Innoviz Technologies Ltd (INVZ) 2024 Q3 法說會逐字稿

Good morning. I would like to welcome you to our Q3 2024 earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. Following their opening remarks, we will open the call to your questions. 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.

早安.歡迎您參加我們的 2024 年第三季財報電話會議。今天加入我們的是執行長 Omer Keilaf；和財務長 Eldar Cegla。在他們的開場白之後，我們將開始電話詢問您的問題。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 a 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 12, 2024.

今天發表的前瞻性聲明僅代表我們今天的預期，我們不承擔公開更新或修改這些聲明的義務。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 2024 年 3 月 12 日向 SEC 提交的 20-F 表格中的風險因素部分。

Omer, please go ahead.

奧馬爾，請繼續。

Thank you, Maya, and good morning, everyone. Thank you for joining us. The third quarter represents another strong quarter for Innoviz, both in terms of revenue and cash performance. During the last quarter, we announced a new partnership with a leading Level 4 platform partner. Today, I'm happy to share that following this agreement, we entered two new OEM programs with expected SOP in 2026.

謝謝瑪雅，大家早安。感謝您加入我們。第三季度是 Innoviz 的另一個強勁季度，無論是在收入還是現金表現方面。上個季度，我們宣布與領先的 4 級平台合作夥伴建立新的合作關係。今天，我很高興與大家分享，根據該協議，我們進入了兩個新的 OEM 計劃，預計將於 2026 年實施 SOP。

I will share more detail on this momentarily.

我將立即分享更多細節。

Revenues for the quarter were $4.5 million, above the midpoint of our guidance range of $3.5 million to $5 million. We further decreased our cash used in operations and capital expenditures from $28.6 million in Q3 2023 by approximately 38% to $17.7 million this quarter. Both Eldar and I will provide additional color on this later.

本季營收為 450 萬美元，高於我們 350 萬至 500 萬美元指引範圍的中點。我們進一步將營運和資本支出使用的現金從 2023 年第三季的 2,860 萬美元減少約 38% 至本季的 1,770 萬美元。Eldar 和我稍後將對此提供更多資訊。

On today's call, I'll begin the discussion by providing more details on our announcement of the two new OEMs. Then we will discuss our progress regarding the different Volkswagen programs. I'll then give an overview of our pipeline and highlight several of the programs we are competing for.

在今天的電話會議上，我將首先提供有關我們宣布的兩家新 OEM 的更多詳細資訊來開始討論。然後我們將討論大眾汽車不同項目的進展。然後，我將概述我們的管道，並重點介紹我們正在競爭的幾個項目。

These are exciting programs with notable OEMs and on some, we're expecting nomination decisions in the near term. I'll provide some high-level detail on this and explain why we are confident in our positioning.

這些都是與著名原始設備製造商合作的令人興奮的計劃，我們預計近期會做出一些提名決定。我將提供一些有關此問題的高級細節，並解釋為什麼我們對自己的定位充滿信心。

We will also share with you exciting breakthroughs on the technological front. These developments allow us to significantly improve our products' performance in both range and resolution and also provide new and unique LiDAR capabilities, which are valuable to our clients.

我們還將與您分享技術前沿的令人興奮的突破。這些發展使我們能夠顯著提高產品在範圍和分辨率方面的性能，並提供新的、獨特的雷射雷達功能，這對我們的客戶很有價值。

I'll conclude the technical discussion with an update on our new short-range offering. Finally, I'll discuss our expectations for the rest of the year in addition to reviewing our Q3 financials.

我將透過我們新的短程產品的更新來結束技術討論。最後，除了回顧我們第三季的財務狀況外，我還將討論我們對今年剩餘時間的預期。

Starting with our announcement on the two new OEM programs. During the third quarter, following our engagement with a major Level 4 platform partner, we entered two new OEM programs, which have adopted the platform to allow seamless integration of our LiDARs into their vehicles.

首先我們宣布了兩個新的 OEM 計劃。第三季度，在與主要的 4 級平台合作夥伴合作後，我們進入了兩個新的 OEM 計劃，這些計劃採用了該平台，以便將我們的 LiDAR 無縫整合到他們的車輛中。

As part of this process, we are working with the platform partner and the OEMs on the mechanical, electrical and other integration aspects. Innoviz is expected to provide a bundle of nine InnovizTwo short- and long-range LiDARs per vehicle. This is a testament to the business advantage of offering a bundle of short-range and long-range LiDARs to our customers, which allows us to secure more meaningful revenues.

作為此過程的一部分，我們正在與平台合作夥伴和原始設備製造商在機械、電氣和其他整合方面進行合作。Innoviz 預計將為每輛車提供 9 個 InnovizTwo 短程和遠程 LiDAR。這證明了向我們的客戶提供一系列短程和遠程光達的業務優勢，這使我們能夠獲得更有意義的收入。

We expect to see fleets from both OEMs begin road testing in 2025, with start of production expected in 2026. These two OEMs are part of a group of additional OEMs that have already selected the platform. Therefore, we expect additional OEMs programs in the future. Importantly, this partnership has the potential to offer significant revenue growth and favorable volumes for Innoviz. Just recently, we've heard of progress around new and exciting customers who may potentially adopt the platform.

我們預計兩家 OEM 的車隊將於 2025 年開始道路測試，預計於 2026 年開始生產。這兩家 OEM 屬於已選擇該平台的其他 OEM 的一部分。因此，我們預計未來會有更多 OEM 計劃。重要的是，這種合作關係有可能為 Innoviz 帶來顯著的收入成長和有利的銷售。就在最近，我們聽說有可能採用該平台的新客戶取得了進展。

We're excited to be part of this platform and for the opportunities it could create for Innoviz. We are aware of the market's curiosity related to the names of the platform partner and the OEMs, and we are agreed with our partner to share more details before the end of this year.

我們很高興能成為這個平台的一部分，也很高興它能為 Innoviz 創造機會。我們意識到市場對平台合作夥伴和原始設備製造商名稱的好奇，我們與合作夥伴同意在今年年底前分享更多細節。

Moving on to an update on our partnership with Volkswagen. As a reminder, we secured a series production awards for different VW brands. We are working on two Level 3 platforms, one with Qualcomm and Cariad, and the other combines Mobileye Chauffeur and Rivian software. We also continue to work on the ID. Buzz light commercial vehicle program, a Level 4 program with multiple LiDARs per vehicle planned to launch in 2026.

