Innoviz Technologies Ltd (INVZ) 2024 Q4 法說會逐字稿

Good morning. I would like to welcome you to our Q4 and full year 2024 earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer, and Eldar Cegla, Chief Financial Officer. 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.inov.tech.

早安.歡迎您參加我們的 2024 年第四季和全年財報電話會議。今天與我們一起出席的有首席執行官 Omer Keilaf 和首席財務官 Eldar Cegla。我想提醒大家，本次電話會議將被錄音，並將在我們網站 ir.inov.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 Invis. Actual results could differ materially from those anticipated in the forward-looking statements. Forward-looking statements made today speak only to our expectations as of today,

在我們開始之前，我想提醒您，我們今天的討論將包括前瞻性陳述，這些陳述受與未來事件和 Invis 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預期的結果有重大差異。今天所做的前瞻性陳述僅代表我們今天的預期，

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. Oma, please go ahead.

我們不承擔公開更新或修改這些條款的義務。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 日向美國證券交易委員會提交的 20F 表中的風險因素部分。奧瑪，請繼續。

Thank you, Lea, and good morning, everyone. Thank you all for joining us on this call. Today, I would like to tell you about some of our recent financial developments and business accomplishments and lay out how these live innovative in a transformed financial and operational position for 2025 and beyond.

謝謝你，Lea，大家早安。感謝大家參加這次電話會議。今天，我想向大家介紹我們最近的一些財務發展和業務成就，並闡述這些如何在 2025 年及以後轉型的財務和營運狀況中實現創新。

In 2024, Innoviz recorded another strong year of financial performance. Polly revenues were $24.3 million versus $20.1 million in 2023 and exceeded the midpoint of our guidance range. During the year, we decreased our cash dues in operations and capital exponentials to $81.4 million from $99.6 million in 2023.

2024年，Innoviz 又創下了強勁的財務表現。Polly 的收入為 2,430 萬美元，而 2023 年為 2,010 萬美元，超過了我們指導範圍的中點。本年度，我們將營運現金欠款和資本指數從 2023 年的 9,960 萬美元減少至 8,140 萬美元。

In the past two months, we've taken significant steps to strengthen our financial position. We entered into approximately $80 million of NRE payments plan with our key customers. We ended 2024 with $68 million in cash and cash equivalent. Additionally, in February of this year, we completed a registered direct offering of our securities that generated gross proceeds of approximately $40 million.

在過去的兩個月裡，我們採取了重大措施來加強我們的財務狀況。我們與主要客戶達成了約 8000 萬美元的 NRE 付款計劃。截至 2024 年，我們的現金和現金等價物為 6,800 萬美元。此外，今年 2 月，我們完成了證券的註冊直接發行，總收益約為 4,000 萬美元。

We also announced an optimization of our operations that should deliver approximately $12 million in savings on an annualized basis. Altogether, we expect our newly strengthened liquidity position to now be a competitive advantage for innovation.

我們還宣布了營運優化計劃，預計每年可節省約 1200 萬美元。總而言之，我們預期我們新近加強的流動性狀況將成為創新的競爭優勢。

On the customer side, we are a recently unveiled partnership with Mobileye has resulted in programs with several new OEMs, and our integration with the Nvidia Hyperion eight platform means that we have the potential to serve customers across all three major AV platforms.

在客戶方面，我們最近宣布與 Mobileye 建立合作夥伴關係，並已與多家新的 OEM 廠商開展合作項目，而我們與 Nvidia Hyperion 8 平台的整合意味著我們有潛力為所有三大 AV 平台的客戶提供服務。

We continue to work with a number of different programs and are expanding our production capacity by an order of magnitude in 2025 to meet customers' future demands. Heading into 2025, we believe that Innoviz is in an excellent position to execute on our pipeline with additional programs and accelerate growth with our market leading lighter technology.

我們將繼續進行多項不同的項目，並將在 2025 年將生產能力擴大一個數量級，以滿足客戶未來的需求。展望 2025 年，我們相信 Innoviz 將擁有極佳的條件，透過額外的專案來推進我們的產品線，並憑藉我們市場領先的打火機技術來加速成長。

We also feel that the time is ripe to begin exploring opportunities outside the automotive industry as well. We believe that our financial position and our prudent cash management will enable us to cross expected SOPs and expected rent volumes in 206 and 27.

我們也認為現在是時候開始探索汽車產業以外的機會了。我們相信，我們的財務狀況和審慎的現金管理將使我們能夠在 206 年和 27 年超越預期的 SOP 和預期的租金金額。

Let me begin by telling you more about the multi-year $80 million dollar and repayment plan that we announced in December. Under this plan, we expect to receive payments totaling approximately $80 million between 2025 and 2027 with the bulk in 2025 and 2026 and over $40 million already in 2025.

首先，我想向大家詳細介紹我們去年 12 月宣布的多年期 8,000 萬美元還款計畫。根據該計劃，我們預計在 2025 年至 2027 年期間將收到總額約為 8000 萬美元的付款，其中大部分將在 2025 年和 2026 年收到，2025 年將收到超過 4000 萬美元的付款。

We see the potential for this payment plan to be upsized as we are working to expand our scope of business with these and other new customers. Going into 2024, we had said that we expected $20 million to $70 million of any bookings. During the year, we've also announced several new programs where we stated started work with commercial discussions pending.

我們正在努力擴大與這些客戶和其他新客戶的業務範圍，因此我們認為該付款計劃有擴大的潛力。展望 2024 年，我們曾表示預計預訂額將達到 2,000 萬至 7,000 萬美元。今年，我們也宣布了幾個新項目，並表示已開始進行這些項目，但尚待進行商業談判。

These NREs and payment amounts are from customers we've been in discussion for quite some time and where we converted on the programs. We see this as a testament to the confidence our customers have in us and the scale of the programs. The payments are expected to fund the development work on a ladder and come before the production ramp.

這些 NRE 和付款金額來自我們已經討論了相當長一段時間的客戶，並且我們在這些計劃上進行了轉換。我們認為這證明了客戶對我們的信心以及專案規模。預計這些款項將用於資助梯子上的開發工作，並在生產提升之前到位。

This does not mean we have, we are increasing our spending on these programs. The NREs are going to cover exponentials based on ongoing previously planned efforts allowing us to further reduce our cash burden. It is important to note that the an energy payments are incremental to the revenues we expect to generate in 2025 from sales of our lighter based on existing engagements with an order from potential new projects.

這並不意味著我們已經增加了這些項目上的支出。NRE 將根據先前計劃的持續努力實現指數級增長，從而進一步減輕我們的現金負擔。值得注意的是，根據現有合作以及潛在新項目的訂單，能源支付是我們預計 2025 年打火機銷售收入的增量。

Two weeks ago, we announced a registered direct offering of $40 million gross of our securities. These investments from two significant multi-billion-dollar institutions enhance our financial position and will support the company's business growth moving forward. We believe it enhances our resilience, provides additional operational runway, and will be a competitive advantage to innovation.

