Luminar Technologies Inc (LAZR) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Luminar second-quarter financial update call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Luminar 第二季財務更新電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）

I would now like to hand the conference over to your speaker today, Yarden Amsalem, Head of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係主管 Yarden Amsalem。

Thank you, Josh, and welcome, everyone. With me today are Paul Ricci, Luminar's Chief Executive Officer; and Tom Fennimore, our Chief Financial Officer. As a quick reminder, you can find the press release and presentation that accompany this call at investor.luminartech.com.

謝謝你，喬希，歡迎大家。今天與我一起的還有 Luminar 的執行長 Paul Ricci 和我們的財務長 Tom Fennimore。小提醒：您可以在 investor.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 remarks from Paul and Tom, followed by a Q&A session.

稍後，您將聽到保羅和湯姆的講話，然後是問答環節。

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 today. As such, it does not include risks and uncertainties. Please refer to our press release and presentation for more information on the specific risk factors that could cause actual results to differ materially.

在我們開始準備好的發言和問答之前，請允許我提醒大家，在電話會議中，我們可能會參考 GAAP 和非 GAAP 財務指標。今天的討論也包含基於我們目前所見環境的前瞻性陳述。因此，它不包括風險和不確定性。有關可能導致實際結果發生重大差異的具體風險因素的更多信息，請參閱我們的新聞稿和簡報。

With that, I'd like to introduce Luminar's CEO, Paul Ricci.

接下來，我想介紹一下 Luminar 的執行長 Paul Ricci。

Good afternoon, everyone, and thank you for joining us. Since stepping into this role two months ago, it has become clear to me that Luminar has leading technology and exceptional talent. But in order to realize our full potential, we must also operate with greater focus and discipline. We've taken steps to align our strategy, resources, and execution so that we enable sustainable progress toward our long-term goals.

大家下午好，感謝大家的參與。自從兩個月前擔任這個職位以來，我清楚地認識到 Luminar 擁有領先的技術和傑出的人才。但為了充分發揮我們的潛力，我們也必須更加專注和自律。我們已採取措施調整我們的策略、資源和執行，以便我們能夠朝著長期目標取得可持續的進展。

Our job now is to ensure that Luminar is not just leading on technology, but also on execution. As we look ahead, there are four key messages I want to leave with you.

我們現在的工作是確保 Luminar 不僅在技術上領先，而且在執行上也領先。展望未來，我想向大家傳達四個重要訊息。

First, Luminar has unsurpassed technology and a significant opportunity ahead in the automotive market as OEMs move to incorporate autonomous driving and advanced safety features more comprehensively. Nearly every global automaker recognizes LiDAR as an essential technology, especially to unlock Level 3 and beyond.

首先，隨著汽車製造商更全面地融入自動駕駛和先進的安全功能，Luminar 擁有無與倫比的技術和在汽車市場的巨大機會。幾乎所有全球汽車製造商都認為 LiDAR 是一項必不可少的技術，尤其是對於解鎖 3 級及更高級別而言。

And Luminar is already working with some of the leading OEMs, including Volvo, Nissan, and Mercedes. We remain focused on meeting their program milestones and delivering the quality and performance they expect. We believe this performance will position us well to secure additional production awards.

Luminar 已經與一些領先的原始設備製造商合作，包括沃爾沃、日產和梅賽德斯。我們始終專注於實現他們的計劃里程碑並提供他們期望的品質和性能。我們相信，這次的表現將使我們有機會獲得更多的製作獎項。

Accordingly, in Q2, we achieved a major technical milestone with a key OEM, successfully demonstrating our ability to detect objects as small as 8 centimeters at distances of over 175 meters. This is a critical requirement on the path to production readiness and to our knowledge, an industry best. This capability now moving from controlled validation to public road testing underscores why high-performance LiDAR is essential to enabling safe and reliable autonomy.

因此，在第二季度，我們與一家主要 OEM 合作實現了一個重要的技術里程碑，成功地展示了我們能夠在 175 公尺以上的距離內檢測小至 8 公分的物體的能力。這是生產準備過程中的關鍵要求，據我們所知，這也是行業最佳要求。這種能力現在從受控驗證轉向公共道路測試，凸顯了為什麼高性能光達對於實現安全可靠的自動駕駛至關重要。

In parallel, we continue to consolidate efforts around Halo. Halo is designed to take our LiDAR technology mainstream, delivering industry-leading range, point density, size, cost, and a form factor optimized for seamless integration and scalable production. We see Halo as the key to broader LiDAR adoption, enabling safer, more capable L3 solutions and significantly expanding our addressable market. We continue to work closely with our OEM partners on our joint Halo development programs in an effort to bring Halo to market as quickly as possible.

同時，我們繼續鞏固圍繞 Halo 的努力。Halo 旨在將我們的 LiDAR 技術推向主流，提供業界領先的範圍、點密度、尺寸、成本以及針對無縫整合和可擴展生產而優化的外形尺寸。我們認為 Halo 是更廣泛採用 LiDAR 的關鍵，它可以實現更安全、更強大的 L3 解決方案，並顯著擴展我們的潛在市場。我們繼續與我們的 OEM 合作夥伴密切合作，以開展 Halo 聯合開發計劃，努力盡快將 Halo 推向市場。

With that said, widespread adoption of L3 in higher autonomy is progressing more slowly than expected, which leads to my second point. While we remain committed to our OEM customers in the long-term automotive use case, we're placing a sharper focus on near-term revenue and profit opportunities in commercial markets, such as trucking, security, and defense.

