Innoviz Technologies Ltd (INVZ) 2023 Q3 法說會逐字稿

Good morning. This is Rob Moffat, Vice President of Corporate Development and Investor Relations at Innoviz, and I want to welcome you to our earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer, and Eldar Cegla, Chief Financial Officer. (Event Instructions)

早安.我是 Rob Moffat，Innoviz 企業發展和投資者關係副總裁，我歡迎您參加我們的財報電話會議。今天加入我們的還有執行長 Omer Keilaf 和財務長 Eldar Cegla。 （活動須知）

I would like to remind everyone that this call is being recorded and will be available on the Investor Relations section of our website at ir.innoviz.tech.

我想提醒大家，這次電話會議正在錄音，並將在我們網站 ir.innoviz.tech 的投資者關係部分提供。

Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward-looking statements.

在開始之前，我想提醒您，我們今天的討論將包括前瞻性陳述，這些陳述受到與未來事件和 Innoviz 未來財務表現相關的風險和不確定性的影響。實際結果可能與前瞻性陳述中的預期有重大差異。

Forward-looking statements made today speak only to our expectations as of today, and we undertake no obligation to publicly update or revise them. For discussion of some important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the risk factors section of our Form 20-F filed with the SEC on March 9, 2023.

今天所做的前瞻性陳述僅代表我們今天的預期，我們不承擔公開更新或修改這些陳述的義務。有關可能導致實際結果與任何前瞻性陳述有重大差異的一些重要風險因素的討論，請參閱我們於 2023 年 3 月 9 日向 SEC 提交的 20-F 表格中的風險因素部分。

I will now turn the call over to Omer. Please go ahead.

我現在將把電話轉給奧馬爾。請繼續。

Thank you, Rob, and good morning everyone and thank you for joining us. Before we begin our business commentary, I wanted to spend a moment on the situation in Israel.

謝謝羅布，大家早安，謝謝您加入我們。在我們開始商業評論之前，我想花點時間談談以色列的局勢。

The safety and security of our employees is of the utmost importance, and I can report that everyone at Innoviz is safe. With a small portion of the local workforce serving in the reserves, the rest of our team has stepped up to cover what is needed, and I want to thank them for their incredible fortitude at this challenging time.

我們員工的安全至關重要，我可以向您報告，Innoviz 的每個人都很安全。由於一小部分當地勞動力在預備隊服役，我們團隊的其他成員已經加緊努力滿足所需的需求，我要感謝他們在這個充滿挑戰的時刻所表現出的令人難以置信的毅力。

Innoviz was able to remain open with no meaningful operational impact. As a reminder, we are located in the center of the country, a good distance away from the conflict zone. All of our automotive customers are located outside of Israel, and our high-volume manufacturing sites are in the United States and Germany, with a third planned for Asia.

Innoviz 能夠保持開放，沒有對營運產生任何有意義的影響。提醒一下，我們位於該國的中心，距離衝突地區很遠。我們所有的汽車客戶都位於以色列境外，我們的大量生產基地位於美國和德國，第三個生產基地計畫位於亞洲。

Determined to not let the situation slow us down, during the week of the attack, we achieved an important milestone on time, delivering the final SOP version of the perception software of the BMW 7 Series launch. We worked closely with the teams at Magna and BMW to complete testing and lock the final version of the software that will be installed on the vehicles in the coming weeks.

我們決心不讓局勢拖慢我們的步伐，在進攻的一周內，我們按時實現了一個重要的里程碑，交付了 BMW 7 系列發布的感知軟體的最終 SOP 版本。我們與麥格納和寶馬的團隊密切合作，完成測試並鎖定將在未來幾週內安裝在車輛上的軟體的最終版本。

Since then, we've also delivered on milestones for the Volkswagen Group program and the BMW Gen 2 program, all while managing audits, testing, and negotiating with multiple OEMs in our RFQ pipeline and staying on track to deliver record revenues for the fourth quarter.

從那時起，我們也實現了大眾集團計畫和寶馬第二代計畫的里程碑，同時在我們的詢價管道中管理審計、測試和與多個原始設備製造商的談判，並保持在第四季度實現創紀錄收入的軌道。

With that said, let's turn to our BMW SOP. In the early weeks of the third quarter, we moved forward on a very important milestone in our company's history, moving into SOP with our BMW Gen 1 program. The components are shipped to Magna for final assembly at a plant in Michigan and then head to BMW for installation on the 7 Series.

話雖如此，讓我們轉向 BMW SOP。在第三季的前幾週，我們邁出了公司歷史上一個非常重要的里程碑，我們的 BMW Gen 1 計畫進入了 SOP。這些零件被運送到麥格納在密西根州的一家工廠進行最終組裝，然後運往寶馬安裝在 7 系列上。

And as I mentioned earlier, we also locked in the final SOP-ready version of our AI-enabled perception software and shipped it on time to BMW as well.

正如我之前提到的，我們還鎖定了支援 AI 的感知軟體的最終 SOP 就緒版本，並按時交付給 BMW。

We've been pointing to the back half of 2023 launch for a while. So to get to this phase is a huge win. And I believe we are building a track record of credibility that includes delivering on our goals and timelines.

我們已經預計 2023 年下半年發布有一段時間了。因此，進入這個階段是一個巨大的勝利。我相信我們正在建立信譽記錄，包括實現我們的目標和時間表。

I mentioned this on the last call, but we still get a lot of questions from investors on BMW plan for LiDAR and Level 3 driving. BMWBLOG did a wonderful article and video in August, summarizing BMW Group's plan for the Level 3 7 Series. In the video, you can see the car driving seamlessly through a variety of scenarios and hear more about BMW's plans and timeline for deploying the technology. If you haven't watched it yet, I encourage you to go to BMWBLOG.com or search for it on YouTube.

我在上次電話會議上提到了這一點，但我們仍然收到投資者對寶馬雷射雷達和 3 級駕駛計劃的許多疑問。 BMWBLOG在8月份做了一篇精彩的文章和視頻，總結了寶馬集團對Level 3 7系列的計劃。在影片中，您可以看到汽車在各種場景中無縫行駛，並詳細了解寶馬部署該技術的計劃和時間表。如果您還沒有看過，我建議您訪問 BMWBLOG.com 或在 YouTube 上搜尋。

As we go through the rest of the year, I'm sure you will continue to hear more details about BMW's strategy for automated driving. I also suspect you will see a growing amount of media coverage on the vehicles, particularly as they start to arrive in dealerships and get on the road. We continue to expect vehicles on the road later this year.

在今年剩下的時間裡，我相信您將繼續聽到更多關於寶馬自動駕駛策略的細節。我還懷疑您會看到越來越多的媒體對這些車輛的報道，特別是當它們開始到達經銷商並上路時。我們預計今年稍後會有車輛上路。

We will also be amplifying this huge milestone on our end, particularly at CES, where we plan to have a version of the LiDAR-enabled 7 Series at our own booth. If you're going to be in Las Vegas for the show, we would love to have you to stop by.

我們還將在我們這邊放大這一巨大的里程碑，特別是在 CES 上，我們計劃在我們自己的展位上展示支援 LiDAR 的 7 系列版本。如果您要去拉斯維加斯觀看演出，我們很樂意邀請您過來。

While the 7 Series was always planned to be our initial flagship launch for the InnovizOne, we've said in the past that our technology was certified on several models and variants within the BMW Group, and our efforts are now shifting towards integration with additional models. We hope to be able to update you with more developments on this topic in the coming quarters.

雖然7 系列一直計劃成為我們為InnovizOne 推出的首款旗艦產品，但我們過去曾表示，我們的技術已在BMW 集團內的多個車型和變體上獲得認證，而我們現在的努力正轉向與其他車型的整合。我們希望能夠在未來幾季向您通報該主題的更多進展。

Needless to say, moving forward on this important program is a source of a great pride at Innoviz, not only internally, but also externally. It sends a strong signal to other OEMs that we can reach SOP and hit our goals and milestones.