兩週前，我們宣布註冊直接發行總額為 4,000 萬美元的證券。來自兩家重要的數十億美元機構的這些投資增強了我們的財務狀況，並將支持公司未來的業務成長。我們相信它增強了我們的適應力，提供了額外的營運跑道，並將成為創新的競爭優勢。

It will help us reach key energy milestones, cost expected SOPs and rent volumes in '26 and '27. The investment should also buffer potential lumpinesss related to the timing of any repayments and has the potential to reinforce the markets and our customers' confidence in our market position.

它將幫助我們在 26 年和 27 年實現關鍵的能源里程碑、成本預期 SOP 和租金量。該投資還可以緩衝與還款時間相關的潛在波動，並有可能增強市場和客戶對我們市場地位的信心。

In addition to the NRA payment plan and our offering, we recently announced an optimization of our operations that is expected to result in saving of approximately $12 million on an annual analyzed basis. In all, we believe the NRE's strategic investment and operational optimization will enable Innoviz trajectory to meeting our SOPs and ramp up the Innoviz I2 to mass production volume.

除了 NRA 付款計劃和我們的產品之外，我們最近還宣布了營運優化，預計每年可節省約 1200 萬美元。總之，我們相信 NRE 的策略投資和營運優化將使 Innoviz 能夠滿足我們的 SOP，並將 Innoviz I2 提升到量產規模。

To that end, we've reached the sea sample phase and froze the design of the lighter. With us remain confident in our ability to achieve our long-term goals, position innovative to reach profitability, and deliver significant value as we look to the end of the decade and beyond.

為此，我們已進入海樣階段並凍結了打火機的設計。我們對自己實現長期目標的能力充滿信心，堅信透過創新來獲利，並在十年末及以後創造巨大價值。

Moving on to one of our major achievements. Last quarter, we disclosed that we've entered into several new OEM programs following our engagement with a major Level four platform partner. In December, we were very happy to announce that that partner is Mobileye and the platform is Mobileye Drive, AV level four.

接下來是我們的一項重大成就。上個季度，我們披露，在與一家主要的四級平台合作夥伴合作後，我們已經簽訂了幾個新的 OEM 計劃。12 月，我們非常高興地宣布合作夥伴是 Mobileye，平台是 Mobileye Drive，AV 級別四。

Earlier last year, Mobileye announced that they've discontinued internal work on lighters and are pivoting to a third party time of flight lighter provider. We are very pleased that Mobileye chose in of these lighters as a key feature of the platform, and we're very excited to be working with an industry leader as the world embraces autonomous driving.

去年早些時候，Mobileye 宣布他們已經停止了打火機的內部研發工作，並轉向第三方飛行時間打火機供應商。我們非常高興 Mobileye 選擇這些打火機作為平台的關鍵特性，並且我們非常高興能夠在世界擁抱自動駕駛的時代與行業領導者合作。

Innoviz two lighter with its unique capabilities including ambient IR is a proposition that customers appreciate. And our engagement with Mobileye on this platform is a testament to that. Mobileye Drive is a comprehensive driverless system that enables fully autonomous robo taxis, ride pulling vehicles, public transport, and goods delivery. Testing is already underway in Europe and North America.

Innoviz 兩款打火機具有包括環境紅外線在內的獨特功能，深受顧客青睞。我們與 Mobileye 在該平台上的合作就證明了這一點。Mobileye Drive 是一個綜合性的無人駕駛系統，可實現完全自動駕駛的機器人計程車、拖曳車輛、公共交通和貨物運輸。歐洲和北美已開始進行測試。

By leveraging innovative expertise in lighter technology, vehicles built with the mobilized drive platform will deliver safer smooth driving performance in their domains. Each vehicle is planned to have nine in of these two lighters, and we expect the volumes from these programs to be very significant.

透過利用輕量化技術的創新專業知識，採用移動式驅動平台製造的車輛將在其領域提供更安全、更平穩的駕駛性能。每輛車計劃配備九個這樣的打火機，我們預計這些項目的產量將非常大。

We believe this will drive substantial revenue growth prospects for the company as road testing is planned to commence in 2025 with SOPs in 2026. Let me now go into the details of some of these programs. First, the VW identity ID bus. The technological capabilities that we've demonstrated in this platform were key to the expansion of our relationship with Mobileye.

我們相信這將為公司帶來可觀的收入成長前景，因為道路測試計劃於 2025 年開始，SOP 於 2026 年制定。現在讓我來詳細介紹一下其中一些計劃。首先是大眾身分ID巴士。我們在這個平台上展示的技術能力對於擴展我們與 Mobileye 的關係至關重要。

We've been engaged with VW on this program for some time. After initially displacing the original long range data, last year we've also displaced the short range data provider for the program with the Innoviz to short range. Which covers the short and medium range and is based on our existing Innoviz architecture.

我們已經與大眾汽車就這個專案合作了一段時間。在最初取代原有的長距離數據之後，去年我們也用 Innoviz 取代了該計畫的短距離數據提供者。它涵蓋短期和中期範圍，並基於我們現有的 Innoviz 架構。

This vehicle was both in our booth and mobilized booth during CS and drew a lot of attention. It has three roof mounted Inovvi two long range ladders in the front of the vehicle and six Inovvis two short range ladders around the vehicle to provide a full 360 view of what's happening.

該車在CS期間既出現在我們的展位，也出現在動員的展位，引起了廣泛關注。車輛前部安裝了三個安裝在車頂的 Inovvi 長距離梯子，車輛周圍安裝了六個 Inovvis 短距離梯子，可以 360 度觀察現場情況。

This is critical because in level four vehicles, there's no driver, and so the car needs to be able to operate fully independently in all directions and understand its surroundings. The ID bus is planned for operation in Europe, North America, and the Middle East. Test vehicles are already in operation in Austin, Texas, Hanover and Hamburg in Germany. SOP is expected in mid 2026.

這至關重要，因為四級汽車沒有駕駛員，因此汽車需要能夠在各個方向上完全獨立運行並了解周圍環境。ID巴士計劃在歐洲、北美和中東地區營運。測試車輛已在美國德克薩斯州奧斯汀、德國漢諾威和漢堡投入運作。預計 SOP 將於 2026 年中期進行。

The next engagement I'll tell you about is the Holland People Mover. It's made by a division of Bentler Corporation of Germany and it's intent for public transportation. The configuration here is very similar to the ID bus with a suite of nine inovvi to short- and long-range ladders in addition to radars and cameras.

我要向你們介紹的下一個活動是荷蘭人民移動器 (Holland People Mover)。它是由德國本特勒公司的一個部門製造的，用於公共交通。這裡的配置與 ID 總線非常相似，除了雷達和攝影機外，還配備了一組九個 inovvi 短程和長程梯子。

We expect SOP in 2026 and this vehicle is slated to roll out globally across North America, Europe, the Middle East, and Asia. The next vehicle we will look at is a public transportation shuttle by Shuffler, which is a traditional German tier one, and the first test vehicles are expected to come out this year.