接下來介紹我們與大眾汽車合作關係的最新情況。提醒一下，我們為不同的大眾品牌獲得了系列生產獎。我們正在開發兩個 Level 3 平台，一個與 Qualcomm 和 Cariad 合作，另一個結合了 Mobileye Chauffeur 和 Rivian 軟體。我們也將繼續進行 ID 方面的工作。Buzz 輕型商用車計劃是一個 4 級計劃，每輛車配備多個光達，計劃於 2026 年啟動。

This program incorporates Mobileye Drive. I'm happy to share that the development process is moving forward nicely across these programs. We continue to move through various audits and development gate successfully, both on the production line and other development aspects. We are on track to meet the planned LiDAR start of production time lines. Just recently, MOIA, a Volkswagen Group technology company that develops on-demand ridepooling services for urban areas, made an important announcement regarding the ID.

該程式包含 Mobileye Drive。我很高興與大家分享，這些專案的開發進程正在順利進行中。我們繼續成功通過各種審核和開發關卡，無論是在生產線還是其他開發方面。我們預計將滿足計劃中的雷射雷達投產時間表。就在最近，大眾汽車集團旗下為城市地區開發按需共乘服務的科技公司 MOIA 發布了有關 ID 的重要公告。

Buzz. MOIA announced that starting in mid-2025, it will deploy the ID. Buzz in Hamburg, Germany as part of the Project ALIKE, a project to test autonomous on-demand ridepooling in the city. This is in addition to its previous announcements regarding deployment also in Austin, Texas and in Hannover, Germany. We are happy to see this platform expanding and eager to learn about additional locations around the world, which will follow.

嗡嗡聲。MOIA 宣布從 2025 年中期開始，將部署 ID。Buzz 在德國漢堡作為 ALIKE 計畫的一部分，該計畫旨在測試該市的自動按需共乘服務。除此之外，該公司之前也宣佈在德州奧斯汀和德國漢諾威進行部署。我們很高興看到這個平台不斷擴展，並渴望了解隨之而來的世界各地的其他地點。

MOIA is offering its Mobility as a Service licensing model to cities all over the world, and its goal is to develop an autonomous ridepooling system that can be scaled internationally. We are proud to be part of the ID. Buzz program, which is supporting the evolution of mobility. Now I'll discuss our pipeline of RFIs and RFQs and provide additional detail on several specific RFQs in which we are making progress. Overall, we currently have over 15 programs in the pipeline with approximately 50% in the RFQ stage.

MOIA 正在向世界各地的城市提供其「移動即服務」授權模式，其目標是開發一個可以在全球擴展的自動共乘系統。我們很榮幸成為 ID 的一部分。Buzz 計劃，支援行動出行的發展。現在，我將討論我們的 RFI 和 RFQ 管道，並提供有關我們正在取得進展的幾個具體 RFQ 的更多詳細資訊。整體而言，我們目前有超過 15 個項目正在籌備中，其中約 50% 處於詢價階段。

We're encouraged by the continued progression of the opportunities in our pipeline and are confident in our positioning to provide our LiDARs and perception software to the market. While we are in contact with a number of OEMs regarding additional programs, I'll speak today about several specific opportunities we are working towards.

我們對管道中機會的持續發展感到鼓舞，並對我們向市場提供雷射雷達和感知軟體的定位充滿信心。雖然我們正在與許多原始設備製造商就其他計劃進行聯繫，但今天我將談談我們正在努力爭取的幾個具體機會。

First, I'll highlight the potential new Level 3 program with a top 10 automotive OEM that we are particularly excited about. We were able to demonstrate InnovizTwo performance advantages and maturity to the potential customer and are in a very late stages of the RFQ process with this meaningful OEM, reaching alignment on technical, production, commercial and legal matters. I'm also happy to share that we recently passed their exhaustive production audits, a major box to check in the RFQ process.

首先，我將重點介紹與我們特別興奮的十大汽車 OEM 之間潛在的新 3 級計劃。我們能夠向潛在客戶展示 InnovizTwo 的效能優勢和成熟度，並且與這個有意義的 OEM 處於詢價流程的最後階段，在技術、生產、商業和法律事務上達成協議。我還很高興地告訴大家，我們最近通過了他們詳盡的生產審核，這是在詢價流程中檢查的一個主要框。

We are making solid progress. And they have indicated that they are nearly ready to make a nomination decision. We are looking forward to hearing their decision soon. Importantly, we are seeing a pickup in potential customer activity in the North America region in both Level 3 and Level 4. As such, we are in contact with several leading North American automotive OEMs regarding various RFIs and RFQs, including Level 3 and Level 4 programs.

我們正在取得紮實的進展。他們表示，他們幾乎準備好做出提名決定。我們期待盡快聽到他們的決定。重要的是，我們發現北美地區 3 級和 4 級潛在客戶活動都有增加。因此，我們正在與幾家領先的北美汽車原始設備製造商就各種 RFI 和 RFQ（包括 3 級和 4 級計劃）進行聯繫。

Across these OEMs, we have successfully completed LiDAR technical and commercial assessments, which allows us to display the advantages of our technology. As a result, we are now in various stages of sourcing processes.

在這些整車廠中，我們已經成功完成了雷射雷達技術和商業評估，這使我們能夠展示我們的技術優勢。因此，我們現在處於採購流程的各個階段。

We expect to start hearing back from the OEM -- with OEMs regarding the kickoff of these programs in the coming months. The opportunities I've just discussed are among the many in our diverse pipeline. We have a lot to work and look forward to, and the entire team is working how to convert these opportunities into additional design wins.

我們預計將在未來幾個月內收到原始設備製造商關於啟動這些計劃的回應。我剛才討論的機會是我們多元化管道中的眾多機會之一。我們有很多工作要做和期待，整個團隊正在努力如何將這些機會轉化為額外的設計勝利。

Now turning to an overview of some exciting breakthroughs on the technological front. More and more, we're seeing our unique technology as a primary competitive advantage. We are as confident as ever that we are positioned to win many more customer programs, thanks to the value our outstanding technology offers to our clients. Innoviz is not the first or oldest LiDAR company. Yet, we've become a trailblazer in the industry since we were founded.

現在我們來回顧一下技術前沿的一些令人興奮的突破。我們越來越多地將我們獨特的技術視為主要的競爭優勢。我們一如既往地充滿信心，憑藉我們出色的技術為客戶提供的價值，我們有能力贏得更多的客戶專案。Innoviz 並不是第一家或最古老的光達公司。然而，自成立以來，我們已成為該行業的開拓者。

Today, it seems from the feedback that we are receiving from our customers that our technology significantly outpaces the LiDAR market, and we believe that this gap will continue to widen. There are several reasons to support this claim. First and foremost, we have the track record and culture to push boundaries and never assume there is a limit to what we can do. Impossible is not in our vocabulary. This has translated into tangible results, which I will touch on in the following slides.