話雖如此，L3 在更高級別自動駕駛中的廣泛應用進展比預期的要慢，這引出了我的第二點。雖然我們仍然致力於為長期汽車用例中的 OEM 客戶提供服務，但我們更加關注卡車運輸、安全和國防等商業市場的近期收入和盈利機會。

We're seeing momentum in these sectors where autonomy and physical space analytics are advancing quickly, and the unit economics are more attractive. So rather than waiting for the L3 automotive market to further materialize, we're acting now to pursue these commercial opportunities.

我們看到這些領域的發展勢頭強勁，自主性和物理空間分析正在快速發展，單位經濟效益也更具吸引力。因此，我們不會等待 L3 汽車市場進一步實現，而是立即採取行動來抓住這些商業機會。

In defense, for example, we've already built a good foundation both technologically and commercially. Our 1550-nanometer LiDAR technology was originally developed for military applications due to its long range, performance in adverse weather and stealth capabilities.

例如在國防方面，我們在技術和商業上已經建立了良好的基礎。我們的 1550 奈米 LiDAR 技術最初是為軍事應用而開發的，因為它具有遠距離、惡劣天氣下的性能和隱身能力。

Unlike 905-nanometer LiDAR, our sensors remain invisible to traditional silicon-based cameras, a crucial capability for covert operations. In fact, today, we're already working with customers on autonomous ground-based military vehicle programs. We believe that these engagements not only validate our differentiated technology, but also lay the groundwork for broader adoption across the defense sector.

與 905 奈米雷射雷達不同，我們的感測器對於傳統的矽基相機來說是不可見的，這對於秘密行動來說是一項至關重要的能力。事實上，今天我們已經開始與客戶合作進行自主地面軍用車輛專案。我們相信，這些合作不僅驗證了我們的差異化技術，也為整個國防部門的更廣泛應用奠定了基礎。

We're also seeing growing momentum across aerial and marine applications. Air and sea drone have historically relied upon camera and GPS for navigation, but with GPS jamming becoming more prevalent, the industry is looking to LiDAR for positioning and situational awareness. These are just two of the examples of the opportunities we're pursuing.

我們也看到航空和海洋應用的成長動能。空中和海上無人機歷來依靠攝影機和 GPS 進行導航，但隨著 GPS 幹擾變得越來越普遍，業界正在尋求利用 LiDAR 進行定位和態勢感知。這只是我們正在追求的機會的兩個例子。

My third point is that we are rigorously reviewing the business to increase operational discipline and reduce operating expenses and cash burn. Specifically, we are exiting noncore initiatives like our data and insurance businesses, areas that are not aligned with our near-term priorities or paths to scale.

我的第三點是，我們正在嚴格審查業務，以加強營運紀律並減少營運費用和現金消耗。具體來說，我們正在退出非核心業務，例如資料和保險業務，這些領域與我們的近期優先事項或擴展路徑不一致。

These actions are expected to reduce operating expenses by nearly $23 million in gross rate annual savings in 2026. We anticipate seeing the initial impact of these savings in Q4 with the full benefit reflected in our 2026 financials.

預計這些措施將在 2026 年減少營運費用，年度總成本節省近 2,300 萬美元。我們預計這些節省的資金將在第四季度顯現初步影響，其全部效益將在 2026 年的財務報表中反映出來。

We're also restructuring our supply chain to improve unit economics and support our customer programs more cost efficiently. As series production forecast declined significantly over the last year, we've determined that our existing Mexico-based manufacturing is no longer the best fit.

我們也正在重組供應鏈，以提高單位經濟效益，並以更具成本效益的方式支援我們的客戶專案。由於去年系列產量預測大幅下降，我們確定現有的墨西哥製造工廠不再是最合適的。

As a result, we're transitioning production to Thailand, where we already produce our subcomponent assembly. This move enables us to streamline operations and consolidate production under one roof. We expect no disruption to customer deliveries and anticipate a benefit of a few hundred dollars per sensor to our unit economics once the transition is complete.

因此，我們正在將生產轉移到泰國，我們在那裡已經生產我們的子部件組裝。此舉使我們能夠簡化營運並將生產集中在同一屋簷下。我們預計客戶交付不會中斷，並且預計一旦過渡完成，每個感測器將為我們的單位經濟帶來數百美元的收益。

Fourth, I'd like to highlight the meaningful progress we made this quarter to strengthen our balance sheet. This has been and will remain a top priority to ensure we have the financial flexibility we need to execute our strategy.

第四，我想強調本季我們在加強資產負債表方面取得的重大進展。這一直是並將繼續是我們首要任務，以確保我們擁有執行策略所需的財務靈活性。

In fact, since August of last year, we've reduced the face value of our 2026 convertible notes by approximately $440 million. This quarter has been no different as we continue taking steps to further enhance our financial position and to reduce our debt burden, which Tom will cover in more detail shortly.

事實上，自去年 8 月以來，我們已將 2026 年可轉換票據的票面價值降低了約 4.4 億美元。本季也不例外，我們繼續採取措施進一步改善我們的財務狀況並減少我們的債務負擔，湯姆將在稍後詳細介紹。

Now I'd like to briefly comment on our financial performance this quarter and our revised 2025 guidance, which is affected by two primary factors. Number one, we've seen a continued reduction in production volume estimates particularly for the EX90 program. This has negatively affected both our Q2 revenue and our outlook for 2025.

