Innoviz Technologies Ltd (INVZ) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Innoviz's second quarter 2026 earnings call. (Operator Instructions) I must advise you that this call is being recorded.

各位女士、先生，感謝您稍候，歡迎參加 Innoviz 2026 年第二季財報電話會議。(接線員指示) 我必須提醒您，本次通話將被錄音。

I would now like to hand over the call to our first speaker, Ada Menaker, Head of Investor Relations. Ada, please go ahead.

現在我想把電話交給我們的第一位講者——投資人關係主管 Ada Menaker。Ada，請開始。

Good morning. I would like to welcome you to the Innoviz Technologies second quarter 2026 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。歡迎各位參加 Innoviz Technologies 2026 年第二季財報電話會議。今天與會者包括執行長 Omer Keilaf，以及財務長 Eldar Cegla。提醒各位，本次通話將被錄音，並將於我們網站 ir.innoviz.tech 的投資人關係專區提供回放。

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

在開始之前，我想提醒各位，我們今天的討論將包含前瞻性陳述，該等陳述涉及與未來事件及 Innoviz 未來財務表現相關的風險與不確定性。實際結果可能與前瞻性陳述中所預期者有重大差異。

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 4, 2026.

今日所作之前瞻性陳述僅代表我們截至今日的預期，我們不承擔公開更新或修訂該等陳述的任何義務。關於可能導致實際結果與任何前瞻性陳述存在重大差異之重要風險因素，請參閱我們於 2026 年 3 月 4 日向美國證券交易委員會（SEC）提交之 Form 20-F 的「風險因素」章節。

Omer, please go ahead.

Omer，請開始。

Thank you, Ada, and good morning to everyone joining us for our second quarter earnings call. The recent months have been transformative for Innoviz as we enter the defense and homeland security markets. For the past decade, we built our LiDARs to the toughest bar in the industry, automotive functional safety and automotive qualification.

謝謝你，Ada，也向所有參加我們第二季財報電話會議的朋友道早安。近幾個月對 Innoviz 而言是具轉型意義的時期，因為我們正進入國防與國土安全市場。過去十年，我們以業界最嚴苛的標準打造 LiDAR：汽車功能安全與汽車級認證。

That work established a strong technological moat and a leading position in LiDAR for the auto market, a high-volume, long-term business.And those same capabilities now let us take our proven LiDAR platform into defense and homeland security, which is a market with faster growth and much higher margins. Governments are allocating tens of billions of dollars in Israel, the US, Europe and elsewhere to counter emerging threats, establishing what could be a multibillion-dollar TAM.

這些工作建立了堅實的技術護城河，並使我們在汽車市場的 LiDAR 領域取得領先地位——這是一個高出貨量、長期的業務。同樣的能力如今也讓我們能將經驗證的 LiDAR 平台導入國防與國土安全領域；該市場成長更快、毛利率也高得多。以色列、美國、歐洲及其他地區的政府正投入數百億美元以因應新興威脅，形成可能達數十億美元規模的總可服務市場（TAM）。

We are serving this market under a dedicated new brand, Perciz, with our existing sensors expected to be going into Counter-UAS, perimeter security and unmanned ground vehicle UGV applications. We've also appointed retired major general Yoav Har-Even, the former President and CEO of Rafael to our Board of Directors to advance our efforts in this market.

我們以專屬的新品牌 Perciz 服務此市場，預期我們既有的感測器將導入反無人機系統（Counter-UAS）、周界安全，以及無人地面載具（UGV）等應用。我們也任命退役少將 Yoav Har-Even（前 Rafael 總裁暨執行長）加入董事會，以推進我們在此市場的布局。

So far, six companies have publicly announced that they are engaging with us to adopt LiDARs in defense and security applications, and we are in active conversations with dozens more. We've received our first multimillion dollar defense order for Counter-UAS and perimeter security, and our LiDAR solutions have been installed and are fully operational in several locations.

截至目前，已有六家公司公開宣布正與我們合作，採用 LiDAR 於國防與安全應用；我們也正與另外數十家公司積極洽談。我們已取得首筆數百萬美元規模的國防訂單，涵蓋反無人機與周界安全；我們的 LiDAR 解決方案已在多個地點完成安裝並全面投入運作。

We believe the Defense and Security business will be complementary to our automotive business, driving revenue growth and gross margin improvement with ASPs that are in order of magnitude higher than in the auto space. In automotive, growth continues. We announced the development of a LiDAR-based perception stack with a top 10 global OEM for highway driving.

我們相信，國防與安全業務將與汽車業務形成互補，透過平均售價（ASP）較汽車領域高出一個數量級，帶動營收成長並改善毛利率。在汽車方面，成長仍在持續。我們宣布與全球前十大 OEM 共同開發用於高速公路駕駛的 LiDAR 感知（perception）堆疊。

Mobileye announced its own robotaxi on the drive platform with 9 Innoviz LiDARs in every vehicle.The same platform powers the ID. Buzz soon to be operating in sic cities. More SOPs are on track to follow, including VW's Level 3 and Daimler Trucks Level 4 platform. Combined, our automotive programs and our new security and defense wins drove all-time record revenues of $18.1 million in the quarter.

Mobileye 宣布其自有的 robotaxi 將採用該 Drive 平台，且每輛車配備 9 顆 Innoviz LiDAR。同一平台也為 ID.Buzz 提供動力，該車款即將在六座城市投入營運。更多 SOP（量產導入）也正按計畫推進，包括 VW 的 Level 3 與 Daimler Trucks 的 Level 4 平台。綜合而言，我們的汽車專案以及新取得的安全與國防訂單，推動本季營收創下歷史新高，達 1,810 萬美元。

We also strengthened our balance sheet through our recent registered direct offering with a participation from well-known institutional investors, including Neuberger, which grew its existing position. Other investors included some of the largest funds in the world. We believe that the transaction will enhance long-term value and allow us to unlock large defense agreements while supporting our automotive ramp ahead of upcoming SOPs.

我們也透過近期的註冊直接發行（registered direct offering）強化資產負債表，並獲得知名機構投資人參與，包括 Neuberger（其亦增加了既有持股）。其他投資人亦包含全球規模最大的基金之一。我們相信，此交易將提升長期價值，使我們得以解鎖大型國防合約，同時支援汽車業務在即將到來的 SOP 前的放量爬坡。

Looking ahead, we expect non-automotive sales to grow from 1% of revenues in 2025 to 10% in '26 and to 20% to 30% in 2027, expanding further after that. Including the Counter-UAS orders we just received, our Defense and Security backlog for 2026 is approximately halfway to our 2026 target. For 2027 and beyond, we believe that the automotive end market will drive substantial revenue growth through unit scale and multiple programs are likely to ramp quickly starting late next year.

