這些產品本身就佔據了兩位數的市場份額，對吧？比如說，一家公司每年可能出貨2000到25萬個感測器，對吧？所以，考慮到這一點，我認為對我們來說，產能提升顯然不會一蹴而就，但速度會比一些汽車應用領域更快。這有助於我們逐步實現公司營收成長和業務拓展。我們對目前市場的反應感到非常鼓舞。重要的是，我們現在正將重心轉移到產品生產上，提升生產線產能，並提前為明年的需求做好準備，對吧？這就是我目前能分享的訊息，當然，一旦我們從客戶那裡獲得更多資訊和訂單情況，我們也會及時更新。

Okay, perfect. And then as a follow-up, just the L28, kind of, L2 plus 8 opportunity on the trucking side seems pretty substantial, obviously there are some longer sales cycles, but also, the articulation of the insurance needs and all the other value capture for the truck OEM seems pretty substantial. Can you talk about the breadth and depth of customers looking at, your solution for that L2 and L2 plus sort of application in the trucking market?

好的，完美。接下來，關於L28，或者說L2+8在卡車運輸領域的市場機會，看起來相當可觀。當然，銷售週期可能較長，但對於卡車OEM廠商而言，保險需求以及其他方面的價值提升也相當可觀。您能否談談目前有多少客戶正在關注貴公司針對卡車運輸市場中L2和L2+應用場景的解決方案？

Yeah, absolutely. So, as I mentioned on the call earlier, we've been focused on the one unified perception platform that can allow us to enter multiple market segments with one core technology without a ton of optimization. Using the same hardware platform with adaptive software that can go into addressing these multiple markets across automotive both for Level 3 and plus driving as well as entering to level 2 plus, especially in commercial vehicles, which is your question I'll get to that in a second. But also then applying that to the other markets including industrial that we just talked about. So, specifically an L2+, 1 of the biggest debates that we have talked about over and over again in the past few years is the need for LIDAR and then, the famous quotes around, you don't need liDAR for even going into level 2, level 3 applications maybe but level 2. I think over time that that argument has fallen.

是的，當然。正如我之前在電話會議上提到的，我們一直專注於開發一個統一的感知平台，它能讓我們憑藉一項核心技術進入多個細分市場，而無需進行大量的優化。我們使用相同的硬體平台和自適應軟體，可以滿足汽車領域多個市場的需求，包括L3及L4+自動駕駛，以及進入L2+自動駕駛領域，尤其是在商用車領域，這正是您提出的問題，我稍後會解答。此外，我們還可以將其應用於其他市場，包括我們剛才提到的工業領域。具體來說，在過去幾年裡，我們反覆討論的一個最大爭議點是雷射雷達（LiDAR）的必要性。之前曾有一句名言：即使是L2+自動駕駛也不需要光達，或許L3應用需要，但L2+應用不需要。我認為隨著時間的推移，這種觀點已經站不住腳了。

I think Level 3 is very clear with our progress and the successful commission of this TOP10 OEM that level 3 with LiDAR is going to be standard and it's going to be the key enabling feature for making these vehicles and driving the customer's choice of purchase. But on the level 2 plus, I think we have a unique opportunity at Eva due to our unique technology, which is, because of the fact that we can measure velocity, because of the fact that we can do some of the perception on the sensor, we've been able to demonstrate that we can do more, reducing the need and maybe the cost of other modalities in the level 2 traditional stack, which is today, especially for commercial vehicles, tends to be camera. Image sensors plus maybe radar and then some compute box. So one of the partnerships that we have there that we talked about earlier is with Vanex, which is the market leader in North America, part of a large tier one company, around providing level 2 plus AS. It's really automatic emergency braking.