現在我想簡要評論一下我們本季的財務表現和修訂後的2025年指引，這受到兩個主要因素的影響。首先，我們看到產量預估持續下降，尤其是 EX90 項目。這對我們的第二季收入和 2025 年前景產生了負面影響。

For context, IHS forecast for the EX90 have declined by approximately 15,000 units since the beginning of the year, which roughly aligns with the reduction of our 2025 shipment expectations. And number two, as I previously mentioned, we've made the strategic decision to exit noncore areas of the business, including winding down the data contracts. While this will help lower our operating expenses, it also negatively impacts our near-term revenue.

就背景而言，IHS 對 EX90 的預測自今年年初以來已下降了約 15,000 輛，這與我們對 2025 年出貨量預期的下調大致一致。第二，正如我之前提到的，我們已經做出策略決策，退出非核心業務領域，包括終止資料合約。雖然這將有助於降低我們的營運費用，但也會對我們的近期收入產生負面影響。

Together, these factors explain the sequential decline in revenue as well as the adjustment to our full year outlook. Tom will cover these topics in greater detail.

這些因素共同導致了收入的連續下降以及我們對全年前景的調整。湯姆將更詳細地介紹這些主題。

With that, I'd like to finish by discussing our operating milestones. In the past, we outlined a set of high-level milestones to guide our long-term vision. While those still inform our core priorities, we've introduced a new set of four specific actionable milestones. These better reflect where the business stands today and give our stakeholders a more tangible way to track our progress.

最後，我想討論一下我們的營運里程碑。過去，我們制定了一系列高層里程碑來引導我們的長期願景。雖然這些仍然是我們的核心優先事項，但我們引入了一套新的四個具體的可操作里程碑。這些更好地反映了當前的業務狀況，並為我們的利害關係人提供了更切實的方式來追蹤我們的進展。

First, we plan to complete the initial tape-out of our next-generation ASIC by the end of this year. Our custom ASIC is a foundational component of our long-term product roadmap and is critical to unlocking Halo's higher performance and cost reduction.

首先，我們計劃在今年年底前完成下一代 ASIC 的初步流片。我們的客製化 ASIC 是我們長期產品路線圖的基礎組成部分，對於實現 Halo 的更高效能和降低成本至關重要。

Second, we expect to launch a high-volume production line in Thailand before the end of this year. As I mentioned earlier, this transition will better align our manufacturing footprint with our near-term expected production volumes and support our efforts to improve sensor economics.

第二，我們預計今年底前在泰國啟動一條大批量生產線。正如我之前提到的，這種轉變將使我們的製造足跡與近期預期的生產量更好地保持一致，並支持我們改善感測器經濟性的努力。

Third, we plan to launch our Halo low-volume prototype production line in the first quarter of 2026. This line will serve as a foundation for scaling to high-volume production when ready. It represents a significant step toward bringing Halo into production and validating its manufacturability.

第三，我們計劃在2026年第一季啟動Halo小批量原型生產線。這條生產線將為準備就緒後擴大批量生產奠定基礎。這是 Halo 投入生產並驗證其可製造性的重要一步。

And fourth, we're working toward delivering Halo B-samples in the first half of 2026. This milestone will serve as a key validation point for our product maturity and readiness for industrialization. Together, these milestones form a clear execution roadmap, and we're committed to delivering against them.

第四，我們致力於在 2026 年上半年交付 Halo B 樣本。這一里程碑將成為我們產品成熟度和工業化準備程度的關鍵驗證點。這些里程碑共同構成了清晰的執行路線圖，我們致力於實現這些路線圖。

Now I'd like to pass it over to Tom to discuss Q2 financials.

現在我想交給湯姆討論第二季的財務狀況。

Thank you, Paul. I'm going to start with an update on our capital structure.

謝謝你，保羅。我將首先介紹我們的資本結構的最新情況。

During the quarter, we secured a $200 million convertible preferred facility to strengthen our liquidity and extend our runway. At the initial closing in May, we issued $35 million of convertible preferred stock under this facility. We can issue additional tranches of up to $35 million every 98 days, subject to customary closing conditions.

在本季度，我們獲得了 2 億美元的可轉換優先信貸額度，以增強我們的流動性並延長我們的跑道。在五月首次收盤時，我們根據該機制發行了價值 3500 萬美元的可轉換優先股。根據慣例成交條件，我們可以每 98 天發行最多 3500 萬美元的額外款項。

Shortly after the initial closing, we repurchased $50 million in face amount of our 2026 convertible notes for 1.1 million shares and $30 million in cash funded from the initial draw. Pro forma for this repurchase, approximately $135 million of the 2026 notes remain outstanding, down from $625 million a year ago, representing meaningful progress in reducing our near-term debt obligations.

在首次交割後不久，我們以 110 萬股和初始提取的 3000 萬美元現金回購了票面金額為 5000 萬美元的 2026 年可轉換票據。此次回購的預計金額為，2026 年票據中約有 1.35 億美元尚未償還，低於一年前的 6.25 億美元，這代表我們在減少短期債務方面取得了重大進展。

Our target is to reduce the remaining outstanding balance of our 2026 notes to below $100 million by the end of the year to avoid the springing maturity feature in the remainder of our debt. I will return to our balance sheet and cash runway in a bit, but now let's turn to our Q2 financials.

我們的目標是在今年年底將 2026 年票據的剩餘未償餘額減少到 1 億美元以下，以避免剩餘債務出現到期即付現象。稍後我將回到我們的資產負債表和現金流，但現在讓我們來看看我們的第二季財務狀況。

Revenue for the quarter came in line with guidance at $15.6 million, down 17% sequentially and 5% year over year. The decline in Q2 revenue was primarily driven by three factors: first, lower-than-expected NRE revenue as a development contract we anticipated closing by the end of the quarter was shifted to Q3 due to the customer expanding the scope of this contract and thus, requiring additional time to finalize.