展望未來，我們預期非汽車銷售占比將由 2025 年營收的 1% 提升至 2026 年的 10%，並於 2027 年達到 20% 至 30%，之後仍將進一步擴大。包含我們剛收到的反無人機訂單在內，我們 2026 年國防與安全在手訂單（backlog）約已達成 2026 年目標的一半。對於 2027 年及之後，我們相信汽車終端市場將透過出貨規模與多項專案推動顯著的營收成長，且多個專案可能自明年下半年起快速放量。

We expect NRE to remain at their current levels. The defense and security end market will drive gross margin uplift aided by shorter cycle times with ASPs that are in order of magnitude higher than in the auto space. Together, we believe they can create a flywheel effect, which strengthening the other and adding the potential for additional end market expansion.

我們預期 NRE（非經常性工程收入）將維持在目前水準。國防與安全終端市場將在更短的週期時間帶動下提升毛利率，且其 ASP 較汽車領域高出一個數量級。我們相信兩者合併可形成飛輪效應，彼此強化，並帶來進一步拓展其他終端市場的潛力。

For now -- and now let's jump into the details. The security threat landscape around the world is changing profoundly. Traditional sensing and security architectures can't keep up with autonomous systems and asymmetric tactics. Our LiDAR-based solutions change the equation in three specific areas: Counter-UAS, perimeter security and unmanned ground vehicle and robotics.

接下來——讓我們進入細節。全球的安全威脅態勢正發生深刻變化。傳統的感測與安防架構已無法跟上自主系統與非對稱戰術。我們以 LiDAR 為基礎的解決方案，將在三個特定領域改變局勢：反無人機系統（Counter-UAS）、周界安全，以及無人地面載具與機器人。

Drone warfare has become one of the most pressing security challenges facing the world today from Ukraine to Israel and beyond. The FBI Deputy Director, Chris Raia, recently said that it's only a matter of time before Battlefield-style drone attacks reach the U.S. Small drones fly below radar and fiber optic or autonomous control defeat jamming and RF-based detection.

從烏克蘭到以色列乃至其他地區，無人機作戰已成為當今全球面臨的最迫切安全挑戰之一。FBI 副局長 Chris Raia 近期表示，戰場式的無人機攻擊進入美國只是時間問題。小型無人機可在雷達下方飛行，而光纖或自主控制可克服干擾與以射頻（RF）為基礎的偵測。

Swarms and erratic flight paths overwhelm tracking systems, while birds and vegetation drive false positives. And these inexpensive drones often require expensive and comparatively slow interceptors to neutralize them. On the perimeter security side, current detection systems based on cameras and radar have inherent technological limitations.

蜂群與不規則飛行路徑會使追蹤系統不堪負荷，而鳥類與植被則會造成誤報。此外，這些低成本無人機往往需要昂貴且相對較慢的攔截器才能將其中和。在周界安全方面，現行以攝影機與雷達為基礎的偵測系統存在先天的技術限制。

Weather, difficult terrain and slow or irregular movement make it hard for them to locate and identify threats. Bad actors know these weaknesses and know how to exploit them. This is the soft underbelly of perimeter defense. LiDAR-based solutions are expected to close these gaps.

天候、複雜地形，以及緩慢或不規則的移動，都使其難以定位並辨識威脅。不法分子了解這些弱點，也知道如何加以利用。這正是周界防禦的軟肋。預期以 LiDAR 為基礎的解決方案將補上這些缺口。

They can precisely localize small drones and therefore, have the ability to support better protection of borders and critical infrastructures like airports and energy facilities. Finally, in UGVs or robots, we can combine all of our capabilities in one deployment, enabling a functionally safe drone-aware autonomous vehicle.

它們能精準定位小型無人機，因此具備支援更佳邊境與關鍵基礎設施（如機場與能源設施）防護的能力。最後，在 UGV 或機器人方面，我們可在一次部署中整合所有能力，實現具功能安全、可感知無人機的自動駕駛載具。

As governments around the world address these threats and build new capabilities, the robust 3D perception layer we enable is gaining attention quickly here in Israel and abroad. Our new brand, Perciz, brings the sensing, perception and AI expertise we built for autonomous driving to the defense and security market.

隨著全球各國政府因應這些威脅並建構新能力，我們所提供的強健 3D 感知層正迅速在以色列及海外獲得關注。我們的新品牌 Perciz，將我們為自動駕駛所建立的感測、感知與 AI 專業帶入國防與安全市場。

A dedicated brand under the Innoviz name lets us offer our proven LiDAR solutions with centimeter level 3D localization to government agencies, defense contractors, system integrators and security technology partners. From our customers' experience, the traditional camera and radar-based solutions for counter-UAS applications will only tell you that there is a drone presence. This is not sufficient to protect an area or a critical installation, and many systems are either too large or too expensive to be relevant, especially in a moving platform.

在 Innoviz 名下設立專屬品牌，使我們能向政府機關、國防承包商、系統整合商與安防技術合作夥伴提供經驗證的 LiDAR 解決方案，並具備公分級 3D 定位能力。依據客戶經驗，傳統以攝影機與雷達為基礎的反無人機解決方案只能告訴你「有無人機存在」。這不足以保護一個區域或關鍵設施，而且許多系統不是體積過大，就是成本過高而缺乏適用性，尤其是在移動式平台上。

Systems supported by our LiDARs can reliably locate the threat in real time, even at low altitude and in cluttered urban environments at close range, allowing those systems to accurately react while minimizing collateral damage. In perimeter security applications, we have the ability to support intrusion detection for critical infrastructure and border security at distances of up to 1 kilometer. By integrating LiDAR camera and AI, such systems will be able to detect and classify humans and vehicles in very complex environments.

由我們的 LiDAR 所支援的系統，即使在低空、近距離且雜亂的都市環境中，也能在即時狀態下可靠地定位威脅，使這些系統得以精準反應，同時將附帶損害降至最低。在周界安全應用中，我們具備支援關鍵基礎設施與邊境安全入侵偵測的能力，距離最遠可達 1 公里。透過整合 LiDAR 相機與 AI，此類系統將能在非常複雜的環境中偵測並分類人員與車輛。

This includes behind trees and fences, under power lines and in many other conditions where radar camera fusion solutions fall short. When it comes to solutions in the defense and security space, our customers are looking for four major KPIs: outdoor performance with range and resolution, resilience to occlusions such as dirt, water, bugs, et cetera, production readiness and geopolitically secure.

這包括在樹木與圍欄後方、電力線下方，以及許多其他雷達與相機融合方案表現不足的情境。談到國防與安全領域的解決方案，我們的客戶在尋找四項主要 KPI：具備距離與解析度的戶外性能、對灰塵/水/昆蟲等遮擋的韌性、量產就緒，以及地緣政治上安全可靠。

Our LiDARs offer all of the above. In particular, our resilience is a true unique proposition. As in automotive, a LiDAR in defense applications cannot be derailed by environmental factors or obstructions. The video you've been watching showcases our LiDAR ability to withstand occlusions and demonstrates our readiness to serve this market today. We believe these are significant differentiators.

