Luminar Technologies Inc (LAZR) 2024 Q3 法說會逐字稿

(audio in progress) Chief Executive Officer; and Tom Fennimore, our Chief Financial Officer. As a quick reminder, this call is being recorded. You can find the press release and presentation that accompany this call at investors.luminartech.com.

（音訊進行中）執行長；以及我們的財務長湯姆·芬尼摩爾 (Tom Fennimore)。快速提醒一下，此通話正在錄音。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 a moment, you will hear brief remarks from Austin and Tom, followed by Q&A. (Event Instructions)

稍後，您將聽到 Austin 和 Tom 的簡短發言，然後是問答。（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 contains forward-looking statements based on the environment as we currently see it and, as such, does include risks and uncertainties.

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。今天的討論還包含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。

Please refer to our press release and presentation for more information on the specific risk factors that could cause actual results to differ materially. And with that, I'd like to introduce Luminar's Founder and CEO, Austin Russell.

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

Hey, guys. Thanks, everyone. Good afternoon and appreciate you joining us. So want to be able to jump straight in, but before that, I thought I'd be able to just give a quick top five the most significant business updates to be able to illustrate our business momentum. So first and foremost, Volvo is successfully ramping up the EX90.

嘿，夥計們。謝謝大家。下午好，感謝您加入我們。因此希望能夠直接進入，但在此之前，我認為我能夠快速給出最重要的前五名業務更新，以便能夠說明我們的業務勢頭。因此，首先也是最重要的是，Volvo正在成功提升 EX90。

We successfully delivered now to a four-figure number of vehicles, that's going to five figures very soon over the coming months, and now we've begun the first global deliveries outside of the US with Volvo as they ramp up the EX90 in a host of different countries. So seeing our successful execution in the EX90 launch, as well as our ability to ramp, they have now made the decision to start rolling us out on additional vehicle models. And specifically, we're thrilled to announce that Volvo will be featuring Luminar as standard equipment on the next model in their lineup. We expect to be able to share more details on this in the coming months.

我們現在成功交付了四位數的車輛，在接下來的幾個月裡很快就會達到五位數，現在我們已經開始與沃爾沃一起在美國以外進行首次全球交付，因為他們在主機上增加了EX90不同國家的。因此，看到我們在 EX90 發布中的成功執行以及我們的提升能力，他們現在決定開始推出我們的其他車型。具體來說，我們很高興地宣布，Volvo將在其產品線的下一款車型上採用 Luminar 作為標準配備。我們希望能夠在未來幾個月內分享更多相關細節。

So that's been an exciting one and great to be able to have the support from Volvo. So thank you. Next up, we're happy to announce that we've signed a new Advanced Development Contract for the collaboration for next-generation assisted driving system from a Japanese OEM, which includes a paid development for hardware, software, and vehicle integration into different car models. On the technology front, we have a major update with regards to our next generation product, Luminar Halo, which is at the center of our ecosystem. Whereas many thought it wouldn't be technically possible, we've now successfully generated the first Point Cloud, so to say, proving its substantially increased performance capabilities at a fraction of the cost and size compared to the Iris family.

因此，能夠得到沃爾沃的支持是一件令人興奮的事。所以謝謝你。接下來，我們很高興地宣布，我們已經與一家日本 OEM 簽署了一份新的高級開發合同，以合作開發下一代輔助駕駛系統，其中包括硬體、軟體以及車輛集成到不同汽車中的付費開發模型。在技​​術方面，我們對下一代產品 Luminar Halo 進行了重大更新，它是我們生態系統的核心。儘管許多人認為這在技術上是不可能的，但我們現在已經成功生成了第一個點雲，可以說，與Iris 系列相比，證明其性能大幅提高，而成本和尺寸僅為Iris 系列的一小部分。

So in other words, [it's the it's alive moment]. So whereas Iris was designed to be able to show the world what was possible, this is the LiDAR that can be put in design for mass adoption and mass production across the rest of the industry. With Iris, we proved it out and now Halo is there to take the baton and scale it up with a launch expected in 2026. So lastly, over the past six months, we've executed some aggressive cost down measures to be able to reduce our spend that doesn't contribute directly to our core business, while also driving greater operational efficiency through new technology and industrialization partnerships. So it's important to note that we've already largely made the required investments to build our technology infrastructure.

換句話說，[這是它還活著的時刻]。因此，雖然 Iris 的設計初衷是向世界展示可能性，但這款 LiDAR 的設計可以在整個行業中實現大規模採用和大規模生產。我們透過 Iris 證明了這一點，現在 Halo 接過了接力棒，並擴大了規模，預計將於 2026 年推出。最後，在過去的六個月中，我們執行了一些積極的成本降低措施，以減少對我們核心業務沒有直接貢獻的支出，同時透過新技術和工業化合作夥伴關係提高營運效率。因此，值得注意的是，我們已經進行了大部分所需的投資來建造我們的技術基礎設施。

And while these decisions that we've taken were not taken lightly, we're beginning to see the financial results of these actions. This quarter alone, we saw over $20 million of improvement in free cash flow, the largest ever in Luminar's history. This is largely as a result of the actions taken in Q2, and costs should continue to come down as we ride the wave of our previous investments and actions. This is a critical proof point for our thesis in path to profitability, and Tom can provide more context on this in his remarks. This is the start, but not the end, and we'll ultimately have more to be able to do over the coming 12 months.

雖然我們所做的這些決定並不是輕易做出的，但我們已經開始看到這些行動的財務結果。光是本季度，我們就看到自由現金流改善超過 2000 萬美元，這是 Luminar 史上最大的改善。這主要是第二季採取的行動的結果，隨著我們利用先前的投資和行動，成本應該會繼續下降。這是我們關於獲利之路論文的關鍵證明點，湯姆可以在他的演講中提供更多相關背景資訊。這是開始，但不是結束，我們最終將在未來 12 個月內做更多的事情。

Now, I'd like to be able to take us through this quarter with a little bit of a macro lens on automotive at large in our industry. Forward momentum in this quarter demonstrates continued progress on our journey to commercialize LiDAR across the broader industry to enhance driver safety and to enable autonomous driving capabilities. In a broader environment that we all know all too well, that can only be described as challenging, we delivered strong sequential growth to our first series production program, in aggregate delivering more LiDAR product this quarter to Volvo than the prior three quarters combined to all of our customers. This is the start. And as we reach a scale that will hopefully help demonstrate the growing out of the quarter-to-quarter noise, so to say, that we have today, and we expect this to ultimately be reflected in the financials as well.

現在，我希望能夠透過宏觀鏡頭來帶領我們回顧本季整個產業的汽車產業。本季的前進勢頭表明我們在更廣泛的行業中實現光達商業化以提高駕駛員安全並實現自動駕駛能力的過程中不斷取得進展。在我們都非常了解的更廣闊的環境中，這只能被描述為充滿挑戰，我們的第一個系列生產計劃實現了強勁的連續增長，本季度向沃爾沃交付的激光雷達產品總數超過了前三個季度的總和我們的客戶。這就是開始。當我們達到這樣的規模時，有望有助於證明季度間噪音的成長，可以說，我們今天所擁有的，我們預計這最終也將反映在財務數據中。

While this is anything but an easy launch, automakers have now begun taking notice of the significance of this launch and feeding that into their roadmaps, and we're very encouraged by what the future holds for us in our industry. At the same time, I've never felt more strongly about Luminar's leadership position in creating these next-generation technologies to enable vehicles to become safer and more autonomous. I mentioned in prior quarters, the broader automotive industry is coming through a seismic shift as they embark on creating new vehicle platforms to support next-generation assisted and autonomous driving tech, including LiDAR, and represents one of the biggest upheavals in the industry for decades. Building and launching these new platforms is anything but easy. But automakers are all in as they look to be able to replace their aging platforms.

雖然這絕不是一次輕鬆的發布，但汽車製造商現在已經開始注意到這次發布的重要性，並將其納入他們的路線圖，我們對我們行業的未來感到非常鼓舞。同時，我從未如此強烈地感受到 Luminar 在創造這些下一代技術以使車輛更安全、更自動駕駛方面的領導地位。我在前幾個季度提到，更廣泛的汽車產業正在經歷一場巨大的轉變，因為他們開始創建新的車輛平台來支援包括雷射雷達在內的下一代輔助和自動駕駛技術，這代表著該業界幾十年來最大的劇變之一。建立和啟動這些新平台絕非易事。但汽車製造商全力以赴，因為他們希望能夠更換老化的平台。

So this architecture shift is also accompanied by a growing penetration of software and advanced compute, which adds incredible complexity to the entire stack on these cars. In fact, many now in the industry refer to these as software-defined vehicles as a way to describe these new platforms. And with this monumental undertaking, the complexity cannot be overstated. The result has been a significant disruption both up and down the value chain. And the majority of OEMs have also taken longer than some of their initial targets to launch these platforms, as we discussed last -- prior couple of quarters, as they collaborate with a different kind of supply base across the board and develop more centralized vehicle software systems.

因此，這種架構轉變也伴隨著軟體和高階運算的不斷普及，這為這些汽車上的整個堆疊增加了令人難以置信的複雜性。事實上，現在業界許多人將這些稱為軟體定義的車輛，以此來描述這些新平台。對於這項艱鉅的任務，其複雜性怎麼強調都不為過。結果是價值鏈上下游都受到了重大破壞。正如我們在前幾季討論的那樣，大多數原始設備製造商也花了比最初目標更長的時間來推出這些平台，因為他們與不同類型的供應基地全面合作並開發更集中的車輛軟體系統。

So this is why today we stand at a crossroads, where the majority of major automakers now have LiDAR embedded into the roadmaps for release this decade, and the long-term opportunity has never been stronger. But we're also powering through the near-term headwinds to ensure that we can realize the long-term success. And critically, we're executing well on the matters that are within our control and taking action to mitigate headwinds faced by an initially slower ramp-up timeline than was planned years ago. Some of those near-term headwinds have been prominent in our competitive landscape, which actually has aided some of our efforts in thinning of the herd, so to say. And at one point, a handful of years back, we had as many as 200 different competitors, but today, I can count on one hand the number of companies that are alive and theoretically capable of building product to global automotive standards.

因此，這就是為什麼今天我們站在十字路口，大多數主要汽車製造商現在都將光達嵌入到本十年發布的路線圖中，長期機會從未如此強大。但我們也在克服近期的逆風，以確保我們能夠實現長期的成功。至關重要的是，我們在我們控制範圍內的事情上執行得很好，並採取行動減輕最初的增長時間表比幾年前計劃慢所面臨的阻力。其中一些近期的不利因素在我們的競爭格局中非常突出，可以說，這實際上有助於我們在減少羊群方面做出一些努力。幾年前，我們曾有多達 200 家不同的競爭對手，但今天，我一隻手就能數出仍然存在且理論上有能力按照全球汽車標準生產產品的公司數量。

This is no longer a high tide lifting all boats, and this has worked in our favor. So in light of the various factors as well as the capital markets, we rapidly matured to a focus not just on technology leadership and long-term value, but also being pragmatic stewards of the business in the near term with a focus on economic and operational efficiency. And as I've highlighted before, we're in a position of luxury from our prior investments. We've invested nearly $2 billion to date to create, industrialize, and launch this technology platform from the chip level up and are able to take cost-cutting decisions without materially affecting these near-term deliverables, or overall deliverables, allowing us to adapt to the current environment. We're up for this challenge.