不用說，推進這一重要計劃是 Innoviz 的巨大自豪感，不僅在內部，而且在外部也是如此。它向其他 OEM 發出了強烈的信號，表明我們可以達到 SOP 並實現我們的目標和里程碑。

It also further differentiates us from our competition. There are a number of other LiDAR companies out there claiming to compete with us in automotive LiDAR space. But some don't have even a single series production award yet. And some have awards but have yet to execute on SOP-related milestones. From our experience, those who haven't executed on these milestones don't even know how much they don't know at this point.

這也進一步使我們在競爭中脫穎而出。還有許多其他光達公司聲稱在汽車光達領域與我們競爭。但有些甚至還沒有獲得一個系列製作獎。有些已經獲得獎項，但尚未執行與 SOP 相關的里程碑。根據我們的經驗，那些尚未執行這些里程碑的人甚至不知道目前還不知道多少。

And as we transition from SOP preparation to steady state manufacturing, it frees up a lot of bandwidths, both physically and mentally, enabling us to concentrate even more of our efforts on winning next round of business that are currently in our RFI and RFQ pipeline.

當我們從 SOP 準備過渡到穩態製造時，它在身體和精神上都釋放了大量的頻寬，使我們能夠集中更多的精力來贏得目前在 RFI 和 RFQ 管道中的下一輪業務。

The other program that we have that is moving into SOP is our Shuttle program. As a reminder, this is a full Level 4 program. The customer is a leading automotive supplier who is building this vehicle directly in order to become an early leader in the rapidly growing autonomous shuttle market.

我們正在進入 SOP 的另一個計劃是我們的班車計劃。提醒一下，這是一個完整的 4 級程序。該客戶是一家領先的汽車供應商，他們正在直接製造這款車輛，以成為快速成長的自動駕駛班車市場的早期領導者。

We expect this program to be fully driverless electric vehicle capable of carrying over 20 passengers and the ability to operate 24 hours a day. The earliest applications are likely to be people movers in environments like airports, college campuses, private communities, and corporate campuses.

我們預計該項目將是完全無人駕駛的電動車，能夠搭載 20 名以上乘客，並且能夠全天 24 小時運行。最早的應用可能是機場、大學校園、私人社區和企業園區等環境中的旅客捷運系統。

But the shuttle is also expected to be capable of operating in mixed traffic and dedicated lanes. This opens it up to urban centers and possibly even suburban environments where it could become a lower cost or much more flexible alternative to legacy public transportation models.

但該班車預計也能夠在混合交通和專用車道上運行。這向城市中心甚至郊區環境開放，它可以成為傳統公共交通模式的成本更低或更靈活的替代方案。

The public transportation operating model has barely changed since the move from trolleys and cable cars to buses nearly 100 years ago. This is an end market that we believe is primed for disruption through automation.

自從近 100 年前從無軌電車和纜車轉向公車以來，公共交通的運作模式幾乎沒有改變。我們認為這是一個已經準備好透過自動化進行顛覆的終端市場。

In the initial stages, the shuttles can complement existing bus and train transportation systems, possibly linking different modes of transportation together or connecting otherwise uneconomical routes. Over time, it's not hard to imagine the autonomous routes increasingly dislocating the legacy routes as adoption grows.

在初始階段，接駁車可以補充現有的巴士和火車交通系統，可能將不同的交通方式連接在一起或連接其他不經濟的路線。隨著時間的推移，不難想像，隨著採用率的增長，自動駕駛路線越來越多地取代傳統路線。

This secular growth opportunity could also extend to the other Level 4 program that we are working on. The light commercial vehicle program that we announced during the first quarter, that program remains on track for a mid-decade SOP with a healthy growth in samples between now and then.

這種長期成長機會也可以擴展到我們正在進行的其他 4 級計畫。我們在第一季宣布的輕型商用車計劃，該計劃仍有望實現十年中期的 SOP，從現在到那時樣品數量將健康增長。

Another thing to keep in mind with these Level 4 programs is that they utilize multiple LiDAR units. Most Level 4 typically deploy anywhere between three to six LiDARs per vehicle. In fact, the shuttle program that we're SOP'ing later this year initially planned for four LiDARs per vehicle, one in each corner of the shuttle. But they have since moved to a six-LiDAR design after incorporating two additional units on the sides with a wider field of view.

這些 4 級程序需要記住的另一件事是它們使用多個 LiDAR 單元。大多數 4 級通常在每輛車上部署三到六個雷射雷達。事實上，我們今年稍後進行 SOP 的太空梭計畫最初計劃為每輛車配備 4 個雷射雷達，每個角落都有一個。但後來他們在側面添加了兩個具有更寬視野的附加單元後，轉向了六光雷達設計。

Not only does this increase the dollar content per vehicle, but it also shows the flexibility of what our LiDAR are able to bring to the table, ranging from ultra long-range forward-facing LiDAR to wide field of view mounted LiDAR and anything in between, with only a minimal change to our hardware or software.

這不僅增加了每輛車的成本，而且還展示了我們的 LiDAR 能夠帶來的靈活性，從超遠距離前向 LiDAR 到寬視場安裝 LiDAR 以及介於兩者之間的任何產品，只需對我們的硬體或軟體進行最小的更改。

And while we are on the topic of growing content per vehicle, I wanted to offer a little more color on the second-generation program that we are developing for BMW. Last quarter, we shared that we have begun development of an all-new second-generation platform that is built around InnovizTwo sensor and our AI-enabled perception software stack.

雖然我們討論的是增加每輛車的內容，但我想為我們正在為寶馬開發的第二代項目提供更多的色彩。上個季度，我們宣布我們已經開始開發全新的第二代平台，該平台圍繞著 InnovizTwo 感測器和我們支援人工智慧的感知軟體堆疊構建。

We also spoke in detail about how we have the potential to meaningfully grow our software content and dollar value. And this quarter, I wanted to give you a little bit more color on what the overall change in the content per vehicle could look like.

我們還詳細討論了我們如何有潛力有意義地增加我們的軟體內容和美元價值。本季度，我想為您提供更多關於每輛車內容的整體變化可能會是什麼樣子的資訊。

A key part of our long-term strategy is to drive the price of the LiDAR sensor lower in order to drive adoption rates higher. Tailwinds from potentially rapid increases in volumes as we move up the S-curve have the opportunity to be a meaningfully positive net contributor to both the revenue and profit line.

我們長期策略的關鍵部分是降低光達感測器的價格，以提高採用率。隨著我們沿著 S 曲線向上移動，銷售可能快速成長帶來的順風車有機會對營收和利潤線產生有意義的正面淨貢獻。

But as we drive sensor costs lower, our goal is to continue to drive content per vehicle higher by expanding into new product categories. To articulate this point, I think it would be helpful to compare how our business model and CPV has evolved over time.

但隨著我們降低感測器成本，我們的目標是透過擴展到新的產品類別，繼續提高每輛車的含量。為了闡明這一點，我認為比較我們的商業模式和 CPV 隨著時間的推移如何演變會有所幫助。

In the first-generation program with BMW, we were operating as a Tier-2 supplier, selling only components to Magna, not a full LiDAR to BMW. Magna takes those components, integrates them into other parts of the hardware, and then sells the finished LiDAR to BMW. We were only capturing a portion of the total system value around $600 to $700 per vehicle.

在寶馬的第一代計劃中，我們作為二級供應商運營，僅向麥格納銷售零件，而不是向寶馬銷售完整的光達。麥格納將這些組件整合到硬體的其他部分，然後將成品光達出售給寶馬。我們只捕獲了每輛車 600 至 700 美元左右的系統總價值的一部分。

Since winning that contract in 2018, we've undergone two transformative changes. First, we transitioned from a Tier-2 supplier to a Tier 1, capturing a much larger portion of the economics and moving from selling components to selling full systems. This moves also increases the amount of non-recurring engineering, or NRE revenues, available to us.