今天，從我們從客戶那裡收到的回饋來看，我們的技術明顯領先於光達市場，我們相信這一差距將繼續擴大。有幾個理由支持這個說法。首先也是最重要的是，我們擁有突破界限的記錄和文化，從不認為我們能做的事情是有限的。我們的字典裡沒有「不可能」。這已經轉化為切實的成果，我將在下面的幻燈片中談到。

These include our new and improved InnovizTwo configuration, a unique IR imaging, offering unparalleled lockage resilience. And the first samples of the InnovizTwo short-range LiDAR for Level 4 and nonautomotive applications. At Innoviz, we continuously advance our technology. We are always striving to push performance boundaries to enhance quality for our customers. In that spirit, we have again improved the InnovizTwo with a new and a more advanced configuration.

其中包括我們全新改良的 InnovizTwo 配置、獨特的紅外線成像，可提供無與倫比的鎖定彈性。以及適用於 4 級和非汽車應用的 InnovizTwo 短程 LiDAR 的首批樣品。在 Innoviz，我們不斷推進我們的技術。我們始終致力於突破性能界限，為客戶提高品質。本著這種精神，我們再次改進了 InnovizTwo，採用了新的、更先進的配置。

Some key features include a new uniform resolution of 0.05 by 0.05 degrees across the field of view, resulting in approximately 12 megapixels per second, along with an improved range. We're proud to have upgraded our technology again and offer additional performance advantages, contributing to a better driving experience.

一些關鍵功能包括整個視場範圍內 0.05 x 0.05 度的新統一分辨率，每秒約 12 兆像素，以及改進的範圍。我們很自豪能夠再次升級我們的技術並提供額外的性能優勢，從而為更好的駕駛體驗做出貢獻。

Another exciting development, which is now offered to our customers is a new feature, which allows capturing in LiDAR IR imaging that can capture scenes with views of a few kilometers, very much like a camera. That will allow us to see not only point clouds, but actual clouds in the sky. With this technology, our LiDAR has the unique ability to provide camera-like image output that can be provided alongside our 3D point cloud data at the same resolution.

現在向我們的客戶提供的另一個令人興奮的開發是一項新功能，它允許在 LiDAR IR 成像中進行捕獲，可以捕獲幾公里範圍內的場景，非常像相機。這將使我們不僅可以看到點雲，還可以看到天空中的實際雲。借助這項技術，我們的 LiDAR 具有提供類似相機的影像輸出的獨特能力，這些影像輸出可以與我們的 3D 點雲資料以相同的解析度一起提供。

This allows an improved low-level fusion of both a 3D and a camera-like image, which enables low-level fusion perception stack that exceeds the capabilities of existing LiDAR perception solutions. As you can see in the video, this allows for an all-in-one LiDAR plus IR camera using the same hardware. This creates lower power usage and higher performance, all at a lower cost to the customer.

這可以改進 3D 和類似相機影像的低階融合，從而實現超越現有 LiDAR 感知解決方案能力的低階融合感知堆疊。正如您在影片中看到的，這允許使用相同的硬體實現一體式光達和紅外線攝影機。這可以降低客戶的功耗並提高效能，同時降低客戶的成本。

With all of these technological advances, we have delivered yet another key differentiator advantage, which is InnovizTwo resilience to various type of blockages, including mud, dust, water, stone chipping and insects. This resilience mitigates the potential for compromised object detection and tracking and for autonomous driving disengagements.

憑藉所有這些技術進步，我們還提供了另一個關鍵的差異化優勢，即 InnovizTwo 對各種類型堵塞的抵抗力，包括泥土、灰塵、水、碎石和昆蟲。這種彈性降低了物體偵測和追蹤受損以及自動駕駛脫離的可能性。

In the videos that you're seeing now, you will notice that the LiDAR window is heavily covered with mud, which normally would create blockages that translate into gaps or holes in the field of view in any standard LiDAR or camera. As you can see, no such holes are observed in the InnovizTwo point cloud or IR image, thanks to our technological solution to the blockage problem.

在您現在看到的影片中，您會注意到光達窗口被泥土嚴重覆蓋，這通常會造成堵塞，從而在任何標準光達或攝影機的視野中形成間隙或孔洞。正如您所看到的，由於我們針對堵塞問題的技術解決方案，在 InnovizTwo 點雲或紅外線影像中沒有觀察到此類孔洞。

This is a critical advantage, especially for Level 4 applications. Our product delivers continuous availability, allowing the vehicle to reliably detect obstacles, pedestrians and changes in the driving environment, ultimately minimizing the risk of collisions. This becomes crucial as we work with OEMs across different levels of autonomy, including working up to Level 4.

這是一個關鍵優勢，特別是對於 4 級應用程式。我們的產品提供持續可用性，使車輛能夠可靠地偵測障礙物、行人和駕駛環境的變化，最終最大限度地降低碰撞風險。當我們與不同自主等級（包括最高 4 級）的 OEM 合作時，這一點變得至關重要。

Let me explain. Level 2 applications require full driver supervision, hence, the reduced sensitivity to blockages. When working with Level 3 applications, the driver is allowed to take their eyes off the road. In Level 3, you need to have redundancy. But even then, the driver might be required to regain control of the vehicle within 10 seconds, if needed.

讓我解釋一下。2 級應用需要駕駛員的全面監督，因此對堵塞的敏感度降低。使用 3 級應用程式時，駕駛員可以將視線從道路上移開。在第三級，你需要有冗餘。但即便如此，如果需要的話，駕駛可能需要在 10 秒內重新獲得對車輛的控制。

A high-quality, resilient LiDAR sensor contributes to a robust system that allows higher availability and creates a better autonomous driving experience by allowing the driver to relax for longer periods without interruptions. With Level 4, the technology needs to be several magnitudes better because there is no driver to turn to.

高品質、有彈性的 LiDAR 感測器有助於建立強大的系統，從而實現更高的可用性，並透過讓駕駛長時間不受干擾地放鬆來創造更好的自動駕駛體驗。對於 4 級，技術需要好幾個數量級，因為沒有驅動程式可供求助。

There is no 10 seconds grace period. Because of that, we've passed the point of talking about just range and resolution, we're talking about quality and availability. Our technology needs to be immune to blockages and adverse driving conditions that might arise on the road.