這不再是一個讓所有船隻揚起的高潮，這對我們有利。因此，考慮到各種因素以及資本市場，我們迅速成熟，不僅關注技術領先和長期價值，而且在短期內成為業務的務實管理者，重點關注經濟和營運效率。正如我之前強調的那樣，從先前的投資來看，我們處於非常有利的地位。迄今為止，我們已投資近20 億美元來從晶片層面創建、工業化和推出該技術平台，並且能夠在不實質性影響這些近期交付成果或整體交付成果的情況下做出成本削減決策，從而使我們能夠適應到現在的環境。我們已準備好迎接這項挑戰。

And as you saw during the quarter, we made another round of decisions to be able to further reduce our cost, this time largely centered around nontechnical G&A overhead, which in aggregate can reduce our cost envelope by an additional $80 million per year run rate. Well, but importantly, while cost is coming down, Luminar is ramping up. We're scaling deliveries to our first production OEM, meeting their key volume and quality requirements, and doing so at high yields. We're also setting internal records in terms of manufacturing productivity and quality rates, and I couldn't be happier about our ability to effectively meet our customers' needs in series production, starting with Volvo, and, of course, the other customers we support as well. But further to that point, Volvo has spent some amount of time talking about Luminar LiDAR on their most recent earnings call.

正如您在本季度所看到的，我們做出了另一輪決策，以便能夠進一步降低成本，這次主要集中在非技術性G&A 開銷，這總共可以將我們的成本範圍減少每年額外8000 萬美元的運行率。但重要的是，雖然成本在下降，但 Luminar 的成本卻在上升。我們正在擴大第一家生產 OEM 的交付規模，滿足他們的關鍵數量和品質要求，並以高產量實現這一目標。我們也在製造生產力和品質率方面創造了內部記錄，我對我們能夠有效滿足大量生產中客戶的需求感到非常高興，從沃爾沃開始，當然還有我們的其他客戶也支持。但更重要的是，Volvo在最近的財報電話會議上花了一些時間談論 Luminar LiDAR。

As they now begin to ship cars from their factory to dealerships across the globe, they shared their plans to collect data from our sensors around the world and train AI models with it to be able to enable the next-generation assisted and autonomous driving systems. And as of this quarter, they announced that they've now successfully built out one of the largest AI data centers in Scandinavia to be able to host and process this data from LiDAR and other sensors on the vehicle. So Volvo is about to have more cars on the road in the US collecting data than all other LiDAR equipped data collection vehicles from effectively every other company combined. And this is not to be understated in terms of its significance.

當他們現在開始將汽車從工廠運送到全球各地的經銷商時，他們分享了從我們世界各地的感測器收集數據並用它來訓練人工智慧模型的計劃，以便能夠實現下一代輔助和自動駕駛系統。截至本季度，他們宣布已經成功建立了斯堪的納維亞半島最大的人工智慧資料中心之一，能夠託管和處理來自車輛上的雷射雷達和其他感測器的資料。因此，沃爾沃在美國道路上行駛的收集數據的汽車數量將超過其他所有公司配備雷射雷達的數據收集車輛的總和。就其重要性而言，這是不容小覷的。

So with LiDAR, this is true 3D ground truth data as well. It's not just 2D data. And the importance of this is that it allows you to create that ground truth understanding of the world around you with an incredible amount of precision and accuracy, down to the centimeter level. So on top of this, Volvo is the first global automaker to make LiDAR standard on vehicles, viewing improved safety as something that should ultimately be fundamental to all drivers. And this is similar to them being the first to introduce everything from the modern 3-point seatbelt, all the way up to the MobilEye camera systems before they became standard throughout the industry.

因此，對於 LiDAR，這也是真正的 3D 地面實況數據。這不僅僅是二維數據。其重要性在於，它允許您以令人難以置信的精度和準確度（低至厘米級）創建對周圍世界的真實理解。除此之外，沃爾沃是第一家在車輛上製定光達標準的全球汽車製造商，將提高安全性視為所有駕駛員的根本。這類似於他們是第一個推出從現代三點式安全帶一直到 MobilEye 攝影機系統的一切產品，然後才成為整個行業的標準。

And while the EX90 has been making a significant mark, the reality is it's just a small tip of a large spear for the automotive industry in terms of volume, with it representing only on the order of just 0.1% of the industry volume as it scales up. And this is the first of many committed programs with Luminar. And it doesn't take a whole lot to actually start making a big difference. For example, even with this whole EV revolution, even today, Tesla is just on the order of 2% of vehicle deliveries globally, but makes a massively disproportionate impact. So it goes to show just how a small percentage difference can make such a huge impact.

雖然 EX90 已經取得了顯著的成績，但現實是，就銷量而言，它只是汽車行業大矛中的一小部分，隨著規模的擴大，它僅佔行業銷量的 0.1% 左右。這是與 Luminar 合作的眾多承諾項目中的第一個。並不需要付出太多就能真正開始產生巨大的改變。例如，即使在整個電動車革命中，即使在今天，特斯拉僅佔全球汽車交付量的 2% 左右，但產生的影響卻是巨大的。因此，它顯示了微小的百分比差異如何產生如此巨大的影響。

And importantly, though, we don't make vehicles overall, we make the technology, and we have the ability to work with everyone in the industry. And as a result, we expect to be able to drive market penetration globally at a rate that will deliver us into the double-digit percentage market penetration over the next decade. So to that end, seeing our successful execution on the EX90, Volvo has decided to expand their business with us and feature Luminar as standard equipment on the next vehicle model in their lineup as well. A huge step for us, a huge endorsement for us, and really speaks to their commitment for safety, our leadership in LiDAR, as well as our ability to execute and industrialize at scale. I mentioned as well that we have expanded and signed a New Advanced Development contract with a major Japanese automaker, and that includes the continued collaboration on the next-generation system using the LiDAR and transitioning to our next-generation LiDAR, as well as paying us for new software development for this specific automaker.

但重要的是，我們並不製造整體車輛，而是製造技術，我們有能力與業界的每個人合作。因此，我們預計能夠以一定的速度推動全球市場滲透率，使我們在未來十年內達到兩位數的市場滲透率。為此，看到我們在 EX90 上的成功執行，Volvo決定擴大與我們的業務，並將 Luminar 作為其產品線中下一款車型的標準配備。這對我們來說是巨大的一步，對我們的巨大認可，真正體現了他們對安全的承諾、我們在雷射雷達領域的領導地位，以及我們大規模執行和工業化的能力。我還提到，我們已經與一家主要的日本汽車製造商擴大並簽署了一份新的高級開發合同，其中包括在使用激光雷達的下一代系統上繼續合作，過渡到我們的下一代激光雷達，以及向我們支付費用為該特定汽車製造商開發新軟體。

So we're really excited about the next phase of the relationship there, and as it demonstrates our leadership in everything from semiconductors to LiDAR to software, and we expect to be able to share additional information on this in the first half of 2025. So when considering the current industry challenges more broadly, alongside the progress that we're making with our customers and the things that we're doing right to adjust and adapt, why is it that you'd say we're more excited about our future than any other point in our history? And I'd like to be able to take a step back and give a little bit of a reminder of what we're building at Luminar, why we know the future is bright for us, and the overall Luminar thesis, going back to basics. So forgive me if this is something that some of you guys may know all too well, but for those that are new to the Luminar journey, I think this is really important more broadly. So Luminar's thesis in corresponding products and technology have always been focused around enhancing drivers rather than replacing drivers altogether through autonomous and safety features on existing production vehicles.

因此，我們對下一階段的合作關係感到非常興奮，因為它展示了我們在從半導體到激光雷達再到軟體等各個領域的領導地位，我們預計能夠在2025 年上半年分享這方面的更多信息。因此，當更廣泛地考慮當前的行業挑戰時，除了我們與客戶一起取得的進展以及我們正在做的正確調整和適應的事情時，為什麼你會說我們對我們的未來會比我們歷史上的任何其他時刻更重要嗎？我希望能夠退一步，提醒我們在 Luminar 正在建立什麼，為什麼我們知道我們的未來是光明的，以及 Luminar 的整體論文，回到基礎知識。因此，如果你們中的一些人可能對此非常了解，請原諒我，但對於那些剛接觸 Luminar 旅程的人來說，我認為這在更廣泛的範圍內確實非常重要。因此，Luminar 在相應產品和技術方面的論文始終專注於增強駕駛員的能力，而不是透過現有量產車輛的自動駕駛和安全功能來完全取代駕駛員。

And as a reminder, LiDAR, which is our core technology, is able to uniquely measure the exact distance to objects in 3D using laser pulses between the sensor and objects on the road. And through the use of our fully integrated stack, which, as I mentioned, ranges from chips to LiDAR systems to software systems on top of it, we're able to do this millions of times and do so every second. And knowing these exact distances to objects is what makes LiDAR so special as compared to camera-based technologies, which effectively have to guess where the objects are in 3D by extrapolating information from 2D images. And sometimes the cameras are right in the software and sometimes it's wrong. And this is the hard part, is that when it comes to a safety-critical application, it's all about that last 1%.

提醒一下，我們的核心技術 LiDAR 能夠利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。透過使用我們完全整合的堆疊（正如我所提到的，範圍從晶片到雷射雷達系統再到其上的軟體系統），我們能夠每秒執行數百萬次。與基於相機的技術相比，知道與物體的這些精確距離使得 LiDAR 如此特別，後者必須透過從 2D 影像推斷資訊來有效地猜測物體在 3D 中的位置。有時相機在軟體中是正確的，有時卻是錯誤的。這是最困難的部分，當涉及安全關鍵型應用時，關鍵在於最後 1%。

We heard the notion from one of our customers that you can't run over one of every 100 people or so, for example. It's all about that last 1% when it comes to autonomous driving because otherwise, you're limited to a Level 2 autonomous system. And what that means is that the driver has to be always paying attention, ready to take over the wheel at any given moment. So if you want to be able to get to Level 3, Level 4, and above, then that means not just hands-off, but eyes-off, and being able to have the system responsible for all these different kinds of edge case scenarios, that last 1%. On top of that, from an active safety standpoint, it's also part of the reason why even with these camera systems today and radar systems, we still lose over 1 million lives every year to vehicle accidents.

