Aeva Technologies, Inc. (AEVA) 2026 Q3 法說會逐字稿

Please stand by. Your meeting is about to begin.

請稍候。您的會議即將開始。

Good afternoon, everyone. My name is Beau, and I will be your conference facilitator today. I would like to welcome everyone to Ava Technologies' third quarter 2026 earnings conference call. During the opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question-and-answer session. As a reminder, today's call is being recorded and simultaneously webcast. I would now like to turn the call over to Mr. Andrew Fung, Senior Director of Investor Relations and Corporate Development. Please go ahead, Mr. Fung.

各位下午好。我叫 Beau，今天將擔任各位的電話會議主持人。歡迎各位參加 Ava Technologies 2026 年第三季財報電話會議。在開場致詞期間，所有與會者將處於僅收聽模式。開場致詞後，我們將進行問答環節。提醒各位，今天的電話會議將被錄音並同步網路直播。現在我想把電話交給投資人關係與企業發展資深總監 Andrew Fung 先生。請開始，Fung 先生。

Thank you, and welcome everyone to Ava's third quarter 2026 earnings conference call.

謝謝，並歡迎各位參加 Ava 2026 年第三季財報電話會議。

Joining on the call today are Suresh Salahian, Ava's co-founder and CEO, and Rupesh Mahesh Tewari, Ava's interim CFO.

今天一同參與電話會議的有 Ava 共同創辦人兼執行長 Suresh Salahian，以及 Ava 代理財務長 Rupesh Mahesh Tewari。

Ahead of this call, we issued our third quarter 2026 press release and presentation, which we will refer to today and can be found on our investor relations website at investors.ava.com.

在本次電話會議之前，我們已發布 2026 年第三季新聞稿與簡報；今天將引用其中內容，並可於我們的投資人關係網站 investors.ava.com 查閱。

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.

請注意，在本次電話會議中，我們將基於目前的預期與假設作出前瞻性陳述。這些陳述存在風險與不確定性。

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.

這些陳述僅反映我們截至今日的觀點，不應被依賴為代表我們在任何後續日期的觀點。

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

這些陳述受到多項風險與不確定性影響，可能導致實際結果與預期存在重大差異。

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 10-Q and Form 10-K.

如需進一步了解可能影響我們財務結果的重大風險及其他重要因素，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括我們最新的 Form 10-Q 與 Form 10-K。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Avis performance.

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標；我們認為這些指標可作為 Ava 業績的補充衡量方式。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

這些非 GAAP 指標應與 GAAP 結果一併考量，而非取代 GAAP 結果，亦不應單獨使用。

The webcast replay of this call will be available on our company website under the Investor Relations link.

本次電話會議的網路重播將可在我們公司網站的「投資人關係」連結下收看。

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

接下來，我把電話交給 Suish。

Thanks, Andrew, and good afternoon, everyone. Q3 was a standout quarter for Ava, driven by growing demand for Ava's 4D lidar and optical solutions and our team's ability to execute on our strong commercial momentum.

謝謝你，Andrew，各位下午好。第三季對 Ava 而言是表現突出的季度，主要受惠於市場對 Ava 的 4D LiDAR 與光學解決方案需求持續成長，以及我們團隊在強勁商業動能下的執行能力。

Reflecting the ongoing scaling of our manufacturing. We achieved a new record quarterly revenue with product shipments growing by over 50% sequentially to also a new quarterly record.

反映我們製造規模持續擴張。我們創下單季營收新高，產品出貨量較前一季成長超過 50%，同樣創下單季新紀錄。

Ava's unified perception platform and core silicon photonics technology continue to prove its power and versatility, from enabling ADAS and higher levels of automation in automotive to a new win for precision manufacturing and our expansion to airborne autonomy and defense.

Ava 的統一感知平台與核心矽光子技術持續展現其強大能力與多元適用性：從支援汽車 ADAS 與更高等級自動化，到在精密製造領域取得新的訂單，並拓展至空中自主與國防。

Our momentum in optical connectivity is also accelerating as we deepen our collaboration with our JDA customer and advance on other customer engagements, including entering commercial negotiations with a second customer.

我們在光學連接（optical connectivity）方面的動能也在加速；我們深化與 JDA 客戶的合作，並推進其他客戶洽談，包括與第二位客戶進入商業談判。

As indicated by record quarterly shipments in Q3.

這一點也反映在第三季創紀錄的單季出貨量上。

We are progressing on aligning manufacturing with our growing demand.

我們正推進使製造端與日益成長的需求相匹配。

We are installing additional manufacturing capacity for our CoreVision lidar-on-chip module and plan to continue to scale as we enter 2027 to further position Ava to support customer deployments and commercial momentum.

我們正在為 CoreVision LiDAR-on-chip 模組增設額外產能，並計畫在邁入 2027 年時持續擴產，以進一步強化 Ava 支援客戶部署與商業動能的能力。

Now let me highlight some of our recent achievements and business developments in the last quarter.

接下來我將重點說明上一季我們近期的一些成果與業務進展。

Let's start in automotive, where we are achieving important milestones that demonstrate the maturity, quality and ability of AVA to support our major automotive production programs and additional engagements.

先從汽車領域談起；我們正達成多項重要里程碑，展現 AVA 的成熟度、品質，以及支援主要汽車量產專案與其他合作案的能力。

In trucking, we continue to work closely with Diamant Truck and Torque on sensor integration for validation and other milestones toward the commercialization of Diamant Truck's autonomous production program.

在卡車領域，我們持續與 Diamant Truck 與 Torque 緊密合作，進行感測器整合以支援驗證，以及推進 Diamant Truck 自動駕駛量產專案商業化所需的其他里程碑。

In support of this production work, we increased shipments of our production intent adless sensors to Daimler Truck.

為支援這些量產工作，我們增加了向 Daimler Truck 出貨的、具量產意圖的 ADAS 感測器。

These sensors are manufactured and tested at our fully automated assembly line at Jabil in North America.

這些感測器在我們位於北美、由 Jabil 運營的全自動化組裝產線上製造並完成測試。

And as we continue to ready for Daimler Truck's production program, as well as others, we began shipping directly from this facility.

隨著我們持續為 Daimler Truck 的量產專案以及其他專案做準備，我們已開始直接從該設施出貨。

In trucking, I am pleased to share that we have successfully completed our development program with Bendex on an integrated multi-modality solution for commercial ADAS applications.

在卡車領域，我很高興分享：我們已成功完成與 Bendex 的開發計畫，推出用於商用 ADAS 應用的整合式多模態解決方案。

Bendex is now working closely with multiple large commercial vehicle OEMs on securing production deals and we are in negotiations with Bendex on a production supply agreement to support these OEM volumes.

Bendex 目前正與多家大型商用車 OEM 緊密合作，以爭取量產合作案；我們也正與 Bendex 就量產供應協議進行談判，以支援這些 OEM 的需求量。

As we announced last quarter, Phendex is the industry leader in commercial vehicle ADAS and is using Ava's 4D LiDAR and perception software to develop its next-generation ADAS series production system.

如同我們在上一季所宣布，Phendex 是商用車 ADAS 的產業領導者，並正使用 Ava 的 4D LiDAR 與感知軟體，開發其下一代 ADAS 量產系統。

This is an exciting expansion opportunity for Ava and another example of how our unique silicon platonics architecture enables us to bring new levels of perception, a cost-effective and scalable solution, even for ADAS applications where LiDAR has traditionally not penetrated yet.

這對 Ava 而言是令人振奮的擴張機會，也再次證明我們獨特的矽光子（silicon platonics）架構，使我們能帶來新的感知水準、具成本效益且可擴展的解決方案——即使是在 LiDAR 傳統上尚未滲透的 ADAS 應用中亦然。

In passenger vehicles with the TOP10 European OEM, we continue to ship our ADVAS Ultra systems to the OEM and work jointly very closely on integration and stack development.

在乘用車方面，針對一家歐洲前十大 OEM，我們持續向該 OEM 出貨 ADVAS Ultra 系統，並與其密切合作進行整合與堆疊（stack）開發。

I am proud to share that this quarter, we also successfully passed the OEM's VDA audit, a key milestone for commercial deployments.

我很自豪地分享：本季我們也成功通過該 OEM 的 VDA 稽核，這是商業部署的一項關鍵里程碑。

The VDA audit is the European automotive industry's rigorous standard for evaluating product development and manufacturing processes.

VDA 稽核是歐洲汽車產業用以評估產品開發與製造流程的嚴格標準。

AVA was also the first LiDAR company to successfully pass the VDA audit on the first attempt.

AVA 也是第一家在首次嘗試就成功通過 VDA 稽核的 LiDAR 公司。

This is strong validation from an industry-leading OEM of the quality and maturity of the processes AVA has in place and along with other qualifications such as ISO 9,001 and Tysax to point to AVA's commitment to meeting stringent automotive standards.

這是產業領先 OEM 對 AVA 現有流程品質與成熟度的有力驗證；再加上 ISO 9,001 與 Tysax 等其他認證，皆顯示 AVA 致力於符合嚴苛的汽車標準。

Outside of these specific programs, we continue to progress with NVIDIA and its DRIVE Hyperion platform.

除上述特定專案外，我們也持續推進與 NVIDIA 及其 DRIVE Hyperion 平台的合作。

With a growing number of leading OEMs and industry players using to develop L3 and high autonomy for production vehicles.

越來越多領先 OEM 與產業參與者正在使用該平台，開發用於量產車的 L3 與高度自動化能力。

As announced earlier this year, NVIDIA selected Avos 40 LiDAR as its reference LiDAR sensor on this platform for markets outside of China.

如同今年稍早所宣布，NVIDIA 選擇 Avos 40 LiDAR 作為該平台在中國以外市場的參考 LiDAR 感測器。

We have delivered first unit and are working together on integrating and evaluating our 40 LiDAR data for OEM development and simulation.

我們已交付首批產品，並正共同進行整合與評估我們的 40 LiDAR 數據，以支援 OEM 的開發與模擬。

As we deliver on milestones of the drive Hyperion, we continue to believe that Ava, as a platform's core ladder supplier, ex China, is in a strong position to secure additional programs wins with DOLEMs and together with NVIDIA.

隨著我們達成 DRIVE Hyperion 的各項里程碑，我們仍相信 Ava 作為該平台的核心 LiDAR 供應商（中國以外），具備強勢地位，可與 NVIDIA 一同爭取更多 OEM 專案勝出。

Moving now to our optical connectivity business.

接下來談我們的光學連接業務。

Following the official launch last quarter, we continue to see growing traction and have advanced on multiple customer engagements, including with AI chip companies and optical solution providers to hyperscalers.

在上一季正式推出後，我們持續看到日益增長的市場牽引力，並在多項客戶合作上取得進展，包括與 AI 晶片公司以及向超大規模雲端業者（hyperscalers）提供光學解決方案的供應商。

In particular, we're now entering commercial negotiations with a second optical customer for another hyperscaler deployment.

尤其是，我們目前正就另一個 hyperscaler 部署案，與第二家光學客戶進入商業談判。

Similar to our first JDA customer, this program has the potential for multiple millions of units in volume annually starting by 2028 and ramping from there.

與我們第一家 JDA 客戶類似，該專案自 2028 年起每年在量產規模上有望達到數百萬顆，並在此基礎上逐步放量。

Ava's accelerating momentum is driven by our ability to deliver ultra-high power optical solutions.

Ava 動能加速，源於我們具備交付超高功率光學解決方案的能力。

More than 600 milliwatts using technology that we have proven over the last decade and industrialized to meet the rigorous requirements for our automotive and industrial customers.

功率超過 600 毫瓦；所採用的技術是我們在過去十年中已驗證，並已工業化以滿足汽車與工業客戶嚴格要求的技術。

One of the biggest bottlenecks facing AI data center build-outs is the limited supply and the options for reliable, high-power laser sources.

AI 資料中心建置所面臨的最大瓶頸之一，是可靠高功率雷射光源的供應有限，以及可選方案不足。

This is especially the case for optical sources capable of delivering more than 200 milliwatts, which is critical to support the increasing bandwidth demands of AI data centers.

這在能夠提供超過 200 毫瓦的光學光源上尤其明顯，而這對於支援 AI 資料中心日益增加的頻寬需求至關重要。

Ava's technology foundation enables our solutions to achieve the required combination of high performance, demonstrated high yield, and proven reliability.

Ava 的技術基礎使我們的解決方案能夠達成所需的高效能組合、已證實的高良率，以及經驗證的可靠性。

To support our momentum, we announced this morning an expanded portfolio of solutions all built on Ava's common high optical power and silicon photonics technology.

為了延續我們的動能，我們今天上午宣布擴充解決方案產品組合，全部皆建立在 Ava 共通的高光功率與矽光子技術之上。

Our offerings now include ultra-high power chipsets.

我們的產品現在也包含超高功率晶片組。

Multi-wavelength laser arrays and multi-channel external laser sources modules.

多波長雷射陣列以及多通道外部雷射光源模組。

These provide our customers greater flexibility in integrating Ava's technology into hardware stack and across successive generations of AI data center architectures.

這些讓客戶在將 Ava 技術整合至硬體堆疊，並跨越 AI 資料中心架構的連續世代時，擁有更高的彈性。

With opportunity to win additional multi-hundred million dollar programs annually.

並有機會每年贏得額外數億美元規模的專案。

We are also working diligently to secure incremental capacity to augment our existing long-term supply agreements with our foundry and manufacturing partners.

我們也正積極努力爭取新增產能，以補強我們與晶圓代工與製造合作夥伴既有的長期供應協議。

As we pursue additional opportunities with other potential customers, we're also progressing well with our first JDA customer, a leading provider of high-speed optical engines where we are working together on integrating AVA sources into an MPO solution for a major hyperscaler.

在我們與其他潛在客戶開拓更多機會的同時，我們與第一家 JDA 客戶的進展也相當順利；該客戶是高速光學引擎的領先供應商，我們正共同將 AVA 光源整合至一項面向主要超大規模雲端業者的 MPO 解決方案中。

We realized our first revenues in optical connectivity as we began shipping Ava ultra high-power chipsets to our JDA customer for system integration and validation.

隨著我們開始向該 JDA 客戶出貨 Ava 超高功率晶片組，用於系統整合與驗證，我們在光學連接領域實現了首筆營收。

We continue to target qualifications with a hyperscaler starting by mid-2027 for planned commercial deployments as early as late '27 and early 2028.

我們仍以在 2027 年年中開始與超大規模雲端業者進行資格認證為目標，並規劃最早於 2027 年底至 2028 年初進行商業部署。

In addition, we are also expanding our collaboration with this customer to work together on leveraging the same platform that we are building for other interested hyperscalers.

此外，我們也正擴大與該客戶的合作，攜手運用我們為其他有興趣的超大規模雲端業者所打造的同一平台。

AVA is also growing in defense where the performance advantages of AVA 4D LiDAR can be leveraged for mission-critical operations.

AVA 在國防領域也持續成長，AVA 4D LiDAR 的效能優勢可用於任務關鍵作業。

In particular. I am honored to share that the U.S. Air Force, together with the U.S. Navy, have selected AVA for joint development using our 4D LiDAR to enable new remote sensing and advanced air operations.

