Aurora Innovation Inc (AUR) 2024 Q4 法說會逐字稿

Greetings and welcome to Aurora Innovation's fourth-quarter 2024 business review call.

問候並歡迎參加 Aurora Innovation 2024 年第四季業務審查電話會議。

(Operator Instructions).

（操作員指令）。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Stacy Feit.

現在我很高興介紹 Stacy Feit。

Thank you, Stacy.

謝謝你，史黛西。

You may begin.

你可以開始了。

Thanks Julian.

謝謝朱利安。

Good afternoon, everyone and welcome to our fourth quarter 2024 business review call.

大家下午好，歡迎參加我們 2024 年第四季的業務審查電話會議。

We announced our results earlier this afternoon.

我們今天下午早些時候公佈了我們的結果。

Our shareholder letter and a presentation to accompany this call are available on our Investor Relations website at ir.aurora.tech. The shareholder letter was also furnished with our form 8-K filed today with the SEC.

我們的股東信函和本次電話會議的簡報可在我們的投資者關係網站 ir.aurora.tech 上找到。我們今天向美國證券交易委員會提交的 8-K 表格中也附上了這封給股東的信函。

On the call with me today are Chris Urmson, Cofounder and CEO and David Maday, CFO.

今天與我一起參加電話會議的有聯合創始人兼首席執行官 Chris Urmson 和首席財務官 David Maday。

Chris will provide an update on the progress we have made across the key pillars of our business, and David will recap our fourth quarter and full year financial results.

克里斯 (Chris) 將介紹我們在業務主要支柱方面取得的進展，而大衛 (David) 將回顧我們第四季度和全年的財務業績。

We will then open the call to Q&A.

然後我們將開始問答環節。

A recording of this conference call will be available on our Investor Relations website at ir.aurora.tech shortly after this call has ended.

本次電話會議的錄音將在會議結束後不久在我們的投資者關係網站 ir.aurora.tech 上提供。

I would like to take this opportunity to remind you that during the call, we will be making forward-looking statements.

我想藉此機會提醒您，在電話會議中，我們將做出前瞻性陳述。

This includes statements relating to our future financial and operating performance and our financial outlook and guidance, including expected revenue for the 2025 fiscal year.

這包括與我們未來財務和經營業績以及財務前景和指引有關的聲明，包括 2025 財年的預期收入。

Our ability to reduce costs and general expectations beyond that year.

我們降低成本的能力以及那一年以後的普遍預期。

The safety benefits of our technology and product, the achievement of certain milestones around and realization of the potential benefits of the development, manufacturing, scaling, and commercialization of the Aurora Driver and related services, including relationships and anticipated benefits with partners and customers, and on the time frame we may expect or at all, the market opportunity.

我們的技術和產品的安全優勢、Aurora Driver 和相關服務的開發、製造、擴展和商業化方面某些里程碑的實現和潛在優勢的實現，包括與合作夥伴和客戶的關係和預期收益，以及我們可能預期的時間範圍或根本的市場機會。

Our product's ability to reduce fuel use and emissions, the expected future market size, our expected market share, the efficiency of our validation process, our remote assistance efficiency for driverless operations, and profitability of our products and services, regulatory tailwinds and framework in which we operate, expected cash runway, and overall future prospects.

我們的產品減少燃料使用和排放的能力、預期的未來市場規模、我們預期的市場份額、我們的驗證流程的效率、我們無人駕駛操作的遠端協助效率、我們產品和服務的盈利能力、監管順風和我們運營的框架、預期的現金跑道以及整體未來前景。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call.

這些聲明受已知和未知的風險和不確定因素的影響，可能導致實際結果與本次電話會議中預測或暗示的結果有重大差異。

In particular, those described in our risk factors, including in our annual report on form 10-K for the year ended December 31, 2023, filed with the SEC, as well as the current uncertainty and unpredictability in our business, the markets, and economy.

特別是我們的風險因素中所述的因素，包括我們向美國證券交易委員會提交的截至 2023 年 12 月 31 日的 10-K 表年度報告中所述的因素，以及我們業務、市場和經濟當前的不確定性和不可預測性。

Additional information will also be set forth in our annual report on Form 10-K for the year ended December 31, 2024.

其他資訊也將載於我們截至 2024 年 12 月 31 日的 10-K 表年度報告中。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為未來事件的預測。

All forward-looking statements that we make on this call are based on assumptions and beliefs as of the date hereof, and Aurora disclaims any obligation to update any forward-looking statements except as required by law.

我們在本次電話會議上所做的所有前瞻性陳述均基於截至本電話會議之日的假設和信念，除非法律要求，否則 Aurora 不承擔更新任何前瞻性聲明的義務。

Our discussion today may include non-GAAP financial measures.

我們今天的討論可能包括非公認會計準則財務指標。

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

這些非 GAAP 指標應作為我們的 GAAP 結果的補充而非替代或孤立存在。

Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results, may be found in our shareholder letter, which was furnished with our form 8-K filed today with the SEC and may also be found on our Investor Relations website.

有關我們的非公認會計準則財務業績的信息，包括我們的歷史公認會計準則與非公認會計準則結果的對賬表，可在我們的股東信函中找到，該信函隨我們今天向美國證券交易委員會提交的 8-K 表格一起提供，也可在我們的投資者關係網站上找到。

With that, I will now turn the call over to Chris.

說完這些，我現在將電話轉給克里斯。

Thank you, Stacy.

謝謝你，史黛西。

Reflecting on 2024 and the start of 2025, it has been a monumental time at Aurora as we near the culmination of years of innovation and preparation for our commercial launch planned in April.

回顧 2024 年和 2025 年初，對 Aurora 來說這是一個具有里程碑意義的時刻，因為我們多年的創新和準備工作即將完成，並將於 4 月正式投入商業運營。

The word Aurora means the dawn, and we're standing at the dawn of a new era in transportation, one defined by greater safety, mobility, and efficiency.

Aurora 這個字的意思是黎明，我們正站在交通新時代的黎明，這個新時代的特徵是更高的安全性、機動性和效率。

Our focused strategy grounded in safety, positioned for scale, and enabled by financial discipline continues to differentiate Aurora as the leader in autonomous trucking.

我們的重點策略以安全為基礎，以規模為定位，並以財務紀律為支撐，繼續使 Aurora 成為自動駕駛卡車領域的領導者。

We have made tremendous technological progress.

我們取得了巨大的技術進步。

We're approaching closure of the safety case for the Dallas to Houston launch lane with ARM reaching 99%, and we've also been approaching our targeted 100% API loads commercial launch estimate since mid-October.

我們即將完成達拉斯至休士頓發射通道的安全案例審結，ARM 已達到 99%，而且自 10 月中旬以來，我們也一直在接近目標 100% API 負載商業發射估計。

On the financial front, we've consistently demonstrated strong financial discipline, managed our cash use under budget.

在財務方面，我們始終表現出嚴格的財務紀律，將現金使用控制在預算之內。

We also further strengthened our liquidity position with a successful capital raise last summer, ensuring we have the resources necessary to fund the initial phase of our scaling strategy.

去年夏天，我們也成功籌集資金，進一步加強了我們的流動性狀況，確保我們擁有資助擴展策略初始階段所需的資源。

And at the start of this year, we announced a three-way partnership between Aurora, NVIDIA, and Continental, solidifying another key enabler to successfully deploy its scale.

今年年初，我們宣布了 Aurora、NVIDIA 和 Continental 之間的三方合作，鞏固了成功部署規模的另一個關鍵推動因素。

Our industry is also fortunate to have a supportive regulatory environment.

我們的產業也很幸運擁有一個支持性的監管環境。

Today, driverless deployment in the US is already allowed by the federal government.

如今，無人駕駛在美國的部署已經得到了聯邦政府的允許。

And at the state level, under existing laws and regulations, autonomous trucks can be deployed in the vast majority of US states, including our Texas launch market.

而在州一級，根據現有的法律法規，自動駕駛卡車可以在美國絕大多數州部署，其中也包括我們的德州發射市場。

We are also optimistic that the new Presidential administration's enthusiasm for innovation, safety, and a nationwide framework for self-driving vehicles could further support this favourable regulatory environment for driverless deployment in the US.

我們也樂觀地認為，新總統政府對創新、安全以及全國自動駕駛汽車框架的熱情將進一步支持美國無人駕駛汽車部署的有利監管環境。

With nearly all the pieces in place, Aurora is poised for an extraordinary year ahead.

目前，幾乎所有準備就緒，Aurora 已準備好迎接非凡的一年。

Our Analyst and Investor Day in March 2024 marked a defining moment for the investors who have supported our development journey.

2024 年 3 月的分析師和投資者日對於支持我們發展歷程的投資者來說是一個決定性的時刻。

We gave them a chance to experience driverless truck rides and a first look at how our driverless trucks navigate advanced road scenarios at our test track.

我們讓他們有機會在測試軌道上體驗無人駕駛卡車，並首次了解我們的無人駕駛卡車如何在先進的道路場景中行駛。

I will never forget walking up to the track with our investors and analysts, seeing the trucks speed by entirely driverless.

我永遠不會忘記與我們的投資者和分析師一起走上賽道，看到卡車完全無人駕駛地飛馳而過。

At that moment, Aurora's vision became clear for everyone.

就在這時，奧蘿拉的視野變得清晰起來。

As we approach the final steps of development, we are just months away from starting our commercial journey and making our vision a reality.

隨著我們接近開發的最後階段，我們距離開始商業之旅並將我們的願景變成現實僅剩幾個月的時間。

We plan to launch our first driverless trucks hauling customer loads between Dallas and Houston in April.

我們計劃於四月推出首批無人駕駛卡車，在達拉斯和休士頓之間運送客戶貨物。

In order to commence driverless operations, we must first close the safety case for the Dallas to Houston launch lane.