例如，我們從一位客戶那裡聽到這樣的想法：你不能碾壓每 100 人左右中的一個。當談到自動駕駛時，這一切都與最後 1% 相關，因為否則，您只能使用 2 級自動駕駛系統。這意味著駕駛員必須始終保持注意力，隨時準備好接管方向盤。因此，如果您希望能夠達到 3 級、4 級及以上級別，那麼這不僅意味著放手，還意味著放開眼睛，並且能夠讓系統負責所有這些不同類型的邊緣情況場景，最後 1%。最重要的是，從主動安全的角度來看，這也是為什麼即使有了今天的攝影機系統和雷達系統，我們每年仍然有超過 100 萬人因交通事故而喪生。

And this is where LiDAR can have a very meaningful impact. So the enhancements of LiDAR are also not just relevant at day, but very relevant at night. So whereas camera-based technologies experience significant performance degradation at night and in other kinds of incremental weather conditions, this is not the case for high-performance LiDAR, which sees effectively just as well in pitch black as it does with bright sunlight shining into it in our case. And as the world begins to shift to adopting more autonomous driving solutions and higher-level autonomous driving solutions, the technology that enables this must be flawless. It can't work some of the time and stop working simply because it's dark outside, for example.

這就是光達可以產生非常有意義的影響的地方。因此，光達的增強功能不僅在白天相關，而且在夜間也非常相關。因此，雖然基於攝影機的技術在夜間和其他類型的天氣條件下會經歷顯著的性能下降，但高性能雷射雷達的情況卻並非如此，它在漆黑的環境中和在明亮的陽光照射下的效果一樣好在我們的例子中。隨著世界開始轉向採用更多的自動駕駛解決方案和更高層級的自動駕駛解決方案，實現這一目標的技術必須是完美的。例如，它有時無法工作，並且僅僅因為外面很黑而停止工作。

So in support of this, it's now widely understood by virtually all automakers that LiDAR, and not just cameras, is a fundamental requirement for operating autonomously. Because the car is in full control, there's no room for error, and consequently, it's the same for industry experts. Nearly all of them agree that there will be a one-to-one correlation between Level 3 and above equipped vehicles as well as LiDAR shipments. And while LiDAR can very much have a positive impact for more fundamental and basic assisted driving systems, it's not a requirement, but it can still dramatically enhance the safety of that, which we can see even with examples today, like what Volvo is doing. So our customers in the broader industry generally agree when it comes to autonomy that the real boom will be when we come to the Level 3 and above systems, though, as they're able to perform high-speed highway driving without requiring humans to constantly intervene.

因此，為了支持這一點，現在幾乎所有汽車製造商都廣泛認識到，光達（而不僅僅是攝影機）是自動駕駛的基本要求。因為汽車是完全控制的，所以沒有犯錯的餘地，因此，對於行業專家來說也是如此。幾乎所有人都同意，3級及以上裝備的車輛與光達的出貨量之間將存在一對一的相關性。雖然雷射雷達可以對更基礎的輔助駕駛系統產生非常積極的影響，但這不是必需的，但它仍然可以極大地提高輔助駕駛系統的安全性，這一點我們甚至可以從今天的例子中看到，就像沃爾沃正在做的那樣。因此，我們更廣泛行業的客戶普遍認為，當談到自動駕駛時，真正的繁榮將是當我們達到 3 級及以上系統時，因為他們能夠執行高速高速公路駕駛，而不需要人類不斷地干預。

And ultimately, these Level 3 and above systems by 2030, we expect to be widely available as an optional system by nearly all automakers, with the ultimate goal being that Level 3 will be standardized as a feature just a few years later. It's nevertheless important to know that the option cycles in the automotive industry take time. There's a high barrier to entry and also a high barrier to exit. Generally speaking, it takes up to 20 years from when a technology is first introduced on vehicles to when it becomes standardized throughout the industry. You have classic examples of everything from seatbelts to airbags to antilock brakes to even that Mobileye system that I mentioned.

最終，到 2030 年，這些 3 級及以上系統將作為可選系統廣泛應用於幾乎所有汽車製造商，最終目標是幾年後 3 級將標準化為一項功能。然而，重要的是要知道汽車行業的選擇週期需要時間。進入障礙很高，退出障礙也很高。一般來說，從一項技術首次應用於車輛到在整個行業中實現標準化，需要長達 20 年的時間。從安全帶到安全氣囊到防鎖死煞車系統，甚至我提到的 Mobileye 系統，您都有各種經典範例。

And for EVs, as a platform, actually, it may take even longer than that 20-year cycle for EVs to ultimately become standardized throughout the broader industry, and combustion engines to fade. So LiDAR is arguably actually on a much quicker pace of adoption than almost any other automotive technology in history. But suffice to say, it's very important, this industry does require patience. So to us, it's very clear that LiDAR adoption is no longer a matter of if, but rather about when. And within that envelope, I think it's also important to be able to talk about what is it about our technology that we think makes us so special in the first place.

事實上，對於電動車來說，作為一個平台，電動車可能需要比 20 年週期更長的時間才能最終在更廣泛的行業中標準化，而內燃機也會逐漸消失。因此，可以說，光達的採用速度實際上比歷史上幾乎所有其他汽車技術都要快得多。但我只想說，非常重要的是，這個行業確實需要耐心。因此，對我們來說，很明顯，光達的採用不再是是否採用的問題，而是何時採用的問題。在這個範圍內，我認為能夠談論我們的技術是什麼讓我們如此特別也很重要。

And while there are many differentiators, including the fact that we have a uniquely vertically integrated strategy, starting from the semiconductors, making our own lasers, receivers, processing electronics, among other things for our chips, all the way through the LiDAR and software, we could talk about one thing that makes a LiDAR very unique and distill it down to one aspect. So as we've talked about in the past, the technology starts with a special wavelength of light that we use at 1550 nanometers versus the current industry prominence, which is 905 nanometers. One of the most fundamental limitations of lasers is related to eye safety, which serves to limit how much power can be put out instantaneously from a LiDAR's laser. And correspondingly, this limit on power also affects the system's performance capabilities. In contrast to the rest of the industry, we operate at a much longer wavelength of light than others, which enables us to put 17x the amount of pulse energy into the environment, and more energy equals better performance, more peak power is better results, better ranging, which translates into better safety and the ability to meet these stringent global OEM performance standards and also with fewer components.

雖然有很多差異化因素，包括我們擁有獨特的垂直整合戰略，從半導體開始，為我們的晶片製造我們自己的激光器、接收器、處理電子設備等，一直到激光雷達和軟體，我們可以談論使激光雷達非常獨特的一件事，並將其提煉為一個方面。正如我們過去所討論的，該技術始於我們使用的 1550 奈米特殊波長的光，而不是當前行業主導的 905 奈米。雷射最基本的限制之一與眼睛安全有關，這限制了雷射雷達雷射可以瞬時輸出的功率。相應地，這種功耗限制也會影響系統的效能能力。與業內其他公司相比，我們的工作波長比其他公司長得多，這使我們能夠向環境中註入17 倍的脈衝能量，更多的能量等於更好的性能，更多的峰值功率意味著更好的結果，更好的範圍，這意味著更好的安全性和滿足這些嚴格的全球 OEM 性能標準的能力，並且還需要更少的組件。

Because we use this 1550-nanometer wavelength that's safe for the human eye, the increased pulse energy delivered translates directly into dramatically better performance at longer range for the 3D images point clouds that we generate. This is required for cars to be able to operate safely at higher speed and for Level 3 autonomous modes, as well as enable reliable high-speed active safety features. Specifically, and because of our technology stack, we're able to see and detect even some of the hardest-to-see objects at distances past 250 meters in all kinds of ambient light conditions. This stands in stark contrast to competitive technologies that generally can only see objects required for safe driving at distances of maybe up to 100 meters. While these shorter perception distances are suitable for lower-speed driving, it's insufficient to be able to safely maneuver at high speeds.

由於我們使用對人眼安全的 1550 奈米波長，因此增加的脈衝能量可直接轉化為我們產生的 3D 影像點雲在更遠距離內的顯著更好的性能。這是汽車能夠以更高的速度安全運行和 3 級自動模式以及實現可靠的高速主動安全功能所必需的。具體來說，由於我們的技術堆疊，我們甚至能夠在各種環境光線條件下看到和檢測 250 公尺以上距離的一些最難看到的物體。這與競爭技術形成鮮明對比，後者通常只能在 100 公尺的距離內看到安全駕駛所需的物體。雖然這些較短的感知距離適合低速駕駛，但不足以在高速下安全操縱。

And the performance can also directly translate into lives saved. And the thing is the vast majority of vehicle accidents or fatalities actually occur at higher speeds in the first place, making it all the more important. Getting to this stage in our technological advantage was anything but easy, but nevertheless begs the question of why hasn't everyone followed in these same footsteps? The reality is that the performance advantages of using this wavelength and of building the technology is well understood. The simple answer is that doing anything at 1550 nanometer is very, very hard to do.

表演也可以直接轉化為挽救生命。事實是，絕大多數車輛事故或死亡實際上首先發生在較高的速度下，這使得這一點變得更加重要。我們的技術優勢達到這個階段絕非易事，但仍然引出了一個問題：為什麼不是每個人都跟隨同樣的腳步？現實情況是，使用該波長和建立該技術的性能優勢是眾所周知的。簡單的答案是，在 1550 奈米下做任何事情都非常非常困難。

905-nanometer components have generally been widely available at low cost, and much of the landscape of LiDAR historically followed the path of least resistance and lowest initial R&D investment in order to develop the systems. However, that limit has a ceiling associated with it. And with Luminar, there is no ceiling attached to that. We've uniquely developed our 1550-nanometer technology from the chip level up, and we've had to create multiple fundamental innovations to make 1550 possible from both a technical supply chain and economic perspective. We have this integrated stack that encompasses a chip-level design as well as system-level software.

905 奈米組件通常以低成本廣泛使用，並且 LiDAR 的大部分領域歷來都遵循阻力最小和初始研發投資最低的路徑來開發系統。然而，該限制有一個與之相關的上限。而有了 Luminar，就沒有上限了。我們從晶片層面獨特地開發了 1550 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，使 1550 奈米技術成為可能。我們擁有包含晶片級設計和系統級軟體的整合堆疊。

So our chip capabilities are unrivaled as part of a broader Luminar Semiconductor Inc. entity that we've consolidated there, creating laser chips, receiver chips, and processing electronics chips to create a significant moat around our ability to be able to deliver these technologies, while on top of that, our software facilitates the integration of our devices into our OEMs and creates a very nice lock-in effect as well. So wrapping up, the bottom line is this. We feel great about the factors that are within our control, our technology, our leadership position, and our ability to be able to adjust our business to the current times and the broader macroenvironment. The factors that are outside of our control can be challenging, but we're more than up for them and believe that when the industry begins to ramp production of vehicles to have LiDAR spec'd in as with the programs that we've won to date and additional programs that we will, we'll be in a position to be able to capitalize on the vast opportunities that lie ahead of us.

