Luminar Technologies Inc (LAZR) 2024 Q2 法說會逐字稿

Welcome, everyone, to Luminar's second-quarter of 2024 business update Call. My name is Aileen Smith, and I’m Luminar's Head of Investor Relations. With me today are Austin Russell, Luminar's Founder and Chief Executive Officer; and Tom Fenimore, our Chief Financial Officer. As a quick reminder, this call is being recorded and you can find the press release, and presentation that accompany this call at investors.luminartech.com.

歡迎大家撥打 Luminar 2024 年第二季業務更新電話。我叫 Aileen Smith，是 Luminar 的投資人關係主管。今天與我在一起的有 Luminar 創辦人兼執行長 Austin Russell；以及我們的財務長 Tom Fenimore。快速提醒一下，本次電話會議正在錄音，您可以在 Investors.luminartech.com 上找到本次電話會議附帶的新聞稿和簡報。

In the interest of providing the most informative experience for our stakeholders, we're making the following changes to our reporting and discussion this quarter. In a moment, you'll hear some remarks from Austin focused on providing our shareholders an update of our vision and strategy, what differentiates us from others, as well as our progress over the past few years and this past quarter.

為了向我們的利害關係人提供最資訊豐富的體驗，我們將對本季的報告和討論進行以下更改。稍後，您將聽到奧斯汀的一些講話，重點是向我們的股東提供我們的願景和策略的最新資訊、我們與其他公司的區別以及我們在過去幾年和上個季度取得的進展。

This will be followed by remarks from Tom, focused on our recent capital structure actions, quarterly financials, and financial outlook. (Event Instructions)

接下來，湯姆將發表講話，重點關注我們最近的資本結構行動、季度財務狀況和財務前景。（活動須知）

Before we begin the prepared remarks and Q&A, let me remind everyone that during the call we may refer to GAAP and non-GAAP financial measures. Today's discussion also includes forward-looking statements based on the environment as we currently see it, and as such, does include risks and uncertainties. Please refer to our press release and our presentation for more information on the specific risk factors that could cause actual results to differ materially.

在我們開始準備好的發言和問答之前，請允許我提醒大家，在電話會議中我們可能會提及 GAAP 和非 GAAP 財務指標。今天的討論還包括基於我們目前所看到的環境的前瞻性陳述，因此確實包含風險和不確定性。請參閱我們的新聞稿和簡報，以了解有關可能導致實際結果出現重大差異的特定風險因素的詳細資訊。

With that, I'd like to introduce Luminar's Founder and CEO, Austin Russell.

接下來，我想介紹一下 Luminar 的創辦人兼執行長 Austin Russell。

All right. Hey, guys. Can you hear me Okay?

好的。嘿，夥計們。你聽得到我說話嗎？

All good, Austin.

一切都好，奧斯汀。

Awesome. Well, thanks, everyone, for joining our second-quarter business update conference call. So off today, we're actually in Boston at our newest office for specialized chip subsidiary, Luminar Semiconductor, Inc., which is just 10 minutes down the road from our current receiver R&D and fab location we've owned since 2021.

驚人的。好的，謝謝大家參加我們的第二季業務更新電話會議。今天，我們實際上是在波士頓專門晶片子公司 Luminar Semiconductor, Inc. 的最新辦公室，距離我們自 2021 年以來擁有的當前接收器研發和晶圓廠僅 10 分鐘路程。

So we shared this news a little bit last week regarding the acquisition of EM4. [Literal] small one, but we since integrated the business and we help grow our semiconductor business overall to breakeven status on our overall path to profitability. But that's not what we're here to talk about today.

因此，我們上週分享了有關收購 EM4 的消息。 [字面意思]規模雖小，但我們整合了業務，並幫助我們的半導體業務整體發展，在我們的整體盈利之路上達到收支平衡的狀態。但這不是我們今天要討論的內容。

Today, we've signed a definitive deal with our bond investors for Luminar to be able to reduce and restructure our outstanding debt, exchanging around $422 million in notes for $274 million and pushing out their maturity for 2026 to 2030. We've heard feedback. I know how important this debt topic was for some investors to derisk the business so we can realize our full upside, and this is our solution.

今天，我們與債券投資者簽署了一項最終協議，讓Luminar 能夠減少和重組我們的未償債務，將約4.22 億美元的票據交換為2.74 億美元，並將其到期日推遲到2026 年至2030 年。我們聽到了回饋。我知道這個債務話題對某些投資者來說是多麼重要，因為它可以降低業務風險，這樣我們就可以實現我們的全部優勢，這就是我們的解決方案。

Additionally, investors agreed to provide limit are with $100 million of new non-dilutive debt capital. Combined, this gives us the resources and runway to be able to execute the opportunity to realize our full potential. It's a huge vote of confidence that Luminar is not only here to stay as a cornerstone of our industry, but that we can thrive throughout the day. And we'll let Tom provide more details on the deal in his reports.

此外，投資者同意提供上限為 1 億美元的新非稀釋債務資本。總而言之，這為我們提供了資源和跑道，使我們能夠抓住機會，並充分發揮我們的潛力。這是對 Luminar 的巨大信任，它不僅是我們行業的基石，而且我們可以整天蓬勃發展。我們將讓湯姆在他的報告中提供有關該交易的更多細節。

So for today, we're going to try something a little bit different. I've heard a lot of questions still around the fundamentals of Luminar and that people could use a reminder as to why we're all here and kind of going back to basics. So I'd like to take a few moments to talk through some of the industry dynamics and the thesis of Luminar, including some specifics on our business, technology, and what makes us so unique and best positioned to be able to capitalize on this new era of assisted and autonomous driving.

所以今天，我們將嘗試一些不同的東西。我聽到了很多關於 Luminar 基礎知識的問題，人們可以提醒我們為什麼我們都在這裡，然後回到基礎知識。因此，我想花一些時間來談談一些行業動態和Luminar 的論文，包括我們業務、技術的一些具體細節，以及是什麼讓我們如此獨特，並且處於最有利的位置，能夠利用這一新的機會。

Going back to basics may normally be out of character for myself but I think it's important that we level set as to where Luminar in the broader industry is currently at.

回到基礎通常可能不符合我自己的性格，但我認為重要的是我們要確定 Luminar 在更廣泛的行業中目前所處的位置。

Yeah, to kick it off, I'd first like to say that it's an incredibly exciting time here at Luminar and we are at the forefront of this new era of safety and autonomy for drivers around the world being ushered in. And over the course of the past decade, the opportunity around the autonomous vehicle industry has led nearly every major technology company and automakers flocking to this industry. And autonomous driving is one of, if not the most significant application from AI into the real world to be able to enact positive change.

是的，首先，我想說，在 Luminar，這是一個令人難以置信的激動人心的時刻，我們正處於世界各地駕駛員安全和自主新時代的最前沿。在過去的十年中，自動駕駛汽車行業的機會促使幾乎所有主要科技公司和汽車製造商紛紛湧入該行業。自動駕駛即使不是人工智慧在現實世界中能夠帶來積極變化的最重要應用之一，也是其中之一。

With that said, of course, realizing the benefits of autonomy has been one of the greatest technical challenges mankind has faced since the US delivered on the Apollo space program in 1969, best analogy you can think of. So realizing the full potential require radical innovations in many areas like LiDAR to AI to become a reality.

當然，話雖如此，自從美國 1969 年實施阿波羅太空計畫以來，實現自治的好處一直是人類面臨的最大技術挑戰之一，這是你能想到的最好的比喻。因此，要充分發揮潛力，就需要在雷射雷達和人工智慧等許多領域進行徹底的創新，才能成為現實。

So we can separate this challenge into the different levels of autonomy and two distinct trends emerge. One is enhancing drivers and the other is replacing drivers. So well, most autonomous vehicle companies have generally been focused around replacing drivers, Luminar's thesis and corresponding products and technology have always been focused around enhancing drivers through autonomous and safety features on existing production vehicles rather than going all out for driverless robo-taxis.

因此，我們可以將這項挑戰分為不同的自治級別，並出現兩種不同的趨勢。一是增強驅動程序，二是更換驅動程式。好吧，大多數自動駕駛汽車公司普遍關注的是更換駕駛員，而Luminar的論文以及相應的產品和技術始終專注於通過現有量產車輛的自動駕駛和安全功能來增強駕駛員的能力，而不是全力以赴開發無人駕駛機器人計程車。

You probably know about the different levels of autonomy. But as a refresher, I will briefly cover. Level 0 through 2 is what the majority of automakers are shipping today as assisted driving features. This includes both basic active safety features like automatic emergency braking, all the way the lane keep assist features. At these levels, the driver must remain attentive at all times and is ultimately responsible for driving the vehicle. And this is generally enabled by existing camera radar technologies that become widely standardized by the industry over the course of the past decade.

您可能了解不同程度的自主權。但作為回顧，我將簡單介紹一下。如今，大多數汽車製造商都將 0 級到 2 級作為輔助駕駛功能提供。這包括自動緊急煞車等基本主動安全功能以及車道維持輔助功能。在這些級別上，駕駛員必須始終保持注意力，並最終負責駕駛車輛。這通常是透過現有的攝影機雷達技術實現的，這些技術在過去十年中已被業界廣泛標準化。

There's a strong desire for automakers to begin to realize some of the benefits of autonomy before the higher levels become widespread and establish the next generation of assisted driving technology, which is where LiDAR comes into play. This is the fundamental driver behind many of the existing partnerships as well as automaker dialogues we're having.

汽車製造商強烈希望在更高級別普及之前開始認識到自動駕駛的一些好處，並建立下一代輔助駕駛技術，這正是雷射雷達發揮作用的地方。這是許多現有合作夥伴關係以及我們正在進行的汽車製造商對話背後的根本驅動力。

Our companies recognize that consumers are asking for the most advanced safety and technology features while regulators at the same time at NHTSA have recently announced the mandate for all new vehicles sold, at least in the US, to begin meeting these dramatically heightened safety standards starting in 2029.

我們的公司意識到，消費者要求最先進的安全和技術功能，而國家公路交通安全管理局(NHTSA) 的監管機構最近宣布，至少在美國銷售的所有新車必須開始滿足這些大幅提高的安全標準，從2029。

In automotive years, by the way, that's basically right around the corner. And we've successfully demonstrated how we're uniquely able to meet these new requirements at speed and at [night] and are not aware of any other technology that has been able to demonstrate these capabilities. Our claims are supported by third-party sites, including one from Swiss Re, the world's largest secondary insurer that we presented at Luminar.

順便說一句，在汽車領域，這基本上指日可待。我們已經成功地展示了我們如何能夠以獨特的方式在[夜間]快速滿足這些新要求，並且不知道有任何其他技術能夠展示這些功能。我們的索賠得到了第三方網站的支持，其中包括我們在 Luminar 上展示的全球最大的二級保險公司瑞士再保險 (Swiss Re) 的網站。

As a reminder, LiDAR is able to uniquely measure the exact distance to objects in 3D using laser pulses between the sensor and the objects on the road. And in our case, we're able to do this millions of times every second. Knowing these exact distances to object is what makes LiDAR so special as compared to legacy camera-based technologies, which effectively have the guess where objects are in 3D by extrapolating it from 2D images.

提醒一下，LiDAR 能夠使用感測器和道路上物體之間的雷射脈衝以獨特的方式測量到 3D 物體的精確距離。在我們的例子中，我們每秒能夠執行數百萬次。與基於相機的傳統技術相比，知道物體的這些精確距離使得 LiDAR 如此特別，後者透過從 2D 影像推斷物體在 3D 中的位置，從而有效地猜測物體的位置。

Sometimes cameras are right and sometimes they're wrong. And when it comes to a safety-critical application -- that's why when you're using camera-based technologies for L2 applications or in that range, the driver has to always be paying constant attention, ready to take over at any given moment. From an active safety standpoint, it's also a part of the reason why we still lose over 1 million lives every year to vehicle accidents at a global scale, which cameras and radars alone have not been able to prevent.