沒有 10 秒的寬限期。因此，我們不再只討論範圍和分辨率，而是討論品質和可用性。我們的技術需要不受道路上可能出現的阻塞和不利駕駛條件的影響。

The ability to operate seamlessly under these conditions is baked into the foundations of our technology, our designs and our architectures. Last technical update for today is related to our offering of a short-range version of InnovizTwo. The short-range LiDARs can be implemented across Level 4 automotive and nonautomotive applications.

在這些條件下無縫運作的能力已成為我們技術、設計和架構的基礎。今天的最後一次技術更新與我們提供的 InnovizTwo 短程版本有關。短程 LiDAR 可在 4 級汽車和非汽車應用中實施。

It features include resilience to sunlight and adverse weather conditions up to 100 meters of detection range and up to 90 degrees vertical field of view and embedded automotive cybersecurity. These are just several of the many features that contribute to the InnovizTwo short-range unique advantages.

它的特點包括對陽光和惡劣天氣條件的適應能力，檢測範圍高達 100 米，垂直視野高達 90 度，以及嵌入式汽車網路安全。這些只是 InnovizTwo 短程獨特優勢的眾多功能中的幾個。

Following the development of this differentiated technology, we've seen increased interest in our short-range offering from customers, including interest in bundling this solution with our long-range LiDAR, such as presented in today's announcement.

隨著這種差異化技術的發展，我們發現客戶對我們的短距離產品越來越感興趣，包括將解決方案與我們的遠端 LiDAR 捆綁在一起的興趣，如今天的公告中所述。

I'd now like to take a moment to highlight our effective cash performance, which is in tandem with our strong revenues, has led to sequentially decreased cash burn. We are seeing benefits from the cost actions we executed as part of the strategic realignment we announced in Q1.

現在我想花點時間強調我們有效的現金表現，這與我們強勁的收入相結合，導致現金消耗連續減少。作為第一季宣布的策略調整的一部分，我們所執行的成本行動為我們帶來了好處。

Last year, our organizational structure comprised separate hardware and software development units, supporting both the InnovizOne and InnovizTwo platforms, meaning we had separate cost structures for each platform. We combined these units into one consolidated R&D department.

去年，我們的組織結構由獨立的硬體和軟體開發部門組成，支援 InnovizOne 和 InnovizTwo 平台，這意味著我們為每個平台都有獨立的成本結構。我們將這些單位合併為一個綜合研發部門。

And after moving InnovizOne into series production, we are solely focused on the InnovizTwo platform. Notably, we are leveraging technological similarities between InnovizOne and InnovizTwo to further manage costs. For example, we've invested in developing a second-generation high-quality ASIC chip, meaning we have no need for additional investments in that component in the coming year.

在將 InnovizOne 投入大量生產後，我們只專注於 InnovizTwo 平台。值得注意的是，我們正在利用 InnovizOne 和 InnovizTwo 之間的技術相似性來進一步管理成本。例如，我們投資開發了第二代高品質 ASIC 晶片，這意味著我們明年不需要對該組件進行額外投資。

The realignment that we did earlier this year enabled us to realize and benefit from these technological carryovers, optimized workflows and processes and an organized structure. We are on track to achieve the originally projected financial benefits of the realignment.

我們今年稍早進行的調整使我們能夠認識到這些技術傳承、優化的工作流程和流程以及組織結構並從中受益。我們有望實現最初預期的重組財務效益。

And as a result, we are now better positioned for rapid transformative growth with a larger number of customers. Importantly, we are further offsetting our spending by consistently achieving revenues above or in line with our guidance.

因此，我們現在能夠更好地實現快速轉型成長，擁有更多客戶。重要的是，我們透過持續實現高於或符合我們指導的收入來進一步抵消我們的支出。

Before I hand over the call to Eldar, I'll provide our revenue guidance for the full year. We expect full year revenues in the range of $23.5 million to $25 million compared to $20.9 million in full year 2023. I'd like to call out that the lumpiness we are seeing in the revenues can be attributable to the cadence of NREs, channel fill and customer activity.

在我將電話轉交給 Eldar 之前，我將提供我們全年的收入指引。我們預計全年收入在 2,350 萬美元至 2,500 萬美元之間，而 2023 年全年收入為 2,090 萬美元。我想指出的是，我們看到的收入波動可歸因於 NRE 的節奏、通路填充和客戶活動。

Last quarter, we reiterated our confidence in achieving our operational targets of two to three additional programs from both existing and new customers, and $20 million to $70 million of new NRE bookings in 2024. I am pleased to share that we've already met our operational targets of adding two to three new programs in 2024.

上季度，我們重申了我們的信心，有信心實現現有客戶和新客戶新增兩到三個計劃的營運目標，並在 2024 年實現 2000 萬至 7000 萬美元的新 NRE 預訂。我很高興地告訴大家，我們已經實現了 2024 年增加兩到三個新專案的營運目標。

This was achieved through the addition of the two new OEMs in connection with the collaboration with a leading Level 4 platform partner, which is offering a solution together with Innoviz LiDAR to several programs. In addition, there are two additional programs that we started working on this year, which are pending finalization, finalizing the commercial and legal terms on top of these two OEMs.

這是透過增加兩家新 OEM 並與領先的 4 級平台合作夥伴合作實現的，該合作夥伴與 Innoviz LiDAR 一起為多個專案提供解決方案。此外，我們今年也開始進行另外兩個項目，目前正在等待最終確定，將在這兩個 OEM 的基礎上敲定商業和法律條款。

Given the developments with our customers and continued strong performance in Q3, we also remain confident in achieving the $20 million to $70 million in NRE bookings and reiterate the target. Looking ahead to 2025, we expect acceleration to our revenue streams and build on our top line momentum as more customers adopt our technology.

鑑於我們客戶的發展以及第三季持續強勁的業績，我們仍然有信心實現 2000 萬至 7000 萬美元的 NRE 預訂，並重申這一目標。展望 2025 年，隨著更多客戶採用我們的技術，我們預計我們的收入流將加速成長，並鞏固我們的營收動能。

And with that, I'll turn the call over to Eldar to review our Q3 2024 financials.

接下來，我將把電話轉給 Eldar，以審查我們 2024 年第三季的財務狀況。

Thank you, Omer, and good morning, everyone. Starting with cash. We ended Q3 2024 with approximately $87.7 million in cash, cash equivalents, bank deposits, marketable securities and short-term restricted cash on the balance sheet.