因此，作為更廣泛的Luminar Semiconductor Inc. 實體的一部分，我們的晶片能力是無與倫比的，我們在那裡整合了該實體，製造雷射晶片、接收器晶片和處理電子晶片，為我們提供這些技術的能力創造了一條重要的護城河，最重要的是，我們的軟體有助於將我們的設備整合到我們的 OEM 中，並產生非常好的鎖定效果。總結一下，底線是這樣的。我們對我們控制範圍內的因素、我們的技術、我們的領導地位以及我們能夠根據當前時代和更廣泛的宏觀環境調整我們的業務的能力感到非常滿意。我們無法控制的因素可能具有挑戰性，但我們已經做好了充分準備，並相信，當行業開始提高車輛產量，並像我們贏得的項目一樣配備激光雷達時，我們將能夠利用擺在我們面前的巨大機會。

So taking a step back, one last point I want to mention is that on the technology front, the Luminar Halo development is rapidly progressing. And the Luminar Halo is going to be the key enabler to this mass global adoption of long-range LiDAR technology. In fact, as part of these remarks, I mentioned at the start, in Q3, we actually generated our first point cloud with the Luminar Halo, being able to demonstrate this industry-leading long-range LiDAR data fidelity to dramatically improve the safety of these vehicles as well as enable those autonomous capabilities and in a fraction of the cost and form factor. And as a reminder for everyone on the call, whereas Iris was designed to be able to kick off a new era of safety and autonomy, Luminar Halo is designed to be able to accelerate it to mass adoption with those improved cost, size, and performance factors. Furthermore, we're applying learnings from industrializing our first product, Iris to Halo, leveraging the factory capabilities, leveraging all that infrastructure investment, leveraging the technology platform.

所以退一步來說，我想提的最後一點是，在技術方面，Luminar Halo 的開發正在迅速進展。Luminar Halo 將成為全球大規模採用遠端雷射雷達技術的關鍵推動者。事實上，作為這些評論的一部分，我在開始時提到，在第三季度，我們實際上使用Luminar Halo 生成了第一個點雲，能夠展示這種行業領先的遠程LiDAR 數據保真度，從而顯著提高這些車輛還能夠以很小的成本和外形尺寸實現這些自主功能。提醒各位與會者，Iris 的設計初衷是開啟安全和自主的新時代，而 Luminar Halo 的設計初衷是透過改進成本、尺寸和性能來加速其大規模採用因素。此外，我們正在將我們的第一個產品 Iris 工業化過程中學到的知識應用到 Halo 中，利用工廠能力、利用所有基礎設施投資、利用技術平台。

And this gives us the confidence as we look towards the launch of Halo in 2026, which is at an even significantly faster pace than what we've done for previous product developments. And with that, I'd like to be able to turn things over to Tom to be able to talk through our annual business milestones and be able to provide a little bit of commentary on quarterly financials as well as our outlook for growth. Thank you.

這讓我們對 2026 年推出 Halo 充滿信心，這比我們之前產品開發的速度快得多。有了這個，我希望能夠將事情交給湯姆，讓他能夠討論我們的年度業務里程碑，並能夠對季度財務狀況以及我們的成長前景提供一些評論。謝謝。

Thank you, Austin. Let me start by reviewing the progress to our four 2024 business milestones.

謝謝你，奧斯汀。首先讓我回顧一下我們 2024 年四個業務里程碑的進展。

We have already achieved our first business milestone earlier this year with the successful launch of the Volvo SOP. We have also achieved our second milestone already, which was to launch the TPK facility for additional capacity and improved cost, which we did in Q2 with our expanded arrangement with them. Our third milestone was to unveil our next-gen LiDAR and deliver samples to key select customers. We unveiled Luminar Halo in April and remain on track, as Austin said, for sample deliveries to select customers by the end of this year. Our final milestone was to continue to expand and invest in the ecosystem around our LiDAR.

今年早些時候，隨著沃爾沃 SOP 的成功推出，我們已經實現了第一個業務里程碑。我們也已經實現了第二個里程碑，即啟動 TPK 設施以增加產能並降低成本，我們在第二季度與他們擴大了安排，並做到了這一點。我們的第三個里程碑是推出下一代光達並向主要精選客戶提供樣品。正如奧斯汀所說，我們在四月份推出了 Luminar Halo，並繼續按計劃在今年年底前向特定客戶交付樣品。我們的最後一個里程碑是繼續擴展和投資光達周圍的生態系統。

We discussed in prior quarters the progress we made on our semiconductor and software businesses. In this quarter, I'd like to give an update on our insurance business. We continue to make progress on industrializing our insurance product as we recently finalized a partnership with our primary insurance partner, and we've also finalized the design of the customer experience within our soon-to-be-launched insurance app. We should be in a position to start writing our initial insurance policies early next year. Ultimately, we remain on track to meet all of our business milestones this year.

我們在前幾季討論了我們在半導體和軟體業務方面的進展。在本季度，我想介紹一下我們保險業務的最新情況。我們在保險產品工業化方面繼續取得進展，最近我們與主要保險合作夥伴達成了合作夥伴關係，並且我們還完成了即將推出的保險應用程序中的客戶體驗設計。我們應該能夠在明年初開始撰寫我們的初始保險單。最終，我們仍有望實現今年所有的業務里程碑。

And now let's move on to our Q3 financial results. Revenue for the quarter was $15.5 million, down 7% quarter over quarter and 9% year over year. This was below the guidance we gave during our last earnings call that Q3 revenue would be in line to modestly higher. The primary reason for this decline was the renegotiation of a large, nonautomotive, non-series production contract we mentioned during the last quarter. Excluding this renegotiated contract, revenue would actually have been up meaningfully quarter over quarter.

現在讓我們來看看第三季的財務表現。該季度營收為 1550 萬美元，季減 7%，年減 9%。這低於我們在上次財報電話會議上給予的指導，即第三季營收將小幅成長。這種下降的主要原因是我們在上個季度提到的一項大型非汽車非系列生產合約的重新談判。如果不包括這份重新談判的合同，收入實際上會環比大幅增長。

In particular, we saw strong growth in our sensor sales during Q3 as we continue to meet Volvo's weekly shipment requests while improving our manufacturing yield and quality rates. Let's move on now to gross loss. For the quarter, we reported gross loss of negative $14 million on a GAAP basis and a loss of $11.7 million on a non-GAAP basis. This is in line with the guidance we gave during the last quarter that our gross loss on a non-GAAP basis would increase relative to Q2 levels, excluding the contract loss.

特別是，我們在第三季度看到了感測器銷售的強勁成長，因為我們繼續滿足沃爾沃的每週出貨要求，同時提高了我們的製造產量和品質率。現在讓我們繼續討論總損失。本季度，我們報告以 GAAP 計算的毛虧損為負 1,400 萬美元，以非 GAAP 計算的毛虧損為 1,170 萬美元。這符合我們在上個季度給予的指導，即我們的非公認會計原則毛虧損將相對於第二季度的水平有所增加，不包括合約損失。

On a non-GAAP basis, Q3 gross loss was negatively impacted by roughly $8 million relating to the slower series production ramp. About half of this charge was from supply chain charges due to the lower volume, and about the other half was from inventory write-downs due to higher inventory levels at quarter end. This was partially offset by early returns from our efforts to reduce COGS, the process improvements I mentioned earlier, and higher sales to nonautomotive markets, which typically command higher ASPs and margins. Let's move on now to OpEx, restructuring cash spend.

按照非公認會計準則計算，第三季毛虧損受到了約 800 萬美元的負面影響，該影響與系列產量成長放緩有關。其中約一半費用來自供應鏈費用（由於銷售量較低），約另一半來自庫存減記（由於季度末庫存水準較高）。這部分被我們降低銷貨成本的努力所帶來的早期回報、我之前提到的流程改進以及非汽車市場銷售額的增加所部分抵消，這些市場通常需要更高的平均售價和利潤率。現在讓我們轉向營運支出，重組現金支出。

In September, we announced additional steps to increase the size of our restructuring plan that are incremental to the actions we took in May. We expect these actions we announced in September and started to implement in September to generate approximately $80 million in annual cash savings on a run rate basis once they are fully implemented by the end of next year.

9 月份，我們宣布了擴大重組計畫規模的額外措施，這些措施是我們 5 月採取的行動的漸進措施。我們預計，我們在 9 月宣布並於 9 月開始實施的這些行動，一旦在明年年底全面實施，按運行率計算，每年將節省約 8000 萬美元的現金。

Since the beginning of the year, we made the tough decisions to reduce our workforce by approximately 30%, among other actions taken to streamline our cost structure, such as contractor reduction, reduced travel, and a reduction in our real estate footprint. In total, since the beginning of the year, we have undertaken cost actions, which we target to generate up to $145 million in annual run rate savings once they're fully implemented by the end of next year. In Q3, we started to see the early results of these cost reduction efforts. Specifically, there was a $10 million improvement in Q3 non-GAAP OpEx relative to Q2 and a $20 million reduction in our free cash flow loss. Importantly, the impacts of the actions we started to take in September are not reflected in our Q3 results, and they will start showing up in Q4.

自今年年初以來，我們做出了艱難的決定，將員工人數減少約 30%，並採取了其他精簡成本結構的措施，例如減少承包商、減少差旅以及減少房地產足跡。總的來說，自今年年初以來，我們已經採取了成本行動，我們的目標是在明年底全面實施後，每年可節省高達 1.45 億美元的運行費用。在第三季度，我們開始看到這些降低成本努力的早期成果。具體而言，第三季非 GAAP 營運支出較第二季提高了 1,000 萬美元，自由現金流損失減少了 2,000 萬美元。重要的是，我們在 9 月開始採取的行動的影響並未反映在第三季的業績中，它們將在第四季度開始顯現。

We are also actively continuing to look at our cost structure and what actions we can take to reduce our cost, particularly as we continue to make execution progress on Iris. Our change in cash, which excludes the net impact of approximately $90 million in debt we raised in August, was $52 million during Q3, an improvement from the $57 million change we saw in Q2. We ended the quarter with roughly $249 million in cash and liquidity, including marketable securities and our $50 million undrawn line of credit. As of September 30, we had $182 million remaining on our equity finance program with Virtu. During Q3, we raised $6 million through this equity program.

我們也積極繼續研究我們的成本結構以及我們可以採取哪些行動來降低成本，特別是當我們繼續在 Iris 上取得執行進度時。第三季我們的現金變動（不包括 8 月籌集的約 9,000 萬美元債務的淨影響）為 5,200 萬美元，比第二季的 5,700 萬美元變化有所改善。本季末，我們擁有約 2.49 億美元的現金和流動資金，包括有價證券和 5,000 萬美元的未提取信貸額度。截至 9 月 30 日，我們與 Virtu 的股權融資計畫剩餘 1.82 億美元。第三季度，我們透過該股權計畫籌集了 600 萬美元。

This was below the $19 million we raised in Q2, and I would expect this number to be higher in Q4. When you look at what's available under our equity finance program and combine it with our existing liquidity of $249 million, that gives us access to $431 million of capital, which we expect to provide us ample runway to reach at least the end of 2026. From a liquidity standpoint, we discussed last quarter, we would need approximately $100 million of additional capital to reach profitability. I'm increasingly optimistic that our September cost-cutting actions could reduce this $100 million capital need, but likely won't completely eliminate it. While we're in no rush to raise additional capital given our liquidity runway, this is something we would like to address sooner rather than later and have multiple avenues available to us today to do so.