我們的 LiDAR 具備以上所有特性。尤其是，我們的韌性是真正獨特的價值主張。如同汽車領域，在國防應用中，LiDAR 不能因環境因素或遮擋而失效。您正在觀看的影片展示了我們的 LiDAR 抵禦遮擋的能力，並證明我們已準備好在今天就服務這個市場。我們相信這些是重要的差異化優勢。

Our work in defense and security is already starting to pay off. Last week, we announced our first large orders from a prominent defense customer, $3.5 million for several hundred LiDAR units that will be deployed in Counter-UAS and perimeter security. This program is in its early days, and there is potential for more significant volumes following the successful completion of the first deployment.

我們在國防與安全方面的工作已開始帶來成果。上週，我們宣布來自一家知名國防客戶的首批大型訂單：3.5 百萬美元，涵蓋數百台 LiDAR 單元，將部署於反無人機（Counter-UAS）與周界安全。該計畫仍處於早期階段，若首批部署順利完成，後續有機會帶來更可觀的出貨量。

We are in active conversations with dozens of potential customers, many of whom have already purchased LiDAR units for testing, development and integration. We believe that some of these programs could drive partnerships and large-scale orders. Just in the past three months, six customers have announced engagement with us.

我們正與數十家潛在客戶積極洽談，其中許多已購買 LiDAR 單元用於測試、開發與整合。我們相信其中部分計畫可能促成合作夥伴關係與大規模訂單。僅在過去三個月，就有六家客戶宣布與我們展開合作。

Drive Group said that they intend to integrate our LiDAR into applications such as drone localization, border security and critical infrastructure protection. This collaboration is a foundation for potentially building meaningful revenue with Drive Group targeting $20 million sales opportunity by the end of 2027. We are also working with Regulus and Givon Defense to improve Counter-UAS performance in complex operational awareness environments.

Drive Group 表示，他們計畫將我們的 LiDAR 整合至無人機定位、邊境安全與關鍵基礎設施防護等應用。此合作為未來建立具意義的營收奠定基礎；Drive Group 目標是在 2027 年底前鎖定 2,000 萬美元的銷售機會。我們也正與 Regulus 與 Givon Defense 合作，在複雜的作戰態勢感知環境中提升反無人機（Counter-UAS）效能。

We expanded our engagement with Cogniteam and are powering their new Counter-UAS model for advanced security platforms. AeroNous, part of Israel Shipyards Industry Group, announced a collaboration to integrate our technology into their open architecture command and control platform for Counter-UAS operations.

我們擴大了與 Cogniteam 的合作，並為其新一代反無人機（Counter-UAS）模型提供支援，用於先進安全平台。AeroNous（以色列 Shipyards Industry Group 旗下）宣布合作，將我們的技術整合至其用於反無人機作業的開放式架構指揮與控制平台。

Finally, prior to our May call, Kela has announced that they will be building Innoviz LiDARs across their unified platform. As defense contractors and system integrators build out real Counter-UAS perimeter security and UGV capability, we believe Innoviz is well positioned to serve these applications. Our LiDARs are already operational in several locations, supporting potentially life-saving solutions.

最後，在我們 5 月的電話會議之前，Kela 已宣布將在其統一平台上採用 Innoviz LiDAR。隨著國防承包商與系統整合商建置真正的反無人機周界安全與無人地面車（UGV）能力，我們相信 Innoviz 已具備良好條件服務這些應用。我們的 LiDAR 已在多個地點投入運作，支援可能挽救生命的解決方案。

Customers in the defense space need a sensor they can trust. And through synergies with our automotive business, we deliver a production-ready product that can support their mission. Perciz is off to a strong start as our teams focus on additional engagements in Israel and beyond. We believe that we are in the early stages of this business and the programs and traction we see already are very encouraging as we address what we think is a multibillion-dollar TAM.

國防領域的客戶需要一個他們可以信賴的感測器。透過與我們汽車業務的協同效應，我們提供可量產的產品以支援其任務需求。Perciz 開局強勁，我們的團隊正專注於在以色列及其他地區拓展更多合作。我們相信這項業務仍處於早期階段，而我們目前看到的專案與進展令人非常鼓舞；我們正在切入我們認為是數十億美元規模的 TAM（總可服務市場）。

Let me now update you on our automotive business. Our programs with our existing customers are on track. The Volkswagen ID. Buzz is progressing on multiple fronts. It's being tested in L.A., Orlando, Austin, Hamburg, Munich and Oslo with partners such as MOIA , Uber and Beep. MOIA has started the next phases of its autonomous mobility program with the ID.

接下來我更新一下我們的汽車業務。我們與既有客戶的專案進展如期。Volkswagen ID.Buzz 正在多個面向推進。它正在洛杉磯、奧蘭多、奧斯汀、漢堡、慕尼黑與奧斯陸進行測試，合作夥伴包括 MOIA、Uber 與 Beep。MOIA 已在 ID. 上啟動其自動駕駛移動服務計畫的下一階段。

Buzz in Hamburg as part of the ALIKE project. Passengers can already book rides. During the quarter, Mobileye announced its vertically integrated robotaxi business, which has a potential of opportunity of 150,000 units to our pre-existing programs with Mobileye, Volkswagen, Daimler Trucks and others. For our Level 4 Daimler Truck program in collaboration with Torc, we are delivering units to support milestones through SOP.

Buzz 在漢堡作為 ALIKE 專案的一部分。乘客已可預訂搭乘。本季期間，Mobileye 宣布其垂直整合的 robotaxi 業務，為我們與 Mobileye、Volkswagen、Daimler Trucks 等既有專案帶來潛在 150,000 台的機會。針對我們與 Torc 合作的 Level 4 Daimler Truck 專案，我們正交付單元以支援直至 SOP 的各項里程碑。

We are continuing our development work with LOXO on their Level 4 autonomous delivery platform. And on Level 3, we are advancing on our SOPs with Mobilize Software and programs such as Audi. Globally, automakers are targeting deployment of life-saving autonomous capability in Level 3 for passenger vehicles and Level 4 for commercial vehicles.

我們持續與 LOXO 進行其 Level 4 自主配送平台的開發工作。在 Level 3 方面，我們正推進與 Mobilize Software 的 SOP，以及 Audi 等專案。全球車廠正以在乘用車導入 Level 3、在商用車導入 Level 4 的方式，部署可挽救生命的自動駕駛能力。

Importantly, given the increased level of regulatory scrutiny, OEMs have been carefully assessing the risk of selecting or continuing to use Chinese LiDARs. There is robust interest in our technology from both platform providers and OEMs. Just yesterday, we announced the development of a LiDAR-based perception stack with a top 10 global OEM.