有時相機是對的，有時是錯的。當涉及到安全關鍵型應用時，這就是為什麼當您在 L2 應用或該範圍內使用基於攝影機的技術時，駕駛員必須始終保持高度關注，隨時準備接管。從主動安全的角度來看，這也是全球範圍內每年仍有超過 100 萬人因車輛事故而喪生的部分原因，而僅靠攝影機和雷達還無法預防這些事故。

The enhancements of LiDAR also become even more apparent at night. Since the LiDAR image looks exactly the same in all kinds of conditions, the camera-based technologies experienced significant performance degradation at night and in other of incremental weather conditions.

光達的增強功能在夜間也變得更加明顯。由於光達影像在各種條件下看起來都完全相同，因此基於攝影機的技術在夜間和其他增量天氣條件下的性能會顯著下降。

So moving on from the basis of LiDAR and more fundamental assisted driving features, the next phase of evolution in the industry is to begin to introduce Level 3 autonomous driving features. While LiDAR is something that can enhance Level 0 through 2, it's widely understood by virtually all industry experts and automakers that long-range LiDAR is a fundamental requirement for operating autonomously where the driver is no longer in control or responsible for the instantaneous supervision of the vehicle, at least in constrained scenarios.

因此，在雷射雷達和更基礎的輔助駕駛功能的基礎上，產業發展的下一階段是開始引入 3 級自動駕駛功能。雖然 LiDAR 可以增強 0 級到 2 級，但幾乎所有行業專家和汽車製造商都普遍認為，遠端 LiDAR 是自動操作的基本要求，在這種情況下，駕駛員不再控製或負責即時監督車輛。至少在有限的情況下。

This leaves little to no room for error, and hence, why we agree that and why most industry experts agree that there is effectively a one-to-one correlation between Level 3 equipped vehicles and LiDAR shipments. We believe the widespread adoption of Level 3 is inevitable, but also much more achievable in the nearer term compared to Level 4 and 5, which are generally focused around robo-taxis. We can talk a little bit more about it if people have questions in the Q&A.

這幾乎沒有犯錯的餘地，因此，我們同意這一點，也是大多數行業專家同意 3 級裝備車輛和 LiDAR 出貨量之間實際上存在一對一相關性的原因。我們認為，Level 3 的廣泛採用是不可避免的，但與 Level 4 和 5 相比，在短期內更容易實現，Level 4 和 5 通常專注於機器人出租車。如果人們在問答中有疑問，我們可以多討論一些。

While there have been sparse deployments of Level 3 systems to date with lower performance LiDAR, they have all operated above low speed and in a highly constrained operating domains. Our customers and the broader industry generally agrees with us that the real boom for these kinds of Level 3 systems comes as they're able to perform full-speed highway driving without requiring the humans to constantly intervene.

雖然迄今為止，效能較低的 LiDAR 3 級系統的部署較為稀疏，但它們的運行速度均高於低速且運行域高度受限。我們的客戶和更廣泛的行業普遍同意我們的觀點，即此類 3 級系統的真正繁榮在於它們能夠在高速公路上全速行駛，而無需人類不斷幹預。

This is how the driver can ultimately save time, whether it's using your phone, work on your laptop, taking a nap to be able. To recover that time during your drive is something that is a target of the level of features that people want to get to.

這就是駕駛員最終可以節省時間的方式，無論是使用手機、在筆記型電腦上工作還是小睡一下。在駕駛過程中恢復這段時間是人們想要達到的功能水準的目標。

And when you're at high speed, this is where the importance of long-range capabilities come into play. In a few moments, I'll talk about why this is important for us and also what makes Luminar truly different. So overall, this trend has already started with some of the higher-end automakers who have upgraded higher low-range LiDAR to our technology for higher speed Level 3 driving as an application. And then, of course, it's also the same hardware that you have that can enhance the ADAS capabilities for the Level 0 through 2 application.

當你處於高速狀態時，遠程能力就發揮了重要作用。稍後，我將討論為什麼這對我們很重要，以及 Luminar 真正與眾不同的原因。總體而言，這種趨勢已經開始於一些高端汽車製造商，他們將更高的低距離雷射雷達升級到我們的技術，以實現更高速的 3 級駕駛應用。當然，它也是可以增強 0 級到 2 級應用的 ADAS 功能的相同硬體。

As we get to 2030 and beyond, we expect Level 3 to become mainstream by nearly all automakers ultimately begin to be standardized. It's nevertheless important to note that adoption cycles in the automotive industry take time, from seatbelt to airbags to camera to radar. It's historically been around two decades for the first time of introduction to when they ultimately became standardized throughout the broader industry.

到 2030 年及以後，我們預計 3 級將成為主流，幾乎所有汽車製造商最終都開始標準化。但值得注意的是，汽車產業的採用週期需要時間，從安全帶到安全氣囊，從攝影機到雷達。從歷史上看，它們從首次引入到最終在更廣泛的行業中成為標準化已經過去了大約二十年的時間。

In this case, we believe all signs point to the LiDAR adoption cycle being substantially faster and generally looking forward to being introduced even more widely on next-generation automaker platforms, the ones that we've already discussed as well as ones that we'll have the future. So when it comes to the accelerating market and ultimate inevitability, the big question turns to why Luminar? What's our special sauce, so to say.

在這種情況下，我們相信所有跡像都表明光達的採用週期要快得多，並且普遍期待在下一代汽車製造商平台上更廣泛地引入，我們已經討論過以及我們將要討論的平台有未來。因此，當涉及市場的加速發展和最終的必然性時，最大的問題就是為什麼選擇 Luminar？可以這麼說，我們的特色醬汁是什麼？

And of course, there are many differentiators here across the board, including the fact that we have uniquely vertically integrated strategy from the chip level up, through the LiDAR, through the software. But first, let's talk about the thing that makes our LiDAR so unique.

當然，這裡有很多差異化因素，包括我們擁有從晶片級向上、通過光達、通過軟體的獨特的垂直整合策略。但首先，我們來談談我們的光達如此獨特的原因。

The technology starts with a special wavelength of light that we use at 1,550 nanometers versus the industry standard 905 nanometers. One of the most fundamental limitations of lasers in eye safety, both in regulation and in practice, which is the limiting factor on how much power can be put from a LiDAR's laser and correspondingly, the performance. We operate in a much longer wavelength than others in the industry, which enabled us to put up to 17 times the average energy into the environment.

這項技術始於我們使用的特殊波長 1,550 奈米的光，而業界標準為 905 奈米。無論是在監管還是在實踐中，雷射在眼睛安全方面最基本的限制之一是雷射雷達雷射可以輸出多少功率以及相應性能的限制因素。我們的工作波長比業內其他公司長得多，這使我們能夠向環境中釋放高達平均 17 倍的能量。

Because we use that 1,550 nanometer wavelength that's safe to the human eye, the increased pulse energy deliver translates directly to a dramatically better performance at longer range for the 3D point club sort of picture, you can call it, of the environment. This is required for cars to be able to operate safely in higher speed Level 3 autonomy mode as well as enable reliable high-speed active safety features.

因為我們使用對人眼安全的 1,550 奈米波長，所以增加的脈衝能量傳遞可直接轉化為在更遠距離上顯著提高 3D 點俱樂部類型影像（您可以稱之為環境影像）的性能。這是汽車能夠在更高速度的 3 級自主模式下安全運行以及實現可靠的高速主動安全功能所必需的。

Specifically and because of our technology stack, we're able to see and even detect some of the hardest to see objects at distances past 250 meters in all ambient light conditions. And our performance is able to be maintained even when looking for hard to see dark objects, such as the spare tire on the road at night. Our maximum range can even be extended out to as much as 600 meters. This stands in stark contrast to our competitor's technology, which generally can only reliably see objects required for safe driving at distances up to 100 meters.

具體來說，由於我們的技術堆疊，我們能夠在所有環境光線條件下看到甚至檢測到 250 公尺以上距離的一些最難看到的物體。即使在尋找難以看見的黑暗物體（例如夜間路上的備胎）時，我們的表現也能夠維持。我們的最大範圍甚至可以擴展到 600 公尺。這與我們競爭對手的技術形成鮮明對比，競爭對手的技術通常只能在 100 公尺的距離內可靠地看到安全駕駛所需的物體。

While the shorter-perception distances are suitable for low-speed autonomous driving applications, it's insufficient to safely maneuver at highway speeds and 100 meters is only a couple of seconds ahead at those speeds, which is not nearly enough time to be able to come to a safe stop.

雖然較短的感知距離適合低速自動駕駛應用，但不足以在高速公路上安全操縱，並且在這些速度下 100 米僅領先幾秒鐘，這幾乎沒有足夠的時間能夠到達安全停留。

We're able to reliably see a full 7.5 seconds ahead down the road, which is enough time to be able to come to a safe stop in nearly any kind of vehicle. The performance can also directly translate to lives saved and the majority of accident fatalities actually occur at speed, making it all the more important.

我們能夠可靠地看到前方整整 7.5 秒的時間，這足以讓幾乎任何類型的車輛安全停車。該性能還可以直接轉化為挽救生命，而大多數事故死亡實際上是在快速發生的，這使得這一點變得更加重要。

Getting to this stage and technology advancement was anything but easy, but nevertheless, begs the question of why hasn't everyone followed in the footsteps over the years? I think it's well understood that the performance advantages of 1.550 versus 905 nanometers but the simple answer is that 905 nanometer components have generally been available off the shelf from commodities suppliers, which has enabled the least path of resistance at the lowest initial R&D investment to develop a LiDAR.

要達到這個階段和技術進步絕非易事，但仍然引出了一個問題：為什麼多年來沒有人人跟隨其腳步？我認為，1.550 奈米與 905 奈米相比的性能優勢是眾所周知的，但簡單的答案是，905 奈米元件通常可以從商品供應商處購買，這使得以最低的初始研發投資實現了最小的阻力路徑。光達。

In the contrast, Luminar uniquely developed our 1,550 nanometer technology from the chip level up where we have to create multiple fundamental innovations to make 1,550 nanometer possible from both a technical supply chain and economic perspective. This is where some of the magic happens of having a truly integrated ecosystem with semiconductor and software capabilities that come into play, which further deepens our competitive moat. In aggregate, we've invested roughly $1.8 billion over the years to develop this unique technology platform and now have the opportunity to ride that investment curve of its [co-tenants].

相較之下，Luminar 從晶片層面獨特地開發了我們的 1,550 奈米技術，我們必須從技術供應鏈和經濟角度進行多項基礎創新，才能使 1,550 奈米成為可能。這就是擁有一個真正整合的生態系統以及發揮作用的半導體和軟體功能的神奇之處，這進一步加深了我們的競爭護城河。多年來，我們總共投資了大約 18 億美元來開發這個獨特的技術平台，現在有機會利用其投資曲線[共同租戶]。

I'd like to dig into each of these factors starting first with the semiconductor. Luminar has been developing its own semiconductor technologies to act as the core technology engine of our LiDAR for the better part of a decade whereas 905 nanometer lasers require normal silicon photo receivers to detect a light. 1,550, on the other hand, requires some custom specialized indium gallium arsenide materials to be able to operate.

我想先從半導體開始深入研究這些因素。在十年來的大部分時間裡，Luminar 一直在開發自己的半導體技術，作為我們 LiDAR 的核心技術引擎，而 905 奈米雷射器則需要普通的矽光電接收器來檢測光。另一方面，1,550 需要一些客製化的專用砷化銦鎵材料才能運作。

Given how specialized in gas development is or the indium gallium arsenide and the fabrication expertise is, it was imperative for us to be able to find the relevant teams and companies that can design to our specification, fab the components. And in these cases, some of them are the only ones in the world that know how to do it to meet the required specifications for what we need.