自 2018 年贏得該合約以來，我們經歷了兩次變革。首先，我們從二級供應商轉變為一級供應商，獲得了更大的經濟效益，並從銷售組件轉向銷售整個系統。這項措施也增加了我們可獲得的非經常性工程或 NRE 收入。

The second transition was moving from InnovizOne to InnovizTwo. Thanks to several technological and engineering breakthroughs, we moved from a design that was built on four lasers and four detectors to a design built on a single laser and single detector. This, along with the host of other changes, resulted in a bill of material, BOM, that was roughly 70% lower than InnovizOne. This was a massive reduction in cost, and these changes were a key catalyst for our Tier 1 design win, with Volkswagen in 2022 and the big acceleration in commercial activity we have seen since then.

第二次轉變是從 InnovizOne 遷移到 InnovizTwo。由於採用多項技術和工程突破，我們從基於四個雷射和四個探測器的設計轉變為基於單一雷射和單個探測器的設計。這與許多其他變化一起導致物料清單 (BOM) 比 InnovizOne 低約 70%。這是成本的大幅降低，這些變化是我們在 2022 年獲得大眾汽車以及自那時以來商業活動大幅加速的一級設計勝利的關鍵催化劑。

Despite the 70% reduction in material costs, we were still able to grow the total content per vehicle into the $500 to $1,000 range, thanks to our pivot to being a Tier 1, which enabled us to capture the full system value.

儘管材料成本降低了 70%，但我們仍然能夠將每輛車的總內容增加到 500 至 1,000 美元的範圍，這要歸功於我們轉向成為第 1 層，這使我們能夠獲得完整的系統價值。

Looking forward, we believe we can use the Gen 2 system that we are developing as a potential template for our future programs. Here, we would continue to leverage the 70% lower BOM of the InnovizTwo to drive higher LiDAR adoption, while pairing it with a higher value and more robust version of our perception software and all-new products like the InnovizCore AI Compute Module and the Minimum Risk Maneuver software.

展望未來，我們相信我們可以使用我們正在開發的 Gen 2 系統作為我們未來專案的潛在範本。在這裡，我們將繼續利用InnovizTwo 降低70% 的BOM 來推動更高的LiDAR 採用率，同時將其與我們的感知軟體的更高價值和更強大的版本以及全新產品（例如InnovizCore AI 計算模組和最小值）搭配使用。風險機動軟體。

By providing more value and functionality to customers, we believe we can get CPV nicely over the $1,000 mark while also increasing our mix of higher-margin software revenue. We are very focused on making this template for future customers.

透過為客戶提供更多價值和功能，我們相信我們的 CPV 可以很好地超過 1,000 美元大關，同時還可以增加我們的高利潤軟體收入組合。我們非常專注於為未來的客戶製作這個模板。

Next, I want to give a quick update on Volkswagen. Overall, our program with VW continues to progress nicely, and the sensor suite for the initial program continues to evolve. We moved from the A-Sample to the B-Sample back in March, and we continue to test and fine tune within the B-Sample stage.

接下來，我想簡單介紹一下大眾汽車的最新情況。整體而言，我們與大眾的專案持續順利進展，初始專案的感測器套件也在不斷發展。早在三月份，我們就從 A-Sample 轉向了 B-Sample，並且我們繼續在 B-Sample 階段進行測試和微調。

Having released our new B2.0 sample during this quarter, each new version unlocks incremental levels of performance, functionality, industrialization, and the newest version is based on our second-generation custom ASIC.

我們在本季發布了新的 B2.0 樣本，每個新版本都解鎖了性能、功能、工業化的增量級別，最新版本基於我們的第二代自訂 ASIC。

Last quarter, we shared with you that we have finished the tape-out of the ASIC. The new chip has two key benefits. The first, is that it unlocks a configuration that enables much more range, taking our maximum detection range -- detection from 300 meters to 450. And the second is that it can support much higher resolution.

上個季度，我們與大家分享了我們已經完成 ASIC 的串流影片。新晶片有兩個主要優點。首先，它解鎖了一種可實現更大範圍的配置，將我們的最大檢測範圍（檢測範圍）從 300 公尺提高到 450 公尺。第二，它可以支援更高的解析度。

The more powerful chip enables us to produce millions of more points. In fact, we were able to nearly double the total number of points that we can process per second. This can power a higher density point cloud with even better resolution than before.

更強大的晶片使我們能夠生產數百萬個更多的點。事實上，我們每秒可以處理的總點數幾乎增加了一倍。這可以為更高密度的點雲提供比以前更好的解析度。

Continuous improvement like this in both our sensor and software suite are aiding our conversations with OEMs. With Volkswagen specifically, we are in advanced conversations exploring the potential addition of multiple platforms that would be incremental to our initial series production award. We hope to have more to share on this in the coming quarters.

我們的感測器和軟體套件中的此類持續改進有助於我們與 OEM 的對話。具體來說，我們正在與大眾汽車進行深入對話，探索增加多個平台的可能性，這將是我們最初系列生產獎的增量。我們希望在未來幾季能就此分享更多資訊。

But as I always say, video speaks better than words. I'm excited to share with you some of the early point-cloud footage from the new ASIC. Last quarter, when I shared the update, we said that we hope to get close to high-definition camera-like levels of resolution with the added benefits of true 3D dimensional LiDAR-based map.

但正如我常說的，影片勝於雄辯。我很高興與您分享新 ASIC 的一些早期點雲鏡頭。上個季度，當我分享更新時，我們表示希望能夠達到接近高清相機的分辨率水平，並具有基於雷射雷達的真實 3D 三維地圖的額外優勢。

As you can see in the video, we're essentially there. And this is still an early version of the point cloud. We're confident that it will only continue to improve from here.

正如您在視頻中看到的，我們基本上就在那裡。這仍然是點雲的早期版本。我們相信，從這裡開始，它只會繼續改進。

We are working quickly to bring this new level of functionality into the hands of our customers and prospects. Customer interest has been strong, and InnovizTwo shipments were 102% up quarter over quarter in the third quarter.

我們正在迅速努力，將這種新水平的功能帶到我們的客戶和潛在客戶的手中。顧客興趣濃厚，第三季 InnovizTwo 出貨量較上季成長 102%。

Keep in mind, the benefits aren't just in the sensor side. The dramatically higher range and resolution translates into more points of data. That data is what fuels our AI tools, including the neural networks that are a critical part of our software development. Faster neural networks training translates into better perception software, and better perception software unlock new features like enabling vehicles to travel at higher speed or operate in more complex environments.

請記住，好處不僅體現在感測器方​​面。顯著提高的範圍和解析度轉化為更多的數據點。這些數據為我們的人工智慧工具提供了動力，包括作為我們軟體開發的關鍵部分的神經網路。更快的神經網路訓練可以轉化為更好的感知軟體，而更好的感知軟體可以解鎖新功能，例如使車輛能夠以更高的速度行駛或在更複雜的環境中運行。

Continuous improvements like this in both our sensor and software suite are a big part of why we are seeing so much commercial momentum, including in our RFI and RFQ pipeline. As a reminder, we had a record number of programs moved from the RFI to the RFQ process in the first quarter of '23. And now, over half of the 10 to 15 programs in the pipeline are in the RFQ stage.

我們的感測器和軟體套件中的這種持續改進是我們看到如此多的商業勢頭的一個重要原因，包括我們的 RFI 和 RFQ 管道。提醒一下，我們在 2023 年第一季從 RFI 轉移到 RFQ 流程的專案數量創下了紀錄。現在，醞釀中的 10 到 15 個項目中有一半以上處於詢價階段。

There are big differences between the RFI, request for information, and an RFQ, request for quotation. An RFI is much less structured process. And we've seen some programs remain in the RFI stage for over two years, whereas others have transitioned to the RFQ in less than six months.

RFI（資訊請求）和 RFQ（報價請求）之間存在很大差異。 RFI 是一個不太結構化的過程。我們已經看到一些項目處於 RFI 階段超過兩年，而其他項目則在不到六個月的時間內過渡到 RFQ。

At the RFI stage, OEMs may just be testing systems, performing R&D activities, collecting data. Typically, the programs are working towards a production launch, but they don't move into the RFQ stage until a clear decision to go forward with the program has been made.

