Luminar Technologies Inc (LAZR) 2024 Q4 法說會逐字稿

Welcome, everyone to Luminar's fourth-quarter of 2024 business update call. My name is Aileen McAdams, and I'm Luminar's Head of Investor Relations. With me today on the call are Austin Russell, Luminar's Founder and Chief Executive Officer; and Tom Fennimore, our Chief Financial Officer.

歡迎大家參加 Luminar 2024 年第四季業務更新電話會議。我叫 Aileen McAdams，是 Luminar 的投資人關係主管。今天與我一起參加電話會議的還有 Luminar 的創辦人兼執行長 Austin Russell；以及我們的財務長 Tom Fennimore。

As a quick reminder, this call is being recorded. You can find the press release and the presentation that accompanies this call on our website at investors.luminartech.com.

快速提醒一下，本次通話正在錄音。您可以在我們的網站 investor.luminartech.com 上找到本次電話會議的新聞稿和簡報。

In a moment, you'll hear remarks from Austin and Tom, followed by a Q&A session. Before we begin our prepared remarks and Q&A, let me remind everyone that during the call, we may refer to non-GAAP and 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. Please refer to the press release and the presentation for more information on the specific risk factors that could cause actual results to differ materially.

稍後，您將聽到奧斯汀和湯姆的講話，然後是問答環節。在我們開始準備好的發言和問答之前，讓我提醒大家，在電話會議中，我們可能會參考非 GAAP 和 GAAP 財務指標。今天的討論還包含基於我們當前所見環境的前瞻性陳述，因此確實包含風險和不確定性。有關可能導致實際結果產生重大差異的具體風險因素的更多信息，請參閱新聞稿和簡報。

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

首先，我想介紹一下 Luminar 的創辦人兼執行長 Austin Russell。奧斯汀？

Hey. Can you hear me okay?

嘿。你聽得到我說話嗎？

Yes.

是的。

Oh, perfect. Perfect. All right. Well, good afternoon, everyone. I'm calling in from, just outside of NVIDIA's GTC in Silicon Valley, where we're showcasing some of our LiDAR and Sentinel software on, and with NVIDIA's automotive platform to OEMs.

哦，完美。完美的。好的。大家下午好。我在矽谷 NVIDIA GTC 外面打來電話，我們在這裡向 OEM 展示我們的一些 LiDAR 和 Sentinel 軟體以及 NVIDIA 的汽車平台。

So good traction there. And as a recap of today's news, excited to be able to get out there by with the outperformance this quarter, and a strong finish to year-end from a sales standpoint, commercial momentum perspective, and achieving the product unification around Luminar Halo. Excited to jump in with regards to not just what this year was, but also what 2025 has to offer, and also as we look to scale up our LiDAR shipments by more than 200% this year.

那裡的牽引力很好。回顧今天的新聞，我們很高興能夠在本季度取得優異的表現，並從銷售角度、商業勢頭角度強勁收官年底，並實現圍繞 Luminar Halo 的產品統一。我們很高興不僅了解今年的情況，也了解 2025 年的情況，同時我們也期待今年我們的 LiDAR 出貨量能增加 200% 以上。

But first, I want to start today off with a little bit of a refresher of the state of the union around LiDAR and Luminar before we get into some of our achievements for this past year and what's ahead. So at the beginning of this last year, I described how Luminar had stand at or stood at the crossroads of two different realities.

但首先，我想先回顧一下 LiDAR 和 Luminar 的現狀，然後再談談我們過去一年取得的一些成就以及未來的目標。所以在去年年初，我描述了 Luminar 如何站在或正站在兩個不同現實的十字路口。

The core of our business had never been stronger. With our technology proven and Iris successfully industrialized for a global production vehicle. Yet at the same time, we all knew the broader automotive market was challenged on timely launches of new vehicle platforms. Of course, today, we stand having successfully launched the first global production vehicle with the Volvo EX90 being shipped with leading class technologies for the first time at global scale, like Luminar and NVIDIA, to show the world what's possible. Of course, later on last year, after the kickoff of the beginning we unveiled Halo during Luminar Day to be able to show how we're going to scale at the global stage. We'll talk a little bit more about that.

我們的業務核心從未如此強大。我們的技術已得到驗證，並且 Iris 已成功實現工業化應用於全球量產車。但同時，我們都知道，更廣泛的汽車市場面臨及時推出新車平台的挑戰。當然，今天，我們成功推出了首款全球量產車沃爾沃EX90，並首次在全球搭載了Luminar和NVIDIA等領先技術，向世界展示了汽車的無限可能。當然，去年晚些時候，在啟動之後，我們在 Luminar Day 期間發布了 Halo，以便展示我們如何在全球舞台上擴大規模。我們將會就此進行進一步討論。

So those in the automotive industry know, and fair to say that it's undergoing a seismic shift with the introduction of new technologies ranging from electric powertrains to advanced compute to LiDAR on new vehicle platforms. And introducing any one of those kinds of technologies to future vehicles is a major undertaking, much less multiple at the same time, into what automakers are calling software defined vehicles. This is a monumental undertaking with complexity that cannot be overstated, while also driving significant disruption up and down the value chains. And it's no secret that this result was such that many automakers had taken longer than their initial targets a few years ago to launch these new vehicle platforms as they collaborate with a differentiated supply base and develop centralized vehicle software systems from scratch.

因此，汽車行業的人士都知道，可以公平地說，隨著從電動動力系統到高級計算到新車平台上的雷射雷達等新技術的引入，汽車行業正在經歷巨大的轉變。將任何一種技術引入未來的汽車都是一項重大工程，更不用說同時將多種技術引入汽車製造商所謂的軟體定義汽車中。這是一項艱鉅的任務，其複雜性怎麼強調也不為過，同時也會對整個價值鏈造成重大顛覆。而眾所周知的是，由於與差異化的供應基地合作並從頭開始開發集中式車輛軟體系統，許多汽車製造商花費的時間比幾年前的最初目標更長來推出這些新的車輛平台。

With that said, one thing is very clear. Compared to a few years ago, or even recent history, more automakers than ever are planning to integrate things like LiDAR, AI, and advanced computing into their next generation vehicle lineups, with the majority of them expecting to do so by the end of the decade. The question is no longer if LiDAR is a relevant technology for the industry, but rather when it will become standardized across vehicles, just like other safety-enhancing technologies in the past, like radars, cameras, airbags, seatbelts, or even today, new technologies like GPUs in vehicles. And unlike the electronics industry with quick-paced roll-ins and outs of products, the automotive industry is one of those very high-barrier-to-entry, but also very high-barrier-to-exit industries. It takes a substantially more conservative and decisive approach to integrating and rolling out new technologies.

話雖如此，但有一點非常清楚。與幾年前甚至最近的歷史相比，越來越多的汽車製造商計劃將光達、人工智慧和高級計算等技術整合到下一代汽車產品線中，其中大多數預計在本世紀末實現這一目標。問題不再是 LiDAR 是否是與產業相關的技術，而是它何時會成為車輛的標準化技術，就像過去的其他安全增強技術一樣，例如雷達、攝影機、安全氣囊、安全帶，甚至是今天的車輛 GPU 等新技術。與產品快速更新換代的電子產業不同，汽車產業是進入門檻很高的產業，但退出門檻也很高的產業。它採取了更保守和果斷的方式來整合和推出新技術。

Time and time again, it's generally a 10 to 20-year adoption cycle to when the first new technologies are introduced, to when they start to become standardized, or even eventually mandated on vehicles. We witnessed it with everything from mobilized vision technologies, to what's happening with the recent compute integrations, to say, for example, automatic emergency braking capabilities.

通常，從第一批新技術被引入，到它們開始成為標準化，甚至最終成為車輛強制要求，通常需要一個10到20年的採用週期。我們見證了這一切，從行動視覺技術到最近的計算集成，例如自動緊急煞車功能。

So the automotive industry is not like that in the sense that, say, your next generation phone, or tablet, or VR headset is introduced in consumer hands year after year. These technologies take years to be able to be developed, much less to automotive-grade qualifications, tested, validated, and integrated into platforms, and especially when those technologies are safety-critical, like LiDAR. This is a highly complex process, and people's lives are at stake in the industry, so it moves at a very deliberate pace.

因此，汽車產業並不是這樣的，比如說，你的下一代手機、平板電腦或 VR 耳機年復一年地被推到消費者手中。這些技術需要花費數年時間才能開發出來，更不用說達到汽車級資格、測試、驗證和整合到平台中，尤其是當這些技術對安全至關重要時，例如雷射雷達。這是一個非常複雜的過程，而且這個行業關係到人們的生命，所以它的進展非常謹慎。

And I truly believe that just like those other technologies introduced to automotive that we described before, LiDAR on every vehicle is inevitable. It's just a matter of development progress and time. And this sentiment has been echoed by industry leaders that we've seen both privately to us, as well as publicly on a number of occasions. And with a recent example being, for example, Nissan, just on their most recent earnings call, they specifically spoke around revolutionizing autonomous driving technologies and next-generation collision avoidance features, utilizing LiDAR for widespread standardization, first with them and then the broader industry.