為了開始無人駕駛運營，我們必須先完成達拉斯至休士頓發射航線的安全驗證。

Our safety case framework is a comprehensive, evidence-based approach to confirming that our self-driving vehicles are acceptably safe to operate on public roads.

我們的安全案例框架是一種全面的、基於證據的方法，用於確認我們的自動駕駛汽車在公共道路上行駛是安全的。

We quantify our progress toward closing our Dallas to Houston launch lane safety case through the ARM, a weighted measure of completeness across all claims of the safety case for our launch lane.

我們透過 ARM 量化了達拉斯至休士頓發射航線安全案例的進展，ARM 是對我們的發射航線安全案例所有索賠的完整性的加權度量。

We remain the only company in the industry that has provided this level of transparency.

我們仍然是業內唯一一家提供這種透明度的公司。

As of the end of January, ARM was 99%, up from 97% at the end of October, driven by the closure of a number of software claims.

截至 1 月底，ARM 為 99%，高於 10 月底的 97%，這得益於多起軟體索賠的結案。

We have made meaningful progress on final behaviour refinement and validation and expect to complete the remaining elements of our safety case over the next several weeks.

我們在最終行為改進和驗證方面取得了重大進展，並預計在接下來的幾週內完成安全案例的其餘部分。

Let us take a look at a rare surface street scenario we just recently encountered in Houston.

讓我們來看看最近在休士頓遇到的罕見地面街道場景。

In the video on page 5 of our presentation, the aurora driver comes upon a large funeral procession, an unpredictable and complex scenario.

在我們簡報第 5 頁的影片中，極光司機遇到了一支大型葬禮隊伍，這是一個難以預測的複雜場景。

As the truck approaches the intersection, the Aurora driver detects a police motorcycle directing traffic at an uncontrolled intersection, which could potentially block the truck's lane.

當卡車接近十字路口時，Aurora 司機發現一輛警用摩托車正在無人控制的十字路口指揮交通，這可能會阻塞卡車的車道。

It slows its speed as it prepares to stop and requests input from a remote assistance specialist.

它放慢速度準備停下來並請求遠端協助專家的輸入。

Importantly, given our system architecture and strict security protocols, our trucks cannot be operated by remote system specialists.

重要的是，鑑於我們的系統架構和嚴格的安全協議，我們的卡車不能由遠端系統專家操作。

All driving tasks can only be executed on board.

一切駕駛任務均只能在車上執行。

Within seconds, the remote assistant specialist sees the police officers just blocking cross traffic and not the truck's lane and confirms the Aurora driver should proceed with the detection of the active police motorcycle at sufficient distance and rapid remote assistance response, the Aurora driver powered truck was able to continue on its journey without stopping.

幾秒鐘之內，遠程助理專家就發現警察只是阻擋了交叉路口，而不是卡車的車道，並確認 Aurora 司機應該繼續在足夠的距離內檢測正在行駛的警用摩托車，在快速的遠程協助響應下，Aurora 司機駕駛的卡車能夠繼續行駛而無需停下來。

Adeptly handing scenarios like this helps reinforce our confidence that the Aurora driver will behave appropriately even in the rarest surface street scenarios.

熟練地處理此類情況有助於增強我們的信心，讓我們相信即使在最罕見的街道路面情況下，Aurora 駕駛員也會表現得當。

And the successful interaction with our remote assistance specialists underscores the power of the complete system's performance.

與我們的遠端協助專家的成功互動凸顯了整個系統效能的強大。

Turning to rare construction scenarios, the Aurora driver is also delivering impressive performance.

對於罕見的施工場景，Aurora 驅動程式也提供了令人印象深刻的性能。

In the video on page 6, an Aurora driver powered truck encounters an upcoming construction zone warning.

在第 6 頁的影片中，一輛由 Aurora 驅動的卡車遇到了即將到來的施工區域警告。

It Lane changes to the left to prepare for the lane closure ahead and then seamlessly navigates a highly complex traffic crossover.

它向左變換車道以準備應對前方的車道關閉，然後無縫駕駛通過高度複雜的交通交叉口。

As you will see, this type of configuration redirects traffic to the opposite side of the road, bypassing the work zone with lanes separated by barriers and marked with cones.

正如您所看到的，這種配置會將交通重新引導至道路的另一側，繞過用障礙物隔開並用錐形物標記的車道的施工區。

This is a great example of truly skillful performance of known construction zones.

這是已知施工區域的真正熟練表現的一個很好的例子。

Once fully clear of the construction zone, the aurora driver returns to its preferred right-hand lane and continues its journey.

一旦完全駛離施工區域，極光駕駛員就會返回其首選的右側車道並繼續行駛。

Strong performance in these types of scenarios support our solid API results.

這些類型的場景中的強勁表現支持了我們可靠的 API 結果。

API is another key metric we use to assess the Aurora driver's performance and commercial readiness.

API 是我們用來評估 Aurora 驅動程式的效能和商業準備程度的另一個關鍵指標。

The indicator penalizes the use of on-site support, which will be the most expensive support provided to enable the Aurora driver.

該指標對現場支援的使用進行了懲罰，這將是為啟用 Aurora 驅動程式而提供的最昂貴的支援。

We're focused on driving up the percentage of commercial loads that did not require any form of on-site support which we refer to as 100% API loads.

我們致力於提高不需要任何形式的現場支援的商業負載的百分比，我們稱之為 100% API 負載。

As a reminder, we do not anticipate that aggregate API will ever reach 100% even at launch.

提醒一下，我們預計即使在發佈時總體 API 也不會達到 100%。

Because certain situations will always require on-site support.

因為某些情況總是需要現場支援。

However, we believe the percentage of 100% API loads is a strong indicator.

然而，我們認為 100% API 負載的百分比是一個強而有力的指標。

Of our progress and expect this metric to reach approximately 90% by commercial launch.

我們的進展預計到商業發佈時這項指標將達到約 90%。

We've been approaching 90% since mid-October, specific to the fourth quarter, excluding the first two weeks, 88% of loads at 100% API, with many weeks exceeding our commercial launch estimate of 90%.

自 10 月中旬以來，我們的利用率一直接近 90%，具體到第四季度，除前兩週外，88% 的負載達到 100% API，其中許多週都超過了我們商業發布預估的 90%。

This puts us in a strong position for our planned launch in April.

這為我們計劃於四月推出的產品做好了充分準備。

During launch, we expect to operate up to 10 trucks commercially, starting with one driverless truck and then transitioning the balanced driverless operation.

在發布期間，我們預計將商業運營最多 10 輛卡車，從一輛無人駕駛卡車開始，然後過渡到平衡的無人駕駛運營。

We're deliberately starting with this crawl walk run approach as our early efforts will be focused on exercising the full product suite to ensure a seamless launch while demonstrating the value proposition for our customers and continuing to build trust with all of our stakeholders.

我們特意從這種「爬行、行走、奔跑」的方式開始，因為我們的早期努力將集中在試用全套產品上，以確保無縫發布，同時向我們的客戶展示價值主張，並繼續與所有利益相關者建立信任。

In the second half of 2025, we'll focus on expanding our product capabilities to include night driving and rainy conditions, beginning our lane expansion strategy with driverless operations on the Fort Worth to El Paso Lane with further extension to Phoenix and increasing capacity of tens of trucks by the end of the year.

2025 年下半年，我們將專注於擴展產品功能，涵蓋夜間駕駛和雨天條件，開始實施車道擴展戰略，在沃斯堡至埃爾帕索車道上進行無人駕駛運營，並進一步延伸至菲尼克斯，到年底增加數十輛卡車的運力。

Growing demand for autonomous trucking underscores the critical role the Aurora driver will play in addressing industry challenges as freight volumes continue to increase and shipping distance expands.

隨著貨運量不斷增加和運輸距離不斷擴大，對自動駕駛卡車的需求不斷增長，凸顯了 Aurora 司機在應對行業挑戰中將發揮的關鍵作用。

The Auroara driver is uniquely positioned to help solve staffing shortages and enable more productive and efficient transport.

Auroara 司機具有獨特的優勢，可以幫助解決人員短缺問題並實現更有效率的運輸。

Aurora driver powered trucks operating at high levels of autonomy are already achieving best in class fuel efficiency, 15% above the industry average.

高度自動化的 Aurora 自動駕駛卡車已經實現了同類最佳的燃油效率，比行業平均高出 15%。

This is not just a marginal improvement.

這不僅僅是一個微小的進步。

It is a clear example of how autonomy can deliver tangible value in fuel saving and sustainability.

這是一個清晰的例子，展示了自主性如何在燃料節省和永續性方面提供實際的價值。

As we work with customers and more deeply integrate the Aurora driver with their operations, we see the potential to reduce fuel use and emissions by up to 32%.

隨著我們與客戶合作並將 Aurora 驅動程式與他們的營運更深入地結合起來，我們看到了將燃料使用和排放減少高達 32% 的潛力。

As we discussed in our sustainability white paper published last year.

正如我們在去年發布的可持續發展白皮書中所討論的那樣。

This will help the industry reduce emissions and bring down operating costs.

這將有助於該行業減少排放並降低營運成本。

This is just one example of how the aurora driver is meeting today's challenges and shaping the future of freight transport.

這只是極光司機如何應對當今挑戰和塑造貨運未來的一個例子。

With a mutual focus on sustainable operations guided by safety, Aurora and Volvo Autonomous Solutions, or VAS, continue to make significant progress in our partnership.

Aurora 和沃爾沃自動駕駛解決方案（VAS）共同專注於以安全為導向的可持續運營，在合作中不斷取得重大進展。

During the fourth quarter together with Vas, we launched pilot operations with DHL supply chain with the purpose-built Volvo VNL Autonomous powered by the Aurora driver.