本季營收符合預期，為 1,560 萬美元，季減 17%，年減 5%。第二季營收的下降主要由三個因素造成：首先，由於客戶擴大了合約範圍，需要更多時間才能完成，我們預計在本季度末完成的開發合約被推遲到第三季度，導致 NRE 收入低於預期。

Second, we shipped roughly 5,000 Iris sensors during the quarter compared to 6,000 sensors in Q1 with the vast majority of these shipments going to Volvo. This 1,000-sensor quarter-over-quarter decline was due to lower demand from our lead customer.

其次，我們在本季度出貨了大約 5,000 個 Iris 感測器，而第一季出貨了 6,000 個感測器，其中絕大多數都運往了沃爾沃。感測器數量環比下降 1,000 個是由於我們的主要客戶需求下降造成的。

Finally, the wind down of the non-data contract Paul mentioned earlier also contributed to a sequential decline in revenue. While the impact this quarter was modest, we expect a more meaningful reduction in revenue towards the end of the year as we reach the final stages of exiting this business.

最後，保羅之前提到的非數據合約的終止也導致了收入的連續下降。雖然本季的影響不大，但隨著我們進入退出業務的最後階段，我們預計到年底收入將出現更顯著的下降。

Now let's move on to gross margin. For the quarter, we reported a gross loss of $12.4 million on a GAAP basis and $10.8 million on a non-GAAP basis. This was below our guidance of negative $5 million to $10 million.

現在我們來討論一下毛利率。本季度，我們報告的毛虧損為 1,240 萬美元（以 GAAP 計算）和非 GAAP 計算的毛虧損 1,080 萬美元。這低於我們預期的負 500 萬至 1000 萬美元。

This quarter, we recorded a $3 million noncash warranty adjustment driven by updated assumptions as we completed the final reliability of our testing for Iris. Importantly, this reserve is not reflective of any actual customer issues in the field. Excluding this noncash adjustment, our gross loss for the quarter would have been in line with the guidance we provided.

本季度，隨著我們完成 Iris 的最終可靠性測試，受更新的假設推動，我們記錄了 300 萬美元的非現金保固調整。重要的是，這個儲備並不能反映現場任何實際的客戶問題。除去這筆非現金調整，我們本季的總虧損將與我們提供的指引一致。

Additionally, we incurred approximately $1 million in tariff-related charges during Q2, consistent with the prior quarter. As a reminder, we worked with our leading customers to significantly reduce our exposure to tariffs and don't expect any material tariff charges for the remainder of the year.

此外，我們在第二季度發生了約 100 萬美元的關稅相關費用，與上一季持平。提醒一下，我們與主要客戶合作，大幅降低了關稅風險，預計今年剩餘時間內不會出現任何重大關稅費用。

Now let's discuss our cost actions and OpEx. OpEx came in at $27 million on a GAAP basis and $47 million on a non-GAAP basis. On a non-GAAP basis, OpEx includes $2.4 million of noncash adjustment to true up the fair value of stock issued to our vendor during the quarter as well as $2 million for nonrecurring accounting charge related to the termination of the data contract. This was partially offset by continued cost-cutting actions, including subleasing of certain facilities, roll-off contractors as well as other cost-saving actions.

現在讓我們討論一下我們的成本行動和營運支出。根據 GAAP 計算，營運支出為 2,700 萬美元，根據非 GAAP 計算，營運支出為 4,700 萬美元。根據非公認會計準則，營運支出包括 240 萬美元的非現金調整，用於核實本季度發行給我們供應商的股票的公允價值，以及 200 萬美元與終止資料合約相關的非經常性會計費用。這在一定程度上被持續的成本削減措施所抵消，包括轉租某些設施、外包承包商以及其他成本節約措施。

We ended the quarter with $108 million in cash and marketable security. This excludes our $50 million line of credit that remains undrawn as well as $180 million available on our equity financing program and $165 million available under the convertible preferred facility. Taking all of this together, our total access to liquidity is over $500 million.

本季末，我們擁有 1.08 億美元的現金和有價證券。這還不包括我們尚未提取的 5,000 萬美元信用額度、股權融資計畫中的 1.8 億美元和可轉換優先股融資安排中的 1.65 億美元。綜合以上這些，我們總共可以獲得超過 5 億美元的流動資金。

In prior quarters, we reported cash and liquidity together, which included cash and marketable securities and the $50 million undrawn line of credit. This quarter and going forward, we are going to discuss cash and marketable securities separately for clarity and simplicity.

在前幾個季度，我們同時報告了現金和流動性，其中包括現金和有價證券以及 5000 萬美元的未提取信用額度。本季及以後，我們將分別討論現金和有價證券，以便清晰和簡單。

Our change in cash during the quarter was $31 million, below the $45 million level from Q1. This was driven by higher proceeds from our equity financing program, which amounted to $28 million during the quarter.

本季我們的現金變動為 3,100 萬美元，低於第一季的 4,500 萬美元。這是由於我們的股權融資計畫收益增加所致，本季收益達 2,800 萬美元。

Free cash flow for the quarter was roughly $53 million, slightly higher than the $44 million in Q1 but significantly below the $78 million free cash burn from a year ago. The sequential increase we experienced during the quarter was driven by higher working capital investment following the restart of our Mexican manufacturing plant earlier this year.