重要的是，鑑於監管審查力度提高，OEM 正在審慎評估選用或持續使用中國 LiDAR 的風險。無論是平台供應商或 OEM，對我們技術的興趣都相當強勁。就在昨天，我們宣布與一家全球前十大 OEM 共同開發基於 LiDAR 的感知堆疊（perception stack）。

The project includes our InnovizTwo LiDAR and perception capabilities powered by NVIDIA hardware. We are actively participating in multiple processes with OEMs with decisions expected to be made in the coming quarters. For programs prior to 2028 SOP, we are offering our suite of InnovizTwo products. For programs of later SOPs, we are also offering the InnovizThree, which was designed with a smaller form factor and reduced power consumption, making it ideally suited for deployment behind the windshield.

該專案包含我們的 InnovizTwo LiDAR，以及由 NVIDIA 硬體驅動的感知能力。我們正積極參與多個 OEM 的流程，預計在未來幾個季度做出決策。針對 2028 年 SOP 之前的專案，我們提供 InnovizTwo 產品套件。針對 SOP 較晚的專案，我們也提供 InnovizThree；其採用更小的外形尺寸並降低功耗，使其非常適合部署於擋風玻璃後方。

The customer reception of the InnovizThree has been very encouraging. Now let's talk about our outlook for 2026. We are reiterating the '26 targets we set earlier this year. We expect revenues of $67 million to $73 million, driven by the ramp of LiDAR shipments and NRE payments. Given the timing of customer milestones and SOPs, we expect the bulk of our second half revenues to come in the fourth quarter.

客戶對 InnovizThree 的反應非常令人鼓舞。現在讓我們談談 2026 年展望。我們重申今年稍早設定的 2026 年目標。我們預期營收為 6,700 萬至 7,300 萬美元，主要由 LiDAR 出貨爬坡與 NRE 付款所帶動。考量客戶里程碑與 SOP 的時程，我們預期下半年營收的大部分將在第四季入帳。

In 2026, we expect up to 10% of our revenues to come from nonautomotive physical AI applications, largely in defense and security, and we expect defense and security to make up a growing portion of revenue thereafter. We target new NRE payment plans of $20 million to $30 million in addition to our existing plans. We expect to add two to three new programs this year.

在 2026 年，我們預期最多 10% 的營收將來自非汽車的實體 AI 應用，主要在國防與安全領域；並預期國防與安全在其後將占營收比重持續提升。除既有計畫外，我們目標新增 NRE 付款計畫 2,000 萬至 3,000 萬美元。我們預期今年新增兩到三個新專案。

And now I will turn it over to Eldar to discuss our financials.

接下來我把時間交給 Eldar，請他說明我們的財務狀況。

Thank you, Omer. In the second quarter, revenues were an all-time record of $18.1 million. They reflect a significant uplift in customers' NRE recognitions as we meet key milestones for programs approaching SOP. Consequently, gross margins in the quarter returned to positive levels, and we believe gross margins will be positive for the full year, supported by an increasing numbers of units being shipped to defense and security customers, continued NRE payments and the ramp of volume production for automotive.

謝謝你，Omer。第二季營收創下歷史新高，達 1,810 萬美元。這反映出隨著我們達成接近 SOP 專案的關鍵里程碑，客戶的 NRE 認列顯著提升。因此，本季毛利率回到正值水準；我們相信在國防與安全客戶出貨單元數增加、NRE 付款持續，以及汽車量產爬坡的支撐下，全年毛利率將維持為正。

For the quarter, cash used in operation and capital expenditure was approximately $15.2 million. For the full details of our operating expenses and stock-based compensation, please see the tables in our press release. We continue to have no long-term debt, and we ended the quarter with approximately $48.5 million in cash, cash equivalents, short-term deposits and marketable securities on the balance sheet. This does not include the additional of $30 million gross proceeds of the transaction we closed on July 29, significantly strengthening our balance sheet.

本季營運活動及資本支出所使用的現金約為1,520萬美元。有關我們營運費用與以股份為基礎之薪酬的完整細節，請參閱我們新聞稿中的表格。我們仍然沒有長期負債，且本季末資產負債表上的現金、約當現金、短期存款及有價證券合計約為4,850萬美元。此數字不包含我們於7月29日完成之交易所取得的額外3,000萬美元總募集款項，該交易顯著強化了我們的資產負債表。

The use of the proceeds will include supporting the commercialization of Perciz, our Defense and Security brand. We expect that the Defense and Security business will become a meaningful segment for us, driving revenues growth with a quicker cycle as well as improving profitability. In 2027, we expect to see significant growth from LiDAR unit sales into both our focus segments, which will further accelerate into 2028.

募集資金的用途將包括支持Perciz（我們的國防與安全品牌）的商業化。我們預期國防與安全業務將成為對我們具有重要意義的業務板塊，以更快的週期推動營收成長並提升獲利能力。在2027年，我們預期在兩個重點市場的LiDAR單元銷售將出現顯著成長，並在2028年進一步加速。

We believe the transaction we just closed will provide us with operational runway into 2028, allowing us to realize this expansion in 2027 and beyond. Our recent performance reflects our ongoing commitment to our automotive customers. I'm also very proud of what we have been able to achieve in the defense and security sector in just the past few months. Our efforts are already bearing fruit, and I'm excited about the opportunity ahead.

我們相信剛完成的這筆交易將為我們提供可支撐營運至2028年的資金跑道，使我們得以在2027年及其後實現此一擴張。我們近期的表現反映了我們對汽車客戶持續投入的承諾。我也為我們在過去短短幾個月於國防與安全領域所達成的成果感到非常自豪。我們的努力已開始開花結果，我對未來的機會感到振奮。

And with that, I'll turn the call back to Omer for his closing remarks.

接下來，我把電話會議交回給Omer作結語。

Thank you, Eldar. Before I wrap up the call and open for Q&A, I want to recap our recent accomplishments. We are seeing strong traction in defense and security with our new Perciz brand as governments face new and urgent challenges and are allocating significant funds to address these threats. Our customers in this end market appreciate our automotive expertise.

謝謝你，Eldar。在我結束電話會議並開放問答之前，我想回顧我們近期的成果。隨著各國政府面臨新的且迫切的挑戰，並投入大量資金以因應這些威脅，我們以全新Perciz品牌在國防與安全領域正看到強勁的市場動能。此終端市場的客戶重視我們在汽車領域的專業。

They understand how our commitment to functional safety directly translates to their need for a reliable product that can withstand harsh conditions. Just last week, we announced our first multimillion dollar defense orders for Counter-UAS and perimeter security applications, and this engagement has the potential to grow substantially.