第四季度，我們與 Vas 合作，使用由 Aurora 駕駛員驅動的專用沃爾沃 VNL Autonomous 與 DHL 供應鏈一起啟動了試點運營。

We are initially hauling DHL freight on 2 lanes, Dallas to Houston and Fort Worth to El Paso.

我們最初在兩條線路上運輸 DHL 貨物，從達拉斯到休士頓，從沃斯堡到埃爾帕索。

We also continue to autonomously haul freight for our other pilot customers, including FedEx Werner, Schneider, Herschbach, Uber Freight, and others.

我們也繼續為其他試點客戶自動運送貨物，包括 FedEx Werner、Schneider、Herschbach、Uber Freight 等。

Cumulative to date, we have autonomously delivered under the supervision of vehicle operators more than 9,500 loads, driving over 2.6 million commercial miles with nearly 100% on-time performance for our pilot customers.

截至目前為止，我們在車輛操作員的監督下已累計自主運送了超過 9,500 批貨物，行駛了超過 260 萬英里的商業里程，幾乎 100％ 的準時率為我們的試點客戶。

We're also excited to have recently executed an MOU with J.B Hunt.

我們也很高興最近與 J.B Hunt 簽署了一份諒解備忘錄。

As we prepare for a commercial launch, we continue to run our partner success program, which gives customers the opportunity to more deeply evaluate and assess the Aurora driver's performance as a final step to move forward with driverless operations.

當我們準備進行商業發佈時，我們將繼續運行合作夥伴成功計劃，這使客戶有機會更深入地評估和評估 Aurora 駕駛員的表現，作為推進無人駕駛營運的最後一步。

Herschbach recently evaluated our system, leveraging the expertise of some of their most seasoned professional drivers who collectively represent over 75 years of on-road experience.

Herschbach 最近對我們的系統進行了評估，利用了他們一些最有經驗的專業司機的專業知識，這些司機總共擁有超過 75 年的道路駕駛經驗。

These drivers have flogged millions of miles and have seen everything the road can throw at them, so understandably they came into the program with a bit of scepticism.

這些駕駛員已經行駛了數百萬英里，見識過道路上的各種情況，因此可以理解的是，他們對該計劃抱有一點懷疑。

But during their rides they were blown away by the Aurora driver's performance, and in turn Herschbach is ready to go driverless when we are ready.

但在試駕過程中，他們被 Aurora 駕駛者的表現所震撼，而當我們準備好時，Herschbach 也準備採用無人駕駛技術。

For me it was awesome to hear how experienced truck drivers get it about what this technology can mean for their industry.

對我來說，聽到經驗豐富的卡車司機了解這項技術對他們的行業意味著什麼是件很棒的事情。

You can hear from these drivers firsthand in the video on page 8 of our presentation.

您可以在我們簡報第 8 頁的影片中直接聽取這些司機的發言。

Their shared belief in how autonomous and traditional trucks can work hand in hand to improve road safety and transform freight transportation is a true testament to Aurora's mission.

他們共同堅信自動駕駛卡車和傳統卡車能夠攜手改善道路安全並改變貨運運輸，這真正證明了 Aurora 的使命。

Since our founding, our objective has been to deploy self-driving technology at scale.

自成立以來，我們的目標就是大規模部署自動駕駛技術。

Our OEM and tier 1 partnerships with Volvo Trucks, PACAR, and Continental are unmatched in the industry, and we believe Position Aurora is the only company capable of deploying autonomous trucking at scale.

我們與沃爾沃卡車、PACAR 和大陸集團建立的 OEM 和一級合作夥伴關係在業內無與倫比，我們相信 Position Aurora 是唯一一家能夠大規模部署自動駕駛卡車的公司。

As I mentioned at the beginning of the call in January, we further enhanced this ecosystem with a three-way partnership between Aurora, and Video and NVIDIA, my apologies, and Continental, solidifying another key enabler to successfully deploy at scale.

正如我在 1 月電話會議開始時提到的那樣，我們透過 Aurora、Video、NVIDIA（抱歉，還有 Continental）之間的三方合作進一步增強了這個生態系統，鞏固了另一個成功大規模部署的關鍵推動因素。

NVIDIA's Drive Thor system on a chip will be integrated into the Aurora Driver hardware kit that Continental plans to mass manufacture starting in 2027.

NVIDIA 的 Drive Thor 系統單晶片將整合到大陸集團計劃從 2027 年開始批量生產的 Aurora Driver 硬體套件中。

Production samples of Drive Thor are coming in the first half of 2025 to start testing.

Drive Thor 的生產樣品將於 2025 年上半年推出並開始測試。

Drive Thor will be the core of the primary computer for the Aurora driver, which we are developing with Continental, who will manufacture it.

Drive Thor 將成為 Aurora 驅動器主電腦的核心，由我們與大陸集團共同開發，並由大陸集團製造。

We also continue to make meaningful progress on other aspects of this generation of the hardware kit.

我們也在這一代硬體套件的其他方面繼續取得有意義的進展。

During the fourth quarter, we completed the integration of our first light on a chip into a single photonics engine.

在第四季度，我們完成了將第一顆晶片上的光源整合到單一光子引擎中的工作。

Notably, the prototype's performance is meeting our requirements for our next generation LIDAR.

值得注意的是，原型的性能滿足了我們對下一代光達的要求。

And in January, Continental and Aurora achieved another partnership milestone and are now beginning a sample builds and firmware development.

今年 1 月，大陸集團和 Aurora 又實現了合作的另一個里程碑，目前正在開始樣品建造和韌體開發。

The significant progress we're making toward this generation of hardware is critical as it will unlock true scale on the order of tens of thousands of trucks.

我們在這一代硬體方面取得的重大進展至關重要，因為它將實現數萬輛卡車的真正規模。

While we work toward continental startup production in 2027, our third-generation commercial kit, we also continue to advance our second-generation commercial hardware kit.

在我們致力於 2027 年在大陸啟動第三代商用套件的生產的同時，我們也持續推動第二代商用硬體套件的開發。

We plan to introduce this kit later this year to support our ambitions to scale to hundreds of millions of miles travelled autonomously.

我們計劃在今年稍後推出這款套件，以支持我們擴大到數億英里的自主行駛里程的目標。

This generation brings exciting performance gains and importantly, we expect it to drive a step function reduction in our hardware costs, which is a critical element on our path to self-funding.

這一代產品帶來了令人興奮的效能提升，重要的是，我們期望它能夠推動硬體成本的大幅降低，這是我們實現自籌資金的關鍵因素。

During the 4th quarter, we received a samples from our contract manufacturer Fibernet and have integrated this prototype kit into its first vehicle for testing.

在第四季度，我們收到了合約製造商 Fibernet 的樣品，並將該原型套件整合到其第一輛車輛中進行測試。

Aurora has always been a mission-driven company with an immensely capable team, bold enough to dream big and skilled enough to make those dreams a reality.

Aurora 一直是一家以使命為導向的公司，擁有一支能力超群的團隊，他們敢於夢想，並且擁有足夠的技能將這些夢想變為現實。

We are on the cusp of our planned commercial launch, a pivotal step toward realizing our mission, and our team is more focused and energized than ever.

我們正處於計劃中的商業發布的巔峰時期，這是實現我們使命的關鍵一步，我們的團隊比以往任何時候都更加專注和充滿活力。

With a team like ours, the impossible becomes achievable.

有了我們這樣的團隊，不可能的事就變得可以實現。

Our extraordinary progress would not be possible without the unwavering commitment from our team, partners, and investors.

如果沒有我們團隊、合作夥伴和投資者的堅定承諾，我們就不可能有非凡的進步。

Thank you for your trust.

感謝您的信任。

We believe 2025 will be a defining year for Aurora as we begin to reshape the future of freight.

我們相信，2025 年將成為 Aurora 決定性的一年，因為我們將開始重塑貨運的未來。

With that, I will now pass it over to David.

說完這些，我現在將話題交給大衛。

We will review our financial results.

我們將審查我們的財務結果。

Thank you, Chris.

謝謝你，克里斯。

Let us discuss our financial results.

讓我們討論一下我們的財務結果。

We have provided a summary on page 13 of the slide deck for reference.

我們在投影片第 13 頁提供了摘要，以供參考。

During the fourth quarter of 2024, we continued to demonstrate strong fiscal discipline.

2024 年第四季度，我們持續展現嚴格的財政紀律。

Fourth quarter 2024 operating expenses, including stock-based compensation, totalled $199 million.

2024 年第四季的營運費用（包括股票薪酬）總計 1.99 億美元。

Excluding stock-based compensation, operating expenses totalled $164 million.

除股票薪酬外，營業費用總計 1.64 億美元。

Within operating expenses, our R&D expenses, excluding stock-based compensation, totalled $142 million.

在營運費用中，我們的研發費用（不包括股票薪酬）總計 1.42 億美元。

This amount includes $714,000 in pilot revenue, which we record as contra R&D expense. 2024 pilot revenue of $2.8 million increased 59% year over year.

該金額包括 714,000 美元的試點收入，我們將其記錄為備抵研發費用。 2024年試點收入為280萬美元，較去年同期成長59%。

SG&A expenses, excluding stock-based compensation, were $22 million.

銷售、一般及行政開支（不包括股票薪酬）為 2,200 萬美元。

We used approximately $142 million and $611 million respectively in operating cash during the fourth quarter in fiscal 2024.

我們在 2024 財年第四季分別使用了約 1.42 億美元和 6.11 億美元的營運現金。

Capital expenditures totalled $8 million and $0.34 million dollars respectively during the fourth quarter and fiscal 2024.

第四季和 2024 財年的資本支出總計分別為 800 萬美元和 34 萬美元。

This cash spend was below our externally communicated target for both the quarter and the year, reflecting our continued commitment to fiscal prudence.