我堅信，就像我們之前描述的其他汽車技術一樣，每輛車上都必然會配備 LiDAR。這只是發展進度和時間的問題。我們在私下和公開場合見過的行業領袖也多次表達了同樣的看法。以最近的例子來說，日產在最近的財報電話會議上，特別談到了革命性的自動駕駛技術和下一代防撞功能，利用雷射雷達進行廣泛的標準化，首先是他們自己，然後是更廣泛的行業。

And I'm frequently asked, the comparison is made of what's the differentiation specifically for Luminar and Luminar's technology on LiDAR. And it starts off with, I would say, what we see in the industry is a little bit of a bifurcation to what you could call kind of a premium segment for the market, and then a more lower cost commodity segment for the market that particularly we've seen gains of traction, notably in China.

我常被問到，Luminar 和 Luminar 的 LiDAR 技術具體有什麼不同。首先，我想說，我們看到產業出現了一種分化，即所謂的市場高端部分，以及市場成本較低的商品部分，我們看到了這種分化趨勢的成長，尤其是在中國。

And as a reminder, one of the things that makes Luminar's LiDAR unique is the fact that we built our own technology from the chip level up at a different kind of wavelength of light versus using more commodity off-the-shelf components at 905 nanometers, we use them at 1550 nanometers. That allows us to output orders of magnitude more pulse energy into the environment than 905 nanometers while maintaining eye safety, whereas 905 nanometers is substantially limited. That allows us to detect even some of the hardest-to-see objects at distances past 250 meters in all kinds of lighting conditions and stands as stark contrast to our competitors' technologies, which can generally only see those kinds of difficult-to-see objects at a fraction of the distances, limiting the kind of speeds the vehicles can operate as well as not maximizing the safety capabilities that can be achieved. And while some of those shorter perception distances can be helpful for lower-speed autonomous driving applications, they're insufficient to ultimately safely maneuver at higher speeds.

提醒一下，Luminar 的 LiDAR 的獨特之處之一是，我們從晶片層級建構了自己的技術，採用了不同類型的光波長，而不是使用更多 905 奈米的商品化現成組件，而是使用 1550 奈米的組件。這樣一來，我們就可以向環境中輸出比 905 奈米高出幾個數量級的脈衝能量，同時確保眼睛安全，而 905 奈米的能量則受到很大限制。這使我們能夠在各種光照條件下探測到 250 公尺以外最難看見的物體，這與競爭對手的技術形成了鮮明對比，競爭對手的技術通常只能在很短的距離內看見那些難以看見的物體，限制了車輛的行駛速度，也不能最大限度地發揮其安全性能。雖然一些較短的感知距離可能對低速自動駕駛應用有幫助，但它們不足以最終確保在較高速度下的安全操縱。

And that's the fundamental difference that our LiDAR enables and what is required to ultimately unlock Level 3 autonomy, going beyond just the base assistive driving capabilities. Of course, it still significantly and further enhances with the extra performance the capabilities you can expect from a safety standpoint for Level 2 and beyond.

這就是我們的 LiDAR 所實現的根本區別，也是最終實現 3 級自動駕駛所必需的，超越了基本的輔助駕駛功能。當然，透過額外的性能，它仍然顯著並進一步增強了從安全角度而言您可以期望的 2 級及更高級別的功能。

Now, what's happening right now in the market is that automakers and some of these platform providers, other companies, are more so initially using the LiDAR for these assisted driving capabilities while they develop those autonomous Level 3 capabilities to ultimately be able to enable drivers to take their hands off, eyes off, and what, use your phone, work on your laptop, watch a movie, take a nap, whatever it may be in your vehicle. And we're starting to see some of those in global markets, as well as the China market in particular, exciting to see that there's some significant adoption there as all those OEMs moving very quickly.

現在，市場上發生的情況是，汽車製造商和一些平台提供者以及其他公司最初更多地使用 LiDAR 來實現輔助駕駛功能，同時他們開發 3 級自動駕駛功能，最終能夠讓駕駛員將手和眼睛放開，可以在車內使用手機、使用筆記型電腦、看電影、小睡或做其他事情。我們開始在全球市場，尤其是中國市場看到一些這樣的技術，很高興看到這些技術在那裡得到了廣泛的應用，因為所有的原始設備製造商都在迅速採取行動。

But that said, on one hand, the low-performance LiDAR is okay for now for some of those vehicles, particularly in China, that can support Level 2 applications when drivers remain actively engaged and the cost is fairly low, but it'd not be sufficient to ultimately unlock a higher level of performance and capabilities, higher levels of safety and higher speeds. And that's really where Luminar comes into play. We're ultimately building LiDAR so that you can have those capabilities to be fully realized. And this is where we get to see significant adoption from the Western world OEMs representing on the order of 90% of the global volume to establish these kinds of cases and something we're very excited about.

但話雖如此，一方面，低性能的光達目前對於一些車輛來說是可以的，特別是在中國，當駕駛員保持積極參與並且成本相當低時，這些車輛可以支持 2 級應用，但這不足以最終實現更高水平的性能和能力、更高水平的安全性和更高的速度。這正是 Luminar 發揮作用的地方。我們最終建立了 LiDAR，以便您可以充分實現這些功能。我們看到西方世界的原始設備製造商大量採用該技術，這些製造商約佔全球總量的 90%，並建立了此類案例，我們對此感到非常興奮。

So of course, I think it's important to say that as software for Level 3 and higher capabilities is solved for, and LiDAR's full value is continuing to be realized, we believe that that premium segment around LiDAR will ultimately be a critical part of the ecosystem and a winner here. And that's further supported, I would say, by beyond just the performance capabilities, substantial cost reductions what we have with Luminar Halo to be able to enable even broader widespread adoptions that ultimately surpass the other segments.

因此，當然，我認為重要的是，隨著 3 級及更高功能的軟體得到解決，並且 LiDAR 的全部價值不斷實現，我們相信圍繞 LiDAR 的高端部分最終將成為生態系統的關鍵部分，並成為贏家。我想說，除了性能能力之外，Luminar Halo 還大幅降低了成本，從而能夠實現更廣泛的應用，最終超越其他領域。

Now at Luminar, we firmly position as a leader within this high-performance category with our 1550 nanometer technology, and we believe that it's really the only viable solution for looking ahead what the requirements are for Level 3 and beyond. And at the same time, the only solution that's going to maximize the safety capabilities for the vehicle.

現在，在 Luminar，我們憑藉 1550 奈米技術牢牢佔據這一高性能類別的領先地位，並且我們相信，這確實是展望 3 級及更高級別要求的唯一可行解決方案。同時，這也是唯一能夠最大限度地提高車輛安全性能的解決方案。

So this leadership position that we have in the industry is underscored by the traction we continue to see with our automaker partners, and particularly with our next generation LiDAR, Luminar Halo. Our Iris product was there to be able to show what was possible as we developed it and successfully launched it with Volvo, and now Luminar Halo is poised to lead the industry in performance, size, and cost. Its performance is multiples better than those of our previous generation of products in size and fraction thereof. It's a multiple of the efficiency, and it's all in a highly efficient package for seamless integration.

因此，我們在業界的領導地位因我們與汽車製造商合作夥伴的持續合作而得到加強，尤其是我們的下一代雷射雷達 Luminar Halo。我們的 Iris 產品能夠展示我們開發它並與沃爾沃成功推出它的可能性，現在 Luminar Halo 準備在性能、尺寸和成本方面引領行業。其性能比我們上一代產品的尺寸和比例好幾倍。它的效率提高了數倍，並且全部整合在一個高效的封裝中，可實現無縫整合。

And in working with our numerous automaker partners over the past several years, we've not only learned and developed the performance specifications and requirements for the products of LiDAR more generally, we've also gained an incredible amount of design and manufacturing know-how and IP, and have learned the distinct advantages and disadvantages of every single iteration at the component level up from the five different generations of LiDAR products that we've gone through.

在過去的幾年中，透過與眾多汽車製造商合作夥伴的合作，我們不僅學習和開發了 LiDAR 產品的性能規格和要求，還獲得了大量的設計和製造專業知識和智慧財產權，並且從我們經歷的五代 LiDAR 產品中，我們了解到了組件層面每次迭代的獨特優勢和劣勢。

So again, ultimately, Luminar Halo is going to be the key enabler for what we believe to be a widespread mass adoption of LiDAR, and certainly in the Western world, and we're making solid progress with our OEM partners. So we've demonstrated Luminar's Halo's performance now to several OEMs that are actively engaged in automated development efforts. And this is something that we highlighted in the presentation, and now we actually have fully integrated samples of Luminar Halo to be able to showcase with more mature point clouds that we're continuing to develop.