我認為，憑藉我們取得的進展以及成功委託這家全球十大OEM廠商進行調試，L3級自動駕駛技術的發展方向非常明確：配備光達的L3級自動駕駛將成為標配，並將成為製造此類車輛的關鍵賦能功能，從而影響客戶的購買選擇。但在L2+級自動駕駛方面，我認為Eva憑藉其獨特的技術擁有獨特的優勢。由於我們能夠測量速度，並且能夠利用感測器進行一些感知，我們已經證明我們能夠做得更多，從而減少對L2級傳統技術堆疊中其他模組的需求，並降低成本。目前，尤其是在商用車領域，L2級傳統技術堆疊通常包括攝影機、影像感測器，可能還會加上雷達和一些運算模組。我們之前提到的合作夥伴之一是Vanex，它是北美市場的領導者，隸屬於一家大型一級供應商，雙方合作提供L2+級自動駕駛輔助系統，也就是自動緊急煞車系統。

These, this company is, shipping already in the 20 to 300,000 fusion systems every year, these automatic emergency braking systems every year, and they're really standard as the technology of choice for the flagction models of many of the top vehicles, right? Volvo, Pack car, Navyar, even Daimler in some extent, some examples. So.

這家公司每年已經出貨 2 萬到 30 萬套融合系統，也就是自動緊急煞車系統，而且它們已經成為許多頂級車型旗艦版的標準配置，對吧？例如沃爾沃、保時捷、納維亞，甚至在某種程度上還有戴姆勒。

We see, an opportunity here together with Bendex to provide a next generation level 2 plus solution that leverages our 40 LIDAR technology, reducing the need of some of those other components and having the combination of image, camera plus 4D information with processing on the edge, an edge device that I think it is going to be bringing the cost down. But because we leverage the same core unified platform, chip technology, we can use the economy scale to then also provide those benefits and the flywheel effect into other markets. So we think that's a massive opportunity. We're working towards that. We introduced this partner. Earlier in the year, but we think that could be another marquee win for us, especially as we close out, this TOP10 passenger OEM. We think that that is going to set the reference as a blueprint for other OEMs and level 3 for passenger and level 4 in trucking, but also maybe in level 2 plus for certain commercial vehicle trucking applications.

我們看到與Bendex合作的契機，可以提供下一代L2+級解決方案。該方案利用我們的40毫米光達技術，減少對其他組件的需求，並將影像、攝影機和4D資訊與邊緣處理結合，我認為這種邊緣設備將降低成本。由於我們採用相同的核心統一平台和晶片技術，我們可以利用規模經濟效應，將這些優勢和飛輪效應擴展到其他市場。因此，我們認為這是一個巨大的機遇，我們正在為此努力。我們今年稍早介紹了這家合作夥伴，但我們認為這可能是我們的又一個重大勝利，尤其是在我們即將拿下這家全球十大乘用車OEM廠商之際。我們認為這將為其他OEM廠商樹立標桿，並為乘用車L3級、卡車L4級，甚至某些商用卡車應用的L2+級提供藍圖。

We'll take our next question from Suji Desilva with Roth Capital. Please go ahead. Your line is open.

接下來我們來聽聽羅斯資本的蘇吉·德席爾瓦提出的問題。請開始吧，您的線路已通。

Hi Sureroh. Hi. Congratulations on the progress here. My question is really around the length of the design cycle for additional customer opportunities. Looking at the tier one you're on the brink of signing with, I'm wondering this step of having to proliferate the the. Design across their model line. I'm curious what's involved there and how detailed a process that is and if there can be learnings from what you're doing here, kind of building a catalog of placements and tweaks and software updates that would be leverageable to shorten the design cycle for future customers.

你好，Sureroh。恭喜你的進展。我的問題是關於未來客戶的設計週期。考慮到你即將簽約的那家頂級供應商，我很好奇他們需要將設計方案推廣到整個產品線。我很想知道這其中涉及哪些環節，流程有多複雜，以及你目前的工作經驗，例如建立一個包含佈局、調整和軟體更新的目錄，是否可以用來縮短未來客戶的設計週期。

Yeah, Suji, happy to answer that. This is Sarosh. So, but I think first of all, I hope you can hear in her voice. We are very excited about the progress that we've made and the successful completion of this TOP 10 passenger OEM program. To give a quick recap, earlier in the year, we announced and said that we were awarded a development program from this TOP 10 passenger OEM along with a letter of intent for the Sears production award, and we set out that there are going to be a number of milestones that we're going to be working together to really develop a scalable modular platform for their global production platform, and that's going to be applied to multiple vehicle model lines. So, since then we have completed all the key milestones satisfactorily. We, which includes, as I mentioned earlier, around packaging integration of our sensors to make sure that it really works across the OEM's multiple vehicle model lineup, and this is not intended to go into top1, top trim or premium model only.