這低於我們在第二季籌集的 1900 萬美元，我預計第四季這個數字會更高。當你看到我們的股權融資計劃下的可用資金並將其與我們現有的2.49 億美元流動性相結合時，我們將獲得4.31 億美元的資本，我們預計這些資本將為我們提供充足的跑道，以至少在2026 年底實現目標。從流動性的角度來看，我們上季度討論過，我們需要大約 1 億美元的額外資本才能實現盈利。我越來越樂觀地認為，我們 9 月的成本削減行動可以減少這 1 億美元的資本需求，但可能不會完全消除它。雖然考慮到我們的流動性，我們並不急於籌集額外資金，但我們希望盡快解決這個問題，並且我們現在有多種途徑可以這樣做。

This brings me to the final part of my section, which is to provide guidance for Q4. I would like to remind everyone that our guidance is meant to be more directional versus specific in nature, as we are still in the early days of scaling series production, and as a result, our series production revenue remains very fluid and heavily dependent on the pace of our customers' production ramp. The slower series production ramp in Q3 resulted in higher levels of sensor inventory, and we believe we currently have sufficient inventory on hand to fully serve most, if not all, of our expected Q4 demand. As a result, we decided to take the necessary actions to adjust our manufacturing rate for several weeks to better align with our customers' production rate. As a result of these actions, we expect Q4 non-GAAP gross loss to improve relative to Q3.

這讓我進入本節的最後部分，即為第四季度提供指導。我想提醒大家，我們的指導本質上更具方向性，而不是具體性，因為我們仍處於規模化系列生產的早期階段，因此，我們的系列生產收入仍然非常不穩定，並且嚴重依賴我們客戶的生產進度。第三季系列生產增速放緩導致感測器庫存水準較高，我們相信我們目前手頭上有足夠的庫存，可以完全滿足我們預期的第四季度的大部分（如果不是全部）需求。因此，我們決定採取必要的措施，在幾週內調整我們的製造速度，以便更好地與客戶的生產力保持一致。由於這些行動，我們預期第四季非公認會計原則總虧損相對於第三季有所改善。

In addition, we expect OpEx and change in cash to continue to improve in Q4, reflecting the benefits of our recent cost reduction actions, though this will be offset somewhat by the higher interest expense from our recent convertible debt transaction. In terms of revenue, we expect Q4 to grow modestly versus Q3, reflecting continued growth in sensor sales. In addition, we are adjusting our year-end cash and liquidity target slightly lower from $240 million to a range of $230 million to $240 million. Where we end up is ultimately going to be dependent upon the higher cash restructuring expenses we incur, as well as what we ultimately draw down on our equity line of credit. On October 30, our shareholders also passed an authorization, allowing our Board of Directors to enact a reverse stock split at their discretion.

此外，我們預計第四季度的營運支出和現金變化將繼續改善，反映出我們最近的成本削減行動的好處，儘管這將在一定程度上被我們最近的可轉換債務交易的較高利息費用所抵消。就收入而言，我們預計第四季將較第三季小幅成長，反映出感測器銷售的持續成長。此外，我們還將年終現金和流動性目標從 2.4 億美元略微下調至 2.3 億至 2.4 億美元。我們最終的結果將取決於我們產生的更高的現金重組費用，以及我們最終提取的股本信貸額度。10月30日，我們的股東也通過了一項授權，允許我們的董事會酌情實施反向股票分割。

We are planning to share more information on a potential reverse split and its terms in the near term after our Board decides what they're going to do. As of November 8, roughly $23 million of our Series 1 '23 convertible bonds have been converted to equity, with approximately $59 million remaining. We continue to have approximately $203 million on our unsecured convertible debt maturing in 2026 as well as $192 million on our Series 2 2030 convertible debt. The cooling-off period from our August transaction has now expired, and we are actively looking at ways to continue to reduce the $200 million or so of balance on our 2026 unsecured convertible bonds. Finally, given the accounting complexity of the convertible debt transaction we completed in August, we will likely need a couple of days, plus or minus, extension to file our 10-Q this quarter.

我們計劃在董事會決定他們要做什麼後，在短期內分享更多有關潛在反向分割及其條款的資訊。截至 11 月 8 日，我們的 23 年 1 系列可轉換債券中約 2,300 萬美元已轉換為股權，剩餘約 5,900 萬美元。我們仍有約 2.03 億美元的無擔保可轉換債務將於 2026 年到期，以及 1.92 億美元的 2030 年第二系列可轉換債務。我們 8 月交易的冷靜期現已到期，我們正在積極尋找方法繼續減少 2026 年無擔保可轉換債券約 2 億美元的餘額。最後，考慮到我們在 8 月完成的可轉換債務交易的會計複雜性，我們可能需要幾天（加減）延期來提交本季的 10-Q 報告。

There are some additional reviews that we're doing around the final accounting for the convertible transaction. We're confident that we'll be able to file the 10-Q within this 5-day extension period. This concludes my prepared remarks. I'd like to thank the Luminar team again for another strong quarter, and I would like to hand it back over to Yarden for Q&A.

我們正在對可轉換交易的最終會計進行一些額外的審查。我們有信心能夠在這 5 天的延期期間提交 10-Q。我準備好的發言到此結束。我要再次感謝 Luminar 團隊又一個強勁的季度，我想將其交還給 Yarden 進行問答。

Great. Thank you, Tom. We are now going to hand it over to our analyst community.

偉大的。謝謝你，湯姆。我們現在將把它交給我們的分析師社群。

Winnie Dong, Deutsche Bank.

溫妮‧董，德意志銀行。

I'm just curious, post the election, any implications do you think it would have on Luminar on a go-forward basis, specifically as it pertains to EV policies? And then my second question is on cost reduction. Curious if there's any further low-hanging fruits that you can potentially take action on, or if the recent actions you've already taken on pretty much is close to what you can do for now?

我只是很好奇，選舉後，您認為這會對 Luminar 的未來產生什麼影響，特別是與電動車政策有關的影響？我的第二個問題是關於降低成本。好奇是否有其他容易實現的目標可以採取行動，或者您最近已經採取的行動是否與您現在可以做的非常接近？

Yes, Winnie, I'll start with the second part first. I think we've plucked most of the low-hanging fruit. But we're continuing to look at our cost structure, the progress we're making on executing, and continue to look at ways to continue to cut our costs. I would say a lot of the easy actions have already been taken, but we're constantly looking at stuff to do. With regards to the election, look, I think it's too early for us to tell.

是的，溫妮，我先從第二部開始。我認為我們已經摘取了大部分容易實現的目標。但我們將繼續關注我們的成本結構、我們在執行方面取得的進展，並繼續尋找繼續削減成本的方法。我想說很多簡單的行動已經採取了，但我們一直在尋找要做的事情。關於選舉，我認為現在說還為時過早。

We continually monitor the geopolitical events and how that can impact our business. At the end of the day, what we're really focused on is executing on our business plan and developing and producing the best LiDAR in the industry. We do that, we're going to be fine, no matter what happens in the geopolitical realm.

我們不斷監控地緣政治事件及其對我們業務的影響。歸根結底，我們真正關注的是執行我們的業務計劃以及開發和生產業內最好的雷射雷達。只要我們這樣做，無論地緣政治領域發生什麼，我們都會沒事的。

I'll also say that when it comes to safety and saving lives and improving roads on the US, that's probably one of the maybe few bipartisan issues that people are very supportive of. Nobody likes people being injured or losing their lives out on roads. And this is a problem that we're solving at global scale, and great to be able to have that support. And, of course, yes, great to be able to have some tailwinds along with it.

我還要說，當談到美國的安全、拯救生命和改善道路時，這可能是人們非常支持的少數兩黨問題之一。沒有人喜歡人們在道路上受傷或喪生。這是我們正在全球範圍內解決的問題，很高興能夠得到這種支持。當然，是的，能夠有一些順風順水真是太好了。

Perfect. Thank you, guys, so much.

完美的。非常感謝你們，夥伴們。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hey, Tristan, you on the line? I think you're on mute.

嘿，特里斯坦，你在線嗎？我認為你處於靜音狀態。

Okay. We'll move on to the next analyst. Our next question is going to come from John Babcock at Bank of America.

好的。我們將轉向下一位分析師。我們的下一個問題將來自美國銀行的約翰·巴布科克。

I guess one of my questions, you talked about this new Advanced Development Contract with an OEM partner. I was just curious, is that an existing partner that you had? Or is this one that you've announced in the past?

我想我的問題之一是，您與 OEM 合作夥伴談論了這份新的高級開發合約。我只是好奇，這是你現有的合作夥伴嗎？或者這是您過去宣布過的嗎？

I think, as we said in there, this is like the next phase of this development contract. So it's a customer that we've talked about in the past, and it's taking that next step there and getting us ultimately closer to the series production phase.

我認為，正如我們在那裡所說的，這就像該開發合約的下一階段。因此，這是我們過去討論過的客戶，它正在採取下一步行動，讓我們最終更接近系列生產階段。

Okay. That's helpful. And then as it pertains to the new Volvo car that you're going to become standard on, any sense in terms of timeline on when that might launch? And also, if you can just talk about whether that vehicle is going to use Halo or if it's going to be using the existing Iris technology?

好的。這很有幫助。然後，由於它與您將成為標準的新沃爾沃汽車有關，那麼它何時推出的時間表有什麼意義嗎？另外，您能否談談該車輛是否將使用 Halo 還是將使用現有的 Iris 技術？

We will say, when it comes to the previous contract we're talking about, that's where we're doing the design integration studies that I mentioned for Halo and some of that planning. But as it relates to with Volvo, currently, it's with the generation of the Iris family. And then ultimately, as you figure, a lot of automakers are very excited to be able to adopt and transition to Halo because it can enable that mass scale and adoption, whereas Iris is great for starting off with these different platforms, getting the data out there, as we mentioned, with Volvo. But yes, I think we mentioned there will be more to share. Ultimately, this is in OEM's hands to share in the first half of 2025.

我們會說，當談到我們正在談論的上一份合約時，我們正在那裡進行我為光環提到的設計整合研究以及其中一些規劃。但就沃爾沃而言，目前，它與 Iris 家族這一代有關。最終，正如您所想，許多汽車製造商非常高興能夠採用並過渡到 Halo，因為它可以實現大規模規模和採用，而 Iris 非常適合從這些不同的平台開始，獲取數據正如我們提到的，沃爾沃。但是，是的，我認為我們提到會有更多內容可以分享。最終，這將在 2025 年上半年由 OEM 分享。

Have you talked about any timeline on when you might be able to commercialize the Halo LiDAR? I don't remember if you include that as part of the Investor Day.