因此，最終，我們認為 Luminar Halo 將成為 LiDAR 大規模應用的關鍵推動因素，尤其是在西方世界，我們正在與 OEM 合作夥伴一起取得穩步進展。因此，我們現在已經向幾家積極參與自動化開發工作的 OEM 展示了 Luminar Halo 的表現。這是我們在演示中強調的內容，現在我們實際上已經完全整合了 Luminar Halo 的樣本，以便能夠展示我們正在繼續開發的更成熟的點雲。

And today, we're also beginning to see green shoots in the industry. We've seen a first shift to the left by an automaker asking to pull forward the LiDAR rollout relative to their prior LiDAR plan with an earlier vehicle platform. And we've been working with this automaker for several years and are excited about what's ahead. So the thing is, what makes this possible is all around the accelerated development timeline for Luminar Halo, as well as our decision to simplify our overall product portfolio. Historically, we developed a number of different LiDAR-related products simultaneously between the Iris family of products, as well as what we have been working on in the background with Halo.

如今，我們也開始看到該產業出現的復甦跡象。我們已經看到第一次向左轉轉變，一家汽車製造商要求提前推出 LiDAR，相對於他們之前使用早期車輛平台的 LiDAR 計劃。我們已經與這家汽車製造商合作了好幾年，對未來的合作充滿期待。所以，這一切之所以成為可能，完全歸功於 Luminar Halo 的加速開發時間表，以及我們簡化整體產品組合的決定。從歷史上看，我們在 Iris 系列產品之間同時開發了許多不同的 LiDAR 相關產品，以及我們一直在 Halo 幕後開發的成果。

With Iris initially there to be able to primarily serve Volvo and the requirements there before it forked off to dozens of other companies that we're able to provide it to, and then subsequently also Iris Plus with our lead OEM customer in that respect. So I would say this, is that from a development standpoint, now with the work on Iris largely complete, and Iris Plus, as I mentioned before and from the announcement and as we're talking about here, is transitioning to be Halo from our lead customer with Iris Plus, we now have a unified platform together that is a superset of all the different OEM requirements for what's needed in the LiDAR. And that allows us to have a singular product as opposed to a bunch of different variations of the same kinds of product to be able to simplify our development efforts significantly, saving on cost, enhancing efficiency, enhancing speed, among other things there. This also gives us an opportunity to transition customers with Iris into series production to Luminar Halo on mid-cycle refreshes. So as a result of all of those factors, we're really all in on Halo and excited to be moving full speed ahead.

Iris 最初主要服務於沃爾沃及其需求，之後我們將其擴展到數十家其他公司，隨後 Iris Plus 也為我們的主要 OEM 客戶提供服務。所以我想說的是，從開發的角度來看，現在 Iris 的工作已基本完成，而 Iris Plus，正如我之前提到的，從公告中以及我們在這裡談論的，正在從我們的主要客戶 Iris Plus 過渡到 Halo，我們現在有一個統一的平台，它是 LiDAR 所需的所有不同 OEM 要求的超集。這樣一來，我們就可以擁有單一的產品，而不是同一類型產品的一堆不同變體，從而能夠大幅簡化我們的開發工作、節省成本、提高效率、加快速度等等。這也使我們有機會讓 Iris 客戶在中期更新時過渡到 Luminar Halo 的大量生產。所以，由於所有這些因素，我們全心投入 Halo 並很高興能夠全速前進。

So I would say this, is that from a broader perspective, we had historically built Luminar to be able to have the capability to develop multiple products simultaneously around the LiDAR side. We know, as of last year, from some of the different restructuring actions that we take to streamline the organization. We've implemented it, they've been largely effective and haven't materially affected the overall development timeline from what we've had. In fact, it's actually streamlined and sped things up in many respects. And when it comes down to it this year, as we shift towards from developing all these different kinds of LiDAR products, that one unified LiDAR platform, we think there's going to be some opportunities for dramatic efficiency improvements that we're going to get to realize this year.

所以我想說的是，從更廣泛的角度來看，我們過去建立 Luminar 是為了能夠有能力圍繞 LiDAR 方面同時開發多種產品。我們知道，截至去年，我們採取了一些不同的重組措施來精簡組織機構。我們已經實施了它，它們非常有效，並且沒有對我們的整體開發時間表產生實質影響。事實上，它在許多方面都簡化了流程並加快了速度。今年，隨著我們轉向開發所有不同類型的 LiDAR 產品，也就是一個統一的 LiDAR 平台，我們認為今年我們將有機會實現顯著的效率提升。

And again, why make this move now, in terms of a broader strategic shift in our business model? It's all because we're able to get our customers and our key customers on board with the Halo platform moving full speed ahead in the same direction with shared requirements. And that's something that we've been working for, frankly, many years on to be able to do and align those requirements and expectations.

那麼，從我們商業模式更廣泛的策略轉變來看，為什麼現在要採取這項措施？這一切都是因為我們能夠讓我們的客戶和關鍵客戶加入 Halo 平台，並在共同的需求和相同的方向上全速前進。坦白說，多年來，我們一直在為此而努力，以便能夠滿足這些要求和期望。

So we're going to be talking a little bit more about that and I'll have more to share over the coming weeks and months about, how we will reinvent Luminar more radically as an organization under this new kind of business model, less around custom developments for OEMs and more with that shared unified platform. And really, this becomes possible because we had invested nearly $2 billion over the past decade to be able to create, industrialize, and launch an entire technology platform, an ecosystem, and coming from the semiconductor all the way up to the LiDAR, up to the software levels, and have some of the best engineering and technical talent in the industry, as well as technology on the shelf because of those investments.

因此，我們將就此進行更多討論，並且在接下來的幾周和幾個月裡，我會分享更多關於我們如何在這種新的商業模式下更徹底地重塑 Luminar 組織的信息，更少地圍繞 OEM 的定制開發，而更多地關注共享的統一平台。而實際上，這之所以成為可能，是因為我們在過去十年中投資了近 20 億美元，能夠創建、工業化並推出整個技術平台和生態系統，從半導體一直到激光雷達，再到軟體層面，並且擁有業內一些最優秀的工程和技術人才，以及得益於這些投資的現有技術。

So, we're now on the other side of that investment curve, which allows us to be able to realign the business without materially affecting near-term deliverables, revenues, et cetera. So in concert with our Board of Directors, we're in the throes of developing that new strategic plan for Luminar under this new business model of that unified platform and look forward to sharing more.

因此，我們現在處於投資曲線的另一端，這使我們能夠重新調整業務，而不會對近期交付成果、收入等產生重大影響。因此，我們與董事會協同努力，在統一平台的新業務模式下為 Luminar 制定新的策略計劃，並期待分享更多內容。

Lastly, before I turn it over to Tom, I want to take a moment to review some of our key achievements from a business milestone standpoint and highlight some of the impressive work from the Luminar team in 2024. At the beginning of last year, we outlined four business milestones to achieve by year end. Number one was passing the final Run at Rate production audit to achieve a global start of production with Volvo and ramp accordingly.

最後，在把麥克風交給湯姆之前，我想花點時間從業務里程碑的角度回顧我們的一些關鍵成就，並重點介紹 Luminar 團隊在 2024 年所做的一些令人印象深刻的工作。去年年初，我們概述了年底要實現的四個業務里程碑。首要任務是透過最終的按產能生產審核，以實現與沃爾沃的全球生產啟動，並相應地提高產量。

Second was launching a TPK facility for additional capacity and improved cost. Number three was to unveil our next generation LiDAR, later unveiled as Halo, and deliver samples to customers. Four, was to expand the ecosystem around our LiDAR. And I'm happy to say that we've delivered across all four of these key business milestones at a company level. We achieved the start of production for Volvo with the EX90 this past year, and we're also awarded the Volvo ES90, which is the sedan, so to say, equivalent of the EX90, which will go into production this year.

第二是啟動TPK設施，以增加產能並改善成本。第三是發布我們下一代的 LiDAR，後來被稱為 Halo，並向客戶交付樣品。第四，擴大我們雷射雷達周圍的生態系統。我很高興地說，我們在公司層級已經實現了這四個關鍵業務里程碑。去年，我們成功實現了Volvo EX90 的生產，同時我們也獲得了Volvo ES90 的訂單，可以說 ES90 是 EX90 的轎車對應車型，將於今年投入生產。

We also launched an expanded industrialization partnership with TPK in our transition to an asset light model for industrialization. We hosted a very successful Luminar Day where we unveiled this next generation LiDAR, Luminar Halo, and generated the first point cloud from Luminar Halo since while demonstrating its capabilities to customers, and feedback has been tremendously positive. We did all of this while aggressively working to restructure our costs as part of the business. And of course, while not without its challenges, I'm immensely proud of the Luminar team for all that we've achieved last year under the kind of broader macro circumstances.