是的，Suji，很高興回答這個問題。我是Sarosh。首先，我想你應該能從她的語氣聽出來。我們對所取得的進展以及成功完成這項全球十大乘用車OEM計畫感到非常興奮。簡單回顧一下，今年早些時候，我們宣布獲得了這家全球十大乘用車OEM的開發項目，以及一份Sears生產獎的意向書。我們制定了一系列里程碑計劃，旨在共同開發一個可擴展的模組化平台，用於他們的全球生產，並應用於多個車型系列。自那時以來，我們已經圓滿完成了所有關鍵里程碑。正如我之前提到的，這包括我們感測器的封裝集成，以確保它能夠真正適用於該OEM的多個車型系列，而不僅僅是頂級車型或豪華車型。

It's intended to be really as a standard platform across their multiple vehicle models. And 2 was around aligning our performance, making sure that it really addresses the key use cases, most importantly, to enable Level 3 driving from the get-go, both across the highway and then also eventually around city driving, which is we think is going to be a key driver. And then the third piece was around really the industrialization and manufacturing. In which together with our partnership with LGotech, which we secured along with the strategic investment, we then got to work and we did comprehensive audits of our manufacturing line with a manufacturing partner LG Initech and this TOP10 OEM and really defined a clear industrialization plan of how we're going to go to production. So in some ways, this was really the first phase of the series production development, and what we have now is, we said at the beginning of the year, we're going to complete this by the end of the year.

它的目標是成為其多款車型通用的標準平台。第二點是優化性能，確保它能夠真正滿足關鍵應用場景的需求，最重要的是從一開始就實現L3級自動駕駛，包括高速公路和最終的城市駕駛，我們認為城市駕駛將是一個關鍵驅動因素。第三點是產業化和製造。我們與LG Initech建立了合作關係，並獲得了策略投資。之後，我們與製造合作夥伴LG Initech以及這家全球排名前十的OEM廠商一起，對我們的生產線進行了全面的審核，並製定了清晰的產業化生產計劃。從某種意義上說，這實際上是系列生產開發的第一階段。正如我們在年初所說，我們將在年底前完成這項工作。

We are seeing now that OEM is very eager to also move forward faster, and they're pulling forward that timeline. So we were able to successfully complete this quarter early, which is now in Q3. We have completed that, and the work from here really is around, we're in late stages of commercial negotiations and that, so we, we're feeling good about that, obviously it's not done until the ink is dry, but we have we're feeling confident about our position about securing this program. So that's what I would say, and I think you asked an important question, which is what is the, what does it work from here, the cycles of additional wins and how could this OEM be relevant?

我們現在看到，OEM廠商也非常渴望加快進度，他們正在提前推進專案。因此，我們得以提前完成本季的工作，現在已經進入第三季了。我們已經完成了這部分工作，接下來的工作重點是與OEM廠商進行商務談判的後期階段，我們對此感覺良好。當然，在正式簽署合約之前，一切都還沒有定論，但我們對拿下這個計畫充滿信心。這就是我想說的話。我認為你問了一個重要的問題，那就是接下來該如何運作，如何才能贏得更多項目，以及這家OEM廠商如何保持競爭力？

This OEM is a major OEM, a TOP10 OEM, globally. We, and we see that this program is for worldwide deployment, excluding China. They are making millions of vehicles every year. They're known as a leader to bring in new technology, but also do it at scale. That's very important. So, I think that what we believe that does, as they have shown time and again over the many decades, is that it's going to provide a blueprint and a reference design for other OEMs that are looking to provide this level 3 functionality. Really, with FMCW technology, we believe, to use that and also implement that. So that is going to be basically from a competitive competitive landscape, we think that is going to be critical. So we believe that this could be a defining moment.

這家OEM廠商是全球領先的OEM廠商，位居前十名。我們注意到，該計畫面向全球推廣，中國除外。他們每年生產數百萬輛汽車，以引進新技術並大規模應用而聞名。這一點至關重要。因此，正如他們在過去幾十年中反覆證明的那樣，我們認為該專案將為其他希望提供L3級功能的OEM廠商提供藍圖和參考設計。我們相信，借助FMCW技術，可以更好地利用和實施這項技術。從競爭格局來看，我們認為這將至關重要。因此，我們相信這可能是個具有里程碑意義的時刻。

When we would have that award around Our company but also the industry for the adoption of Level 3 technology in the next 3 plus years, right? So that I think is very important in our plans ahead. So that's a quick background on that.