謝謝奧馬爾，大家早安。從現金開始。截至 2024 年第三季度，我們的資產負債表上約有 8,770 萬美元的現金、現金等價物、銀行存款、有價證券和短期限制性現金。

Cash used in operations and capital expenditure came in at $17.7 million compared to $28.6 million in Q3 2023 and $21.6 million last quarter. We are continuing to drive sequentially decreased cash burn, resulting from our focus on InnovizTwo platform and our strong revenue performance.

營運和資本支出使用的現金為 1,770 萬美元，而 2023 年第三季為 2,860 萬美元，上季為 2,160 萬美元。由於我們對 InnovizTwo 平台的關注和強勁的收入表現，我們將繼續推動現金消耗的連續減少。

As Omer mentioned, we are realizing the benefits of our strategic realignment. Having reduced investments in InnovizOne development, our organization is leaner, more agile and entirely focused on platform with InnovizTwo. I'm pleased to share that we are on track to achieve the expected savings from the realignment, reinforcing Innoviz' history of financial execution.

正如奧馬爾所提到的，我們正在認識到策略調整的好處。在減少了對 InnovizOne 開發的投資後，我們的組織變得更加精簡、更加敏捷，並且完全專注於 InnovizTwo 平台。我很高興地告訴大家，我們有望透過重組實現預期的節省，從而鞏固 Innoviz 的財務執行歷史。

We are very proud of the trend of consistent improvement in cash burn that we have delivered over the course of the year. While there are many -- while there may be continued lumpiness on a sequential basis, on a full year basis, we expect to see lower overall burn in full year of 2024 than we saw in full year of 2023.

我們對一年來現金消耗持續改善的趨勢感到非常自豪。雖然有很多——雖然可能會持續出現連續性的波動，但從全年來看，我們預計 2024 年全年的總體燃燒量將低於 2023 年全年。

Looking into 2025 and beyond, we remain confident in our ability to manage our expenses attractively and keep our burn down on an annualized basis. Gross margin continued to improve quarter over quarter. Going forward, we expect margins will continue to be lumpy as we ramp up the InnovizTwo platform, as unit volumes fluctuate and NRE revenues continue to vary from quarter to quarter.

展望 2025 年及以後，我們仍然相信我們有能力以有吸引力的方式管理我們的費用並按年計算減少燒錢。毛利率較上季持續改善。展望未來，隨著我們擴大 InnovizTwo 平台，我們預計利潤率將繼續波動，因為單位銷售會波動，而且 NRE 收入每季都會有所不同。

Now turning to the income statement. Revenues for Q3 were $4.5 million compared to $3.5 million in Q3 of 2023 and in line with our guidance range of $3.5 million to $5 million. This represents another quarter in which we have delivered on the top line, extending our record of strong revenue execution. Our operating expenses for Q3 2024 were $26 million, a decrease of 6.4% from $27.8 million in Q3 2023.

現在轉向損益表。第三季的營收為 450 萬美元，而 2023 年第三季的營收為 350 萬美元，符合我們 350 萬美元至 500 萬美元的指導範圍。這是我們又一個實現營收成長的季度，延續了我們強勁的營收執行記錄。2024 年第三季的營運費用為 2,600 萬美元，比 2023 年第三季的 2,780 萬美元下降 6.4%。

This quarter's operating expenses included $4.2 million of share-based compensation compared to $5 million in Q3 2023. Research and development expenses for Q3 2024 were $19.7 million, a decrease from $20.7 million in Q3 2023. The quarter's R&D expenses included $3 million of share-based compensation compared to $3.1 million in Q3 2023.

本季的營運費用包括 420 萬美元的股權激勵，而 2023 年第三季為 500 萬美元。2024 年第三季的研發費用為 1,970 萬美元，較 2023 年第三季的 2,070 萬美元有所下降。該季度的研發費用包括 300 萬美元的股權激勵，而 2023 年第三季為 310 萬美元。

To conclude, the third quarter represents another quarter of solid performance from both a revenue and cash perspective. We are encouraged by the ongoing strength of our expense management and ability to consistently meet or exceed our revenue guidance. Looking into Q4, we expect a strong finish to the year in which we maintain lower burn, while further ramping up InnovizTwo and working to secure additional design wins.

總而言之，從收入和現金角度來看，第三季是另一個表現穩健的季度。我們對費用管理的持續實力以及持續達到或超過收入指導的能力感到鼓舞。展望第四季度，我們預計今年將有一個強勁的收官，保持較低的燒錢，同時進一步提高 InnovizTwo 並努力確保更多設計勝利。

With that, I'll turn the call back to Omer for a few closing remarks.

接下來，我將把電話轉回給奧馬爾，讓他做幾句結束語。

Thank you, Eldar. Before I wrap up the call and open for Q&A, I wanted to remind you all, in January, we'll be back at CES in Las Vegas, providing a closer look at our recent technological advances for the CES community and touching base with numerous customers and suppliers.

謝謝你，埃爾達爾。在結束通話並開始問答之前，我想提醒大家，一月份，我們將回到拉斯維加斯的 CES，為 CES 社區提供更仔細的了解我們最近的技術進步，並與眾多參與者進行接觸。客戶和供應商。

I hope to see some of you there. In conclusion, Q3 was another strong quarter for Innoviz in terms of revenue performance, cost discipline, advancing customer relationships and further developing our technology. We were happy to add two new OEMs through our partnership with the Level 4 platform partner, who we are collaborating with to bring our solutions to the market.

我希望在那裡見到你們中的一些人。總之，第三季是 Innoviz 在營收績效、成本控制、推進客戶關係和進一步開發技術方面的又一個強勁季度。我們很高興透過與 4 級平台合作夥伴的合作增加了兩家新的 OEM，我們正在與他們合作將我們的解決方案推向市場。

We are excited to see the first test vehicles on the road already in 2025 and look forward to the expected launch in 2026. An increased number of OEMs customers supports our revenue growth in the short and long term through NRE bookings, samples and production unit sales, meanwhile, continuing to build the momentum of securing additional new OEMs.

我們很高興在 2025 年看到第一批測試車輛上路，並期待 2026 年的發布。OEM 客戶數量的增加透過 NRE 預訂、樣品和生產單位銷售支持我們短期和長期的收入成長，同時繼續建立獲得更多新 OEM 的勢頭。

We see this collaboration as potentially very valuable as we expect to continue to grow the partnership with additional OEMs. We hope to share more information on this by the end of the year. Our work with Volkswagen continues without delay.

