LeddarTech Holdings Inc. (LDTC) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Leddar tech second quarter 2025, financial results conference call. (Operator Instructions).

感謝您的耐心等待，歡迎參加 Leddar tech 2025 年第二季財務業績電話會議。（操作說明）

I'd now like to turn the call over to Mike Bishop with the company's investor relations. You may begin.

現在我將把電話交給公司投資人關係部的麥克畢曉普。你可以開始了。

Thank you and good morning.

謝謝，早安。

Today Frantz Saintellemy, Leddartech's President and Chief Executive Officer, and Chris Stewart, our Chief Financial Officer, are with me.

今天，Leddartech 的總裁兼執行長 Frantz Saintellemy 和財務長 Chris Stewart 與我在一起。

As a reminder, LeddarTech is an automotive software company that delivers a unified multimodal AI platform software solution that serves the growing market ranging from mainstream advanced driver assistance systems, or ADAS to full autonomous driving or AD applications.

提醒一下，LeddarTech 是一家汽車軟體公司，提供統一的多模態 AI 平台軟體解決方案，服務於不斷增長的市場，涵蓋從主流高級駕駛輔助系統 (ADAS) 到完全自動駕駛 (AD) 應用。

Before we begin, I remind everyone that this call may contain forward-looking statements based on management's current expectations and beliefs. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from our expectations.

在開始之前，我提醒大家，本次電話會議可能包含基於管理階層當前預期和信念的前瞻性陳述。這些前瞻性陳述受到各種風險和不確定因素的影響，可能導致實際結果與我們的預期有重大差異。

And should be considered in conjunction with the cautionary statements contained in our business update release and the company's Form 20 filed with the SEC.

並且應該結合我們在業務更新新聞稿和公司向美國證券交易委員會提交的 20 號表格中所包含的警示性聲明來考慮。

During today's call, management may provide certain information that will constitute non-IFRS financial measures such as adjusted operating expenses and adjusted EBITDA.

在今天的電話會議中，管理層可能會提供一些信息，這些信息將構成非國際財務報告準則財務指標，例如調整後的營業費用和調整後的 EBITDA。

Reconciliations to IFRS measures and the additional information are also included in today's business update release available on the company's investor relations website at investors.leddartech.com. I will now turn the call over to Frantz.

與國際財務報告準則（IFRS）指標的調節表及其他資訊也包含在今天發布的業務更新報告中，該報告可在公司投資者關係網站 investors.leddartech.com 上查閱。現在我將把電話轉給弗蘭茨。

Thanks, Mike, and thank you everyone for joining today's call.

謝謝麥克，也謝謝各位參加今天的電話會議。

In the past 6 months, Nerotech has made remarkable progress in business development, positioning us to sustained commercial success in the rapidly evolving ADAS and autonomous driving markets.

在過去的 6 個月裡，Nerotech 在業務發展方面取得了顯著進展，這使我們能夠在快速發展的 ADAS 和自動駕駛市場中取得持續的商業成功。

At Letertech we are delivering what we believe to be the industry's most advanced, efficient, and scalable AI-based perception software for ADAS and autonomous driving.

Letertech 致力於提供我們認為業界最先進、最高效、最具可擴展性的基於人工智慧的 ADAS 和自動駕駛感知軟體。

Radaris is a high performance AI powered multimodal sensor fusion and perception software platform that processes raw data from cameras, radar, and lidar at the earliest stage, enabling superior accuracy and robustness in even the most challenging driving conditions, transforming how vehicles understand and react to their environment.

Radaris 是一個高性能的 AI 驅動的多模態感測器融合和感知軟體平台，它能在最早階段處理來自攝影機、雷達和雷射雷達的原始數據，即使在最具挑戰性的駕駛條件下也能實現卓越的精度和穩健性，從而改變車輛理解和響應環境的方式。

Unlike traditional approaches that fuse sensor data late in the processing pipeline, we leverage low level raw data fusion, giving us a much more contextual, accurate, and robust perception.

與傳統方法在處理流程後期融合感測器資料不同，我們利用底層原始資料融合，從而獲得更具情境關聯性、更準確、更穩健的感知。

This software first strategy has allowed us to reduce sensor count and system costs while improving performance.

這種軟體優先的策略使我們能夠在提高性能的同時，減少感測器數量和系統成本。

Achieve high resolution 360 degree perception on lower cost edge processors.

在低成本邊緣處理器上實現高解析度 360 度感知。

And to deliver scalable functionality from L28S to L4 autonomous systems.

並實現從 L28S 到 L4 自主系統的可擴展功能。

Importantly, our technology is ready for integration into next generation ADAS and AD systems.

重要的是，我們的技術已準備好整合到下一代ADAS和AD系統中。

It has been extensively road tested and validated.