如果我們公司以及整個行業在未來三年多內因採用三級技術而獲得該獎項，那將意義非凡，對吧？所以我認為這對我們未來的計劃至關重要。以上就是相關的簡要背景介紹。

Okay, a quick follow-up there on the applicability to mobility as urban scenarios where is time of flight sufficient there versus FMCW. Curious your thoughts there as you sound like your kind of addressing both highway and mobility in your comments.

好的，關於飛行時間在城市交通場景中的適用性，我想快速跟進。在城市交通場景中，飛行時間是否足以取代FMCW？我很想聽聽你的看法，因為你的評論似乎同時涉及了高速公路和城市交通兩個方面。

Yeah, I think, look, the way I think, the OEMs and this OEM and others kind of see it is they're making a platform technology choice that they're going to be working with in hardware hopefully for many years to come. This obviously will be a long-term, production going into the next decade, and the idea is that, we've talked about it, you need to future proof the stack, right, and we believe we are at this inflection point where this is one of the first times, it will be the first time actually that an OEM in the passenger car space will be transitioning from time of flight lightar to FMCW. And this obviously is a testament to both the technology capability as well as maturity of our products, but also it is important because they, we think that it's going to lead up to other, of course, programs.

是的，我認為，在我看來，包括這家OEM廠商在內的其他廠商都認為，他們正在選擇一個平台技術，希望未來很多年都能在硬體方面繼續使用。這顯然是一個長期項目，將持續到下一個十年。正如我們之前討論過的，我們需要確保技術堆疊能夠面向未來，對吧？我們相信，我們正處於一個轉折點，這將是乘用車領域OEM廠商首次從飛行時間光子發射（TOF）技術過渡到調頻連續波（FMCW）技術。這不僅證明了我們產品的技術能力和成熟度，而且意義重大，因為我們認為這將為其他項目奠定基礎。

My personal opinion is that in a few years from now, consumers when they buy vehicles is not going to be just based on any more specs on feeds or speeds or infotainment. It's going to really be also importantly around. The ease of use and saving us time in our daily commutes and our day to day life and that I think is going to be one of the key enablers by Level 3. Like level 3 driving is going to be the key driver for the sales of cars, not these other things. So that is why I think. We're going to see that as you're starting to see some of that in Asia, we're going to see that for the rest of the world, that is going to be the key driver for, I think, most key OEMs to to go to really have level 3 from the get-go, and this means it needs to be end to end, right? Like you get in the car and you get to a destination from point A to point B, which includes city driving as well as highway. So, Long form of that is, yes, we believe that they're choosing one hardware and they're going to use it for all use cases, and, use a software approach of upgrade over time to be able to enable highway city driving, but most importantly that level 3 functionality into it.

我個人認為，幾年後，消費者買車時將不再僅基於參數、速度或資訊娛樂系統等。便利性，以及在日常通勤和生活中節省時間，也將變得至關重要。我認為，L3級自動駕駛將成為推動汽車銷售的關鍵因素之一，而不是其他因素。正因如此，我認為，隨著亞洲地區逐漸出現一些L3級自動駕駛的跡象，未來世界其他地區也將如此。我認為，這將成為大多數主要汽車製造商從一開始就致力於研發L3級自動駕駛技術的關鍵驅動力。這意味著它必須是全程自動駕駛，對吧？就像你坐進車裡，從A點到B點，包括城市道路和高速公路，都能實現完全自動駕駛一樣。所以，長話短說，是的，我們相信他們會選擇一款硬件，並將其用於所有使用場景，並隨著時間的推移採用軟體升級的方式，以實現高速公路和城市駕駛，但最重要的是，將 L3 功能集成到其中。

And we'll take our next question from George Gianarikas with Canaccord Genuity. Please go ahead. Your line is open.