特別是。我很榮幸分享，美國空軍與美國海軍已選擇 AVA 進行聯合開發，使用我們的 4D LiDAR 以實現新的遙測能力與先進空中作戰。

This is because 4D LiDAR directly measures both the position and velocity of surrounding objects, which provide real-time situational awareness needed for autonomous aerial operations.

這是因為 4D LiDAR 可直接量測周遭物體的位置與速度，提供自主空中作業所需的即時態勢感知。

In addition, 40LiDAR's ability to operate without detection from night vision systems can support stealth operations.

此外，40LiDAR 在不被夜視系統偵測的情況下運作的能力，可支援匿蹤作戰。

Besides our work with the U.S. Air Force, we are seeing significant momentum with leading primes and others to leverage AVOS technology for drone and additional aerial applications.

除了我們與美國空軍的合作之外，我們也看到與主要承包商及其他夥伴的顯著動能，將 AVOS 技術用於無人機及其他空中應用。

On land, our partnership with Forterra continues to strengthen.

在地面方面，我們與 Forterra 的合作夥伴關係持續強化。

We have been shipping a significant number of sensors for Forterra's AGVs, which use AVA Atlas LiDARs as part of its autonomous vehicle system, AutoDrive.

我們已為 Forterra 的 AGV 出貨大量感測器；其 AGV 在其自動駕駛車輛系統 AutoDrive 中使用 AVA Atlas LiDAR。

This is for long-range and velocity detection, vehicle positioning, and stealth operational capability in GPS denied environments.

這些用於長距離與速度偵測、車輛定位，以及在 GPS 受限環境中的匿蹤作業能力。

We're also actively pursuing new opportunities together where we can offer a differentiated joint solution for defense and security-related applications.

我們也正積極共同開拓新機會，提供具差異化的聯合解決方案，用於國防與安全相關應用。

Moving now to precision sensing, where we are growing our shipments for commercial programs with multiple industry leaders.

接著談到精密感測，我們正為多家產業領導者的商業專案增加出貨。

As we just announced, MicroEpsilon, a global leader in factory automation, has selected Ava's Eve high-precision technology to power their next generation of solutions for factory automation.

如同我們剛宣布的，工廠自動化的全球領導者 MicroEpsilon 已選擇 Ava 的 Eve 高精度技術，為其下一代工廠自動化解決方案提供核心動力。

Micro Epsilon is a trusted leader by major companies across the world and ships more than 100,000 precision sensors annually for factor automation and automated quality inspection, such as distance and thickness measurements.

Micro Epsilon 深受全球各大公司信賴，每年出貨超過 100,000 個精密感測器，用於工廠自動化與自動化品質檢測，例如距離與厚度量測。

Its sensors are used across a wide range of industries from automotive and robotics to electronics and semiconductors manufacturing.

其感測器廣泛應用於多元產業，從汽車與機器人到電子與半導體製造。

The future of factor automation requires sensing solutions that improve speed and accuracy.

工廠自動化的未來需要能提升速度與精度的感測解決方案。

Ava's FMCW-based technology offers coaxial measurements at best-in-class speed and accuracy regardless of materials, standoff distance, and lighting conditions.

Ava 以 FMCW 為基礎的技術可在不受材料、工作距離與光照條件影響下，以同軸量測方式提供同級最佳的速度與精度。

This enables fast, reliable, and precise measurements that can improve throughput, quality control, and costs in manufacturing.

這使得量測更快速、可靠且精準，進而提升製造的產能、品質控管並降低成本。

As part of our multi-year supply agreement that we just signed, we have already received an initial order for multiple thousands of sensors from MicroExilon, and we look forward to our collaboration together to deliver new capabilities for factory automation.

作為我們剛簽署的多年期供應協議的一部分，我們已收到 MicroExilon 的首筆訂單，數量為數千個感測器；我們期待與其合作，為工廠自動化帶來新的能力。

In summary, we have been incredibly busy with our results highlighting the broad uses and growing demand for AVO solutions, whether in automotive, defense, or factory automation. Or AI data centers, we are executing, delivering to our customers and expanding our market presence.

總結來說，我們非常忙碌；我們的成果凸顯 AVO 解決方案的廣泛用途與持續成長的需求，無論是在汽車、國防或工廠自動化。或是在 AI 資料中心，我們都在落實執行、交付客戶並擴大市場版圖。

I will now turn the call over to Rupesh to walk through our Q3 financial results. Rupesh, over to you.

接下來我將把電話會議交給 Rupesh，請他說明我們第三季的財務結果。Rupesh，交給你。

Thank you, Sorosh, and good afternoon, everyone. Overall, Ava's Q3 financial results highlight our increasing shipments as we scale manufacturing to meet more of our growing demand across broad range of markets, as well as some investments to support our significant momentum in optical connectivity.

謝謝你，Sorosh，各位下午好。整體而言，Ava 第三季財務結果凸顯：隨著我們擴大製造規模以滿足多元市場日益成長的需求，我們的出貨量正在增加；同時也進行了一些投資，以支援我們在光學連接領域的強勁動能。

Specifically, revenue was $6.7 million in the quarter, which represents a new quarterly record for Ava, including within this a new quarterly record in product shipments.

具體而言，本季營收為 670 萬美元，創下 Ava 單季新高，其中也包含產品出貨的單季新紀錄。

Non-GAAP operating loss was $27.7 million in Q3, which continues to be similar to prior year levels as we remain disciplined on operating expenses while scaling the business.

第三季 Non-GAAP 營業虧損為 2,770 萬美元；在我們擴大業務規模的同時，仍對營運費用保持紀律，因此該水準與前一年相近。

Q3 gross cash use, which we define as operating cash flow less CapEx, was $30.6 million.

第三季毛現金使用額（我們定義為營運現金流量減去資本支出 CapEx）為 3,060 萬美元。

We ended the quarter with total available liquidity of $272.5 million.

本季末我們的可用流動性總額為 2.725 億美元。

In November, we extended the maturity of our $125 million facility for an additional two years.

11 月，我們將 1.25 億美元融資額度的到期日延長兩年。

The facility remains fully undrawn and at management's decision to draw.

該融資額度目前仍完全未動用，是否動用由管理層決定。

As demonstrated by growing adoption of AWAS solutions from automotive and industrial to defense and optical, our commercial momentum is growing.

從汽車與工業到國防與光學領域，AWAS 解決方案的採用度持續提升，顯示我們的商業動能正在增強。

We continue to believe our liquidity position. And disciplined approach to spend enables Eva to execute on our mission.

我們仍相信我們的流動性狀況。以及對支出的紀律性做法，使 Eva 能夠執行我們的使命。

With that, I will turn the call back over to Sorosh for his closing remarks.

接下來我把電話會議交回 Sorosh，請他做結語。

Thank you, Ripesh. In closing, Q3 was a strong quarter with record quarterly revenue and new wins, clear indication of the significant commercial momentum of our Sensing and Perception business and the expansive opportunity as we grow our optical platform.

謝謝你，Ripesh。最後總結，第三季表現強勁，創下單季營收新高並取得新案，清楚顯示我們感測與感知業務的顯著商業動能，以及隨著我們擴展光學平台所面臨的廣大機會。

It is also clear validation of our execution, and I want to thank the Ava team for their ongoing dedication and contributions.

這也清楚驗證了我們的執行力，我要感謝 Ava 團隊持續的投入與貢獻。

As we head into the final quarter of 2026, we remain focused on the objectives we set this year, including delivering on our production customer milestones while securing additional wins, scaling manufacturing to support demand and maintaining our financial discipline as we continue our growth and momentum.

邁入 2026 年最後一季之際，我們仍聚焦於今年設定的目標，包括達成量產客戶里程碑並爭取更多新案、擴大製造以支援需求，以及在持續成長與動能之下維持財務紀律。

But with that, let's now turn to Q&A.

那麼，接下來進入問答。

Thank you very much, Mr. Salahi. And ladies and gentlemen, at this time, if you do have any questions, please press star one. If you find your question has been addressed, you may remove yourself from the queue by pressing star two. Once again, star one for questions this afternoon. We do ask that you please try to limit yourself to one question and one follow-up. We'll go first today to Colin Rush with Oppenheimer.

非常感謝您，Salahi先生。各位女士、先生，現在若您有任何問題，請按星號 1。若您發現您的問題已被回答，您可以按星號 2 退出隊列。再次提醒，今天下午提問請按星號 1。也請各位盡量限制為一個問題加一個追問。我們今天先請 Oppenheimer 的 Colin Rush。

Thanks so much, guys, and congratulations on all the progress here. Can you talk about the complexity and depth of conversation that you're having or having with incremental customers in the optical connectivity space? Just curious about how much of those conversations are and how quickly they might move into another JDA.

非常感謝，各位，也恭喜你們在這裡取得的所有進展。你們能否談談在光學連接領域，與新增客戶所進行對話的複雜度與深入程度？我想了解這些對話大概涵蓋哪些內容，以及它們可能多快會推進到另一個 JDA。

Yeah, hi, Colin. Thanks for the question. I have to answer that. So, to be H1st, the progress has been.

是的，嗨，Colin。謝謝你的提問。我必須回答這個問題。所以，坦白說，到目前為止的進展是。

Amazing and overwhelming. We have had a lot of traction in the outreaches that we've had, but also customer engagements, as well as our current JDA program.

令人驚艷且超出預期。我們在對外拓展方面獲得了很多動能，同時也有客戶互動，以及我們目前的 JDA 計畫。

As you saw, we just announced a new portfolio of products that help us expand and broaden our offerings in the optical data center market, but specifically on the engagements, we are engaged with multiple of the leaders in AI chip companies, the hyperscalers, the likes we have mentioned in the past before.

如你所見，我們剛宣布了一個新的產品組合，協助我們在光學資料中心市場擴大並拓寬產品供應範圍；但就具體的合作洽談而言，我們正與多家 AI 晶片公司的領導者、超大規模雲端業者（hyperscalers），也就是我們過去提過的那些公司，進行合作。

And the others, and also including some of the optical engine companies.

以及其他公司，也包括一些光學引擎公司。

And the opportunity, obviously, for each of these deals is quite massive. I think what's important is that we're seeing one of the reasons we're seeing this traction solidify in a very quick manner. If you think about it from last year, it's only been a few months since we announced our expansion in this business is that we are able to deliver a proven. Capability with high-power sources, what we call the UHP, ultra high power, now with these other products, the Spectra and Mesa. And we see that actually when the customers go and test this, they see that it's actually working and meeting the specs, which has been a big challenge for the market itself. So this market is one that it's not just there is a massive opportunity that's been unprecedented.

而且很明顯，每一筆交易的機會都相當龐大。我認為重要的是，我們之所以看到這股動能能在很短時間內快速鞏固，其中一個原因是：如果你回想去年，從我們宣布擴展這項業務到現在其實才幾個月，我們就已能交付經過驗證的。能力：具備高功率光源，也就是我們所稱的 UHP（ultra high power，超高功率），再加上這些其他產品 Spectra 和 Mesa。而我們也看到，當客戶去測試時，他們發現確實可運作並符合規格，而這一直是整個市場的一大挑戰。因此，這個市場不只是存在一個前所未有的巨大機會。

But there's also a significant gap in terms of actual solutions, technical capabilities and availability. And I think Ava is one of the very few companies that has been able to deliver on that, show that to them the actual data, the reliability and the performance that's needed to meet those demands, which I think has resulted directly in the speed of our progress on the deals.

同時在實際解決方案、技術能力與供應可得性方面也存在顯著缺口。我認為 Ava 是少數能夠做到這點的公司之一：向他們展示實際數據、所需的可靠性與效能，以滿足那些需求；我認為這也直接帶動了我們在交易推進速度上的成果。

Obviously, we need to deliver these modules. To customers, they need to get into qualifications. So there is those timelines that are set, but this is much faster than, let's say, a typical program, especially in other markets. So we're feeling really excited about that. That's why we're expanding offerings there. And each of these opportunities provide us with volumes that range in multiple millions of units to get to multiple hundred million dollars of revenue opportunity. So that's why we are engaging this market.

當然，我們需要把這些模組交付。給客戶，他們需要進入認證流程。所以會有既定的時程，但這仍比一般典型專案快很多，尤其是在其他市場。因此我們對此感到非常振奮。這也是為什麼我們要在那裡擴大產品供應。而且每一個機會都能帶來從數百萬顆到數千萬顆的出貨量，並可對應到數億美元的營收機會。所以這就是我們投入這個市場的原因。

I think from here on, we're hoping that our engagement, including this next phase of contract negotiations with the second customer is going to move in a timely fashion and similar to what we've done in the past quarter.

我想接下來，我們希望我們的合作推進——包括與第二位客戶進入下一階段的合約談判——能夠及時推進，並且類似於我們在上一季所完成的進度。

And I guess one of the biggest questions around that market is really about your ability to meet the volume demand, so can you talk about what sort of preparations you've got started already as you get a little bit more confidence in the viability and the concrete sales that start to march next year?

我想這個市場最大的問題之一，確實在於你們是否有能力滿足量產需求；所以你能談談，隨著你們對可行性以及明年開始逐步落地的具體銷售更有信心時，你們已經開始做了哪些準備嗎？

Yeah, I think you're talking about like basically the milestones from here on to get to qualification and launch, correct?

是的，我想你指的是，基本上從現在起到完成認證與上市之間的里程碑，對嗎？

Yeah, and preparations to meet the volume, right, from a manufacturing perspective. So that's a very good point, yeah.

對，還有從製造角度來看，為了滿足出貨量所做的準備。所以這點非常好，是的。

Yes, so I think you bring up a very important point, which is obviously it starts with the demand, which we're seeing that's very significant and important.

是的，所以我認為你提出了一個非常重要的點：顯然一切從需求開始，而我們看到的需求非常顯著且重要。

Then it's the actual, locking the customers down. We have the first JDA and we're now engaged in multiple and we have now a second customer on the line. We're in contract negotiations. But of course, from here, it is very important to set up the supply, right? I think at Ava, besides having the capability of actually meeting the performance requirements, we also have a unique approach in terms of our supply base. We provide offerings.

接著是實際把客戶鎖定下來。我們已有第一個 JDA，現在也同時在推進多個合作，並且目前已有第二位客戶在洽談中。我們正在進行合約談判。但當然，從這裡開始，建立供應端就非常重要，對吧？我認為在 Ava，除了具備實際滿足效能要求的能力之外，我們在供應基礎方面也有獨特的方法。我們提供產品方案。

That may not always share the same, let's say, foundry as some of the other folks that are captive or pretty loaded up already in the AI data centers. We have a strategic.

這些方案未必會與其他一些公司共用同一家（例如）晶圓代工廠；而那些公司可能是自有產能（captive）或在 AI 資料中心領域已經非常滿載。我們有策略性的。

Relationships and agreements, long-term agreements with our partners in the foundry and fab space as well as our manufacturing partners. We have already established those and strengthened those since the last quarter that allow us to have visibility of capacity and supply availability in the next multiple years, two to three years.