我們認為這種合作可能非常有價值，因為我們希望繼續發展與其他原始設備製造商的合作關係。我們希望在今年年底前分享更多相關資訊。我們與大眾汽車的合作毫不拖延地持續進行。

We're meeting deadlines and delivering high-quality products to the program, and we are optimistic about the opportunity to expand the relationship with this key customer. Across the board, we deepened our relationships with our customers, and we believe that our next few wins are within reach. Our pipeline remains robust, and we are working to further advance our RFIs and RFQs.

我們正在按時完成並為該計劃提供高品質的產品，我們對擴大與該關鍵客戶關係的機會感到樂觀。全面深化了與客戶的關係，我們相信接下來的幾場勝利是指日可待的。我們的管道仍然強勁，我們正在努力進一步推進我們的 RFI 和 RFQ。

Heading into next year, as we add additional programs, we expect to accelerate our revenue streams and reinforce our record of strong top-line performance. Our superior technology, balance sheet, and favorable external market factors give us confidence we can achieve our goal to become the leading Tier 1 automotive LiDAR supplier.

進入明年，隨著我們增加更多計劃，我們預計將加速我們的收入流並鞏固我們強勁的營收業績記錄。我們卓越的技術、資產負債表和有利的外部市場因素使我們有信心實現成為領先的一級汽車光達供應商的目標。

And with that, operator, please open the call for Q&A.

那麼，接線員，請打開問答電話。

(Operator Instructions) Andres Sheppard, Cantor.

（操作員說明）Andres Sheppard，Cantor。

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

嘿。大家早安，下午好。你聽得到我說話嗎？

Yes.

是的。

Okay.

好的。

Wonderful. Well, great to see you both. Congratulations on the quarter and thanks for taking our questions. Omer, I want to maybe start, obviously, exciting news on the recently announced Level 4 commercial agreements. I understand that you're not yet disclosing the clients' names. But wondering if you could perhaps give us a bit more details on the agreement and maybe particularly, what volumes might you expect from these? Thank you.

精彩的。嗯，很高興見到你們兩個。恭喜本季度，感謝您提出我們的問題。奧馬爾，顯然，我想先談談最近宣布的 4 級商業協議的令人興奮的消息。據我所知，您尚未透露客戶的姓名。但想知道您是否可以向我們提供有關該協議的更多細節，尤其是您期望從這些協議中獲得多少數量？謝謝。

Yeah. Sure. So the platform partner that we are working with currently has a customer base of around two customers, which are expected to deploy their vehicles in different regions between 2026 onwards. Our -- each program consists of volumes that are ranging between high tens of thousands of vehicles to small figures of hundreds of thousands of vehicles. Of course, multiply that by the number of LiDARs, which is nine LiDARs per vehicle, that generates quite a meaningful revenue per customer.

是的。當然。因此，我們正在合作的平台合作夥伴目前擁有大約兩個客戶的客戶群，預計從 2026 年起，他們將在不同地區部署他們的車輛。我們的每個計劃的數量從數萬輛汽車到數十萬輛汽車不等。當然，將其乘以 LiDAR 的數量（每輛車 9 個 LiDAR），這將為每個客戶帶來相當可觀的收入。

Wonderful. Super helpful. Maybe as a follow-up, regarding your 2024 revenue guidance that you provided, wondering if you could maybe give us a bit more granularity there. Specifically, how much of these revenues do you expect will come from NREs versus, say, product shipments or BMW? Just any additional color there would be helpful. Thank you.

精彩的。超有幫助。也許作為後續行動，關於您提供的 2024 年收入指導，想知道您是否可以給我們更詳細的資訊。具體來說，您預計這些收入中有多少將來自 NRE，而不是產品出貨量或寶馬？只要有任何額外的顏色就會有幫助。謝謝。

Basically, the fourth quarter is a mix between revenues generated by product sales to the BMW launched vehicles. And there are NRE components that are related to programs we announced during the year, such as the short-range program we announced several months ago, some of the Level 3 programs we're supporting with Volkswagen and the new programs that we are -- that we just kicked off. In terms of the mix in terms of percentage, I'm not sure if we want to.

基本上，第四季是BMW推出的汽車產品銷售所產生的收入的混合體。還有一些 NRE 組件與我們今年宣布的計劃相關，例如我們幾個月前宣布的短期計劃、我們與大眾汽車支持的一些 3 級計劃以及我們正在實施的新計劃——我們剛剛開始。就百分比混合而言，我不確定我們是否願意。

Most of the revenues are NRE at this point of time and that --

目前大部分收入都是 NRE，而且--

Sample shipments --

樣品出貨--

Yes. And then samples together with the BMW revenues.

是的。然後與寶馬的收入一起進行採樣。

I mean, obviously, the fact that we're now shipping nine LiDARs per vehicle for this Level 4 platform. And you understand where there are multiple customers, which each one of them is required to bring up a certain fleet, the multiples are expected to grow through that.

顯然，我的意思是，我們現在為這個 4 級平台每輛車運送 9 個 LiDAR。你知道哪裡有多個客戶，每個客戶都需要培養特定的車隊，預計倍數會因此成長。

Wonderful. And maybe if I could just squeeze one last one. Just on BMW, we didn't highlight it too much on the call today, but just what volumes should we expect? Or is that going to be the primary source of revenue for next year? Just wondering if you can maybe give us an update on where that relationship stands and how you see it play out through 2025. Thank you.

精彩的。也許如果我能擠最後一顆就好了。就寶馬而言，我們在今天的電話會議上沒有過多強調它，但我們應該期望什麼數量？或者這將成為明年的主要收入來源？只是想知道您能否向我們介紹這種關係的最新情況以及您認為這種關係到 2025 年將如何發展。謝謝。

Sure. I mean during the first year of launch of BMW, we do not expect high ramp. Next year, we are expecting additional volume coming from the launch of BMW in China. In terms of volume, we cannot disclose, obviously, BMW expectations. Our work with BMW continues, also relates to future programs. There is an R&D program working between us for new development for new platforms.

當然。我的意思是，在BMW推出的第一年，我們預計不會出現高坡度。明年，我們預計BMW在中國的推出將帶來更多銷售。就銷量而言，我們顯然無法透露寶馬的預期。我們與寶馬的合作仍在繼續，也涉及未來的計畫。我們之間有一個研發計劃，致力於新平台的新開發。

Great. Thank you so much. Congrats, again, on the quarter. I'll pass it on.

偉大的。太感謝了。再次恭喜本季。我會把它傳遞下去。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）Mark Delaney，高盛。

Yes. Good afternoon. Thanks very much for taking my questions. For the program with the top 10 OEM where you've passed the technical and production audits and are now in advanced legal discussions, can you talk about what needs to be done to work out those legal arrangements?