這筆現金支出低於我們本季和全年對外公佈的目標，反映了我們對財政審慎的持續承諾。

We ended the year with a very strong balance sheet, including over $1.2 billion in cash and short-term investments.

我們以非常強勁的資產負債表結束了這一財年，其中包括超過 12 億美元的現金和短期投資。

Given efficiencies we found in the business and cash preservation decisions we have made, we now expect this liquidity to support our planned commercial launch and fund our operations into the second half of 2026.

鑑於我們在業務和現金保留決策中發現的效率，我們現在預計這些流動資金將支持我們計劃中的商業發布，並為我們在 2026 年下半年的營運提供資金。

In 2025, we expect quarterly cash use to be within the $175 million to $185 million average range.

到 2025 年，我們預計季度現金使用量將在 1.75 億美元至 1.85 億美元的平均範圍內。

This accounts for an increase in capital expenditures and continued development of our new hardware programs as we prepare to scale our business.

這解釋了為什麼我們在準備擴大業務規模時，資本支出會增加，新的硬體項目也會繼續開發。

At commercial launch, we will begin recognizing revenue.

在商業發佈時，我們將開始確認收入。

This will include driverless revenue as well as continued pilot revenue, which up to this point has been recorded as contra R&D expense.

這將包括無人駕駛收入以及持續試點收入，到目前為止，這些收入一直被記錄為研發費用。

With our deliberate approach to launch, we expect our 2025 revenue to be modest in the mid-single digit millions for modelling purposes, we expect revenue to build sequentially throughout the year.

由於我們採取了慎重的發布方式，我們預計 2025 年的收入將達到中等個位數，出於建模目的，我們預計收入將在全年逐步增加。

Revenue recognition associated with our driverless launch will be a meaningful milestone for Aurora but will have a negligible impact on our overall financials during our launch year.

與我們的無人駕駛技術發布相關的收入確認將成為 Aurora 的重要里程碑，但對我們在發布當年的整體財務狀況的影響可以忽略不計。

Our focus in 2025 will be on expanding our driverless operations to prove the promise of the Aurora driver technology.

2025 年，我們的重點將是擴大無人駕駛業務，以證明 Aurora 駕駛技術的前景。

In addition, our team will be focused on key cost reduction levers, including the introduction of our next generation hardware kit to support achieving our initial scaling cost reduction initiatives.

此外，我們的團隊將專注於關鍵的成本削減手段，包括推出下一代硬體套件，以支援實現我們最初的擴展成本削減計劃。

With that, we'll now open the call to Q&A.

現在，我們將開始問答環節。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions).

（操作員指令）。

George Gianarikas, Canaccord Genuity

Canaccord Genuity 的 George Gianarikas

Hi, good afternoon, everyone, and thank you for taking my questions.

大家下午好，謝謝你們回答我的問題。

So, I'd like to be optimistic and maybe look past the April commercial launch and just try to glean some incremental insights from you and how comfortable you feel about scaling, this is sort of a multi-part question.

因此，我希望保持樂觀，也許可以回顧一下 4 月份的商業發布，並嘗試從您那裡收集一些漸進的見解，以及您對擴展的感覺如何，這是一個多部分的問題。

First, maybe some, tell us about the confidence you have in lane scaling through, especially as you mentioned, the operational remote assistance, specialists that you have to deploy in one of the examples that you shared and also from a hardware perspective, particularly as you mentioned NVIDIA, can you maybe can you break down a little bit in a little bit more detail some of the cost reductions you can achieve from a hardware perspective as you sort of scale the operation.

首先，請告訴我們您對擴大通道規模的信心，特別是正如您所提到的，營運遠端協助，您必須在您分享的一個例子中部署的專家，以及從硬體角度來看，特別是正如您提到的 NVIDIA，您能否更詳細地分解一下，在擴大營運規模時，從硬體角度可以實現的一些成本降低。

Thank you.

謝謝。

Yeah, happy to you, George.

是的，祝你開心，喬治。

Thanks for the question.

謝謝你的提問。

So, on the lane scaling side of this, I am very optimistic, right.

因此，從車道擴展方面來看，我非常樂觀，對吧。

Part of the reason or part of the thesis behind going after the trucking application is that the self-similarity of the freeway network in the United States is high, meaning that one bit of freeway looks very similar to another bit of freeway.

追求卡車運輸應用的部分原因或部分論點是美國高速公路網絡的自相似性很高，這意味著一段高速公路看起來與另一段高速公路非常相似。

So, if you can drive in one place, you should be able to drive in another.

因此，如果您可以在一個地方開車，那麼您應該也能夠在另一個地方開車。

And we are seeing that in practice.

我們在實踐中也看到了這一點。

Last quarter, we shared an update on our ability to rapidly map the route between El Paso and Phoenix and then operate at a comparable level of performance to what we are seeing other places.

上個季度，我們分享了我們快速繪製埃爾帕索和菲尼克斯之間路線圖的能力的最新進展，並以與其他地方相當的性能水平運行。

So, we expect that to roll out relatively quickly and as we look to '25, I think we'll see some evidence of that through the course of this year.

因此，我們預計這將相對較快地推出，展望25年，我認為我們將在今年看到一些證據。

One of the things I would highlight is that as I look at this problem, each new lane will become actually easier to roll out.

我想強調的一點是，當我審視這個問題時，發現每條新車道實際上都變得更容易鋪設。

So, as we get across the line for the first lane, Dallas to Houston, that is where we have built all of the core competence for driving.

因此，當我們跨越第一條車道，從達拉斯到休士頓，我們就在那裡建立了所有的核心駕駛競爭力。

And then as we move to a new lane, there is a small set of incremental new capabilities that are needed that we layer on top of what we already have, and we have talked in the past about the fact that Fort Worth El Paso, the big difference really.

然後，當我們進入新的軌道時，我們需要在現有的基礎上添加一小組增量式新功能，我們過去曾談到沃斯堡和埃爾帕索之間存在的巨大差異。

Is that you have to operate through a customs Border Patrol station, and we do that today.

你必須通過海關邊境巡邏站進行操作，我們今天就是這樣做的。

We just need to validate that work, and that is a modest amount of work compared to what we have accomplished over the last several quarters.

我們只需要驗證這項工作，與我們過去幾季完成的工作相比，這只是一項適量的工作。

So really optimistic and confident in our ability to do that.

所以，我對我們做到這一點的能力非常樂觀和有信心。

On the hardware side, we have laid out a strategy where we are initially we are going to launch with our first commercial, first hardware generation as commercial.

在硬體方面，我們已經制定了策略，最初我們將推出我們的第一個商業產品，第一代硬體是商業產品。

We have that in hand.

我們已經拿到了。

And we can produce that up to small tens of units, right.

我們可以生產多達幾十個單位，對吧。

We do not want to be a manufacturing shop.

我們不想成為一家製造商店。

We have talked in the past about the importance for us of focusing on what we do best in the world, and that is not making widgets.

我們過去曾經討論過專注於我們最擅長的領域的重要性，而這並不是製造小部件。

We are really good at designing them, we are really good at integrating them.

我們非常擅長設計它們，我們非常擅長整合它們。

And so that's where we brought into play our partnership with Fibernet, and you heard that we're already integrating the early artifacts from that partnership onto trucks and beginning to bring a process to that.

這就是我們與 Fibernet 合作發揮作用的地方，您聽說我們已經將該合作的早期成果整合到卡車上並開始為其引入流程。

And that will support mid-level scaling, so getting it from 10s to small thousands.

這將支援中級擴展，從 10 擴展到數千。

And then we have been planning ahead, as with the partnership with Continental, which truly gets us to automotive scale, right.

然後我們一直在提前規劃，就像與大陸集團的合作一樣，這真正使我們達到了汽車規模，對吧。

They understand the processes and they understand the manufacturing requirements and they know how to be part of the just in time manufacturing pipelines for our OEM have partners.

他們了解流程，了解製造要求，並且知道如何成為我們 OEM 合作夥伴的準時製造流程的一部分。

And so, with the forethought that we put into building that partnership with Continental and the work we have done in building the partnership with Fibernet.

因此，我們深思熟慮地與大陸航空建立合作夥伴關係，並努力與 Fibernet 建立合作夥伴關係。

I have a high degree of confidence in our ability to deliver the hardware necessary to build this business.

我對我們提供建立這項業務所需的硬體的能力非常有信心。

And with each of those, as you increase scale in production of a widget, the cost almost certainly comes down because of all of the investment in both the NRE of engineering and the manufacturing costs that you have to spread over the number of units that you produce.

並且，隨著您增加小部件的生產規模，成本幾乎肯定會下降，因為您必須將所有投資分攤到您生產的單位數量上的工程 NRE 和製造成本中。

And so, as we look at this, we have a very high degree of confidence in the cost coming down.

因此，當我們考慮這個問題時，我們對成本下降非常有信心。

We already have detailed numbers on that and seeing really good measure and we expect to certainly with the continental hardware can get to that very healthy margin business that we've talked about for a number of years.

我們已經獲得了詳細的數據，並且看到了非常好的衡量標準，我們預計大陸硬體肯定能夠實現我們多年來一直談論的非常健康的利潤業務。

So overall, when I look at the scalability from a software perspective and the ability to roll it across lanes, very high degree of confidence and equally high degree of confidence in our ability to deliver the hardware that will both support that business and do so at a price point that allows us to realize our objectives.

因此，總的來說，當我從軟體角度看待可擴展性和跨通道滾動的能力時，我對我們能夠提供既能支持該業務又能以允許我們實現目標的價格提供支援的硬體的能力充滿信心。

I apologize that maybe more than you were looking for.

抱歉，這可能超出了您的預期。

No, that's great.