他們理解我們對功能安全的承諾，如何直接對應到他們對於能在嚴苛環境下運作之可靠產品的需求。就在上週，我們宣布取得首批數百萬美元規模的國防訂單，應用於反無人機系統（Counter-UAS）與周界安防，而此合作關係具有大幅成長的潛力。

There have been six partner announcements in just the past three months across a variety of applications, and we are in conversations with dozens of additional potential customers in Israel and beyond. Our automotive business is progressing well, and we have products launching this year to support programs set for SOP with our existing customers.

僅在過去三個月內，我們就針對多種應用發布了六項合作夥伴公告，並且正與以色列及其他地區數十家潛在客戶洽談。我們的汽車業務進展良好，今年將有產品推出，以支援我們既有客戶預計進入量產啟動（SOP）的專案。

We have several development projects underway and are actively competing on Level 3 and Level 4 RFIs and RFQs. The outlook for the full year remains unchanged, and we are pleased with the operational and business momentum we've seen so far this year. Longer term, we view the automotive business and the Perciz business as highly synergistic, driving key elements of our long-term growth and profitability.

我們有數個開發專案正在進行中，並積極參與Level 3與Level 4的RFI與RFQ競標。全年展望維持不變，我們對今年迄今所見的營運與業務動能感到滿意。就長期而言，我們認為汽車業務與Perciz業務具有高度協同效應，將推動我們長期成長與獲利能力的關鍵要素。

And with that, operator, let's begin the Q&A.

那麼，接線員，我們開始進行問答。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

I was hoping you could start with more context on what the Defense and Security bookings mean for sales from here, including how much annual revenue has now been booked when these awards fully ramp? And if you can speak more on your visibility and confidence at securing the rest of the awards needed for Innoviz to meet its goal for non-auto revenue to be about 10% of the total in 2026.

我希望你們能先提供更多背景，說明國防與安全的訂單（bookings）對未來銷售的意義，包括在這些獎項完全放量後，目前已簽訂的年化營收規模是多少？另外，若可以的話，也請談談你們在取得其餘必要獎項方面的能見度與信心，以使Innoviz在2026年達成非汽車營收約占總營收10%的目標。

Yes. So I think that the more we are working in this field, we're getting higher and higher confidence about this market to be a very promising opportunity for us, not only for this year, but also for the coming years. Specifically on your question about the bookings.

是的。我認為我們在這個領域投入越多，就越有信心這個市場對我們而言是非常有前景的機會，不僅是今年，也包括未來幾年。針對你關於訂單（bookings）的問題。

So as we said, we've already booked halfway our target for the year. And in terms of the opportunities that we are currently in discussion with several customers, we have high confidence we will be able to meet our 10% target. We also said that we are expecting next year that the contribution of the defense platform would be roughly between 20% and 30%. This is coming from the second row of some of the activities that we are working on, which are expected to grow.

如同我們所說，我們今年的目標已經完成了約一半的訂單。就我們目前正與多位客戶討論的機會而言，我們有高度信心能達成10%的目標。我們也提到，預期明年國防平台的貢獻約在20%到30%之間。這主要來自我們正在推進的部分第二波活動，且預期將持續成長。

Helpful. And then on the award environment in the auto area, including personal vehicles as well as EVs. You mentioned that's ongoing. I don't know if you could share a little bit more context on how those engagements are progressing. I think you said you're most active at the moment on L4 awards, but any incremental color you can share both on the consumer vehicle front as well as commercial robotaxi type applications?

很有幫助。接著談汽車領域的獎項環境，包括乘用車以及電動車（EV）。你提到相關進展仍在持續。不確定你是否能分享更多背景，說明這些合作洽談的進度如何。我想你說目前最活躍的是L4的獎項，但你能否就乘用車端以及商用的robotaxi類應用，提供更多增量資訊？

Sure. Yes. There are several activities in terms of collaboration with different OEMs, both on Level 3 and Level 4. When it comes to Level 3, primarily, this is with InnovizThree for behind the windshield. There are a few OEMs that are evaluating InnovizThree. I believe that one of them would probably also turn into a development project quite soon.

當然。是的。我們與不同OEM在Level 3與Level 4方面都有多項合作活動在進行。在Level 3方面，主要是使用InnovizThree作為擋風玻璃後方（behind the windshield）的方案。目前有幾家OEM正在評估InnovizThree。我相信其中一家很可能很快就會轉為開發專案。

And there are a few programs that I expect that at least some of them would turn into serious awards. In terms of Level 4, I think InnovizTwo has already been proven as a product that has a very high fit for the automotive market, especially when it comes to durability. As I try to express every time because I think this is, I think, a hidden gem or I would say it's a topic that is not discussed enough.

另外也有幾個專案，我預期至少其中一些會轉為具實質性的獎項。在Level 4方面，我認為InnovizTwo已被證明是一款非常適配汽車市場的產品，尤其是在耐久性方面。我每次都試著強調這點，因為我認為這是一個被低估的亮點，或者說是一個討論得不夠多的議題。

When it comes to autonomous driving, the LiDAR acts as redundancy to the camera. And as you saw from the video we showed earlier, the LiDAR and the camera should never fail simultaneously. If that's the case, then the LiDAR is not really providing redundancy. A very obvious use case for failure mode for a camera is dirt.

在自動駕駛中，LiDAR作為相機的冗餘。正如你從我們先前展示的影片所看到的，LiDAR與相機不應該同時失效。如果發生同時失效，那麼LiDAR其實就沒有提供冗餘。相機失效模式中一個非常明顯的情境是髒污。

And when a car drives over a puddle of mud, both the LiDAR and the camera fails, they can fail together. If they are both covered with mud, you will not have redundancy. And it means that the system becomes completely blind. As far as we know, Innoviz is currently the only LiDAR company that is capable of offering a solution for this use case. Many companies talk about functional safety for autonomous driving. And if their LiDAR is unable to fulfill redundancy for the camera, it's not the case.

當車輛駛過泥水坑時，LiDAR與相機都可能失效，且可能同時失效。如果兩者都被泥巴覆蓋，就不會有冗餘。這意味著系統會變得完全失明。據我們所知，Innoviz目前是唯一一家能針對此使用情境提供解決方案的LiDAR公司。許多公司談論自動駕駛的功能安全。但如果他們的LiDAR無法為相機提供冗餘，那就不成立。

You cannot be functionally safe without the capability to operate in these environments. For this reason, any OEM that is interested and desires to have real functional safety, it needs to use a LiDAR that does not fail under those conditions. For that reason, I believe that Innoviz's ability to succeed in the Level 4 with this very distinctive and very important capability, our ability to sustain and get more awards is high.