我們也與TPK建立了擴大的工業化合作夥伴關係，以轉型為輕資產工業化模式。我們舉辦了一場非常成功的 Luminar Day，在會議上我們推出了下一代 LiDAR Luminar Halo，並從 Luminar Halo 生成了第一個點雲，同時向客戶展示了其功能，反饋非常積極。我們在做這一切的同時，積極努力地重組業務成本。當然，儘管並非沒有挑戰，但我為 Luminar 團隊去年在更廣泛的宏觀環境下取得的成就感到無比自豪。

I have the utmost confidence in our ability to execute for 2025. And today, we're going to be outlining a few of those key milestones achieved by the end of the year. So you can be able to take a look. The first and foremost is to be able to continue to ramp the production and delivery of the Iris related sensors for series production customers and achieve those economies of scale with over 200% growth associated with our deliveries into the market. The second one was meeting the key requirements for Halo for our customer contracts and execution. And number three was to be able to streamline the business with the new business and operating model that we described as we have that unified product portfolio going from, what, developing five different variants of products at the same time to one with Luminar Halo. And that's going to help accelerate our efficiency as a business and path to profitability as well.

我對我們實現2025年目標的能力充滿信心。今天，我們將概述今年年底實現的幾個關鍵里程碑。所以你可以看看。首要的是能夠繼續為大量生產客戶提高 Iris 相關感測器的生產和交付量，並實現規模經濟，使市場交付量增加 200% 以上。第二個是滿足 Halo 對客戶合約和執行的關鍵要求。第三，能夠利用我們所描述的新業務和營運模式來簡化業務，因為我們擁有統一的產品組合，從同時開發五種不同的產品到開發一種 Luminar Halo 產品。這也將有助於提高我們的企業效率和獲利能力。

So we remain very confident in our strategy and execution. Our technology leadership remains unparalleled in the high-performance LiDAR space. Our customer relationships are progressing well, and while we're pragmatic about the near-term industry challenges, we're very optimistic about the market's long-term expansion. And as the industry continues to shift toward safer vehicles and towards Level 3 autonomous driving capabilities, we firmly believe Luminar is exceptionally well-positioned to capitalize on this enormous opportunity ahead.

因此，我們對我們的策略和執行仍然非常有信心。我們的技術領先地位在高性能光達領域仍然無與倫比。我們的客戶關係進展良好，雖然我們對近期的行業挑戰持務實態度，但我們對市場的長期擴張非常樂觀。隨著業界不斷轉向更安全的車輛和 3 級自動駕駛功能，我們堅信 Luminar 完全有能力利用未來的巨大機會。

And with that, I'll turn it over to Tom to discuss financials. Thank you.

接下來，我將把主題交給湯姆來討論財務問題。謝謝。

Great. Thank you, Austin. Let's start by reviewing Q4 financial results. Revenue for the quarter came in better than expected at $22.5 million, up 45% quarter over quarter and 2% year over year. The primary driver of this revenue growth was higher sensor sales, both to Volvo and non-series production or adjacent market customers.

偉大的。謝謝你，奧斯汀。讓我們先回顧一下第四季的財務結果。本季營收優於預期，達到 2,250 萬美元，季增 45%，年增 2%。收入成長的主要驅動力是感測器銷售的增加，無論是沃爾沃還是非系列生產或相鄰市場的客戶。

During Q4, our sensor sales to adjacent market customers increased substantially, mainly due to a large order from one of our customers. While we expect this customer will continue to generate significant revenue in the longer-term, we expect the shipments during the most recent quarter satiated their near-term demand. During Q4, we shipped over 4,000 Iris sensors to our customers and over 9,000 for the calendar year. The vast majority of these sensors were shipped to Volvo. Moving on to gross margin.

第四季度，我們對相鄰市場客戶的感測器銷售額大幅成長，這主要得益於我們一位客戶的大訂單。雖然我們預計該客戶將在長期內繼續創造可觀的收入，但我們預計最近一個季度的出貨量將滿足他們的近期需求。第四季度，我們向客戶發送了超過 4,000 個虹膜感測器，全年共發送了超過 9,000 個。絕大多數感測器都已運往沃爾沃。繼續討論毛利率。

For the quarter, we reported positive gross profit of $12.5 million on a GAAP basis and $14 million on a non-GAAP basis. Three factors drove our positive gross margin. First, we reversed $10 million of NRE contract losses accrued in prior quarters related to our Iris Plus development work. As Austin mentioned, in Q4, we transitioned our lead Iris Plus customer to Luminar Halo development, allowing us to terminate this Iris Plus development work and reverse that contract loss accrual.

本季度，我們報告的毛利為 1,250 萬美元（以 GAAP 計算）和 1,400 萬美元（以非 GAAP 計算）。有三個因素推動了我們的毛利率為正。首先，我們扭轉了前幾季與 Iris Plus 開發工作相關的 1,000 萬美元 NRE 合約損失。正如 Austin 所提到的，在第四季度，我們將 Iris Plus 的主要客戶轉向 Luminar Halo 開發，這使我們能夠終止 Iris Plus 開發工作並扭轉合約損失累積。

The second factor that drove positive gross margin was planned production downtime at our Mexico facility to align our production with our customers' demand. This allowed us to ship sensors from inventory that were already marked down to ASP levels. We estimate this was an approximately $4 million benefit to gross profit during the quarter. The third factor was the previously mentioned large sensor shipment to an adjacent market customer, which was done at significantly higher ASPs than what we sell for non-series production. We estimate that this was about another $4 million benefit.

推動毛利率為正的第二個因素是我們墨西哥工廠的計畫生產停工，以使我們的生產與客戶需求保持一致。這使得我們可以從已降價至 ASP 水準的庫存中運送感測器。我們估計這將為本季的毛利帶來約 400 萬美元的收益。第三個因素是前面提到的大量向鄰近市場客戶出貨感測器，其平均銷售價格明顯高於我們非系列生產的產品。我們估計這又約為400萬美元的收益。

Some of these factors like production downtime will not repeat going forward and others like sensor sales to non-series production customers will repeat but will be choppy on a quarter-to-quarter basis. However, we are encouraged that we generated a positive gross profit during the quarter. While reaching gross profit positive is an important milestone for us, we are guiding to be modestly gross margin negative for each quarter in 2025, and I'll discuss more of that later.

其中一些因素（例如生產停工）將不會在未來重複出現，而其他因素（例如對非系列生產客戶的感測器銷售）將會重複出現，但會在每個季度的基礎上出現波動。然而，我們很高興看到本季我們實現了正的毛利。雖然實現毛利為正對我們來說是一個重要的里程碑，但我們預計 2025 年每季的毛利率將略微為負，稍後我將詳細討論這一點。

Now to discuss and give an update on our cost actions as well as our OpEx. Last year, we announced two major restructurings, one in April and one in September that allowed us to significantly improve our cost structure. The April actions were expected to achieve $80 million in total cost savings, about half in cash, half in stocks by the end of 2024. And the September actions were expected to achieve an additional $80 million, almost entirely in cash by the end of 2025 when fully implemented. These actions have started to yield demonstrable results in our financial performance.

現在討論並更新我們的成本行動以及營運支出。去年，我們宣布了兩次重大重組，一次是在四月，一次是在九月，這使我們顯著改善了成本結構。預計到 2024 年底，四月採取的措施將節省總計 8,000 萬美元的成本，其中約一半以現金節省，一半以股票節省。9 月的行動預計將在 2025 年底全面實施後額外籌集 8,000 萬美元，幾乎全部以現金支付。這些措施已開始在我們的財務表現中產生明顯的成效。

Relative to Q1 before our cost actions were implemented, our non-GAAP OpEx, a good proxy to measure these cash savings declined by $72 million on an annualized basis. Our quarterly stock-based compensation approximately for the stock savings declined by about $80 million on an annual basis over the same time period. Moving on to cash and our balance sheet.

相對於我們實施成本措施之前的第一季而言，我們的非 GAAP 營運支出（衡量這些現金節省的良好指標）按年率計算下降了 7,200 萬美元。我們季度的股票薪酬（約佔股票節省的金額）在同一時期內按年下降了約 8000 萬美元。轉向現金和我們的資產負債表。

We ended the year with $233 million in cash and liquidity, which includes $183 million in cash and marketable securities and $50 million on our undrawn line of credit. This year-end actual numbers were in line with our guidance. Including the $209 million available on our equity finance program, which reflects a $75 million upsize we're going to do shortly after earnings. This amounts to total access to liquidity of $442 million.

截至年底，我們的現金和流動資金為 2.33 億美元，其中包括 1.83 億美元的現金和有價證券以及 5,000 萬美元的未動用信用額度。今年年底的實際數字符合我們的預期。其中包括我們股權融資計劃中的 2.09 億美元，這反映了我們在盈利後不久將進行的 7500 萬美元的增加。這意味著總流動資金量達到 4.42 億美元。

Our change in cash during the quarter was $16 million, well below the $52 million from Q3. This improvement was primarily driven by proceeds from our equity financing program, which amounted to $48 million for the quarter and was partially a function of timing as we only did $6 million in Q3. The proceeds generated under this program during the quarter continue to demonstrate our access to the capital markets and remain an avenue we can pursue to bolster our liquidity if and when needed.