在 RFI 階段，原始設備製造商可能只是測試系統、執行研發活動、收集資料。通常，這些計劃正在努力投入生產，但在做出繼續該計劃的明確決定之前，它們不會進入詢價階段。

At that point, the OEM has typically fully decided that the vehicle is going to series production, committed to a timeline for production, and has decided the vehicle will include a LiDAR. The OEM dedicates costly resources to the program, including entire engineering, supply chain, finance, and product management teams. This represents a meaningful investment from the OEM, and it's much more tangible signal of a commitment to that program.

此時，原始設備製造商通常已完全決定車輛將進行批量生產，承諾生產時間表，並決定車輛將配備雷射雷達。 OEM 為該計劃投入了昂貴的資源，包括整個工程、供應鏈、財務和產品管理團隊。這代表了 OEM 的一項有意義的投資，也是對該計劃承諾的更切實的信號。

The step-up in the RFQs that we've seen in '23 appears to be a strong signal that the LiDAR industry is maturing, and the Level 3 autonomy megatrend is beginning. We believe it is solid evidence that OEMs are increasingly in a race to deploy the technology.

我們在 23 年看到的詢價的增加似乎是一個強烈的信號，表明 LiDAR 行業正在成熟，並且 3 級自治大趨勢正在開始。我們相信，這是原始設備製造商越來越多地競相部署該技術的有力證據。

Failure to stay ahead of the curve, particularly for luxury brands, runs the risk of potentially competitive irrelevancy and resulting market share losses, and could do long-term damage to a brand. It also runs the risk of missing an important source of profit and the transition to recurring revenues for OEMs. Missing the opportunity to deploy a must-have consumer tech like Level 3 autonomy may not only result in lost volumes and market share, but it could also translate into lost profit dollars on advanced features.

如果無法保持領先地位，特別是對於奢侈品牌來說，可能會面臨潛在的競爭無關性和導致市場份額損失的風險，並可能對品牌造成長期損害。它還面臨著失去重要利潤來源和向原始設備製造商經常性收入過渡的風險。錯過部署 3 級自動駕駛等必備消費技術的機會可能不僅會導致銷售和市場份額的損失，還可能導致高級功能的利潤損失。

Many of the OEMs that we talk to are looking for opportunities to grow their recurring revenue streams, with vehicles lasting increasingly longer, and with EV's potentially driving that trend even further. It seems that the OEMs are hungry for opportunities to complement their one-time sale with recurring revenues.

我們採訪的許多原始設備製造商都在尋找機會來增加其經常性收入來源，車輛的使用壽命越來越長，而電動車有可能進一步推動這一趨勢。原始設備製造商似乎渴望有機會透過經常性收入來補充一次性銷售。

The industry has had some success with products like telematics and connectivity, but in my opinion, the single-best opportunity for recurring revenues lies in monthly subscriptions for autonomous driving packages and the ongoing over-the-air software that will underpin them in the future of software-defined vehicles.

該行業在遠端資訊處理和連接等產品方面取得了一些成功，但在我看來，獲得經常性收入的最佳機會在於自動駕駛套餐的每月訂閱以及將在未來支撐這些套餐的持續無線軟體軟體定義車輛。

I believe this has been part of the driving force behind multiple OEMs pivoting from RFIs to RFQs more or less at the same time. I think there is a growing fear of missing this opportunity -- this potentially massive megatrend. Basically, it's corporate FOMO.

我相信，這是多個 OEM 或多或少同時從 RFI 轉向 RFQ 的驅動力的一部分。我認為人們越來越擔心錯過這個機會——這個潛在的巨大趨勢。基本上，這是企業的 FOMO。

In fact, if you look at our RFQs, the majority of the programs are with a top 10 Global OEM. This is a lot of shots on goal. We don't need to win them all.

事實上，如果您查看我們的詢價，您會發現大多數計劃都是與全球排名前 10 名的 OEM 合作的。這是很多射門次數。我們不需要贏得所有人。

We already have BMW and Volkswagen Group as customers, and they collectively represent 15% of global automotive production. We believe that if we can secure just one or two more major OEMs as customer and we will have a substantial lead in what we expect will be a winner takes most market. These programs converted to RFQ at different points and are moving along different timelines. All of the programs have moved on to various phases of audits of the technology, focusing on quality, software, supply chain, and more.

我們已經擁有BMW和福斯集團作為客戶，它們合計佔全球汽車產量的 15%。我們相信，如果我們能夠獲得一兩個以上的主要原始設備製造商作為客戶，我們將在我們預期的贏家佔領大部分市場方面取得實質領先。這些計劃在不同的時間點轉換為詢價，並沿著不同的時間線進行。所有專案都已進入技術審核的各個階段，重點在於品質、軟體、供應鏈等。

The first phase typically revolves around the product itself, focusing on the sensor and software suite. There can often be a point in the middle where two, or at most three players are short-listed, and the focus moves away from the technology and move towards the manufacturing strategy and operations.

第一階段通常圍繞著產品本身，並專注於感測器和軟體套件。中間經常會出現一個點，即兩個或最多三個參與者入圍，焦點從技術轉移到製造策略和營運。

Within the group of RFQs, three of the programs are moving faster and went through the financial audit and certification of high-volume manufacturing stage in the early fall. These programs have since moved into the final stage, which includes definitive price negotiations and detailed planning of post-nomination milestones. This was a critical factor behind our capital raise in August.

在詢價組中，其中三個項目進展較快，並於初秋通過了大批量生產階段的財務審計和認證。這些計劃已進入最後階段，其中包括最終的價格談判和提名後里程碑的詳細規劃。這是我們八月籌集資金的關鍵因素。

When we look at who we are competing against most often in these RFQs, it's not the early-stage LiDAR pure-play companies most investors typically assume, instead it's the more established Tier 1's. And while they try to compete on their operating history, we compete on our technology. And this is a matchup that we will take all day long because we are often told by customers that our technology is better.

當我們看看在這些詢價中最常與誰競爭時，我們發現它並不是大多數投資者通常認為的早期 LiDAR 純公司，而是更成熟的一級公司。當他們試圖在經營歷史上競爭時，我們則在技術上競爭。這是一場我們會整天進行的比賽，因為客戶經常告訴我們我們的技術更好。

And we've won against these bigger Tier 1's before. We've won on BMW; we've won on Volkswagen based on our technology. And I'm confident that we can do this again and again.

我們之前也曾戰勝過這些規模更大的一級球隊。我們贏了寶馬；我們憑藉我們的技術贏得了大眾汽車。我相信我們可以一次又一次地這樣做。

With that in mind, we felt it was important to keep any bidding process focused on the technology advantage. That is why we undertook the capital raise. It was successful for us as it accomplished three critical things. One, it raised additional $65 million, giving us an even longer cash runway. Two, it showed that we have continued support from our largest existing institutional shareholders. And three, it allowed us to move into the final phase of several RFQs.

考慮到這一點，我們認為將任何投標過程的重點放在技術優勢上非常重要。這就是我們進行融資的原因。它對我們來說是成功的，因為它完成了三件關鍵的事情。第一，它額外籌集了 6500 萬美元，為我們提供了更長的現金跑道。第二，這顯示我們得到了現有最大機構股東的持續支持。第三，它使我們能夠進入幾個詢價的最後階段。

And as a signal of our confidence, several of us participated in the deal. My fellow Co-Founder, Oren Buskila, and I, both bought stock during the transaction. And our Chairman of the Board, Amichai Steimberg, made an open market purchase the week after. We are heavily invested in Innoviz alongside you.

作為我們信心的信號，我們中的一些人參與了這筆交易。我和我的聯合創始人奧倫·布斯基拉 (Oren Buskila) 在交易期間都購買了股票。我們的董事會主席 Amichai Steimberg 在一周後進行了公開市場購買。我們與您一起對 Innoviz 進行了大量投資。

We are confident that if we win even just one or two of these deals with the help of the capital raise, the long-term outcome will have been worth the short-term volatility. Because when we look at the LiDAR industry, we believe our next one to two deals have the potential to permanently shape the industry.