是的。午安.非常感謝您回答我的問題。對於與前 10 名 OEM 的計劃，您已經通過了技術和生產審核，現在正在進行高級法律討論，您能否談談需要做什麼來製定這些法律安排？

And are there other LiDAR providers being considered to your knowledge? And then if you do win this program, when would the SOP be? Do you think you'd be standard fit? And any sense of the volumes when fully ramped for that program?

據您所知，是否正在考慮其他 LiDAR 提供者？如果你真的贏得了這個項目，SOP 會是什麼時候？你認為你是標準身材嗎？當該計劃完全啟動時，對數量有什麼感覺嗎？

Yeah. Okay. Obviously, there is a certain limit to what I can share on this specific program. What I can say is that this is a customer that we were working with for quite a long time. I -- my understanding is that we are competing versus another LiDAR or LiDAR player or LiDAR, say, traditional Tier 1.

是的。好的。顯然，我在這個特定程式上可以分享的內容是有限的。我能說的是，這是我們合作了很長時間的客戶。我——我的理解是，我們正在與另一個 LiDAR 或 LiDAR 廠商或 LiDAR（例如傳統的 1 級）競爭。

In terms of volume, it's a top 10 OEM. So obviously, the expected volumes are quite meaningful. Mid-decade is probably the best I can offer in terms of SOP without disclosing a very specific year at this point. We're still trying to be on the right side of the customer.

就銷量而言，它是排名前十的 OEM。顯然，預期的銷量是非常有意義的。就 SOP 而言，十年中期可能是我能提供的最好的時間，但此時無需透露具體年份。我們仍在努力站在客戶的正確一方。

Understood. Thank you for the color you can share and hopefully, that goes well for you guys. My other question was around the financial profile of the company, in particular, how you're thinking about the balance sheet? And as you mentioned, you took down the cash burn. Do you think you can sustain those lower levels of cash use into next year? And what are implications for potential capital raising? Thank you.

明白了。感謝您分享的顏色，希望對你們有好處。我的另一個問題是關於公司的財務狀況，特別是您如何看待資產負債表？正如您所提到的，您減少了現金消耗。您認為您可以將較低的現金使用水準維持到明年嗎？對潛在的融資有何影響？謝謝。

Yeah. So maybe before I answer that, so there was a question I actually skipped by mistake. You were asking about what's left to close in the dialogue. So basically, we -- there are actually only like two legal points that we're negotiating on and hoping that we'll -- I believe we can close. So it's not -- there is nothing, I think, substantial.

是的。所以也許在我回答這個問題之前，有一個問題我實際上錯誤地跳過了。你問的是對話中還剩下什麼要結束的。所以基本上，我們 - 實際上只有兩個法律問題正在談判，並希望我們 - 我相信我們可以結束。所以我認為這並不是什麼實質的事情。

We understand that we met the technical requirements and the commercial. So we basically feel that we're in a very final stage. On the financials of the company, so obviously, the new OEMs with the expected revenues that we are looking at for next year, adding to the NREs that we are expecting to lock by end of this year.

我們知道我們滿足了技術要求和商業要求。所以我們基本上覺得我們正處於最後階段。就公司的財務狀況而言，很明顯，新的原始設備製造商的預期收入是我們明年的預期收入，加上我們預計在今年年底鎖定的 NRE。

Plus, as you understand, we look on the programs that we're competing on in, I would say, an optimistic view. We believe we'll be able to lengthen our financials well into 2026, where we expect a very steep growth of revenue coming from the different programs that are launching that year.

另外，正如你所理解的，我們以樂觀的態度看待我們正在競爭的項目。我們相信，我們將能夠將我們的財務狀況延長到 2026 年，我們預計當年推出的不同項目的收入將大幅成長。

Maybe if I can add, you can see in every aspect that we are doing better. We are doing better, obviously, in the cash burn, but we're doing also on the top line year over year, we are doing better in the gross margins, which you see are closing to positive already. We are obviously controlling our expenses. I believe we have a very nice pipeline in front of us that can generate a lot of revenues and a lot of opportunities that can converge positively, hopefully. So we have the confidence that we have what it takes.

也許如果我可以補充的話，你可以看到我們在各方面都做得更好。顯然，我們在現金消耗方面做得更好，但我們在營收方面也做得更好，我們在毛利率方面也做得更好，你可以看到毛利率已經接近正值。顯然我們正在控制我們的開支。我相信我們面前有一條非常好的管道，可以產生大量收入和大量機會，希望這些可以積極融合。因此，我們有信心我們擁有所需的條件。

Thank you. I'll pass it along.

謝謝。我會把它傳遞下去。

By the way, maybe I'll just add, other than that OEM, there are other OEMs we're competing with. So it's not a single opportunity on the table right now. We're only referring to, I think, two or three that were some things that we're excited about. We're excited about other things as well. It's not a one-shot situation.

順便說一句，也許我會補充一點，除了那個 OEM 之外，我們還有其他 OEM 與之競爭。因此，現在擺在桌面上的機會並不多。我認為我們只是提到了兩三個讓我們感到興奮的事情。我們也對其他事情感到興奮。這不是一次性的情況。

Jash Patwa, JPMorgan.

賈許‧帕特瓦，摩根大通。

Hi. Thanks for taking my questions and congratulations on the two new program wins. How should we think about the NRE revenue opportunity preceding start of production in 2026 for the two new programs with the L4 platform partner? And any early guardrails you could share for revenue and gross profit trajectory into 2025? Thanks, and I have a follow-up.

你好。感謝您回答我的問題，並祝賀兩個新項目獲勝。我們應該如何看待與 L4 平台合作夥伴合作的兩個新節目在 2026 年開始製作之前的 NRE 收入機會？您可以分享 2025 年收入和毛利軌跡的早期保障嗎？謝謝，我有後續行動。

Sure. Obviously, NREs are preproduction revenue generation. Once you reach SOP, a meaningful portion of the revenues would come from sales of products. And before the production starts, revenue is based on NREs and sample sales. And as I said, when we are now looking at the content per vehicle, which consists of the nine LiDARs per vehicle, the multiples are quite significant, especially when talking about a platform that is going to be -- that was adopted already by a few customers.

當然。顯然，NRE 是生產前的創收手段。一旦達到 SOP，收入的很大一部分將來自產品銷售。在生產開始之前，收入是基於 NRE 和樣品銷售。正如我所說，當我們現在查看每輛車的內容（由每輛車的 9 個 LiDAR 組成）時，倍數非常大，特別是在談論即將採用的平台時。

So we believe that 2025 would be meaningful in that manner. What was the rest of it?