關係與協議：我們與晶圓代工與晶圓廠（foundry 與 fab）領域的合作夥伴，以及我們的製造合作夥伴，簽有長期協議。我們早已建立並在上一季以來進一步強化這些合作，使我們能掌握未來數年（兩到三年）的產能與供應可得性。

We're also in parallel now working to expand that supply capacity so we can really flex up the volumes as we are adding more and more customers. So that's, I think, something that the work has been done and ongoing. And as we're able to provide more updates, also we will share on that. So that's, I think, an important topic where the supply capacity and availability also showing that to the key customers is important. And we have already been doing some of that, which is those JDA customers already were comfortable enough to give us a first agreement board and go from there.

同時我們也在並行擴充供應產能，這樣隨著我們新增越來越多客戶，就能真正彈性拉升出貨量。所以我認為這方面的工作已經完成一部分且仍在持續進行。而當我們能提供更多更新時，也會對外分享。因此我認為這是一個重要議題：供應產能與可得性，以及向關鍵客戶展示這些能力都很重要。我們其實已經在做其中一部分；也正因如此，那些 JDA 客戶才會有足夠信心先給我們第一份協議，並從那裡往下推進。

Thanks so much, guys.

非常感謝，各位。

Thank you. We'll go next now to Joseph Moore of Morgan Stanley.

謝謝。接下來我們請 Morgan Stanley 的 Joseph Moore。

Hi, you have Mason here on behalf of Joe. I wanted to ask another question on the optical connectivity business.

嗨，我是 Mason，代表 Joe。我想再問一個關於光學互連業務的問題。

As you move kind of from a single engagement now talking about multiple engagements, multiple products, has your assessment on the level of investment required to this, has that changed at all over the last six or nine months? And can you give us any color on.

當你們從單一合作推進，現在談到多個合作、多項產品時，你們對於所需投資水準的評估，在過去六到九個月之間有任何改變嗎？以及你能否提供一些說明。

How Ava internally just needs to change as a business in order to kind of effectively go after this opportunity, especially given the size of the market and the size of some of the incumbents kind of competing in the space as well.

關於 Ava 在內部需要如何調整，才能有效把握這個機會——特別是考量到市場規模，以及在這個領域競爭的一些既有大型業者（incumbents）的規模。

Sure, Mathan, yes, happy to answer that.

當然可以，Mathan，是的，很樂意回答。

As you mentioned, I think it's important how we structure so that we can, one, deliver on our existing programs and cost automotive, industrial, and others. But also, the reason we're entering this market and expanding on it now is because it's a massive opportunity, but also one that's near term, right? So on your kind of first question in terms of investments, yes, we are increasing some of our investments to make sure that we can go after and deliver on these. Very large customer opportunities and actual agreements that we have now, then also working on committing some of our supply capacity so that we can secure that. And I mean, you probably heard that other folks talk about some of the sources from an availability standpoint being booked up till 29 now. So I think that provides us both an opportunity, but also important to be able to show that to our end customers the capacity that we have. So. We are making some of those investments.

如你所提，我認為我們如何進行組織架構安排很重要，這樣我們才能：第一，交付我們既有的專案，涵蓋汽車、工業以及其他領域。但同時，我們之所以現在進入並擴大這個市場，是因為它是一個巨大的機會，而且也是近期就能落地的機會，對吧？所以就你第一個問題、關於投資而言，是的，我們正在增加部分投資，以確保我們能夠爭取並交付這些。非常大型的客戶機會，以及我們目前已取得的實際協議；同時也在著手承諾（預留）部分供應產能，以便我們能把它鎖定下來。而且你可能也聽到其他人提到，從供應可得性的角度來看，有些來源現在已經被預訂到 2029 年。所以我認為這既帶來機會，但同時也很重要：我們必須能向終端客戶展示我們具備的產能。所以。我們正在進行其中一些投資。

We think that's already part of our plans and as we have talked about some growth in our investment there that we're doing and we're going step by step with the customers. But obviously, where we have to invest in long lead or doing long-term agreements, we're putting those in place now so we can have the capacity we need already for the back half of '27 and then wrap up in 2028. So that's one and then from a team structure, absolutely right, we have already defined a team, obviously led by. Pradeep to drive and lead the optical connectivity business. This is a separate team that is working through the product portfolio that we talked about, developing these UHP chipsets, the chip arrays, but also the Spectra and Mesa platforms and then as we expand on that, more on that. And we have already hired folks in this area and we're going to continue to do that and that's going to be its own.

我們認為這已經是我們計畫的一部分，而且正如我們先前談到的，我們正在逐步增加在那裡的投資，並且與客戶一步一步推進。但很明顯地，在我們必須針對長交期項目投資或簽訂長期協議的地方，我們現在就把這些安排到位，這樣我們在 2027 年下半年就能具備所需產能，並在 2028 年完成收尾。這是一方面；另外就團隊架構而言，你說得完全正確，我們已經定義了一個團隊，當然由Pradeep 來推動並領導光學連接業務。這是一個獨立團隊，正在推進我們談到的產品組合，開發這些 UHP 晶片組、晶片陣列，同時也包括 Spectra 與 Mesa 平台；隨著我們擴展，後續還會有更多。我們已經在這個領域聘用了人員，並且會持續招募，而這將會是其自身的一個業務單位。

Team and business that's going to continue to grow. And likewise, as we go along, we're going to also be looking at some adjustments across the company to make sure that we have the right structure for all the other business that we have across automotive, industrial and have that focus in a few key areas that really help us expand and grow and capture the market with our Perception platform.

這個團隊與業務將會持續成長。同樣地，隨著我們往前推進，我們也會檢視並在全公司範圍內做一些調整，以確保我們在汽車、工業等其他業務上具備正確的組織架構，並在幾個真正能幫助我們擴張、成長、以及透過我們的 Perception 平台掌握市場的關鍵領域保持聚焦。

Thank you. We'll go next now to Mark Delaney with Goldman Sachs.

謝謝。接下來我們請高盛（Goldman Sachs）的 Mark Delaney。

Yes, good afternoon.

是的，下午好。

Thank you for taking the questions and good to hear about the progress in the data center space. I just have one on the auto market to start. I was hoping you could give a bit more color and context on the engagement with the European TOP10 OEM and if there's been any. Changes and when and how that OEM may deploy your LiDAR. I know you mentioned that Ava's development is going very well, but if you could put that into contact with the broader program as well as just the volatility in the European auto market that's been happening with the higher competition from the Chinese OEMs?

謝謝讓我提問，也很高興聽到你們在資料中心領域的進展。我先從汽車市場問一個問題。我希望你們能就與歐洲前十大（TOP10）OEM 的合作互動提供更多細節與背景，以及是否有任何變化，還有該 OEM 可能在何時、以何種方式部署你們的 LiDAR。我知道你們提到 Ava 的開發進展非常順利，但如果你們也能把這放到更大的專案脈絡中來談，並且談談歐洲汽車市場因中國 OEM 競爭加劇而出現的波動？

Sure. I think first of all, as I mentioned on the call, we're making progress really well across automotive, and I'll touch on that. But to answer your question first, on the TOP10, your opinion OEM first, obviously, in the past quarter, we have been working, obviously, every day we work very closely with them, but in the past quarter, we've hit some important milestones, including achieving the VDA audit, passing the first attempt, and on the OEM itself.

當然。我想首先，如同我在電話會議中提到的，我們在汽車領域整體進展非常順利，我也會談到這點。但先回答你的問題，關於那家前十大（TOP10）的歐洲 OEM，顯然在過去一季，我們一直在合作——我們每天都與他們非常緊密地合作——但在過去一季，我們達成了一些重要里程碑，包括完成 VDA 稽核並且第一次就通過，並且在 OEM 本身方面也是如此。

They are on a very accelerated timeline and get this product to market. We're working very closely to enable that and there is obviously critical functionality for autonomy that I think our technology helps enables and that is why that is a core part of the strategy for the OEM in terms of their.

他們正以非常加速的時程把這個產品推向市場。我們正非常緊密地合作以促成這件事；而且在自動駕駛方面有一些關鍵功能，我認為我們的技術有助於實現，這也是為什麼就該 OEM 的策略而言，這會是其核心組成之一，體現在他們的

Feature set. So I think for that, you talk about kind of the overall competition in the auto market and the volatility, I think OEM sees the ability to bring the new technology that really enables Level 3 automation on the roads, on the highway and then eventually the urban as a critical differentiator and. That's why the timing of this program and the importance of this program is very high and Ava is right at the center of providing that capability for the non-China market.

雙方團隊合作推進得非常順利；我們對 OEM 的時程感到樂觀，他們的上市計畫正按軌道進行；而且在接下來幾個月我們也有一些重要里程碑要共同交付，我們正非常緊密地合作，但整體而言進展非常好。我們也已經在與他們合作下一代產品，我們認為這將持續擴大業務，並進一步導入到一些高出貨量的車型上。以上是關於那家前十大（TOP10）OEM。另外在汽車領域的其他部分，上個季度我們在市場的另一側也取得了很好的進展，包括卡車領域。我們與 Bendex 完成了一個開發專案，這很重要，因為它能展示我們的感測器可以適用於 ADAS 應用，並能與其他感測模態協同運作，結合我們的感測器與軟體。

Where the teams are progressing really well working together, we feel good about the OEM's timeline, they're on track for their launch and we have some important milestones coming up for the next number of months as well that we're working very closely together to deliver, but overall it's progressing really well. We're also working together on the next generation already, which we see that is going to continue to expand the business and also in turn to a number of the high volume. Models as well. That's on the TOP10. And then maybe just on the other automotive side, the last quarter also we progressed really well with the other side of the market, including with trucking. We completed a development program with Bendex, and that was important to be able to showcase that our sensors can fit in for the ADAS applications, working with other modalities together, using our sensor and software.

現在我們已經能夠展示並證明額外的功能——例如自動緊急煞車或乘用車煞車功能——正在創造價值，這點很重要；而 Bendex 目前也已經在與多家 OEM 針對下一階段的量產合作案展開工作；我們也正進入與 Bendex 的商業談判與合約階段，因此那邊也有多項合作在推進，這同樣也一直在進展。

Now we were able to showcase and prove that the additional functionality for example, automatic emergency braking or passenger braking functions are adding value and that's something that's important and Bendex already is working now with multiple OEMs on the next phase of the production deals and we are actually now entering the commercial negotiation contract phase with Bendex as well, so multiple engagements there that's also been.

Thanks for that color. My second question was on the financial outlook.

謝謝你提供這些細節。我的第二個問題是關於財務展望。

For 2026, is the company still tracking into that $30 million to $36 million revenue range that was previously communicated? And any initial thoughts on 2027 and whether the framework of roughly 100% annual growth per year is applicable for 2027?

對於 2026 年，公司是否仍在朝先前溝通的 3,000 萬到 3,600 萬美元營收區間前進？以及對 2027 年是否有任何初步看法——先前大約每年 100% 年成長的框架，是否也適用於 2027 年？

Yeah, thank you for your question. We feel good about the quarter. The business is getting momentum and we had a record product shipment in Q3, as you've seen in our press release.

是的，謝謝你的問題。我們對本季表現感到滿意。業務正在累積動能，而且我們在第三季（Q3）的產品出貨量創下紀錄，如同你在我們的新聞稿中看到的。

We also launched our optical connectivity offering and signed contracts with micro Epsilon and defense customers. We are also seeing a lot of strong inbound interest and actively working with a number of potential opportunities. So all of us.

我們也推出了光學連接產品，並與 micro Epsilon 以及國防客戶簽訂合約。我們也看到大量強勁的主動洽詢（inbound interest），並正積極與多個潛在機會合作推進。因此，這些都

Gives us confidence in the opportunities ahead.

讓我們對未來的機會更有信心。

Thank you.

謝謝。

Thank you. We'll go next now to George Gianaricus at Canaccord.

謝謝。接下來我們請 Canaccord 的 George Gianaricus。

Hi, everyone.

各位好。

Thank you for taking my questions. I'd like to expand upon the previous question a little bit, and I'm not asking for explicit financial guidance, but.

謝謝讓我提問。我想在前一個問題的基礎上再延伸一點，我不是在要求明確的財務指引，但

As we attempt to frame your multiple design wins, all the traction that you have, how should we think about broadly the impact to '27 and '28 of all the industrial partnerships in trucking, passenger auto, data center, etc. Like is this sort of a hockey stick moment in '27 and then especially in '28 as all the work that you've been doing for the last several years builds up?

當我們嘗試為你們多個 design win、以及你們所取得的各種進展建立一個框架時，我們應該如何從宏觀角度看待這些工業合作夥伴關係——卡車、乘用車、資料中心等等——對 2027 年與 2028 年的影響？例如，這是否會在 2027 年出現「曲棍球棒」式的拐點，並且特別是在 2028 年，因為你們過去幾年所做的工作開始累積並顯現成果？

George, this is Durish, happy to answer that. Look, obviously, we have we are firing on multiple cylinders, right? We have, as we discussed on the call and you alluded to it, there is momentum.

George，我是 Durish，很樂意回答。你看，很明顯地，我們正在多線並進，對吧？正如我們在電話會議中討論、你也提到的，確實有動能。

And that's now translating into growth of our product shipments and then revenues directly from multiple segments. So we're feeling good about not just obviously where we are in this period, but really good about what's ahead with obviously, we don't provide guidance for future years, but we have set the framework at our. Investor call, investor meeting earlier in the year, and we are feeling good about that rate of growth in the 70% to 100%. But I think beyond that, any one of these, if you look at other opportunities across defense, but also very importantly on the optical connectivity market is really not baked into that, right? So that I think is something that one of those.

而這現在正轉化為我們在多個細分市場的產品出貨成長，以及直接帶動營收成長。所以我們不僅對目前這段期間的表現感到樂觀，也對未來非常有信心；當然，我們不提供未來年度的指引，但我們在今年稍早的投資人電話會議／投資人會議上已建立了相關框架，而我們對 70% 到 100% 的成長率感到有信心。但我認為除此之外，如果你看國防等其他機會，尤其是光學連接市場，其中任何一項其實都還沒有被納入那個框架之中，對吧？所以我認為這是值得注意的一點：其中任何一項——因此我想那是其中之一。

Converting and scaling, especially in the back half of the year, then it will result in that hockey stick curve that you're talking about, and that's why we are investing in this and we're feeling that and we're seeing that feedback now directly from the customers. And again, that I think is going to have a game-changing effect for the company and that will directly show up in our growth in a very strong way that is not big the plans today.

轉換並擴大量產，特別是在下半年，將會形成你所提到的那條「曲棍球棒」曲線；這也是為什麼我們正在投入這件事、我們正在感受到它，而且我們現在也直接從客戶那裡看到這樣的回饋。再說一次，我認為這將對公司產生改變遊戲規則的影響，並且會以非常強勁的方式直接反映在我們的成長上，而這在今天的計畫中還不算大。

Thank you. And maybe just to focus in on passenger auto for a minute, I mean, there seems to be maybe additional momentum in Western OEMs exploring accelerating their pathway to additional advanced autonomous solutions. Are you seeing any increased conversation volume from some other. Passenger auto OEMs outside of the one when you already have in terms of deploying your solution?