我們預計該車將於 2026 年投入使用，並計劃在北美、歐洲、中東和亞洲等全球推出。我們接下來要看的車輛是Shuffler的大眾運輸接駁車，Shuffler是德國傳統的一級汽車製造商，首批測試車輛預計今年上市。

The last example of the L4 drive platform that I'll show you today is this two-seater luxury robot Xi from Verne. It's quite different from the vehicles that I just showed you, and it's a testament to the versatility of the L4 mobilized drive AV platform and the Innoviz offerings.

今天給大家展示的L4驅動平台的最後一個例子是來自Verne的這款雙座豪華機器人Xi。它與我剛剛向您展示的車輛截然不同，它證明了 L4 移動驅動 AV 平台和 Innoviz 產品的多功能性。

It's a fully autonomous electric vehicle designed for safety and comfort from a new European OEM. The air system sensor suite is quite similar to what's in the ID bus and the other vehicles with nine in these two lighters. The validation phase is scheduled for this year with SOP at the end of '26 in Zagreb and then expanding to Germany, the UK, and Saudi Arabia in '27.

這是一款由歐洲新 OEM 廠商設計的全自動電動車，注重安全性和舒適性。空氣系統感測器套件與 ID 總線和其他車輛中這兩個打火機上的九個感測器套件非常相似。驗證階段計劃於今年進行，標準作業程序 (SOP) 將於 26 年底在薩格勒布進行，然後在 27 年擴展到德國、英國和沙烏地阿拉伯。

We're excited to be involved with Mobileye on the ongoing adoption and proliferation of the Drive platform. It's $9 million per vehicle, the Drive platform is expected to go to hundreds of thousands of flyers per year, a significant revenue opportunity for Innoviz.

我們很高興能夠與 Mobileye 合作，推動 Drive 平台的持續採用和推廣。每輛車的成本為 900 萬美元，Drive 平台預計每年將服務數十萬名乘客，這對 Innoviz 來說是一個巨大的收入機會。

In addition to the VWIDA Level four program that we've talked about earlier, we are continuing to work with VWL4 programs on the chauffeur platform. I'm happy to share that the development process is moving forward nicely across these programs. We continue to move through virus development gates successfully and are on track to meet the planned that start of production finances.

除了我們之前談到的 VWIDA 四級計畫之外，我們還在繼續在司機平台上開展 VWL4 計畫。我很高興地告訴大家，這些專案的開發進程正在順利進行中。我們繼續成功突破病毒開發門檻，並有望滿足生產財務啟動計畫。

Another recent development that I'd like to bring to your attention is in regards to our relationship with Nvidia. We are working closely with Nvidia Team and are engaging with OEMs who are exploring Nvidia Purin 8.1 platform which now incorporates the innovative too.

我想提請您注意的另一個最新進展是關於我們與 Nvidia 的關係。我們正在與 Nvidia 團隊密切合作，並與正在探索 Nvidia Purin 8.1 平台的 OEM 合作，該平台現在也融入了創新。

At CS we also demonstrated that our perception software has been optimized to run on the Nvidia Drive AGX oring platform. With mobilize, welcoming video. Innoviz is fully agnostic to the major AV platform, and we can meet the needs of our OEM customers regardless of their platform of choice. This is a critical value proposition and something we're very proud of.

在 CS 上，我們也證明了我們的感知軟體已經過最佳化，可以在 Nvidia Drive AGX oring 平台上運作。隨著動員，歡迎影片。Innoviz 與主要的 AV 平台完全無關，無論我們的 OEM 客戶選擇什麼平台，我們都可以滿足他們的需求。這是一個至關重要的價值主張，我們對此感到非常自豪。

Shifting now to our pipeline, we're encouraged by the continued progression of the opportunities ahead of us and are confident in our product positioning. We're in talks with multiple OEMs on RFIs and RFQs across Europe, North America, and Asia on level three and level four platforms.

現在轉向我們的產品線，我們對未來機會的持續發展感到鼓舞，並對我們的產品定位充滿信心。我們正在與歐洲、北美和亞洲的多家 OEM 就三級和四級平台的 RFI 和 RFQ 進行洽談。

These programs encompass a variety of vehicles including passenger cars, trucks, shuttles, and robo taxis. We've been able to display the advantages of our technology, and we've successfully completed a variety of techno technology, technical, and commercial assessments and are now in varying stages of sourcing process with a number of major corporations.

這些項目涵蓋各種車輛，包括乘用車、卡車、接駁車和機器人計程車。我們已經能夠展示我們技術的優勢，並且我們已經成功完成了各種技術、技術和商業評估，現在正與一些大公司處於採購流程的不同階段。

We have a lot to look forward to and the entire team is working how to convert these opportunities. Into additional design wings. Having just returned from Europe in the next few weeks, I'll be traveling to Detroit and the Silicon Valley to meet with many of these potential customers.

我們有很多值得期待的事情，整個團隊正在努力轉化這些機會。進入額外的設計翼。我剛從歐洲回來，接下來的幾週我將前往底特律和矽谷與許多潛在客戶會面。

In addition to the automotive opportunities that I've outlined earlier, I'd like to touch on some of the smart applications that we envision down the line. More and more we're seeing our unique technology as being highly transferable to areas outside the automotive domain. We see a variety of applications in development such as security, smart infrastructure, airports, and ground roof data collection.

除了我之前概述的汽車領域機會之外，我還想談談我們未來設想的一些智慧應用。我們越來越多地看到我們的獨特技術具有高度可轉移到汽車領域以外的領域。我們看到各種應用正在開發中，例如安全、智慧基礎設施、機場和地面屋頂資料收集。

We continue to be laser focused on the automotive opportunities directly in front of us and on pursuing our strategy of targeting the market with the largest number of available units. However, we're also aware of longer term markets that we can create for ourselves with our robust and mature lighter products and our position as a geopolitically neutral lighter supplier into market where staff safety and security are critical.

我們將繼續專注於眼前的汽車機遇，並推行以最多可用單位為目標的市場策略。然而，我們也意識到，我們可以憑藉我們強大而成熟的打火機產品以及我們作為地緣政治中立的打火機供應商的地位，為自己創造更長期的市場，而員工安全保障對於市場至關重要。

As we expand our capacity, we think the time is right for exploring these opportunities. We look forward to sharing more with you about this in the future. Before I hand over the call to Elda, I'll provide you with some color on our financial performance in 2024 and our revenue guidance for 2025.

隨著我們產能的擴大，我們認為現在是探索這些機會的最佳時機。我們期待將來與您分享更多相關資訊。在我將電話交給 Elda 之前，我將向您介紹我們 2024 年的財務表現和 2025 年的收入預期。

In 2024 we exceeded the midpoint of our revenue guide of $23.5 million to $25 million and our NRE bookings were in line with our expectations for the year. In 2024 we also met operational targets of adding two to three new programs. We believe that the repayments that we expect in 2025 combined with sales of sliders will drive a more than twofold increase in our revenues year over year for 2025 at $50 million to $60 million with positive gross margin.