本季的現金變動為 1,600 萬美元，遠低於第三季的 5,200 萬美元。這項改善主要得益於我們的股權融資計畫的收益，本季的收益為 4,800 萬美元，但在一定程度上是時間因素，因為我們在第三季度只完成了 600 萬美元。本季度根據該計劃產生的收益繼續證明了我們進入資本市場的管道，並且仍然是我們在需要時可以採取的增強流動性的途徑。

Free cash flow for the quarter was negative $62 million, slightly higher than the negative $58 million in Q3. The increase was almost entirely driven by $8 million of higher cash interest during the quarter from our August debt transaction. We expect to file an amended S-3 and prospectus supplement associated with the extension of our equity finance program and stock to be granted to one of our strategic suppliers over the next few days.

本季自由現金流為負 6200 萬美元，略高於第三季的負 5800 萬美元。這一增長幾乎完全是由我們八月份債務交易中本季增加的 800 萬美元現金利息所推動的。我們預計在未來幾天內提交修訂後的 S-3 和招股說明書補充文件，內容涉及延長我們的股權融資計劃以及向我們的策略供應商授予股票。

I wanted to touch base on our order book. In the past, we disclosed forward-looking order book as an alternative financial metric that we updated annually as a means by which the investment community can measure our commercial progress and opportunity. Now that we have achieved series production, we are no longer going to update this on an annual basis and instead replace it by disclosing our sensor shipped, which we believe is a better metric to measure our progress. This is consistent with what other LiDAR companies that have reached series production stage have done. For full disclosure, our forward-looking order book as of 2024 would be lower relative to 2023. However, we believe this is a temporary phenomenon due to the Halo transition with our key customers from the Iris family.

我想要了解我們的訂單。過去，我們揭露前瞻性訂單簿作為一種替代財務指標，並每年更新，以便投資界可以衡量我們的商業進展和機會。現在我們已經實現了批量生產，我們不再每年更新一次，而是透過揭露我們發貨的傳感器來代替，我們相信這是衡量我們進展的更好的指標。這與其他已進入批量生產階段的 LiDAR 公司所做的一致。為了全面揭露，我們截至 2024 年的前瞻性訂單量將低於 2023 年。然而，我們認為這只是暫時現象，因為我們的關鍵客戶來自 Iris 家族，並且正在進行 Halo 轉型。

As a reminder, we established a very high order book for what was included in the order book and not. Specifically, only series production awards or equivalent were included, and we exclude customer contracts that are only in the development stage. While reception for Luminar Halo has been significant, the product still remains in the development phase with a number of series production award opportunities pending completion of certain technical milestones. To be absolutely clear, we continue to work with all of our customers from last year, have not lost any customers, and we expect the decline in the order book in 2024 to be temporary as we complete the outlined development milestones for Luminar Halo and hopefully with anticipated better economics.

提醒一下，我們為訂單簿中包含和未包含的內容建立了非常高的訂單簿。具體來說，我們只包括系列生產獎項或同等獎項，並且排除僅處於開發階段的客戶合約。儘管 Luminar Halo 的反應十分熱烈，但該產品仍處於開發階段，有多個系列生產獎項的機會等待完成某些技術里程碑。需要絕對明確的是，我們繼續與去年的所有客戶合作，沒有失去任何客戶，並且我們預計 2024 年訂單量的下降將是暫時的，因為我們完成了 Luminar Halo 概述的開發里程碑，並且希望預期的經濟效益會更好。

Our commercial opportunity for Halo remains strong. We have entered into Luminar Halo development contracts with two major automakers since our last earning calls and have secured a series production equivalent contract with a major construction and off-highway machinery manufacturer. More details to come here shortly on those.

我們為 Halo 提供的商業機會仍然很大。自上次盈利電話會議以來，我們已與兩家主要汽車製造商簽訂了 Luminar Halo 開發合同，並與一家主要建築和非公路機械製造商簽訂了系列生產等效合同。關於這些內容的更多詳細資訊我們稍後會公佈。

Moving on to 2025 guidance. For 2025, we expect the full year -- our full year revenue growth to be in the range of 10% to 20%. This growth will be almost entirely driven by a greater than 3 times forecasted increase in our sensors from approximately 9,000 in 2024 to a range that we're currently forecasting of, call it, 30,000 to 33,000 this year. This growth in sensor shipped will be offset by the lower revenue from the nonautomotive customer we discussed on our Q3 call and basically the full year impact of that renegotiated contract.

繼續邁向 2025 年指導。展望 2025 年，我們預計全年營收成長率將在 10% 至 20% 之間。這一增長幾乎完全是由我們預測的傳感器數量增長三倍以上所推動的，從 2024 年的約 9,000 個增加到我們目前預測的今年的 30,000 到 33,000 個。感測器出貨量的成長將被我們在第三季電話會議上討論的非汽車客戶的收入下降以及重新談判的合約對全年的影響所抵消。

We are being conservative in our revenue guidance and are basing our 2025 sensor shipped at a rather significant, call it, about a 50% haircut to the latest IHS latest forecast. We want to be conservative until we see more proof points of a sustained ramp in our customers' production volume.

我們對我們的收入預期持保守態度，我們將 2025 年感測器的出貨量建立在一個相當顯著的水平上，可以說，比最新的 IHS 預測下降了 50% 左右。我們希望保持保守，直到我們看到更多證據表明客戶的產量持續上升。

For the first quarter, we expect revenue will decline quarter over quarter and be closer to Q3 '24 than Q4 levels. This is driven by basically the lower sequential sensor sales to that non-series production customer we discussed earlier.

對於第一季度，我們預計營收將環比下降，並且更接近24年第三季的水平，而不是第四季的水平。這主要是由於我們之前討論過的非系列生產客戶的傳感器銷量連續下降所致。

In the past, we talked about reaching a mid-$30 million revenue run rate on a quarterly basis. Given the recalibrated contracts as well as lower assumed volume for series productions, we don't think that, that is going to happen this year. We expect to generate a negative non-GAAP gross margin on a quarterly basis throughout this year, driven by the lower sensor sales to nonseries production customers as well as resumption of our series production facility in Mexico and some modest tariff headwinds. More specifically, we expect negative quarterly gross loss to average about $5 million to $10 million per quarter.

過去，我們曾談論過每季實現 3,000 萬美元左右的收入運行率。考慮到重新調整的合約以及系列生產的假定產量較低，我們認為今年不會發生這種情況。我們預計今年全年季度非公認會計準則毛利率將為負，原因是非系列生產客戶的傳感器銷量下降、墨西哥系列生產工廠的恢復以及一些溫和的關稅阻力。更具體地說，我們預計每季負毛虧損平均約為 500 萬至 1,000 萬美元。

While we've made progress on improving our sensor economics and COGS overhead through various cost reduction efforts, the unfortunate reality is that the lower-than-expected production volume remains a major hurdle for us in achieving the necessary economies of scales to achieve sustainable positive gross margin. We may generate positive gross margin from time to time like we did this most recent quarter, but this will be highly dependent on sensors shipped to nonseries production customers, which remain lumpy.

雖然我們透過各種降低成本的措施在改善感測器經濟性和銷貨成本開銷方面取得了進展，但不幸的現實是，低於預期的生產量仍然是我們實現必要的規模經濟以實現可持續的正毛利率的主要障礙。我們可能會不時產生正的毛利率，就像最近一個季度一樣，但這將高度依賴運送給非系列生產客戶的感測器，而這些感測器的數量仍然不穩定。

I briefly want to address the current tariff environment. Geopolitical tensions are creating significant uncertainty for companies with global supply chains like Luminar. At this point in time, we have determined that our LiDAR sensors we ship from Mexico to the US are likely subject to the most to the recently implemented tariffs.

我想簡單談談目前的關稅環境。地緣政治緊張局勢為 Luminar 等擁有全球供應鏈的公司帶來了巨大的不確定性。目前，我們已確定從墨西哥運往美國的 LiDAR 感測器很可能受到最近實施的關稅的最大影響。

That said, even if we take no actions to mitigate this exposure, we expect the impact on our gross profit to remain relatively modest. However, it is important to note that we remain one of the only LiDAR suppliers with a global footprint across North America and Asia, and we are actively exploring alternatives to modify our production footprint accordingly.

儘管如此，即使我們不採取任何措施來減輕這種風險，我們預計對我們的毛利的影響仍然相對溫和。然而，值得注意的是，我們仍然是唯一一家在北美和亞洲擁有全球業務的 LiDAR 供應商之一，我們正在積極探索替代方案，以相應地修改我們的生產足跡。

For 2025, we expect non-GAAP OpEx will decline from the mid-$50 million range in Q1 to the mid to high $30 million range by the end of the year as we continue to make progress on our cost reduction efforts. We expect to end fiscal year '25 with greater than $150 million of cash and liquidity, which includes cash and marketable securities and our $50 million line of credit. We expect to issue on average about $30 million per quarter, will be a little bit higher, a little bit lower depending upon the quarter under our equity financing program.

