Innoviz Technologies Ltd (INVZ) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Innoviz's second-quarter 2025 earnings call. Our presentation today will be followed by a Q&A session. (Operator Instructions) I must advise you that this call is being recorded today.

女士們，先生們，感謝你們的支持，歡迎參加 Innoviz 2025 年第二季財報電話會議。我們今天的演講之後將進行問答環節。（操作員指示）我必須通知您，今天的通話將會被錄音。

I'd now like to hand over the call to our first speaker today, Ada Menaker, Head of Investor Relations. Please go ahead.

現在，我想將電話交給我們今天的第一位發言者，投資者關係主管 Ada Menaker。請繼續。

Good morning. I would like to welcome you to the Innoviz Technologies second-quarter 2025 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.innoviz.tech.

早安.歡迎您參加 Innoviz Technologies 2025 年第二季財報電話會議。今天與我們一起出席的還有執行長 Omer Keilaf 和財務長 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.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 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預期的結果有重大差異。

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, 2025.

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。討論一些可能導致實際結果與任何前瞻性陳述有重大差異的重要風險因素。請參閱我們於 2025 年 3 月 12 日向美國證券交易委員會提交的 20-F 表格中的風險因素部分。

Omer, please go ahead.

奧馬爾，請繼續。

Thank you, Ada, and good morning to everyone joining us on today's call. At the beginning of the year, we set a series of ambitious financial and business targets for 2025. And today, I'm happy to tell you that we are on track to meeting them. On the financial side, our revenue for the quarter was $9.7 million, bringing the first half of the year to $27.1 million. This was more than our revenue for all of 2024 we are confident that we will meet our target of $50 million to $60 million for the full year.

謝謝你，艾達，大家早安，歡迎參加今天的電話會議。年初，我們為2025年制定了一系列雄心勃勃的財務和業務目標。今天，我很高興地告訴大家，我們正在按計劃實現這些目標。從財務方面來看，本季我們的營收為 970 萬美元，使得上半年的營收達到 2,710 萬美元。這超過了我們 2024 年全年的收入，我們有信心實現全年 5,000 萬至 6,000 萬美元的目標。

Cash burn in the quarter was $7.3 million, consistent with our guidance for a single-digit cash burn, and with our intention to dramatically reduce cash burn this year as we continue to strengthen our financial position.

本季現金消耗為 730 萬美元，符合我們對個位數現金消耗的預期，也符合我們今年大幅減少現金消耗的意圖，因為我們將繼續加強財務狀況。

Moving on to the business side. We recently announced a statement of development agreement with a top 5 passenger automotive OEM as we work towards a potential nomination. The agreement is for the developing modifications to our InnovizTwo LiDAR for the OEM's Level 3 global production passenger vehicle program slated for SOP in 2027. This OEM is a new geography for us, and we think this could unlock further opportunities for us in the region.

轉向商業方面。我們最近宣布與排名前五的乘用車 OEM 達成開發協議聲明，並致力於獲得潛在提名。該協議旨在為 OEM 的 3 級全球生產乘用車計劃（計劃於 2027 年投入使用）開發 InnovizTwo LiDAR 的改進版。這家 OEM 對我們來說是一個新的地區，我們認為這可以為我們在該地區帶來更多的機會。

We continue to make progress with our existing L3 and L4 programs, as we look forward to customer SOPs, we are tremendously pleased with our partnership with Mobileye, Volkswagen and others on their accelerating robotaxi plans. As these programs start to deploy, we believe that LiDAR technology is increasingly becoming recognized as a necessity for automotive safety and autonomous driving. In the second quarter, we launched InnovizSMART, which brings our auto-grade LiDAR to industrial and other nonautomotive applications.

我們現有的 L3 和 L4 專案繼續取得進展，我們期待客戶的標準作業程序 (SOP)，我們對與 Mobileye、大眾和其他公司在加速機器人計程車計畫方面的合作感到非常高興。隨著這些項目開始部署，我們相信 LiDAR 技術越來越被認為是汽車安全和自動駕駛的必需品。第二季度，我們推出了 InnovizSMART，將我們的汽車級雷射雷達引入工業和其他非汽車應用。

Just a few weeks after the launch, we announced collaborations with companies such as Cogniteam, Sparsh CCTV and Cron AI for security and safety projects. We are working with many others as we demonstrate and test the solution. Additionally, we established InnovizSMART compatibility with NVIDIA Jetson AGX Orin platform.

發布僅幾週後，我們宣布與 Cogniteam、Sparsh CCTV 和 Cron AI 等公司合作進行保全專案。我們正在與許多其他人合作，演示和測試解決方案。此外，我們建立了 InnovizSMART 與 NVIDIA Jetson AGX Orin 平台的兼容性。

In all, InnovizSMART is off to an amazing start. On the production side, to support growing demand from customers across L3, L4 and nonautomotive applications with the gun shipping units from Fabrinet's high-volume production line. It is a significant achievement for us that demonstrates that we are well positioned to ramp InnovizTwo and scale our operations to meet growing demand in cross customer SOPs in '26 and '27. Last quarter, we told you that we are at the start of the next chapter of the Innoviz story.

總而言之，InnovizSMART 取得了令人驚嘆的開局。在生產方面，Fabrinet 的大批量生產線提供槍支運輸單元，以滿足 L3、L4 和非汽車應用領域客戶日益增長的需求。這對我們來說是一項重大成就，表明我們已做好準備，擴大 InnovizTwo 的規模並擴大我們的業務，以滿足 26 年和 27 年跨客戶 SOP 日益增長的需求。上個季度，我們告訴過您，我們正處於 Innoviz 故事的下一章的開始。

Becoming the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond. In the second quarter, we demonstrated that our journey is underway, and we are delivering on our mission as we ramp production and continue to win new customers. With that, let's jump into the details.

成為全球領先的自動駕駛及其他領域一流雷射雷達解決方案的大型供應商。在第二季度，我們證明了我們的旅程正在進行中，並且我們正在履行我們的使命，因為我們提高了產量並繼續贏得新客戶。有了這些，讓我們來了解細節。

Let me begin by telling you more about our Q2 and first half financial results. In the quarter, we reported revenues of $9.7 million as we generated more revenues in just the first half of 2025 than in all of 2024. The revenues were driven by a combination of LiDAR unit sales and NREs. We are shipping units to our existing and potential customers. And as of July, we're shipping from Fabrinet as well as from our headquarters.

首先，我先向大家詳細介紹我們的第二季和上半年的財務表現。本季度，我們的收入為 970 萬美元，因為我們僅在 2025 年上半年創造的收入就超過了 2024 年全年的收入。收入主要由 LiDAR 單位銷售額和 NRE 共同推動。我們正在向現有和潛在客戶運送貨物。從 7 月開始，我們不僅從 Fabrinet 發貨，還從總部發貨。

These units are going to various Mobileye Drive customers to the new top 5 OEM we announced and to VW to support the ramp of the autonomous VW ID. Buzz shuttle that's been in the news.