2024 年，我們的收入超過了 2,350 萬美元至 2,500 萬美元的中點，我們的 NRE 預訂量符合我們對該年度的預期。2024年我們也達成了增加兩到三個新專案的營運目標。我們相信，我們預計 2025 年的還款額加上滑塊的銷售額將推動我們的收入在 2025 年同比增長一倍以上，達到 5000 萬至 6000 萬美元，毛利率為正。

The expected increase in revenue will further drive down our cash. On the operational front in 2025 we are targeting one to three new programs and expect $20 million to $50 million in additional NRA bookings incremental to what we've already announced and with that I'll turn the call over to Eldar to review our 2024 financials.

預期的收入增加將進一步減少我們的現金。在 2025 年的營運方面，我們計劃開展一到三個新項目，並預計在已經宣布的基礎上增加 2000 萬到 5000 萬美元的 NRA 預訂量，屆時我將把電話交給 Eldar 來審查我們 2024 年的財務狀況。

Thank you, Omar, and good morning, everyone. Since our last earning call, we have strengthened the financial foundation of the company and have made meaningful strides on our path to break even and profitability. On October 12, sorry, on October, on February 12, we closed a registered direct offering of our securities with gross proceeds of approximately $40 million.

謝謝你，奧馬爾，大家早安。自上次財報電話會議以來，我們加強了公司的財務基礎，並在實現收支平衡和盈利的道路上取得了有意義的進展。10 月 12 日，抱歉，是 10 月，也就是 2 月 12 日，我們完成了證券的註冊直接發行，總收益約為 4000 萬美元。

This funding enhances our resiliency and extends our operational runway. It will help us reach key NRE milestones and prepare for SOP and volume production in '26 and '27. The NRE payments plan only discussed earlier demonstrates our customers' commitment to innovative and trust in our technology.

這筆資金增強了我們的彈性並延長了我們的營運跑道。它將幫助我們達到關鍵的 NRE 里程碑，並為 26 年和 27 年的 SOP 和批量生產做好準備。前面討論過的 NRE 付款計劃顯示了我們的客戶對創新的承諾和對我們技術的信任。

Further, the realignment we announced this February improves our cost structure in support of our ongoing efforts to streamline the company. We ended 2024 with approximately $68 million in cash and cash equivalents, bank deposit, marketable security, and short-term restricted cash on the balance sheet, not including the $40 million dollar gross funding I just mentioned.

此外，我們今年二月宣布的調整改善了我們的成本結構，以支持我們持續精簡公司的努力。截至 2024 年，我們的資產負債表上有大約 6,800 萬美元的現金和現金等價物、銀行存款、有價證券和短期受限現金，這還不包括我剛才提到的 4,000 萬美元的總融資。

We are continuing to drive sequentially decreased cash burden resulting from our continued prudent management of our company focused on a single innovative two lighter platform and our strong revenue performance. We are very proud of our trend. Of consistent improvement in cash burn that we delivered over the course of the year. While there may be continued lumpiness on a sequential basis,

由於我們持續審慎管理公司，專注於單一創新的兩個更輕平台以及強勁的收入表現，我們將繼續推動現金負擔的連續下降。我們對我們的趨勢感到非常自豪。我們在一年中持續改善了現金消耗。雖然連續波動可能會持續存在，

on a full year basis, we expect to see considerably lower year over year burn. Looking into 2025 and beyond, we remain confident in our ability to manage our expenses effectively and keep our burn down on an annualized basis. Gross margins continued to improve quarter over quarter, and in Q4 we generated gross profit for the first time.

從全年來看，我們預計年比消耗將大幅下降。展望 2025 年及以後，我們仍對自己有效管理開支和按年降低支出的能力充滿信心。毛利率逐季持續改善，第四季我們首次實現毛利。

Going forward, we expect margins will continue to be somewhat lumpy as we ramp unit to volume production, and as NRE revenues continue to fluctuate from quarter to quarter based on our customers' milestone. For the full year, we do expect gross margins to be positive.

展望未來，我們預計利潤率將繼續保持一定波動，因為隨著我們擴大單位產量至批量生產，並且 NRE 收入將根據客戶的里程碑逐季度波動。對於全年而言，我們確實預期毛利率將為正值。

Now turning to the income statement, our full year 2024 revenues of $24.3 million was above the midpoint of our guidance range of $23.5 million to $25 million versus $20.9 million in 2023. This represents another year in which we delivered on the top line.

現在來看損益表，我們 2024 年全年的收入為 2,430 萬美元，高於我們指導範圍的中點 2,350 萬美元至 2,500 萬美元，而 2023 年的收入為 2,090 萬美元。這是我們又一次獲利的一年。

Extending our record of revenue execution. Our operating expenses for 2024 were approximately $101 million a decrease of 70% from $121 million in 2023. This year's operating expenses included $170 million. Of share-based compensation compared to $20.7 million in 2023. Research and development expenses for 2024 were $73.8 million a decrease from $92.7 million in 2023.

延長我們的收入執行記錄。我們 2024 年的營運費用約為 1.01 億美元，比 2023 年的 1.21 億美元減少 70%。今年的營運費用包括1.7億美元。股權激勵費用為 2023 年的 2,070 萬美元。2024 年研發費用為 7,380 萬美元，較 2023 年的 9,270 萬美元減少。

There is the year's R&D expenses included $11.2 million of share-based compensation compared to $13.7 million in 2023. 2024, R&D expenses reflected a reallocation of R&D expenses to cost of goods sold as part of the NRE revenue recognition process. To conclude, 2024 represented a transformative year of robust performance from both revenue and cash perspective.

今年的研發費用包括 1,120 萬美元的股權激勵費用，而 2023 年為 1,370 萬美元。2024 年，研發費用反映了作為 NRE 收入確認過程的一部分，研發費用重新分配至銷售成本。總而言之，從營收和現金角度來看，2024 年代表著業績強勁的轉型之年。

We are encouraged by the ongoing strength of our expense management and the ability to consistently meet or exceed our revenue guidance. Looking into Q1, we expect a strong start for the year as we further ramp the innovative to and work to secure additional design wins. And with that, I'll turn back the call to Omar for closing remarks.

我們的費用管理持續強勁，並且能夠持續達到或超過我們的收入預期，這令我們感到鼓舞。展望第一季度，我們預計今年將有一個強勁的開局，因為我們將進一步加強創新並努力獲得更多的設計勝利。最後，我將請奧馬爾作最後發言。

Thanks, you down. Before I wrap up the call and open for Q&A, I wanted to recap some of the amazing achievements in the past year. We added several new level four OEMs through our partnership with Mobileye Drive. We are continuing our work on level three Mobileye far programs. We are collaborating on bringing solutions to the market with test vehicles in 2025 and launches in 2026.

謝謝，你下來了。在結束通話並開始問答之前，我想回顧過去一年中取得的一些驚人成就。我們透過與 Mobileye Drive 的合作增加了幾家新的四級 OEM。我們正在繼續進行三級 Mobileye 遠端專案的工作。我們正在合作將解決方案推向市場，並於 2025 年推出測試車輛，2026 年推出產品。

Our list of platform partners now includes Nvidia, and we can serve OEMs across all major platforms. We have a robust pipeline of RFIs and RFQs with a broad-based set of OEMs on level three and level four programs, and we believe that our next few wins are within reach.