若沒有在這些環境下運作的能力，就不可能達到功能安全。因此，任何希望具備真正功能安全的OEM，都需要採用在這些條件下不會失效的LiDAR。基於此，我相信Innoviz憑藉這項非常獨特且極其重要的能力，在Level 4領域成功的機率很高，而我們維持並取得更多獎項的能力也很強。

Our product is mature. It is ready to production and several OEMs that have been using LiDARs that are coming from China in the US are aware about the risk that they are taking and are looking for alternatives. Innoviz's set of LiDARs, which are combining of short, mid-range, long range and now ultra-long range is a one-stop shop that we are able to offer, including our ability to close some of the gaps related to perception software or MRM systems as we are showing more and more activity with OEMs that are looking for partners that can offer everything. For that reason, I believe that we will be able to extend our market share and have additional awards.

我們的產品已相當成熟。已可投入量產，而在美國使用來自中國的LiDAR的多家OEM也意識到其所承擔的風險，並正在尋找替代方案。Innoviz 的LiDAR產品組合涵蓋短距、中距、長距以及如今的超長距，能提供一站式解決方案；同時，隨著越來越多尋求能提供全套方案之合作夥伴的OEM與我們互動，我們也能補足與感知軟體或MRM系統相關的一些缺口。因此，我相信我們將能擴大市占率並獲得更多獎項。

Very helpful. Just lastly for me was on OpEx. R&D fell meaningfully sequentially in the second quarter. Can you share a bit more on what the driver of the reduced R&D expense was in 2Q? And any guidance on how to think about R&D going forward?

非常有幫助。我最後一個問題是關於營運費用（OpEx）。第二季研發費用較前一季明顯下降。能否多分享一下，2Q研發費用下降的驅動因素是什麼？以及對於未來研發費用該如何看待，有沒有任何指引？

It's strongly related to reallocation of costs towards COGS once we recognize NRE. So the NREs are served by the R&D team and then there is some reallocation. So it's more technical than substantive. The R&D team is practically the same R&D team as it was.

這與在我們認列NRE後，將部分成本重新分攤至銷貨成本（COGS）高度相關。因此，NRE由研發團隊提供支援，之後會進行一些重新分攤。所以這更多是技術性的會計分類，而非實質性的變化。研發團隊基本上仍是原來的研發團隊。

Jash Patwa, JPMorgan.

Jash Patwa，摩根大通（JPMorgan）。

Maybe just to start on the automotive side. Could you give us more color on what developing a LiDAR perception stack with the top 10 automaker actually means? What are you solving for them? And is there any way to size the revenue tied to that contract? And just as a quick follow-up on that, does a development of a LiDAR perception stack typically sits right at the start of an automaker's program? Just wondering if you could give us more color on that. And I have a quick follow-up.

也許先從汽車端開始。你能否更具體說明，與前十大車廠共同開發LiDAR感知堆疊（perception stack）實際上代表什麼？你們在替他們解決哪些問題？以及是否有辦法估算與該合約相關的營收規模？另外快速追問一下，開發LiDAR感知堆疊通常會發生在車廠專案的一開始嗎？想請你多補充一些背景。我還有一個快速追問。

Sure. So first, I want to make sure it's clear. We're talking about a new OEM relationship. It's not an OEM that we've been working with so far. It's a top 10 OEM and therefore, opens a new opportunity with the engagement of working together towards possible opportunity for series production. The development work that we are doing with the OEM is -- maybe I would add here, this OEM is developing platforms that are targeting both Level 3 and Level 4.

當然。首先，我想確保這點很清楚。我們談的是一段新的OEM合作關係。這不是我們過去已合作的OEM。這是一家前十大OEM，因此開啟了新的機會；透過共同投入合作，有望進一步走向量產（series production）的可能性。我們與該OEM正在進行的開發工作——我也補充一下，這家OEM正在開發同時面向Level 3與Level 4的車輛平台。

The work that we are doing right now with the OEM is dedicated on Level 3, where while on Level 4 right now, the engagement is related to the LiDARs. When it comes to the Level 3 activity, there is similar to what we've done in the past with BMW.

我們目前與該OEM進行的工作聚焦在Level 3；至於Level 4，目前的合作則與LiDAR本體相關。在Level 3的部分，這與我們過去和BMW所做的工作類似。

As a reminder, BMW vehicles that are operating Level 3 are using not only our LiDAR, we are -- the vehicles are operating by using the LiDAR and the perception software, which means that our perception software has met the automotive requirements and are used for functional safety. As you can imagine, reaching SOP for Level 3 for the LiDAR alone is a very unique, I would say, capability that Innoviz has demonstrated.

提醒一下，BMW在運行Level 3的車款不僅使用我們的LiDAR——車輛是透過LiDAR與感知軟體共同運作，這表示我們的感知軟體已符合車規要求，並用於功能安全（functional safety）。如你所想，僅就LiDAR要達到Level 3的SOP（量產啟動）本身就是非常獨特的能力，而Innoviz已經證明了這一點。

As far as I know, we are the only -- we are also the only one we're able to reach SOP with automotive perception along with the LiDAR. The same capabilities that we offer for BMW are now being served to this new OEM. They have several KPIs that they want to assess with the LiDAR, while they are preparing towards the next step where they want to start working on the series production program.

就我所知，我們也是唯一一家——同時也是唯一能在LiDAR之外，連同車規感知一起達到SOP的公司。我們為BMW提供的同樣能力，現在也正提供給這家新的OEM。他們有若干KPI希望透過LiDAR來評估，同時也在為下一步做準備，也就是開始推進量產專案。

This is a development stage where they are going to use the LiDAR alongside with our perception system in order to learn how to prepare the platform for the next stage of their development stage. In terms of the volume or I would say, the revenue, this is related primarily to NRE and sales of LiDAR. We did not give color on the amount. It's a development program, which we believe would tie the relationship between the teams that we later can translate to the series production.

這是一個開發階段；他們將把LiDAR與我們的感知系統搭配使用，以便學習如何為其平台的下一階段開發做準備。就數量或我會說營收而言，這主要與NRE以及LiDAR銷售相關。我們沒有提供金額方面的細節。這是一個開發專案，我們相信它能強化團隊之間的合作關係，之後可轉化為量產合作。

Understood. That's very helpful. And congrats on that contract. Just as a follow-up, any feedback on how the LiDAR units are performing on the test ID. Buzz units? Maybe just what has surprised you to the upside or downside? And relatedly, is there an updated timing on the SOP for the Mobileye Drive platform? And how are you and your suppliers ramping the supply chain ahead of that?