謝謝。也許先把焦點放在乘用車一分鐘；我的意思是，西方 OEM 似乎在探索加速導入更先進自動駕駛解決方案的路徑上，可能出現了額外的動能。你們是否看到來自其他一些的對話量增加。除了你們已經合作的那一家之外，其他乘用車 OEM 在部署你們解決方案方面，有沒有更多接觸？

Thank you.

謝謝。

Yeah, absolutely. I think overall, yes, I think we are seeing, where we are is we're feeling really good about on the automotive side, as I mentioned, the first TOP10 passenger European OEM on the trucking side. Now also in our collaboration with Nvidia, I remember that we are the.

是的，絕對有。我想整體而言，是的；我認為我們正在看到——就我們所處的位置而言，我們在汽車端的進展讓我們感覺非常好，正如我提到的，在卡車端我們拿下了第一家歐洲 TOP10 乘用車 OEM。另外，在我們與 NVIDIA 的合作中，我記得我們是那個。

Core sensor of choice out of China for the Hyperion platform. So NVIDIA obviously is securing a number of OEMs and as OEMs across the globe are deploying. With Hyperion between '28 to '29, we expect that multiple OEMs also going to be adopting that. And that I think is going to be also a sales channel for us and help us to expand into a number of other OEMs. So that's why I think that's already the progress that we're making there is very encouraging. And I think focus for us is deliver on the first. Engagement for the first production program with the TOP10 OEM. I think from there, we're going to expand pretty quickly in multiple OEM programs. So that's also why, of course, we're hiring in that area as we expand there.

作為 Hyperion 平台在中國以外的首選核心感測器。因此，NVIDIA 顯然正在爭取多家 OEM；而當全球各地的 OEM 開始部署時，隨著 Hyperion 在 2028 到 2029 年間落地，我們預期也會有多家 OEM 採用它。我認為這也會成為我們的一個銷售通路，並幫助我們擴展到更多其他 OEM。所以我認為，我們在那裡取得的進展已經非常令人鼓舞。而我認為我們的重點是把第一個。與 TOP10 OEM 的首個量產專案合作交付好。我認為從那裡開始，我們會很快擴展到多個 OEM 專案。所以這也是為什麼，當然，隨著我們在那個領域擴張，我們也在那裡招募人員。

And I think separately from that, you asked about kind of OEMs in North America and the US.

另外，你問到北美與美國的 OEM。

I would say generally, yes, we are seeing some revival of interest for RFI, RFQ programs also coming.

我會說整體而言，是的；我們確實看到對 RFI、RFQ 專案的興趣有所回升，也開始出現。

And some of those already touched the NVIDIA platform and a few don't, but we are involved in both camp of that. And so that's why we feel good about our progress in auto, which also allows us, if you recall, our strategy has always been work with the leaders in the respective fields that have the volume, the capability, and scale to get us to market.

其中有些已經涉及 NVIDIA 平台，也有一些沒有，但我們兩邊都在參與。因此，我們對汽車領域的進展感到樂觀；而且如果你還記得，我們的策略一直是與各自領域中具備出貨量、能力與規模、能把我們帶到市場的領導者合作。

Build on that and land and expand. So we're done that automotive now, we're executing on that, and we're now also able to do that now in other markets, including optical connectivity as well.

在此基礎上再深化，先落地再擴張。所以我們現在已經在汽車端完成了這一步、正在執行中；同時我們也能在其他市場複製這個做法，包括光學互連。

Thank you.

謝謝。

Thank you. We'll go next now to Richard Shannon with Craig Allum.

謝謝。接下來我們請 Richard Shannon，Craig Allum。

Mr. Shannon, your line is open. You might be on mute, sir.

Shannon 先生，您的線路已開通。。先生，您可能處於靜音狀態。

You're right. I was on mute. Apologies for that. Sir, thanks for letting me ask a couple of questions here. The first one to ask is on your press release today about expansion of your optical connectivity portfolio.

您說得對。我剛剛在靜音。對此致歉。先生，謝謝讓我在這裡問幾個問題。第一個問題是關於你們今天新聞稿中提到擴展光學互連產品組合。

Maybe actually a two-parter and apologies if I stumble through this here, but.

也許其實是兩個部分的問題，如果我表達得不太順也請見諒，但。

The first part of it is looking at your ultra high-powered chipset here. How is this different than what you've announced earlier in the year? You had that paper in January that talked about an SOA. And then I think the solution you were originally talking about was a laser combined with an SOA here. This one doesn't describe an SOA in it. So is this just a branding mechanism for that? Or is this entirely new chipset?

第一部分是看你們這款超高功率晶片組。它和你們今年稍早宣布的有何不同？你們在一月有一篇論文談到 SOA。然後我記得你們原本談的解決方案是雷射結合 SOA。但這次的描述裡沒有提到 SOA。所以這只是品牌命名上的調整嗎？還是這是一個全新的晶片組？

And if so, how are they different? And then the second part of the question is on the Mesa product here where it has more than 600 milliwatts per channel. I guess I thought that kind of power was actually going to melt or degrade the fiber. So if you could address that as well, then I have one follow-up.

如果是的話，它們有何不同？第二部分是關於 Mesa 產品，每通道超過 600 毫瓦。我原本以為那種功率會把光纖熔化或造成劣化。如果你也能回應這點，我還有一個追問。

Thank you.

謝謝。

So Richard, yeah. So first of all, I do want to mention one thing. One of the core capabilities of Ava, why we are entering this market, why we see the significant interest and actual traction now resulting in contracts and growth is that we have a unique capability that fits this. Market gap with high-power sources. So obviously, we're working on we had to go develop this for about 10 years because nobody had it. So we're not like coming up all of a sudden with a random thing that says we have a bunch of power that we can output, we had to develop this, we have significant IP, we have all the field data that reliability.

Richard，是的。首先我想先提一點。Ava 的核心能力之一，也是我們為什麼進入這個市場、為什麼我們看到顯著的興趣與目前已轉化為合約與成長的實際進展，是因為我們具備一項獨特能力，能以高功率光源填補這個市場缺口。所以很明顯地，我們投入並開發這項技術大約 10 年，因為之前沒有人具備。因此我們不是突然冒出一個隨機的東西，說我們能輸出一大堆功率；我們必須把它開發出來。我們擁有大量 IP，也有所有現場資料與可靠性。

And the many thousands of hours of testing and actual field evaluation, which is very rare in the market, as obviously you know very well from the space. So I think that I just want to highlight that. And naturally, obviously, we have been developing higher and higher power sources because that's a requirement for the next generation of architecture is going from 800 to 1.6, 2.2 and beyond that.

以及數千小時的測試與實際現場驗證；如你對這個領域非常了解，這在市場上是非常罕見的。所以我想先強調這一點。而且很自然地，我們一直在開發功率越來越高的光源，因為下一代架構的需求正從 800 走向 1.6、2.2 以及更高。

And then specifically for the UHV, this is a new chip, this is not just a rebranding of the same thing we announced, this is actually a laser device and we are saying that we can achieve what we see as industry best performance over 350 milliwatts at 50C with very low noise. And low rent and the performance that's needed for data center market, and we're actually seeing greater than that, so we also have runway with our products to go beyond that, and I think that also is looking ahead in the architectures as folks are needing that, so that's one of the other important things with customers is like.

至於 UHV，這是一顆新晶片，不只是把我們之前宣布的東西重新命名；這其實是一個雷射元件。我們表示在 50°C 下可達到我們認為是業界最佳的表現：超過 350 毫瓦且雜訊非常低。並且具備資料中心市場所需的低 RIN（相對強度雜訊）與性能；而且我們實際看到的還高於此，所以我們的產品也有往上延伸的空間。

You're not just delivering something that kind of like gets closed or barely meets it, but you can do it reliably. You can do it with yields and you have the data and lifetime operating test.

你不只是交付一個勉強達標或剛好達標的東西，而是能可靠地做到。你能以良率量產，而且你有數據與壽命運轉測試。

And they sell all that to improve it. That's why. And then you have the capability then to continue growing on that roadmap, on that pathway of keeping green in performance. So that's the kind of folks that customers want to work with. So that's why we're seeing that. So it is a distinct new offering, and we're excited to provide that now to the market.

並且他們會把這些都用來持續改進。這就是原因。接著你也具備能力在路線圖上持續成長，沿著那條路徑持續提升性能。所以這就是客戶想合作的對象。因此我們才會看到這樣的進展。所以這是一個明確的新產品供應，我們也很興奮能把它帶給市場。

And then on the Adi, we're touching on the Mesa platform and the multi-channel.

至於你提到的，我們談到 Mesa 平台與多通道。

Obviously, that's something that is important as we go for the next generation of architectures in this market, especially.

很明顯地，當我們邁向這個市場的下一代架構時，這是很重要的一環，特別是。

For the ELSFD and what we see on the ability to actually generate high powers in the 600 milliwatts becoming a requirement for next generation architectures as folks go to 1.6T and above.

針對 ELSFD，以及我們所看到的需求：當業界走向 1.6T 及以上時，能夠產生 600 毫瓦等級的高功率將成為下一代架構的要求。

But the key there is the ability to actually integrate this as a pluggable ready module inside ELSFD. So that's effectively what we're offering here is now besides just a chip, you have a multi-channel module. That you can do a four, eight, whatever it is, inside a LSFP module ready to go that can generate high powers for those architectures for higher speed transmission.

但關鍵在於，能夠將其實際整合為 ELSFD 內部可插拔、可直接使用的模組。因此，我們在這裡提供的，實際上是除了晶片之外，還有一個多通道模組。你可以在一個 LSFP 模組內做四通道、八通道或其他配置，開箱即可使用，能為那些架構產生高功率，以支援更高速的傳輸。

Okay, great.

好的，很棒。

Thanks for all that detail, Mr. Rish. My follow-on question is sort of, I think you provided a couple of tidbits to it, but I want to ask it more holistically here. So your announcement. Coincident with last quarter's call was a GDA with a direct customer who's going to supply a product to hyperscaler you just mentioned today about hoping to be qualified with hyperscaler by the middle of next year. So maybe you could talk about the milestones you have to go through, first with your direct partner and then eventually with the hyperscaler. And to what degree does that overlap some of the reliability testing you've done just supporting the automotive LiDAR market?

感謝您提供這麼多細節，Rish 先生。我接下來的問題是，我想您已經提供了一些線索，但我想在這裡更全面地問一下。關於你們的公告。在上一季的電話會議同時，你們宣布與一位直接客戶簽署了 GDA，該客戶將向你今天提到的超大規模雲端業者（hyperscaler）供應產品，而你們希望在明年年中前通過該 hyperscaler 的資格認證。所以也許你可以談談你們必須達成的里程碑，先是與你們的直接合作夥伴，然後最終與 hyperscaler。以及這在多大程度上與你們先前為支援車用 LiDAR 市場所做的可靠度測試有所重疊？

Versus getting new types of testing required there?

相較之下，是否需要新的測試類型？

Yeah, sure. So with the JDA Partner, I think it's important to mention that within a course of a few months, we obviously launched the business, signed the first customer, and now in this quarter, we actually generate our first sales and revenues for the optical connectivity business. So I think that is a milestone for us because it's also important that this is transacting in a real way and it's actually showing up for us. Obviously, we need to then work on the qualification and then from there, the ramp-up.

是的，當然。就 JDA 合作夥伴而言，我認為重要的是要提到，在短短幾個月內，我們顯然啟動了這項業務、簽下第一位客戶，而在本季，我們實際上已為光學連接業務帶來第一筆銷售與營收。我認為這對我們是一個里程碑，因為同樣重要的是，這是以真實的方式在交易，並且確實反映在我們的業績上。當然，接下來我們需要推進資格認證，然後再從那裡進入放量爬坡。

So that's important. So with this JD customer, we deliver the first chipsets already to them. They are working on the integration, integrating their own integrated module and doing the tape-outs for that, that's going to happen in the next few months shortly here in the beginning of the year. And from there, the milestone is.

所以這很重要。就這位 JD 客戶而言，我們已經向他們交付了第一批晶片組。他們正在進行整合，整合他們自家的整合式模組，並為此進行流片（tape-out）；這將在接下來幾個月、也就是年初不久後發生。而從那裡開始，里程碑是。

Together, we're going to be going through the qualification. So we have done our own validation.

我們將一起進行資格認證流程。我們已經完成了我們自己的驗證。

Our customer will do their integration and they do their own validation and we enter the actual call with the anti-hyperscaler, as you mentioned. And our target is still the same by middle of next year to get into that call and then by late next year, we'll be complete. And from there, we'll switch over to startup production, late '27 and maybe early '28 goes straight to.

我們的客戶會完成他們的整合並進行他們自己的驗證，然後如你所提到的，我們會進入與該 hyperscaler 的正式評估/導入流程。我們的目標仍然不變：在明年年中進入該流程，並在明年年底前完成。之後，我們將轉入啟動量產，於 2027 年底，可能 2028 年初就會直接進入。

So that's where it's a very fast-paced timeline, which is why we had to also go secure our supply base doing these LTA agreements to get us what we need for the end customers. So that's on that. And the last period also, this period also we already start engaging with our customer to come up with a platform for other hyperscalers. So there is another hyperscaler also that they're working with and we are starting engagements with that so that we can also apply our solutions together for another hyperscaler, which I think is a good sign of both the performance and ability to deliver to this first customer, but also our customer traction within hyperscalers.

所以這是一個節奏非常快的時程，這也是為什麼我們也必須透過這些 LTA 長期協議去確保供應基礎，以取得我們為終端客戶所需的供應。這部分就是如此。此外，上個期間以及本期間，我們也已開始與客戶合作，為其他 hyperscaler 建立一個平台。因此，他們也正在與另一家 hyperscaler 合作，而我們也開始與其展開接觸，讓我們能夠共同把解決方案應用到另一家 hyperscaler；我認為這是個好跡象，顯示我們對第一位客戶的效能表現與交付能力，同時也顯示我們在 hyperscaler 端的客戶牽引力。

So that's what I would say about this JD. And of course, we already talked separately about a second customer that we're working with that's on the optical side for on the contract negotiations.

以上就是我對這個 JD 的看法。當然，我們也已另外談到我們正在合作的第二位客戶，在光學端目前正進行合約談判。

Thank you. And ladies and gentlemen, that is all the time we have for questions this afternoon. So that will bring us to the end of today's Ava Technologies third quarter 2026 earnings conference call. We'd like to thank you all so much for joining us this afternoon and we wish you all a great remainder of your day.

謝謝。各位女士先生，今天下午的提問時間到此為止。這也將我們帶到 Ava Technologies 2026 會計年度第三季財報電話會議的尾聲。非常感謝各位今天下午的參與，祝各位今天剩餘時間愉快。

Good afternoon, everyone. My name is Beau, and I will be your conference facilitator today. I would like to welcome everyone to Ava Technologies' third quarter 2026 earnings conference call. During the opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question-and-answer session. As a reminder, today's call is being recorded and simultaneously webcast. I would now like to turn the call over to Mr. Andrew Fung, Senior Director of Investor Relations and Corporate Development. Please go ahead, Mr. Fung.