我們的平台合作夥伴名單現在包括 Nvidia，我們可以為所有主要平台的 OEM 提供服務。我們擁有強大的 RFI 和 RFQ 管道，並擁有廣泛的 OEM 基礎，涉及三級和四級項目，我們相信接下來的幾次勝利觸手可及。

From a financial standpoint, the $80 million and a repayments plan, the $40 million registered direct offering, and our prudent cash management are expected to enable us to cross SOPs and ramp volumes in '26 and '27. And let me just add, we had a lot of news today that we've covered, and we couldn't get to all of our technology updates.

從財務角度來看，8000 萬美元的還款計劃、4000 萬美元的註冊直接發行以及我們審慎的現金管理預計將使我們能夠在 26 年和 27 年跨越 SOP 並提高銷量。我還要補充一點，我們今天報道了很多新聞，但我們無法涵蓋所有的技術更新。

Rest assured that we are continuing to make significant breakthroughs and broaden our competitive advantages. Our superior technology and strengthening balance sheet give us confidence that we can achieve our goals of becoming the leading tier one automotive ladder supplier. And with that operator, please open up the call for Q&A.

請放心，我們將繼續取得重大突破並擴大我們的競爭優勢。我們卓越的技術和不斷增強的資產負債表使我們有信心實現成為領先的一級汽車供應商的目標。請接線生開啟電話問答環節。

Thank you. In order to ask a question, (Operator Instructions) Our first question today comes from the line of Mark Delaney of Goldman Sachs. Please go ahead.

謝謝。為了提出一個問題，（操作員指示）我們今天的第一個問題來自高盛的馬克·德萊尼。請繼續。

Thank you very much for taking my questions and nice to see all the progress that the company was able to realize over the last quarter. On the last earnings call, you spoke about one potential nomination with the top auto OEM. And you said that Invis had passed all the audits and was in final legal negotiations. Can you give us an update on where that potential nomination stands?

非常感謝您回答我的問題，很高興看到公司在上個季度取得的所有進展。在上次財報電話會議上，您與頂級汽車原始設備製造商討論了一項潛在的提名。您說 Invis 已經通過了所有審計，目前正處於最後的法律談判階段。您能否向我們介紹一下該潛在提名的最新情況？

Yeah, so actually, I think we've passed the legal discussions, and we are waiting for the customer final alignment. So, we'll make once we'll learn about the OEM next steps, we'll update.

是的，實際上，我認為我們已經通過了法律討論，我們正在等待客戶的最終協調。因此，一旦我們了解 OEM 的後續步驟，我們就會進行更新。

Very helpful. Thank you for that. And my other question was around cash flow. You said the NRE revenue has positive implications for margins in cash, and you're also taking cost reduction actions. So given those factors, can you give us more detail on your expectation for free cash flow this year and how much you can reduce the burn in 2025 compared to 2024?

非常有幫助。謝謝你。我的另一個問題是關於現金流的。您說 NRE 收入對現金利潤率有正面影響，而且您也正在採取降低成本的措施。那麼考慮到這些因素，您能否更詳細地介紹您對今年自由現金流的預期，以及與 2024 年相比，2025 年可以減少多少現金消耗？

So, we said that this year we are expecting to continue with the trend, reducing cash burden, the energy are definitely positive contributors, to that, and we expect this trend to continue this year, next year.

因此，我們表示，今年我們預計這一趨勢將持續下去，減少現金負擔，能源無疑是積極的貢獻者，我們預計這一趨勢將在今年和明年繼續下去。

Okay, any quantification of the degree of improvement that you can share, Alar?

好的，阿拉爾，您可以分享一下改進程度的量化數據嗎？

Not at this point of time, but definitely an improvement quarter over quarter and year over year.

目前還沒有，但肯定比上一季、比去年同期都有所改善。

Yeah, we said about the realignment that is, going to help us save, $12 million on an hourly basis and of course then is it's another contribution broadcast saving.

是的，我們說過，重新調整將幫助我們節省每小時 1200 萬美元，當然，這也是廣播節省的另一項貢獻。

Well, noted. I'll pass it on. Thank you.

嗯，記下了。我會傳達的。謝謝。

Thank you.

謝謝。

Thank you. Our next question today comes from the line of Josh Patwa of JP Morgan. Please go ahead.

謝謝。我們今天的下一個問題來自摩根大通的 Josh Patwa。請繼續。

Hi, good morning. Thanks for taking my questions. I was wondering if you could share some insights around potential tariff implications from a direct and indirect impact standpoint, from a direct impact perspective, I believe you are engaging with domestic Israeli and non-Chinese Asian manufacturing partners. So maybe any incremental color on production exposure and flexibility would be helpful.

嗨，早安。感謝您回答我的問題。我想知道您是否可以從直接和間接影響的角度分享一些有關潛在關稅影響的見解，從直接影響的角度來看，我相信您正在與以色列國內和非中國的亞洲製造業合作夥伴進行合作。因此，也許任何關於生產曝光和靈活性的增量色彩都會有所幫助。

And then from an indirect standpoint, which I believe could be more meaningful for the business. Could you talk about how some of the RFI RFQ procedures have been impacted as a result of, potential tariff disruptions and uncertainty, especially for the North American manufacturers? Thanks, and I follow.

然後從間接的角度來看，我認為這對業務更有意義。您能否談談潛在的關稅中斷和不確定性對一些 RFI RFQ 程序有何影響，尤其是對北美製造商？謝謝，我會注意。

Sure. So, we are still waiting for the dust to settle to see where things land, and, checking the news on a daily basis. As of now, we don't see an impact, on us, as you stated, our partner on our planned, production partner, is, in Asia, not in China.

當然。因此，我們仍在等待塵埃落定，看看事情會如何發展，並每天查看新聞。截至目前，我們還沒有看到任何影響，正如您所說，我們計劃的生產合作夥伴在亞洲，而不是中國。

And, so far, we're not seeing any impact. In terms of RFIs and RFQs, we see an uptick of interest in the US, having that the variety of sliders that, can actually serve, that market is now obviously more limited with in of these, being, geopolitically, neutral. So, it's actually, I believe it's actually serves us in favor at this point.

到目前為止，我們還沒有看到任何影響。就 RFI 和 RFQ 而言，我們看到美國市場的興趣上升，因為實際上可以服務的滑塊種類繁多，而由於地緣政治中立，該市場現在顯然更加有限。因此，事實上，我相信這實際上對我們有利。

Understood that that's helpful, Carlo. And then, just as a follow up, you mentioned, test vehicles are already on the road for some of the customers involved in the Moli drive platform. Just wondering if you have any data insights on the involvement of LIDARs in driving and, perception decisions.

我明白這很有幫助，卡洛。然後，正如您所提到的後續情況，一些參與 Moli 驅動平台的客戶已經上路測試車輛了。只是想知道您是否對光達參與駕駛和感知決策有任何數據見解。

I'm not sure how you would like to cut it, but any way to get a sense of, the percentage of driving decisions that are primarily controlled by the LIDAR sensor on these vehicles as opposed to alternative sensors like the cameras and radars. Thank you. Yeah.