我們相信，即使我們在融資的幫助下贏得其中一兩筆交易，長期結果也值得短期波動。因為當我們審視雷射雷達產業時，我們相信接下來的一到兩筆交易有可能永久塑造這個產業。

You've heard me talk about the flywheel effect before. In this industry, we believe that wins will lead to more wins. First of all, this is a safety-critical technology, and each time an OEM chooses us as a partner, it can send a message of confidence to other OEMs and make it easier to choose Innoviz. There can be a tremendous amount of signal value in every win.

你以前聽過我談論過飛輪效應。在這個行業，我們相信勝利會帶來更多的勝利。首先，這是一項安全關鍵技術，每次主機廠選擇我們作為合作夥伴，都可以向其他主機廠傳遞信心的訊息，讓他們更容易選擇Innoviz。每場勝利都可能具有巨大的訊號價值。

Second, we already have series production awards with two out of the three main autonomy platform providers, as we are reporting, an RFQ right now with the third. Being already integrated into the platform software makes it less costly and less risky to choose us as the LiDAR vendor and it can speed up the OEM time to market.

其次，正如我們所報道的，我們已經與三個主要自主平台提供者中的兩個獲得了系列生產合同，目前正在與第三個提供詢價。由於已經整合到平台軟體中，選擇我們作為 LiDAR 供應商的成本和風險更低，並且可以加快 OEM 的上市時間。

And third, more wins translates into higher volumes, leading to more purchasing power and lower unit costs. In fact, I think you can already see some early proof of the flywheel effect in motion for us.

第三，更多的勝利意味著更高的銷售量，從而帶來更多的購買力和更低的單位成本。事實上，我認為您已經可以為我們看到一些飛輪效應的早期證據。

After winning BMW in 2018, it took us over three years to win our next production award. From there, it took us a full year to announce the next one. You can see the pace of the activity has clearly accelerated in the past year. And if we can finalize these advanced-stage RFQs, it will offer even more evidence that the flywheel effect is working in our favor.

在 2018 年贏得 BMW 獎後，我們花了三年多的時間才贏得下一個生產獎。從那時起，我們花了整整一年的時間才宣布下一個。可以看到，這一年的活動節奏明顯加快了。如果我們能夠最終確定這些高級階段的詢價，它將提供更多證據證明飛輪效應對我們有利。

Turning to our 2023 targets. We have raised portions of our guidance twice year to date. In the first quarter, we raised the high end of the range of our targets for additional programs from existing customers following our announcement of the light commercial vehicle. And in the second quarter, we raised our revenue guidance following increased visibility into higher volumes and NRE revenues.

轉向我們的 2023 年目標。今年迄今為止，我們已經兩次提高了部分指導意見。第一季度，在宣布推出輕型商用車後，我們提高了現有客戶額外計畫目標範圍的上限。在第二季度，隨著銷售量和 NRE 收入的增加，我們提高了收入預期。

We also took the upper end of the net new NRE bookings range higher, following progress we were still seeing in our RFQ pipeline, coupled with the scope of the NRE awards being quoted on the programs that are progressing the fastest. Today, we are reiterating our targets, including guidance for 2023 revenue of $15 million to $20 million, which represents year-over-year line growth of 150% to 230%.

我們也提高了淨新 NRE 預訂範圍的上限，因為我們在詢價管道中仍然看到了進展，再加上進展最快的專案所引用的 NRE 獎項的範圍。今天，我們重申我們的目標，包括 2023 年收入指引為 1500 萬美元至 2000 萬美元，這意味著同比增長 150% 至 230%。

Coming into the year, we flagged that the revenue would trough in the first quarter as our BMW program pricing transitioned from sample pricing to production pricing, which was a more of a 10x decline in our initial ASPs, but would be an offset by higher volumes in the later quarters. Following that reset in pricing, we said that revenues would grow meaningfully quarter over quarter, particularly in the back half of the year as we approach SOP and unlock NRE revenues.

進入今年，我們指出，隨著我們的寶馬計劃定價從樣品定價轉變為生產定價，我們的收入將在第一季觸底，這比我們的初始平均售價下降了10 倍，但將被銷量增加所抵消在接下來的幾個季度。在定價重置之後，我們表示收入將逐季大幅成長，特別是在今年下半年，因為我們接近 SOP 並釋放 NRE 收入。

Revenue proceeds to grow 45% sequentially in the second quarter and were followed by an even stronger 138% quarter over quarter in the third quarter. If you consider our $15 million to $20 million revenue target range and subtract year-to-date revenue of around $6 million, it implies a fourth-quarter revenue in the range of $9 million to $14 million.

第二季營收季增 45%，第三季較上季成長更強勁，達到 138%。如果您考慮我們 1500 萬美元至 2000 萬美元的收入目標範圍，並減去年初至今約 600 萬美元的收入，則意味著第四季度的收入將在 900 萬美元至 1400 萬美元之間。

At the midpoint, that would represent roughly 230% quarter-over-quarter growth and over 600% year-over-year growth. It has the potential to not only be our largest quarter ever, but larger than any of our prior full-year revenue numbers.

中點時，這意味著季度環比增長約 230%，同比增長超過 600%。它不僅有可能成為我們有史以來最大的季度，而且可能超過我們之前的任何全年收入數字。

I say this not only because I'm proud of what we are delivering, but also as a further evidence of us delivering on what we say we are going to do. We said that Q1 was the trough. We delivered two quarters of strong sequential growth, and we are now in the process of potentially delivering our largest quarterly revenue number ever.

我這樣說不僅是因為我對我們所交付的成果感到自豪，而且還進一步證明我們正在兌現我們所說的要做的事情。我們說第一季是低谷。我們實現了兩個季度的強勁連續成長，我們現在有可能實現有史以來最大的季度營收數字。

And with that, I will turn the call over to Eldar.

然後，我會將電話轉給 Eldar。

Thank you, Omer. Good morning, everyone.

謝謝你，奧馬爾。大家，早安。

Starting with cash. We ended Q3 2023 with approximately $164 million in cash, bank deposits, marketable securities, and short-term restricted cash on the balance sheet. With our cost structure being largely mature, our operating cash outlays remained mostly stable during the quarter on a normalized basis.

從現金開始。截至 2023 年第三季度，我們的資產負債表上約有 1.64 億美元的現金、銀行存款、有價證券和短期限制性現金。由於我們的成本結構已基本成熟，本季我們的營運現金支出在正常化的基礎上基本保持穩定。

We did defer roughly $2.9 million of R&D expense as a result of booking NRE revenue. While this drove lower-than-normal operating expenses in the third quarter, we expect to recognize the deferred expenses in the coming quarter as COGS.

由於記入 NRE 收入，我們確實推遲了約 290 萬美元的研發費用。雖然這導致第三季的營運費用低於正常水平，但我們預計將在下一季將遞延費用確認為銷貨成本。

At a higher level, on a normalized basis, you can see that our cost structure has been mostly flat since the second half of 2022. The bulk of the growth in our cost structure occurred during our transition from a Tier 2 to a Tier 1 relating to the Volkswagen Group award in 2022.

在更高的層面上，在標準化的基礎上，您可以看到自2022 年下半年以來，我們的成本結構基本上相當。我們成本結構的大部分增長發生在我們從二級到一級相關的過渡期間。2022 年榮獲大眾汽車集團獎。

As we have said before, with the transition to a Tier 1 mostly behind us, we do not expect material increase in our cost structure. One of the factor behind this flexibility is our transition to SOP with the InnovizOne. As this program transitioned from development stages to high-volume manufacturing, it freed up headcount to work on either the RFQ pipeline or the InnovizTwo SOP. This gives us meaningful flexibility going forward without the need to significant growth in our fixed costs.

正如我們之前所說，隨著向一級的過渡已基本過去，我們預計我們的成本結構不會出現實質增加。這種靈活性背後的因素之一是我們透過 InnovizOne 過渡到 SOP。隨著該計劃從開發階段過渡到大批量製造，它釋放了人員來處理 RFQ 管道或 InnovizTwo SOP。這為我們提供了有意義的靈活性，而無需大幅增加固定成本。

Moving to the income statement, revenue in Q3 2023 came in at $3.5 million compared to Q2 2023 revenues of $1.5 million, delivering a 138% quarter-over-quarter increase. On a year-over-year basis, it compares to Q3 2022 revenues, which were impacted by our headquarters move of $0.9 million, delivering growth of nearly 300% year over year.