各位下午好。我叫 Beau，今天將擔任本次會議的主持人。歡迎各位參加 Ava Technologies 2026 會計年度第三季財報電話會議。在開場致詞期間，所有與會者將處於僅收聽模式。開場致詞之後，我們將進行問答環節。提醒各位，今天的電話會議將被錄音，並同步進行網路直播。現在我想把電話會議交給投資人關係與企業發展資深總監 Andrew Fung 先生。請開始，Fung 先生。

Thank you, and welcome, everyone, to Ava's third quarter 2026 earnings conference call.

謝謝，並歡迎各位參加 Ava 2026 會計年度第三季財報電話會議。

Joining on the call today are Suresh Salahian, Ava's co-founder and CEO, and Rupesh Maheshwari, Ava's interim CFO.

今天與會的還有 Ava 共同創辦人兼執行長 Suresh Salahian，以及 Ava 代理財務長 Rupesh Maheshwari。

Ahead of this call, we issued our third quarter 2026 press release and presentation, which we will refer to today and can be found on our Investor Relations website at investors.ava.com.

在本次電話會議之前，我們已發布 2026 會計年度第三季新聞稿與簡報；我們今天將引用其中內容，並可在我們的投資人關係網站 investors.ava.com 上找到。

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.

請注意，在本次電話會議中，我們將基於目前的預期與假設作出前瞻性陳述，而這些陳述受到風險與不確定性的影響。

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.

這些陳述僅反映我們截至今日的觀點，不應被依賴為代表我們在任何後續日期的觀點。

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

這些陳述受到各種風險與不確定性的影響，可能導致實際結果與我們的預期出現重大差異。

For further discussion of the material risks and other important factors that could affect our financial results.

如需進一步討論可能影響我們財務結果的重大風險及其他重要因素。

Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K.

請參閱我們向美國證券交易委員會（SEC）提交的文件，包括我們最近一期的 Form 10-Q 與 Form 10-K。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of AVIS performance.

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標；我們認為這些指標作為 AVIS 營運表現的補充衡量方式具有參考價值。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

這些非 GAAP 指標應與 GAAP 結果一併考量，而不應作為其替代，亦不應單獨或孤立地解讀。

The webcast replay of this call will be available on our company website under the Investor Relations link.

本次電話會議的網路重播將可在公司網站的投資人關係連結下取得。

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

接下來，讓我把電話會議交給 Suresh。

Thanks, Andrew, and good afternoon, everyone. Q3 was a standout quarter for Ava, driven by growing demand for Ava's 4D LiDAR and optical solutions and our team's ability to execute on our strong commercial momentum.

謝謝你，Andrew，各位下午好。第三季對 Ava 而言是表現突出的季度，主要受惠於市場對 Ava 的 4D LiDAR 與光學解決方案需求成長，以及我們團隊在強勁商業動能下的執行能力。

Reflecting the ongoing scaling of our manufacturing. We achieved a new record quarterly revenue with product shipments growing by over 50% sequentially to also a new quarterly record.

隨著我們製造規模持續擴大。我們達成新的單季營收紀錄，產品出貨量較前一季成長超過 50%，同樣創下新的單季紀錄。

AVA's unified perception platform and core silicon photonics technology continue to prove its power and versatility, from enabling ADAS and higher levels of automation in automotive to a new win for precision manufacturing and our expansion to airborne autonomy in defense.

Ava 的統一感知平台與核心矽光子技術持續證明其強大能力與多元適用性：從在車用領域支援 ADAS 與更高等級自動化，到在精密製造領域取得新的訂單，以及我們在國防領域擴展至空中自主能力。

Our momentum in optical connectivity is also accelerating as we deepen our collaboration with our JDA customer and advance on other customer engagements, including entering commercial negotiations with a second customer.

我們在光學連接方面的動能也在加速，因為我們加深與 JDA 客戶的合作並推進其他客戶洽談，包括與第二位客戶進入商業談判。

As indicated by our record quarterly shipments in Q3, we are progressing on aligning manufacturing with our growing demand.

如同第三季創紀錄的單季出貨量所示，我們正持續推進製造端與不斷成長的需求對齊。

We are installing additional manufacturing capacity for our CoreVision LiDAR on-chip module and plan to continue to scale as we enter 2027 to further position Ava to support customer deployments and commercial momentum.

我們正在為 CoreVision LiDAR 晶片級模組（on-chip module）安裝額外的製造產能，並計畫在邁入 2027 年時持續擴產，以進一步讓 Ava 能夠支援客戶部署與商業動能。

Now let me highlight some of our recent achievements and business developments in the last quarter.

現在讓我重點說明我們在上一季的一些近期成就與業務進展。

Let's start in automotive, where we are achieving important milestones that demonstrate the maturity, quality and ability of AVA to support our major automotive production programs and additional engagements.

讓我們先從汽車領域開始，我們正在達成重要里程碑，展現 AVA 的成熟度、品質，以及支援我們主要汽車量產專案與其他合作案的能力。

In trucking, we continue to work closely with Daimler Truck and Torque on sensor integration for validation and other milestones toward the commercialization of Daimler Truck's autonomous production program.

在卡車領域，我們持續與 Daimler Truck 與 Torc 緊密合作，進行感測器整合以用於驗證，以及推進 Daimler Truck 自動駕駛量產計畫商業化的其他里程碑。

In support of this production work, we increased shipments of our production intent adless sensors to Daimler Truck.

為支援這項量產工作，我們增加了向 Daimler Truck 出貨具量產意圖的無鏡頭（adless）感測器。

These sensors are manufactured and tested at our fully automated assembly line at Jabil in North America.

這些感測器在北美 Jabil 的全自動化組裝產線上製造並完成測試。

And as we continue to ready for Daimler Truck's production program as well as others, we began shipping directly from this facility.

隨著我們持續為 Daimler Truck 的量產計畫以及其他專案做準備，我們也開始直接從該設施出貨。

In trucking, I am pleased to share that we have successfully completed our development program with Bendex on an integrated multi-modality solution for commercial ADAS applications.

在卡車領域，我很高興分享，我們已成功完成與 Bendix 的開發計畫，推出用於商用 ADAS 應用的整合式多模態解決方案。

Bendex is now working closely with multiple large commercial vehicle OEMs on securing production deals and we are in negotiations with Bendex on a production supply agreement to support these OEM volumes.

Bendix 目前正與多家大型商用車 OEM 緊密合作以爭取量產訂單，而我們也正與 Bendix 就量產供應協議進行談判，以支援這些 OEM 的出貨量需求。

As we announced last quarter. Phendex is the industry leader in commercial vehicle ADAS and is using AVA's 4D LiDAR and perception software to develop its next-generation ADAS series production system.

如同我們在上一季所宣布的。Bendix 是商用車 ADAS 的產業領導者，並正使用 AVA 的 4D LiDAR 與感知軟體來開發其下一代 ADAS 系列量產系統。

This is an exciting expansion opportunity for AVA and another example of how our unique silicon photonics architecture enables us to bring new levels of perception in a cost-effective and scalable solution even for ADAS applications where LiDAR has traditionally not penetrated yet.

這對 AVA 而言是令人振奮的擴張機會，也再次證明我們獨特的矽光子架構，能以具成本效益且可擴展的方案帶來全新層級的感知能力，即使是在 LiDAR 傳統上尚未滲透的 ADAS 應用中亦然。

In passenger vehicle with the TOP10 European OEM, we continue to ship our ADVAS Ultra systems to the OEM and work jointly very closely on integration and stack development.

在與歐洲前十大乘用車 OEM 的合作上，我們持續向該 OEM 出貨 ADVAS Ultra 系統，並在整合與堆疊（stack）開發方面密切共同合作。

I am proud to share that this quarter, we also successfully passed the OEM's VBA audit, a key milestone for commercial deployments.

我很自豪地分享，本季我們也成功通過該 OEM 的 VDA 稽核，這是商業部署的一項關鍵里程碑。

The VDA audit is the European automotive industry's rigorous standard for evaluating product development and manufacturing processes.

VDA 稽核是歐洲汽車產業用以評估產品開發與製造流程的嚴格標準。

AVA was also the first LiDAR company to successfully pass the VDA audit on the first attempt.

AVA 也是第一家在首次嘗試就成功通過 VDA 稽核的 LiDAR 公司。

This is strong validation from an industry-leading OEM of the quality and maturity of the processes AVA has in place, and along with other qualifications such as ISO 9,001 and Tysax. Point to Ava's commitment to meeting stringent automotive standards.

這是產業領先 OEM 對 AVA 現行流程品質與成熟度的強力肯定，並且連同 ISO 9001 與 TISAX 等其他資格認證。都顯示 AVA 致力於符合嚴苛的汽車標準。

Outside of these specific programs, we continue to progress with NVIDIA and its DRIVE Ithereum platform, with a growing number of leading OEMs and industry players using to develop L3 and higher autonomy for production vehicles.

除上述特定專案外，我們也持續推進與 NVIDIA 及其 DRIVE Hyperion 平台的合作，越來越多領先 OEM 與產業參與者正使用該平台來開發用於量產車的 L3 及更高等級自動化。

As announced earlier this year, NVIDIA selected Avos 40 lidar as its reference lidar sensor on this platform for markets outside of China.

如今年稍早所宣布，NVIDIA 已選定 Aeva 的 4D LiDAR 作為該平台在中國以外市場的參考 LiDAR 感測器。

We have delivered first unit and are working together on integrating and evaluating our 40 LiDAR data for OEM development and simulation.

我們已交付首批單元，並正共同進行整合與評估我們的 4D LiDAR 資料，以支援 OEM 的開發與模擬。

As we deliver our milestones of the drive Hyperion, we continue to believe that Ava, as a platform's core LiDAR supplier, ex-China, is in a strong position to secure additional programs wins with the OEMs and together with NVIDIA.

隨著我們達成 DRIVE Hyperion 的各項里程碑，我們持續相信，Aeva 作為該平台在中國以外的核心 LiDAR 供應商，具備強勢地位，可與 NVIDIA 一同爭取 OEM 的更多專案勝出。

Moving now to our optical connectivity business.

接著談到我們的光學連接（optical connectivity）業務。

Following the official launch last quarter, we continue to see growing traction and have advanced on multiple customer engagements, including with AI chip companies and optical solution providers to hyperscalers.

在上一季正式發表後，我們持續看到動能增強，並在多項客戶合作上取得進展，包括與 AI 晶片公司以及為超大規模雲端業者（hyperscalers）提供光學解決方案的供應商。

In particular, we are now entering commercial negotiations with a second optical customer for another hyperscaler deployment.

特別是，我們目前正與第二家光學客戶就另一個 hyperscaler 部署案進入商業談判階段。

Similar to our first JDA customer, this program has the potential for multiple millions of units in volume annually starting by 2028 and ramping from there.

與我們第一家 JDA 客戶類似，該專案自 2028 年起每年在量產規模上有潛力達到數百萬個單位，並在此後逐步放量。

Ava's accelerating momentum is driven by our ability to deliver ultra-high power optical solutions.

Aeva 動能加速，來自於我們交付超高功率光學解決方案的能力。

More than 600 milliwatts using technology that we have proven over the last decade and industrialized to meet the rigorous requirements for our automotive and industrial customers.

可達 600 毫瓦以上，採用我們在過去十年已驗證的技術，並已工業化以符合汽車與工業客戶的嚴格要求。

One of the biggest bottlenecks facing AI data center build-outs is the limited supply and the options for reliable, high-power laser sources.

AI 資料中心建置面臨的最大瓶頸之一，是可靠高功率雷射光源的供應有限以及可選方案不足。

This is especially the case for optical sources capable of delivering more than 200 milliwatts, which is critical to support the increasing bandwidth demands of AI data centers.

對於能提供超過 200 毫瓦的光源尤其如此，而這對支援 AI 資料中心日益增加的頻寬需求至關重要。

Ava's technology foundation enables our solutions to achieve the required combination of high performance, demonstrated high yield and proven reliability.

Aeva 的技術基礎使我們的解決方案能達成所需的高效能、已證實的高良率，以及經驗證的可靠性之組合。

To support our momentum, we announced this morning an expanded portfolio of solutions, all built on Ava's common high optical power and silicon photonics technology.

為支撐我們的動能，我們今天上午宣布擴充解決方案產品組合，全部皆建立在 Aeva 共通的高光功率與矽光子技術之上。

Our offerings now include ultra-high power chipsets.

我們的產品現在包含超高功率晶片組。

Multi-wavelength laser arrays and multi-channel external laser sources modules.

多波長雷射陣列，以及多通道外部雷射光源模組。

These provide our customers greater flexibility in integrating Ava's technology in the hardware stack and across successive generations of AI data center architectures.

這些產品讓客戶在硬體堆疊整合 Aeva 技術，以及跨越 AI 資料中心架構的連續世代時，擁有更高的彈性。

With the opportunity to win additional multi-hundred million dollar programs annually, we are also working diligently to secure incremental capacity to augment our existing long-term supply agreements with our foundry and manufacturing partners.

面對每年有機會贏得額外數億美元規模專案的情況下，我們也正積極爭取新增產能，以補強我們與晶圓代工與製造合作夥伴既有的長期供應協議。

As we pursue additional opportunities with other potential customers, we are also progressing well with our first JDA customer.

在我們與其他潛在客戶開拓更多機會的同時，我們也在第一家 JDA 客戶的合作上進展順利。

A leading provider of high-speed optical engines, where we are working together on integrating AVA sources into an MPO solution for a major hyperscaler.

該客戶是高速光學引擎的領先供應商，我們正共同將 AVA 光源整合至一項面向主要 hyperscaler 的 MPO 解決方案中。

We realized our first revenues in optical connectivity as we began shipping AVA ultra-high power chipsets to our JDA customer for system integration and validation.

隨著我們開始向 JDA 客戶出貨 AVA 超高功率晶片組以進行系統整合與驗證，我們在光學連接業務上實現了首筆營收。

We continue to target qualifications with the hyperscaler starting by mid-2027 for planned commercial deployments as early as late '27 and early 2028.

我們仍以自 2027 年年中開始取得 hyperscaler 資格認證為目標，以支援最早在 2027 年底與 2028 年初的商業部署計畫。

In addition, we are also expanding our collaboration with this customer to work together on leveraging the same platform that we are building for other interested hyperscalers.

此外，我們也正擴大與該客戶的合作，共同運用我們為其他有興趣的 hyperscalers 所打造的同一平台。

AVA is also growing in defense where the performance advantages of AVA 4D LIDAR can be leveraged for mission-critical operations.

AVA 在國防領域也持續成長，AVA 4D LiDAR 的效能優勢可用於任務關鍵作業。

In particular, I am honored to share that the U.S. Air Force, together with the U.S. Navy, have selected AVA for joint development using our 4D LIDAR to enable new remote sensing and advanced air operations.