這些設備將提供給各個 Mobileye Drive 客戶、我們宣布的新的五大 OEM 廠商以及大眾汽車，以支援大眾 ID 自動駕駛汽車的普及。曾登上新聞的 Buzz 接駁車。

We ended the quarter with $79.4 million in cash and cash equivalents. We started the year with $80 million in NRE payment plans. We grew the plan to approximately $95 million in Q1. And in Q2, we further expanded the payment plans beyond the $95 million with the addition of the new top 5 OEM that we mentioned earlier. At the beginning of the year, we guided for $20 million to $50 million in NRE bookings.

本季末，我們的現金和現金等價物為 7,940 萬美元。今年年初，我們制定了 8000 萬美元的 NRE 支付計劃。我們在第一季將計劃金額擴大至約 9,500 萬美元。在第二季度，我們進一步擴大了付款計劃，超過了 9500 萬美元，並增加了我們之前提到的前 5 名 OEM。年初，我們預計 NRE 訂單金額為 2,000 萬至 5,000 萬美元。

So far this year, we've already booked more than $20 million in NREs. And given our outlook, we are increasing our NRE booking guidance for 2025 to $30 million to $60 million.

今年到目前為止，我們已經預訂了超過 2000 萬美元的 NRE。鑑於我們的前景，我們將 2025 年的 NRE 預訂指導價提高至 3,000 萬至 6,000 萬美元。

As we recognize revenues for these NREs, we are continuing to execute on our commitments, meet customer milestones and pursue opportunities with new customers. Cash burn in the quarter was $7.3 million, in line with our guidance for a single-digit burn in the second quarter versus $20.7 million in the first quarter supported by our balance sheet and NRE payments plan, we are well positioned to deliver on the products ramps that we expect over the next 2 years.

當我們確認這些 NRE 的收入時，我們將繼續履行承諾，實現客戶里程碑並尋求新客戶的機會。本季現金消耗為 730 萬美元，符合我們對第二季個位數消耗的預期，而第一季為 2,070 萬美元，在我們的資產負債表和 NRE 支付計畫的支持下，我們已做好準備，在未來兩年內實現我們預期的產品成長。

Turning now to our recent business accomplishments. In June, we signed an SOW agreement with a top 5 passenger automotive OEM for a development project for Level 3 global production passenger vehicle program. This is a new program for us from a customer with whom we've been in discussion for quite some time. Beginning in Q2, we have been developing hardware and software modifications for the InnovizTwo to ensure seamless integration into the OEM's vehicle system.

現在來談談我們最近的業務成就。6月份，我們與全球排名前五的乘用車OEM廠商簽署了L3級全球量產乘用車專案開發專案的SOW協議。這是一個來自客戶的新項目，我們已經與該客戶討論了很長時間。從第二季開始，我們一直在為 InnovizTwo 開發硬體和軟體修改，以確保無縫整合到 OEM 的車輛系統中。

And we've already begun shipping units to the customer. We expect to ship hundreds of units in the coming months. This will facilitate a smooth ramp towards the planned data collection campaign as our companies work towards a series production agreement. The start of production is slated for 2027. This SOW is a great milestone for Innoviz, not just because of the size of the customer, the volumes, the program can generate and the time line.

我們已經開始向客戶出貨。我們預計未來幾個月將出貨數百台。這將有助於我們兩家公司在達成系列生產協議的過程中順利開展計劃中的資料收集活動。預計生產將於 2027 年開始。這份 SOW 對 Innoviz 來說是一個重要的里程碑，不僅僅是因為客戶規模、數量、程式可以產生的內容和時間表。

But because we believe other companies in this geography may follow suit.

但因為我們相信該地區的其他公司可能會效仿。

We've also started discussion with the customer to expand the collaboration to short-range LiDAR, which could be used in different programs at the OEM. This potential extension of our engagement demonstrates the benefit of having multiple solutions on one platform. As we've seen in previous programs with other customers, and SOW allows us to conduct development work on a program, which will allow us to meet SOP time lines while the commercial discussions for series production are progressing.

我們也開始與客戶討論將合作擴展到短程光達，該雷達可用於 OEM 的不同項目。我們合作的這種潛在擴展證明了在一個平台上擁有多種解決方案的好處。正如我們在之前與其他客戶合作的專案中看到的那樣，SOW 允許我們對某個專案進行開發工作，這將使我們能夠在系列生產的商業討論進展的同時滿足 SOP 時間表。

With 2 out of 5 top global OEMs now working with Innoviz, our position in the LiDAR space is stronger than ever. Over the past few months, we've seen tremendous acceleration of plans to deploy Level 4 robotaxis around the world. This truly feels like an inflection point for autonomous driving. To enable this trend, we are deeply engaged with our Level 4 partners, VW and Mobileye and their customers, MOIA, HOLON, Verne and others. We are very pleased with the ramp in our collaboration with Volkswagen support of MOIA and Uber's planned rollout of the ID.

目前，全球五大原始設備製造商中已有兩家與 Innoviz 合作，我們在 LiDAR 領域的地位比以往任何時候都更加強大。在過去的幾個月裡，我們看到世界各地部署 4 級自動駕駛計程車的計畫大大加速。這確實感覺像是自動駕駛的轉捩點。為了實現這一趨勢，我們與我們的 4 級合作夥伴大眾汽車和 Mobileye 以及他們的客戶 MOIA、HOLON、Verne 等進行了深入合作。我們對與大眾汽車合作支援 MOIA 以及 Uber 計畫推出的 ID 感到非常高興。

Buzz in multiple European and U.S. cities starting in 2026.

從 2026 年開始在歐洲和美國多個城市掀起熱潮。

Ahead of the fleet launch, hundreds of ID. Buzz shutters will be equipped with a suite of Innoviz LiDARs in 2025. Recall that the ID.Buzz which is based on the Mobileye Drive platform has 9 InnovizTwo LiDARs per vehicle, 3 long range and 6 short to mid-range. We are also encouraged by the recent announcement from Lyft on the upcoming deployment of Mobileye based autonomous vehicles by HOLON and BENTELER brand on the Lyft platform. Critically, with this interest and acceleration in deployment plans, there seems to be a growing understanding that LiDAR is a must have for true, safe autonomous driving.

在艦隊下水前，數百名 ID。Buzz 快門將於 2025 年配備一套 Innoviz LiDAR。回想一下，基於 Mobileye Drive 平台的 ID.Buzz 每輛車有 9 個 InnovizTwo LiDAR，其中 3 個為長距離，6 個為短距至中距。Lyft 最近宣布即將在 Lyft 平台上部署基於 Mobileye 的 HOLON 和 BENTELER 品牌的自動駕駛汽車，這也讓我們感到鼓舞。至關重要的是，隨著這種興趣和部署計劃的加速，人們似乎越來越認識到，LiDAR 是真正、安全的自動駕駛的必備條件。

Innoviz offers a mature, scalable cost-effective LiDAR solution and our relationships with industry leaders support this vision. The team and I will be demonstrating our automotive products at the IAA MOBILITY Conference in Munich in September. In addition to our automotive advances, we recently launched the InnovizSMART, our automotive grade LiDAR now available for applications such as security, mobility, aerial, robotics and traffic management. Development to meet customer demand InnovizSMART is a rugged, reliable sensor. It features low power consumption, a wide field of view and a uniform high-resolution 3D point cloud that enables accurate object detection at distances of now up to 450 meters, even in harsh outdoor conditions like dust, sunlight and rain.