鑑於天然氣開發或砷化鎵的專業性以及製造專業知識的專業性，我們必須能夠找到能夠按照我們的規格進行設計、製造組件的相關團隊和公司。在這些情況下，他們中的一些人是世界上唯一知道如何滿足我們所需規格的人。

Over time, we started vertically integrating and consolidating some of the specialized companies that we were working with, starting with Black Forest Engineering with a the central processing ASIC in 2017, OptoGration with the indium gallium arsenide receiver chip in 2021, and Freedom Photonics for the laser chip in 2022. This ultimately form the foundation for Luminar Semiconductor, Inc. And of course, with the recent addition of the chip packaging operation, we're here right now as LSI's latest addition, which continues to vertical integration trend.

隨著時間的推移，我們開始垂直整合和整合與我們合作的一些專業公司，從2017 年提供中央處理ASIC 的Black Forest Engineering 開始，到2021 年提供砷化鎵接收器晶片的OptoGration，以及2021 年提供砷化鎵接收器晶片的Freedom Photonics。這最終構成了 Luminar Semiconductor, Inc. 的基礎。

As a result, our product development and architecture approach drives a structural technology advantage for the chip level up, whereas our competitors are essentially built off the shelf LiDARs that have inherent performance limitations. And in doing this, we've also ensured that technological sustainability of our mode by vertically integrating all these products.

因此，我們的產品開發和架構方法推動了晶片層級的結構技術優勢，而我們的競爭對手基本上是現成的雷射雷達，具有固有的性能限制。在此過程中，我們也透過垂直整合所有這些產品來確保我們模式的技術永續性。

As a further proof point, some of our foundational technology breakthroughs, we've actually been quite successful in capitalizing on the IT and technology we've developed for LiDAR, even for other customers and applications with their semiconductors as well.

作為進一步的證明，我們的一些基礎技術突破實際上非常成功地利用了我們為 LiDAR 開發的 IT 和技術，甚至對於其他客戶和使用其半導體的應用也是如此。

Luminar Semiconductor Inc., which what it was calling LSI, now has over 100 unique customers, including top technology companies, defense contractors, aerospace businesses, among others, with our chip technologies live everywhere from satellites to GPUs, right now. As a result of this success, we now achieve an estimated extra lifetime commercial program value in the nine figures from our internal forecast and breakeven status on the business. This is the first major step in our path to profitability with the next major milestone being the LiDAR level as we ramp up series production over the coming quarters with Volvo.

Luminar Semiconductor Inc.（原稱為 LSI）現在擁有 100 多家獨特客戶，其中包括頂尖科技公司、國防承包商、航空航太企業等，我們的晶片技術目前已遍布從衛星到 GPU 等各個領域。由於這項成功，根據我們的內部預測和業務損益平衡狀況，我們現在預計額外生命週期商業計劃價值將達到九位數。這是我們實現盈利之路上邁出的第一步，下一個重要里程碑是雷射雷達水平，因為我們將在未來幾個季度與沃爾沃一起提高系列產量。

Zooming back out, I'd like to talk also about software for a moment. So on the software and AI front, we think it's clearer than ever that the artificial intelligence capabilities are there to be able to help unlock the next levels of autonomy. And with AI, it's really all about the data and quality of the data So for each of our dozens of customer deployments of LiDAR, it's generally paired with a matching software and AI system that is trained on Luminar's 3D data. AI models developed on a LiDAR are a big leap forward compared to traditional models that are powered from 2D data because it's true -- ground true 3D data. So it's eliminating the guesswork as to where the objects are and achieves an accurate, true-to-life model.

回過頭來，我還想談談軟體。因此，在軟體和人工智慧方面，我們認為人工智慧能力能夠幫助解鎖更高的自主性，這一點比以往任何時候都更加清晰。對於人工智慧來說，真正關鍵的是資料和資料品質。與 2D 數據驅動的傳統模型相比，在 LiDAR 上開發的 AI 模型是一個巨大的飛躍，因為它是真實的——地面真實的 3D 數據。因此，它消除了對物體位置的猜測，並實現了準確、逼真的模型。

So at an industry level, some of the most advanced vehicle OEMs do have their own extensive software deployments, but attracting the best software talent or traditional automakers can be quite difficult. And most automakers do not have an in-house solution in development to achieve the advanced software capabilities and higher levels of autonomy.

因此，在產業層面，一些最先進的汽車原始設備製造商確實擁有自己廣泛的軟體部署，但吸引最優秀的軟體人才或傳統汽車製造商可能相當困難。大多數汽車製造商沒有正在開發的內部解決方案來實現先進的軟體功能和更高水準的自主權。

So we predicted this would be the case quite early on in Luminar. And in 2017, I kickstarted our AI and software initiatives centered around the required LiDAR-related software in order to help assist automakers in their developments. Our software technologies have been primarily developed in our Silicon Valley offices as well as Munich, Germany. And we work closely with our Silicon Valley technology development partners, software development partners ranging from Scale AI to Applied Intuition.

所以我們很早就預測 Luminar 會出現這種情況。2017 年，我啟動了以所需的 LiDAR 相關軟體為中心的人工智慧和軟體計劃，以幫助汽車製造商進行開發。我們的軟體技術主要是在我們的矽谷辦事處以及德國慕尼黑開發的。我們與矽谷的技術開發合作夥伴、軟體開發合作夥伴密切合作，從規模人工智慧到應用直覺。

So I worked with a few of the more technologically advanced automakers. It started earlier on, including companies like Volvo, Mercedes, and Nissan with some software. Although, they do much of their software in-house being some of the leading players.

因此，我與一些技術更先進的汽車製造商合作。它很早就開始了，包括沃爾沃、梅賽德斯和日產等公司都使用了一些軟體。儘管如此，他們的大部分軟體都是在內部完成的，並且是一些領先的參與者。

That said, again, the vast majority of the automaker's industry don't have a viable solution and preferring to the fast follower approach as they've done in other kinds of advanced technology adoption cycles. So this embedded software capability for Luminar not only helps expand our addressable market by -- from a LiDAR standpoint, you know, content value and margins per vehicle, but also importantly, enables our LiDAR to be able to reach the majority of the automotive market that otherwise wouldn't be possible without software.

也就是說，絕大多數汽車製造商行業沒有可行的解決方案，並且更喜歡快速追隨者方法，就像他們在其他類型的先進技術採用週期中所做的那樣。因此，Luminar 的這種嵌入式軟體功能不僅有助於擴大我們的潛在市場，從LiDAR 的角度來看，每輛車的內容價值和利潤，而且重要的是，使我們的LiDAR 能夠涵蓋大部分汽車市場否則，如果沒有軟體，這是不可能的。

It also further expands the stickiness of our product and moat. And we've really seen and developed fantastic partnerships over the years with top ecosystem companies ranging from Nvidia to Mobileye, which allows us to collectively advance industry as a whole. These software capabilities make Luminar is unique in this respect. And I'm proud to say that after five years of development, we recently launched our Sentinel software suite, shipping the first kit in Q2.

也進一步擴大了我們產品的黏性和護城河。多年來，我們確實與從 Nvidia 到 Mobileye 等頂級生態系統公司建立了良好的合作夥伴關係，這使我們能夠共同推動整個產業的發展。這些軟體功能使得Luminar在這方面是獨一無二的。我很自豪地說，經過五年的開發，我們最近推出了 Sentinel 軟體套件，並在第二季推出了第一個套件。

We expect initial shipments to major automakers to begin shortly and to be in their hands before yearend. In recent history, we've also seen an increased demand for direct engineering collaboration with automakers as well as RFQs for software capabilities from us. So our software and ecosystem strategy is not too dissimilar from the strategy that Apple had in early days and what Steve Jobs's plan was for the initial iPhone launch. It was all about getting the disruptive products to market at a global scale, and in subsequent years, building up the ecosystem around them.

我們預計首批向主要汽車製造商的出貨將很快開始，並在年底前交付給他們。在最近的歷史中，我們也看到對與汽車製造商直接工程合作以及我們對軟體功能的詢價的需求不斷增加。因此，我們的軟體和生態系統策略與蘋果早期的策略以及史蒂夫賈伯斯最初發布 iPhone 的計劃並沒有太大不同。這一切都是為了將顛覆性產品推向全球市場，並在隨後的幾年裡圍繞它們建立生態系統。

And the first product didn't even come, as you remember, with the first iPhone an app store. But importantly, as consumers increasingly realize the value that it was able to deliver with both software and hardware enhancements working in tandem, it ultimately kicked off one of the greatest technology revolution of the century. And really, we've taken a similar approach. And I truly believe that with the Volvo launch, for our industry, this is truly the iPhone moment. You know, as the technology becomes widespread on a global basis for the first time and kicks off a plethora of subsequent vehicle launches for us over the course of the next 24 months.

正如你所記得的，第一款產品甚至還沒有與應用程式商店一起出現。但重要的是，隨著消費者越來越意識到軟體和硬體增強協同工作所能夠提供的價值，它最終引發了本世紀最偉大的技術革命之一。事實上，我們也採取了類似的方法。我堅信，隨著沃爾沃的推出，對於我們的行業來說，這確實是 iPhone 的時刻。您知道，隨著該技術首次在全球普及，並在接下來的 24 個月內為我們啟動了大量後續車輛的發布。

Now with all of these tailwinds, technology advantages and industry success, you can see why we continue to be so excited here. But nevertheless, I think it's important to take a step back and recognize, despite this positive outlook for LiDAR being arguably greater than ever over the long term as it evolves to become a more foundational part of the broader automotive technology, in the near term, there are headwinds were automotive -- automakers have face timing and production ramp challenges for some new platforms.

現在，憑藉所有這些順風車、技術優勢和行業成功，您可以明白為什麼我們在這裡繼續如此興奮。但儘管如此，我認為重要的是要退後一步並認識到，儘管從長遠來看，隨著光達發展成為更廣泛的汽車技術的更基礎的一部分，光達的積極前景可以說比以往任何時候都更加樂觀，但在短期內，汽車產業也面臨阻力——汽車製造商在一些新平台上面臨時間安排和產量提升的挑戰。

And while this is not related to Luminar or LiDAR specifically, it's widely understood that new automotive platforms in the industry, which would be used to introduce new kinds of technologies like this, have generally been shifted out by around one to two years. And the reality is that these new vehicle platforms are incredibly complex from a supply chain, software, and engineering standpoint and require more time than some of the automakers were originally targeting to begin with and to ramp it deliver at scale.

雖然這與 Luminar 或 LiDAR 沒有具體關係，但人們普遍認為，行業中用於引入此類新技術的新汽車平台通常已被淘汰約一到兩年。現實情況是，從供應鏈、軟體和工程的角度來看，這些新的汽車平台非常複雜，並且需要比一些汽車製造商最初的目標更多的時間來大規模交付。

We've seen the effects of some of these delays across the industry and the downstream implications of Luminar has not been unique. The most important problem -- the most prominent example of this is in the EV space, but it's also very important to note that when it comes to limit our technology, we are agnostic to the underlying powertrain in the car. And while people oftentimes try to bucket these technologies together with our LiDAR and EVs, there's actually no underlying technical correlation. In fact, the majority of new vehicle platforms Luminar has planned into actually offer combustion engine vehicle variant.

我們已經看到了整個行業的一些延誤的影響，而 Luminar 的下游影響並不是獨一無二的。最重要的問題——最突出的例子是在電動車領域，但同樣重要的是要注意，當談到限制我們的技術時，我們對汽車的底層動力系統是不可知的。儘管人們經常嘗試將這些技術與我們的光達和電動車放在一起，但實際上並沒有潛在的技術相關性。事實上，Luminar 的大多數新車輛平台都計劃提供內燃機車輛變體。

In light of this, our focus is to go not just in the long term, but also the near term. And we've taken two major actions and directions as a result. On the operation -- one on the operational side and the others on the finance and balance sheet side.