了解。這非常有幫助。也恭喜拿下這份合約。追問一下，LiDAR單元在測試ID.Buzz車隊上的表現有沒有任何回饋？有哪些讓你驚喜的優點或缺點？另外，Mobileye Drive平台的SOP時程是否有更新？以及你們和供應商如何在此之前提升供應鏈產能？

Sure. So I would start with the first question. The feedbacks are very good. We are getting very good feedback from the customer who is very pleased with the LiDAR. This is obviously very -- we're very happy to hear that. And this is part of -- also in discussions about the next platform, where as far as we see right now, get the feedback from the team that they are planning to use the same 9 LiDAR platform for the next rollout or, say, the next platform or hardware refresh, you might call it.

好的。我先回答第一個問題。回饋非常好。我們從客戶那裡得到非常正面的回饋，對方對LiDAR非常滿意。這顯然非常——我們也很高興聽到這點。而這也成為——同時也是在討論下一個平台的一部分；就我們目前所見，從團隊回饋來看，他們計畫在下一次導入（rollout），或說下一個平台／硬體更新（hardware refresh）中，繼續使用相同的9顆LiDAR平台。

I know that in the past, there were some discussions about possibly LiDARs would be displaced with imaging radars or so, but it's definitely not the case. They are very satisfied with the LiDAR performance and happy with the relationship as well. We have a very good relationship with Volkswagen. And I think the collaboration is very successful.

我知道過去曾有一些討論，認為LiDAR可能會被成像雷達（imaging radar）之類的方案取代，但顯然並非如此。他們對LiDAR的性能非常滿意，也對合作關係感到滿意。我們與Volkswagen的關係非常好。我認為這項合作非常成功。

We are fortunate to work with a good team as well, both from Volkswagen and Mobileye. In terms of the time line, so there is -- there are six cities where the ID. Buzz is planned to serve by the end of this year. We are ramping up our production capacity where we expect to have a meaningful uplift already next year and then even more significant one in '28 and et cetera. So eventually, there are already vehicles on the road in several cities, and we expect to have at least six cities by the end of this year that will -- which will unlock the increase that is expected next year.

我們也很幸運能與一個優秀的團隊合作，包含Volkswagen與Mobileye雙方。就時程而言，目前有——ID.Buzz計畫在今年底前於六座城市提供服務。我們正在提升產能，預期明年就會有顯著的提升，並在2028年有更大幅度的提升，等等。因此，最終來看，目前已有車輛在多個城市上路，我們預期今年底前至少會有六座城市——這將帶動明年預期的增量。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

I'm just curious, as you moved into a little bit more diversity of applications with the LiDAR, I'm curious about the pipeline and how many different form factors we should be thinking about the integration of the technology really being able to address. It seems like the near term or the short term or the short-range LiDAR has a lot of applications and that there are a limited number of suppliers that can actually do what you guys do for a number of these new merchant bought form factors.

我只是好奇，隨著你們在LiDAR上拓展到更多元的應用，我想了解一下你們的案源（pipeline），以及我們應該如何看待不同外形規格（form factor）的數量，亦即這項技術整合後實際能覆蓋多少種形態。看起來短期或近端的短距LiDAR有很多應用，而且能真正做到你們在這些新型、由商用採購（merchant bought）的外形規格上所能做到之事的供應商其實不多。

Sure. Let me add something here. You are right that there are very few Western LiDAR suppliers that can support short-range LiDARs. I think here, it's even more, I would say, differentiated. LiDAR companies have developed a short-range LiDAR, which basically means being able to capture a very wide field of view.

當然。我在這裡補充一下。你說得對，能支援短距LiDAR的西方LiDAR供應商非常少。我認為在這裡，差異化甚至更明顯。LiDAR公司已開發出短距LiDAR，基本上意味著能夠捕捉非常寬的視野（field of view）。

In the automotive space, it is only needed for a very short range, 20 to 30 meters. The InnovizTwo short range is called short range because that was the gap that was needed by the OEM. But actually, the LiDAR optical performance is identical to the ultra-long range.

在汽車領域中，它只需要非常短的距離，20 到 30 公尺。InnovizTwo 的短距離之所以稱為短距離，是因為那是 OEM 所需要填補的空缺。但實際上，LiDAR 的光學性能與超長距離版本完全相同。

So basically trying to say the short-range LiDAR, which enables a very wide field of view, can allow us to use the same optical performance of the ultra-long range of the 1 kilometer, you can say, in the same field of view. When it comes to the defense market and specifically come to U.S., you can imagine that the KPIs that customers are looking for is very wide field of view because you're looking at a very large scene in the sky, and you want to capture a very small object as several hundreds of meters.

所以基本上我們想表達的是：短距離 LiDAR 具備非常寬的視場角，讓我們能在相同視場角下，使用與 1 公里超長距離相同的光學性能，你可以這麼說。談到國防市場，尤其是美國，你可以想像客戶在意的 KPI 是非常寬的視場角，因為你要觀測天空中非常大的場景，同時希望在數百公尺距離捕捉到非常小的物體。

To be able to do so, you need to have both very wide field of view, very high resolution and very high sensitivity. Innoviz's products, which are off the shelf, same product that we are currently offering for the ID. Buzz is able to do so. So our ability to serve immediately customers that are looking to localize, find, et cetera, drones is already served by the existing product. In terms of their sensitivity on size, et cetera, of course, there is less sensitivity.

要做到這點，你需要同時具備非常寬的視場角、非常高的解析度以及非常高的靈敏度。Innoviz 的產品是現成可用的（off the shelf），也就是我們目前提供給 ID. Buzz 的同一款產品。它能做到這些。因此，對於希望定位、尋找等（例如）無人機的客戶，我們已能用現有產品立即提供服務。至於對尺寸等的敏感度，當然就沒那麼敏感。

But I would say with a caveat, today, one of the biggest programs that we are involved is related to Counter-UAS for vehicles. One of the most challenging problems today in the world is related to drone threats on convoys and vehicles because they have no way to protect themselves. When you talk about infrastructure, you can possibly invest hundreds of thousands of dollars in infrastructure that can allow you to have some defense capabilities.

但我想補充一點：目前我們參與的最大專案之一，是與車輛的反無人機系統（Counter-UAS）相關。當今世界最具挑戰性的問題之一，是車隊與車輛面臨的無人機威脅，因為它們沒有辦法保護自己。如果談到基礎設施，你或許可以投入數十萬美元建置基礎設施，以獲得一些防禦能力。

When it comes to -- you can buy hundreds of thousand dollars of radars that can possibly give you some capabilities. This is a theoretical capability that is obviously very expensive and could be done the same by using our LiDARs. This is a theoretical capability, but for mobility, for convoys, it's completely impossible. You cannot mount four huge expensive radars on every vehicle. And therefore, the advantages related for a single LiDAR that can capture -- can solve the problem of Counter-UAS is very unique for LiDARs. And therefore, it's one of the things that we believe would be very material to our ability to sell in this market.