Innoviz 提供成熟、可擴展且經濟高效的 LiDAR 解決方案，我們與行業領導者的關係支持這一願景。我和團隊將於 9 月在慕尼黑舉行的 IAA MOBILITY 會議上展示我們的汽車產品。除了汽車領域的進步之外，我們最近還推出了 InnovizSMART，這是我們的汽車級雷射雷達，目前可用於安全、移動、航空、機器人和交通管理等應用。滿足客戶需求而開發的 InnovizSMART 是一款堅固、可靠的感測器。它具有低功耗、寬視野和均勻的高解析度 3D 點雲的特點，即使在灰塵、陽光和雨水等惡劣的室外條件下，也能在最遠 450 公尺的距離內實現精確的物體檢測。

Shortly after unveiling the InnovizSMART, we announced that we are partnering with Cogniteam to create a turnkey solution for a wide range of safety and security applications. We also announced that we are working with Sparsh CCTV and Cron AI to offer an integrated LiDAR camera vision perception platform. The platform is purpose-built for large-scale deployment across transport, perimeters, security, railways and critical infrastructure.

在推出 InnovizSMART 後不久，我們宣布與 Cogniteam 合作，為廣泛的安全和保全應用創建交鑰匙解決方案。我們也宣布正在與 Sparsh CCTV 和 Cron AI 合作，提供整合的 LiDAR 攝影機視覺感知平台。該平台專為跨運輸、週邊、安全、鐵路和關鍵基礎設施的大規模部署而設計。

Additionally, InnovizSMART is now part of the NVIDIA Jetson Orin AGX reference design. This will allow more developers to benefit from NVIDIA advanced AI processing capabilities in applications such as smart cities and traffic management, security, robotics and more. There are many RFQs for nonautomotive programs where the prospective customers see the advantages of using a LiDAR. These projects have significantly shorter design cycle with much higher ASPs compared to automotive.

此外，InnovizSMART 現已成為 NVIDIA Jetson Orin AGX 參考設計的一部分。這將使更多開發者能夠在智慧城市和交通管理、安全、機器人等應用中受益於 NVIDIA 先進的 AI 處理能力。有許多針對非汽車專案的 RFQ，其中潛在客戶看到了使用 LiDAR 的優勢。與汽車專案相比，這些專案的設計週期明顯較短，平均售價也高得多。

In some potential projects, we've been able to demonstrate that a single Innoviz LiDAR can fulfill the application requirements as opposed to a multiple from another LiDAR company. We are engaging with over a dozen companies that are exploring our solution for a variety of projects. We believe our LiDAR is very well suited to win in the market, offering better value and better technology to customers. We will be demonstrating the InnovizSMART at the ITS, Intelligent Transport Systems World Congress in Atlanta later this month. The growing interest in InnovizSMART validates the path we took to the nonautomotive space.

在一些潛在專案中，我們已經能夠證明單一 Innoviz LiDAR 就可以滿足應用要求，而不需要其他 LiDAR 公司生產的多個 LiDAR。我們正在與十多家公司合作，探索針對各種專案的解決方案。我們相信我們的光達非常適合在市場上取勝，為客戶提供更好的價值和更好的技術。我們將於本月稍後在亞特蘭大舉行的 ITS（智慧交通系統世界大會）上展示 InnovizSMART。人們對 InnovizSMART 日益增長的興趣證實了我們進入非汽車領域的道路。

By first focusing on developing and bringing up to production an automotive-grade device for a higher volume application, we can now offer nonautomotive customers an easy-to-integrate reliable solution.

透過首先專注於開發和生產用於更大批量應用的汽車級設備，我們現在可以為非汽車客戶提供易於整合的可靠解決方案。

In the next few years, we believe that InnovizSMART could drive significant incremental revenue for Innoviz with limited incremental spending. We are making great progress in this space and are very optimistic about our opportunities for growth in this segment, given the strength of our solution. Let me now update you on our production capabilities. At the beginning of the year, we said that we would ship an order of magnitude more units in '25 than in 2024. We are seeing growing demand for LiDAR units from existing customers and from companies whom we are engaging on new programs.

在未來幾年，我們相信 InnovizSMART 可以在有限的增量支出下為 Innoviz 帶來可觀的增量收入。鑑於我們解決方案的實力，我們在這一領域取得了巨大進展，並且對我們在這一領域的成長機會感到非常樂觀。現在讓我向您介紹一下我們的生產能力。今年年初，我們曾表示，2025 年的出貨量將比 2024 年高出一個數量級。我們看到現有客戶和我們正在進行新專案的公司對 LiDAR 設備的需求不斷增長。

To meet their needs, we are on track to ship 10x more units in the third quarter versus the second quarter and last month. We announced that we are starting to ship units from Fabrinet's high-volume production line. This marks a major milestone in our journey to mass producing our InnovizTwo LiDAR platform. The ramp-up at Fabrinet facility follows months of collaboration and extensive training, ensuring that all production procedures meet Innoviz's rigorous quality standards. With these initial shipments, Innoviz moves closer to meeting the growing demand for scalable autonomous vehicle solutions for automotive OEMs and mobility companies worldwide.

為了滿足他們的需求，我們計劃在第三季比第二季和上個月多出 10 倍的出貨量。我們宣布我們將開始從 Fabrinet 的大批量生產線發貨。這標誌著我們 InnovizTwo LiDAR 平台量產進程中的一個重要里程碑。Fabrinet 工廠的產能提升經過了數月的合作和廣泛的培訓，確保所有生產程序都符合 Innoviz 嚴格的品質標準。透過這些初始出貨，Innoviz 更接近滿足全球汽車原始設備製造商和行動旅遊公司對可擴展自動駕駛汽車解決方案日益增長的需求。

Now let's move on to our outlook, driven by the NRE payments that we expect in 2025, combined with sales of LiDAR units, we continue to expect more than a twofold increase in our revenues year-over-year for 2025 at $50 million to $60 million. As you saw in the first half, our cash burn has continued to decline thanks to our tightly managed expenses as well as the actions we took in the first quarter.

現在讓我們談談我們的展望，受我們預計 2025 年 NRE 付款的推動，加上 LiDAR 設備的銷售，我們繼續預計 2025 年我們的收入將同比增長一倍以上，達到 5000 萬至 6000 萬美元。正如您在上半年看到的，由於我們嚴格管理費用以及我們在第一季採取的行動，我們的現金消耗持續下降。

On the operational front, in 2025, we continue to target 1 to 3 new programs. We expect 1 to 2 in addition to the SOW that we already signed. Given that we've already booked more than $20 million in NREs this year, we are raising our guidance for NRE bookings in '25 to $30 million to $60 million from $20 million to $50 million.