有鑑於此，我們的重點不僅是長期，而且是近期。因此，我們採取了兩項主要行動和方向。在營運方面——一個在營運方面，另一個在財務和資產負債表方面。

So from an operational standpoint, start off with the first one, the focus was to start increasing the efficiency of our OpEx overhead, now that we've already made the required technology investments and achieved the series production launch that we've all been waiting for years and excited to succeed with that. And as part of that, we are moving towards an outsourced model towards certain parts of our business for partners who were willing to dedicate the appropriate resources and action we took last quarter and included a reduction in our internal workforce by around 20%.

因此，從營運的角度來看，從第一個開始，重點是開始提高我們的營運支出開銷的效率，現在我們已經進行了所需的技術投資並實現了我們一直在等待的系列產品發布多年來並很高興能取得成功。作為其中的一部分，我們正在向願意投入我們上季度採取的適當資源和行動的合作夥伴轉向我們業務的某些部分的外包模式，其中包括將我們的內部員工人數減少約 20%。

Additionally, we are actively tackling variable cost, fixed cost overhead in order to ensure that we can maximize our success as we ramp and the volume starts to really matter post SOP. The next step in streamlining -- the next step beyond that is also streamlining our product development processes, among other things that will do over the course of coming quarters. One major actions that we took this quarter save tens of billions of dollars. As an example of this, on product development cost, is to better unify the auto and Iris product family by increasing the percentage of shared components from a technical and supply chain standpoint between products and customers.

此外，我們正在積極解決可變成本和固定成本開銷，以確保我們能夠在我們的產能提升和 SOP 後銷售開始變得真正重要時最大限度地取得成功。精簡的下一步－除此之外的下一步也是精簡我們的產品開發流程，以及未來幾季要做的其他事情。我們本季採取的一項重大行動節省了數百億美元。舉個例子，在產品開發成本上，就是從技術和供應鏈的角度，從產品和客戶之間增加共享組件的比例，更好地統一汽車和Iris產品系列。

This is reflected in a one-time charge in our financials that has some downstream non-cash accounting implications for the quarter that Tom will discuss in more detail. We will look to continue advancing our operational efficiencies as we achieve economies of scale over the coming quarters and bring down both overhead and variable costs, making it easier to ultimately achieve profitability on our journey.

這反映在我們財務數據中的一次性費用中，該費用對本季的下游非現金會計影響有一些影響，湯姆將更詳細地討論這一點。隨著我們在未來幾季實現規模經濟，並降低管理費用和變動成本，我們將繼續提高營運效率，從而更容易最終實現盈利。

So critically, today, I'm proud to say that we are directly tackling the second topic as it relates to balance sheet. As I mentioned at the beginning of the call, to date, we signed a definitive agreement with the consortium of these bond investors to restructure the debt, provide new capital, and push out the maturity of these bonds for 2026 to 2030.

因此，至關重要的是，今天，我很自豪地說，我們正在直接解決與資產負債表相關的第二個主題。正如我在電話會議開始時提到的，迄今為止，我們與這些債券投資者財團簽署了一項最終協議，以重組債務、提供新資本並將這些債券的到期日推遲到2026 年至2030 年。

Importantly, this gives us a sufficient freedom to operate and thrive in a world where you described earlier as being characterized by one to two year delays in the ramp of new automotive production platforms and programs. While this is a major step in vote of confidence that enables us to responsibly invest and grow, is not the last step it will take to support our capital structure. And importantly, Tom to get into a few more details -- on the details of the deal and the capital structure in his section.

重要的是，這給了我們足夠的自由來運作和發展，在這個世界中，您之前描述的特點是新的汽車生產平台和專案的推出會延遲一到兩年。雖然這是信任投票的重要一步，使我們能夠負責任地投資和發展，但這並不是支持我們資本結構的最後一步。重要的是，湯姆要詳細介紹一些細節──有關交易的細節和他部門的資本結構。

So I'd like to round out my comments with a few updates on some of our extensive industry partnerships as well and some new developments. So closing loop on Volvo, as you know, they began their startup production this past quarter for a new platform and the flagship [EM] signing, following our previous announcement at Luminar Day that we had started our series production, our SOP for them. We have since successfully ramped up production to meet all key mobile deliverables, and we're looking forward to seeing them continue to scale.

因此，我想透過一些關於我們廣泛的行業合作夥伴關係的更新以及一些新的發展來完善我的評論。因此，沃爾沃的閉環，正如你所知，他們在上個季度開始了新平台的啟動生產，並簽署了旗艦產品[EM]，此前我們在Luminar Day 上宣布我們已經開始了我們的系列生產，為他們提供了SOP。此後，我們成功地提高了產量，以滿足所有關鍵的行動交付成果，並且我們期待看到它們繼續擴大規模。

In the last earnings call, they provided some commentary that the initial ramp will be a little bit more moderated than their initial target, but nevertheless, it's still growing exponentially. We expect to ship more sensors in the second half of this year than all of our prior years as a public company combined. As noted in commentary, series production ASPs are a bit lower than our sample ASPs. So with that moderated ramp, as would be expected, it will really take until next year when you start seriously seeing the big step-up in revenue for this ramp.

在上次的財報電話會議中，他們發表了一些評論，稱最初的增長將比最初的目標稍微溫和一些，但儘管如此，它仍然呈指數級增長。我們預計今年下半年出貨的傳感器數量將超過我們作為上市公司前幾年的總和。如評論中所述，批量生產的 ASP 略低於我們的範例 ASP。因此，隨著適度的成長，正如預期的那樣，直到明年你才會開始認真地看到這一成長帶來的收入大幅成長。

So as we scale, we've already started to see some of the benefits of the economies of scale and the production deployment. And imminently, you'll start to see our technology on the road in a more widespread capacity for the first time at a global scale, which is driving a virtuous cycle for us across multiple domains.

因此，隨著我們規模的擴大，我們已經開始看到規模經濟和生產部署的一些好處。很快，您將開始看到我們的技術首次在全球範圍內以更廣泛的能力上路，這正在為我們跨多個領域推動良性循環。

So as we scale up, we've been realizing substantially higher yields, lower supply chain costs, improved overhead absorption, and of course, the marketing benefit that comes when Luminar gets exposure to consumers for the first time as they'll see all technology prominently featured on the EX90's roofline across the globe. We're proud to be enabling this first global production consumer vehicle with LiDAR, and it's standard on all vehicles. And we're looking forward to an additional upcoming SOP in China by yearend, which will further drive vehicle volumes for them and product sales for us.

因此，隨著我們規模的擴大，我們已經實現了更高的產量、更低的供應鏈成本、更好的管理費用吸收，當然，還有當Luminar 第一次接觸消費者時帶來的營銷效益，因為他們將看到所有技術全球範圍內 EX90 車頂輪廓線的顯著特徵。我們很自豪能夠為這款全球首款配備 LiDAR 的量產消費性汽車提供支持，並且它是所有車輛的標準配備。我們期待年底前在中國推出額外的 SOP，這將進一步推動他們的車輛銷售和我們的產品銷售。

So moving on to Mercedes, we're moving full speed ahead and recently have made some improvements into our product roadmap. As I mentioned, we'll be unifying our Iris platform with a greater percentage of components and content value share, which we should expect to substantially reduce development costs and the timeframe for bringing this program online. So we're excited about what the future holds for the partnership and look forward to updating you further as we achieve further milestones ahead.

因此，轉向梅賽德斯，我們正在全速前進，最近對我們的產品路線圖進行了一些改進。正如我所提到的，我們將統一我們的 Iris 平台，增加更大比例的組件和內容價值份額，我們預計這將大大降低開發成本和將該程式上線的時間。因此，我們對合作夥伴關係的未來感到興奮，並期待在我們實現進一步的里程碑時向您提供進一步的最新消息。

Our partnership with Polestar also continues to progress well. They remain on track to launch their first vehicle with our LiDAR, the Polestar 3, next year, and have additional models slated to incorporate Luminar technology for release after that. Just got a note of being able to do a test drive to go check it out. So excited to be able to do that also soon, next month.

我們與 Polestar 的合作關係也持續取得良好進展。他們仍有望在明年推出首款搭載 LiDAR 的車輛 Polestar 3，並計劃在此之後發布採用 Luminar 技術的其他車型。剛剛收到可以試駕的通知，可以去檢查一下。很高興能夠在下個月很快做到這一點。

So with Nissan, we've also recently completed the most recent phase of our technical collaboration and are scoping out the next phase of our work together. They continue to impress me with their assistance and autonomous driving team's capabilities. And I'm excited as ever about their vision to standardize this or the technology across all vehicles they produce to realize the benefits of improved safety and autonomy.

因此，我們最近也與日產完成了最新階段的技術合作，並正在共同規劃下一階段的工作範圍。他們的協助和自動駕駛團隊的能力繼續給我留下深刻的印象。我一如既往地對他們的願景感到興奮，即在他們生產的所有車輛中標準化這項技術或技術，以實現提高安全性和自主性的好處。

Meanwhile, our partnerships with companies like Nvidia and Mobileye continue to be as strong as ever as we make forward move in our joint systems development. These ecosystem partnerships and collaborations are highly complementary and will drive further acceleration of our long-term success as we designed a new vehicle platforms together and win together.

同時，隨著我們在聯合系統開發方面取得進展，我們與 Nvidia 和 Mobileye 等公司的合作關係仍然一如既往地牢固。這些生態系統夥伴關係和協作具有高度互補性，將進一步加速我們的長期成功，因為我們共同設計了新的車輛平台並共同獲勝。

As it relates to other automakers, it's meaningful to note the majority of them already have long-range LiDAR as a requirement planned into the roadmap. Keep in mind, the vehicle program cycles can last as long as a decade. So this is not like the consumer industry or smartphones, where new technologies are introduced every year. These vehicle platforms and the automotive technologies and certification that goes into it is highly complex. People's lives are at stake in this industry. So it moves at a very deliberate pace. Very high barrier to entry, but also very high barrier to exit.

與其他汽車製造商相關的是，值得注意的是，大多數汽車製造商已經將遠程雷射雷達作為路線圖中計劃的要求。請記住，車輛專案週期可持續長達十年。所以這不像消費產業或智慧型手機，每年都會推出新技術。這些車輛平台以及其中的汽車技術和認證非常複雜。這個行業危及人們的生命。所以它以非常謹慎的速度移動。進入障礙非常高，但退出障礙也非常高。

So we're actively engaged with the various automakers and the majority of major automakers at this stage. And we look forward to updating with more specifics on new customer awards into the future.

因此，現階段我們正在積極與各個汽車製造商和大多數主要汽車製造商接觸。我們期待在未來更新有關新客戶獎勵的更多細節。

Before I close out my comments, I'd also like to add that we're making great progress in the development of the Halo front, which, as we discussed at Luminar Day makes drastic improvements to performance, size, as well as cost, and is enabled to be seamlessly integrated into the vehicle, whereas the Iris product family was created to show the industry what was really possible. Halo is what will enable this technology to become widespread throughout the industry and we expect quite profitably. As we accelerate the program, we'll also be delivering samples now at select automakers by yearend. So that's the big update there.

在結束我的評論之前，我還想補充一點，我們在 Halo 前端的開發方面取得了巨大進展，正如我們在 Luminar Day 上討論的那樣，它在性能、尺寸和成本方面都取得了巨大的改進，並且能夠無縫整合到車輛中，而Iris 產品系列的創建是為了向業界展示真正的可能性。Halo 將使這項技術在整個行業中廣泛應用，我們預計將獲得相當可觀的利潤。隨著我們加速該計劃，我們還將在年底前向選定的汽車製造商提供樣品。這就是重大更新。

And with that, happy to be able to turn the call over to Tom to give more details on the financials. With that, go ahead, Tom. Thank you.