就這方面而言——你可以購買價值數十萬美元的雷達，或許能提供一些能力。這是一種理論上的能力，顯然非常昂貴，而用我們的 LiDAR 也能做到同樣的事。這是理論上的能力，但對於機動場景、對於車隊而言，完全不可行。你不可能在每一輛車上裝四個又大又昂貴的雷達。因此，單一 LiDAR 就能捕捉——並解決反無人機問題的優勢，對 LiDAR 來說非常獨特。所以，這也是我們認為將對我們在這個市場的銷售能力產生重大影響的因素之一。

And then as you see kind of the increased number of applications for the hardware, I'm curious about the need or opportunity for you guys to migrate into software in a more robust way and what that might look like from an internal development spending perspective or if there's acquisitions that might make sense for you guys?

接著，隨著硬體應用數量增加，我很好奇你們是否有需求或機會更積極地擴展到軟體領域；以及從內部研發支出角度看會是什麼樣子，或是否有你們覺得合理的併購方向？

So let me start by saying in the automotive space, Innoviz is acting as a Tier 1, where we are responsible end-to-end for the LiDAR integration into the vehicle. In some cases, also for the software. When it comes to defense and homeland security, our motivation is time to market. We are looking for ways to penetrate the market as fast as possible.

我先從汽車領域說起：Innoviz 的角色是 Tier 1，我們端到端負責 LiDAR 在車輛中的整合。在某些情況下，也包含軟體。至於國防與國土安全，我們的動機是上市時間（time to market）。我們在尋找能以最快速度切入市場的方法。

For that reason, we are acting as a Tier 2, working with different system integrators that are already selling today defense systems to the end customers. This allows us to reach the market faster. And in many cases, by the way, we are already operating in the field operationally. You can imagine that if we are already installed in villages for perimeter security, it did not require us to go through the RFI and RFQ, et cetera.

因此，我們以 Tier 2 的角色運作，與不同的系統整合商合作；這些整合商目前已在向終端客戶銷售國防系統。這讓我們能更快觸及市場。而且在很多情況下，順帶一提，我們已經在現場投入實際運作。你可以想像，如果我們已經安裝在村落用於周界安全，就不需要我們去走 RFI、RFQ 等流程。

This was done by a partner that was already awarded and decided to displace the radar that they were using so far with the LiDAR that we are offering. This gave them the opportunity to improve the customer satisfaction and while keeping the same price points. And because of the maturity of the product, it was possible.

這是由一個已得標的合作夥伴完成的；他們決定用我們提供的 LiDAR 取代他們迄今使用的雷達。這讓他們有機會在維持相同價格水準的同時，提高客戶滿意度。而由於產品成熟度足夠，這是可行的。

They tried -- they believe it was the right thing to do for them because they understood that while showing the capabilities they can achieve with the LiDAR, they will be able to convince many others to do the same and give them the advantages. In those kind of applications, the overall system is not only a LiDAR. It's also a fusion with a camera and control system into the control rooms, et cetera. So our desire was not to be involved in that category.

他們嘗試——他們認為這對他們來說是正確的做法，因為他們理解：一旦展示出使用 LiDAR 能達成的能力，就能說服更多人採取同樣做法並獲得優勢。在這類應用中，整體系統不只是 LiDAR。還包含與相機的融合，以及連到控制室的控制系統等。因此，我們並不希望涉入那一類別。

When it comes to the Counter-UAS, the situation is slightly different because Counter-UAS is a new market. And for that reason, any company today that wants to offer Counter-UAS by using a LiDAR. And basically, Counter-UAS can be split to two parts. One is detection. When it comes to detection, you can use a camera or radar, you can possibly detect a drone even at 2 kilometers away.

談到反無人機（Counter-UAS），情況略有不同，因為反無人機是一個新市場。因此，今天任何想用 LiDAR 來提供反無人機方案的公司——基本上，反無人機可以分成兩個部分。第一個是偵測。在偵測方面，你可以用相機或雷達，甚至可能在 2 公里外就偵測到無人機。

This gives you the ability to become aware that there is drone. The problem with today is that the threat of FPVs and fiber optic or autonomous drones they are undetectable until they reach the last mile. In this category, there are no available solutions. And therefore, the companies that we work with are looking to close the gap.

這讓你能意識到有無人機存在。但當今的問題是：FPV（第一人稱視角）無人機，以及光纖導引或自主無人機的威脅，在進入最後一英里之前幾乎無法被偵測。在這個類別中，目前沒有可用的解決方案。因此，我們合作的公司正希望補上這個缺口。

Today, companies that are selling into defense, they provide multiple solutions to deal with different threats. And they see the need to close the gap when it comes to FPV, which everyone is interested with. So we work with these teams. Alongside, we are providing them not only with the LiDAR, but also with software capabilities, reminding you that we are developing the LiDAR and the SMART and the SMARTer.

目前向國防領域銷售的公司，會提供多種解決方案來應對不同威脅。而他們也看到在 FPV 方面補上缺口的需求，這也是所有人都很關注的。所以我們與這些團隊合作。同時，我們不僅提供 LiDAR，也提供軟體能力；提醒一下，我們正在開發 LiDAR，以及 SMART 和 SMARTer。

The SMARTer that we announced beginning of the year, it's a platform which includes processing power, which can run applications on the LiDAR itself. Specifically for the drone market, we are not offering the LiDAR. We are not offering only the LiDAR, we are offering as well the compute and the tracking system that can allow our customers to run faster. So there are different ways that we can monetize not only from the LiDAR, also from the compute and the software and will continue to evolve over time. But now our focus is time to market.

我們在年初宣布的 SMARTer，是一個包含運算能力的平台，可在 LiDAR 本體上運行應用程式。特別針對無人機市場，我們提供的不只是 LiDAR。我們不僅提供 LiDAR，也提供運算與追蹤系統，讓客戶能更快推進。因此，我們有不同方式可以變現：不僅來自 LiDAR，也來自運算與軟體，並且會隨時間持續演進。但目前我們的重點是上市時間（time to market）。

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

沒有其他問題了。我把電話交回給 Omer 做結語。

Thank you very much. I want to repeat and say we are in a very interesting time for the company. There is -- there are many activities related to the defense market. I'm spending much time with drones, and it's exciting to see that we are able to offer a product that is ready for such an important task. And I hope that we'll be able to show you more and more how that this market will materialize for us. Thank you very much.

非常感謝。我想再次重申：對公司而言，我們正處於一個非常有意思的時期。有——有許多與國防市場相關的活動正在進行。我花了很多時間在無人機上，而令人振奮的是，我們能提供一款已準備好承擔如此重要任務的產品。我希望我們能向各位展示越來越多，這個市場將如何為我們帶來實質成果。非常感謝。

Thank you.

謝謝。