在營運方面，2025年我們將繼續瞄準1至3個新項目。除了我們已經簽署的 SOW 之外，我們還希望再簽 1 到 2 份。鑑於我們今年已預訂了超過 2000 萬美元的 NRE，我們將 2025 年 NRE 預訂額預期從 2000 萬美元到 5000 萬美元提高到 3000 萬美元到 6000 萬美元。

All in all, our year is progressing very nicely. And with that, I'll turn it over to Eldar to talk about our financials.

總而言之，我們這一年進展非常順利。接下來，我將把主題交給 Eldar 來談談我們的財務狀況。

Thank you, Omer, and good morning, everybody. In the first half of 2025, our company continued to make strong financial and operational progress. Revenues in the quarter were $9.7 million bringing the first half to $27.1 million. As Omer said, we generated more revenues in the first half of the year than in all of 2024. We ended Q2 with approximately $79.4 million in cash, cash equivalents, short-term deposits and marketable securities on the balance sheet.

謝謝你，奧馬爾，大家早安。2025年上半年，本公司持續取得強勁的財務和營運進展。本季營收為 970 萬美元，上半年營收達 2,710 萬美元。正如奧馬爾所說，我們今年上半年的收入比 2024 年全年的收入還要多。截至第二季末，我們的資產負債表上現金、現金等價物、短期存款和有價證券約為 7,940 萬美元。

We decreased cash used in operations and capital expenditure in the second quarter to just $7.3 million, in line with our guidance for a single-digit cash burn. This was due to strong cash inflows from NRE payments and the realization of the benefits of our operational realignment earlier in the year. Gross margins in the quarter was approximately 16% and 31% for the first half of the year. Going forward, we expect margins will continue to vary. This is due to the product ramp timing and the NRE payment fluctuation based on our customers' milestone.

我們將第二季的營運現金和資本支出減少至僅 730 萬美元，符合我們對個位數現金消耗的預期。這是由於 NRE 支付帶來的強勁現金流入以及我們今年稍早實現的營運調整的好處。本季毛利率約 16%，上半年毛利率約為 31%。展望未來，我們預期利潤率將持續變化。這是由於產品升級時間和基於客戶里程碑的 NRE 付款波動所造成的。

Looking into the remainder of 2025 and beyond, we remain confident in our ability to manage our expense effectively and keep our cash burn rate down on an annualized basis.

展望 2025 年剩餘時間及以後，我們仍然有信心能夠有效管理我們的支出並保持年度現金消耗率較低。

Our NRE payment plans are a key part of our financial model and, hence, demonstrated over the last several quarters, they helped us offset our spending significantly. With every development milestone that we meet on customers program, we unlock a portion of the NRE payments associated with that program. As we work to expand our NRE payment plan and get closer to our 2026 production ramp, we are launching an at-the-market or ATM program in the amount of $75 million. We intend to use the net proceeds from the ATM for general business purposes, including activities such as R&D operations and supporting our production efforts.

我們的 NRE 付款計劃是我們財務模型的重要組成部分，因此，過去幾個季度的事實證明，它們幫助我們顯著抵消了支出。隨著我們在客戶計劃中達到的每一個開發里程碑，我們都會解鎖與該計劃相關的部分 NRE 付款。隨著我們努力擴大 NRE 付款計劃並更接近 2026 年的生產成長，我們將推出一項價值 7,500 萬美元的市場或 ATM 計劃。我們打算將 ATM 的淨收益用於一般商業用途，包括研發營運和支援我們的生產工作等活動。

We may also use proceeds to buffer the lumpiness of the NRE payment plan and to be able to maintain sufficient level of liquidity on our balance sheet. As a Tier 1 automotive supplier, it is important that we are able to demonstrate financial strength to our customers. Having the ATM program signals to our customers that the strength and stability of our company and the continued capacity to serve our customers.

我們也可能利用收益來緩衝 NRE 支付計劃的不穩定性，並能夠在我們的資產負債表上保持足夠的流動性水準。作為一級汽車供應商，向客戶展示我們的財務實力非常重要。ATM 計劃向我們的客戶表明了我們公司的實力和穩定性以及持續為客戶提供服務的能力。

Now turning to the income statement. Our Q2 revenues of $9.7 million was up 46% year-over-year, supported by NREs as well as sales of LiDAR units. Our operating expenses for Q2 were approximately $18.5 million, a decrease of 20% from $23.3 million in Q2 2024. This quarter's operating expenses included $2.3 million of share-based compensation compared to $3.8 million in Q2 2024. Research and development expenses for Q2 were $13.2 million, a decrease from $16.8 million in Q2 2024.

現在轉向損益表。我們第二季的營收為 970 萬美元，年增 46%，這得益於 NRE 以及 LiDAR 設備的銷售。我們第二季的營運費用約為 1,850 萬美元，比 2024 年第二季的 2,330 萬美元下降了 20%。本季的營運費用包括 230 萬美元的股權激勵費用，而 2024 年第二季為 380 萬美元。第二季研發費用為 1,320 萬美元，較 2024 年第二季的 1,680 萬美元有所下降。

The decrease is primarily related to the allocation of costs related to sales of NRE and to the operational realignment in Q1.

下降主要與 NRE 銷售相關的成本分配以及第一季的營運調整有關。

The quarter's R&D expenses included $1.4 million of share-based compensation compared to $2.6 million in Q2 2024. To conclude, Q2 represented a robust quarter for both revenue, margin and cash flow perspective. Looking into Q3 and the rest of the year, we are focusing on future ramping the InnovizTwo, developing the next-generation InnovizThree and securing additional design wins in the automotive and nonautomotive segment as we continue to focus on tightly managing cash burn and maintaining a strong balance sheet.

本季的研發費用包括 140 萬美元的股權激勵費用，而 2024 年第二季為 260 萬美元。總而言之，無論從收入、利潤率或現金流的角度來看，第二季度都是一個強勁的季度。展望第三季及今年剩餘時間，我們將專注於未來 InnovizTwo 的提升、下一代 InnovizThree 的開發以及在汽車和非汽車領域獲得更多設計勝利，同時我們將繼續專注於嚴格管理現金消耗並保持強勁的資產負債表。

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

說完這些，我將把電話轉回給奧馬爾，請他做最後發言。

Thank you, Eldar. Before I wrap up the call and open for Q&A, I wanted to recap some of our recent developments. We reported record first half revenues with improved cash burn. We announced an SOW agreement with a top 5 global automotive OEM to develop certain modifications to our InnovizTwo LiDAR for the OEMs Level 3 global production, passenger vehicle platform targeting 2027 SOP, with line of sight on expansion opportunity at the OEMs other programs with our short-range product.