至此，我很高興能夠將電話轉給湯姆，以提供有關財務狀況的更多詳細資訊。有了這個，繼續吧，湯姆。謝謝。

Thank you, Austin, great update on where we are at Luminar. Let me start by reviewing our Q2 financial results. Revenue for the quarter was $16.5 million, up 2% year over year, but down 22% sequentially. As we previewed during our Q1 earnings call, we expected Q2 revenue to potentially be lower. Let me provide a bit more color on this.

謝謝你，奧斯汀，關於我們在 Luminar 的最新進展。首先讓我回顧一下我們第二季的財務表現。該季度營收為 1,650 萬美元，年增 2%，但環比下降 22%。正如我們在第一季財報電話會議上所預測的那樣，我們預計第二季的收入可能會較低。讓我對此提供更多的色彩。

We saw an expected moderate ramp in series production sensor sales during the quarter. We are continuously meeting Volvo's weekly production schedule and are prepared to ramp up our production at Volvo ramps up (inaudible) As discussed on our most recent earnings calls, Volvo expects to ramp the X90 production in their US facility in the back end of this year and early into next year, while production in their China facility will commence more towards the end of this year or early next. This represents more moderated ramp than we were initially anticipating, but we remain confident in reaching targeted production levels next year.

我們預計本季感測器量產銷售將出現適度成長。我們不斷滿足沃爾沃的每週生產計劃，並準備在沃爾沃提高產量時提高產量（聽不清楚）正如我們在最近的財報電話會議上所討論的那樣，沃爾沃預計將在今年年底提高其美國工廠的X90產量預計將在明年初開始，而中國工廠的生產將在今年年底或明年初開始。這表明產量成長比我們最初預期的要溫和，但我們仍然有信心明年達到目標產量水平。

During the quarter, we revised the product design and project scope for Iris plus with our lead customer to increase utilization of Iris in the product data architecture as Austin discussed earlier. This move should improve operational scale and efficiency as well as derisk execution. This revision resulted in a largely non-cash accounting adjustments this quarter to both revenue growth (inaudible) gross loss.

在本季度，我們與主要客戶一起修改了 Iris plus 的產品設計和專案範圍，以提高 Iris 在產品資料架構中的使用率，正如 Austin 之前所討論的。此舉應能提高營運規模和效率，並降低執行風險。此次修訂導致本季對收入成長（聽不清楚）毛損失進行了大部分非現金會計調整。

Specifically and resulted in $4 million sequential decline in revenue, and our revenue would be roughly flat, if not for this, and a $10 million contract lost to cars. For the quarter, we reported a gross loss of close to negative $14 million on a GAAP basis and about negative $12 million on a non-GAAP basis. Our gross loss this quarter included about a $10 million contract loss that I just mentioned.

具體來說，導致收入連續下降 400 萬美元，如果不是這個原因，我們的收入將大致持平，並且失去了 1000 萬美元的汽車合約。我們報告的本季毛虧損（以 GAAP 計算）接近負 1,400 萬美元，以非 GAAP 計算約負 1,200 萬美元。我們本季的毛損失包括我剛才提到的約 1000 萬美元的合約損失。

So excluding this contract loss we would have been close to breakeven and now a little less than a $2 million loss to be precise on a growth basis. This quarter over quarter improvement was helped by lower inventory charges, scrap and other launch related charges from ongoing process improvement, including our manufacturing (inaudible)

因此，如果排除這筆合約損失，我們本來就接近盈虧平衡，現在準確地說，如果按成長計算，損失略低於 200 萬美元。本季環比的改善得益於持續流程改善（包括我們的製造）所帶來的庫存費用、廢品和其他發布相關費用的降低（聽不清楚）

Our change in cash during the quarter was negative $57 million, an improvement from almost negative $72 million in the last quarter. We ended the quarter with $211 million in cash and liquidity, which includes marketable securities and our $50 million undrawn line of credit. It excludes the actions which I'm about to discuss more detail that we announced today. During the quarter, we raised $19 million under our equity capital finance program.

本季我們的現金變動為負 5,700 萬美元，比上個季度幾乎為負 7,200 萬美元有所改善。本季結束時，我們擁有 2.11 億美元的現金和流動資金，其中包括有價證券和 5,000 萬美元的未提取信貸額度。它不包括我將要討論的我們今天宣布的更多細節的行動。本季度，我們透過股權資本融資計畫籌集了 1,900 萬美元。

Now let me just talk about the balance sheet actions we announced earlier today. We announced that we entered into private separately negotiated exchange transaction with certain holders our -- of our existing convertible notes. These noteholders will exchange at a 35% discount, $422 million of convertible debt due in 2026 into $274 million of new convertible senior secured notes maturing in January of 2030.

現在讓我談談我們今天早些時候宣布的資產負債表行動。我們宣布，我們與現有可轉換票據的某些持有者進行了私人單獨協商的交換交易。這些票據持有人將以 35% 的折扣將 2026 年到期的 4.22 億美元可轉換債務轉換為 2030 年 1 月到期的 2.74 億美元新可轉換優先擔保票據。

Additionally, as a sign of their confidence in Luminar future, these investors are also providing $100 million of new capital in the form of nonconvertible non-dilutive senior secured notes. This transaction will reduce our total convertible debt by nearly $150 million, while raising $100 million of new capital. We filed in 8-K (inaudible) closed with further details on this transaction.

此外，為了表明他們對 Luminar 未來的信心，這些投資者還以不可轉換、非稀釋性優先擔保票據的形式提供 1 億美元的新資本。這項交易將使我們的可轉換債務總額減少近 1.5 億美元，同時籌集 1 億美元的新資本。我們在 8-K（聽不清楚）中提交了有關此交易的更多詳細資訊。

This transaction is the first and most important step in improving our balance sheet. Over two-thirds of our convertible debt maturing in 2026 has now been extended into the next decade while capturing the 35% discount and reducing our overall debt. Over the next two years, we will continue to chip away at the remaining $200 million or so of convertible debt that is maturing in 2026.

這項交易是改善我們資產負債表的第一步也是最重要的一步。我們將於 2026 年到期的可轉換債務中有超過三分之二現已延長至下一個十年，同時獲得 35% 的折扣並減少我們的總體債務。未來兩年，我們將繼續削減 2026 年到期的剩餘約 2 億美元的可轉換債務。

During last quarter's call, we estimated -- we need approximately $200 million of additional capital to reach profitability. Half of this additional capital has been raised as part of this transaction. We have multiple alternatives to [raise] remaining $100 million, and we will do so in a thoughtful way that minimizes the ultimate dilution and economic impact to our company. In the meantime, we expect the additional capital raised in connection with this transaction to extend our liquidity runway from the end of 2025 to at least the end of 2026.

在上個季度的電話會議中，我們估計 - 我們需要大約 2 億美元的額外資本才能實現盈利。作為本次交易的一部分，已籌集了一半的額外資本。我們有多種選擇來[籌集]剩餘的 1 億美元，我們將以深思熟慮的方式這樣做，最大限度地減少對我們公司的最終稀釋和經濟影響。同時，我們預計與本次交易相關的額外資金將把我們的流動性跑道從 2025 年底延長到至少 2026 年底。

Let's talk now about our cost reduction efforts and path to profitability. In May, we announced shortly after we reached Volvo SOP and a major cost restructuring effort that will include outsourcing more of our industrialization efforts to existing partners like TPK. This will allow us to move faster with our product and industrialization efforts, streamline operations and most importantly, increase our path to our the speed of our path to profitability.

現在讓我們談談我們的成本削減工作和獲利之路。今年 5 月，我們在達成沃爾沃 SOP 和重大成本重組工作後不久宣布，其中包括將更多的工業化工作外包給 TPK 等現有合作夥伴。這將使我們能夠更快地推進產品和工業化工作，簡化運營，最重要的是，加快我們實現盈利的速度。

As a result, we have to make some tough decisions, including reducing our workforce by approximately 20% as well as other cost reduction efforts. In total, we estimated approximately $80 million run rate savings to be achieved with these actions, and we are on track to achieve this target by the end of this year. We have largely completed our headcount reduction plan and continue to complete other actions like contractor reductions and facility sublease.

因此，我們必須做出一些艱難的決定，包括裁員約 20% 以及其他降低成本的措施。總的來說，我們估計透過這些行動將節省約 8000 萬美元的運行費用，並且我們預計在今年年底實現這一目標。我們已基本完成了裁員計劃，並繼續完成承包商削減和設施轉租等其他行動。

Our current top priority is to improve our sensor unit economics and reduce our COGS overheads to reach positive gross margin. As discussed earlier, we expect our gross loss, excluding the contract loss we announced earlier to increase over the next couple of quarters since our series production sensor ASP is lower now and we need a bit more time and production scale to reduce our sensor cost to match.

我們目前的首要任務是提高感測器單元的經濟性並減少銷貨成本，以實現正毛利率。正如前面所討論的，我們預計我們的總損失（不包括我們之前宣布的合約損失）將在未來幾個季度增加，因為我們的系列生產感測器平均售價現在較低，並且我們需要更多的時間和生產規模來將我們的感測器成本降低到匹配。

We expect to achieve positive sensor economics and gross margin sometime next year after we ramp series production. Further to achieve this, we are actively engaged in real-time negotiations with key partners to improve contractual economic terms and are making good progress in this effort. We plan to update investors soon with more precise timing of when we expect to achieve positive gross margin.

我們預計明年某個時候，在我們提高批量生產後，將實現積極的感測器經濟效益和毛利率。為了進一步實現這一目標，我們積極與主要合作夥伴進行即時談判，以改善合約經濟條款，並在這方面取得了良好進展。我們計劃盡快向投資者通報我們預計何時實現正毛利率的更準確時間。

Now let's close it out -- let's with that guidance for the remainder of this year as well as the next quarter. Due to more moderated ramp-up in series production we are pushing in our prior guidance to reach a quarterly revenue run rate in the mid $30 million range from the second half of this year to next year. For Q3, we expect revenue to be in line to modestly higher versus Q2.

現在讓我們結束這個話題——讓我們為今年剩餘時間以及下個季度提供指導。由於系列生產的成長更加溫和，我們正在推動先前的指導，以期從今年下半年到明年，季度收入運行率達到 3000 萬美元左右。對於第三季度，我們預計收入將略高於第二季度。

This reflects a sequential increase in series production revenue, offset by a potential decrease from the non-series production customer contract we are currently renegotiating. We expect our Q3 loss to increase versus Q2 levels of $2 million excluding the contract loss I referenced earlier. It's lower production ramp up over the next couple of quarters, while negative for revenue is actually helpful for our gross loss and net cash spend levels, given our current pretty scale sensor economics.

這反映了系列生產收入的環比增長，被我們目前正在重新談判的非系列生產客戶合約的潛在減少所抵消。我們預計第三季的損失將比第二季的 200 萬美元有所增加，不包括我之前提到的合約損失。考慮到我們目前相當規模的感測器經濟狀況，未來幾季的產量增幅較低，而收入的負數實際上對我們的毛損失和淨現金支出水準有幫助。

Consistent with our prior guidance, we expect to end the year with greater than $250 million in cash and liquidity. This includes both marketable securities as well as our $50 million line of credit. This increased guidance reflects a $100 million of new capital that is coming in as part of this transaction announced earlier.

根據我們先前的指引，我們預計年底將擁有超過 2.5 億美元的現金和流動性。這包括有價證券以及我們 5000 萬美元的信貸額度。這一增加的指導反映了作為早些時候宣布的交易的一部分將注入的 1 億美元新資本。

Net of fees and YD in the higher interest expense. I would also note that we have $131 million remaining on our equity finance program. In the coming days, we expect to file another supplement to increase this to fund the incremental interest expense as part of this convertible debt transaction we just announced. We are also evaluating under various stress case scenarios, whether we need to hold a special shareholder meeting in the near term to increase our authorized share account given our recent and contemplated balance sheet actions.