接下來，我們來回答來自Canaccord Genuity公司的George Gianarikas提出的問題。請開始吧，您的線路已通。

Hey everyone, you have Matt here on for George. Congrats on the quarter and thank you for taking my questions.

大家好，我是馬特，今天替喬治上節目。恭喜喬治這學期取得好成績，也感謝他回答我的問題。

Of course, Matt. So, go ahead.

當然可以，馬特。那麼，請便吧。

So just to start off, could you guys just provide a little more color on, the timeline with Daimler, like what's kind of needed for the programs and, reach validation ahead of production, and then, maybe just a little bit about the tor relationship it looked like they were looking for for a capital partner for that. With that potential slipping of funding, do you foresee any slip in the timeline?

首先，能否請你們詳細介紹一下與戴姆勒的合作時間表，例如專案需要哪些條件，以及在量產前需要進行哪些驗證。另外，能否也簡單介紹一下他們似乎在尋找資本合作夥伴的情況？考慮到資金可能出現延誤，你們預計專案時間表會受到影響嗎？

Yeah, sure, happy to answer that. I think you have some.

當然可以，我很樂意回答這個問題。我想你有一些答案。

I think you have some questions that I think, maybe for Daimler, but I can tell you a high level look, first of all, Diamond truck and Torque, they have been very clear and public about their commitment to autonomy. This is one of their key drivers of growth, if you look at that, from Karen and the management team. At Daimler talking even on their public earnings and they have been very clear and consistent about their messaging. 2027 market entry is on track as a goal for us. We are obviously a key portion for the technology and perception detection. So, as I mentioned, we're the exclusive supplier for LIDA on long range, and ultra long range for truck and torque. We are progressing on track. They're also progressing on track in delivering on their milestones. We have a clear line of sight with 2026 vehicle build plans and the growing of that.

我想您可能有一些問題，或許是針對戴姆勒的，但我可以先給您一個大致的介紹。首先，戴姆勒旗下的Diamond Truck和Torque公司一直非常明確地公開承諾致力於自動駕駛技術。從Karen和管理團隊的角度來看，自動駕駛是他們關鍵的成長驅動力之一。戴姆勒方面，即使在公開財報中，他們也始終如一地傳遞著清晰明確的訊息。 2027年進入市場是我們的目標，目前進展順利。顯然，我們在技術和感知檢測方面扮演著關鍵角色。正如我之前提到的，我們是LIDA在卡車和Torque車型上的長續航力和超長續航版的獨家供應商。我們正按計劃推進。他們也在按計劃實現各自的里程碑。我們對2026年的車輛生產計畫以及未來的成長目標有著清晰的認識。

We actually have received initial orders already and we're going to start shipping our other sea samples against that. So that's important, I think just also you mentioned about capitalization, obviously I think that's a question for Dimond and Torque, but as Torque is an independent subsidiary of Diamond Truck, right and they're investing heavily in In this very committed, so we don't think that that is a risk topic for us to really worry about. I think overall the program is really progressing well and I think, look, if any OEM has the scale to really make this happen and the resources, including capital is really down the truck, and others of course are also working on it. We are also engaged with a number of other OEMs in the commercial vehicle space. So overall I think we're feeling good about that. I think just to also mention, Daimler Truck has probably talked about, I think even recently about the outlook for autonomy because of the use cases and the business case of over I think about $3 billion of annual revenues and 1 billion profit by 2030 just from autonomous trucking. So that I think it's important for the industry that players, including Daimler Truck and others make this happen, and we think the timeline remains in 27 and the scaling is going to go from there. So we're feeling confident about that and our ability to deliver against it.

我們實際上已經收到了一些首批訂單，並將根據這些訂單開始發貨其他海事樣品。所以這很重要。正如您所提到的，資金問題，顯然應該由戴姆勒和Torque來解答。但由於Torque是戴姆勒卡車的獨立子公司，而且他們在這個領域投入龐大，非常堅定，所以我們認為這並非我們需要真正擔心的風險。我認為總體而言，該專案進展順利。我認為，如果說哪家OEM廠商擁有足夠的規模和資源（包括資金）來實現這一目標，那非戴姆勒卡車莫屬。當然，其他廠商也在積極推動這項工作。我們也與商用車領域的其他一些OEM廠商進行了合作。所以總的來說，我們對此充滿信心。另外值得一提的是，戴姆勒卡車可能最近也談到了自動駕駛的前景，因為其應用場景和商業前景表明，到2030年，僅自動駕駛卡車一項就能帶來超過30億美元的年收入和10億美元的利潤。所以我認為，對於整個產業來說，包括戴姆勒卡車在內的各方參與者共同努力實現這一目標至關重要。我們認為時間表仍定在2027年，規模化進程也將由此展開。因此，我們對此以及我們實現目標的能力充滿信心。