您是否談過何時能夠將 Halo LiDAR 商業化？我不記得你是否將其作為投資者日的一部分。

Yes. It's coming up. In automotive years, it's right around the corner, which is in 2026. So that's our launch timeline for it. And we're excited to already get some great positive feedback from customers.

是的。快到了。在汽車領域，它即將到來，即 2026 年。這就是我們的發佈時間表。我們很高興已經從客戶那裡得到了一些正面的回饋。

We mentioned, as part of one of our business milestones, that we'd be showcasing it already and getting in the hands of some customers initially. And people are very excited to see the results of the point cloud and showing what's possible with such a simplified bill of materials, the next-generation semiconductors that we have, our integrated software, and, of course, the cost and form factor that we're able to deliver with Halo.

我們提到，作為我們業務里程碑之一的一部分，我們已經展示了它並首先交付給一些客戶。人們非常興奮地看到點雲的結果，並展示瞭如此簡化的物料清單、我們擁有的下一代半導體、我們的整合軟體，當然還有我們的成本和外形尺寸的可能性。

And then just a last question before I turn it over. If you could just -- I don't know if it's possible to maybe provide some early expectations on '25, at least like how we should think about volumes generally. I don't know if you might be able to talk about which or how many vehicle models you'll be in next year. I think in the Polestar, you also have the EX90. If there are any that I'm leaving out there, that would be helpful.

在我把它翻過來之前，還有最後一個問題。如果你可以——我不知道是否有可能對 25 年提供一些早期預期，至少就像我們一般應該如何考慮銷量一樣。我不知道您能否談談明年您將使用哪種或多少款車型。我認為 Polestar 中也有 EX90。如果我留下了什麼，那會很有幫助。

And also, I don't know if there's any volume or cost expectations or additional detail you can provide. Anything on that front would be useful.

而且，我不知道您是否可以提供任何數量或成本預期或其他詳細資訊。這方面的任何東西都會有用。

John, I look forward to sharing that with you in a few months when we do our year-end call.

約翰，我期待著幾個月後我們舉行年終電話會議時與您分享這一點。

Okay, fair enough. Thanks.

好吧，很公平。謝謝。

Jash Patwa, JPMorgan.

賈許‧帕特瓦，摩根大通。

Congratulations on the two wins and encouraging to see the rapid progress on Halo development. I wanted to start with a high-level question around the market share capture window. What innings of the market share capture window do you see the industry in today? And how soon can we expect the slew of next-gen platform announcements and contract wins being announced? Curious if it's early 2025, second half of '25, or '26 when we see those additional wins flowing through.

恭喜您獲得兩場勝利，並令人鼓舞地看到 Halo 開發的快速進展。我想從一個有關市場份額捕獲視窗的高級問題開始。您認為該行業目前處於市場份額捕獲窗口的哪個階段？我們多久才能期待大量下一代平台公告和合約中標的公佈？很好奇我們會在 2025 年初、25 年下半年還是 26 年看到這些額外的勝利。

And relatedly, could you also just touch on the nature of your relationship with platform partners like Mobileye and NVIDIA? How are these relationships structured today? What are the key focus points for them when evaluating LiDAR partners, and whether you expect these relationships to evolve into exclusive partnerships over time? And I have a follow-up.

與此相關，您能否談談您與 Mobileye 和 NVIDIA 等平台合作夥伴的關係性質？如今這些關係是如何建構的？他們在評估雷射雷達合作夥伴時的關鍵關注點是什麼？我有一個後續行動。

No, that's great. I think when it comes to the LiDAR adoption cycle, things have definitely been taking off. I think we need to make sure, again, to put it into perspective, though, overall, obviously, like some of the OEM timelines for their new platforms, specifically we mentioned this is no surprise. It's been very widely publicized for past one or two years or whatever that a one or two years later. So that's the near-term stuff to deal with.

不，那太好了。我認為，當談到光達的採用週期時，事情肯定已經開始起飛。我認為我們需要再次確保正確地看待它，但總的來說，顯然，就像他們的新平台的一些 OEM 時間表一樣，特別是我們提到這並不奇怪。在過去的一兩年或一兩年後，它已經被廣泛宣傳。這就是近期要處理的事情。

But in terms of the broader zooming out macro adoption cycle, we mentioned that for traditional kinds of technologies, it's as long as 20 years from the first introduction to standardization across the industry. And I think, again, we're seeing a much more compressed cycle. We're going to continue to see a lot of acceleration over the course of the next few years. I don't know if there's any specific month or quarter or anything that's magical that's necessarily happening. But I'll say this is that, in addition to advancing with the development with this slew of additional automakers, a big focus is making sure that we can successfully execute on the automakers and the partners that we have there today.

但就更廣泛的宏觀採用週期而言，我們提到，對於傳統技術，從首次引入整個產業的標準化需要長達 20 年的時間。我認為，我們再次看到了一個更壓縮的周期。在接下來的幾年裡，我們將繼續看到巨大的加速。我不知道是否有特定的月份或季度或任何神奇的事情必然會發生。但我要說的是，除了與眾多其他汽車製造商一起推進開發之外，一個重要的重點是確保我們能夠成功地對我們今天擁有的汽車製造商和合作夥伴執行。

And the reality is that there's tens of billions of dollars of business even with just the OEMs that we're working with today as you start to get more and more penetration across their lineups and fleets. So there's already opportunities to substantially multiply the value. The key is that we have to show that successful execution. And that's really where when folks like Volvo start to say, hey, you can launch a EX90, okay, give the green light for more vehicles. When certain other automakers say, hey, we're meeting the milestones here, then you can keep progressing with the platform and then eventually transition to Halo and do all of those things there, too.

現實情況是，即使只是我們今天合作的原始設備製造商，也有數百億美元的業務，因為你開始在他們的產品線和車隊中獲得越來越多的滲透。因此，已經有機會大幅增加價值。關鍵是我們必須展現成功的執行力。這確實是當像沃爾沃這樣的人開始說，嘿，你可以推出 EX90，好吧，為更多車輛開綠燈。當某些其他汽車製造商說，嘿，我們在這裡達到了里程碑，那麼您就可以繼續在該平台上取得進展，然後最終過渡到 Halo 並在那裡完成所有這些事情。

So I think that's definitely happening, and at a rapid pace there. And obviously, over the course of the next 24 months, I'm sure we'll be excited to share more. And I'm sure it's also public that different OEMs, I would say, for the next major platform have different launch timings. But a lot of them are converging around that, yes, I would say, 2027, 2028, 2029 timeframe as a ramp up. Obviously, we have some much earlier wins that will allow us to ride that revenue curve earlier, but they're just taking off now, getting off the ground.

所以我認為這肯定正在發生，而且速度很快。顯然，在接下來的 24 個月裡，我相信我們會很高興分享更多。我敢肯定，不同的 OEM 廠商對於下一個主要平台的發佈時間也有所不同，這一點也是公開的。但他們中的許多人圍繞著這個時間框架，是的，我想說，2027 年、2028 年、2029 年的時間框架作為加速。顯然，我們已經取得了一些更早的勝利，這將使我們能夠更早地實現收入曲線，但它們現在才剛剛起飛，起步。

Understood. That's super helpful. Just as a follow-up, the additional win with Volvo surely showcases that Volvo and its consumers are appreciating the value-add provided by the Luminar's LiDAR sensors. Curious if you have any early feedback from consumers as it relates to the LiDAR technology, and more specifically, any insights from a safety standpoint that you might be seeing in the data. Also, just wondering if you could share any color around the insurance business with regard to the go-to-market strategy, the ramp-up trajectory, and any implications from a profitability or cash flow standpoint.

明白了。這非常有幫助。作為後續行動，沃爾沃的額外勝利無疑表明沃爾沃及其消費者正在欣賞 Luminar 光達感測器提供的附加價值。很好奇您是否有任何與 LiDAR 技術相關的消費者的早期回饋，更具體地說，您可能會在數據中看到從安全角度出發的任何見解。另外，我想知道您是否可以分享有關保險業務的上市策略、成長軌跡以及從盈利或現金流角度來看的任何影響。

Yes. Maybe I can do the first half and you can do the second half. Yes, I'd say that when it comes to Volvo, more broadly, there's definitely that conviction. The consumer interest is extremely significant, and I think this is one of the driving factors behind the marketing of the EX90. The campaign is just starting, right, in terms of as they're kicking it off.

是的。也許我可以做上半場，你可以做下半場。是的，我想說，更廣泛地說，當談到沃爾沃時，肯定有這樣的信念。消費者的興趣非常濃厚，我認為這是 EX90 行銷背後的驅動因素之一。就他們開始而言，該活動才剛開始，對吧。

As Volvo is able to ramp up their production capacity, I think we'll see a lot of that marketing drastically increase. They have, what, over 2,000 dealerships globally that are going to be supporting and making the case for Luminar around the world. And that's something that is, I think, really special and unique for us to be able to be a critical part of that journey and story. But Volvo is known historically as being the introductory path for new kinds of technologies to the broader industry. So as it gets more and more awareness there from a consumer standpoint, I think that's where you'll start to see more and more demand push from a consumer side, not just from an OEM standpoint, which it's basically been all OEM-driven up to this point.

隨著沃爾沃能夠提高產能，我認為我們將看到行銷活動大幅增加。他們在全球擁有 2,000 多家經銷商，這些經銷商將為 Luminar 在世界各地提供支援和宣傳。我認為，這對我們來說非常特別和獨特，能夠成為這段旅程和故事的關鍵部分。但沃爾沃歷來被譽為將新技術引入更廣泛行業的先驅。因此，隨著從消費者的角度來看，它得到了越來越多的認識，我認為這就是你開始看到越來越多的來自消費者方面的需求推動的地方，而不僅僅是從OEM 的角度來看，這基本上都是OEM 驅動的至此。

I think, ultimately, beyond the consumer side, there will also be a regulatory push. As the safety standards and requirements increase significantly, we see the new 2029 mandate for regulations there. That's the only system that we've seen demonstrated to meet those capabilities has been with our LiDAR and software. And this is what we've published and what our insurance partner, Swiss Re, has published as well with an up to 40% improvement in terms of reduction in accidents and accident severity. So those are huge stats and obviously one that Volvo's very excited about, but have big implications for savings around the ecosystem created by the product, which is insurance is one example of that.

我認為，最終，除了消費者方面之外，還會有監管方面的推動。隨著安全標準和要求顯著提高，我們看到了 2029 年新的法規要求。這是我們所見過的唯一能夠滿足這些功能的系統是我們的光達和軟體。這就是我們以及我們的保險合作夥伴瑞士再保險 (Swiss Re) 所發布的內容，在減少事故和事故嚴重程度方面提高了高達 40%。這些都是龐大的統計數據，顯然是沃爾沃非常興奮的一項，但對產品創建的生態系統的節省有著重大影響，而保險就是其中一個例子。

Yes. So on the insurance side, we're planning to register in the top 10 states in the US, which comprise about half the vehicle sales in the US. We're targeting, I would say, annual insurance savings for the EX90 and other vehicles that are equipped with our LiDAR of about 20%, given the safety improvements, we believe that, that's a meaningful discount to give to the consumer to hopefully attract adoption, while at the same time, making sure that we still get decent profitability on the insurance side. We're partnering with a couple of people in the insurance space that, quite frankly, are smarter at insurance than we are to make sure that we're doing this in a responsible way. Look, the ultimate adoption rate, I think, is a little still TBD at this moment.