展望 2025 年，隨著我們在成本削減方面繼續取得進展，我們預計非 GAAP 營運支出將從第一季的 5,000 萬美元中段下降至年底的 3,000 萬美元中段至高段。我們預計 25 財年結束時我們將擁有超過 1.5 億美元的現金和流動資金，其中包括現金和有價證券以及 5000 萬美元的信用額度。我們預計每季平均發行約 3,000 萬美元，根據我們股權融資計畫的不同季度，發行額會略高或略低。

For fiscal year '25, we expect our free cash flow to improve driven by our cost reduction efforts. This brings me to my final topic of our capital structure and cash runway. I'll start with an update on our debt profile. In August of last year, we executed an exchange transaction, which reduced our convertible debt by nearly $150 million, while also raising $100 million of new debt capital.

對於 25 財年，我們預計我們的自由現金流將因成本削減措施而改善。這讓我想到了我們的資本結構和現金跑道的最後一個主題。我首先會介紹一下我們的債務狀況。去年8月，我們執行了一項交換交易，減少了近1.5億美元的可轉換債務，同時也籌集了1億美元的新債務資本。

Since August, our convertible debt declined by $38 million through early conversions of our 2030 convertible bonds, leaving about $237 million outstanding on our convertible debt that matures in 2030. In total, our debt now stands at approximately $540 million versus $625 million a year ago. We plan to start chipping away in a disciplined manner at the remaining $203 million of convertible debt maturing in 2026 and doing in a way that we don't think is going to materially impact our cash or liquidity profile.

自 8 月以來，透過提前轉換 2030 年可轉換債券，我們的可轉換債務減少了 3,800 萬美元，剩下約 2.37 億美元的 2030 年到期的可轉換債務未償還金額。總體而言，我們現在的債務約為 5.4 億美元，而一年前為 6.25 億美元。我們計劃開始以有紀律的方式逐漸減少 2026 年到期的剩餘 2.03 億美元可轉換債務，並且我們認為這樣做不會對我們的現金或流動性狀況產生重大影響。

We believe our current cash and liquidity position and equity financing program provides us with sufficient runway through at least 2026. I mentioned in the past that we may require approximately an additional $100 million of additional capital to reach profitability beyond that.

我們相信，我們目前的現金和流動性狀況以及股權融資計劃為我們至少在 2026 年提供了足夠的支持。我過去提到過，我們可能還需要大約 1 億美元的額外資本才能實現更高的利潤。

We continue to execute aggressively on our cost reduction plan to lower that potential funding requirement. While we're in no rush to execute a transaction in the near-term, we are also evaluating our options for raising additional capital, and we'll continue to actively monitor the market.

我們繼續積極執行成本削減計劃，以降低潛在的資金需求。雖然我們並不急於在短期內執行交易，但我們也在評估籌集額外資本的選擇，並將繼續積極監控市場。

That concludes our prepared remarks. I'd once again like to thank the entire Luminar team for a great 2024 and continued execution progress.

我們的準備好的演講到此結束。我再次感謝整個 Luminar 團隊在 2024 年取得的出色成績以及持續的執行進展。

With that, I'll hand it back over to Aileen to start our Q&A session.

說完這些，我會把話題交還給 Aileen，開始我們的問答環節。

Jash Patwa, JPMorgan.

摩根大通的賈什·帕特瓦 (Jash Patwa)。

Austin, great to see you at the GTC. In that vein, I'm wondering if there's any news regarding the reference architecture for NVIDIA's Hyperion platform and if Luminar is expected to continue as the reference LiDAR sensor as it was on earlier NVIDIA platforms? Thanks, and I have a follow up.

奧斯汀，很高興在 GTC 見到你。從這個角度來看，我想知道是否有關於 NVIDIA 的 Hyperion 平台參考架構的消息，以及 Luminar 是否有望繼續作為參考 LiDAR 感測器，就像在早期的 NVIDIA 平台上一樣？謝謝，我會跟進。

Absolutely. And I think as we mentioned earlier is that we're in progress right now of shifting the broader customer base that we've had across the board, which is, what, like, over a dozen different partners from the Iris family of products over to Luminar Halo. And so I think we certainly expect to be able to be in the lead to be driving this when it comes to a Hyperion platform or other kinds of partners that we've been working with accordingly for the Halo transition as well. Ultimately, Halo is going to be driving significantly better economics and as opportunity for, I would say, more widespread and mainstream adoption, whereas Iris was really sort of proving out what was possible.

絕對地。我認為，正如我們之前提到的，我們現在正在全面轉移我們擁有的更廣泛的客戶群，也就是說，從 Iris 系列產品到 Luminar Halo 的十幾個不同的合作夥伴。因此我認為，我們當然期望能夠在 Hyperion 平台或我們一直為 Halo 轉型而合作的其他合作夥伴方面發揮領導作用。最終，Halo 將推動顯著改善的經濟，並且我認為它將有機會獲得更廣泛和主流的採用，而 Iris 則真正證明了什麼是可能的。

But the key is that not these aren't some theoretical efforts there too. We're very excited to be showcasing some of these capabilities already as it stands today. And if any of you guys are at GTC, we encourage you guys to come by and see it live with us in NVIDIA at our booth there.

但關鍵是，這些也都是一些理論上的努力。我們非常高興能夠展示目前已經具備的一些功能。如果你們當中有誰參加了 GTC，我們鼓勵你們來 NVIDIA 展位與我們一起現場觀看。

That's very helpful. Just as a follow-up, historically, we've heard from Luminar and some of your industry peers about a metaphorical barrier preventing Chinese suppliers from securing global OEM contracts due to escalating geopolitical tensions. However, a recent success by one of your Chinese counterparts suggest that the competitive landscape might be more complex than we would have previously anticipated. Curious if you could just discuss the competitive dynamics, particularly regarding which competitors you encounter most frequently during the sourcing processes? And it would also be helpful if you could highlight areas where Luminar excels and where it may face challenges compared to the competition. Thank you.

這非常有幫助。作為後續跟進，從歷史上看，我們從 Luminar 和一些業內同行那裡聽說，由於地緣政治緊張局勢不斷升級，中國供應商無法獲得全球 OEM 合同，這是一個隱喻性的障礙。然而，你們的一位中國同行最近的成功表明競爭格局可能比我們之前預想的更為複雜。好奇您是否可以討論一下競爭動態，特別是在採購過程中您最常遇到哪些競爭對手？如果您能強調 Luminar 的優勢領域以及與競爭對手相比可能面臨的挑戰，這也會很有幫助。謝謝。

Yeah, absolutely. And as it relates to China market in particular, I think that to the credit of China, there has been significant and rapid development within that market for LiDAR adoption, where, what, there's now millions of vehicles being shipped accordingly, even with some of the more lower performance LiDAR technologies that are equipped on those.

是的，絕對是如此。特別就中國市場而言，我認為中國市場在 LiDAR 應用方面取得了顯著而快速的發展，目前已有數百萬輛汽車配備此技術，即使這些汽車配備了一些性能較低的 LiDAR 技術。

And I think that's a little bit of a foreshadow for what happens in the Western world. But I would say more broadly, I think the Western and Eastern ecosystems around it have different kinds of product requirements when it comes to an OEM standpoint, different kinds of performance requirements, different kinds of safety requirements, and different kinds of capabilities they ultimately want to be able to deploy. I also think that really the Eastern world has been moving more quickly for the initial adoption than the Western world, whereas the Western world is going be the thing that ultimately delivers most of the volume being responsible for on the order of 90% of the global volume.

我認為這有點預示著西方世界將會發生一些事情。但從更廣泛的角度來看，我認為從 OEM 的角度來看，西方和東方的生態系統對產品的要求不同，對性能的要求不同，對安全的要求不同，並且他們最終希望能夠部署的功能也不同。我還認為，東方世界在最初的採用上確實比西方世界進展得更快，而西方世界最終將佔據全球約 90% 的市場份額。

Our goal is to sort of position ourselves as the Western world leader, and we see is there is sort of a dividing ecosystems there. I think over the last three years, it's actually become probably significantly more divided and isolated. And I think this is largely what OEMs are preparing for in a divided world. There's a lot of conversation around, hey, we don't want anything with a single line of Chinese code in it for example, where they're saying that it could be at risk of, well, their entire vehicle platform if they start doing other kinds of development and engineering work in China.

我們的目標是將自己定位為西方世界的領導者，但我們發現那裡的生態系統存在著分裂。我認為在過去三年裡，它實際上可能變得更加分裂和孤立。我認為這在很大程度上是原始設備製造商在分裂的世界中所做的準備。有很多討論，比如說，我們不想要任何帶有任何一行中文代碼的東西，他們說，如果他們開始在中國進行其他類型的開發和工程工作，那麼他們的整個汽車平台都可能面臨風險。

With that said, I think that there's obviously some kind of speculation of if there really haven't historically been any production wins for companies within China. Outside of that in a material capacity, I -- there aren't today either as far as we're aware. But that so -- I mean, I heard a lot of different things. I've don't always believe everything that's that you read.