扣除費用和 YD 中較高的利息支出。我還要指出的是，我們的股權融資計畫還剩 1.31 億美元。在接下來的幾天裡，我們預計將提交另一份補充文件，以增加這筆金額，為增量利息支出提供資金，作為我們剛剛宣布的可轉換債務交易的一部分。我們也正在評估在各種壓力情況下，考慮到我們最近和預期的資產負債表行動，我們是否需要在短期內召開特別股東大會，以增加我們的授權股份帳戶。

To conclude, I want to thank the broader Luminar team. I just celebrated my fourth anniversary at the company and been amazed at how much we've accomplished in my short time here. We've achieved a lot as an organization and we have a lot more to improve with continued successful execution. I have no doubt that the product talent and work that they do succeed exists at this company and we will capture. Rest assured, we have Luminar laser focused on making this company a success.

最後，我要感謝更廣泛的 Luminar 團隊。我剛剛慶祝了我在公司的四週年紀念日，並對我們在短短的時間裡所取得的成就感到驚訝。作為一個組織，我們已經取得了許多成就，但透過持續成功的執行，我們還有很多需要改進的地方。我毫不懷疑他們所取得的成功的產品人才和工作存在於這家公司，我們將抓住這一點。請放心，我們 Luminar 雷射致力於使這家公司成功。

I also wanted to thank my wife and family for moving out with me in the middle of COVID to join this job over four years ago and putting up with a suboptimal version myself as we kind of got earnings in this balance sheet restructuring over the finish line here in the near term. With that, Aileen, I think we're ready for Q&A.

我還要感謝我的妻子和家人四年多前在新冠疫情期間與我一起搬出這份工作，並忍受了一個次優的版本，因為我們在這次資產負債表重組中獲得了盈利。 。艾琳，我想我們已經準備好要進行問答了。

Fantastic. Thanks, Tom. All right. We're going to hand it over to our analyst community. Josh Buchalter, TD Cowen.

極好的。謝謝，湯姆。好的。我們將把它交給我們的分析師社群。喬許·布查爾特，TD·考恩。

Hey, guys, good afternoon. Thank you for taking my questions. I wanted to ask about the Volvo ramp and the slower ramp than expected. Was that related to anything with the software issues that have been pretty public regarding some of the features not being turned on at the initial launch, and maybe you can just provide some background, but I think that's an area of concern for investors given some of the comments that were made last year and then sort of the bumpy rollout of some of the software issues with the initial launch of the car. Thank you.

嘿，夥計們，下午好。感謝您回答我的問題。我想問沃爾沃坡道和比預期慢的坡道。這是否與軟體問題有關，這些問題已經相當公開，涉及一些在最初發佈時未打開的功能，也許你可以提供一些背景信息，但我認為這是投資者關注的一個領域，因為考慮到一些去年發表的評論以及汽車首次推出時出現的一些軟體問題的坎坷推出。謝謝。

Yes, Joshua, once again, it's unrelated to the software I any automotive launch that you have. There's always going to be bumps in the road and it's not a year, it's not going to go as smooth as like everybody was hoped. It's taking a little bit longer, but they're ultimately going to reach those production levels and may take just a quarter or two longer.

是的，約書亞，再一次，這與您擁有的任何汽車發布的軟體無關。道路上總會有坎坷，而且不是一年，它不會像每個人希望的那樣順利。這需要更長的時間，但他們最終將達到這些生產水平，並且可能只需要一兩個季度的時間。

From our perspective, we're meeting their weekly production targets. And as they ramp up, we're ready to ramp up. So there's certain things we can control, certain things we can't, but we're ready to go. And Volvo remains optimistic that they're going to get to ultimately where they want to be from a production level.

從我們的角度來看，我們正在實現他們的每週生產目標。隨著他們的增加，我們也準備好增加。因此，有些事情我們可以控制，有些事情我們不能控制，但我們已經準備好了。沃爾沃仍然樂觀地認為他們最終將在生產水平上達到他們想要的水平。

It's all supply chain stuff.

這都是供應鏈的事。

Got it. Thank you. And then I wanted to ask about some of the component changes. It sounds like in Iris plus. Could you provide some background on why those changes are being made any performance or commercial implications of the change road map with Iris plus. And then bigger picture, are there the initial data engagements with Halo probably more importantly, thank you.

知道了。謝謝。然後我想詢問一些組件的變化。聽起來就像在 Iris plus 中。您能否提供一些背景信息，說明為什麼要進行這些更改以及 Iris plus 更改路線圖的性能或商業影響。然後從更大的角度來看，是否有與 Halo 的初始數據交互可能更重要，謝謝。

Yes. So basically what we're doing is we're utilizing more of the Iris architecture for Iris plus that's going to allow us to capture more efficiencies, both on the industrialization process as well as ultimately once we get to series production for that product. I think as Iris came together, it's performing better than expected and allow us to borrow more of that technology to kind of derisk the Iris plus.

是的。因此，基本上我們正在做的是，我們為 Iris plus 使用更多的 Iris 架構，這將使我們能夠提高工業化過程的效率，以及最終我們進入該產品的系列生產時的效率。我認為，隨著 Iris 的出現，它的表現比預期的要好，並且允許我們借用更多的技術來降低 Iris plus 的風險。

The accounting wise, this is very complicated. It's multiyear engineering work that we're doing. And as part of that re-scoping, we had to take the accounting charges for this quarter that we talked about, but the underlying economics of the contract have not changed materially, and we actually believe that it's going to allow us to move more efficiently going forward itself as well as de-risk overall execution.

從會計角度來看，這是非常複雜的。我們正在進行多年的工程工作。作為重新界定範圍的一部分，我們必須承擔我們所討論的本季度的會計費用，但合約的基本經濟原理並沒有發生重大變化，而且我們實際上相信這將使我們能夠更有效地行動繼續前進並降低整體執行風險。

Appreciate it, Tom, Austin and I'll back in queue. Thank you.

謝謝，湯姆、奧斯汀和我會重新排隊。謝謝。

Great. John Babcock, Bank of America.

偉大的。約翰‧巴布科克，美國銀行。

Hey John.

嘿約翰。

Hey, guys. Thanks for taking my questions. I guess just start out, could you bridge the new target for cash and liquidity to your old target?

嘿，夥計們。感謝您回答我的問題。我想剛開始，您能否將現金和流動性的新目標與舊目標連結起來？

$150 million, there's $100 million of new capital coming in when you actually look at some of the OID as well as transaction fees it's closer to [$95 million]. And then the incremental interest expense brings this [$90 million], [$150 million] plus [$90 million] equals [$240 million].

1.5 億美元，當你實際查看一些 OID 以及更接近的交易費用時，就會有 1 億美元的新資本流入[9500萬美元]。然後增量利息支出帶來[9000萬美元]，[1.5億美元]加上[9000萬美元]等於[2.4億美元]。

(inaudible) Okay. Thanks. And then I guess just generally, I mean, it does seem like the adoption of autonomous driving technology in cars has been slower than expected, particularly in North American and European markets.

（聽不清楚）好的。謝謝。然後我想總的來說，我的意思是，自動駕駛技術在汽車中的採用似乎確實比預期要慢，特別是在北美和歐洲市場。

Can you just talk about, how you -- what your plans are to drive growth from here in light of that, obviously, we've seen a number of vehicle models. I mean both EVs, but also even on EVs get pushed out. So if you could, I don't know whether it entails maybe looking at opportunities and OEMs in China and perhaps trying to penetrate that market more for maybe looking at other sectors, any sort of kind of discussions you've had internally that might help to drive volumes, in light of what's kind of occurring from macro level?

您能否談談，您的計劃是如何從這裡推動成長，顯然，我們已經看到了許多車型。我的意思是兩種電動車，甚至連電動車都被淘汰了。因此，如果可以的話，我不知道是否需要在中國尋找機會和原始設備製造商，也許嘗試更多地滲透該市場，也許看看其他領域，您內部進行的任何可能有幫助的討論根據宏觀層面發生的情況來推動銷量？

No, it is a great question around that. And when it comes down to it, I think it's all about the automotive platform timings of this. As we have said during the call, it is well understood and (inaudible) companies that you know the time lines to the new platform launches, which are generally used to introduce these new kinds of technologies and pushed out on the order of about a year or two versus earlier in the 2020s here, as you saw throughout the supply chain software, all those other things that have to come into play.

不，這是一個很好的問題。歸根結底，我認為這一切都與汽車平台的時間表有關。正如我們在電話會議中所說，眾所周知，（聽不清楚）公司知道新平台發布的時間表，通常用於引入這些新技術，並在大約一年的時間內推出正如您在整個供應鏈軟體中看到的那樣，與2020 年代早期相比，所有其他因素都必須發揮作用。

So I think in this case, it's actually less about the capabilities that are being deployed and rather more about how they can get to market as quickly as possible with these new platform. So that growth curve is still very much intact and arguably even greater than ever when it comes to the midterm and longer term, it's really just the near term headwinds that we're talking about here that as people trying to get these to SOP that makes a difference.

因此，我認為在這種情況下，實際上不是關於正在部署的功能，而是更多關於如何利用這些新平台盡快進入市場。因此，就中期和長期而言，成長曲線仍然非常完整，甚至可以說比以往任何時候都更大，我們在這裡討論的實際上只是近期的逆風，當人們試圖將這些因素納入 SOP 時，這使得一個區別。

So that's the focus there. Of course, from a customer standpoint, an overall order book. That's really where you start to see in the latter half of this decade that you really have to dimension the accelerated and take off. And even with our existing customers, there's tens of billions of dollars value opportunities for us to be able to achieve with them alone much less with new customers.

這就是重點。當然，從客戶的角度來看，是整體訂單簿。這確實是您在本世紀後半葉開始看到的地方，您確實必須衡量加速和起飛的規模。即使對於我們現有的客戶，我們也能夠僅與他們一起實現數百億美元的價值機會，更不用說與新客戶了。

So at this point, it's really all about execution and how we're able to do that, how we're able to successfully scale of that. So and I would just say in from a product standpoint, Halo is really the product that's going to be able to enable that to be possible. And that's where we've received an incredible amount of excitement, interest from automakers with regards to next-generation technology. In particular, in light of also some of the new safety and ADAS regulations as well as just the overall notion of being able to have increased performance, lower costs and even better integration across the platforms.

因此，在這一點上，真正重要的是執行以及我們如何能夠做到這一點，我們如何能夠成功地擴大規模。因此，我只想從產品的角度來看，Halo 確實是一款能夠實現這一目標的產品。這就是我們從汽車製造商那裡收到的對下一代技術的令人難以置信的興奮和興趣。特別是，考慮到一些新的安全和 ADAS 法規以及能夠提高效能、降低成本以及更好地跨平台整合的整體概念。

And John, we're focusing on the things we can control. The steps we took to date with the balance sheet in terms of extending the maturities, bringing in more capital, it gives us more time and more capital to kind of recognize that longer term growth, which is as strong as ever. And then we're also looking to aggressively reduce our cost, both fixed cost as well as our sector economics to kind of get the profitability faster, even with less volume in the near term.

約翰，我們專注於我們可以控制的事情。到目前為止，我們在資產負債表上採取的延長期限、引入更多資本的措施，讓我們有更多的時間和更多的資本來認識到與以往一樣強勁的長期成長。然後，我們也尋求積極降低成本，包括固定成本和產業經濟效益，以便更快獲得獲利，即使短期內銷售較少。

Okay. Thank you. I'll go back in queue.