轉向損益表，2023 年第三季的營收為 350 萬美元，而 2023 年第二季的營收為 150 萬美元，季增 138%。與去年同期相比，2022 年第三季的營收受到我們總部搬遷 90 萬美元的影響，年增近 300%。

On the cost side, operating expenses for Q3 2023 were $27.8 million, a decrease from $31.3 million in Q3 2022. As I mentioned earlier, Q3 2023 operating expenses saw $2.9 million dollars of R&D expenses deferred into future quarters and will be recognized as COGS to match costs with future NRE revenues. This quarter's operating expenses included $5 million of share-based compensation compared to $4.9 million in Q3 2022.

在成本方面，2023 年第三季的營運費用為2,780 萬美元，較2022 年第三季的3,130 萬美元有所下降。正如我之前提到的，2023 年第三季的營運費用中有290 萬美元的研發費用被推遲到未來幾個季度，並將被確認為COGS將成本與未來 NRE 收入相符。本季的營運費用包括 500 萬美元的股權激勵，而 2022 年第三季為 490 萬美元。

Research and development expenses for Q3 2023 were $20.7 million, a decrease from $24.2 million in Q3 2022. The quarter's R&D expenses included $3.1 million attributable to share-based compensation compared to $3.2 million in Q2 2022.

2023 年第三季的研發費用為2,070 萬美元，低於2022 年第三季的2,420 萬美元。該季度的研發費用包括股權激勵帶來的310 萬美元，而2022 年第二季為320 萬美元。

In conclusion, we are delivering on the growth cadence that we laid out coming into the year. Q1 2023 was the trough. We delivered a 45% quarter-over-quarter growth in Q2, 138% in Q3, and have line of sight to another meaningful step-up in the fourth quarter.

總之，我們正在實現今年制定的成長節奏。 2023 年第一季是低谷。我們在第二季度實現了 45% 的季度環比增長，在第三季度實現了 138% 的環比增長，並有望在第四季度實現另一次有意義的提升。

Even more importantly, we are executing on this growth while dealing with record level of RFQ activity. We expect to finish the year on a very strong note with continued momentum for 2024 and beyond.

更重要的是，我們在實現這一成長的同時，也應對創紀錄水準的詢價活動。我們預計今年將以非常強勁的勢頭結束，並在 2024 年及以後保持持續的勢頭。

And with that, I will turn the call back to Omer.

然後，我會將電話轉回給奧馬爾。

Thank you, Eldar. Okay. Before turning the call over to the Q&A, I wanted to offer a few final remarks.

謝謝你，埃爾達爾。好的。在將電話轉入問答環節之前，我想最後說幾句話。

In 2022, we hinted at a major new OEM customer, and months later, we delivered Volkswagen. Coming into the year, we said that we're working on a program expansion and we delivered on the light commercial vehicle program in the first quarter and announced development of the second-generation system for BMW last quarter.

2022 年，我們暗示了一個主要的新 OEM 客戶，幾個月後，我們交付了大眾汽車。進入今年，我們說我們正在進行項目擴展，我們在第一季交付了輕型商用車項目，並在上個季度宣佈為寶馬開發第二代系統。

And in the third quarter, we delivered on our BMW SOP timeline while also moving three RFQs past financial and high-volume manufacturing audits and into final phases of price negotiation and post-nomination milestone alignment.

在第三季度，我們交付了 BMW SOP 時間表，同時將三個詢價通過了財務和大量製造審核，並進入了價格談判和提名後里程碑調整的最後階段。

My team and I spent a lot of time visiting OEMs across Europe, Asia, and North America in the past few months, and we have several more trips planned before year-end. We will be in Germany next week taking our new B2.0 sample with the new custom ASIC to existing customers and new ones and prospects.

在過去的幾個月裡，我和我的團隊花了很多時間參觀歐洲、亞洲和北美的原始設備製造商，我們也計劃在年底前進行幾次旅行。下週我們將在德國向現有客戶以及新客戶和潛在客戶提供帶有新客製化 ASIC 的新 B2.0 樣品。

We are very excited about what we achieved, and I want to personally deliver these new samples. We have things that we really want to deliver on for you that we think we are very close at hand, and we will work nonstop until we accomplish them.

我們對所取得的成就感到非常興奮，我想親自交付這些新樣品。我們確實想為您提供一些我們認為觸手可及的東西，我們將不間斷地工作，直到完成它們。

Thank you very much, and we can move to the Q&A.

非常感謝，我們可以進入問答環節了。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）Mark Delaney，高盛。

Yes, good morning and good afternoon. Thank you very much for taking my questions. You spoke about having a very active RFI and RFQ pipeline. I'm hoping you can share your latest views on the potential timing for new wins and your confidence in reaching the two new series production awards with new customers this year.

是的，早上好，下午好。非常感謝您回答我的問題。您談到擁有非常活躍的 RFI 和 RFQ 管道。我希望您能分享您對新勝利的潛在時機的最新看法，以及您對今年與新客戶獲得兩個新系列製作獎的信心。

Yeah. So as I said during my talk, the team is working intensively on several fronts with different OEMs. As we speak, we are conducting an audit. We have several audits already in this month. We are expecting at least two of these three customers that we talked about that are in later stage to make a decision still this year according to their plans. So we are working towards that.

是的。正如我在演講中所說，該團隊正在與不同的 OEM 廠商在多個方面進行深入合作。正如我們所說，我們正在進行審計。這個月我們已經進行了幾次審核。我們預計，我們談到的這三個客戶中至少有兩個處於後期階段，今年仍將根據他們的計劃做出決定。所以我們正在為此努力。

Understood. Thank you, Omer. And then my other question was around the shuttle program and hoping to better understand how that's developing. You mentioned more LiDAR is now being used with them making that change and also being relatively close to start of production.

明白了。謝謝你，奧馬爾。然後我的另一個問題是關於太空梭計劃的，希望能更好地了解它是如何發展的。您提到，他們現在正在使用更多的光達來進行這項改變，並且也相對接近開始生產。

Can you help us understand if that is going to impact either the timing or magnitude of the ramp? And also, could you clarify if the additional LiDAR that will be used, are those definitively going to Innoviz, or is that something that's still being evaluated by the customer?

您能否幫助我們了解這是否會影響斜坡的時間或幅度？另外，您能否澄清一下，是否將使用額外的 LiDAR，這些 LiDAR 是否最終會交給 Innoviz，還是客戶仍在評估中？

So possibly, I did not describe it right. This is a decision made more than six months ago or maybe more than that. We were just reflecting the fact that several -- that every Level 4 program uses more than one LiDAR. And that was an example of a program that initially started with four but later became six some time ago. So it's obviously -- it's an Innoviz LiDAR, not anyone else, and it's not affecting the timeline.

所以可能是我沒有描述正確。這是六個多月前甚至更久前做出的決定。我們只是反映了這樣一個事實：每個 4 級項目都使用多個 LiDAR。這是一個程式的例子，原本是四個，但不久前變成了六個。所以很明顯，它是 Innoviz LiDAR，而不是其他任何人，而且它不會影響時間表。

Understood. I'll pass it along. Thank you.

明白了。我會把它傳遞下去。謝謝。

Andres Sheppard, Cantor.

安德烈斯·謝潑德，康托爾。

Hey, guys. Good morning and good afternoon. Can you hear me okay?

大家好。早安，下午好。你聽得到我說話嗎？

Yeah.

是的。

Yeah, Andres.

是的，安德烈斯。

Wonderful. Thank you. And congrats on the quarter and all of the developments, and congrats on the SOP being finally here.

精彩的。謝謝。恭喜本季度和所有的進展，並祝賀 SOP 終於到來。

Wanted to maybe just ask how should we be thinking about that the BMW contract continuing to ramp up as we head into next year? You provided revenue guidance for Q4, which is very helpful. Just kind of curious if maybe you can give us a little bit more color as to how and what we should expect into 2024. Thank you.