因此，我們相信 2025 年在這方面將是有意義的。剩下的是什麼？

I think no.

我認為不。

Just any early guidance around 2025 from a revenue or gross profit standpoint.

只是從收入或毛利的角度來看 2025 年左右的任何早期指引。

So I think it's -- we haven't yet finished the year before talking about guidance for next year. What we're seeing is this year was primarily revenue generation was taken from programs we locked in 2023. This year, we're adding -- we already have four more programs that we're supporting, addition to the ones that we had locked previously. And we expect to close more deals in the short term and of course, long term. And this will create aggregation of new generation of revenues that will come on top.

所以我認為，在討論明年的指導之前，我們還沒有結束這一年。我們看到今年的收入主要來自我們鎖定在 2023 年的計畫。今年，我們添加了——除了我們之前鎖定的項目之外，我們已經支援了另外四個項目。我們預期在短期內，當然也是長期內，完成更多交易。這將創造新一代收入的聚合，而這將成為最重要的。

And at 2026, we expect several launches that will contribute to significant growth in revenues. I think at this point, this is like how I would -- I can offer at this time.

到 2026 年，我們預計幾項產品的推出將有助於收入的顯著成長。我想在這一點上，這就像我現在可以提供的那樣。

Got it. That's helpful color. And then just maybe sorting gears from a technology standpoint. Curious if you could elaborate on the in LiDAR, infrared imaging feature. It seems like a very exciting opportunity.

知道了。這是有用的顏色。然後也許只是從技術的角度對齒輪進行分類。很好奇您能否詳細說明光達的紅外線成像功能。這似乎是一個非常令人興奮的機會。

Wondering what you're hearing from OEMs on this feature. And does the inclusion of the infrared camera help in any way to bridge any performance gaps that might be there for LiDARs versus traditional cameras used in automotive?

想知道您從 OEM 那裡聽到的關於此功能的資訊。紅外線攝影機的加入是否有助於彌補雷射雷達與汽車中使用的傳統攝影機可能存在的性能差距？

Gladly. The ability to generate a camera within the same hardware of the LiDAR is very helpful in terms of synchronizing an image to a LiDAR. When you think about the platform, generally, you have a camera, which sits in a different location, and you need to apply many calibrations, online calibrations, and frame synchronization in order to allow a good, I would say, correlation between the data that is generated by the different sensors.

樂意。在光達的相同硬體內產生相機的能力對於將影像同步到光達而言非常有幫助。當您考慮平台時，通常，您有一個位於不同位置的相機，並且您需要應用許多校準、在線校準和幀同步，以便在數據之間實現良好的相關性這是由不同的傳感器生成的。

That takes a lot of effort and many errors in this process. Being able to generate a perception software, which is LIDAR only, LiDAR-based only, which can generate both a LiDAR image and an IR image provides an unprecedented performance of the perception, which you cannot achieve by using a LiDAR alone.

這需要付出很大的努力，並且在這個過程中會出現許多錯誤。能夠產生僅基於光達、僅基於光達的感知軟體，它可以產生光達影像和紅外線影像，提供前所未有的感知性能，這是單獨使用光達無法實現的。

And we talked in the past about having redundancy and separation of flares between camera, LiDAR and radar. The fact that the LiDAR is able to provide both image and LiDAR allows you to do a low-level fusion by the LiDAR itself and using it as a very strong primary sensor that would definitely outperform the other sensors on the vehicle, which is only based on camera perception.

我們過去談到相機、光達和雷達之間的耀斑冗餘和分離。事實上，LiDAR 能夠同時提供影像和 LiDAR，讓您可以透過 LiDAR 本身進行低階融合，並將其用作非常強大的主感測器，這肯定會優於車輛上的其他感測器，而這些感測器僅基於關於相機感知。

When you talk about the stand-alone perception layer for each of them. So the LiDAR is going to be definitely prominent, I would say, leading solution in the platform, as we believed in the past. In terms of what it's capable to add to the capability, so you could actually see lights from the sim.

當你談論它們每個人的獨立感知層。因此，我想說，正如我們過去所相信的那樣，光達肯定會成為平台中的領先解決方案。就其能夠添加的功能而言，您實際上可以從模擬中看到燈光。

This is something that LiDARs generally cannot do, meaning that you'll be able to see, in some cases, -- when you go right, winkers of the car.

這是光達通常無法做到的事情，這意味著在某些情況下，當您向右行駛時，您將能夠看到汽車的閃光燈。

Blinker.

信號燈。

Yeah, sorry. When the car can signal, this is an additional and stopping lights, braking lights of vehicles, these are features that are generally not available for LiDARs and are only provided by the camera and without redundancy. So the fact that the LiDAR can potentially provide those values and these features is very helpful in order to do the low-level fusion between the camera and the LiDAR.

是的，抱歉。當汽車可以發出信號時，這是車輛的附加停車燈、煞車燈，這些功能通常是雷射雷達所不具備的，僅由攝影機提供，沒有冗餘。因此，事實上，LiDAR 可以提供這些值和這些功能，這對於實現相機和 LiDAR 之間的低階融合非常有幫助。

Other than that, it is helpful in cases where you have low confidence in the camera due to shadow casting, which you can confirm from the IR image taken from the LiDAR in terms of low-level fusion. And actually, there is more in -- there are really more features that I think will overall will become very important to the customer.

除此之外，當您因陰影投射而對相機信心不足時，它會很有幫助，您可以從光達拍攝的低階融合紅外線影像中確認這一點。事實上，還有更多的功能，我認為這些功能總體上對客戶來說將變得非常重要。

We already started to show it to a few customers that we're very excited about it. So yeah, I definitely see high value through this new feature.

我們已經開始向一些客戶展示我們對此感到非常興奮。所以，是的，我確實看到了這個新功能的高價值。

That's very interesting. Thanks for taking my questions and good luck.

這很有趣。感謝您回答我的問題，祝您好運。

Thank you. We have no further questions. Please proceed.

謝謝。我們沒有其他問題了。請繼續。

Okay. Thank you very much for joining our earnings call. We are always happy to be here and reflect to you the progress that we're making. I hope to share more in the coming months. Hoping to see you at CES, and invite you to see the progress we're making. Thank you very much.

好的。非常感謝您參加我們的財報電話會議。我們總是很高興來到這裡並向您反映我們所取得的進展。我希望在接下來的幾個月分享更多。希望在 CES 上見到您，並邀請您了解我們所取得的進展。非常感謝。