不，那太好了。

Just a follow up on the NVIDIA partnership.

這只是對 NVIDIA 合作夥伴關係的後續行動。

At CES there were a number of companies that talked about their NVIDIA partnerships.

在 CES 上，有許多公司談論與 NVIDIA 的合作關係。

So maybe if you can go to a little bit of detail as to, and you did this at your analyst day, but as to how proprietary your hardware is relative to others that may be using the same GPU.

因此，如果您可以詳細說明一下，並且在分析師日就這樣做了，但是相對於使用相同 GPU 的其他硬體而言，您的硬體的專有性如何。

Thank you.

謝謝。

Yeah, so the GPU is obviously, and, in this case, we are talking about an SOC, an integrated system on a chip from NVIDIA.

是的，所以 GPU 顯然是，在這種情況下，我們談論的是 SOC，即 NVIDIA 的晶片整合系統。

That SOC, of course, is an off the shelf product.

當然，該 SOC 是現成的產品。

What and it is an important part of our product, but the really magic in this application is how that is integrated in the system, how that is designed for manufacturability, reliability.

它是我們產品的重要組成部分，但這個應用的真正神奇之處在於它如何整合到系統中，如何設計以實現可製造性和可靠性。

A scale whether it meets the performance requirements to deliver a safe product, and that is the magic that we bring, and Continental bring to complement the NVIDIA magic.

衡量它是否符合交付安全產品的性能要求，這就是我們帶來的魔力，也是大陸集團為補充 NVIDIA 魔力而帶來的魔力。

So the thing itself not particularly unique, the way that we're using it and the value we're creating around it unique.

因此，事物本身並不是特別獨特，我們使用它的方式和我們圍繞它創造的價值是獨一無二的。

Hey George, I just heard from someone via email that there was a bit of a cut off in a connection on our side and maybe there was a loss in the hearing.

嘿，喬治，我剛剛收到一封電子郵件，說我們這邊的連接有點中斷，聽力可能受到了影響。

Could you hear the answer?

你聽得到答案嗎？

I am not sure if, it may have.

我不確定是否有。

I heard the whole thing.

我聽到了整件事情經過。

Okay, great.

好的，太好了。

Thank you for confirming.

感謝您的確認。

And to whoever it got cut out with that, we apologize for that.

對於那些因此被刪減的人，我們深感抱歉。

Andres Shepperd, Cantor Fitzgerald.

安德烈斯謝潑德 (Andres Shepperd)、康托費茲傑拉 (Cantor Fitzgeral

Hey everyone, good afternoon, congratulations, on the quarter and all of the, recent developments and thank you for taking our questions.

大家好，下午好，恭喜本季以及所有最新發展，感謝您回答我們的問題。

Maybe just to start off, regarding your commercialization strategy, I'm wondering if you can maybe flush out a bit more your crawl then walk then run approach so obviously starting with one.

也許只是開始，關於您的商業化策略，我想知道您是否可以更詳細地闡述您的「爬、走、跑」的方法，所以顯然從一個開始。

Driverless truck and then ramping up the tens of trucks by the end of the year.

無人駕駛卡車，今年底將增加數十輛卡車。

Just wondering what is the best way to think about Q3 and Q4 of this year in terms of those trucks in operation and also is there a certain number that you might be targeting for commercial loads and cumulative miles driven by your April date?

我只是想知道，就運營的卡車而言，如何最好地考慮今年第三季度和第四季度的情況，以及您是否希望在 4 月份實現商業裝載量和累計行駛里程的特定數字？

Thank you.

謝謝。

Yeah, so maybe I will take the first part and talk a little bit about how we introduce it, and then I will let David talk more about the numbers.

是的，所以也許我會先講第一部分，談談我們是如何介紹它的，然後我會讓大衛更多地談論數字。

So for us, the crawl walk run is really about acknowledging that this is a kind of a change, a step function change in transportation, and we want to make sure that we're able to bring stakeholders along on that journey as we close the safety case for Dallas to Houston, we're confident in our ability to operate multiple trucks on that lane, but other stakeholders kind of expect a natural progression.

因此對我們來說，爬行行走運行實際上意味著承認這是一種變化，是交通運輸的一個階梯式變化，我們希望確保我們能夠讓利益相關者參與到這一旅程中，因為我們結束了達拉斯到休斯頓的安全案例，我們有信心在那條車道上運營多輛卡車，但其他利益相關者則期待一個自然的進展。

And given that while it would be kind of well it will be an important moment and kind of a watershed moment in terms of delivering this technology, it won't have a material impact on our financials over the course of the next year.

雖然這對這項技術的推出來說是一個重要時刻和分水嶺，但它不會對我們明年的財務狀況產生重大影響。

So why not operate in a way that works well with local stakeholders and regulators and just kind of build up in a way that they'd expect and gives further confidence in our approach and collaborative nature.

那麼，為什麼不以一種與當地利益相關者和監管機構良好合作的方式開展運營，並以他們期望的方式建立起來，並進一步增強他們對我們的方法和協作性質的信心呢？

So that's how we think about that, we'll start with one and then we'll build two, as you said, up to 10, and then by the end of the year, be at 10s of trucks is our expectation.

所以這就是我們的想法，我們將從一輛開始，然後我們會建造兩輛，正如你所說，直到十輛，然後到今年年底，我們預計將達到十輛卡車。

Yeah, and thanks Andres for the question.

是的，感謝安德烈斯提出這個問題。

Let me talk about the last part.

我先講最後一部分。

It may not be the message you want to hear, but I think for us, what Chris said is important for us it's about ensuring that we have a great product that delivers on the value that we've promised to our customers and working closely with our partners and our regulators.

這可能不是您想聽到的信息，但我認為對於我們來說，克里斯所說的話對我們來說很重要，它是為了確保我們擁有一款優秀的產品，能夠實現我們向客戶承諾的價值，並與我們的合作夥伴和監管機構密切合作。

So, for us, we're really focused in on one demonstrating that we have a commercial driverless product that everybody's going to love.

所以，對我們來說，我們真正專注於證明我們擁有每個人都會喜歡的商業無人駕駛產品。

And the second thing is continuing to expand the technological areas where we can operate.

第二件事是繼續擴大我們可以開展業務的技術領域。

So going into nights, going into rains, going into new lanes, those for us are more important thresholds than the absolute number of miles that we drive because we really want to have a great product first and the miles are going to come naturally.

因此，在夜晚、雨天和新車道中行駛，對我們來說，這些比我們行駛的絕對里程數更重要，因為我們真的希望首先擁有一款出色的產品，然後里程數就會自然而然地增加。

The other thing is that we also want to make sure that we get to our next generation hardware kit quickly, so we don't want to abnormally drive a ton of volume into the first-generation hardware kit, as we're waiting for the second.

另一件事是，我們還想確保能夠快速獲得下一代硬體套件，因此，在等待第二代硬體套件時，我們不想異常地將大量的精力投入到第一代硬體套件中。

So, for us it is a very deliberate approach.

所以，對我們來說，這是一種非常謹慎的方法。

We want to make sure that our customers are completely satisfied with the product we are delivering to our expectations and for us technology proof points we think in '25 is more valuable than a mileage guidance.

我們希望確保我們的客戶對我們提供的產品完全滿意，並且對於我們來說，我們認為 25 年的技術證明點比里程指導更有價值。

Wonderful.

精彩的。

That is super helpful.

這非常有幫助。

I appreciate all that color.

我很欣賞所有這些顏色。

Maybe just as a quick follow up, so for 2025 you disclosed, you expect your quarterly cash used to be in the range of $175 million to $185 million.

也許只是作為一個快速的跟進，所以對於您披露的 2025 年，您預計您的季度現金將在 1.75 億美元至 1.85 億美元之間。

I am wondering if you could maybe give us a bit more granularity as to how to think about CapEx specifically, for this year, CapEx was about $8 million in Q4 and 34 for the year.

我想知道您是否可以給我們更詳細地介紹如何具體考慮資本支出，今年第四季的資本支出約為 800 萬美元，全年資本支出為 3,400 萬美元。

Just trying to figure out what is the best way to model it for this year.

只是想弄清楚今年建模的最佳方法是什麼。

Thank you.

謝謝。

Yeah, so I do not expect a substantial increase in CapEx.

是的，所以我預計資本支出不會大幅增加。

There certainly will be some increases in CapEx, but I think overall, let me try to describe it in the OpEx, we have, all the necessary people and operations in place to scale a business.

資本支出肯定會增加，但我認為總體而言，讓我嘗試在營運支出中描述它，我們擁有擴大業務規模所需的所有人員和營運。

We will have some.

我們會有一些。

Slight increases on OpEx as we bring on our new programs like our new hardware programs, but I think for both of those there are going to be, pretty modest increases.

隨著我們推出新的項目（例如新的硬體項目），營運支出會略有增加，但我認為這兩個項目的營運支出都會有相當適度的成長。

I would expect to see a modest increase in the OpEx cost in the remainder that fills to that 175 to 185 to be in the CapEx.

我預計剩餘部分的 OpEx 成本將略有增加，從而達到 175 到 185 的資本支出。

So, I think that should be pretty helpful for you for your modelling purposes.

所以，我認為這對你的建模目的應該很有幫助。

Very helpful indeed.

確實很有幫助。

I appreciate all the color.

我欣賞這一切的色彩。

Congrats again on the quarter.

再次恭喜本季取得佳績。

I will pass it on.

我會傳達它。

Thanks very much, Andreas.

非常感謝，安德烈亞斯。

I appreciate it.

我很感激。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey thanks, afternoon guys.

嘿，謝謝大家，下午好。

I am wondering anything specific you guys still need to accomplish in order to be ready for April.

我想知道你們還需要完成哪些具體的事情才能為四月做好準備。

Now, there's just bits of work around, sorry, thanks for the question, Scott.