它經過了廣泛的道路測試和驗證。

We've completed over 110 live on-road demonstrations using our laddar navigator vehicle fleet.

我們已經使用我們的雲梯導航車輛車隊完成了 110 多次現場道路演示。

Showcasing our full stack AI software in real traffic scenarios.

在真實交通場景中展示我們的全端人工智慧軟體。

We also conducted live demonstrations of production ready technology at CES in January, and the feedback has been overwhelmingly positive.

我們還在今年 1 月的 CES 展會上進行了已投入生產的技術的現場演示，反饋非常積極。

The ultimate validation came in February when we announced that we secured a significant design win with a major commercial trucking OEM.

今年 2 月，我們宣布與一家大型商用卡車 OEM 廠商達成了一項重要的設計合作，這無疑是對我們最大的肯定。

This win marks a pivotal milestone as we transition from validation to commercialization.

這次勝利標誌著我們從驗證階段過渡到商業化階段的關鍵里程碑。

To clarify, the deal is for a current line of vehicles, and work has already begun on integration and productization for the 2028 model year.

需要澄清的是，該交易針對的是現有車型系列，而 2028 年車型的整合和產品化工作已經開始。

We are now in the final stages of platform selection with additional OEMs with decisions expected later this year.

目前我們已進入平台選擇的最後階段，預計今年稍後與其他原始設備製造商 (OEM) 進行最終決定。

Our sales pipeline has grown substantially, with dozens of active opportunities now representing over $2 billion in potential lifetime revenue, reflecting the strong market demand for our platform.

我們的銷售管道已大幅成長，目前有數十個活躍的銷售機會，潛在終身收入超過 20 億美元，反映出市場對我們平台的強勁需求。

We've conducted roadshows and live demonstrations across Europe and China to build the pipeline, and we are closely tracking the designing process.

為了建造這條管道，我們在歐洲和中國各地舉辦了巡迴展覽和現場演示，我們正在密切追蹤設計過程。

Partnerships remain core to our strategy.

合作夥伴關係仍然是我們策略的核心。

In our accelerating business development. Let me highlight a couple of key developments with some of our strategic partners. First, Texas Instruments. Our partnership with Texas Instruments signed late last year, includes a $10 million in pre-paid royalties reflecting deep confidence in the commercial potential of our platform.

在我們加速發展的業務中。讓我重點介紹一下我們與一些策略夥伴取得的幾個關鍵進展。首先是德州儀器。我們與德州儀器公司去年底簽署的合作協議包括 1000 萬美元的預付版稅，這反映了他們對我們平台商業潛力的深切信心。

We have bundled led our vision with TI's TDA processor platform, creating the industry's first open ADAS and AD software plus hardware solution for L2 to L4 applications.

我們將我們的願景與德州儀器 (TI) 的 TDA 處理器平台相結合，打造了業界首個面向 L2 至 L4 應用的開放式 ADAS 和 AD 軟體及硬體解決方案。

And with AM, we have optimized the leddar vision for their A automotive processors integrated with cloud-based software defined vehicle workflows via Sophie, enabling rapid development and validation.

借助 AM，我們優化了其 A 汽車處理器的 LED 視覺，並透過 Sophie 將其與基於雲端的軟體定義車輛工作流程集成，從而實現了快速開發和驗證。

Black Sesame and Nvidia are another example. Our software is now ported into 5 major SOC suppliers, providing customers with the flexibility to deploy on the platform of their choice.

黑芝麻和英偉達是另一個例子。我們的軟體現在已移植到 5 家主要的 SOC 供應商，為客戶提供了在他們選擇的平台上部署的靈活性。

Engineering partnerships with the likes of AVL, SE, and [TTech] Auto, recently acquired by NXP are extending our reach with tailored integrations and joint development opportunities.

我們與 AVL、SE 和 [TTech] Auto（最近被 NXP 收購）等公司建立了工程合作夥伴關係，透過量身定制的整合和聯合開發機會，擴大了我們的業務範圍。

These strategic alliances are not just expanding our market access, they are driving immediate customer engagement, accelerating design winds, and enabling the swift commercialization of our technology, ensuring we meet the growing demand for scalable ADA solutions across industries.

這些策略聯盟不僅擴大了我們的市場准入，而且還推動了與客戶的直接互動，加速了設計潮流，並實現了我們技術的快速商業化，確保我們滿足各行業對可擴展 ADA 解決方案日益增長的需求。

Now, I'm excited to announce Leddar sim, our groundbreaking multimodal simulation solution for real world neural reconstruction of driving scenarios.

現在，我很高興地宣布推出 Leddar sim，這是我們突破性的多模態模擬解決方案，用於真實世界的駕駛場景神經重建。

Let our SIM dramatically reduces the cost and time required for training and validating ADAS and AD systems, a major industry challenge.