本季自由現金流約 5,300 萬美元，略高於第一季的 4,400 萬美元，但遠低於去年同期 7,800 萬美元的自由現金消耗。我們本季經歷的連續成長是由於今年稍早墨西哥製造工廠重啟後營運資本投資增加所致。

Let's move on now to 2025 guidance. For 2025, we're lowering our revenue guidance to $67 million to $74 million. This is lower than our previous implied outlook of the $82 million to $90 million.

現在讓我們繼續討論 2025 年的指導。對於 2025 年，我們將營收預期下調至 6,700 萬美元至 7,400 萬美元。這低於我們先前預測的 8,200 萬至 9,000 萬美元。

This revision is entirely explained by two factors: first, lower revenue associated with the wind down of the non-data contract discussed earlier. In addition to the modest near-term impact, we expect this wind down to reduce revenue by approximately $5 million in the fourth quarter of this year and $21 million on an annual run rate basis.

此次修訂完全可以用兩個因素來解釋：首先，與前面討論的非資料合約的終止相關的收入降低。除了短期內的輕微影響外，我們預計此次裁員將導致今年第四季收入減少約 500 萬美元，全年收入減少 2,100 萬美元。

Second, we are reducing our total sensor shipment outlook by roughly 10,000 units in 2025. We now expect total shipments to be in the 20,000 to 23,000 sensor range this year, down from 30,000 to 33,000 units previously.

其次，我們將 2025 年感測器總出貨量預期下調約 10,000 個。我們現在預計今年感測器總出貨量將在 20,000 至 23,000 個範圍內，低於之前的 30,000 至 33,000 個。

For Q3, we expect revenue to be in the range of $17 million to $19 million. We continue to expect our quarterly average growth loss to fall within the negative $5 million to $10 million range, though likely more towards the higher end of this range due to the negative impact from the wind down of the higher gross margin data contract.

對於第三季度，我們預計營收將在 1700 萬美元至 1900 萬美元之間。我們仍預期季度平均成長損失將在負 500 萬美元至 1000 萬美元之間，但由於較高毛利率數據合約的終止帶來的負面影響，可能更接近該範圍的高端。

For 2025, we continue to expect our quarterly non-GAAP OpEx run rate will decline to the low $30 million range by Q4 of this year, although we anticipate a slight uptick in Q3 due to onetime costs associated with terminating the data contract. We also expect further cost reductions as we head into 2026. This will be supported by the winding down of our data and insurance business, which will result in gross run rate annual savings of $23 million collectively with the benefits expected to start in Q4 of this year.

對於 2025 年，我們仍然預計我們的季度非 GAAP 營運支出運行率將在今年第四季度下降至 3000 萬美元的低位，儘管我們預計由於終止數據合約相關的一次性成本，第三季度的營運支出將略有上升。我們也預計，到 2026 年，成本將進一步降低。這將透過逐步減少我們的數據和保險業務來實現，這將導致年度總運行率節省 2,300 萬美元，預計收益將從今年第四季開始。

We expect to end fiscal year '25 with $80 million to $100 million of cash and marketable securities, which excludes our $50 million undrawn line of credit. This is slightly below the previous outlook of greater than $100 million, primarily due to the slower pace of equity issuance under our equity financing program.

我們預計 25 財年結束時將擁有 8,000 萬至 1 億美元的現金和有價證券，其中不包括 5,000 萬美元未提取的信用額度。這略低於先前預期的 1 億美元以上，主要原因是我們的股權融資計畫下的股權發行速度較慢。

Specifically, we expect to issue $25 million per quarter on average this year under our equity financing program below our previous target of $30 million. On an annual basis, this results in about $20 million difference in equity issuance for the year, which fully accounts for the delta in our year-end cash target.

具體來說，我們預計今年股權融資計畫平均每季發行 2,500 萬美元，低於先前 3,000 萬美元的目標。按年計算，這導致全年股票發行額出現約 2,000 萬美元的差額，這完全解釋了我們年終現金目標的增量。

As I have communicated in prior quarters, we believe our current cash and liquidity position as well as access to additional liquidity under our convertible preferred and equity financing programs provides us with sufficient runway through 2026.

正如我在前幾個季度所傳達的那樣，我們相信，我們目前的現金和流動性狀況以及根據可轉換優先股和股權融資計劃獲得的額外流動性，為我們到 2026 年提供了足夠的跑道。

I've also mentioned in the past, we may require up to $100 million in additional capital to reach profitability, and we remain focused on aggressively executing on our cost reduction plan and streamlining our business to lower any additional funding requirement. We are in no rush to execute a transaction immediately, although we continue to evaluate our options for raising additional capital.

我過去也提到過，我們可能需要高達 1 億美元的額外資本才能實現盈利，我們仍然專注於積極執行我們的成本削減計劃並精簡我們的業務以降低任何額外的資金需求。儘管我們仍在評估籌集額外資金的選擇，但我們並不急於立即執行交易。

That concludes my prepared remarks. And with that, I will hand it back over to Paul.

我的準備好的發言到此結束。說完這些，我就把麥克風交還給保羅。

Thanks, Tom. As we close this section of the call, I want to leave you with where we stand and where we're headed. Over the past quarter, we've taken decisive steps to reset Luminar, sharpening our focus, instilling financial discipline and aligning the company around clear priorities. We're also pursuing new opportunities beyond automotive, where our technology is already unlocking growth in trucking, security, and defense.