謝謝你，埃爾達。在結束通話並開始問答之前，我想回顧一下我們最近的一些進展。我們報告稱上半年收入創歷史新高，現金消耗也有所改善。我們宣布與全球五大汽車原始設備製造商達成 SOW 協議，對我們的 InnovizTwo LiDAR 進行某些修改，以滿足原始設備製造商的 3 級全球生產需求，乘用車平台的目標是 2027 年 SOP，同時為原始設備製造商的其他項目提供使用我們的短程產品的擴展機會。

We are proud of the fact that we are working with 2 out of 5 auto OEMs that together have close to 1/5 of global auto market share while continuing to pursue other top automakers. The adoption of robotaxis, many of which will be powered by Innoviz Technologies is accelerating around the world. The deployment of LiDAR-powered shuttle fleets highlights the fact that LiDAR technology is critical to autonomous driving, and this is increasingly recognized by the industry.

我們很自豪，我們正在與五分之二的汽車原始設備製造商合作，這些製造商合計佔據全球汽車市場份額的近五分之一，同時我們仍在繼續追逐其他頂級汽車製造商。機器人計程車的採用正在全球加速，其中許多將由 Innoviz Technologies 提供支援。搭載光達的班車車隊的部署，凸顯了光達技術對自動駕駛的關鍵作用，這也越來越得到業界的認可。

For nonautomotive applications, we launched InnovizSMART and we are already establishing partnerships with companies like NVIDIA, Cogniteam, Sparsh and Cron AI. We're seeing a number of parallel RFIs and RFQs for the InnovizSMART. The ASPs are higher, the design phases in this segment are shorter than automotive, making it very attractive market. Our pipeline of RFIs and RFQs both in auto and nonauto is a testament to both the maturity of our technology and its critical role in the future of driving safety, security and other end markets.

對於非汽車應用，我們推出了 InnovizSMART，並且已經與 NVIDIA、Cogniteam、Sparsh 和 Cron AI 等公司建立了合作夥伴關係。我們看到了許多針對 InnovizSMART 的平行 RFI 和 RFQ。該領域的平均售價較高，設計階段比汽車產業短，因此該市場非常有吸引力。我們在汽車和非汽車領域的 RFI 和 RFQ 管道證明了我們技術的成熟度及其在未來駕駛安全、保障和其他終端市場中的關鍵作用。

With the company well on track to meeting the goals we set out for ourselves at the start of the year, we are laser-focused on becoming the world's premier large-scale provider of best-in-class LiDAR solutions for autonomous driving and beyond.

公司正在順利實現年初設定的目標，我們致力於成為全球領先的大型自動駕駛及其他領域一流雷射雷達解決方案供應商。

With that, operator, let's open it up for Q&A.

接線員，好了，讓我們開始問答環節。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）高盛的馬克·德萊尼。

First question is in regard to the development program with the top 5 auto OEM. What do you think it would take for that development program to become a series production win? And when do you expect to know of the development program is going to become a series production award?

第一個問題是關於與前五大汽車OEM廠商的開發計畫。您認為該開發計劃需要如何成功實現大量生產？您預計什麼時候會知道該開發計劃會成為系列生產獎？

So basically, as we said, the SOP is in '27, so we have already started to work on the program towards the SOP. Otherwise, the long lead items that are required are not going to be met. Meanwhile, we are working on the contract and basically the different, I would say, final details. And we hope that we'll be able to converge it as soon as possible.

所以基本上，正如我們所說的，SOP 是在 '27 年，所以我們已經開始著手製定針對 SOP 的計劃。否則，所需的長交貨週期物品將無法滿足。同時，我們正在製定合同，基本上是不同的，我想說的是最終細節。我們希望能夠盡快達成協議。

Okay. And if the development program does become a series production award, do you have any clarity on what that program may look like in terms of annual volumes when fully ramped? And if your LiDAR is going to be standard fit or optional on vehicles?

好的。如果開發計畫確實成為大量生產項目，您是否清楚該計畫在全面投入生產後，其年產量將會達到什麼程度？您的 LiDAR 是車輛的標準配備還是選項？

Sure. Well, of course, we'll be happy to share more information once we'll be able to announce the customer. It's a very big OEM, having it's a fifth -- one of the top 5 OEMs. Obviously, the volume of this OEM are high. And we are already starting to talk about potentially expanding to use also the short range for other programs.

當然。當然，一旦我們能夠宣布客戶，我們將很樂意分享更多資訊。它是一個非常大的 OEM，是排名前五的 OEM 之一。顯然，這家OEM的產量很高。而且我們已經開始討論擴大短程通訊的範圍，以便將其用於其他專案。

But it's not a single vehicle line. There are several lines. And of course, we'll be happy to share more as we go. But at least the first line, as far as I know, it's a standard. It's a standard fit.

但這並不是一條單一的車輛生產線。有好幾條線。當然，我們很樂意分享更多資訊。但至少第一行，據我所知，它是一個標準。這是標準尺寸。

Got it. One more for me, if I could, please, and then I'll pass it along. You spoke about filing for the ATM. Can you help investors better understand how quickly the company plans to use the $75 million ATM that you announced this morning? And any guidance on how much you may look to raise this year?

知道了。如果可以的話，請再給我一個，然後我會把它傳下去。您談到了申請 ATM 機的事情。您能否幫助投資者更了解公司計劃多快使用您今天上午宣布的價值 7500 萬美元的 ATM 機？您能指導一下今年希望籌集多少資金嗎？

Sure. So as you know, the company is already taking several steps to minimize our cash burn and reduce it as much as possible. In today's report, we talked about $7.3 million that away from being even with the quarter. So we'll continue to close this gap with winning more programs, getting more NREs. And we said that we are also expecting growth in the sales of LiDARs.

當然。因此，如您所知，公司已經採取了多項措施來盡量減少現金消耗。在今天的報告中，我們談到了與本季持平的 730 萬美元。因此，我們將繼續透過贏得更多項目、獲得更多 NRE 來縮小這一差距。我們表示，我們也預計 LiDAR 的銷售量將會成長。

And we intend to look on the ATM opportunistically and with consideration for our liquidity at any given time.

我們打算隨時抓住機會查看 ATM，並考慮我們的流動性。

The structure of the ATM program really helps us to buffer some of the lumpiness related to NRE payments and timing variabilities. So we'll work with it along the way. And that's -- I think there is a nice fit between the ATM structure, with the NRE payment plan that we have. And again, we are -- as you see, we are working to close the gap as much as possible.

ATM 程式的結構確實幫助我們緩衝與 NRE 支付和時間變化相關的一些不穩定性。因此，我們會一直努力。這就是——我認為 ATM 結構與我們的 NRE 支付計劃非常契合。再說一次，正如你所見，我們正在努力盡可能縮小差距。

Jash Patwa, JPMorgan.

摩根大通的 Jash Patwa。

Jash, you're line is open. Okay. We will move on to Kevin Garrigan from Rosenblatt.