好的。謝謝。我會回去排隊。

Thanks, John. Jesus Gonzalo Lopez, JPMorgan.

謝謝，約翰。耶穌‧岡薩洛‧洛佩茲，摩根大通。

Hey guys. Let's take my question and congrats (inaudible)units this quarter. Just what I hear, what the early feedback from OEMs has been on this product and maybe what the per-vehicle revenue opportunity for central looks like on a run-rate basis?

嘿夥計們。讓我們回答我的問題並祝賀本季的（聽不清楚）單位。據我所知，原始設備製造商對該產品的早期反饋是什麼，也許中央的每輛車收入機會在運行率的基礎上是什麼樣的？

Yes. I mean, the feedback has been incredibly positive all around their and that's we're obviously going into this there was a lot of skepticism of hate, like is Luminar are going to be able to make it a series production. Are they going to be able to achieve these milestones? Are they going to be able to get their production facilities online, are they going to be drilled this global complex supply chain and we were able to successfully make that happen.

是的。我的意思是，他們周圍的反饋非常積極，我們顯然對此有很多懷疑和仇恨，就像 Luminar 是否能夠將其製作成系列作品一樣。他們能夠實現這些里程碑嗎？他們是否能夠將他們的生產設施上線，他們是否能夠在這個全球複雜的供應鏈中進行鑽探，而我們能夠成功地實現這一目標。

And that from an execution standpoint, we've knocked it out of the park when it comes to those topics. But there's still a lot more work to do. And with that's really where it comes to the operational efficiency in the past when it comes to scaling that production as well as being able to continue to advance the overall product roadmap that we have beyond initial Irish product.

從執行的角度來看，當涉及到這些主題時，我們已經把它排除在外了。但還有很多工作要做。這確實是過去涉及擴大生產規模以及能夠繼續推進我們超越最初愛爾蘭產品的整體產品路線圖時的營運效率的地方。

So that's the big focus now. And the customer feedback continues to be that great technology to making a huge difference in terms of what the take the opportunity is and the autonomous driving opportunity is and, they're happy to see us continue to hit those milestones and de-risks things overall. I think in particular, the (inaudible) we were able to hit series production and the SOP with Volvo some shockwaves throughout the industry.

所以這是現在的重點。客戶的回饋仍然是這項偉大的技術在抓住機會和自動駕駛機會方面產生了巨大的變化，他們很高興看到我們繼續實現這些里程碑並降低整體風險。我認為，特別是（聽不清楚）我們能夠實現大量生產以及與沃爾沃的 SOP 在整個行業中產生了一些衝擊。

That was quite positive. And when combined with the overall notion of, as I mentioned, some of the new safety regulations and the other kinds of tailwinds that are coming into play, that's really helping drive some of the feedback that we're getting. But it's also not just relevant for the ultimate autonomy use cases, but also the eat out and safety use case they want to plan for.

這是非常積極的。正如我所提到的，當與一些新的安全法規和其他正在發揮作用的順風車的整體概念相結合時，這確實有助於推動我們獲得的一些回饋。但這不僅與最終的自主用例相關，還與他們想要計劃的外出用餐和安全用例相關。

And Jesus, I think the early reactions from the Sentinel kits we've been shipping has been positive as well too early to kind of quantify any potential economic impact of that.

天哪，我認為我們一直在運送的 Sentinel 套件的早期反應也是正面的，但要量化其潛在的財務影響還為時過早。

Thank you so much and then one more if you have any update on your insurance business or any of those other things you announced during the Investor Day?

非常感謝您，如果您對您的保險業務或您在投資者日期間宣布的任何其他事情有任何更新嗎？

Making great progress there. I hope to talk about it more on our next call. But, our goal is to start writing insurance policies by the end of this year.

在那裡取得了巨大的進步。我希望在下次電話會議上能更多地討論這個問題。但是，我們的目標是在今年年底前開始撰寫保險單。

Awesome. Thanks so much.

驚人的。非常感謝。

By the way, I realize for the constant buying question is what we shared before. (inaudible)

順便說一句，我意識到我們之前分享過的持續購買問題。（聽不清楚）

Perfect. Thank you so much. Appreciate the time.

完美的。太感謝了。珍惜時間。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, thanks, guys, for taking my question here. First one, I wanted to touch on is the sensor economics. I hit my video here on there. On sensor economics here and you addressed this in the presentation. I did come late in the call. So I'm not sure of your prepared remarks here, but want to get a sense of kind of the cost reductions you're hoping to come up with here over what time period to what degree this is renegotiated materials cost versus other design effects.

好吧，謝謝你們在這裡提出我的問題。第一個，我想談的是感測器經濟學。我在那裡點擊了我的影片。關於感測器經濟學，您在演講中談到了這一點。我確實遲到了。因此，我不確定您在這裡準備的言論，但想了解您希望在什麼時間段內提出的成本削減，與其他設計效果相比，重新協商的材料成本達到什麼程度。

And then I assume this is on both Iris plus and hopefully to help out on the next-gen Halo product that maybe you can give some perspective on that, that be great, please.

然後我認為這適用於 Iris plus，並希望對下一代 Halo 產品有所幫助，也許您可以對此提供一些看法，那就太好了，拜託。

Yeah. And look, while there are, some differences between Iris, Iris plus and Halo. I think a lot of the success we're having now on bringing the Iris sensor cost down, those we'll know a lot of those will translate to Iris plus as well at that Halo. There is a lot of overlap in the product architecture as well as the supply base. But I would say, Richard, up until we reach Volvo SOP a few months ago, we've been, I would say the vast majority of our engineering and industrialization resources have been focused on actually getting there.

是的。看看 Iris、Iris plus 和 Halo 之間雖然存在一些差異。我認為我們現在在降低 Iris 感測器成本方面取得了很多成功，我們知道其中許多都將轉化為 Iris plus 以及 Halo。產品架構和供應基礎有許多重疊。但我想說，理查德，直到幾個月前我們達到沃爾沃 SOP 為止，我想說，我們的絕大多數工程和工業化資源都集中在實際實現目標上。

Now that, where there does that resource focus is shifting from proving we can produce these thing to producing them in scale and then producing them in profitable scale. From a personal perspective, it's an area where I'm spending a lot of my time. And so part of what we need to improve our center economics is just getting the scale and so a lot of our contracts are volume-based. And so as volume comes up the call to naturally come down.

現在，資源重點正在從證明我們可以生產這些東西轉向大規模生產，然後以盈利規模生產。從個人角度來看，這是我花費大量時間的領域。因此，我們改善中心經濟所需的一部分就是擴大規模，因此我們的許多合約都是基於數量的。因此，隨著音量的增加，呼喚自然會減少。

The other way that we're doing now that we have a lot more credibility because we actually reach series production and you see the pipeline not only with our new kind of close to $4 billion order book, but the 20 vehicle lines that we're launching over the next few years. We're going and having more, I would say, thoughtful and strategic conversations with our partners in terms of how we can be more long term related and not bring the cost down sooner as a result.

我們現在正在做的另一種方式是，我們有更多的可信度，因為我們實際上已經達到了批量生產，你不僅可以看到我們的新訂單接近40 億美元，而且還看到我們正在生產的20 條汽車生產線。我想說，我們將與我們的合作夥伴進行更多深思熟慮和策略性的對話，討論如何建立更長期的聯繫，而不是因此更快地降低成本。

And so we're off to a very good start with that. And I hope to give more precise timing on when we expect to turn the quarter and kind of get to that positive sensor economics and positive gross margin, it will be next year when precisely next year, I hope to provide more clarity on that here in the near term.

我們已經有了一個好的開始。我希望能夠提供更準確的時間安排，說明我們預計何時能扭轉本季度，並實現積極的傳感器經濟效益和積極的毛利率，這將是明年，正是明年，我希望在此處提供更清晰的資訊近期。

Okay. Fair enough. My follow-on question here is about the contract renegotiation here again, I missed the prepared remarks. I didn't see anything in the presentation, but wondering characterizing who this might be. I guess I just want to make sure this (inaudible) someone who had announced (multiple speakers)

好的。很公平。我的後續問題是關於合約重新談判的問題，我錯過了準備好的發言。我在演示中沒有看到任何內容，但想知道這可能是誰。我想我只是想確定這個（聽不清楚）已經宣布的人（多個發言者）

No, it's non series production customer, non-automotive customers, it's one of our larger customers. And basically what's happening there is this contract was signed a couple of years ago, assuming that we would be at a certain level of, I would say scale. And as things are taking a little bit longer to get there, we kind of need to kind of recalibrated in the near term. So I would say it's just more of a recalibration that a renegotiation, but it could provide some revenue headwinds here over the next few quarters.

不，它是非批量生產客戶，非汽車客戶，它是我們較大的客戶之一。基本上，這份合約是幾年前簽署的，假設我們將達到一定的規模，我會說。由於事情需要更長的時間才能實現，我們需要在短期內進行重新調整。因此，我想說，這更多的是一種重新調整，而不是重新談判，但它可能會在未來幾季帶來一些收入阻力。

Okay. Thanks for that clarification. That's all for me, guys. Thank you.

好的。感謝您的澄清。這就是我的全部了，夥計們。謝謝。

I'd also mentioned just generally, when it comes to the broader supply base, and going back to the original point is it up until a few months ago. The reality is we didn't have a whole lot of credit. A lot of these suppliers, small companies, big companies have heard the story about people wanting to get the series production, people want to do this for years on end without really any successful global launch.

我還籠統地提到過，當涉及到更廣泛的供應基礎時，回到最初的觀點，直到幾個月前。現實是我們沒有太多的功勞。許多供應商、小公司、大公司都聽說過人們想要獲得系列產品的故事，人們希望連續多年這樣做，但沒有真正成功的全球發布。

And that's why I think showing that we can actually successfully do that, that we can meet the Volvo deliverables and be able to scale accordingly as built a lot more credibility with us that enables us to get the right kinds of cost down long term contracts, the support not just these current products, but also things going into the future.

這就是為什麼我認為表明我們實際上可以成功做到這一點，我們可以滿足沃爾沃的可交付成果，並能夠相應地擴大規模，與我們建立更多的信譽，使我們能夠在長期合約中獲得適當的成本，不僅支持當前的產品，還支持未來的產品。

The core cost of what actually goes into the semiconductor components of what we deliver between the laser chip, the photo detector, in the processing assets that we have is under $100. It's really the question of how we can actually now that we've gotten the port technology cost down, how we can actually get the rest of the more commodity components (inaudible) , mechanicals and other kind of things at to that lower cost structure. And that's exactly one of the major things that we're focused on.

在我們擁有的處理資產中，我們在雷射晶片、光電探測器之間提供的半導體組件的實際核心成本不到 100 美元。這實際上是一個問題，既然我們已經降低了端口技術成本，我們如何才能真正以較低的成本結構獲得其餘的更多商品組件（聽不清楚）、機械和其他類型的東西。這正是我們關注的主要事情之一。

Okay. Appreciate that perspective Austin. Thank you. That's all for me.

好的。欣賞奧斯汀的這種觀點。謝謝。這就是我的全部。

Thanks Richard.

謝謝理查德。

Thanks Richard. Mark Delaney, Goldman Sachs.

謝謝理查德。馬克·德萊尼，高盛。

Hey Mark.

嘿馬克。

Thank you for taking my questions. Good afternoon. The order book, I believe was over $3.8 billion at the end of last year. I'm hoping to better understand where you think that might be tracking to over the course of 2024. We think those are the opportunities you articulated like the new automatic emergency braking regulations that I believe is generating some incremental interest from potential new customers, but also perhaps some of the headwinds you've spoken about today such as the contract being renegotiated. Thank you.