我們的 SIM 可以大幅降低 ADAS 和 AD 系統培訓和驗證所需的成本和時間，這是業界面臨的重大挑戰。

The cost of data collection and annotation has traditionally been a significant barrier to introduction of more complex new data features and AD functionalities. For example, launching a new L2+ system typically requires collecting and annotating around $5 million frames of real world data.

資料收集和標註的成本歷來是引入更複雜的新資料特徵和 AD 功能的重要障礙。例如，推出一個新的 L2+ 系統通常需要收集和標註價值約 500 萬美元的真實世界資料幀。

With leddar SI, we believe we can achieve the same performance with as little as 1/10 of the raw data, reducing costs by nearly 90%.

我們相信，借助 leddar SI，我們可以用十分之一的原始資料達到相同的效能，從而降低近 90% 的成本。

Leddar SI allows developers to leverage a relatively small amount of real world data to simulate a wide variety of operational design domains.

Leddar SI 允許開發人員利用相對較少的真實世界數據來模擬各種操作設計領域。

This means we can simulate the multitude of corner cases these systems must be trained on before release to production.

這意味著我們可以模擬這些系統在投入生產環境之前必須接受訓練的大量極端情況。

Unlike competing solutions that use synthetic data with a gaming engine behind them, LeddarSim uses real world multi-sensor data to reconstruct multimodal scenarios with near zero simulation gaps.

與使用合成數據並藉助遊戲引擎的競爭解決方案不同，LeddarSim 使用真實世界的多感測器數據來重建多模態場景，模擬差距幾乎為零。

We developed the Leddar Sim to facilitate training and validation for our Leddar vision product line, but its productization opens a new multi-billion dollar market, creating a high margin, scalable fa or software as a service, revenue opportunity for leddartech.

我們開發 Leddar Sim 是為了方便對 Leddar 視覺產品線進行培訓和驗證，但它的產品化開闢了一個數十億美元的新市場，為 leddartech 創造了高利潤、可擴展的 fa 或軟體即服務收入機會。

Beginning today, we're offering free trials and paid evaluation licenses to a select number of early access customers with broad availability expected later this year.

從今天開始，我們將向部分早期用戶提供免費試用和付費評估許可證，預計今年稍後將全面開放。

The advantages for our customers are clear reduced data collection, reduced annotation costs, and accelerated development time.

我們的客戶可以獲得明顯的優勢，例如減少資料收集、降低標註成本和加快開發速度。

We believe Leddar sim could act as a catalyst to drive faster progress across the ADAS and AD market spectrum.

我們相信 Leddar sim 可以作為催化劑，推動 ADAS 和 AD 市場領域更快的發展。

We've been very active at industry events and trade shows. In addition to CES at Embedded world and tech AD Europe, customer interest was extremely high.

我們一直積極參與行業活動和貿易展覽會。除了在 CES 嵌入式世界展和歐洲科技展上，客戶的興趣也非常高。

At Hanover, Mass 2025 we've conducted 360 degree virtual reality demonstrations, detailed product presentations, and customer meetings.

在馬薩諸塞州漢諾威 2025 年，我們進行了 360 度虛擬實境演示、詳細的產品展示和客戶會議。

These events help demonstrate product readiness and generate valuable customer interaction.

這些活動有助於展示產品準備並產生有價值的客戶互動。

With these exciting developments in mind, I'll now hand it over to Chris, who will take us through the financial highlights for the second quarter of 2025, reflecting the strong performance we've seen alongside these innovations.

考慮到這些令人興奮的進展，我現在將把發言權交給克里斯，他將帶我們了解 2025 年第二季度的財務亮點，這反映了我們隨著這些創新所取得的強勁業績。

Thanks Franz, and good morning everyone. I will provide an overview of our second quarter 2025 financial results and then highlight what we are focused on as we head into the second half of 2025.

謝謝弗朗茨，大家早安。我將概述我們 2025 年第二季的財務業績，然後重點介紹我們在 2025 年下半年關注的重點。

Note that all dollar figures are CAD unless otherwise noted, as this is our functional currency.

請注意，除非另有說明，所有美元金額均為加元，因為這是我們的功能貨幣。

For the fiscal second quarter ended March 30, 2025, revenue from continuing operations totaled $239,000 up 96% from the $122,000 recorded in the year ago quarter.

截至 2025 年 3 月 30 日的第二財季，持續經營收入總計 239,000 美元，比上年同期記錄的 122,000 美元增長了 96%。

With Leddar now excluded, our revenue is primarily derived from non-recurring engineering or NRE services and paid proof of concept projects with light vision customer.

現在，由於 Leddar 已被排除在外，我們的收入主要來自非經常性工程或 NRE 服務以及與光視覺客戶合作的付費概念驗證專案。

But the fiscal second quarter ended March 30, 2025. I dollar loss was $8.4 million compared to a $14 million dollar loss in the fiscal second quarter of 2024. The lower loss was primarily due to lower stock based compensation and financing related expenses, partially offset by higher R&D expense as we are no longer capitalizing a substantial portion of R&D as we were in the prior period.