我不確定你想如何切割它，但無論如何，可以了解一下，這些車輛上的光達感測器主要控制的駕駛決策的百分比，而不是攝影機和雷達等替代感測器。謝謝。是的。

Okay, so actually I think that's probably a question to Mobileye, and there, perception, software, so I can share with you kind of like their analysis of their system. I can only say that our experience working with different customers, we always hear about the importance of ladders in very complex driving scenarios, weather conditions. Etc.

好的，所以實際上我認為這可能是對 Mobileye 的一個問題，還有感知、軟體，所以我可以與你們分享他們對系統的分析。我只能說，根據我們與不同客戶合作的經驗，我們總是聽到梯子在非常複雜的駕駛場景和天氣條件下的重要性。ETC。

As I said, I think on last quarter when talking with Wemo, they talk about the latter taking more than 90% weight of the decision making coming from the latter, meaning very lighter centric. On Mobileye, I will let them, comment.

正如我所說，我認為上個季度與 Wemo 交談時，他們談到後者承擔了 90% 以上的決策權重，這意味著非常輕中心化。關於 Mobileye，我會讓他們發表評論。

Understood, Homer. Thank you and good luck. Thank. You.

明白了，荷馬。謝謝，祝你好運。感謝。你。

Thank you. (Operator Instructions) Our next question today comes from the line of Casey Ryan of West Park Capital. Please go ahead.

謝謝。（操作員指示）我們今天的下一個問題來自 West Park Capital 的 Casey Ryan。請繼續。

Did you mute Ky.

你把 Ky 靜音了嗎？

Thank you. You guys are too high tech for me. I'm still back in the day. Can you hear me now? Yeah. Okay, perfect. So, I wanted to touch on one thing. You mentioned briefly NREs of $20million to $50 million that could be booked in '25. Can you just tell us what getting an NRE booked means, as far as like what it looks like, and then What triggers those payments to actually be recognized? It seems like those might be two different things.

謝謝。你們的技術對我來說太高科技了。我仍舊回到過去。現在你能聽到我說話嗎？是的。好的，完美。所以，我想談一件事。您簡單提到了 2025 年可以入帳的 2,000 萬至 5,000 萬美元的非房地產交易額。您能否告訴我們獲得 NRE 預訂意味著什麼，它是什麼樣子的，然後什麼會觸發這些付款真正被確認？看起來這似乎是兩件不同的事情。

Sure. So, whenever we are engaged in a pursuit of a new business with an OEM, whether it's level three or level four, and those programs require I would say support by us, then obviously, this effort that is done before the ramp up of the production, it is paid by the customer, and we refer to it as NL lists.

當然。因此，每當我們與 OEM 開展新業務時，無論是三級還是四級，這些計劃都需要我們的支持，那麼顯然，在產量增加之前所做的努力是由客戶支付的，我們將其稱為 NL 列表。

The sum could vary between, basically the type of the program, the length of the development, and it could be different between different customers, and it can be within, between $20 million to even $50 million or sometimes even more, per customer, and so.

這個金額可能有所不同，基本上取決於項目的類型、開發的時間長度，而且不同的客戶也會有所不同，每個客戶的費用可能在 2000 萬美元到 5000 萬美元之間，有時甚至更多，等等。

Once we are nominated and we kick off these activities, these NRAs are paid to us, it could be paid over milestones, it could be paid over quarters. This is, these are things that I've discussed with the customer in terms of how we recognize or not recognize I'll let hand it over to yeah, to talk about it.

一旦我們被提名並啟動這些活動，這些 NRA 就會支付給我們，可以按里程碑支付，也可以按季度支付。這是，這些是我與客戶討論過的事情，關於我們如何識別或不識別，我會把它交給是的，來談論它。

Basically, we are trying to. And so far, we succeeded to have all the NREs recognized as revenues, and we do so based on the milestones. Once we meet the milestones, we get the acceptance from the client and then we can recognize it.

基本上，我們正​​在努力。到目前為止，我們成功地將所有 NRE 確認為收入，並且我們根據里程碑來實現這一點。一旦我們達到了里程碑，我們就會得到客戶的認可，然後我們就可以認可它。

As an example, so this $80 million dollar payment plan, of course, we have an alignment with the customer on milestones that we all plan to meet this year, and those are very tangible and defined, deliveries. That are used by the customer to basically, test out, deliveries and of course pay us accordingly. It's a good alignment between the different teams and helping us to push things forward.

舉個例子，對於這個 8000 萬美元的付款計劃，我們當然會與客戶就我們計劃在今年實現的里程碑達成一致，這些都是非常具體和明確的交付。客戶基本上會使用這些工具來測試、交付，當然也會向我們支付相應的費用。這是不同團隊之間的良好協調，有助於我們推動事情向前發展。

Okay, thank you. Well, that's helpful. One thing you noted about the $80 million of NREs, I think, was that it was from existing OEM partners if I'm remembering the press release correctly. We didn't say that about these new potential NREs, so can we optimistically infer something about where these additional NREs might come from?

好的，謝謝。嗯，這很有幫助。如果我沒記錯的話，您提到的有關 8000 萬美元 NRE 的一件事是，它來自現有的 OEM 合作夥伴。我們沒有談論這些新的潛在 NRE，那麼我們能否樂觀地推斷這些額外的 NRE 可能來自哪裡？

It could come also from the existing, but it also would come from new ones. So, once you're engaged into a program, there are continuous changes and sometimes even new requirements coming from the customer, such as, they want a new lighter, a short range, but not just long range. And these activities might require additional effort by us, which means that we'll need to get more Nisful.

它也可以來自現有的，但也可能來自新的。因此，一旦你參與到一個項目，就會出現不斷的變化，有時甚至會有來自客戶的新要求，例如，他們想要一種新的打火機，短距離的，而不僅僅是長距離的。而這些活動可能需要我們付出額外的努力，這意味著我們需要獲得更多的 Nisful。

So, this $20 million to $50 million that we expect our target to book this year, it could be from the existing customers from additional tasks that we're going to have or from new customers that we're going to support.

因此，我們預計今年的預訂目標為 2,000 萬至 5,000 萬美元，它可能來自現有客戶、我們將要承擔的額外任務，也可能來自我們將要支持的新客戶。

Okay, terrific. That's helpful. And then just a couple more questions quickly, on the Mobileye I drive platform.

好的，太棒了。這很有幫助。然後，我再快速問幾個關於 Mobileye I drive 平台的問題。

Can we infer things if Mobileye talks about wins and customers and opportunities, can we always associate Inovvis with those wins or are there potentially other liar vendors that are sort of part of that platform?