感謝您回答我的問題。午安.我相信去年年底的訂單總額超過 38 億美元。我希望更了解您認為 2024 年可能會走向何方。我們認為這些是您所闡述的機會，例如新的自動緊急煞車法規，我相信這些法規正在引起潛在新客戶的一些增量興趣，但也可能是您今天談到的一些不利因素，例如正在重新談判的合約。謝謝。

Yeah, Mark, we update our order book at the end of the (inaudible) and no update on that. We remain confident that as we continue to execute and launch these 20 vehicle programs over there. We will recognize what we had at the end of the year as well as continue to grow it with new business, both from new customers as well as existing customers. I think the exact timing of that growth and when the automakers make definitive decisions, that's a little bit outside of our control. So I don't want to speculate on when it's going to grow, but we are confident that it is going to grow.

是的，馬克，我們在（聽不清楚）末尾更新了我們的訂單簿，但沒有更新。我們仍然充滿信心，因為我們將繼續在那裡執行和啟動這 20 個車輛項目。我們將認識到我們在年底所擁有的一切，並繼續透過來自新客戶和現有客戶的新業務來發展它。我認為這種成長的確切時間以及汽車製造商何時做出明確的決定，這有點超出我們的控制範圍。因此，我不想猜測它何時會成長，但我們有信心它會成長。

(inaudible) it's worth for that specific renegotiation contract. That was something that we already had heavily discounted in our order book. So it should materialize (inaudible)

（聽不清楚）對於特定的重新談判合約來說是值得的。這是我們在訂單中已經大幅折扣的東西。所以它應該實現（聽不清楚）

Okay. That's very helpful. Second question was trying to better contextualize the change in timing from when you expect to reach quarterly revenue in that mid $30 million level? You spoke about a couple of different factors. The slower production ramp ups as well as this (inaudible) production award and how you're shipping for that in the near to intermediate term, you help us dimension those. What are some of the bigger factors as you think about (multiple speakers) --

好的。這非常有幫助。第二個問題是試圖更了解從您預計季度收入何時達到 3000 萬美元中期開始的時間變化？您談到了幾個不同的因素。較慢的產量成長以及（聽不清楚）產量獎勵以及您在中短期內的運輸方式，您可以幫助我們確定這些目標。您考慮的一些更重要的因素是什麼（多位發言者）——

The primary driver is kind of when, Volvo kind of get to that targeted production level for the X90, they expect to get there with our South Carolina plan, what they said on their call, end of this year, maybe early next year and then bringing up the China facility along that same time period. So when those things are accomplished, that's when we would get there, that's why we kind of taken the guidance from.

主要驅動因素是，沃爾沃何時達到 X90 的目標生產水平，他們希望透過我們的南卡羅來納州計劃實現這一目標，他們在電話中所說的，今年年底，也許明年初，然後同一時期建立了中國工廠。因此，當這些事情完成後，我們就會到達那裡，這就是我們接受指導的原因。

Hey, look, we don't want to rule out. It's not going to happen this year. But given those factors outside of our control, it's probably going to be next year. And so that's going to be the biggest driver of it.

嘿，聽著，我們不想排除這種可能性。今年不會發生這種情況。但考慮到這些我們無法控制的因素，可能會在明年。因此，這將是其最大的驅動力。

Thank you.

謝謝。

Great. Kevin Garrigan, Westpark Capital.

偉大的。凱文·加里根，Westpark Capital。

Hey Kevin.

嘿凱文。

(inaudible) going. Thanks for letting me ask couple of questions. So I guess is first regarding the bubble run-rate (inaudible) just delay push out your time line for overall company profitability at all?

（聽不清楚）去。謝謝你讓我問幾個問題。所以我想首先是關於泡沫運行率（聽不清楚）只是推遲了公司整體獲利能力的時間線？

Look at it, no, it doesn't. In fact, while in the near term it's not good for revenue. It actually kind of where we are on sensor economics today actually helps our net cash spend as well as our growth was. So the more important thing is kind of Volvo getting to those ultimate levels, which they're confident and we're confident they will.

你看一下，不，不是。事實上，雖然在短期內這對收入不利。實際上，我們今天在感測器經濟學上所處的位置實際上有助於我們的淨現金支出以及我們的成長。因此，更重要的是沃爾沃達到這些終極水平，他們有信心，我們也有信心他們會達到這個水平。

Yes. Got it. Got it. Okay. That makes sense. And as a follow-up. So I know you guys noted Volvo's expanding into China earlier this year. Are you guys anticipating any risks kind of given the US, China tensions or any kind of retaliation from China with the US looking to ban Chinese self-driving software. Just want to get your thoughts on how you view China market?

是的。知道了。知道了。好的。這是有道理的。並作為後續行動。我知道你們注意到沃爾沃今年早些時候進軍中國。鑑於美國和中國的緊張關係，或美國試圖禁止中國自動駕駛軟體，中國會採取任何形式的報復，你們是否預期會出現任何風險？只是想了解您如何看待中國市場？

Yeah. Based upon everything we know about today. We don't anticipate any issues with continuing to deliver to Volvo argument and some X90, longer term, this is right then that dynamic that we're monitoring largely outside of our control. But, there's both pros and cons of that because, it could hinder our ability in China, but it also hinders some of the Chinese LiDAR ability to compete in the US and other markets.

是的。基於我們今天所知道的一切。我們預計繼續向沃爾沃提供論點和一些 X90 不會有任何問題，從長遠來看，這正是我們正在很大程度上監控的動態，超出了我們的控制範圍。但是，這有利有弊，因為它可能會阻礙我們在中國的能力，但它也阻礙了中國雷射雷達在美國和其他市場競爭的能力。

So look, we're going to do what we can do to serve our customers, both in the near and longer term. We're monitoring these events. We're thinking about alternatives to make sure that we can be a longer-term competitor in all important markets to us, including China and that's where we are today.

所以看，我們將盡我們所能為我們的客戶提供近期和長期的服務。我們正在監視這些事件。我們正在考慮替代方案，以確保我們能夠成為所有重要市場的長期競爭對手，包括中國，這就是我們今天的處境。

One other thing to add on that, too, is that not only are we the first only company to have this kind of a long-range LiDAR in the global production vehicle standard. But also we're the only company in the industry that is able to build up both Western and Eastern rural supply chains. And that's something that we've really done at first starting off in North America in partnership with Celestica in Monterrey, Mexico, but also in partnership with TBK in China. And that's where you can ultimately see over the longer term, as that happens, the product that we produce in China would be really be for China.

另一件需要補充的事情是，我們不僅是第一家在全球量產車輛標準中擁有這種遠程雷射雷達的公司。而且我們也是業界唯一能夠建立西部和東部農村供應鏈的公司。這正是我們一開始在北美與墨西哥蒙特雷的 Celestica 合作以及在中國與 TBK 合作所做的事情。從長遠來看，你最終可以看到，當這種情況發生時，我們在中國生產的產品將真正適合中國。

And then you have the rest of world, for example, Mexico or elsewhere as we expand. So that's something that really we were unique in being able to have these kinds of global scale wins and in particular, also wins in China to be able to deliver against. And that's despite, by the way, obviously, there's kind of that inherent bias, but particularly around domestic Chinese OEMs there.

然後，隨著我們的擴張，您將擁有世界其他地區，例如墨西哥或其他地方。因此，我們確實是獨一無二的，能夠在全球範圍內取得這些勝利，特別是在中國也能取得勝利。順便說一句，儘管如此，顯然存在某種固有的偏見，尤其是在中國國內的原始設備製造商周圍。

But half the volume even within China is actually from Global OEMs. So we saw a clear opportunity to be able to deliver against that. And that's exactly what we're doing as we go into in earlier question for a previous analyst there, that's something that actually should help rapidly accelerate the volumes (inaudible) path to profitability as well.

但即使在中國，一半的銷售量實際上也來自全球原始設備製造商。因此，我們看到了一個能夠實現這一目標的明顯機會。這正是我們正在做的事情，正如我們之前向一位前分析師提出的問題一樣，這實際上也應該有助於快速加速銷售（聽不清楚）的獲利之路。

Yeah, got it. Got it. Okay, perfect. Thanks, guys.

是的，明白了。知道了。好的，完美。謝謝，夥計們。

Thanks, Kevin. Kevin Cassidy, Rosenblatt.

謝謝，凱文。凱文·卡西迪，羅森布拉特。

Hey, Kevin.

嘿，凱文。

Hi, yeah, thanks for taking my question. I'm interested in the Halo product that just seems like a real game changer for me and you mentioned you're sampling it. Can you give us any details how many samples and what level would you call it, is it a beta products, is it an alpha product (inaudible)

你好，是的，謝謝你提出我的問題。我對 Halo 產品很感興趣，它對我來說似乎是一個真正的遊戲規則改變者，而且您提到您正在嘗試它。您能給我們詳細說明有多少樣品以及您稱為什麼等級嗎？（聽不清楚）

Yeah, I would say so as it stands right now, we have some initial, I would say proof of concepts around showing the performance capability, showing the market system architecture of is what we're doing now is we're getting sort of (inaudible) equivalent samples to package it into that kind of final dimensional package, which is obviously one of the benefits of what we're getting in terms that integration and integrate ability improvements from a lower.

是的，我想說的是，就目前情況而言，我們有一些初步的，我想說的是圍繞展示性能能力的概念證明，展示市場系統架構是我們現在正在做的，我們正在得到某種（聽不清楚）等效樣本將其打包成那種最終的維度包，這顯然是我們從較低的整合和整合能力改進方面獲得的好處之一。

It's a smaller size. So just moving along incredibly well, we're also able to develop it a heck of a lot more efficiently because of the big in technology platform investments that we made in the past that we're able to ride on the coattails of now. So that's also going to help really drive down our development costs and other kinds of overhead and overtime as we do this. But, everything is going as well as we can talk more on that dimension.

它的尺寸較小。因此，只要進展得非常好，我們也能夠更有效地開發它，因為我們過去在技術平台上進行了大量投資，現在我們能夠搭上順風車。因此，這也將有助於真正降低我們的開發成本以及其他類型的管理費用和加班費。但是，一切都在順利進行，我們可以在這個方面進行更多討論。

And I think that that's really where more the second half of the decade or at least the latter (technical difficulty) that's where autonomy automotive induces in getting that because that's the kind of product that can truly enable the scale that we want to achieve (inaudible)

我認為這確實是這個十年的後半段，或者至少是後者（技術難度），這就是自動駕駛汽車實現這一目標的地方，因為這是一種能夠真正實現我們想要實現的規模的產品（聽不清楚）

Kevin, if you're ever down in Orlando, you're welcome to stop by and we can find a huge swing by the lab and kind of take a look at it and you can touch and feel and kind of see real-time what the team has been able to achieve which is amazing.

凱文，如果你在奧蘭多，歡迎你過來，我們可以在實驗室找到一個巨大的鞦韆，看一下它，你可以觸摸、感覺、實時看到什麼該團隊已經取得了令人驚嘆的成就。

Yeah, that's sounds great I've got a good reason to go to Orlando. Thanks.

是的，這聽起來很棒，我有一個很好的理由去奧蘭多。謝謝。

Okay. Thanks, Kevin. I think that closes it out. With that, I'd like to thank everyone for joining our business update into the analysts who participated on this call. At this point, I normally give my closing statement of we look forward to seeing everyone next quarter.

好的。謝謝，凱文。我認為這就結束了。在此，我要感謝參與本次電話會議的分析師參與我們的業務更新的所有人。此時，我通常會發表結束語，表示我們期待下個季度見到大家。

However, I will be going on maternity leave next month. So you won't see me. So the team looks forward to updating you next quarter, and I very much look forward to seeing everyone again in the new year. Thanks for joining us today.

不過，我下個月就要休產假了。所以你不會看到我。所以團隊期待下個季度為大家帶來最新消息，也非常期待在新的一年再次見到大家。感謝您今天加入我們。

Good luck Aileen.

祝艾琳好運。

Thank you.

謝謝。