話雖如此，我認為顯然存在某種猜測，即中國公司在歷史上是否真的沒有任何生產勝利。除此之外，從物質方面來看，據我們所知，今天也沒有。但那是——我的意思是，我聽到了很多不同的事情。我並不總是相信你所讀到的一切。

But that said, when it comes down to it, I think to the credit of the Chinese ecosystem there, it starts to show what is possible. We're going to continue to position ourselves as the premium player in the market. And I think that's going to really continue to resonate from for the greatest level of safety application and the biggest level widespread adoption for the Western world, and that's what we're doubling down on.

但話雖如此，歸根結底，我認為，由於中國生態系統，它開始展現出一切可能。我們將繼續將自己定位為市場高端參與者。我認為這將繼續在最高層級的安全應用和西方世界最廣泛採用的範圍內產生共鳴，而這正是我們加倍努力的目標。

Winnie Dong, Deutsche Bank.

德意志銀行的 Winnie Dong。

Question, the first one is on Luminar milestones that you're looking for this year. I was wondering if you can elaborate on maybe some sort of specific customer development you might be looking for. Is there any specific number of contracts that you might be hoping to get for SOP during this year?

問題，第一個問題是關於您今年期待的 Luminar 里程碑。我想知道您是否可以詳細說明您可能正在尋找的某種特定客戶開發。今年您希望獲得的 SOP 合約具體數量是多少？

Yeah. And I'd say between all of our key OEM customers, everything from Volvo to Nissan, to Mercedes, to beyond for all the other ones that we've talked about and the technology customers, there's generally more detailed milestones from a product standpoint that are included in those in terms of what's needed to ultimately successfully launch with them.

是的。我想說的是，對於我們所有的關鍵 OEM 客戶，從沃爾沃到日產、梅賽德斯，以及我們談到的所有其他客戶和技術客戶，從產品的角度來看，通常都有更詳細的里程碑，包括最終成功推出產品所需的條件。

And the key is of what we've been doing is basically now with a lot of the work being done from the Iris family of products, transitioning that over to Halo and establishing those milestones. So we already have those for some of those key OEMs and contracts in place today, and that's where we're getting the rest of them over.

關鍵在於我們現在所做的大部分工作基本上都是在 Iris 系列產品上完成的，然後將其轉移到 Halo 並建立這些里程碑。我們已經與一些關鍵的 OEM 簽訂了這些協議並簽訂了合同，接下來我們將處理剩餘的協議。

That really, I would say, the focus right now is around maturing the different component level subassemblies for some of which we already have production intense subassemblies, other ones we're still developing to be able to get to that stage. So we also ultimately will want to have Halo product samples in the hands of our various key customers by year end.

實際上，我想說，目前的重點是完善不同組件級別的子組件，對於其中一些，我們已經擁有生產密集型子組件，對於其他一些，我們仍在開發以達到該階段。因此，我們最終希望在年底前將 Halo 產品樣品送到我們各個主要客戶手中。

Just maybe a follow-up to that. As you're looking to streamline the operations, I'm just curious how that is going to impact your current series production of Volvo or perhaps not. I'm just curious how that changeover will happen in, yeah.

這可能只是對此的一個後續行動。由於您希望簡化營運流程，我很好奇這會對您目前的沃爾沃系列生產產生什麼影響？我只是好奇這種轉變將如何發生，是的。

So Winnie, we're doing this in a way where it shouldn't have any material impact on this. You rewind to where we were three years ago. We were developing three products at once: Iris, Iris Plus, Halo. Most of the work on Iris is substantially done by the end of the year. I wouldn't say it's going to be 100% done, but I would say there's going to be -- I would say more maintenance level type of work on that.

所以溫妮，我們這樣做的目的是不會對此產生任何實質影響。回顧三年前的情況。我們同時開發三種產品：Iris、Iris Plus、Halo。Iris 的大部分工作已於今年年底基本完成。我不會說它會 100% 完成，但我會說會有——我會說會有更多維護等級的工作。

Iris Plus, as we talked about, we're no longer working on that. We transition our lead customers there directly to Halo. So as we kind of get towards the end of this year, there's going to be one product that the team is going to be working on, which is Halo. And so that is going to allow us to free up, I would say, even more resources, streamline the operations more, really narrow our focus, and it shouldn't really impact any of the execution or any of the production on Iris.

正如我們之前提到的，我們不再致力於 Iris Plus。我們將那裡的主要客戶直接轉移到 Halo。所以，當我們接近今年年底時，團隊將致力於開發一款產品，那就是 Halo。因此，我想說，這將使我們能夠釋放更多的資源，進一步簡化運營，真正縮小我們的關注範圍，而且它不應該真正影響 Iris 的任何執行或生產。

Thank you. And then in terms of the OpEx and the cost reduction, thanks for providing the color on outlook. Can you give us a bit more detail in terms of the incremental actions that will be done this year to drive out that cost?

謝謝。然後，就營運支出和成本降低而言，感謝您提供的展望。您能否向我們詳細介紹今年將採取哪些漸進措施來消除這些成本？

I think -- yeah. If you go back to what we announced in April, that is substantially complete. When you look at what we did in September, I would say we're about halfway done there. And I would say the remaining half will be you'll see that kind of ramp up in terms of the savings and ramp down in the OpEx through the rest of the year. And then because we've been able to stop the work on Iris Plus, that's going to kind of be the next catalyst to kind of streamline the organization even further for continuing and even more cost savings than what we've talked about historically.

我認為——是的。如果回顧我們在四月宣布的內容，那就基本上已經完成。當你回顧我們九月所做的事情時，我會說我們已經完成了一半。我想說，在剩下的一半時間裡，你會看到營運成本的節省和下降。然後因為我們已經能夠停止 Iris Plus 的工作，這將成為下一個催化劑，進一步精簡組織，從而繼續節省成本，甚至比我們過去談論的節省更多。

Federico Merendi on for John Babcock from Bank of America.

費德里科·梅倫迪 (Federico Merendi) 接替美國銀行的約翰·巴布科克 (John Babcock)。

So from the press release, I gathered that your free -- I mean, your cash burn might be around $200 million in 2025. So that leaves you roughly with $100 million at the end of the year, excluding the credit facility. So -- and Tom, I think you said that you will need additional $100 million to reach profitability. So does that mean that you will reach profitability sometime, say, in -- at the end of 2026?

所以從新聞稿中，我了解到你的免費——我的意思是，到 2025 年，你的現金消耗可能達到 2 億美元左右。因此，除去信貸額度，到年底你的餘額大約是 1 億美元。所以 — — 湯姆，我想你說過你需要額外的 1 億美元才能實現盈利。那麼，這是否意味著你們將在某個時候實現盈利，比如說在 2026 年底？

Yeah. Like, first of all, I think your math is generally accurate and in line with the guidance that we've given. I think '26 in terms of reaching profitability, maybe a little bit too soon. I think we really need to get Halo to the market given the better-than-expected sensor economics. So I think it shouldn't be too long after '26 for us to get to that level.

是的。首先，我認為你的數學總體上是準確的，並且符合我們給予的指導。我認為，從 26 年實現盈利的角度來看，可能有點太早了。鑑於感測器經濟效益優於預期，我認為我們確實需要將 Halo 推向市場。所以我認為我們用不了多久就能達到那個水準。

That $100 million we're doing what we can to kind of continue to chip away at our cost structure to reduce that amount. As we've said historically, I don't think we're going to be able to get it all the way to zero, but we're making good progress there to really minimize our additional capital needs to get to profitability.

我們正在盡最大努力繼續削減我們的成本結構以減少那 1 億美元。正如我們過去所說的那樣，我認為我們不可能將其完全降至零，但我們在真正減少實現盈利所需的額外資本需求方面取得了良好的進展。

Understood. And you mentioned that you're commencing operation with TPK, which from my understanding is in China, and --

明白了。你提到你正在與TPK開始合作，據我所知TPK在中國，--

No. We've always said Asia, we haven't necessarily said China.

不。我們一直說亞洲，不一定說中國。

I think in the 10-K, you mentioned that the operations are in China, no?

我記得在 10-K 文件中您提到業務是在中國進行的，對嗎？

We purposely said in our press release now Asia and we purposely said China (technical difficulty) that we're constantly evaluating our manufacturing footprint and supply chain. And we'll give updates on what that looks like at some point later this year.

我們在新聞稿中特意提到了亞洲，我們特意提到了中國（技術難度），我們正在不斷評估我們的製造足跡和供應鏈。我們將在今年稍後更新相關情況。

Although to clarify, TPK is Taiwanese. Yes.

不過要澄清一下，TPK是台灣的。是的。

No. I know that. I think from what I remember, in your 10-K, you mentioned that previously, it was in China. But so my end question was, so how are you going to mask the tariff risk or potential bans from foreign technology in The United States?

不。我知道。我記得，在您的 10-K 中，您曾經提到過，它是在中國。但我的最終問題是，你將如何掩蓋美國的關稅風險或外國技術的潛在禁令？

Yeah. So the latter that in terms of the ban of technology in the United States, that's something that we're -- that is, I would say, a materially impact or material risk at this time for us. The tariffs and like, look, the tariff landscape seems to be changing on a daily basis. So that's something we're looking at. Historically, not to geek out too much from a tariff side, our -- the product we made in Mexico has a Mexican country of origin.