特別是，我很榮幸分享，美國空軍與美國海軍已選定 AVA 進行聯合開發，使用我們的 4D LiDAR 以實現新的遙測能力與先進空中作戰。

This is because 4D LiDAR directly measures both the position and velocity of surrounding objects, which provide real-time situational awareness needed for autonomous aerial operations.

這是因為 4D LiDAR 可直接量測周遭物體的位置與速度，提供自主空中作業所需的即時態勢感知。

In addition, 4D LiDAR's ability to operate without detection from night vision systems can support stout operations.

此外，4D LiDAR 具備不被夜視系統偵測的運作能力，可支援隱蔽作戰行動。

Besides our work with the U.S. Air Force, we are seeing significant momentum with leading primes and others to leverage AVA's technology for drone and additional aerial applications.

除了與美國空軍的合作外，我們也看到與主要主承包商（prime contractors）及其他夥伴的顯著動能，將 AVA 技術用於無人機及其他空中應用。

On land, our partnership with Forterra continues to strengthen.

在地面方面，我們與 Forterra 的合作夥伴關係持續深化。

We have been shipping a significant number of sensors for Forterra's AGVs, which use AVA Atlas Lidars as part of its autonomous vehicle system, AutoDrive.

我們已為 Forterra 的 AGV 出貨大量感測器；其 AGV 使用 AVA Atlas LiDAR 作為其自動駕駛車輛系統 AutoDrive 的一部分。

This is for long-range and velocity detection, vehicle positioning and stealth operational capability in GPS denied environments.

此用途涵蓋長距離與速度偵測、車輛定位，以及在 GPS 受限環境中的隱蔽作業能力。

We're also actively pursuing new opportunities together where we can offer a differentiated joint solution for defense and security-related applications.

我們也正積極共同追求新的機會，提供具差異化的聯合解決方案，用於國防與安全相關應用。

Moving now to precision sensing where we are growing our shipments for commercial programs with multiple industry leaders.

接著談到精密感測（precision sensing），我們正為多家產業領導者的商業專案擴大出貨。

As we just announced, Micro Epsilon, a global leader in factory automation, has selected Ava's Eve high-precision technology to power their next generation of solutions for factory automation.

如我們剛宣布的，工廠自動化全球領導者 Micro-Epsilon 已選擇 Aeva 的 Eve 高精度技術，作為其下一代工廠自動化解決方案的核心。

Micro Epsilon is a trusted leader by major companies across the world and ships more than 100,000 precision sensors annually for factory automation and automated quality inspection, such as distance and thickness measurements.

Micro-Epsilon 深受全球各大企業信賴，每年為工廠自動化與自動化品質檢測（例如距離與厚度量測）出貨超過 100,000 個精密感測器。

Its sensors are used across a wide range of industries from automotive and robotics to electronics and semiconductors manufacturing.

其感測器應用涵蓋多元產業，從汽車與機器人到電子與半導體製造。

The future of factory automation requires sensing solutions that improve speed and accuracy.

工廠自動化的未來需要能提升速度與精準度的感測解決方案。

AVA's FMCW-based technology offers coaxial measurements at best-in-class speed and accuracy regardless of materials, standoff systems, and lighting conditions.

AVA 以 FMCW 為基礎的技術可在不受材料、工作距離（standoff）系統與照明條件影響下，以業界領先的速度與精準度提供同軸量測。

This enables fast, reliable, and precise measurements that can improve throughput, quality control, and costs in manufacturing.

這使得量測更快速、可靠且精確，進而可提升製造的產能、品質管制並降低成本。

As part of our multi-year supply agreement that we just signed, we have already received an initial order for multiple thousands of sensors from MicroEpsilon, and we look forward to our collaboration together to deliver new capabilities for factory automation.

作為我們剛簽署的多年期供應協議的一部分，我們已收到來自 MicroEpsilon 的首筆初始訂單，數量為數千顆感測器；我們也期待與其合作，為工廠自動化帶來新的能力。

In summary, we have been incredibly busy with our results highlighting the broad uses and growing demand for AVA solutions, whether automotive, defense, or factory automation. Or AI data centers, we are executing, delivering to our customers and expanding our market presence.

總結來說，我們一直非常忙碌；我們的成果凸顯 AVA 解決方案的廣泛用途與日益成長的需求，無論是在汽車、國防或工廠自動化領域。或是在 AI 資料中心，我們都在落實執行、交付給客戶並擴大市場版圖。

I will now turn the call over to Rupesh to walk through our Q3 financial results. Rupesh, over to you.

接下來我將把電話會議交給 Rupesh，請他帶大家回顧我們第三季的財務結果。Rupesh，交給你。

Thank you, Sorosh, and good afternoon, everyone. Overall, Ava's Q3 financial results highlight our increasing shipments as we scale manufacturing to meet more of our growing demand across a broad range of markets, as well as some investments to support our significant momentum in optical connectivity.

謝謝你，Sorosh，各位下午好。整體而言，Ava 第三季的財務結果凸顯：隨著我們擴大製造規模以滿足多元市場日益成長的需求，我們的出貨量正在增加；同時我們也進行了一些投資，以支撐我們在光學互連領域的強勁動能。

Specifically, revenue was $6.7 million in the quarters, which represents a new quarterly record for Ava, including within this a new quarterly record in product shipments.

具體而言，本季營收為 670 萬美元，創下 Ava 單季新高，其中也包含產品出貨量的單季新紀錄。

Non-GAAP operating loss was $27.7 million in Q3, which continues to be similar to prior year levels as we remain disciplined on operating expenses while scaling the business.

第三季非 GAAP 營業虧損為 2,770 萬美元；在我們於擴張業務的同時仍嚴控營運費用之下，該水準與去年同期相近。

Q3 gross cash use, which we define as operating cash flow less CapEx, was $30.6 million.

第三季的毛現金使用量（gross cash use），我們定義為營運現金流量扣除資本支出（CapEx），為 3,060 萬美元。

We ended the quarter with total available liquidity of $272.5 million.

本季結束時，我們的可用流動性總額為 2.725 億美元。

In November, we extended the maturity of our $125 million facility for an additional two years.

在 11 月，我們將 1.25 億美元的融資額度到期日延長兩年。

The facility remains fully undrawn and at management's decision to draw.

該融資額度目前仍為全額未動用，是否動用由管理層決定。

As demonstrated by growing adoption of AWAS solutions, from automotive and industrial to defense and optical, our commercial momentum is growing.

從汽車與工業到國防與光學領域，AWAS 解決方案的採用持續成長，顯示我們的商業動能正在增強。

We continue to believe our liquidity position. And disciplined approach to spend enables Eva to execute on our mission.

我們仍然相信我們的流動性部位。以及嚴謹的支出管理方式，使 Eva 能夠執行我們的使命。

With that, I will turn the call back over to Sorosh for his closing remarks.

接著，我把電話會議交回給 Sorosh，請他做結語。

Thank you, Ripesh. In closing, Q3 was a strong quarter with record quarterly revenue and new wins, clear indication of the significant commercial momentum of our sensing and perception business and the expansive opportunity as we grow our optical platform.

謝謝你，Ripesh。最後總結，第三季表現強勁，單季營收創新高並取得新案，清楚顯示我們感測與感知業務的顯著商業動能，以及在擴展光學平台時所面臨的廣大機會。

It is also clear validation of our execution, and I want to thank the Ava team for their ongoing dedication and contributions.

這也清楚驗證了我們的執行力；我也要感謝 Ava 團隊持續的投入與貢獻。

As we head into the final quarter of 2026, we remain focused on the objectives we set this year, including delivering on our production customer milestones while securing additional wins, scaling manufacturing to support demand and maintaining our financial discipline as we continue our growth and momentum.

邁入 2026 年最後一季之際，我們仍聚焦於今年設定的目標，包括在量產客戶里程碑上如期交付、同時爭取更多新案、擴大製造以支援需求，並在持續成長與動能之下維持財務紀律。

But with that, let's now turn to Q&A.

那麼，接下來進入問答。

Thank you very much, Mr. Salahi. And ladies and gentlemen, at this time, if you do have any questions, please press star one. If you find your question has been addressed, you may remove yourself from the queue by pressing star two. Once again, star one for questions this afternoon. We do ask that you please try to limit yourself to one question and one follow-up. We'll go first today to Colin Rush with Oppenheimer.

非常感謝您，Salahi 先生。各位女士、先生，現在如果您有任何問題，請按星號一。若您發現問題已被回答，您可以按星號二退出隊列。再次提醒，今天下午提問請按星號一。我們也請各位盡量將問題限制為一個問題加一個追問。我們先請 Oppenheimer 的 Colin Rush。

Thanks so much, guys, and congratulations on all the progress here. Can you talk about the complexity and depth of conversation that you're having with incremental customers in the optical connectivity space? Just curious about how much of those conversations are and how quickly they might move into another JDA.

非常感謝，各位，也恭喜你們在這裡取得的所有進展。你們能談談在光學互連領域，與新增客戶之間對話的複雜度與深入程度嗎？我想了解這些對話大概進行到什麼程度，以及它們可能多快會推進到另一份 JDA。

Yeah, hi, Colin. Thanks for the question. I have to answer that. So to be H1st, the progress has been.

是的，嗨 Colin，謝謝你的提問。我來回答。坦白說，進展一直是——

Amazing and overwhelming. We have had a lot of traction in the outreaches that we've had, but also customer engagements, as well as our current JDA program.

令人驚豔且超乎預期。我們在對外接觸方面獲得了很多回響，同時也有客戶互動，以及我們目前的 JDA 計畫。

As you saw, we just announced a new portfolio of products that help us expand and broaden our offerings in the optical data center market. But specifically on the engagements, we are engaged with multiple of the leaders in AI chip companies, the hyperscalers, the likes we have mentioned in the past before.

如你所見，我們剛宣布一個新的產品組合，協助我們在光學資料中心市場擴大並拓展產品供給。但就互動而言，我們正與多家 AI 晶片公司的領導者、超大規模雲端業者（hyperscalers）接洽，也包括我們過去提過的那些。

Likes of Ben DDI and the others. So that's and also including some of the optical engine companies.

例如 Ben DDI 以及其他公司。此外也包含一些光學引擎公司。

And the opportunity, obviously, for each of these deals is quite massive. I think what's important is that we're seeing one of the reasons we're seeing this traction solidify in a very quick manner. If you think about it from last year, it's only been a few months since we announced our expansion in this business is that we are able to deliver a proven. Capability with high-power sources, what we call the UHP, ultra high power, now with these other products, the Spectra and Mesa. And we see that actually when the customers go and test this, they see that it's actually working and meeting the specs, which has been a big challenge for the market itself. So this market is one that it's not just there is a massive opportunity that's been unprecedented.

而且顯然，每一筆合作的機會規模都相當龐大。我認為重要的是，我們之所以看到這股動能能在很短時間內快速鞏固，其中一個原因是：如果你回想去年，距離我們宣布擴展這項業務其實才幾個月，我們就已能交付經驗證的——能力：具備高功率光源，也就是我們稱為 UHP（超高功率）；而現在又加入其他產品 Spectra 與 Mesa。我們也看到，當客戶去測試時，他們發現這些產品確實能運作並符合規格，而這一直是市場的一大挑戰。因此，這個市場不僅存在前所未有的巨大機會——

But there is also a significant gap in terms of actual solutions, technical capability and availability. And I think Ava is one of the very few companies that has been able to deliver on that, show that to them the actual data.

同時在實際解決方案、技術能力與供應可得性方面也存在顯著缺口。我認為 Ava 是少數能夠做到交付、並向客戶展示實際數據的公司之一。

The reliability and the performance that's needed to meet those demands, which I think has resolved directly in the speed of our progress on the deals.

也就是滿足這些需求所需的可靠度與效能；我認為這也直接反映在我們推進交易進度的速度上。

Obviously, we need to deliver these modules to customers, they need to get into qualification, so there is those timelines that are set, so this is much faster than let's say a typical program, especially in other markets. So we're feeling really excited about that, that's why we're expanding offerings there and each of these opportunities provide us with.

當然，我們需要把這些模組交付給客戶，客戶也需要進入認證流程，因此仍有既定時程；但這已經比一般專案快得多，尤其相較於其他市場。所以我們對此非常振奮，這也是我們為何要在那裡擴大產品供給；而每一個機會都能為我們帶來——

Volumes that range into multiple millions of units to get to multiple hundred million dollars of revenue opportunity. So that's why we are engaging in this market. And I think from here on, we're hoping that our engagement, including this next phase of contract negotiations with the second customer is going to move in a timely fashion and similar to what we've done in the past quarter.

從數百萬顆等級的出貨量，到數億美元營收機會的規模。這就是我們投入這個市場的原因。我認為接下來，我們希望我們的互動（包括與第二位客戶進入下一階段的合約談判）能以即時的節奏推進，並且類似於我們在上一季所完成的進展。

And I guess one of the biggest questions around that market is really about your ability to meet the volume demand. So can you talk about what sort of appropriations you've got started already as you get a little bit more confidence in the buyability and the concrete sales that start to emerge next year?

我想這個市場最大的問題之一，確實在於你們是否有能力滿足量產需求。所以你們能談談，隨著你們對可銷售性以及明年開始浮現的具體銷售更有信心時，從現在起已經啟動了哪些準備工作嗎？

Yeah, I think you're talking about like basically the milestones from here on to get to qualification launch, correct?

是的，我想你指的是從現在到達成認證並導入量產（launch）的里程碑，對嗎？

Yeah, and preparations to meet the volume, right, from a manufacturing perspective.

對，還有為了滿足量產規模，從製造角度的準備。

So that's a very good point.

這點問得非常好。

Yes. So I think you bring up a very important point, which is obviously it starts with the demand, which we're seeing that's very significant and important.

是的。我認為你提出了一個非常重要的點：顯然一切都始於需求，而我們看到的需求非常顯著且重要。

Then it's the actual, walking to customers now. We have the first JDA and we're now engaged in multiple and we have now a second customer on the line. We're in contract negotiations. But of course, from here, it is very important to set up the supply, right? I think at Ava, besides having the capability of actually meeting the performance requirements, we also have a unique approach in terms of our supply base. We provide offerings.

接下來就是真正落地，開始走向客戶端。我們已經拿到第一份 JDA，目前也在推進多個案子，現在也有第二位客戶正在洽談中。我們正在進行合約談判。但當然，從這裡開始，建立供應端就非常重要，對吧？我認為在 Ava，除了具備實際滿足效能需求的能力之外，我們在供應基礎方面也有獨特的方法。我們提供解決方案。

That may not always share the same, let's say, foundry as some of the other folks that are captive or pretty loaded up already in the AI data centers, we have a strategic.

這些方案未必會與其他一些已被綁定（captive）或在 AI 資料中心端已經相當滿載的業者使用相同的、比方說，同一家晶圓代工廠；我們有策略性的。

Relationships and agreements, long-term agreements with our partners in the foundry and fab space as well as our manufacturing partners. We've already established those and strengthened those since the last quarter that allow us to have visibility of capacity and supply availability in the next multiple years, two to three years.