現在，只剩下一些工作要做，抱歉，謝謝你的提問，斯科特。

As we look at this, we talked last time about just need to kind of close out the last set of things and there's just some work to do, not a whole lot, as we pointed out, we've moved ARM to 99% and that's reflective of, the small amount of work that's left to close the safety case and API is approaching the bar that we have set for 100% sure if API is approaching the bar that we set for being able to launch.

當我們看這個問題時，我們上次談到只需要結束最後一組事情，只剩下一些工作要做，而不是很多，正如我們所指出的，我們已經將 ARM 移至 99%，這反映了為結束安全案例而剩下的少量工作，API 正在接近我們設定的標準，100% 確定 API 是否接近我們為能夠啟動而設定的標準。

So we're feeling really quite good about this.

所以我們對此感覺非常好。

We see that in the performance on the road and the quality of the experience, and so we are honestly, I am really pretty jazzed right now.

我們從道路上的表現和體驗的品質中看到了這一點，所以老實說，我現在真的很興奮。

It is happening the way we kind of expected.

事情正如我們預期的那樣發生。

Yeah And then I totally appreciate the answer about.

是的，我非常感謝您給的答案。

This year is not about number of miles and trucks and whatever that that makes sense.

今年的重點不在於里程數、卡車數量，也不在於其他有意義的東西。

But as I guess when do we start to see like a real ramp, meaning ending the year with tens of trucks, does that go to hundreds of trucks next year?

但我猜想什麼時候我們才能開始看到真正的成長，也就是今年年底會有幾十輛卡車，明年是否會增加幾百輛卡車？

Is next year like a step function year or is it still more gradual in '26 and then the step function is a little bit later.

明年是否會像階梯函數年一樣，還是在 26 年仍是漸進式的，然後階梯函數會稍晚一些。

Yeah, it has got, let me take a shot and then maybe Chris she can add on to it. '26 is going to be a step function here in terms of kind of metrics that you guys are more used to, seeing, oh, again, once we have confirmed, with and started our roll out and we have demonstrated that we've got a really reliable and great product.

是的，有，讓我試一試，然後也許克里斯可以添加一些內容。 '26 將成為這裡的一個階梯函數，就你們更習慣的指標而言，再說一次，一旦我們確認並開始推出，我們就證明了我們有一個真正可靠和偉大的產品。

And then we'll continue to launch on lanes, as Chris mentioned, we'll be able to launch even more lanes in the subsequent years.

然後我們將繼續在航線上開通，正如克里斯所提到的，我們將能夠在接下來的幾年裡開通更多的航線。

We expect to have a step function change and just how many trucks we're operating and how many miles we're driving, and the miles driven is going to increase not just based on the number of trucks that are out there, but the utilization of those trucks, right?

我們預計將有一個階躍變化，我們運營的卡車數量和行駛的英里數將不僅基於卡車的數量而增加，還基於這些卡車的利用率，對嗎？

We expect to, in '26 really be able to demonstrate a substantial utilization increase versus what people are used to, so.

我們預計，在 26 年，與人們習慣的相比，利用率將真正大幅提高。

We're going to do it both from utilization and truck, but you at '26 to us is that step function year in terms of really seeing solid financials, and I think we've mentioned before, one of our objectives is to demonstrate, positive gross profit in '26.

我們將從利用率和卡車兩個方面來做到這一點，但對我們來說，26 年是真正看到穩健財務狀況的階梯式年份，我想我們之前提到過，我們的目標之一是展示 26 年的正毛利。

We are still working towards that.

我們仍在努力實現這一目標。

That is not a guidance or affirmation at this point, but that is what we have talked about at our analyst and investor day last time, and that still is an objective of ours to be able to do that.

目前這還不是一個指導或肯定，但這是我們上次在分析師和投資者日上所談論的內容，而這仍然是我們的目標。

We have to have a step function in our the mileage that we're driving.

我們的行駛里程必須有一個階躍函數。

And just to add to what David said, I really think about '25 as accelerating our advantage, right, that when we launch commercially, we'll have turned the crank the whole way round for the first time and the momentum starts to build as we close that out, we launch the next lane as we launch new capitals and features.

補充一下 David 所說的話，我真的認為 25 年可以加速我們的優勢，對吧，當我們進行商業發佈時，我們將第一次完成整個過程，並且當我們結束這個過程時，勢頭開始增強，當我們推出新的首都和功能時，我們將推出下一個航線。

And it will get the team and the company into the rhythm of deploying the extensions of the product that we need to support our customers and support the scale that we need.

它將使團隊和公司進入部署所需產品擴展的節奏，以支持我們的客戶並支持我們所需的規模。

It'll allow us to definitively answer the questions that George led with today, where we have high confidence today, we've got early signal of it, but we'll really be able to put those questions to bed and be able to demonstrate the scalability of this into a market where, the technology and the product desperately needed.

它將使我們能夠明確回答喬治今天提出的問題，我們今天對此充滿信心，我們已經得到了早期的信號，但我們確實能夠解決這些問題，並能夠證明它在市場迫切需要這項技術和產品的可擴展性。

So, we are, I like.

所以，我們喜歡。

It is just an exciting and fun time here at the company, and I am really looking forward to it.

這是在公司度過的一段令人興奮且有趣的時光，我真的很期待。

And then maybe just one last one, when do you think you will start having, we'll start seeing deliveries of trucks to third parties.

然後也許只剩下最後一個問題，您認為什麼時候我們會開始看到卡車向第三方交付。

Meaning not an Aurora owned truck but you know a customer owning it.

意思是說，這不是 Aurora 擁有的卡車，但您知道有客戶擁有它。

Yeah, I think, so, at the very latest, when we have our hardware kit that's being produced by Continental, that is expected to be a line site install with our OEM partners that will go directly to customers.

是的，我認為，最遲當我們擁有由大陸集團生產的硬體套件時，預計我們會與 OEM 合作夥伴一起進行現場安裝，然後直接發送給客戶。

There is a path to do it a little bit before then, but we are going to work.

在此之前還有一條路可以走，但我們會努力。

That is going to be more customer specific.

這將更加針對客戶。

And their specific use cases.

以及它們的具體用例。

So, I would say the latest you will see a substantial, essentially all drivers of service delivering to customers in '27.

因此我想說，最遲在27年，你會看到實質上的、基本上所有服務驅動因素都提供給客戶。

There will be a migration that happens slowly before then and that will be customer specific.

在此之前將會有一個緩慢發生的遷移，並且將針對特定客戶。

And this is going to be on us, right, that as we roll out that second generation of commercial hardware at the end of this year.

這將取決於我們，對吧，因為我們將在今年年底推出第二代商用硬體。

As we are able to demonstrate to customers that this can go the places they need, that it does it at a level of performance in practice, not just in theory that they're expecting, it's going to become obvious that it's transformational, and I think for the customers who get that earlier, they'll begin to build an advantage through the experience they'll gain early on.

當我們向客戶證明這可以到達他們需要的地方時，它在實踐中達到了他們所期望的性能水平，而不僅僅是理論上的，它所帶來的變革將變得顯而易見，我認為對於更早獲得這一點的客戶來說，他們將通過早期獲得的經驗開始建立優勢。

In this next phase of transportation, and that is going to perhaps drive earlier acquisition and adoption of the hardware.

在交通運輸的下一階段，這也許會推動更早收購和採用硬體。

Thank you guys.

謝謝你們。

Thanks, Scott.

謝謝，斯科特。

I appreciate it.

我很感激。

Jeff Osborne, TD Cowen.

傑夫·奧斯本（Jeff Osborne），TD Cowen。

Thank you, good evening.

謝謝，晚上好。

Just a couple of questions on my side.

我這裡只想問幾個問題。

I was wondering how should investors, categorize or characterize success with the April launch and the months thereafter, recognizing you're not giving guidance as it relates to miles, but just as you were to look back maybe in the fall of '25, over the prior 4 or 6 months that you had been commercialized, how should we give you a report card, so to speak.

我想知道投資者應該如何對 4 月份的發布以及此後幾個月的成功進行分類或描述，認識到您沒有提供與里程相關的指導，但就像您回顧 25 年秋季，回顧您商業化的前 4 到 6 個月一樣，我們應該如何給您一份成績單，可以這麼說。

Yeah, so I think there's a big binary step, which is there's trucks driving down the road with nobody in them, right, that when I think of, if I put my investor add on and shareholder add on, I think of what are the big risks for our business, or one of the big questions about our business.

是的，所以我認為有一個很大的二元步驟，就是有卡車在路上行駛，但是車裡沒有人，對吧，當我想到，如果我把我的投資者附加和股東附加，我會想到我們的業務面臨的大風險是什麼，或者關於我們業務的一個大問題。

One is, can you actually make the technology work at all?

一是，你實際上能讓這項技術發揮作用嗎？

The second is, can you deliver the product at a price point where it is profitable?

第二，你能否以能獲利的價格交付產品？

And then the third is, can you scale it to the degree that the business becomes self-sustaining and becomes the exciting opportunity that we all expect it will be.

第三，你能否將其擴展到業務能夠自我維持的程度，並成為我們都期待的令人興奮的機會。

And so, by the end of this year, we will hopefully have laid to rest the first question, right?

因此，到今年年底，我們希望能夠解決第一個問題，對嗎？

That is our full expectation.

這正是我們的期望。

There will be trucks on the road with nobody in them, and that yes, we can make this work.

路上會有空無一人的卡車，但我們可以做到。

Towards the end of the year you are going to get strong signal that we are able to scale this product.

到今年年底，你將會收到強烈訊號，顯示我們能夠擴展該產品的規模。

We certainly will not be operating at a scale where the business is self-sustaining, but you'll be able to see that, okay, this is turning over, they're able to roll out lanes, the expansion works the way we expect, and then we'll start to get the first taste of the hardware that will enable the initial profitability is our expectation.