謝謝，湯姆。在我們結束本次電話會議時，我想向大家介紹我們的現況和未來發展方向。在過去的一個季度中，我們採取了果斷措施來重置 Luminar，加強我們的重點，灌輸財務紀律，並使公司圍繞明確的優先事項進行調整。我們也正在尋求汽車產業以外的新機遇，我們的技術已經推動了卡車運輸、安全和國防領域的成長。

Our goal is to build a stronger, leaner Luminar that consistently delivers on its commitments and creates lasting value for our customers, partners and shareholders.

我們的目標是打造一個更強大、更精簡的 Luminar，始終如一地履行承諾，為我們的客戶、合作夥伴和股東創造持久的價值。

With that, I'll turn it over to the operator to start the Q&A portion of the call.

接下來，我將把電話交給接線員，開始電話會議的問答部分。

(Operator Instructions) Winnie Dong, Deutsche Bank.

（操作員指示）德意志銀行的 Winnie Dong。

I was wondering if you can help us size the opportunities from some of the other adjacent markets that you were referring to before? And then if there's any update on potential customer engagements and how compatible will the Halo policy for those end markets?

我想知道您是否可以幫助我們評估您之前提到的其他一些鄰近市場的機會？那麼，是否有關於潛在客戶參與度的更新，以及 Halo 政策與這些終端市場的兼容性如何？

The commercial markets I've referred to are very large. I'm not prepared to give you specific sizes today. We will share customer information in future calls. We've not done that today. We do expect to leverage the Halo platform in our commercial markets as well as our -- of course, the automotive market.

我提到的商業市場非常大。我今天還沒準備好給你一個具體的尺寸。我們將在未來的通話中分享客戶資訊。我們今天還沒有這樣做。我們確實希望在我們的商業市場以及汽車市場中利用 Halo 平台。

Okay. And then maybe a second question. In the deck, I think there was a sentence that said basically, the shipment of series production sensors were at unfavorable economics. I was just wondering if you can elaborate on that? Is it essentially lower volume? And then are there any sort of contract terms that can help offset in case customer volume coming more than expected in the future?

好的。然後也許還有第二個問題。我認為在簡報中有一句話基本上是說，大量生產的感測器的出貨量經濟效益不佳。我只是想知道您是否可以詳細說明一下？本質上來說音量較低嗎？那麼，如果未來客戶數量超出預期，是否有任何合約條款可以幫助抵消？

Tom, do you want to handle that?

湯姆，你想處理這個嗎？

Sure. Winnie, this refers to the trend I've talked about over the last few quarters. Given the lower-than-expected volume as we ramp up our initial EX90 program, we are under water on the sensor economics. We're currently selling them at prices lower than what we can produce them at. We're taking all actions we can to close that gap.

當然。溫妮，這指的是我過去幾季談到的趨勢。由於我們在擴大初始 EX90 計劃時產量低於預期，因此我們在感測器經濟方面陷入困境。我們目前的銷售價格低於我們的生產價格。我們正在採取一切可能的措施來縮小這一差距。

As Paul mentioned on the call, one of those is kind of transitioning more of the production over to Thailand, and we're going to continue to do what we can to close the gap, but that's a trend we've been talking about for the last few quarters, just given the lower expected volume. There are unit economics on Iris aren't where we want them to be.

正如保羅在電話中提到的那樣，其中之一就是將更多的生產轉移到泰國，我們將繼續盡我們所能縮小差距，但這是我們在過去幾個季度一直在談論的趨勢，只是因為預期產量較低。Iris 的單位經濟效益並未達到我們的預期。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）高盛的馬克·德萊尼。

I also had a question starting with the commercial markets. Maybe you can elaborate when you expect to begin realizing revenue from these other end markets and when you think it could be at a material level?

我還想問一個有關商業市場的問題。也許您可以詳細說明您預計何時開始從這些其他終端市場實現收入，以及您認為何時可以達到實質水平？

As I mentioned in my call, we're realizing revenues today, and we're increasing our investment in our sales and marketing efforts in that area and expect that we will be able to grow those revenues over the course of 2026. We're not providing 2026 forecast today, but it's already a material part of our revenues this year.

正如我在電話會議中提到的，我們今天正在實現收入，我們正在增加對該領域的銷售和行銷工作的投資，並預計我們將能夠在 2026 年期間增加這些收入。我們今天不提供 2026 年的預測，但它已經成為我們今年收入的重要組成部分。

Okay. And as you think about reaching non-GAAP OpEx into the low $30 million range, is that also going to be able to fund these adjacent opportunities? Or would there be additional investment needed on top of that low $30 million target in order to fund some of these markets?

好的。當您考慮將非 GAAP 營運支出控制在 3,000 萬美元以下時，是否也能為這些相鄰的機會提供資金？或者是否需要在 3000 萬美元的低目標之上進行額外投資以資助其中一些市場？

No, those investments are consistent with the investment trade-offs we're making in the business to hit the OpEx target that Tom mentioned.

不，這些投資與我們在業務中所做的投資權衡是一致的，以達到湯姆提到的營運支出目標。

Okay. One other one for me, if I could, please, and then I'll pass it on. As you think about the automotive market, you did mention the timeframes for wider scale L3. And I think in the past, the company has thought of ADAS as being the key market rather than robotaxis. You're reevaluating where it makes the most sense for you to focus within the automotive industry.