如果 Mobileye 談論勝利、客戶和機會，我們能否推斷出，我們是否總是將 Inovvis 與這些勝利聯繫起來，或者是否存在其他可能是該平台一部分的騙子供應商？

Well, as Mobileye and Innoviz announced when we made the announcement that the Mobileye Drive is using only Inovvis two, sensors, there is, and that's mobilized plan planet's record. There's no exclusivity between us and Mobili on either. Of course, we are working with others, and they are allowed to work with others as well, but the Mobileye plan right now and de facto, that's the case where they are using Inovvi's,

好吧，正如 Mobileye 和 Innoviz 在我們宣布 Mobileye Drive 僅使用 Inovvis 的兩個感測器時所宣布的那樣，這就是動員計劃星球的記錄。我們和 Mobili 之間不存在排他性關係。當然，我們正在與其他公司合作，他們也可以與其他公司合作，但 Mobileye 目前的計劃是，事實上，他們正在使用 Inovvi 的，

liars cost their different customers. We started our collaboration with Mobileye on the Volkswagen platform. And for Mobileye it made a lot of sense to develop the same platform for all of their other customers and offload it to and use it to other customers and that's what led to eventually get to an agreement and they benefit from it from the, I mean, obviously from the volume that will drive a lower cost for both sides,

說謊者會損失不同的客戶。我們與Mobileye的合作始於大眾平台。對於 Mobileye 來說，為所有其他客戶開發相同的平台並將其卸載並供其他客戶使用是非常有意義的，這最終促成了雙方達成協議，他們從中受益，我的意思是，顯然從數量上來說，這將降低雙方的成本，

as, and as the press release mentioned. That future customers of Mobileye would use the same platform, the same generation will use Innoviz too and I think it's that, that's our expectation.

正如新聞稿中所提到的。Mobileye 的未來客戶將使用相同的平台，同一代產品也將使用 Innoviz，我認為這就是我們的期望。

Okay, good, great. And then one positive comment you made, Eldar about gross margins across the year for '25, you expect them to be positive.

好的，很好，太好了。然後，Eldar，您對 25 年全年的毛利率做出了一個積極的評價，您預計它會是正數。

Is it fair for us to think it's sort of positive for the whole year, not necessarily every quarter? I realize we have sort of fluctuations and, production per quarter, but just wanted to make sure that really, we're just talking about the year in aggregate.

我們是否可以認為這對全年而言都是正面的，而不一定對每季而言都是正面的？我意識到我們每個季度的產量都存在波動，但我只是想確保我們談論的是全年的整體情況。

Yeah, it's on an annualized basis again because the fluctuations that we might experience because of meeting these milestones. And do they fall in which quarter so it can fluctuate quite a bit, but on an annualized basis we do expect a positive cost much.

是的，這又是按年計算的，因為我們在達到這些里程碑時可能會經歷波動。它們會在哪個季度下降，所以可能會有很大波動，但按年率計算，我們確實預計成本會很高。

I'm going to, I'll comment also on the guidance for the year. I mean we were also contemplating again about the guidance between quarter and quarter and year because it's always very difficult to really foresee all of the opportunities that might come up during the year. There are many things that happened to us during 2024 which allowed us to actually, see additional opportunities, secure more wins, and expand our NR repayment plan, etc.

我也會對今年的指導意見發表評論。我的意思是，我們也在再次考慮季度與季度之間以及年度之間的指導，因為真正預見一年中可能出現的所有機會總是非常困難的。2024 年發生了很多事情，讓我們真正看到了更多機會、贏得了更多勝利、擴大了我們的 NR 還款計劃等等。

We've still decided to put out, our, revenue guidance, which, we feel that we can commit to. We do see several opportunities, that will be able to book additional wins and additional NREs. And I will update you as we go on.

我們仍然決定發布我們的收入指導，我們認為我們可以實現這一目標。我們確實看到了幾個機會，這些機會將能夠帶來更多的勝利和更多的 NRE。我會隨時向大家通報進度。

Okay, that's terrific, and that's that, it's helpful color, but like I, I'm sort of inclined to agree like that like quarterly, targets are sort of less meaningful than the annual, target of being positive for gross margin, and I think. If we're saying there's a possibility to be, maybe your initial guidance is too conservative, I think we'll all be happy with that too. So, it's a very exciting quarter and thank you for the update.

好的，這太棒了，就是這樣，它很有幫助，但就像我一樣，我有點傾向於同意這樣的觀點，比如季度目標，不如年度目標有意義，年度目標是毛利率為正，我認為。如果我們說有可能，也許你最初的指導過於保守，我想我們也會對此感到高興。所以，這是一個非常令人興奮的季度，感謝您的更新。

Sure. Thank you.

當然。謝謝。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Kevin cassidy of Rosenblatt Securities. Please go ahead.

謝謝。我們的下一個問題來自羅森布拉特證券公司的凱文·卡西迪。請繼續。

Yeah, hey, Omar, hey Alar, thanks for taking my questions and let me echo my congrats on all the progress. For the for the VW ID Buzz program, what if any milestones do you still have to reach in preparation for SOP?

是的，嘿，奧馬爾，嘿，阿拉爾，感謝你們回答我的問題，讓我對你們所取得的所有進展表示祝賀。對於大眾 ID Buzz 計劃，在準備 SOP 時您還需要達到哪些里程碑？

Oh, okay. So, we're approaching the C sample for Innoviz, and we are in a ramp up of our high volume manufacturing site with our, manufacturing partner. Basically, just to ex explain what I just said in terms of C sample. So, we moved from the B to the C sample. B sample is where you are completing all of the design validation, you freeze the design.

哦好的。因此，我們正在接近 Innoviz 的 C 樣品，並且我們正在與我們的製造合作夥伴一起擴大我們的大批量生產基地。基本上，只是為了解釋一下我剛才根據 C 樣本所說的內容。因此，我們從 B 樣本轉向 C 樣本。B 樣本是您完成所有設計驗證並凍結設計的地方。

The C sample means that you're already producing the units in the production that is going to serve the customer, which is meeting all of the automotive requirements.

C 樣品意味著您已經在生產將要服務於客戶的單元，這滿足了所有的汽車要求。

The C sample stage is where you are testing all of the production validation elements, tolerances related to different batches of components you are producing in higher volumes to see the layer to ladder accuracy and the stability of the process and once the production validation is completed, then you can actually, you can reach the SOP which is targeted for us.

在 C 樣品階段，您將測試所有生產驗證元素、與您正在大批量生產的不同批次組件相關的公差，以查看層到階梯的準確性和流程的穩定性，一旦生產驗證完成，您實際上就可以達到我們設定的 SOP。

Beginning of next year and that's, basically the last milestone for us before we can, serve our customer and launch. We've already met. The design freeze, which means that we've also met, what is referred to as a point cloud freeze. It's a very important milestone because it actually allows the customer to ramp up its fleet and start doing data collection.

明年年初，這基本​​上是我們為客戶提供服務和推出產品之前的最後一個里程碑。我們已經見過面了。設計凍結，這意味著我們也遇到了所謂的點雲凍結。這是一個非常重要的里程碑，因為它實際上允許客戶擴大其車隊並開始進行資料收集。

It's maybe one of the most important, times in the development stage of a program. Because, equip equipping a fleet of vehicles and start collecting data which are going to be the base for the development of this, of the overall software of the car, is a very critical point because if at some point you learn that for any reason something needs to be changed in the lidar in the.