我們當然不會以能夠自我維持的規模運營，但您將能夠看到，好吧，情況正在好轉，他們能夠鋪設車道，擴張按照我們預期的方式進行，然後我們將開始首次體驗能夠實現初始盈利的硬件，這是我們的預期。

So, like it is going to be a fun year.

所以，這將會是有趣的一年。

Sounds like it.

聽起來是這樣的。

Just two other quick ones.

僅剩另外兩個簡短的。

How would you characterize the competitive landscape?

您如何描述競爭格局？

It's ours to win.

我們會勝利的。

Right, as we look at the landscape, we look at the partnerships we have, we look at the technology and team we have, we think we're well ahead of the competition, and accelerating, and that is just incredibly exciting when we think about it an opportunity where freight in the US is a $1 trillion market and we have the opportunity to win.

是啊，當我們審視情況、審視我們擁有的合作夥伴關係、審視我們擁有的技術和團隊時，我們認為我們遠遠領先於競爭對手，並且正在加速發展，當我們想到這是一個價值 1 兆美元的市場，而我們有機會獲勝時，這真是令人興奮。

For ourselves, for our customers, a big piece of that, I feel very bullish about our position.

對於我們自己、對我們的客戶來說，很大程度上，我對我們的地位非常樂觀。

Good to hear.

很高興聽到。

And the last one, there is a lot of questions on the cost reduction potential.

最後一點，關於降低成本的潛力有許多疑問。

You have obviously talked about Fibernet here in '25 and '26 at the lower volumes and the continental longer term.

您顯然已經談到了 25 年和 26 年 Fibernet 的較低容量以及大陸的長期容量。

Are there any other, one or two key variables that you would highlight that are initiatives for '25 that we should be monitoring as it relates to cost out plans?

您是否還有其他一兩個關鍵變數需要強調，這些變數是我們應該監控的 25 年舉措，因為它與成本計劃有關？

So as we've talked in the past about the core kind of economic drivers of cost in our business, we talk about the hardware cost and depreciation of that over the lifetime of the truck.

正如我們過去談論過我們業務中成本的核心經濟驅動因素一樣，我們談論的是硬體成本以及卡車整個使用壽命期間的折舊。

We talk about the cost of on-site support.

我們討論現場支援的成本。

So anytime somebody has to go touch a truck in the road somewhere, that is expensive, and that is why we have been talking about this 100% API trip measure.

因此，任何時候，如果有人要在路上碰到卡車，那都是很昂貴的，這就是我們一直在談論 100% API 行程措施的原因。

And then the third is the cost of remote support.

第三是遠端支援的成本。

How often does a remote agent have to support the truck?

遠端代理需要多久支援一次卡車？

And then finally the cost of insuring these vehicles.

最後是這些車輛的保險費用。

So when I take you to those in turn, we've laid out the path forward even on this call with the hardware and bring that cost down with remote onsite support as we continue to deliver the product, we expect the reliability of it to continue to increase.

因此，當我依次向您介紹這些內容時，我們甚至在這次通話中就透過硬體鋪設了前進的道路，並透過遠端現場支援降低了成本，隨著我們繼續交付產品，我們預計產品的可靠性將繼續提高。

And so, we're confident that as we move from our, just from a hardware perspective, moving from the hardware we've built in-house to the hardware that's built from a contract manufactured continental, we continue to expect increases in the reliability of that hardware.

因此，我們相信，從硬體角度來看，隨著我們從內部製造的硬體轉向由大陸合約製造的硬件，我們將繼續期待硬體的可靠性得到提高。

And then on the remote support we've laid out in our business review or analyst Investor day last year what the shape of that curve looks like.

然後，在遠端支援方面，我們在去年的業務回顧或分析師投資者日上闡述了該曲線的形狀。

And what we said is that by in '26 we expect to get to a ratio of better than 10 to 1 for our, I think it was ,26 we said that for our operators end of '25, I apologize, end of 25 we expect to get to a point of better than 10 to 1 for the operator to truck ratio.

我們所說的是，到 26 年，我們預計操作員與卡車的比例將超過 10 比 1，我想是的，26 年我們說，對於我們的操作員來說，到 25 年底，對不起，到 25 年底，我們預計操作員與卡車的比例將超過 10 比 1。

And then on insurance, we continue to believe that the insurance market is rational.

關於保險，我們仍然相信保險市場是理性的。

And that as we demonstrate the improved safety and thus reduced loss, that the pricing of that will, improve.

而且，當我們證明安全性提高，從而損失減少時，其定價也會隨之改善。

So overall, again, we understand what the key levers are to drive cost out of the delivering the product, and we are making good progress across all of them.

因此，總的來說，我們再次了解了降低產品交付成本的關鍵槓桿是什麼，並且我們在所有槓桿上都取得了良好的進展。

Thanks for the great question, Jeff, by the way.

順便說一句，謝謝傑夫提出這個好問題。

Appreciate the detailed response.

感謝您的詳細回覆。

(Operator Instructions).

（操作員指令）。

Mark Delaney, Goldman Sachs Asset Management.

高盛資產管理公司馬克·德萊尼。

Yeah, good afternoon.

是的，下午好。

Thanks so much for taking the questions.

非常感謝您回答這些問題。

Given the news and research out on Deep seek, I'm curious because if you think there are new training techniques that Aurora could adopt and more generally if you think there are ways for Aurora to materially reduce its AI training cost in the future.

鑑於有關 Deep seek 的新聞和研究，我很好奇，因為您是否認為 Aurora 可以採用新的訓練技術，更普遍地說，您是否認為 Aurora 未來有辦法大幅降低其 AI 訓練成本。

Yeah, it's been interesting to watch some of the news around rapid distillation of these large models and kind of the implications of that.

是的，觀看有關這些大型模型快速提煉及其含義的一些新聞很有趣。

One of the things that it really points to is something we've been saying for years, which is quality of data matters over quantity of data.

它實際上指向的一點是我們多年來一直在說的，那就是數據品質比數據數量更重要。

So, if you take, for example, this is not speaking directly to Deepseek, but the report of the out of Stanford where they replicated.

因此，如果您舉個例子，這並不是直接針對 Deepseek 的，而是他們複製的史丹佛的報告。

The performance of 01 using a relatively low-cost small model by feeding it just 1000 examples of quality reasoning from I think it was from Gemini in this case and basically got 80% to 90% of the performance, right, much less they spent, I think the headline of the article was Trained 01 for $50 or something.

01 的性能使用了相對低成本的小型模型，透過只輸入 1000 個高品質推理範例，我認為在這個例子中是來自 Gemini，基本上獲得了 80% 到 90% 的性能，對吧，他們花的錢少得多，我認為文章的標題是花費 50 美元左右訓練了 01。

And so, this points to, this concept that we've talked about for a long time of it's not about just the quantity of data, it's making sure you have the right data, making sure it's high quality, and it's really serving the need that you're trying to solve.

所以，這就指向了我們長期談論的這個概念，它不僅僅與數據的數量有關，而是要確保你擁有正確的數據，確保數據是高品質的，並且真正滿足你想要解決的需求。

And that's been our approach from day one.

從第一天起我們就採取了這個方法。

There's certainly other interesting elements of these large models that we're looking at, augmenting what we do already, but pretty bullish about it overall.

我們正在研究的這些大型模型中肯定還有其他有趣的元素，增強了我們已經在做的事情，但總體而言，我們對此非常樂觀。

Very interesting, thanks for those thoughts, David, you said, your objective is to have a positive gross margin in 2026, but it's not guidance, and you talked about one of the key variables being around utilization and getting more miles, in 2026.

非常有趣，謝謝你的想法，大衛，你說過，你的目標是在 2026 年實現正毛利率，但這不是指導，你談到的一個關鍵變數是利用率和在 2026 年獲得更多里程。

Maybe you talk about some of the other factors though, in particular an update around how pricing is trending in some of the commercial contracts and then how you think input costs and operations are, progressing toward, that positive gross margin target for next year.

不過，也許您會談論一些其他因素，特別是一些商業合約中定價趨勢的最新情況，以及您認為投入成本和營運如何朝著明年的正毛利率目標邁進。

Yeah, I think some of the things, like some of the key drivers in this, if you think about it, the gross margin and just look at and decompose the cost of goods sold on this, some of the elements that Chris said are really the major drivers of that.

是的，我認為其中一些因素，例如其中的一些關鍵驅動因素，如果你仔細想想，毛利率，只要看看並分解一下銷售成本，克里斯所說的一些因素才是真正的主要驅動因素。

And so, I won't repeat those perse, but I think the other thing is like how well do we operate if we're operating at terminals, how efficient are we at terminals?

因此，我不會重複這些，但我認為另一件事是，如果我們在終端運營，我們的運營情況如何，我們在終端的效率如何？

So how fast can we get a truck onto the road?

那我們能以多快的速度讓卡車上路呢？

How many people do we need to support that area?

我們需要多少人來支援那個地區？

And I think in If we look at how Aurora's approaches, there is a reason we started pilot operations 3 years ago, right?

我認為，如果我們看看 Aurora 的方法，就會明白我們三年前開始試點營運是有原因的，對吧？

We are really, we have really learned a lot.

我們確實學到了很多。

We've hired a lot of experts who understand how to get trucks on the road efficiently and effectively.

我們聘請了許多了解如何讓卡車有效率、有效地上路的專家。

And that is what allows us, and it gives us the confidence to know that we are going to have relatively low cost, in terms of the terminal operations piece of it and that is really the only other element from the cost.

這使得我們有信心確保我們的成本相對較低，就終端營運部分而言，這是影響成本的唯一其他因素。

That that Chris has not already talked about that we want to keep a special close attention to.