我們與晶圓代工與晶圓廠（foundry 與 fab）領域的合作夥伴，以及我們的製造合作夥伴，建立了關係與協議，並簽有長期協議。這些都已經建立起來，且自上季以來我們也進一步強化，使我們能掌握未來數年（接下來兩到三年）的產能能見度與供應可得性。

We're also in parallel now working.

我們也同步在進行相關工作。

To expand that supply capacity so we can really flex up the volumes as we are adding more and more customers. So that's, I think, something that the work has been done and ongoing. And as we're able to provide more updates, also we will share on that. So that's, I think, an important topic where the supply capacity and availability also showing that to the key customers is important. And we've already been doing some of that, which is why those JDA customers. Already were comfortable enough to give us a first agreement board and go from there.

以擴充供應產能，讓我們在新增越來越多客戶時，能夠真正彈性拉升出貨量。所以我認為這部分的工作已經完成一部分，且仍在持續進行中。當我們能提供更多更新時，也會對外分享。因此我認為這是一個重要議題：供應產能與可得性，以及向關鍵客戶展示這一點都很重要。我們其實已經在做其中一部分了，這也是為什麼那些 JDA 客戶。已經足夠放心，願意先給我們第一份協議，並在此基礎上往下推進。

Thanks so much, guys.

非常感謝各位。

Thank you.

謝謝。

We'll go next now to Joseph Moore of Morgan Stanley.

接下來我們請摩根士丹利（Morgan Stanley）的 Joseph Moore。

Hi, you have Mason here on behalf of Joe.

嗨，我是 Mason，代表 Joe 發言。

I wanted to ask another question on the optical connectivity business.

我想再問一個關於光學互連（optical connectivity）業務的問題。

As you move kind of from a single engagement, now talking about multiple engagements, multiple products, has your assessment on the level of investment required to this, has that changed at all over the last six or nine months? And can you give us any color on.

當你們從單一合作案，走到現在談多個合作案、 multiple 產品時，你們對於所需投資水準的評估，在過去六到九個月之間有任何改變嗎？另外能否提供一些說明。

How Ava internally just needs to change as a business in order to kind of effectively go after this opportunity, especially given the size of the market and the size of some of the incumbents kind of competing in the space as well.

Ava 在內部作為一家公司，需要如何調整，才能有效把握這個機會？尤其考量到市場規模，以及在這個領域競爭的一些既有大型業者（incumbents）的規模。

Sure, Mason. Yeah, happy to answer that.

當然可以，Mason。是的，很樂意回答。

As you mentioned, I think it's important how we structure so that we can, one, deliver on our existing programs and cost automotive, industrial and others, but also.

如你所提，我認為重點在於我們如何做架構安排，讓我們一方面能交付既有專案並控制成本，涵蓋車用、工業及其他領域，同時也。

The reason we're entering this market and expanding on it now is because it's a massive opportunity, but also one that's near term, right? So on your kind of first question in terms of investments, yes, we are increasing some of our investments to make sure that we can go after and deliver on these. Very large customer opportunities and actual agreements that we have now, then also working on committing some of our supply capacity so that we can secure that. And I mean, you probably heard that other folks talk about some of the sources from an availability standpoint being booked up until 29 now. So I think that provides us both an opportunity, but also important to be able to show that to our end customers the capacity that we have. We are making some of those investments.

我們之所以進入並擴大這個市場，是因為它不僅是巨大的機會，而且也是近期就能落地的機會，對吧？所以針對你第一個問題、也就是投資方面，是的，我們正在增加部分投資，以確保我們能夠爭取並交付這些。非常大型的客戶機會，以及我們目前已經取得的實際協議；同時也在著手承諾部分供應產能，以便把產能鎖定下來。而且你可能也聽到其他人提到，從供應可得性的角度，有些來源現在已經被預訂到 2029 年了。所以我認為這既帶來機會，但同時也很重要的是，我們要能向終端客戶展示我們具備的產能。我們正在進行其中一些投資。

We think that's already part of our plans and as we have talked about, some growth in our investment there that we're doing and we're going step by step with the customers. But obviously, where we have to invest in long lead or doing long-term agreements, we're putting those in place now so we can have the capacity we need already for the pack half of '27 and then wrap up in 2028. So that's one. And then from a team structure, absolutely right.

我們認為這本來就已納入我們的規劃之中；正如我們先前談到的，我們在那方面的投資確實有一些成長，而且我們會與客戶一步一步推進。但很明顯地，凡是需要投入長交期項目或簽訂長期協議的部分，我們現在就正在把這些安排到位，這樣我們在 2027 年下半年就能具備所需產能，並在 2028 年完成收尾。這是第一點。再來就團隊架構而言，你說得完全正確。

We have already defined a team, obviously led by Pradeep, to drive and lead the optical connectivity business. This is a separate team that is working through the product portfolio that we talked about, developing these UHP chipsets, the chip arrays, but also the Spectra Mesa platforms, and then as we expand on that, more on that. And we have already hired folks in this area, and we're going to continue to do that.

我們已經定義了一個團隊，當然由 Pradeep 領導，來推動並帶領光學互連業務。這是一個獨立團隊，負責我們提到的產品組合，開發這些 UHP 晶片組（chipsets）、晶片陣列（chip arrays），以及 Spectra Mesa 平台；隨著我們擴展，後續也會有更多內容。我們已經在這個領域招募了人才，並且會持續招募。

That's going to be its own team and business that's going to continue to grow. And likewise, as we go along, we're going to also be looking at some adjustments across the company to make sure that we have the right structure for all the other business that we have across automotive, industrial and have that focus in a few key areas that really help us expand and grow and capture the market with our Perception platform.

這將會是一個獨立的團隊與業務，並會持續成長。同樣地，隨著我們推進，我們也會檢視公司內部的部分調整，確保在車用、工業等其他業務上有正確的組織架構，並在少數幾個關鍵領域保持聚焦，真正幫助我們擴張、成長，並透過我們的 Perception 平台掌握市場。

Thank you. We'll go next now to Mark Delaney with Goldman Sachs.

謝謝。接下來我們請高盛（Goldman Sachs）的 Mark Delaney。

Yes, good afternoon.

是的，午安。

Thank you for taking the questions and good to hear about the progress in the data center space.

謝謝讓我提問，也很高興聽到你們在資料中心領域的進展。

I did have one on the auto market to start. I was hoping you could give a bit more color and context on the engagement with the European TOP10 OEM and if there's been any. Changes and when and how that OEM may deploy your LiDAR. I know you mentioned that Ava's development is going very well, but if you could put that into contact with the broader program as well as just the volatility in the European auto market that's been happening with the higher competition from the Chinese OEMs?

我先從車用市場問一題。我想請你們就與歐洲前十大（TOP10）OEM 的合作案，提供更多細節與背景；以及是否有任何。變化，還有該 OEM 可能在何時、以及如何部署你們的 LiDAR。我知道你們提到 Ava 的開發進展非常順利，但如果可以的話，也請把這放到更大的專案脈絡中，同時也談談歐洲車市因中國 OEM 競爭加劇而出現的波動。

Yeah, Mark, sure. I think first of all, as I mentioned on the call, we're making progress really well across automotive, and I'll touch on that. But to answer your question first, on the TOP10 European OEM first, obviously in the past quarter, we have been working, obviously every day we work very closely with them, but in the past quarter, we've had some important milestones, including achieving the VDA audit passing on the first attempt. And on the OEM itself.

好的，Mark，當然。我想首先，如同我在電話會議上提到的，我們在車用領域整體進展非常好，我也會談到這點。但先回答你第一個問題，關於那家歐洲 TOP10 OEM：很明顯地，在過去一季，我們一直在合作——我們每天都與他們非常緊密地合作——而在過去一季我們達成了一些重要里程碑，包括首次就通過 VDA 稽核。至於 OEM 本身。

They are on a very accelerated timeline and get this product to market, we're working very closely to enable that and there is obviously critical functionality for autonomy that I think our technology helps enables and that is why that is a core part of the strategy for the OEM in terms of their.

他們正以非常加速的時程把這個產品推向市場；我們正非常緊密地合作以促成這件事，而且在自動駕駛方面有一些關鍵功能，我認為我們的技術能夠提供支援，這也是為什麼這在 OEM 的策略中是核心一環，關於他們的。

Feature set. So I think for that, you talk about kind of the overall competition in the auto market and the volatility. I think the OEM sees the ability to bring the new technology that really enables Level 3 automation on the roads, on the highway and then eventually the urban as a critical differentiator and. That's why the timing of this program and the importance of this program is very high and Ava is right at the center of providing that capability for the non-China market. So where the teams are progressing really well working together, we feel good about the OEM's timeline, they're on track for their launch and we have some important milestones coming up in the next number of months as well that we're working very closely together to deliver, but overall it's progressing really well. We're also working together on the next generation already, which we see that is going to continue.

功能配置（feature set）。所以在這方面，你提到整體車市競爭與波動。我認為該 OEM 把導入能真正實現道路上、尤其高速公路上 Level 3 自動化、並最終延伸到都會場景的新技術，視為關鍵差異化因素，而。這也是為什麼這個專案的時程與重要性都非常高，而 Ava 正位於核心位置，為非中國市場提供這項能力。因此，團隊之間合作推進得非常順利；我們對 OEM 的時程感到樂觀，他們的上市計畫仍在軌道上；未來幾個月也還有一些重要里程碑，我們會非常緊密地共同交付。整體而言進展非常好。我們也已經在與他們合作下一代產品，我們認為這將會持續。

The business and also enter into a number of the high volume models as well. That's on the TOP10 and then maybe just on the other automotive side, the last quarter also we progressed really well with the other side of the market, including with trucking.

推動業務發展，並且也會進入多款高出貨量車型。以上是 TOP10 的部分；另外在其他車用面向，上季我們在市場的另一端也有很好的進展，包括在卡車領域。

We completed a development program with Bendex and that was. Important to be able to showcase that our sensors can fit in for the ADAS applications, working with other modalities together using our sensor and software.

我們與 Bendex 完成了一項開發計畫，事情就是這樣。重要的是能夠展示我們的感測器可適用於 ADAS 應用，並能與其他模態協同運作，結合我們的感測器與軟體。

Now we were able to showcase and prove that the additional functionality, for example, automatic emergency braking or passenger braking functions are adding value, and that's something that's important. And Bendix already is working now with multiple OEMs. On the next phase of production deals, and we are actually now entering the commercial negotiation contract phase with Bendix as well. So multiple engagements there, that's also best.

現在我們已能展示並證明額外功能（例如自動緊急煞車或乘用車煞車功能）正在創造價值，而這點很重要。而 Bendix 目前已在與多家 OEM 合作。進入下一階段的量產合作案，我們也正與 Bendix 一起進入商業談判與合約階段。因此那邊有多項合作推進，這也非常好。

Thanks for that color. My second question was on the financial outlook.

謝謝你提供這些補充說明。我的第二個問題是關於財務展望。

Is the company still tracking into that $30 million to $36 million revenue range that was previously communicated? And any initial thoughts on 2027 and whether the framework of roughly 100% annual growth per year is applicable for '27?

公司是否仍在朝先前溝通的 3,000 萬至 3,600 萬美元營收區間前進？以及對 2027 年是否有任何初步看法——大約每年 100% 年增的框架是否仍適用於 2027 年？

Yeah, Vivi, thanks for your question. We feel good about the quarter. The business is getting momentum, and we had a record product shipment in Q3. As you've seen in our press release, we also launched our optical connectivity offering and signed contracts with micro-Epsilon and different customers. We are also seeing a lot of strong inbound interest and actively working with a number of potential opportunities. So all of us.

是的，Vivi，謝謝你的提問。我們對本季表現感到不錯。業務動能正在增強，我們在第三季創下產品出貨量新高。如你在我們的新聞稿中所見，我們也推出了光學互連（optical connectivity）產品方案，並與 micro-Epsilon 及不同客戶簽署合約。我們也看到大量強勁的主動洽詢（inbound interest），並正積極推進多個潛在機會。所以我們所有人。

Gives us confidence in the opportunities ahead.

這讓我們對未來的機會更有信心。

Thank you.

謝謝。

Thank you. We'll go next now to George Yanaricus at Canaccord.

謝謝。接下來我們請 Canaccord 的 George Yanaricus 提問。

Hi, everyone.

大家好。

Thank you for taking my questions. I'd like to expand upon the previous question a little bit, and I'm not asking for explicit financial guidance, but.

謝謝讓我提問。我想在前一個問題上再延伸一點，我不是在要求明確的財務指引，但。

As we attempt to frame your multiple design wins, all the traction that you have, how should we think about broadly the impact to '27 and '28 of all the industrial partnerships and trucking, passenger auto, data center, etc. Like is this sort of a hockey stick moment in '27 and then especially in '28 as all the work that you've been doing for the last several years builds up?

當我們嘗試為你們多項 design win 與目前的各種進展建立框架時，我們應該如何從宏觀角度思考這些工業合作夥伴關係、卡車、乘用車、資料中心等，對 2027 與 2028 年的影響？這是否會在 2027 年出現類似「曲棍球棒」的拐點，並且在 2028 年尤其明顯，因為你們過去幾年的工作開始累積發酵？

Georgia, this is Srish, happy to answer that. Look, obviously, we have we are firing on multiple cylinders, right? We have, as we discussed on the call and you alluded to it, there is momentum.

George，我是 Srish，很樂意回答。你看，很明顯我們正在多線並進、全面推進，對吧？正如我們在電話會議中討論、你也提到的，確實有動能。

And that now translating into growth of our product shipments and then revenues directly from multiple segments, so we're feeling good about not just obviously where we are in this period, but really good about what's ahead with obviously, we don't provide guidance for future years, but we have set the framework at our. Investor call, investor meeting earlier in the year and we are feeling good about that rate of growth in the 70% to 100%. But I think beyond that, any one of these, if you look at other opportunities across defense, but also very importantly on the optical connectivity market is really not baked into that, right? So that I think is something that one of those.

而這些動能正在轉化為我們在多個細分市場的產品出貨成長，並直接帶動營收，因此我們不僅對當期表現感到樂觀，也對未來非常有信心；當然，我們不提供未來年度的指引，但我們在。年初的投資人電話會議／投資人會議上已建立了框架，我們對 70% 到 100% 的成長率仍感到有信心。但我認為除此之外，若你看國防等其他機會，尤其是光學互連市場，這些其實還沒有被納入那個框架，對吧？所以我認為這是其中之一。

Converting and scaling, especially in the back half of the year, then it will result in that hockey stick curve that you're talking about and that's why we are investing in this and we're feeling that and we're seeing that feedback now directly from the customers. And again, that I think is going to have a game-changing effect for the company and that will directly show up in our growth in a very strong way that is not leading the plans today.

一旦其中某個機會轉換並開始放量，特別是在下半年，就會形成你所說的那種「曲棍球棒」曲線；這也是我們為何投入資源，我們能感受到，也正從客戶端直接看到這樣的回饋。再者，我認為這將對公司帶來改變遊戲規則的影響，並會以非常強勁的方式直接反映在我們的成長上，而這些目前尚未反映在既有計畫之中。

Thank you.