也許只是想問一下，隨著明年的到來，我們應該如何看待寶馬合約的持續增加？您提供了第四季度的收入指導，這非常有幫助。只是有點好奇您能否給我們更多關於 2024 年我們應該如何以及會發生什麼的信息。謝謝。

Yeah. I'll start, and probably Eldar take the lead later. BMW is currently launching with the i7. The additional volume would start in a moderate manner. We do expect another model to be launching next year. That's the plan right now.

是的。我先開始，也許埃爾達稍後會帶頭。 BMW目前正在推出 i7。額外的交易量將以溫和的方式開始。我們確實預計明年將推出另一種型號。這就是現在的計劃。

In terms of guidance, I'm not sure that we are providing such right now.

在指導方面，我不確定我們現在是否提供此類指導。

We definitely will provide guidance going forward. But we are hopeful based on the pipeline that we see that we will have a growing revenue cadence going forward as well.

我們肯定會提供未來的指導。但根據我們看到的管道，我們希望未來的收入節奏也會持續成長。

Got it. Okay. That's helpful. And maybe can you give us a sense around gross margins? There was a pretty significant improvement in this quarter as evidenced by the BMW contract ramping up. Any sense on how we should continue to think about gross margins for next quarter and again into next year? I know you're not providing guidance, but would you expect those to continue to gradually improve quarter over quarter, or what's the best way to think about that? Thank you.

知道了。好的。這很有幫助。或許可以跟我們介紹一下毛利率嗎？寶馬合約的增加證明了本季取得了相當顯著的改善。我們應該如何繼續考慮下個季度和明年的毛利率，有什麼意義嗎？我知道您沒有提供指導，但您是否期望這些指導能夠逐季度繼續逐步改善，或者考慮這一點的最佳方法是什麼？謝謝。

So obviously, as we get to production volumes as the products mature, we are expecting that the gross margin due to these factors on the production and the sales of LiDARs will improve. This is one factor that comes into play.

顯然，隨著產品的成熟，我們的產量達到了一定水平，我們預計這些因素對雷射雷達生產和​​銷售的毛利率將會改善。這是發揮作用的因素之一。

And the second factor, which is also very important and dominant, is the NRE recognition. As we gain more and more NRE and are able to recognize more and more NRE, and this will be an important factor both for this year and next year, we will see that positive impact on our gross margins.

第二個因素，也是非常重要且主導的，是 NRE 的認可。隨著我們獲得越來越多的 NRE，並能夠認識到越來越多的 NRE，這將是今年和明年的重要因素，我們將看到這對我們的毛利率產生積極影響。

Got it. Very helpful, Eldar. Thank you. And just maybe if I could squeeze in one last one. With the $164 million now in cash and equivalents, just remind me what is the expected run rate with that cash on hands.

知道了。非常有幫助，埃爾達。謝謝。也許我能擠進最後一張。現在有 1.64 億美元的現金和等價物，請提醒我手頭現金的預期運行率是多少。

So as we said, we have a strong balance sheet. We just -- in August, we raised additional funding to have this strong balance sheet. In addition, this balance sheet, if you take it linearly, bring us well into 2025. In addition, we have growing revenues, which will balance off some of the expenses.

正如我們所說，我們擁有強大的資產負債表。我們剛剛在八月籌集了額外的資金來擁有強大的資產負債表。此外，如果你線性地看待這個資產負債表，我們將很順利地進入 2025 年。此外，我們的收入不斷增長，這將平衡一些支出。

We are expecting to win additional programs. And as we said before, our pipeline, our current pipeline is over $150 million potential in NRE. So once we win these additional programs, this mean additional NREs. And this brings us far and beyond to where we need.

我們期待贏得更多項目。正如我們之前所說，我們的管道，我們目前的管道在 NRE 方面的潛力超過 1.5 億美元。因此，一旦我們贏得這些額外的計劃，這意味著額外的 NRE。這使我們遠遠超出了我們所需要的範圍。

Thanks again, guys, and congrats on the quarter. I'll pass it on.

再次感謝大家，並恭喜本季。我會把它傳遞下去。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes. Thanks for taking my question and congratulations on the great progress. The number of RFQs that you're working on now, if you close on two of those, the other ones are still in play. As we get into 2024, they're just being delayed. Can you maybe give a timeline on some of the other programs?

是的。感謝您提出我的問題並祝賀我取得的巨大進展。您現在正在處理的詢價數量，如果您關閉其中兩個，其他詢價仍在進行中。當我們進入 2024 年時，它們只是被推遲了。您能否給出其他一些計劃的時間表？

So we said that we expect some to make a decision this year. I think that by the progress we're seeing with the other RFQs, I would say they are split between the -- maybe the first quarter and the second quarter, also taking into account the timeline in which they plan to launch. So I would expect that it will not take longer than that, but that's how I see it right now.

所以我們說我們預計一些人今年會做出決定。我認為，從我們在其他詢價中看到的進展來看，我想說它們可能是在第一季和第二季之間劃分的，同時也考慮到他們計劃推出的時間表。所以我預計不會比這更長，但這就是我現在的看法。

Okay, great. And maybe just so to understand a little more. With the six LiDARs being controlled by the perception software. Is there a maximum number of LiDAR the software can handle?

好的，太好了。也許只是為了多了解一點。六個雷射雷達由感知軟體控制。軟體可以處理的光達數量有上限嗎？

It's not about the software, it's about the compute platform that eventually needs to process the point cloud, which, of course, as you increase the density and frame rates, you require stronger compute platforms. But I can also share that one of the things that the team has substantially improved between the first generation and the second generation is also the architecture in which they are performing their algorithms.

這與軟體無關，而是與最終需要處理點雲的運算平台有關，當然，隨著密度和幀速率的增加，您需要更強大的運算平台。但我也可以分享的是，團隊在第一代和第二代之間取得了實質改進的一件事就是他們執行演算法的架構。

InnovizOne -- the transition from InnovizOne to InnovizTwo was quite meaningful. We were able to improve the performance by more than 50 times, and we were able to reduce the cost by 70%. Obviously, once you improve the density so significantly, you need to take into account the compute that cannot improve by that factor. So of course, you do need to take, I would say almost revolutionary step.

InnovizOne—從InnovizOne到InnovizTwo的轉變非常有意義。我們能夠將效能提高 50 倍以上，並且能夠降低 70% 的成本。顯然，一旦你如此顯著地提高了密度，你就需要考慮到無法透過該因素提高的計算。所以，當然，你確實需要採取，我想說，幾乎是革命性的一步。

And I think many of the learnings that the team had during the first program when we developed the perception software for BMW was very much about understanding the, I would say, the boundaries and how we can significantly optimize it. So we are -- eventually, the number of platforms that are used by our customers are not many.

我認為，當我們為寶馬開發感知軟體時，團隊在第一個專案中學到的許多知識都與理解邊界以及我們如何顯著優化它有關。所以我們——最終，我們的客戶使用的平台數量並不多。

There are primarily two or three main platforms that everyone is using, either it's NVIDIA or Mobileye or Qualcomm, maybe also [Wenasdas]. So we are very familiar with all of these platforms. Some of our work with these platform players is in order to learn about their hardware accelerators, so we can make use of them as best as possible. So we don't need to exhaust the power consumption in the processing power.

每個人都在使用的主要平台有兩到三個，要么是 NVIDIA，要么是 Mobileye，要么是高通，也許還有 [Wenasdas]。所以我們對所有這些平台都非常熟悉。我們與這些平台廠商的一些合作是為了了解他們的硬體加速器，這樣我們就可以盡可能地利用它們。所以我們不需要耗盡處理能力中的功耗。

So I would say it's part of the reason why a company that is developing a LiDAR needs to have its hand very much involved in the software development. I think that doing that in a split between different vendors, the outcome would certainly likely not be very good.

所以我想說，這就是開發雷射雷達的公司需要大力參與軟體開發的部分原因。我認為，在不同的供應商之間這樣做，結果肯定不會很好。

Okay. Thanks for that explanation. And just one other question. As we look at the competitive landscape and we've been talking about this market consolidate, are there assets out there that would help Innoviz, or is there any plan where your competitors start falling off the pace that maybe you can pick up some assets to help you move forward?