是的。因此，就美國的技術禁令而言，我認為這對我們來說是一個重大影響或重大風險。關稅和關稅情況似乎每天都在變化。這就是我們正在關注的事情。從歷史上看，不要從關稅方面過多地關注，我們在墨西哥生產的產品原產於墨西哥。

We're looking at ways to kind of mitigate that tariff impact in the near-term here. If we're unable to mitigate it, it's going to have a modest impact on our gross profit, not an immaterial one, modest, not based upon where everything is today significant, but we're constantly looking at our manufacturing footprint and how we define our product to minimize that tariff impact, both in the near and longer term.

我們正在尋找短期內減輕關稅影響的方法。如果我們無法減輕這種影響，那麼它將對我們的毛利產生適度影響，這種影響不是無關緊要的，適度影響，不是基於目前一切的重要性，而是我們不斷關注我們的製造足跡以及我們如何定義我們的產品，以盡量減少關稅的影響，無論是在短期還是長期。

We also mentioned 60% of our product content comes from Thailand as opposed to Mexico. So that's just one other factor there too that as we kind of think about the broader landscape, we don't want to make any harsh reaction as things keep changing every week. But we'll -- I think as Tom mentioned earlier, we're really the only company from a LiDAR standpoint that has the truly global footprint. Ultimately, stuff in China, we believe will be produced for China. There's stuff outside of that in Asia or Mexico or as that situation evolves or whatever, but in different parts in the Western world.

我們也提到，我們 60% 的產品來自泰國，而不是墨西哥。所以這也是另一個因素，當我們考慮更廣闊的前景時，我們不想做出任何嚴厲的反應，因為事情每週都在改變。但我認為正如湯姆之前提到的，從光達的角度來看，我們確實是唯一一家擁有真正全球影響力的公司。我們相信，最終中國的產品將為中國生產。除了上述情況之外，在亞洲或墨西哥也存在一些情況，或隨著情況的發展或其他情況，但在西方世界的不同地區也存在一些情況。

So I think that's going be an important part. We have the flexibility to sort of go with the ebbs and flows of the global trade ecosystem to be able to shift according to this crazy web of geopolitics and tariffs that we have to deal with and everyone has to deal with.

所以我認為這將是一個重要的部分。我們可以靈活地順應全球貿易生態系統的起伏，能夠根據我們必須應對以及每個人都必須應對的瘋狂的地緣政治和關稅網絡做出轉變。

Morgan Long on for Mark Delaney from Goldman Sachs.

摩根朗 (Morgan Long) 接替高盛的馬克德萊尼 (Mark Delaney)。

So well understood on the comments around order book disclosure. But can you try to help us better understand the implications on the backlog from the change from going from Iris Plus to now doing the Halo platform and how that changes like the quoting process with customers at all?

因此，關於訂單簿披露的評論很容易理解。但是，您能否嘗試幫助我們更好地理解從 Iris Plus 到現在的 Halo 平台的變化對積壓的影響，以及這種變化如何改變客戶的報價流程？

It really doesn't change a lot the quoting process here. What happens here is because Halo is in an earlier stage of product development. And we have, I would say, a more strict than others in the industry definition of what we include in the order book. We only include something in the order book if it's an official series production of order equivalent. Halo has to kind of meet certain development milestones that are defined in our development contracts with our customers.

它實際上並沒有改變這裡的引用過程。發生這種情況是因為 Halo 處於產品開發的早期階段。我想說，我們對訂單內容的定義比業內其他人更嚴格。只有當它是訂單等同的正式系列生產時，我們才會將其包含在訂單中。Halo 必須滿足我們與客戶簽訂的開發合約中定義的某些開發里程碑。

And when -- hopefully, we meet those, then that's when they kind of reconvert back into the series production award category. So by our technical definition, because Halo hasn't gone through the development process yet to get the series production award, it wouldn't be our order book. But as we continue to do that, it should be replenished. The other thing I would highlight there is Halo is going to have better unit economics in Iris or Iris Plus. So as it replenishes, hopefully, replenishes at better longer-term economics for the home team.

當我們希望實現這些目標時，它們就會重新轉變為系列製作獎項類別。因此根據我們的技術定義，由於 Halo 尚未經過開發過程而獲得系列生產獎項，因此它不會成為我們的訂單。但隨著我們繼續這樣做，它應該得到補充。我想強調的另一件事是，Halo 在 Iris 或 Iris Plus 中將擁有更好的單位經濟效益。因此，隨著資金的補充，希望能為主隊帶來更好的長期經濟效益。

Okay. Very helpful. And then I just wanted to double check that there's been no change to the time line for Halo. Is that still expected end of 2026?

好的。非常有幫助。然後我只是想再確認一下 Halo 的時間線沒有改變。預計還是 2026 年底嗎？

Yeah, generally in that timeframe. And so, I think it's, I would say, end of '26 we're targeted vehicle lines that have SOPs in 2027.

是的，一般在那個時間範圍內。因此，我認為，到 26 年底，我們的目標是在 2027 年實現 SOP 的車輛生產線。

Tyler Anderson on for Richard Shannon at Craig Hallum.

泰勒安德森 (Tyler Anderson) 取代理查德香農 (Richard Shannon) 出戰克雷格哈勒姆 (Craig Hallum)。

So I just got here a little bit late. But for the ramp in development going on for the new Volvo win, how should we think about the ramp -- like timeline for that?

所以我來得稍微晚了一點。但對於沃爾沃新車型的開發進度，我們該如何考慮進度安排——例如時間表呢？

Are you referring to the ES90?

您指的是 ES90 嗎？

Yeah.

是的。

Yeah. So what I would say is IHS has a, in our opinion, a pretty aggressive volume ramp for the ES90. In the guidance we've given, if you look overall, we've assumed about a 50% haircut to IHS. Don't get me wrong, I hope IHS is right and we're wrong, but we want to be more conservative until we see a more sustainable ramp. And so I would say what's embedded in our 2025 guidance, I would say, is not a significant ramp in ES90.

是的。因此我想說的是，在我們看來，IHS 對 ES90 的銷售提升相當積極。在我們給予的指導中，如果整體來看，我們假設 IHS 的折扣率約為 50%。別誤會我的意思，我希望 IHS 是對的，而我們是錯的，但我們希望更加保守，直到我們看到更永續的成長。因此，我想說，我們 2025 年指引中所述的並不是 ES90 的顯著提升。

We are prepared to do it when we see the customer demand. We have the capacity in place, but we're not forecasting a significant one like IHS is in that for the ES90. And I would say the ES90, we -- that's what started production in April of last year. We have seen a ramp up there during Q4 and then the early parts of '25. There is the potential for an even more higher production volume once the new China facility comes in, but we've been more conservative on what that ramp would look like as well.

當我們看到客戶需求時，我們就準備好去做。我們擁有現有產能，但我們預測其產量不會像 IHS 對 ES90 的產量那麼顯著。我想說的是 ES90，它是去年 4 月開始生產的。我們在第四季度以及 25 年初看到了這一成長趨勢。一旦中國新工廠投入運營，產量就有可能進一步提高，但我們對產量提升的具體情況也持比較保守的態度。

Absolutely. And I think we're also trying to be super conservative more generally. We've also we've sort of learned from previous years that we'd rather under promise and over deliver when it comes down to it. So that's why the haircut to volumes. I mean, obviously, it's still pretty significant growth with over 200% and more than that that we would expect that we're kind of guiding to from a series production center delivery standpoint, then that would be driving the revenue.

絕對地。而且我認為我們也在努力變得更保守。我們也從前幾年的經驗中了解到，當事情真正發生時，我們寧願少承諾，多兌現。這就是為什麼要削減發量。我的意思是，顯然，這仍然是一個相當顯著的增長，超過 200％ 甚至更多，這是我們從系列生產中心交付的角度所預期的，那麼這將推動收入的增長。

Obviously, the overall corporate revenue was more moderated because of another onetime renegotiation of a nonseries contract that that he talked about from but that's news from six months ago or whatever. When it comes to the growth there, IHS would be, what, the equivalent of, like, 500% growth compared to the 200% growth that we're guiding to. So I think it's all upside from here as we launch with the ES90, and we're counting down the handful of months here, and then Polestar 3 as well among other vehicles. So this is kind of the EX90 was the vision in the start of the wave, and now it's coming in and scaling up. So excited to make it happen.

顯然，由於他所談論的另一項非系列合約的一次性重新談判，公司整體收入受到了更多的抑制，但那是六個月前的消息了。談到那裡的成長，IHS 的成長相當於 500%，而我們預期的成長是 200%。因此，我認為從現在開始一切都會好轉，因為我們將推出 ES90，並且我們正在倒數幾個月的時間，然後是 Polestar 3 以及其他車型。所以，EX90 是浪潮開始時的願景，現在它正在湧現並擴大規模。我很高興這件事能夠實現。

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

我們的問答環節到此結束。我想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。

Thanks.

謝謝。

Thank you.

謝謝。