好的。如果可以的話，請再給我一個，然後我會把它傳下去。當您考慮汽車市場時，您確實提到了更大規模 L3 的時間表。我認為，過去該公司認為 ADAS 而不是自動駕駛計程車才是關鍵市場。您正在重新評估在汽車產業中最適合您關注的領域。

Do you still see ADAS as the key opportunity? Or do you think robotaxis may be something you want to focus more on, especially given the industry momentum that's starting to build in the robotaxi area?

您是否仍認為 ADAS 是關鍵機會？或者您認為您可能更想專注於自動駕駛計程車，尤其是考慮到自動駕駛計程車領域開始興起的行業勢頭？

Well, I didn't mean to suggest that L3 was referring specifically to robotaxis, but rather to higher levels of autonomy within passenger vehicles. That's been an area that Luminar has been highly focused on and an area where the Halo architecture has its keenest advantages.

嗯，我並不是說 L3 專門指的是自動駕駛計程車，而是指乘用車中更高程度的自主性。這是 Luminar 一直高度關注的領域，也是 Halo 架構最具優勢的領域。

That part of the passenger vehicle market has progressed more slowly than the company anticipated. And while it will occur, we're confident -- we don't feel as confident in the timing of its progression and hence, the reason for the relative emphasis on other market opportunities.

乘用車市場的這一部分進展比公司預期的要慢。雖然它會發生，但我們有信心——我們對其進展的時間沒有那麼大的信心，因此，我們相對重視其他市場機會。

Jash Patwa, JPMorgan.

摩根大通的 Jash Patwa。

Maybe just to get started with guidance. Could you help us unpack the downside revision to the full year revenue guidance? Specifically, how much of the $15 million reduction is tied to lower sensor shipment expectations? And how much of that would be attributed to wind down of the noncore data contract? And I have a follow-up.

也許只是為了開始提供指導。您能否幫助我們解讀全年營收預期下調的原因？具體來說，1500 萬美元的削減有多少與感測器出貨量預期下降有關？其中有多少是由於非核心資料合約的終止？我還有一個後續問題。

Yes. And Jash, I'll take this. So if you think about that $15 million delta, about two-thirds of it is related to the lower sensor shipments, right? We took it from 30,000 to 33,000 down to 20,000 to 23,000. So that 10,000 sensor decline explains about two-thirds of the gap. And then the other 1/3 is related to the cancellation of the data contract that we talked about on the call.

是的。賈什，我會接受這個。因此，如果您考慮一下那 1500 萬美元的差額，其中大約三分之二與感測器出貨量下降有關，對嗎？我們將人數從 30,000 到 33,000 減少到 20,000 到 23,000。因此，10,000 個感測器的減少解釋了大約三分之二的差距。另外 1/3 與我們在電話中談到的取消數據合約有關。

That's great. Just as a follow-up, maybe it would be great to hear your perspective on what positions Luminar to succeed in the smart applications or infrastructure market? I believe you're already seeing some traction, but some of your peers have been more focused on that market over the past couple of years. So just trying to get a sense of what sets Luminar apart.

那太棒了。作為後續問題，也許我們很想聽聽您對 Luminar 在智慧應用或基礎設施市場取得成功的看法？我相信您已經看到了一些進展，但您的一些同行在過去幾年中更加關注該市場。所以只是想了解 Luminar 的獨特之處。

Well, as I mentioned, we have existing revenues in that market. We're participating now. We do have some technological advantages, we believe. We think we also introduce LiDAR capabilities at lower price points for that market that might otherwise be available.

嗯，正如我所提到的，我們在該市場有現有的收入。我們現在正在參與。我們相信，我們確實擁有一些技術優勢。我們認為，我們也可以為該市場推出價格較低的 LiDAR 功能。

We're confident. And it's a big expensive market that's growing very rapidly today. So we're not overwhelmed by the initial participation of other participants.

我們有信心。這是一個巨大且昂貴的市場，目前成長非常迅速。因此，我們不會因為其他參與者的初始參與而感到不知所措。

Understood. If I could just sneak one more in. Could you maybe provide an update on the partnership with Mercedes Benz? It appears they're also considering alternative technologies from some of your competitors. What are you hearing from them regarding their approach and strategy and how does Luminar fit into their future plans?

明白了。如果我能再偷偷溜進去一個就好了。您能否提供與梅賽德斯奔馳合作的最新情況？看來他們也在考慮一些競爭對手的替代技術。您從他們那裡了解到了什麼有關他們的方法和策略的資訊？ Luminar 如何融入他們的未來計畫？

I think you were asking about Mercedes. Is that right?

我認為您問的是梅賽德斯。是嗎？

Yes.

是的。

We have a development agreement with Mercedes, and we're executing against some milestones in that development agreement. It is our hope that we convert that development agreement into a production agreement based on these achievement of those milestones and the strengthening relationship that comes along with that, but that remains a goal, that remains a decision out in the future.

我們與梅賽德斯簽訂了開發協議，我們正在執行該開發協議中的一些里程碑。我們希望，基於這些里程碑的實現以及隨之而來的加強的關係，將開發協議轉化為生產協議，但這仍然是一個目標，仍然是未來的決定。

(Operator Instructions) Walter Piecyk, LightShed.

（操作員指示） Walter Piecyk，LightShed。

I figure I just kind of give you more of a 10,000-foot one. What are you hearing from Volvo as your partner in terms of the EX90? Actually, someone in my firm purchased one, had all these issues with the digital keys, just a disaster of a car, unrelated, obviously, to your sensor.