是的。所以在保險方面，我們計劃在美國排名前10的州進行註冊，這些州約占美國汽車銷售的一半。我想說，考慮到安全性的提高，我們的目標是 EX90 和其他配備我們 LiDAR 的車輛的年度保險節省約 20%，我們相信，這是一個有意義的折扣，希望能夠吸引消費者採用，同時確保我們在保險方面仍然獲得可觀的獲利能力。我們正在與保險領域的一些人合作，坦白說，他們在保險方面比我們更聰明，以確保我們以負責任的方式做到這一點。看，我認為，目前最終的採用率還有待確定。

We're going to be targeting people who buy the EX90 in a variety of ways. We're hoping that the savings is meaningful enough. Could be a few hundred dollars of a premium per year, which, in my opinion, is very meaningful given how much insurance costs have been increasing. But time will tell. I don't expect it to be a material contributor to our P&L over the next few quarters, but I hope after that, if it's successful, that will change.

我們將針對以各種方式購買 EX90 的用戶。我們希望節省的費用夠有意義。每年可能需要幾百美元的保費，在我看來，考慮到保險費用的增加，這是非常有意義的。但時間會證明一切。我預計它不會對我們未來幾季的損益表產生重大貢獻，但我希望在那之後，如果它成功的話，這種情況將會改變。

Thanks for taking my questions and good luck.

感謝您回答我的問題，祝您好運。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

First, I was hoping for an update on Iris+ development, and in particular, with the news from the last update call that you were going to make more use of the Iris platform, maybe you could help us better understand how that is going and when we should expect to see Iris+ shipping for vehicles in series production.

首先，我希望獲得有關 Iris+ 開發的更新，特別是上次更新電話中的消息稱您將更多地利用 Iris 平台，也許您可以幫助我們更好地了解進展情況以及何時進行我們預計將看到Iris+ 用於批量生產的車輛。

Yes. I think, just to remind everyone what we talked about, what we did last quarter, is we were borrowing more of the Iris architecture, which we successfully industrialized and reached SOP with Volvo. We're borrowing more of that architecture to Iris+ for a lead customer there. We recently prepared the first set of samples, and they're going through the testing process. And so, we hope to have an update on exactly what that timeline is going to be here in the near term.

是的。我想，只是為了提醒大家我們上個季度談論的內容和所做的事情，我們借用了更多的 Iris 架構，我們成功地將其工業化並與沃爾沃達成了 SOP。我們向 Iris+ 的主要客戶借用了更多該架構。我們最近準備了第一組樣品，正在進行測試過程。因此，我們希望在短期內能夠準確地了解該時間表的最新情況。

But I think we're off to testing, and I think the initial results are encouraging from that.

但我認為我們已經開始測試了，而且我認為初步結果令人鼓舞。

My other question was around Volvo. And recognizing that you aren't going to say specifics on the vehicle, that's up to them. But maybe you can just help us from a Luminar perspective, is the win that you've secured, how does that compare relative to the EX90? And can you give us a better sense as to when this new model win would be in series production?

我的另一個問題是關於沃爾沃的。並且認識到你不會透露車輛的細節，這取決於他們。但也許你可以從 Luminar 的角度來幫助我們，你所贏得的勝利與 EX90 相比如何？您能否讓我們更了解這款新車型何時投入大量生產？

It's going to be smaller than EX90, and we're hoping that it is going to launch here over the next several quarters.

它將比 EX90 小，我們希望它能在未來幾季在這裡推出。

Ultimately, our goal is that as we prove the successful launch and ramp capabilities with each model, then the goal is obviously to expand across the vehicle mix with a given OEM. Volvo delivers a better part of 1 million vehicles per year. So ultimately, that's the goal of where we can do the math of what we want to get to. And if we can prove that out, I think, there's a path over the longer term.

最終，我們的目標是，當我們證明每個型號都有成功的啟動和爬坡能力時，我們的目標顯然是透過給定的 OEM 來擴展整個車輛組合。沃爾沃每年交付 100 萬輛汽車。所以最終，這就是我們可以對我們想要達到的目標進行數學計算的目標。我認為，如果我們能夠證明這一點，從長遠來看，就有一條道路。

Thank you. I'll turn it over.

謝謝。我會把它翻過來。

Kevin Cassidy, Rosenblatt.

凱文·卡西迪，羅森布拉特。

Congratulations on the progress. But I just want to understand a little better the roadmap of how you go from Iris and then cross over to Halo. Is Iris going to ship in the EX90 forever? Or does that get an upgrade to Halo? Just how do you get that pipeline?

祝賀取得的進展。但我只是想更好地了解如何從 Iris 到 Halo 的路線圖。Iris 會永遠搭載在 EX90 上嗎？或者說這會升級到 Halo 嗎？你如何獲得該管道？

It took a while to get Iris into production, but then Halo, to me, in two years, it seems very fast.

Iris 投入生產花了一段時間，但 Halo，對我來說，兩年時間似乎很快。

Yes. And it is a much more accelerated pace of development because it took the better part of a decade to be able to build out that core technology platform, to be able to develop the different semiconductor technologies, to be able to really pioneer all these different aspects of the platform. And now we get to ride that investment curve to be able to have a much more rapid pace of adoption and acceleration. And I think for even what's beyond Halo, you'll ultimately see the same rapid pace there as that comes into play. And the same thing when it comes to costs, like the factory buildouts that we're doing for scaling beyond what we have in Mexico, a fraction of the cost, same with the product cost, same with the bill of materials, same with the supply chain, same with engineering that goes into it.

是的。這是一個更快的發展速度，因為花了十年的大部分時間才能夠建立核心技術平台，能夠開發不同的半導體技術，能夠真正開創所有這些不同的面向平台的。現在，我們可以利用這條投資曲線，以更快的速度採用和加速。我認為，即使是《光環》以外的內容，你最終也會看到與遊戲中相同的快速節奏。在成本方面也是如此，例如我們正在擴建工廠，以擴大規模，超越我們在墨西哥的規模，成本的一小部分，與產品成本相同，與材料清單相同，與供應鏈，與涉及其中的工程相同。

Now, significantly, we are building Halo to actually be backwards compatible with Iris. So this gives us an opportunity to be able to, should we want to or an OEM desire to, which I think is ultimately aligned, to be able to slot that in accordingly. And this is something that it's important from a data standpoint to be able to have that compatibility, because you have automakers investing billions of dollars into these technology platforms and data collection platforms and getting out there with these vehicles to be able to do that. And you want to make sure that continues to carry forward. So that's something that I think is super meaningful and part of the stickiness as well.

現在，值得注意的是，我們正在建立 Halo，使其實際上能夠向後相容於 Iris。因此，這給了我們一個機會，如果我們願意或 OEM 願意的話，我認為這最終是一致的，能夠相應地進行定位。從數據的角度來看，能夠具有這種相容性非常重要，因為汽車製造商在這些技術平台和數據收集平台上投資了數十億美元，並推出了這些車輛，以便能夠做到這一點。您希望確保這一點繼續發揚光大。所以我認為這是非常有意義的，也是黏性的一部分。

And that's something that we're excited to be able to do with Halo, to be able to give them a smooth transition. And these are the kinds of conversations that we're having today with automakers across the industry.

我們很高興能夠在 Halo 上實現這一點，讓他們能夠順利過渡。這些就是我們今天與整個行業的汽車製造商進行的對話。

Okay. And you touched on something that was going to be my follow-up question was the fraction of the cost. So that leaves a lot of open discussion. But I would imagine volumes go up more than the cost comes down would be one way to think of it. But is it are you saying 50% lower costs or 25%?

好的。你提到了我的後續問題，即成本的比例。因此，這留下了很多公開討論。但我認為銷量的成長超過成本的下降是一種思考方式。但你是說成本降低 50% 還是 25%？

Can you give us some ballpark of what the cost might be the difference?

您能給我們一些大概的費用差異嗎？

We expect better than 50%. It's a little hard to give an exact percentage to this point, but we're able to deliver a greater performance in the point cloud and the sensor at about 1/3 of the size. And yes, we expect it to be less than half the cost. Now, of course, part of the cost problem is also solved for with scale. For example, the stuff that we have to do today is a lot more expensive when it's at the initial front end of the ramp curve versus when you start to reach more substantive run rate volumes, for example, with the EX90.

我們預計會好於 50%。給出這一點的準確百分比有點困難，但我們能夠在點雲和大約 1/3 大小的感測器中提供更好的性能。是的，我們預計成本將不到一半。當然，現在部分成本問題也透過規模解決了。例如，當我們今天要做的事情處於斜坡曲線的初始前端時，與開始達到更實質的運行速率量（例如使用 EX90）時相比，要昂貴得多。

And that's something that you have to be able to have. Of course, when you're talking 2026, we're already well into the ramp curves of even the initial programs, much less the additional programs that we won and will be launching with. So that's something where it allows us to be able to leverage the economies of scale with simplified materials, and we're talking in addition to cost down components, it just also has significantly less components and simplified design in the first place. And part of this is because we're also designing this hand in hand with some of our industrialization partners as well, including [CDK], that we described as part of our new partnership efforts to be able to save on cost, both on OpEx as well as on a product standpoint individually. So this is all coming to a head and allowing us to be able to be in a position of where automakers have a very clear business case to put this across all the cars.

這是你必須能夠擁有的。當然，當你談論 2026 年時，我們甚至已經進入了初始計劃的斜坡曲線，更不用說我們贏得併將推出的其他計劃了。因此，這使我們能夠透過簡化的材料來利用規模經濟，我們所說的除了降低組件成本之外，它首先還具有顯著減少的組件和簡化的設計。部分原因是我們也在與包括 [CDK] 在內的一些工業化合作夥伴攜手設計這一產品，我們將其描述為我們新合作夥伴關係努力的一部分，旨在節省營運成本以及單獨的產品角度。因此，這一切都到了緊要關頭，讓我們能夠讓汽車製造商擁有非常清晰的業務案例，將這一點應用到所有汽車上。

Okay. And if I can get one more question in. You had mentioned about Volvo building a data center because of all the data they can collect with the LiDAR compared to camera, I imagine there's -- but you had an initiative for a while of mapping. Is that still active?

好的。如果我可以再提出一個問題。您曾提到沃爾沃建造了一個數據中心，因為與相機相比，他們可以使用光達收集所有數據，我想是這樣的——但您有一段時間主動提出了繪製地圖的計劃。那還活躍嗎？

Yes, actually. And we've been working on the mapping side for some time. I think that the meaningful part now is it's all about data and scaling up. We've actually had some development contracts and, including one with a major automaker on the mapping side to be able to help cover some of the cost of development and build some specific features there. But where you start to see just the insane value building up is when you get this mass level of data and scale.