但本財年第二季於 2025 年 3 月 30 日結束。與 2024 財年第二季 1,400 萬美元的虧損相比，本季虧損為 840 萬美元。虧損減少主要是由於股權激勵和融資相關費用減少，但研發費用增加部分抵銷了虧損減少，因為我們不再像上一時期那樣將大部分研發費用資本化。

Adjusted EBITDA in Q2 was a loss of $12 million compared to a loss of $8.7 million in the year ago quarter. A higher loss was primarily attributable to higher R&D expense, given that we are no longer capitalizing R&D expense.

第二季調整後 EBITDA 虧損 1,200 萬美元，而去年同期虧損 870 萬美元。虧損增加主要是因為研發費用增加，因為我們不再將研發費用資本化。

We continue to tightly manage and optimize operating expenses, being mindful of our current balance sheet.

我們將繼續嚴格管理和優化營運費用，同時密切關注我們目前的資產負債表。

That loss from continuing operations for the fiscal second quarter was $16 million compared with a $17 million loss in the fiscal second quarter of 2024.

2024財年第二季持續經營業務虧損1,600萬美元，而2024財年第二季虧損1,700萬美元。

The decrease net loss was primarily due to lower stock based compensation and financing expenses offset by the previously mentioned higher R&D expense.

淨虧損減少主要是由於股權激勵和融資費用降低，但被前面提到的研發費用增加所抵銷。

Turning to the balance sheet, we ended the quarter with $9.2 million in cash and $105 million in short and long term debt.

從資產負債表來看，本季末我們擁有現金 920 萬美元，短期和長期債務為 1.05 億美元。

During the quarter, we sold approximately 600,000 shares on our standby equity purchase agreement, raising approximately $1.5 million.

本季度，我們根據備用股權購買協議出售了約 60 萬股股票，籌集了約 150 萬美元。

Our weighted average share count for the quarter was $37.6 million shares.

本季加權平均股數為 3,760 萬股。

On April 1, 2025, we announced that we had entered into amendments to both our bridge loan and our Desjardins credit facility.

2025 年 4 月 1 日，我們宣布已對我們的過渡貸款和 Desjardins 信貸安排進行了修訂。

Those amendments require that the company produce a plan for refinancing, recapitalizing, or other suitable transaction by May 16, 2025.

這些修正案要求該公司在 2025 年 5 月 16 日之前製定再融資、資本重組或其他適當交易的計劃。

For that end, we have engaged a financial adviser to do a comprehensive review of the options that are available to the company.

為此，我們聘請了一位財務顧問，對公司可行的方案進行全面審查。

We are currently exploring all alternatives to secure the financing necessary to continue to pursue our strategic goals.

我們目前正在探索所有可能的融資途徑，以確保獲得繼續實現策略目標所需的資金。

Turning now to our outlook for the second half of 2025, we are focused on three key objectives. First, we are working to secure the capital we need to strengthen our balance sheet. Second, we are focused on executing on the design in activities for our announced OEM design win. And third, we will progress a commercial pipeline with the goal of achieving additional design wins this year.

現在展望 2025 年下半年，我們將專注於三個關鍵目標。首先，我們正在努力籌集所需的資金，以加強我們的資產負債表。其次，我們正專注於執行已宣布中標的 OEM 設計方案的相關活動。第三，我們將推進商業項目，目標是在今年獲得更多設計訂單。

Finally, note that we expect to report fiscal third quarter 2025, results for the quarter ended June 30, 2025 in mid August, but will not hold a conference call to discuss those results. Our plan remains to hold conference call updates in conjunction with both our mid-year and end of year 2025 results. I will now turn the call over to Franz for closing comments. Franz.

最後，請注意，我們預計將於 2025 年 8 月中旬公佈 2025 財年第三季（截至 2025 年 6 月 30 日）的業績，但不會召開電話會議討論這些業績。我們的計劃仍然是在發布 2025 年中和年末業績報告的同時，召開電話會議更新資訊。現在我將把電話交給弗朗茨，請他做總結發言。弗朗茨。

I would like to thank everyone for joining the call today. In closing, with Leddar [Singh] offering a game changing solution for training and validation and the growing demand for our leddar vision, we are excited about the future. We are confident that we are well positioned to lead in the ADA and autonomous driving space and to continue creating long-term values.

感謝各位今天參加電話會議。最後，Leddar [Singh] 為訓練和驗證提供了顛覆性的解決方案，並且對我們 Leddar 視覺的需求不斷增長，我們對未來充滿期待。我們有信心，我們已做好充分準備，引領 ADA 和自動駕駛領域，並繼續創造長期價值。

Thank you.

謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。