賈什，你的線路已開通。好的。我們接下來將討論羅森布拉特 (Rosenblatt) 的凱文·加里根 (Kevin Garrigan)。

Congrats on the progress. Going off of Mark's question on the statement of development work agreement. Can you just tell us what's different with this agreement if there -- if any, in terms of process or time line. I think the typical process is the RFI and RFQ time lines, then design wins, sign and then development on the platform, but you're already working with OEMs. So can you just tell us what the changes with this agreement are?

恭喜你取得進展。回答馬克關於開發工作協議聲明的問題。您能否告訴我們該協議在流程或時間表方面有何不同？我認為典型的流程是 RFI 和 RFQ 時間表，然後是設計獲勝、簽約，然後在平台上進行開發，但您已經與 OEM 合作。那麼您能告訴我們協議有哪些變化嗎？

Sure. This is actually beyond the process of the RFI and RFQ that are behind us. Only that the OEM has experienced needs to make modifications to the requirements. And therefore, it's required us to start working on some of the design changes while working with us on concluding the -- some of the contract details. So it's not very different other than the fact that since the RFQ process took longer than the OEM has expected, it's required us to start working on the program meanwhile trying to converge on the contract.

當然。這實際上超出了我們過去的 RFI 和 RFQ 流程。只是 OEM 經歷了需要對要求進行修改。因此，這要求我們在與我們合作完成一些合約細節的同時，開始著手進行一些設計變更。因此，除了由於 RFQ 流程比 OEM 預期的要長，要求我們在開始製定計劃的同時努力達成合約之外，情況並沒有太大不同。

We had a similar situation in the past with Volkswagen.

我們過去與大眾汽車也遇到類似的情況。

If you might recall, we made an announcement about winning a program, pending commercial agreement with a customer. We haven't announced who it is. And later, we announced it's the ID. Buzz. Similar background, similar reasons, sometimes there are some delays in the process, but the OEMs wants to start working on the program because the SOP time line doesn't change.

如果您還記得的話，我們曾宣布贏得一個項目，但目前還未與客戶達成商業協議。我們還沒有宣布是誰。後來，我們宣布了它是ID。嗡嗡。類似的背景，類似的原因，有時流程會出現一些延遲，但由於 SOP 時間軸沒有改變，OEM 廠商希望開始執行該計劃。

So it's a very similar situation to what we had at the time.

所以這與我們當時的情況非常相似。

Got it. Okay. That makes sense. And then just looking at the overall autonomous vehicle market, does the acceleration of robotaxi deployments, does that accelerate time lines or benefit L3 at all? Or are they kind of on two different spectrums?

知道了。好的。這很有道理。然後，僅從整個自動駕駛汽車市場來看，機器人計程車部署的加速是否會加快時間表或使 L3 受益？還是它們屬於兩種不同的範圍？

I think that it's a good question. I think that right now, the programs -- I don't know if there are -- I see a correlation between the sense of urgency between one and the other. I think the autonomy is a topic that is now picked up again. And carmakers are interested to look on their next platform and autonomy is an important element in it. I think that the split between Level 3 and Level 4 is somehow different.

我認為這是個好問題。我認為現在，這些項目——我不知道是否有——我看到了它們之間的緊迫感之間的關聯。我認為自治是現在再次被提起的話題。汽車製造商對下一個平台很感興趣，而自主性是其中一個重要的元素。我認為 3 級和 4 級之間的劃分有些不同。

So you have Level 3, which comes from large OEMs, the traditional OEMs. And then you have the Level 4, which are more like based on, I would say, commercial vehicles, trucks, et cetera.

因此，您擁有來自大型 OEM（傳統 OEM）的 3 級。然後是 4 級，我認為它更像是基於商用車、卡車等等。

This is something that we also experience a pickup right now. We are also competing on programs that are related to trucks that are also targeting to SOP in '27. So in a whole, I think the whole topic of autonomous driving is going through a gold rush once again. It's hard for me to say if the two are -- because every customer is either going on Level 3 or Level 4, so it's hard to connect between the two.

我們現在也正在經歷這樣的情況。我們也在與卡車相關的項目上競爭，這些項目的目標也是在 27 年實現 SOP。所以總的來說，我認為整個自動駕駛話題正在再次經歷淘金熱。我很難說這兩者是否相同——因為每個顧客要么去第 3 級，要么去第 4 級，所以很難將兩者聯繫起來。

Colin Rusch, Oppenheimer.

科林·拉什，奧本海默。

Can you talk about your ability to tune the LiDAR for industrial applications? Or do you feel like you're going to end up having to start building multiple SKUs as you see some of the proliferation into some of these incremental end markets?

您能談談您針對工業應用調整 LiDAR 的能力嗎？或者，隨著您看到一些增量終端市場的擴散，您是否覺得最終將不得不開始建立多個 SKU？

Sure. I'm happy to talk about it. So basically, the InnovizSMART is the same LiDAR that we are selling to automotive. If you see the image of the InnovizSMART, you can actually see that it's based on two parts. There is the LiDAR and there is an add-on to the back of the LiDAR that we connect with, which is used as kind of a conversion of some of the interfaces and easier connectivity to some of the applications that are currently used.

當然。我很高興談論它。所以基本上，InnovizSMART 與我們銷售給汽車的 LiDAR 相同。如果您看到 InnovizSMART 的圖像，您實際上可以看到它是基於兩個部分。有 LiDAR，並且在 LiDAR 背面有一個可連接的附加元件，它用作某些介面的轉換，並且更容易連接到目前使用的某些應用程式。

So it really is the same LiDAR.

所以它確實是同一個光達。

We're coming off from the same production line and same tester, et cetera. So from that perspective, it's the same. I would also want to add there is something interesting that we are currently seeing in some applications. Look, when you talk about nonautomotive in some of these cases, we're still talking about a moving object, it could be a robot, it could be an AGV. And these require also functional safety.

我們來自同一條生產線，擁有同一位測試員，等等。從這個角度來看，是一樣的。我還想補充一點，我們目前在一些應用程式中看到了一些有趣的事情。你看，當你在某些情況下談論非汽車時，我們仍然在談論移動物體，它可能是機器人，也可能是 AGV。這些也需要功能安全。

Any vehicle with above a certain mass that moves around people requires a sensor that means functional safety.

任何品質超過一定且在人員周圍移動的車輛都需要一個意味著功能安全的感測器。

And there is actually not sufficient, and I'm not familiar with any good LiDAR out there in the automotive -- in the nonautomotive sector that meets functional safety. I mean there are, but they are really, really low 1D or 2D LiDAR sensors. And that's kind of a gap where we see in these markets. Our LiDAR comes from automotive, which means it meets the ISO 26262 and covers an overlaps probably all, if not most, of the other requirements for functional safety in other industries.