是的，實際上。我們在地圖繪製方面的工作已經有一段時間了。我認為現在有意義的部分是數據和擴展。我們實際上已經簽訂了一些開發合同，其中包括與一家大型汽車製造商簽訂的地圖繪製合同，以便能夠幫助支付部分開發成本並在那裡構建一些特定功能。但當你獲得如此大量的數據和規模時，你會開始看到瘋狂的價值累積。

You look at other autonomous vehicle test companies today, like even the Waymos of this world, they spend on the order of $1 billion a year to be able to collect data from 500 cars out driving around the US, measuring what's going on. We're about to have tens of thousands of EX90s going around collecting data with our LiDAR, ultimately hundreds of thousands shortly thereafter here over the coming quarters. And that's something where it's just unprecedented scale across the globe. And the level of detail and understanding we're going to have around the world is really second to none when you have this level of precision. So that's something that a lot of the seeds that we planted and bets that we made years ago, sometimes it's hard to see, but we're trying to think years ahead as this intersects our ultimate roadmap.

你看看今天的其他自動駕駛汽車測試公司，甚至像世界上的 Waymos，他們每年花費大約 10 億美元來收集在美國行駛的 500 輛汽車的數據，測量正在發生的情況。我們將有數以萬計的 EX90 四處走動，用我們的 LiDAR 收集數據，最終在接下來的幾個季度將有數十萬個。這是全球範圍內前所未有的規模。當你擁有這種精確度時，我們在世界各地獲得的細節和理解水平確實是首屈一指的。因此，這是我們幾年前播下的種子和賭注，有時很難看到，但我們正在努力思考未來幾年，因為這與我們的最終路線圖交叉。

And that's something that I think is a perfect example of that, of building and capturing the ecosystem value that's created around the LiDAR. The LiDAR is just ultimately going to be a small fraction of the total value created that we capture out of this. And that's where a perfect example of the rest of the ecosystem, even if between things like mapping and insurance and everything, these are not huge costs. It's, what, maybe each of them is like on the order of 1% of Luminar spend. So it's very, very high leverage.

我認為這是構建和捕捉圍繞雷射雷達創造的生態系統價值的完美例子。光達最終只是我們從中獲得的總價值的一小部分。這就是生態系統其他部分的完美例子，即使在地圖、保險等其他方面，這些成本並不是巨大的。大概每個人的花費都相當於 Luminar 支出的 1%。所以這是非常非常高的槓桿。

Great. Okay. Thank you.

偉大的。好的。謝謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Congrats on the progress given the challenging environment. At what point do we get to a model where software is actually the primary contributor of revenue and margin and where it subsidizes, or maybe even that becomes the revenue contributor and then the actual LiDAR becomes part of the whole software offering, and obviously, with the implications on gross margin? Is there an outlook for that? And how many years away is that?

在充滿挑戰的環境下取得的進展表示祝賀。在什麼時候，我們會進入一個模型，其中軟體實際上是收入和利潤的主要貢獻者，並提供補貼，甚至可能成為收入貢獻者，然後實際的雷射雷達成為整個軟體產品的一部分，顯然，對毛利率的影響？有這樣的前景嗎？那還有多少年了？

I would say more broadly, from a software standpoint, in terms of the value add from a software perspective, there's already a lot of that, that's happening today. Some of it's us, some of it's -- I realize I didn't totally answer the platform partner question earlier with folks like NVIDIA and Mobileye, as well as the automaker that are creating these AI systems, in some cases, in conjunction with us, that are going to be extremely powerful and are already a significant part of that revenue mix. I would say -- and if you take a look today, funnily enough, because we're still in the early phases of the ramp, the majority of our even but small revenue today is from things outside of series production LiDAR, semiconductor, software, AI systems, and obviously some adjacent market sales. But I think the software side is definitely going to be a huge part of the story when it comes to later on in the second half of this decade. I'd say it's about like three years behind where we are on the LiDAR front.

我想說更廣泛地說，從軟體的角度來看，從軟體的角度來看，就增值而言，今天已經發生了很多這樣的事情。有些是我們，有些是 - 我意識到我之前沒有完全回答像 NVIDIA 和 Mobileye 這樣的人以及正在創建這些人工智慧系統的汽車製造商的平台合作夥伴問題，在某些情況下，與我們一起，這將非常強大，並且已經成為收入組合的重要組成部分。我想說的是，有趣的是，如果你今天看一下，因為我們仍處於成長的早期階段，我們今天的收入雖然很小，但大部分來自批量生產雷射雷達、半導體、軟體之外的東西、人工智慧系統，顯然還有一些相鄰的市場銷售。但我認為，在本世紀下半葉，軟體方面肯定會成為故事的重要組成部分。我想說，我們在光達方面落後了大約三年。

And more and more automakers have also realized just how meaningful it can be to have the right software partners at play. The reality is that the majority of automakers don't have a software solution today to be able to scale with. And as they're planning to be able to launch the next-generation platforms, that's going to be something that's needed. And I think it's clear that Luminar has a hand to play, including from this announcement that we just had today.

越來越多的汽車製造商也意識到，擁有合適的軟體合作夥伴是多麼有意義。現實情況是，大多數汽車製造商目前都沒有能夠擴展規模的軟體解決方案。當他們計劃能夠推出下一代平台時，這將是所需要的。我認為 Luminar 顯然有實力，包括我們今天剛發布的公告。

And then for my follow-up question, if the shift from EVs to hybrid is still ongoing next year, does that impact your revenue pipeline or design win pipeline at all? Is there -- do you see over the next couple of years, still a higher attach rate with EVs versus hybrid? And then finally, if you could remind us of some of the engagements that you had with some auto OEMs outside of Volvo, I think you had mentioned Nissan a few years ago, and also some traction in China. Have those been delayed? Or do you still have ongoing relationship?

然後，對於我的後續問題，如果明年從電動車到混合動力的轉變仍在繼續，這是否會影響您的收入管道或設計獲勝管道？您認為在未來幾年內，電動車的使用率是否仍高於混合動力車？最後，如果您能提醒我們您與沃爾沃以外的一些汽車原始設備製造商的一些合作，我想您幾年前就提到過日產，以及在中國的一些吸引力。這些都被推遲了嗎？或者你們還有持續的關係嗎？

Are those still opportunities?

這些還有機會嗎？

We have ongoing relationships, great dialog, great progress. I think, Tristan, as you mentioned, there's this whole, I would say, shift going on in the industry about how much more we want to devote to EVs versus hybrids versus traditional gas engines. We're agnostic to that. We work on any platform. We just need the automakers to make a decision on which direction they're going to go.

我們有著持續的關係、良好的對話、巨大的進步。我認為，特里斯坦，正如您所提到的，我想說的是，整個行業正在轉變，即我們希望在電動車、混合動力汽車和傳統燃氣發動機上投入多少。我們對此不可知。我們在任何平台上工作。我們只需要汽車製造商決定他們要走哪個方向。

And then we're going to be ready there to serve them and put our LiDAR on that vehicle. But I would say there's been an industry-wide pause, and that's in almost every major region that you just mentioned in LiDAR decision-making, because they need to decide which direction they're going to go. And then as soon as they decide, then they'll come back and decide how they're going to deploy LiDAR in that vehicles and what quantity. We don't think there's ultimately in a longer-term going to be a difference in our business based upon which direction they're going to go. There may be some near-term headwinds because, I would say, we're overweighted to EVs in the near term because of decisions the industry made a few years ago to invest in EVs.

然後我們將準備在那裡為他們提供服務並將我們的光達安裝到那輛車上。但我想說的是，整個行業都出現了停頓，這幾乎出現在您剛才在光達決策中提到的每個主要地區，因為他們需要決定要走哪個方向。一旦他們做出決定，他們就會回來決定如何在車輛中部署光達以及數量。我們認為，從長遠來看，我們的業務最終不會因為他們的發展方向而產生差異。短期內可能會出現一些阻力，因為我想說，由於行業幾年前做出的投資電動車的決定，我們在短期內對電動車的持股比例過高。

But ultimately, we're agnostic. The longer-term potential for LiDAR is there. And as soon as these decisions are made, we think it's going to unlock these next rounds of LiDAR RFQs.

但最終，我們是不可知論者。光達的長期潛力是存在的。一旦做出這些決定，我們認為這將解鎖下一輪 LiDAR 詢價。

It's really all just a question of the platform timing, right? Because it's public and been public for some time as we've talked about, some of the automakers there -- and I think it's actually very much the right decision for the next-generation platforms. Some of them were going all EVs and only EVs. And we don't think that's right, because ultimately, that won't be helpful to us in the longer term either. And I know that it's funny, a lot of people think of Luminar as just like an EV company, which is weird.

這其實只是平台時機的問題，對吧？因為它是公開的，並且正如我們所討論的那樣，已經公開了一段時間，那裡的一些汽車製造商 - 我認為這實際上對於下一代平台來說是非常正確的決定。他們中的一些人選擇全電動汽車，或只選擇電動車。我們認為這是不對的，因為從長遠來看，這最終對我們也沒有幫助。我知道這很有趣，很多人認為 Luminar 就像一家電動車公司，這很奇怪。

Since, actually, the majority of our wins are not on -- not just EV-only platforms. It's also including combustion engine and hybrid. But, of course, from a planning standpoint, as Tom mentioned, it just happens to be the things like the EX90 are EVs that are just the nearer-term ones, these are decided earlier on. I think as this scales up, the reality is that for some of the larger OEMs that are there, there's going to be a nice mix of multiple different kinds of powertrains and ones that we're integrated into. And that said, folks like Volvo, they're having their strides in success when it comes to EVs.

事實上，我們的大部分勝利並不在純電動平台上。它還包括內燃機和混合動力。但是，當然，從規劃的角度來看，正如 Tom 所提到的，像 EX90 這樣的電動車恰好是近期的產品，這些都是早些時候決定的。我認為，隨著規模的擴大，現實是，對於一些較大的原始設備製造商來說，將會有多種不同類型的動力系統和我們整合的動力系統的完美組合。也就是說，像沃爾沃這樣的公司在電動車方面取得了巨大的成功。

And I think they can do that as a smaller OEM as well, pretty successfully. But when it comes to some of the big mainstream ones that we're starting to work with, I think that's where it's going to be leaning more towards combustion and hybrid.

我認為他們作為較小的 OEM 也可以做到這一點，而且相當成功。但當談到我們開始合作的一些大型主流汽車時，我認為這將更傾向於燃燒和混合動力。

Thank you very much.

非常感謝。

This marks the end of our Q&A session. I'd like to thank everybody for sticking around and participating in the call and for the analysts that asked the questions and investors and other folks that have joined us. We look forward to talking to you guys next quarter. Thank you.

這標誌著我們的問答環節結束。我要感謝大家留下來參加電話會議，感謝提出問題的分析師、投資者和其他加入我們的人。我們期待下個季度與你們交談。謝謝。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。