謝謝。

And maybe just to focus in on passenger auto for a minute, there seems to be maybe additional momentum in Western OEMs exploring, accelerating their pathway to additional advanced autonomous solutions. Are you seeing any increased conversation volume from some other. Passenger auto OEMs outside of the one when you already have in terms of deploying your solution?

另外，先把焦點放在乘用車一分鐘，似乎西方 OEM 在探索並加速導入更先進自動駕駛解決方案方面，可能有額外的動能。除了你們已合作的那一家之外，你們是否看到來自其他。乘用車 OEM 在部署你們方案方面的對話量有所增加？

Thank you.

謝謝。

Yeah, absolutely. I think overall, yes, I think we are seeing, where we are is we're feeling really good about on the automotive side, as I mentioned, the first TOP10 passenger European OEM on the trucking side. Now also in our collaboration with Nvidia, remember that we are the.

是的，絕對有。我想整體而言，是的；我認為我們在汽車端的進展讓我們感覺非常好。正如我提到的，在卡車端我們拿下第一家歐洲 TOP10 乘用車 OEM。另外在我們與 Nvidia 的合作中，請記得我們是。

Core sensor choice out of China for the Hyperion platform. So NVIDIA obviously is securing a number of OEMs and as OEMs across the globe are deploying.

Hyperion 平台在中國以外的核心感測器首選。因此 NVIDIA 顯然正在爭取多家 OEM，而當全球各地 OEM 開始部署。

With Hyperion between '28 to '29, we expect that multiple OEMs also going to be adopting that. And that I think is going to be also a sales channel for us and help us to expand into a number of other OEMs. So that's why I think that's already the progress that we're making there is very encouraging. And I think focus for us is deliver on the first. Engagement, the first production program with the TOP10 OEM. I think from there, we're going to expand pretty quickly to multiple OEM programs. So that's also why, of course, we're hiring in that area as we expand there.

在 2028 到 2029 年間導入 Hyperion 時，我們預期也會有多家 OEM 採用該方案。我認為這也將成為我們的銷售通路，並幫助我們拓展到更多 OEM。因此我認為我們目前在那邊取得的進展已非常令人鼓舞。而我們的重點是先把第一個。合作案、與 TOP10 OEM 的第一個量產專案交付好。我認為從那裡開始，我們會相當快速地擴展到多個 OEM 專案。所以這也是為什麼，當然，隨著我們在那邊擴張，我們也在該領域招募人員。

And I think separately from that, you asked about kind of OEMs in North America and the US.

另外，你也問到北美與美國的 OEM。

I would say generally, yes, we are seeing some revival of interest for RFI, RFQ programs also coming.

我會說整體而言，是的，我們確實看到對 RFI、RFQ 專案的興趣有些回溫，也開始出現。

And some of those already touched the NVIDIA platform and a few don't, but we are involved in both camp of that, and so that's why we feel good about our progress in auto, which also allows us, if you recall, our strategy has always been.

其中有些已經採用 NVIDIA 平台，也有一些沒有，但我們兩邊陣營都有參與；因此我們對汽車端的進展感到樂觀。這也讓我們能夠——如果你還記得——我們的策略一直是。

Work with the leaders in respect to fields that have the volume, the capability, and scale to get us to market and, build on that and land and expand. So we're redundant automotive now, we're executing on that, and we're now also able to do that now in other markets, including optical connectivity as well.

與在相關領域具備量產規模、能力與擴張性的領導者合作，以便把我們帶入市場，並在此基礎上「先落地、再擴張」（land and expand）。所以我們現在在汽車端正按此策略執行，也同樣能在其他市場做到，包括光學互連也是如此。

Thank you.

謝謝。

Thank you. We'll go next now to Richard Shannon with Craig Callum.

謝謝。接下來我們請 Craig Callum 的 Richard Shannon 提問。

Hi, Mr. Shannon, your line is open. You might be on mute, sir.

您好，Shannon 先生。您的線路已開通。先生，您可能處於靜音狀態。

You're right. I was on mute. Apologies for that. Sure, thanks for letting me ask a couple of questions here. The first one to ask is on your press release today about expansion of your optical connectivity portfolio.

你說得對。我剛剛在靜音。抱歉。好的，謝謝讓我在這裡問幾個問題。第一個問題是關於你們今天新聞稿提到擴展光學互連產品組合。

Maybe actually a two-parter and apologies if I stumble through this here, but.

也許其實是兩個部分的問題，如果我表達得有點不順也請見諒，但。

The first part of it is looking at your ultra high-powered chipset here. How is this different than what you've announced earlier in the year? You had that paper in January that talked about an SOA. And then I think the solution you originally talking about was a laser combined with an SOA here. This one doesn't describe an SOA in it. So is this just a branding mechanism for that or is this entirely new chipset?

第一部分是看你們這款超高功率晶片組。它與你們今年稍早宣布的內容有何不同？你們在一月有一篇論文談到 SOA。然後我記得你們最初談的方案是雷射結合 SOA。但這次的描述裡沒有提到 SOA。所以這只是對既有方案的品牌命名方式，還是這是一款全新的晶片組？

And if so, how are they different? And then the second part of the question is on the Mesa product here where it has more than 600 milliwatts per channel. I guess I thought that kind of power was actually going to melt or degrade the fiber. So if you could address that as well, then I have one follow-up.

如果是的話，它們有何不同？然後問題的第二部分是關於這裡的 Mesa 產品，它每通道超過 600 毫瓦。我原本以為那種功率其實會把光纖熔化或使其劣化。所以如果你也能回應一下這點，那我還有一個追問。

Thank you.

謝謝。

Sure, Richard. Yeah. So first of all, I do want to mention one thing. One of the core capabilities of Ava, why we are entering this market, why we see the significant interest and actual traction now resulting in contracts and growth is that we have a unique capability that fits this market gap with high-power sources. So obviously, we're working on -- we. We had to go develop this for about 10 years because nobody had it, so we're not like coming up all of a sudden with a random thing that says we have a bunch of power that we can output, we had to develop this, we have significant IP, we have all the field data reliability.

當然可以，Richard。是的。所以首先，我確實想先提一件事。Ava 的核心能力之一，也是我們為何進入這個市場、為何我們看到顯著的興趣，以及目前已轉化為合約與成長的實際進展，是因為我們具備一項獨特能力，能以高功率光源填補這個市場缺口。所以很明顯地，我們一直在做——我們。我們為了開發這項技術花了大約 10 年，因為之前沒有人具備，所以我們不是突然冒出一個隨機的東西就說我們能輸出一大堆功率；我們必須把它開發出來，我們擁有大量的智慧財產，我們也有所有的現場可靠度數據。

And many thousands of hours of testing and actual field evaluation, which is very rare in the market, as obviously you know very well from the space. So I just want to highlight that. And naturally, obviously, we have been developing higher and higher power sources because that's a requirement for the next generation of architectures going from 800 to 1.6 to 2.2 and beyond that.

以及數千小時的測試與實際現場評估，這在市場上非常罕見，正如你從這個領域非常清楚所知。所以我只是想強調這點。當然，我們也一直在開發越來越高功率的光源，因為這是下一代架構的需求，從 800 到 1.6 到 2.2，甚至更往後。

And then specifically for the UHP, this is a new chip. This is not. Just the rebranding of the same thing we announced is actually a laser device and we are saying that we can achieve what we see as industry best performance over 350 milliwatts at 50C with very low noise. And low rent and performance as needed for data center market, and we actually are seeing greater than that. So we also have runway with our products to go beyond that, and I think that also is looking ahead in the architectures as folks are meeting us. That's one of the other important things with customers is like.

然後具體到 UHP，這是一顆新晶片。這不是。不只是把我們先前宣布的同一個東西重新包裝；它其實是一個雷射元件，我們表示在 50°C 下可達到我們認為是業界最佳的表現：超過 350 毫瓦且雜訊非常低。並且具備資料中心市場所需的低 RIN（相對強度雜訊）與性能，而我們實際看到的還高於這個水準。所以我們的產品也有延伸空間可以再往上提升，我想這也反映在我們與客戶會面時對未來架構的前瞻規劃。這也是另一個對客戶很重要的點，就像。

You're not just delivering something that kind of like gets closed or barely meets it, but you can do it reliably, you can do it with yields and you have the data and life science operating tests and they show all that to prove it. So that's why and then you have the capability then to.

你不只是交付一個勉強達標或剛好過關的東西，而是你能可靠地做到、能以良率做到，而且你有數據與壽命/運行測試，並展示所有這些來證明。所以這就是原因，然後你也就具備能力去。

Continue growing on that roadmap, on that pathway of keeping in performance. So that's the kind of folks that customers want to work with. So that's why we're seeing that. So it is a distinct new offering, and we're excited to provide that now to the market.

在路線圖上、在那條路徑上持續成長、持續提升性能。所以這就是客戶想合作的那種夥伴。因此我們才會看到這樣的進展。所以這是一個明確的新產品，我們也很興奮現在能把它提供給市場。

And then on the Dee was touching on the Mesa platform with the multichannel, obviously, that's something that is important as we go for.

然後 Dee 剛才提到 Mesa 平台的多通道，顯然，隨著我們朝向。

The next generation of architectures in this market, especially for the ELSFB and what we see on the ability to actually generate high powers in the 600 milliwatts becoming a requirement for next generation architectures as folks go to 1.6T and above.

這個市場的下一代架構邁進，特別是針對 ELSFB，以及我們所看到的需求：當業界走向 1.6T 及以上時，能夠產生 600 毫瓦等級的高功率將成為下一代架構的要求。

But the key there is ability to actually integrate this as a pluggable ready module inside ELSFB. So that's. Effectively what we're offering here is now besides just the chip, you have a multi-channel module that you can do at 4, 8, whatever it is inside the ELSFP module ready to go that can generate high powers for those architectures for higher speed transmission.

但關鍵在於能把它整合成可插拔、可直接放入 ELSFB 的模組。所以這。基本上我們在這裡提供的是：除了晶片之外，你還有一個多通道模組，可以在 ELSFP 模組內做到 4 通道、8 通道或其他配置，開箱即可使用，能為那些架構提供更高速傳輸所需的高功率。

Okay, great, Chris. Thanks for all that detail, Mr. Rish. My follow-on question, they sort of, I think you provide a couple of tidbits to it, but I want to ask it more holistically here. So your announcement coincident with last quarter's call was a GDA with a direct customer who's going to supply a product to a hyperscaler you just mentioned today about hoping to be qualified with hyperscaler by the middle of next year. So maybe you can talk about the milestones you have to go through first with your direct partner and then eventually with the. Hyperscaler. And to what degree does that overlap some of the reliability testing you've done just supporting the automotive LiDAR market versus getting new types of testing required there?

好的，很棒，Chris。謝謝你提供這麼多細節，Rish 先生。我的追問是——我想你已經提供了一些線索，但我想在這裡更全面地問一下。所以你們在上一季電話會議同時發布的公告，是與一個直接客戶簽署 GDA，該客戶將供應產品給你今天提到的某家超大規模客戶（hyperscaler），而你也提到希望在明年年中前能通過該 hyperscaler 的資格認證。所以也許你可以談談你們首先需要與直接合作夥伴完成哪些里程碑，然後最終再與。hyperscaler 端完成哪些里程碑。以及在多大程度上，這些工作會與你們先前為支援車用 LiDAR 市場所做的可靠度測試重疊，還是需要新增不同類型的測試？

Yeah, sure. So with the JDA partner, I think it's important to mention that within the course of a few months, we obviously launched the business.

好的，當然。所以就 JDA 合作夥伴而言，我覺得重要的是要提到，在短短幾個月內，我們很明顯地啟動了這項業務。

Signed the first customer.

簽下了第一位客戶。

And now in this quarter, we actually generate our first sales and revenues for the Optical Connectivity business. So I think that is a milestone for us because it's also important that this is transacting the real way and it's actually showing up for us. Obviously, we need to then work on the qualification and then from there, the ramp-up. So that's important. So with this JD customer, we deliver the first chipsets already to them.

而且在本季，我們實際上已為光學互連（Optical Connectivity）業務產生了第一筆銷售與營收。所以我認為這對我們是一個里程碑，因為同樣重要的是，這代表業務是以真正的方式在交易，並且實際反映在我們的業績上。當然，接下來我們需要推進資格認證，然後再從那裡進入放量（ramp-up）。所以這點很重要。就這位 JD 客戶而言，我們已經向他們交付了第一批晶片組。

They are working on the integration, integrating their own integrated module and doing the tape-outs for that. That's going to happen in the next few months shortly here in the beginning of the year. And from there, the milestone is together we're going to be going through the qualification. So we have done our own validation.

他們正在進行整合，把它整合到他們自己的整合式模組中，並為此進行 tape-out。這會在接下來幾個月、也就是年初不久後發生。接著的里程碑是，我們將一起進行資格認證流程。我們已經完成了我們自己的驗證。

Our customer will do their integration and they do their own validation and we enter the actual call with the end hyperscaler, as you mentioned. Our target is still the same by middle of next. To get into that call, and then by late next year, we'll be complete. And from there, we'll switch over to startup production, late '27 and maybe early '28 goes straight to ramp-up. So that's where it's a very fast-paced timeline, which is why we had to also go secure our supply base doing these agreements to get us what we need for the end customers. So that's on that. In the last period, this period also we.

我們的客戶會完成他們的整合並做他們自己的驗證，然後我們會如你所提到的，與最終的 hyperscaler 進入正式的評估/認證流程。我們的目標仍然不變：在明年年中前。進入那個流程，然後在明年年底前完成。之後我們會切換到試產（startup production），在 2027 年底，可能 2028 年初就直接進入放量。所以這是一個節奏非常快的時程，這也是為什麼我們必須先去確保供應鏈基礎，透過這些協議取得終端客戶所需的供應。這就是這部分。在上一個期間以及本期間，我們也。

Already start engaging with our customer to come up with the platform for other hyperscalers. So there is another hyperscaler also that they're working with and we are starting engagements with that so that we can also apply our solutions together for another hyperscaler, which I think is a good sign of both the performance and ability to deliver to this first customer, but also our customer's traction within hyperscalers.

已經開始與我們的客戶合作，建立可供其他 hyperscaler 使用的平台。所以他們也正在與另一家 hyperscaler 合作，而我們也開始與那邊接觸，讓我們能一起把解決方案應用到另一家 hyperscaler。

So that's what I would say about this, JD. And of course, we already talked separately about a second customer that we're working with that's on the optical side for contract negotiations.

所以關於這個 JD，我會這麼說。當然，我們也已經另外談到我們正在合作的第二位客戶，目前在光學端正進行合約談判。

Thank you. And ladies and gentlemen, that is all the time we have for questions this afternoon. So that will bring us to the end of today's Ava Technologies third quarter 2026 earnings conference call. We'd like to thank you all so much for joining us this afternoon and wish you all a great remainder of your day. Goodbye.

謝謝。各位女士先生，今天下午的問答時間就到這裡。因此，我們也將結束今天 Ava Technologies 2026 會計年度第三季財報電話會議。非常感謝各位今天下午的參與，並祝各位今天剩餘時間愉快。再見。