但實際上，我還不知道汽車或非汽車領域中是否存在任何符合功能安全的優質光達。我的意思是，有，但它們真的是非常低的 1D 或 2D LiDAR 感測器。這就是我們在這些市場中看到的差距。我們的 LiDAR 來自汽車行業，這意味著它符合 ISO 26262 標準，並且可能涵蓋了其他行業對功能安全的所有（如果不是大部分）要求。

And this is something that we see as a huge opportunity for us to step in. So today, you see these nonautomotive applications run with experimental sensors for development. But once they need to be operating in areas where you have people, they need to have functional safety used even if it's not automotive application or fraud activity. So this is something that we identified recently with some customers that were looking on our LiDAR. And other than that, what is interesting is that we are currently going into an established market.

我們認為這對我們來說是一個巨大的機會。所以今天，您會看到這些非汽車應用程式使用實驗感測器進行開發。但是，一旦他們需要在有人的區域開展業務，他們就需要使用功能安全，即使它不是汽車應用或詐欺活動。這是我們最近與一些正在使用我們的光達的客戶一起發現的。除此之外，有趣的是，我們目前正進入一個成熟的市場。

It's not like 2 years ago where we had to educate many people on what is a LiDAR and what -- why you might want to use the LiDAR. There are many customers already using LiDARs in different applications, and they are much more educated also about the gaps of the LiDARs that they are using today. And for us, it's pretty easy to demonstrate the advantages related to using Innoviz LiDAR with our significantly higher performance, robustness, ruggedness and functional safety. So it's a very -- I would say, it's very exciting to see the reaction of several customers when they see the LiDAR in action.

這不像兩年前，那時我們不必對很多人講解什麼是 LiDAR 以及為什麼要使用 LiDAR。許多客戶已經在不同的應用程式中使用 LiDAR，他們也更了解他們目前使用的 LiDAR 的差距。對我們來說，使用 Innoviz LiDAR 的優勢顯而易見，其效能、穩健性、堅固性和功能安全性都顯著提高。所以我想說，當我看到幾位客戶看到 LiDAR 的實際效果時的反應，我感到非常興奮。

I was participating in a lecture about Homeland Security a few weeks back. I felt that when I demonstrated the LiDAR, people looked at me as if I came from a spaceship, landed from another star, showing them technology, they've never ever really experienced. There are many markets that haven't yet really used LiDARs at this performance and they can disrupt. So it's pretty exciting, and I look forward to see, where our LiDARs are going to be used, and we'll share it with you guys over the time.

幾週前我參加了一場有關國土安全的講座。我覺得當我演示 LiDAR 時，人們看著我就好像我來自一艘從另一顆恆星降落的太空船，向他們展示他們從未真正體驗過的技術。許多市場尚未真正使用 LiDAR，它們可能會帶來顛覆性的變化。所以這非常令人興奮，我期待看到我們的光達將在哪裡使用，我們會隨著時間的推移與大家分享。

That's super helpful. And then with the proliferation of customers and potential customers, we're seeing just so much activity. And I think the gold rush that you mentioned is an apt analogy here. Can you talk about your strategy for selecting customers and where you're putting energy. Obviously, NRE is one indication of a deeper relationship.

這非常有幫助。隨著客戶和潛在客戶的激增，我們看到瞭如此多的活動。我認為您提到的淘金熱是一個恰當的比喻。您能談談您選擇客戶的策略以及您把精力放在哪裡了嗎？顯然，NRE 是更深層關係的一個標誌。

But can you talk to us around how you're managing your engineering resources to help your customers on a downstream basis.

但您能否向我們介紹您如何管理工程資源來幫助您的下游客戶。

Sure. So today, our portfolio is based on InnovizTwo long range and short- to mid-range. And our main focus probably 95% of it is still in the auto space. Since there are RFQs that are converging and we have this customer that we are working towards this kickoff of the program. And also since the fact that we also -- we always see the automotive as the winner takes most kind of market, which eventually would be only limited to maybe two suppliers.

當然。所以今天，我們的產品組合是基於 InnovizTwo 長距離和短距離到中距離。我們的主要關注點大概 95% 仍在汽車領域。由於有正在匯集的 RFQ，並且我們有這個客戶，因此我們正在努力啟動該計劃。而且事實上，我們也一直認為汽車市場是贏家通吃的市場，最終可能只會侷限於兩家供應商。

So that's still very key for us to be a leader in this activity. And book all of these wins ahead of those launches.

因此，對我們來說，成為這項活動的領導者仍然非常關鍵。並在這些產品發布之前預定所有這些勝利。

Meanwhile, we are using the excess capacity of our production, which we are ramping up now in order to start penetrating nonautomotive customers. The sales cycles in these markets are shorter than automotive. And therefore, we expect that this is the right time for us to start working in this environment. We benefit by working with different integrators that are already deep in the, I would say, the circles that are talking with the different customers and building the application layer. So we are providing them a platform.

同時，我們正在利用過剩的生產能力，增加生產力度，以開始滲透非汽車客戶。這些市場的銷售週期比汽車市場的銷售週期短。因此，我們預計現在是我們開始在這種環境中開展工作的最佳時機。透過與不同的整合商合作，我們可以受益匪淺，我想說，這些整合商已經深入到與不同客戶交談並建立應用層的圈子中。所以我們為他們提供了一個平台。

Many of them are relying on the NVIDIA Jetson environment and the fact that we've integrated the InnovizSMART into the Jetson platform, helps them to do a more seamless integration. So maybe to summarize, 95%, still on automotive, trying to capture our position, be a winner take most in this sector using now the InnovizTwo C-sample, which is beyond the design freeze and ramp-up of volume to penetrate into the nonautomotive market. We continue to develop new technologies. InnovizThree, probably we'll talk about it on our next earnings and we expect to show it end of the year, a very exciting product.

他們中的許多人都依賴 NVIDIA Jetson 環境，而我們將 InnovizSMART 整合到 Jetson 平台中，有助於他們實現更無縫的整合。所以也許可以總結一下，95% 的人仍然在汽車領域，試圖佔據我們的位置，成為這個領域的贏家，現在使用 InnovizTwo C 樣品，這超越了設計凍結和產量提升，可以滲透到非汽車市場。我們不斷開發新技術。InnovizThree，我們可能會在下次收益報告中談論它，我們預計在今年年底展示它，這是一款非常令人興奮的產品。

It's a new step in our development for cost, for size and for performance. We look on second generations for the different long range and short range. So there's a lot to do yet. But we are in a very -- I would say, in a very interesting time because we see the level of engagement we get from customers when we are showing them our product. So we feel that we're on the right track to be where we are aiming.

這是我們在成本、尺寸和性能方面發展的新一步。我們關注第二代產品，以獲得不同的長距離和短距離。所以還有很多事情要做。但我們正處於一個非常——我想說，一個非常有趣的時期，因為當我們向客戶展示我們的產品時，我們看到了他們參與的程度。因此，我們覺得我們正朝著目標前進。

(Operator Instructions) Casey Ryan, WestPark.

（操作員指示）Casey Ryan，WestPark。

Very exciting update, terrific news. One thing I'm curious about is you mentioned commercial revenues in the quarter were good. Would you qualitatively say this has been one of your highest commercial revenue contributions. And then it sounds like you're saying it's going to be 10x in Q3. So Q3 might be your highest commercial revenue shipments, splitting that out from NREs.