我認為我只是給你一個 10,000 英尺以上的高度。您從您的合作夥伴沃爾沃那裡聽到了什麼有關 EX90 的消息？實際上，我公司有人購買了一輛，數位鑰匙出現了所有這些問題，導致汽車嚴重損壞，顯然與感測器無關。

But just curious like what are they blaming this product failure on? And what do you think that means going forward in terms of maybe putting more technical effort there relative to their autonomy group, which at least on the trucking side, we've heard a variety of things in terms of the investment that they're making or they're maintaining at least in the US on autonomy and the knowledge base they have there?

但只是好奇他們將這次產品失敗歸咎於什麼？您認為這意味著什麼？相對於他們的自動駕駛團隊，他們可能會在技術方面投入更多精力。至少在卡車運輸方面，我們聽到了各種各樣的消息，關於他們正在進行的投資，或者至少在美國維持的自動駕駛以及他們在那裡擁有的知識基礎？

So can you just give us, to the extent you can, obviously, I know most companies don't like to talk about their partners, but like some sense on what the future is for Volvo as a company and how that may help or hurt you in the future in terms of sales?

那麼，您能否盡可能地告訴我們，顯然，我知道大多數公司不喜歡談論他們的合作夥伴，但請您談談沃爾沃作為一家公司的未來，以及這對您未來的銷售有何幫助或損害？

I can't comment on Volvo's position in the automotive industry. I'm not qualified to do that and wouldn't do it in any case. I can say they've been an excellent partner with us, and they've been an early leader in deployment of LiDAR technologies. We work with them in the spirit of that and continue to support their efforts.

我無法評論沃爾沃在汽車行業的地位。我沒有資格做那件事，無論如何也不會做那件事。我可以說，他們是我們的優秀合作夥伴，也是 LiDAR 技術部署的早期領導者。我們本著這種精神與他們合作並繼續支持他們的努力。

I mentioned and Tom confirmed that forecasted volumes for shipments to Volvo this year have been lower than we anticipated, but we continue to work with them on deployment and towards completing a development of production agreement for the next-generation Halo architecture.

我提到過，湯姆也證實，今年對Volvo的出貨量預計會低於我們的預期，但我們將繼續與他們合作進行部署，並完成下一代 Halo 架構的生產協議開發。

How do you think that market evolves? Meaning that do you think the OEMs like Volvo trying to develop stuff internally, and therefore, your relationship with Volvo can evolve where they continue to use your existing and future sensor developments?

您認為該市場將如何發展？意思是，您是否認為像沃爾沃這樣的原始設備製造商正在嘗試內部開發產品，因此，您與沃爾沃的關係可以發展到他們繼續使用您現有和未來的傳感器開發？

Or do you see them more likely to partner as they shift from ADAS to full autonomy with external technology partners, which will then, therefore, I would assume, put more pressure on you to develop partnerships with technology companies that use LiDAR? So how do you see that over the next three years, that market evolving, the importance of the relationship with the OEM versus the relationship with the autonomous or Level 4 technology company?

或者您是否認為，隨著他們從 ADAS 轉向完全自動駕駛，他們更有可能與外部技術合作夥伴合作，因此，我認為這會給您帶來更大的壓力，要求您與使用 LiDAR 的技術公司建立合作夥伴關係？那麼，您如何看待未來三年市場的發展，與 OEM 的關係以及與自動駕駛或 4 級科技公司的關係的重要性？

Well, we'll have to see how things play out. But so far as we can see, most of the automotive manufacturers have a serious investment and commitment towards autonomous technology, and that includes sourcing LiDAR hardware and software from us in some cases.

好吧，我們得看看事情會如何發展。但據我們所見，大多數汽車製造商都對自動駕駛技術進行了大量的投資和投入，在某些情況下包括從我們這裡採購光達硬體和軟體。

I expect the boundary between what they do and what we do and what others do to evolve over time, and I would be surprised if they jettisoned their efforts, as your question might suggest, given the importance they attached to the value creation in those efforts.

我預計他們所做的事情、我們所做的事情以及其他人所做的事情之間的界限會隨著時間的推移而演變，如果他們放棄他們的努力，我會感到驚訝，正如你的問題所暗示的那樣，因為他們非常重視這些努力中的價值創造。

Yes. I don't think I was trying to suggest that. I think maybe in my first question, I was noting, at least on the trucking side, there's some clear indications that they've reduced people in the United States.

是的。我不認為我試圖提出這個建議。我想也許在我的第一個問題中，我注意到，至少在卡車運輸方面，有一些明顯的跡象表明他們已經減少了美國的人員。

But on the automotive side, which different company, I guess, different people, I was just more trying to figure out if you think three years from now, four years from now, your contracts are going to be driven by the OEM determining it versus, let's say, Volvo cuts a deal with Nuro tomorrow and Nuro is going to be their technology partner and then you got to work with Nuro to be the LiDAR sensor in their stack, if they end up having one or not?

但在汽車方面，我想不同的公司，不同的人，我只是想弄清楚，你是否認為三年後，四年後，你的合約將由 OEM 決定，而不是假設沃爾沃明天與 Nuro 達成協議，Nuro 將成為他們的技術合作夥伴，然後你必須與 Nuro 合作成為他們堆棧中的 LiDAR 感測器，他們最終是否有一個？

Well, Volvo is in the stages of -- as our other manufacturers of completing contracts now that determine production in '27, '28 and '29, so I think the reality of three to four years from now is occurring now contractually.

嗯，沃爾沃正處於階段 - 就像我們的其他製造商一樣，現在正在完成合同，確定 27 年、28 年和 29 年的生產，所以我認為從現在起三到四年的現實情況正在按合同發生。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。