Great, thanks. And maybe just to switch gears here, looks like you guys obviously raised the $100 million investment from Apollo. Could you just provide a little more color on, what you intend to use that for and how that's going to help you just push commercialization faster?

太好了，謝謝。我們不妨換個話題，看來你們已經從阿波羅公司獲得了1億美元的投資。能否詳細說明一下，你們打算如何運用這筆資金，以及它將如何幫助你們更快地推進商業化進程？

Hey Matt, this is Saurabh. Happy to take your question. So, the $100 million in convertible notes is for general corporate purposes. We are already, as we mentioned in our prepared remarks, making tremendous progress with our customers and potential customers, and we use a unified platform, perception platform which helps us to execute. On multiple wins and bring new customers on board without any step function increase in our expenditure. In fact, we have been very disciplined in our capital allocation and spending, and this year we are coming down from last year in the range of 10 to 20% on a non-GAAP OpEx basis. Despite increasing our commercial momentum, so we feel pretty good about it. It's for general corporate purposes.

嗨，Matt，我是Saurabh。很高興回答你的問題。這1億美元的可轉換債券將用於一般公司用途。正如我們在準備好的發言稿中提到的，我們已經在與現有客戶和潛在客戶的合作中取得了巨大的進展，我們使用統一的感知平台來幫助我們執行計劃。我們贏得了多個項目，並在不大幅增加支出的情況下吸引了新客戶。事實上，我們在資本配置和支出方面一直非常謹慎，今年的非GAAP營運支出比去年下降了10%到20%。儘管我們的商業勢頭強勁，但我們對此感到非常滿意。這筆資金將用於一般公司用途。

Yeah. And just to add to that, I think, obviously Apollo by himself, his name is one of the leaders in the financial investments. We're excited to have them as partners. I think it sends a clear signal as a sole investor and party to. Really support our growth and momentum here, and it comes at an important time, I think for our, company, but also an reflection point in the industry, I think we have all the pieces in place. We have, methodically, as we talked about, set out. Our plan to grow from each segment, establish a leadership position within key players. We are executing on that and we're looking forward to execute that one, right? So from automotive, from trucking with Diamond truck, passenger TOP10 OEM and others that we're working on. Industrial with SI MMI, we have the partnership with LG Initech around that for industrial as well as robotics applications and then expanding from that. So that we're we're very excited about the progress so far and obviously, we're looking forward to continuing this momentum.

是的。補充一點，我認為，阿波羅本人就是金融投資領域的領導者之一。我們很高興能與他們合作。作為唯一投資者和合作夥伴，這無疑發出了一個明確的信號：他們將全力支持我們的成長和發展勢頭。我認為，這對我們公司以及整個產業來說都是一個重要的轉捩點。我們已經做好了充分的準備。正如我們之前討論的，我們已經有條不紊地制定了發展計劃，力求在每個細分市場都取得成長，並在關鍵參與者中確立領導地位。我們正在執行這些計劃，並期待繼續前進。例如，在汽車領域，我們與Diamond Truck合作，在乘用車領域，我們與TOP10 OEM以及其他正在合作的廠商建立了合作關係。在工業領域，我們與SI MMI合作，並與LG Initech就工業和機器人應用領域展開合作，並計劃在此基礎上進一步拓展。因此，我們對目前的進展感到非常興奮，並期待繼續保持這種發展勢頭。

And we'll take our next question from Richard Shannon with Craig-Hallum. Please go ahead. Your line is open.

接下來，我們將回答理查德·香農和克雷格-哈勒姆提出的下一個問題。請開始吧，您的線路已通。

Well, thanks Suresh and for taking my questions. Apologize for the ambient noise rolling through an airport here tonight.