非常令人興奮的更新，好消息。我很好奇的一件事是，您提到本季的商業收入很好。您是否會定性地說這是您最高的商業收入貢獻之一？然後聽起來您好像是說在第三季它將達到 10 倍。因此，從 NRE 分離出來後，第三季可能是您的最高商業收入出貨量。

So as we said on the call that we are ramping up our production line and the revenues coming from units probably would be, as you said, our peak to date. And this is -- we're only starting, right? So this is -- we see also the maturity in our lines in our headquarters, also coming from Fabrinet. Next year, we are doing an SOP with Volkswagen, middle of the year or Q3. So we need to ship 2 products.

因此，正如我們在電話中所說的那樣，我們正在擴大生產線，來自單位的收入可能正如您所說，是我們迄今為止的最高峰。這才是——我們才剛開始，對吧？所以這是——我們也看到了我們總部生產線的成熟，這也來自 Fabrinet。明年，我們將與大眾汽車一起制定 SOP，時間是年中或第三季。所以我們需要運送 2 件產品。

It's the long range and short range. Both of them are going to go through production validation at Fabrinet prior to the SOP.

有長距離和短距離之分。這兩款產品都將在 SOP 之前在 Fabrinet 進行生產驗證。

Meanwhile, we are working to book new businesses. I think Mobileye -- being on the Mobileye platform obviously contributes, and we are looking to hear about new opportunities that might come in other than the ones that are already booked. And we have the NVIDIA Hyperion platform, which NVIDIA is offering to different customers based on the InnovizTwo long range so far. So yes, I think we talked about the fact that our strategy right now is into our vision is in becoming one of the largest suppliers of LiDARs around the world, and we intend to be there.

同時，我們正在努力預訂新業務。我認為 Mobileye —— 加入 Mobileye 平台顯然有所貢獻，並且我們希望聽到除了已經預訂的機會之外可能出現的新機會。我們擁有 NVIDIA Hyperion 平台，NVIDIA 目前正基於 InnovizTwo 長距離平台向不同的客戶提供該平台。是的，我認為我們討論過這樣一個事實，即我們目前的策略是成為全球最大的光達供應商之一，我們打算實現這一目標。

And so sort of in this vein of commercial revenues, taking the ID. Buzz, as an example, if Uber will be deploying those vehicles, say, Q1 or Q2 of '26, at what point would that -- would VW actually be pulling units from you? How many quarters in advance, I guess, I'm trying to figure out what the timing would look like, if it would be 12 months in advance or 6 months in advance or something like that? Because you guys would be somewhat of a leading indicator, if -- assuming we could see all the information, you would obviously need to send LiDARs to VW before the vehicles could be made and deployed into an Uber network, right?

因此，從商業收入的角度來說，需要取得身分證。以 Buzz 為例，如果 Uber 將在 2026 年第一季或第二季部署這些車輛，那麼大眾汽車何時才會真正從你們那裡撤出車輛？我想，提早多少個季度呢？我想弄清楚時間安排是什麼樣的，是提前 12 個月還是提前 6 個月或類似的時間？因為你們在某種程度上是一個領先指標，如果——假設我們可以看到所有信息，那麼顯然需要先將 LiDAR 發送給大眾，然後才能製造車輛並將其部署到 Uber 網路中，對嗎？

Sure. Maybe Eldar, if you want to take this one?

當然。也許是 Eldar，如果你想要這個的話？

Sure. Of course. Usually, the industry is working just in time methodology. Usually, we should expect to see it a quarter before they deploy their vehicles to the market, so something like that.

當然。當然。通常，該行業採用準時制方法運作。通常情況下，我們應該在他們將車輛投放到市場前一個季度看到它，就是這樣。

Okay. So if it's Q1 then late Q3, Q4, something like that for Innoviz, basically?

好的。那麼，如果是第一季度，那麼第三季末、第四季度，對於 Innoviz 來說基本上也是這樣的情況？

The SOP is currently targeted for Q3. And -- but other than that we are expecting to continue to ship units to support the ramp-up and testing, not only to Volkswagen, but also other Mobileye customers such as HOLON. There was also an announcement related to Lyft and partnering with HOLON, which is based on the Mobileye platform, which obviously is also based on our LiDARs. So there is -- it's going to be a mix of LiDARs shipped as samples for testing, data collection, SOPs and for probably additional NREs coming from new programs and existing ones.

SOP 目前計劃於第三季實施。除此之外，我們也預計將繼續運送設備以支援產能提升和測試，不僅面向大眾汽車，還面向其他 Mobileye 客戶，例如 HOLON。還有一則與 Lyft 和 HOLON 合作相關的公告，該公告基於 Mobileye 平台，而該平台顯然也基於我們的 LiDAR。因此，將會有多種 LiDAR 作為樣品運送，用於測試、數據收集、SOP，以及可能來自新項目和現有項目的額外 NRE。

Well, I mean, this is all very positive, I think. And potentially, we will see the early stages of the sort of robotaxi wave through your results, as you move forward. Very quickly on the nonautomotive opportunities, do you expect any change in sort of pricing and margin profile? Or will those be pretty consistent with your automotive sales if and when those move into commercial developments.

嗯，我的意思是，我認為這一切都非常積極。隨著你們的不斷前進，我們有可能看到自動駕駛計程車的早期階段展現在你們的成果中。簡單談談非汽車領域的機遇，您預期價格和利潤率會發生任何變化嗎？或者，如果這些進入商業開發階段，它們是否會與您的汽車銷售相當一致。

No, no. The ASPs for nonautomotive are significantly higher and the margins are significantly higher. We are talking about in the order of several thousands compared to the several hundreds. So definitely, the nonautomotive is a very rewarding market for us to operate in. And we work against a benchmark of very expensive other LiDARs.

不，不。非汽車產品的平均售價明顯較高，利潤率也明顯較高。我們討論的是幾千個數量級，而不是幾百個數量級。因此，非汽車產業對我們來說無疑是一個非常有價值且值得經營的市場。我們以其他非常昂貴的光達為基準進行研究。

So -- and we provide a better product, so no need to discount.

所以——我們提供更好的產品，所以不需要打折。

It feels like a very compelling sales pitch. Listen, tremendous progress. It sounds like a very exciting back half of the year is coming.

這聽起來像是一個非常引人注目的推銷。聽著，巨大的進步。聽起來非常令人興奮的下半年即將到來。

Thank you.

謝謝。

There are no further questions. I'm handing the call over to Omer for closing remarks. Thank you.

沒有其他問題了。我將把電話交給奧馬爾，請他做最後發言。謝謝。

Okay. Thank you very much for attending our Q2 2025 earnings. We look forward to continue to update you with our progress. And thank you very much. Bye-bye.

好的。非常感謝您參加我們的 2025 年第二季財報。我們期待繼續向您通報我們的進展。非常感謝。再見。