好的。謝謝你的解釋。還有一個問題。當我們審視競爭格局時，我們一直在談論這個市場整合，是否有資產可以幫助 Innoviz，或者是否有任何計劃讓您的競爭對手開始落後，也許您可以選擇一些資產來幫助您前進？

So, of course, we are aware of the different companies in the space. And I would say that the motivation for Innoviz to possibly look on the assets that are done by others if we feel that there is a complementary solution that we are missing. So far since our focus is primarily automotive and winning those RFQs, I don't see a gap in our offering, but we continue to look on the different counterparts. But so far, I don't see a good fit.

當然，我們了解該領域的不同公司。我想說的是，如果我們覺得我們缺少一個補充解決方案，那麼 Innoviz 可能會關注其他人所做的資產。到目前為止，由於我們的重點主要是汽車領域並贏得這些詢價，因此我認為我們的產品沒有差距，但我們會繼續關注不同的同行。但到目前為止，我還沒有看到一個合適的選擇。

Okay. Thanks and congratulations again.

好的。再次感謝並祝賀。

Thank you.

謝謝。

Kevin Garrigan, WestPark Capital.

凱文·加里根，西園資本。

Yeah. Hey, Omar and Eldar. Thanks for taking my questions. Let me echo my congrats on the progress. Going back to Mark's question regarding hitting your targets this year and you know you're in the final stages of these RFQs and just waiting at this point in time.

是的。嘿，奧馬爾和埃爾達。感謝您回答我的問題。讓我對所取得的進展表示祝賀。回到馬克關於今年實現目標的問題，您知道您正處於這些詢價的最後階段，現在只是等待。

Just wondering if the decisions don't get made in the next few months, would it be a potential cause for delay? Would EV programs not working out for some companies cause a delay at all, or something that you might have seen with Volvo where the software doesn't develop?

只是想知道如果未來幾個月內沒有做出決定，是否會成為延遲的潛在原因？某些公司的電動車專案不成功是否會導致延遲，或者您可能會在沃爾沃看到軟體不開發的情況？

No. Maybe to explain what are the complexities related to an RFQ and what might cause a delay, you need to understand that once you get the nomination, eventually, you need to start executing on a plan that was aligned between both sides. This means that the plan is to consider everything that needs to happen from nomination to SOP.

不。也許為了解釋與詢價相關的複雜性以及可能導致延遲的原因，您需要了解，一旦獲得提名，最終您需要開始執行雙方一致的計劃。這意味著該計劃將考慮從提名到 SOP 所需發生的一切。

So you can imagine that the amount of details that need to be decided and aligned between the two sides is quite meaningful, the integration of the sensor into the car, including the connectivity, the software, thermal interfaces, et cetera. Really the amount of details that are needed to be considered when taking that well into account are many.

因此，您可以想像，將感測器整合到汽車中，需要在兩側決定和協調的細節數量非常有意義，包括連接、軟體、熱介面等。實際上，在考慮到這一點時需要考慮的細節數量很多。

And it is important to align on everything because once the carmaker is choosing a supplier, they basically cannot change anything in the plan, otherwise, it drives change requests that are quite expensive usually to the OEM. So the RFQ process, while they are auditing the supply, part of the process is also to get to a clear alignment between both sides and all of the details.

重要的是要在所有事情上保持一致，因為一旦汽車製造商選擇了供應商，他們基本上就不能改變計劃中的任何內容，否則，它會推動變更請求，而這些變更請求通常對OEM 來說相當昂貴。因此，在詢價流程中，當他們審核供應時，該流程的一部分也是為了在雙方和所有細節之間達成明確的一致性。

And that takes sometimes a lot of time because it also requires some -- things become more clear to the OEM on things that he needs to do and take into account. And sometimes, he's not aware of it, and sometimes it takes for them a more holistic view and talk with other parts of the vehicle teams. But generally, even if a decision is pushed, it's mostly technical. And even if it's not done in one quarter, then maybe it's done in the second quarter.

有時這需要花費很多時間，因為它還需要一些——原始設備製造商對他需要做和考慮的事情變得更加清楚。有時，他沒有意識到這一點，有時他們需要更全面的觀點並與車輛團隊的其他部分交談。但一般來說，即使做出了決定，也主要是技術性的。即使一個季度沒有完成，也可能在第二季完成。

It doesn't necessarily -- and by the way, usually, when they change their RFQ's timing, they don't change their SOP time. So it adds pressure to all sides. I wouldn't say consider, push off an RFQ decision as a meaningful element in the industry.

這不一定——順便說一句，通常，當他們改變 RFQ 的時間時，他們不會改變 SOP 時間。所以這給各方都增加了壓力。我不會說考慮、推遲詢價決定作為行業中一個有意義的因素。

Okay, got it. Got it. That makes sense. And then I know you have a strong relationship with the ADAS compute platform companies, Qualcomm, Mobileye, NVIDIA. How these partnerships beneficial, if at all, and helping with potentially capturing some of your shots on goal?

好，知道了。知道了。這就說得通了。我知道您與 ADAS 運算平台公司 Qualcomm、Mobileye、NVIDIA 有著密切的關係。這些合作夥伴關係如何帶來好處（如果有的話），並幫助您潛在地捕捉到一些射門機會？

So every program that we're competing on, we are trying to understand which platform they target to use. Sometimes they already know; sometimes they are still assessing. These are important details because on the RFQ process, as I said, a big part of the RFQ is aligning on the tasks and the costs that are involved or so related to those tasks.

因此，我們參與競爭的每個專案都會嘗試了解他們的目標是使用哪個平台。有時他們已經知道了；有時他們仍在評估。這些都是重要的細節，因為正如我所說，在詢價流程中，詢價的很大一部分是根據任務以及所涉及的或與這些任務相關的成本進行調整。

When we show that we are already doing some of those tasks, on one side, we lower the risk related to potentially integration risk and we show them obviously the timeline. But in some cases, we can also share costs of these activities with the OEM and overall providing them better NRE offering.

當我們表明我們已經在執行其中一些任務時，一方面，我們降低了與潛在整合風險相關的風險，並向他們明確展示了時間表。但在某些情況下，我們還可以與 OEM 分擔這些活動的成本，並整體為他們提供更好的 NRE 產品。

So right now, we are already working with two out of those three that you mentioned. And with some of the OEMs that we are competing, these are different platforms. Also, by the way, this is also the motivation of the platform player, talking with the head of one of them, was clear, he made it very clear to me that their motivation is similar.

所以現在，我們已經在與你提到的這三個中的兩個合作。對於我們競爭的一些原始設備製造商來說，這些是不同的平台。另外，順便說一句，這也是平台玩家的動機，與其中一位負責人交談時，很清楚，他向我明確表示，他們的動機是相似的。

One of the things that a platform player is providing is called HIL, hardware-in-the-loop, which means that it's a full hardware emulation of the entire platform. It's a very costly set up, and it takes time and money. And their motivation of using the same sensor on different platform is high. So I think it's mutually beneficial for us and the platform player that other OEMs would use the same sensor. We said also that we're currently working with the third towards an RFQ decision, and I believe we have a good chance in getting it.

平台參與者提供的功能之一稱為 HIL（硬體在環），這意味著它是整個平台的完整硬體模擬。這是一個非常昂貴的設置，需要時間和金錢。他們在不同平台上使用相同感測器的動機很高。因此，我認為其他 OEM 廠商使用相同的感測器對我們和平台參與者來說是互惠互利的。我們還表示，我們目前正在與第三家合作做出詢問決定，我相信我們有很好的機會得到它。

Okay. Perfect. Appreciate the color. Congrats again on the progress. Thanks, guys.

好的。完美的。欣賞顏色。再次恭喜取得的進展。多謝你們。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions. Thank you for your participation. This concludes our call today. You may now disconnect.

沒有其他問題了。感謝您的參與。我們今天的電話會議到此結束。您現在可以斷開連線。