謝謝蘇雷什，也謝謝你回答我的問題。很抱歉今晚機場裡環境噪音比較大。

I guess I'll ask kind of a two parter on the TOP 10 OEM. Just want to make sure that that you're in an exclusive negotiation position. There aren't any other competitors here. I think you've alluded to that's probably the case, but just want to make sure that that is accurate. Then also maybe if you can elaborate, hopefully you didn't mention this before when I was on the call, but what kind of time frames are we looking at for for ramping here? I would assume it's earlier than 27, but just want to get your take on that. Thank you.

我想分兩部分問一下關於前十OEM廠商的問題。首先，我想確認一下你們是否擁有獨家談判優勢。這裡沒有其他競爭對手。我想您之前也暗示過可能是這種情況，但我還是想確認一下。其次，如果您能詳細說明一下就更好了。希望您之前通話時沒有提到過，我想問一下，我們預計產能爬坡的時間大概是多久？我估計應該早於27號，但我還是想聽聽您的看法。謝謝。

Yeah, absolutely. Look, I don't want to comment on anything that is, sensitive or confidential information obviously here, but I think hopefully you can see from the updates that we provided, we feel that we are, the only party here that is, going through this late stage negotiations, but, I will stop at that. I think we're feeling good about securing this production program, and importantly, I think, the time of that is pulled forward so to really get going on this.

是的，當然。你看，我不想評論任何敏感或機密信息，但我想從我們提供的最新信息中，您應該能看出，我們是唯一一家仍在進行後期談判的各方，我就說到這裡吧。我認為我們對確保這個製作項目很有信心，更重要的是，我認為專案啟動時間已經提前，可以真正開始推進了。

So, you asked about kind of what it looks like from here and kind of the timing. I think, look, the point of this initiative program was to ensure that we have a solution jointly that's going to be applicable to the OEM's broad vehicle lineup, is going to be, from a Integration standpoint, it works across multiple trends, multiple models that the performance enables level 3 driving for, both highway as well as city and to also make sure that we have the proper interservation plan and comprehensive audits and all of that so that we can really get the ground running. The team is working very diligently on that. This is in, another way or form, really the first stage of the series development already. So we are really hitting the ground running, and we think that we are on track for this, late 207, early 28 timeline for the launch of of this OEM. So that's been the timeline that we have been working with and we are excited to deliver on it.

所以，您問到了接下來的發展方向和時間安排。我認為，這項計畫的重點在於確保我們共同開發出一個適用於該OEM廠商廣泛車型陣容的解決方案，從整合角度來看，它能夠跨越多種趨勢和車型，實現L3級自動駕駛，無論是在高速公路還是城市道路上。同時，我們也確保制定了完善的維護計劃和全面的審核流程，以便能夠真正啟動專案。團隊正在為此努力。從某種意義上說，這實際上已經是該系列產品開發的第一階段了。所以我們正在全力以赴，並且我們認為我們正按計劃推進，預計在2020年底或2028年初為該OEM廠商推出這項產品。這就是我們一直以來努力的方向，我們很高興能夠實現這一目標。

Okay, appreciate that detail. Suresh. My last question here is just from this comments in the press release, I suspect you maybe address this in the prepared remarks that I didn't get it early to do here, but you're just talking about growing interest and engagements from other major OEMs leveraging for L3 automotive applications here. Is there some sort of catalyst or other event here driving this, related either to the market or to, Ava's products and technology development and maybe just clarify what you meant by that. Thank you.

好的，感謝您提供的詳細資訊。 Suresh。我的最後一個問題是基於新聞稿中的這段話，我猜您可能在事先準備好的發言稿中提到過，但我沒能及時在這裡提問。您提到其他主要OEM廠商對L3級汽車應用表現出越來越濃厚的興趣和參與度。這背後是否有某種催化劑或其他事件在推動？無論是與市場或Ava的產品和技術開發有關？能否請您解釋一下您所說的具體意義？謝謝。

Yeah, absolutely. Look, I think we have been obviously engaged in a number of programs across various stages from our 5s to RQs and multiple segments within automotive as well as industrial. The question I think is on automotive. Within automotive includes passenger, multiple programs there and trucking. I think one, there's multiple I think factors that have been happening, of course, in the industry as well as I think, with Ava. So. First of all, we have laid out a clear foundation of our path to winning business and delivering on it, which, includes, partnering with the leaders in each respective space, which means they have to also want to partner with us and select us, and to leveraging our, perception platform and the chip-based technology to the scale that according to their timeline and 3, be able to apply that without having to invest heavily in A bunch of new CapEx or a bunch of new teams for different product lines and segments using this approach of the one platform.