這也許是程式開發階段中最重要的時刻之一。因為，為車隊配備設備並開始收集數據，這些數據將成為汽車整體軟體開發的基礎，這是一個非常關鍵的點，因為如果在某個時候你了解到由於任何原因需要對光達進行更改。

Point out you basically need to scrap a lot of data that was collected. It's very expensive, I would say, effort, and therefore, reaching design freeze and freeze is a very critical point in time which I would say probably the most influential on the ability of the program to eventually. Launch at time, on time because you, there's a very long process of data collection, different environments and different test conditions, use cases where

指出你基本上需要廢棄大量收集的數據。我想說，這是非常昂貴的努力，因此，達到設計凍結和凍結是一個非常關鍵的時間點，我想說這可能對程序最終的能力影響最大。按時發布，因為你有一個非常漫長的資料收集過程，不同的環境和不同的測試條件，用例

the customer eventually needs to develop its own software validate it. So, from our perspective in terms of enabling our customers to meet their SOP on time. Using our ladders for data collection, we've already crossed that point in a very good way. I'm very happy and very pleased with the quality, that our ladder is providing to our customer. We've crossed; we've met all of the KPIs.

客戶最終需要開發自己的軟體來驗證它。因此，從我們的角度來看，這是為了讓我們的客戶能夠按時滿足他們的 SOP。透過使用梯子收集數據，我們已經很好地跨越了這一點。我對我們的梯子提供給客戶的品質感到非常高興和滿意。我們已經超越；我們已經滿足了所有的 KPI。

The ladder is very high quality in terms of stability, image quality, meeting all of the range and Really different parameters that are very challenging, especially in different weather conditions in dirty window and really, I, I've seen the test reports that were presented just a few days ago actually to one of our new customers that we TRY to show them that we've breached the pointlot freeze.

梯子在穩定性、影像品質方面品質非常高，滿足所有範圍和真正不同的參數，這些參數非常具有挑戰性，特別是在髒窗戶的不同天氣條件下，實際上，我已經看到了幾天前向我們的一位新客戶提交的測試報告，我們試圖向他們展示我們已經突破了點地塊凍結。

I think the level of professional effort that was done by the team, really gives us a huge, compliments from different customers. And I think it's really due to the fact that this is the, actually the 2nd time. The Innoviz has met that point, this is not our first time we're going to the market with a LIDAR. We've met the Polaris, with Innoviz one.

我認為團隊的專業努力程度確實為我們贏得了不同客戶的巨大讚譽。我認為這實際上是因為這實際上是第二次。Innoviz 已經達到了這一點，這不是我們第一次將光達推向市場。我們見到了 Polaris 和 Innoviz。

We know the importance of it. We feel that at this point of time Innoviz two is actually enabling our customers to even cross the and, surpass. The targets in terms of being able to fulfill the KPIs, your experience in KPI, I think that Innoviz two is a great product and we look forward to see the progress of our customers, which by the way,

我們知道它的重要性。我們認為，目前 Innoviz 2 實際上正在幫助我們的客戶跨越並超越。關於能否完成 KPI 的目標，以及您在 KPI 方面的經驗，我認為 Innoviz Two 是一款很棒的產品，我們期待看到客戶的進步，順便說一句，

we already, I'm getting from time to time feedbacks from the leaders of these OEMs telling me how great experience it is. When they are using, they're getting demos from either Mobileye or other customers and thanking us for the great work that we do. So it is exciting, it's great to see our product on the road and that our customers are enjoying it.

我們已經不時收到這些 OEM 領導的回饋，告訴我這是多麼棒的體驗。當他們使用時，他們會從 Mobileye 或其他客戶那裡獲得演示，並感謝我們所做的出色工作。所以這很令人興奮，很高興看到我們的產品在路上行駛並且我們的客戶很喜歡它。

Yeah, no, absolutely, that's fantastic, and I appreciate the color on that. And then just as a follow up, there's been a lot of news surrounding autonomous driving kind of coming out of China and Chinese OEM is making progress with their platforms. Can you just give us an update on BMW China and how you see, this platform being competitive versus Chinese OEMs?

是的，不，絕對的，那太棒了，我很欣賞它的色彩。接下來，作為後續報道，中國出現了許多有關自動駕駛的新聞，中國原始設備製造商在其平台上也取得了進展。您能否向我們介紹一下BM​​W中國的最新情況，以及您如何看待該平台與中國原始設備製造商的競爭力？

Sure, so first of all I would say that I think China is always the crystal ball, of the rest of the market and the way that they are pushing the envelope in terms of bringing new capabilities and more sensors into the car is something that I think many OEMs around the world are very much aware of and in a way also helping to push things forward.

當然，首先我想說，我認為中國始終是其他市場的水晶球，他們在為汽車帶來新功能和更多感測器方面不斷突破極限，我認為世界各地的許多原始設備製造商都非常清楚這一點，並且在某種程度上也有助於推動事情向前發展。

BMW Level three, platform which was developed also for the Level three, road, is basically waiting for the approval for Level three on the road. I'll let BMW announce, I would say, their plans once that happens. I believe that right now there is no level three. Available on the road with the experience that BMW has using our lighters. There's a huge difference between a level two system and a level three.

BMW 三級平台也是為三級道路開發的，目前正等待三級道路的批准。我想說，一旦發生這種情況，我就會讓寶馬宣布他們的計劃。我認為目前還沒有三級。寶馬已在道路上使用過我們的打火機，經驗豐富。二級系統和三級系統之間存在巨大差異。

I'll go as far as say that if you are using a ladder for a level two car, the lighter can possibly reset every five minutes and nobody cares, it's, eventually the car is still supervised by the driver. In order to allow level three where the driver is not looking on the road, you need an order of magnitude higher quality.

我甚至會說，如果你在二級汽車上使用梯子，打火機可能每五分鐘重置一次，但沒人會在意，最終汽車仍然受到駕駛員的監督。為了實現駕駛員不看路的第三級駕駛，需要更高數量級的品質。

Basically, the only time where The driver is asked, it should be asked to re-engage when the ladder might be dirty or something and he has ten seconds to react. With our liars, as possibly we've stated in previous holders, even that is not required because of our [lier] resilience to dirt. So, we believe that with the sense of that innovative providing the user experience of level 3 and level four would be substantially better.

基本上，只有在梯子可能很髒或有其他問題時才要求駕駛員重新啟動，並且駕駛員有十秒鐘的時間做出反應。對於我們的騙子來說，正如我們可能在以前的持有者中所說的那樣，甚至不需要這樣做，因為我們對污垢具有抵抗力。因此，我們相信，透過這種創新，3 級和 4 級的使用者體驗會更好。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Thank you. You have no further questions, please proceed.

謝謝。您沒有其他問題，請繼續。

Okay. Thank you, thanks everyone for joining us today. We look forward to updating you on our next quarter and continued progress we are making here at EMUs. Thank you very much.

好的。謝謝，感謝大家今天的參加。我們期待向您通報下一季以及 EMU 所取得的持續進展。非常感謝。