克里斯還沒有談到這一點，我們希望特別密切關注。

When it comes to the revenue side, right, like the higher quality product we have, the more pricing potential we have, right?

從收入方面來看，對吧，我們的產品品質越高，我們的定價潛力就越大，對吧？

I cannot predict the pricing of the overall market.

我無法預測整個市場的定價。

But I would expect that we are going to deliver a product that is safer, is more fuel efficient, and is more reliable, and I would expect our pricing power to be pretty high once we've demonstrated that.

但我希望我們能夠推出更安全、更省油、更可靠的產品，而且我希望一旦我們證明了這一點，我們的定價能力將相當高。

And so, we're going to focus on what we can control, and those are having a great product that we can charge at the higher end of the pricing average and controlling our costs.

因此，我們將專注於我們能夠控制的事情，那就是擁有一款優質的產品，我們可以按平均價格的較高端收費，並控制我們的成本。

So, we have a path to get there.

所以，我們有一條路徑可以到達那裡。

There is a lot of hard work to do in the meantime, but certainly, I feel confident that this is the right team to do it.

同時，還有很多艱苦的工作要做，但我確信，這是一支合適的團隊。

And I'll just add to what David said that we continue to believe that.

我只想補充大衛所說的話，我們仍然相信這一點。

The human labour cost is really the pricing umbrella that we have for operating these trucks, right?

人力成本實際上是我們營運這些卡車的定價保護傘，對嗎？

This is a super important job.

這是一項非常重要的工作。

The cost of operating a truck or the cost of the driver operating the truck continues to go up as it should, given the risks and challenges these folks face, and that's going to be the next best alternative to the aurora driver up in these trucks.

考慮到這些人面臨的風險和挑戰，卡車的營運成本或卡車司機的成本將繼續上漲，這是理所當然的，而這將成為這些卡車上極光司機的下一個最佳替代方案。

So, we continue to believe that thesis too.

因此，我們也繼續相信這個論點。

That's helpful.

這很有幫助。

If I could just sneak one last one in the shareholder letter you spoke about the FMCSA ruling and how that did not go your way.

如果我可以在股東信中偷偷說最後一句話，你談到了聯邦汽車運輸安全管理局的裁決，以及裁決為何不如你所願。

You did speak though about some workaround you mentioned operational one in in the near term.

不過，您確實談到了近期可實施的一些解決方法。

I do not know if you could elaborate a bit more what exactly that means, and you also refer to a potential longer-term work around even if the law does not change and what that might look like.

我不知道您是否可以更詳細地解釋一下這到底意味著什麼，並且您也提到了即使法律不變，潛在的長期解決方案以及解決方案可能會是什麼樣子。

Thanks.

謝謝。

Yeah, so for those who maybe aren't in on this is the FMCSA rejected our petition to allow trucks to have flashing lights on them to indicate when they're stopped on the side of the road, equivalent to the way that tow trucks do or emergency vehicles do.

是的，對於那些可能不了解情況的人來說，聯邦汽車運輸安全管理局拒絕了我們的請願，該請願允許卡車安裝閃光燈來指示它們何時停在路邊，相當於拖車或緊急車輛的方式。

It's also one of the more dangerous by the conventional way to do this is you put triangles out behind the truck.

這也是比較危險的傳統方法之一，即在卡車後面放置三角形。

It's one of the most dangerous things that truck drivers do is walk down a freeway putting triangles down.

卡車司機所做的最危險的事情之一就是在高速公路上放置三角牌。

We believe that the decision to reject this application was wrong, and we're petitioning the federal government to reassess this, and we're optimistic that with the new administration that there's a really good opportunity or good possibility that'll get changed.

我們認為拒絕該申請的決定是錯誤的，我們正在請求聯邦政府重新評估此事，我們樂觀地認為，在新政府的領導下，有很大機會或可能性改變這一現狀。

That said that rejection has no impact on our ability to launch commercially.

話雖如此，但拒​​絕並不影響我們進行商業化推廣的能力。

We see both operational opportunities to mitigate this and technical approaches that allow us to operate in compliance with the law.

我們既看到了緩解這一問題的營運機會，也看到了使我們能夠依法運作的技術方法。

And you are not going to get more out of me on that sorry Mark okay.

你就不能從我這裡得到更多了，對不起，馬克，好嗎。

Okay got it well thanks for all those thoughts I'll pass it on.

好的，我明白了，非常感謝您提出的所有想法，我會傳達您的意見。

Yeah, thanks very much for the question.

是的，非常感謝您的提問。

Thank you.

謝謝。

Now our next question comes from David Vernon with the Bernstein.

現在我們的下一個問題來自伯恩斯坦的戴維·弗農。

Please proceed.

請繼續。

Hi there, this is Justine Weiss speaking on behalf of David Vernon.

大家好，我是賈斯汀·韋斯，代表大衛·弗農發言。

Thanks for taking the question.

感謝您回答這個問題。

So, if you look at slide 13, there are still a few areas where we know driverless operations and autonomous trucking are prohibited.

因此，如果你看第 13 張幻燈片，你會發現仍然有幾個區域我們知道是禁止無人駕駛操作和自動駕駛卡車的。

So, I'm wondering if you've had conversations with regulators about potential for more sweeping regulation under this new administration that could make it easier for you to enter into these currently restricted markets.

所以，我想知道您是否與監管機構進行對話，討論新政府可能採取的更全面的監管措施，以便讓您更容易進入這些目前受到限制的市場。

Yeah, I think we approached this with two ways to think about it.

是的，我認為我們用兩種方式來思考這個問題。

One is that I think the biggest lever we have is demonstrating the value in other states and helping that grow and impact our economy and that and see the safety benefits of it on the roadway, and then other states, I think we will want that.

一是，我認為我們最大的槓桿是向其他州展示它的價值，幫助它發展並影響我們的經濟，並且讓我們看到它對道路的安全效益，然後其他州，我想我們也會想要這樣做。

We also do expect that there's a real chance that the new federal administration.

我們也確實預期新聯邦政府確實有機會。

We will actually push for a nationwide standard for this, and that would help mitigate, the somewhat patchwork set of regulations we operate within across the United States.

我們實際上將推動在全國範圍內推行這項標準，這將有助於緩解我們在美國各地實施的零散法規。

And the reason why we have some optimism of that, for that is Transportation Secretary, Duffy.

我們之所以對此感到樂觀，是因為有交通部長達菲。

In his remarks before Congress actually spent a fair bit of time talking about automated vehicles and talked about the importance of the technology for safety, but also for America to be a leader in this space and talked about the value he sees in there being a national framework for this.

他在國會發表演說時實際上花了相當多的時間談論自動駕駛汽車，談到了這項技術對安全的重要性，也談到了美國成為這一領域的領導者的重要性，並談到了他認為建立國家框架的價值。

So, we are optimistic that this administration will continue to be a strong supporter of the technology.

因此，我們樂觀地認為，本屆政府將繼續大力支持這項技術。

That's great to hear.

我很高興聽到這個消息。

And then I guess another question I am wondering about is how are things progressing with a shift towards single operators rather than two vehicle operators?

然後我想我還想知道的另一個問題是，從兩名車輛操作員轉向單人操作員，事情進展如何？

Like what percentage of single operator and how should that change by the end of 2025?

例如單一業者的比例是多少，到 2025 年底這一比例將如何變化？

Yeah, well, I think the missions that are going to matter by the end of 2025 are going to be no vehicle operator, so I think that's going to be really exciting.

是的，我認為到 2025 年底最重要的任務將是無需飛行器操作員，所以我認為這會非常令人興奮。

A lot of our testing will continue to be a blend of a single and dual operator, and it's really about the mission and making sure that we can operate the mission in question in a way that is thoughtful and safe on the roadway.

我們的許多測試將繼續採用單人和雙人操作員的混合方式，這實際上是為了完成任務，並確保我們能夠以在道路上周到且安全的方式執行相關任務。

So, we actually do not even internally track the percentage of missions.

所以，我們實際上甚至沒有內部追蹤任務的百分比。

So unfortunately, I can't share a number on that, but it's really about, again, operational efficiency internally without impacting safety.

因此，不幸的是，我無法分享具體數字，但這實際上關乎內部營運效率而不影響安全。

Okay great thanks and then just one more if I could throw it in so you speak about increasing capacity to 10s of trucks by the end of the year so could you maybe help us frame the upper bound of what tens of trucks could actually look like what's the bear and bull case maybe on that?

好的，非常感謝，然後我再問一個問題，您說到今年年底將產能增加到數十輛卡車，那麼您能否幫助我們確定數十輛卡車的實際上限，熊市和牛市的情況可能是什麼？

Yeah, I don't know that we have anything additional just seem to share on that right now.

是的，我不知道我們還有其他內容，只是現在似乎可以分享一下。

I think again I would focus us on the sequential growth in the in the mid-single digit millions for revenue.

我認為，我會再次關注我們收入的連續成長，即數百萬美元的中位數。

I think that's kind of a more important thing.

我認為這是更重要的事情。

I think, for us we're again we're really focused in on the execution in the early stage, for us as we continue to launch more lanes, the demand for trucks is going to be really high, and we're going to have to fill that demand with our partners.

我認為，對於我們來說，我們再次真正專注於早期階段的執行，對於我們來說，隨著我們繼續推出更多的車道，對卡車的需求將會非常高，我們將必須與我們的合作夥伴一起滿足這一需求。

Great thanks so much.

非常好，非常感謝。

Thanks for the question, Justine.

謝謝你的提問，賈斯汀。

Thank you, and that was our final question and with that does conclude today's teleconference.

謝謝，這是我們的最後一個問題，今天的電話會議就此結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

現在您可以斷開您的線路。