是的，當然。你看，我認為我們顯然參與了許多項目，涵蓋了從5S到RQ的各個階段，以及汽車和工業領域的多個細分市場。我認為問題在於汽車產業。汽車行業包括乘用車（我們在該領域開展了多個項目）和卡車運輸。我認為，一方面，產業內以及Ava本身都面臨多種因素的影響。首先，我們已經明確了贏得業務並實現目標的路徑，其中包括與各個領域的領導者合作，這意味著他們也必須願意與我們合作並選擇我們；其次，利用我們的感知平台和晶片技術，根據他們的時間表進行規模化應用；第三，無需投入大量新的資本支出或為不同的產品線和細分市場組建大量新團隊，即可透過這個平台實現目標。

So, we've been able to do that. I think obviously with our progression and the successful completion of this development program with the TOP10 passenger OEM. And we hope that upon a a production when this will be the first time that a passenger carmaker will be transitioning from time of flight to FMCW to enable a key use case that's differentiated for the. Customers, and we think that that is a key driver with some of those uptake and the engagements for us. We think that they have the potential to provide us with potential additional wins in a faster time frame that we have in the first one. As first one is always the toughest, but I think importantly because this OEM is really seen as a leader in automotive, introducing new technology but doing so at scale, they ship millions of vehicles every year. We think that.

所以，我們已經做到了這一點。我認為，這顯然得益於我們的進展以及與全球排名前十的乘用車OEM廠商成功完成這項開發案。我們希望，在量產階段，這將是乘用車製造商首次從飛行時間（TOF）技術過渡到FMCW技術，從而實現對客戶具有差異化的關鍵應用場景。我們認為，這是我們獲得部分客戶認可和合作的關鍵驅動因素。我們相信，他們有可能在比第一個專案更快的時間內為我們帶來更多潛在的成功。因為第一個專案總是最艱難的，但我認為重要的是，這家OEM廠商被視為汽車行業的領導者，他們不僅引入了新技術，而且還實現了規模化應用，他們每年交付數百萬輛汽車。我們認為…

That is going to be a catalyst and really a blueprint or a reference design for other OEMs and fast followers to also enable that functionality. So I think that's that's part of the main interest in the space. The second piece also I think is around some of the consolidation of the market. We have always talked about that even though they came as one of the last players in the space, we took a contrarian path, but one that we believe is going to have the futureproof technology and similar to, radars who transitioned from kind of pulse space the tunnel flight system to SMCW we have always believed and talked about that that will be a transition that will happen over time as well. So I think that is. With both the developments in the market, some of the consolidation and the players, as well as the transition of the OEMs to technology here that is more FMCW based we think are going to be the catalyst in our growing momentum with an automotive and also additional markets.

這將成為催化劑，並為其他OEM製造商和快速跟進者提供藍圖或參考設計，以幫助他們實現類似功能。所以我認為，這正是該領域的主要關注點之一。其次，我認為市場整合也是一個重要因素。我們一直在討論這個問題，儘管我們是該領域最後進入的廠商之一，我們採取了一條逆向思維的道路，但我們相信這條道路將擁有面向未來的技術。就像雷達從脈衝空間隧道飛行系統過渡到SMCW一樣，我們一直相信並討論過，隨著時間的推移，這種轉變也會發生。所以我認為，隨著市場的發展、整合以及OEM廠商向基於FMCW技術的轉型，我們預計這將成為我們在汽車及其他市場成長勢頭的催化劑。

Thank you. That does conclude the final question we have for today, and this will conclude Ava Technologies 3rd quarter, 2025 earnings conference call.

謝謝。今天的最後一個問題到此結束，Ava Technologies 2025年第三季財報電話會議也到此結束。

Thank you all for your participation, and you may now disconnect.

感謝各位的參與，現在可以斷開連結了。