AEye Inc (LIDR) 2024 Q1 法說會逐字稿

Good afternoon, and thank you for joining AEye's first-quarter 2024 earnings call. With me today are Matt Fisch, Chief Executive Officer; and Conor Tierney, Chief Financial Officer. Earlier today, we announced our financial results for the first quarter of 2024. A copy of our press release can be found on our website at investors.aeye.ai.

下午好，感謝您參加 AEye 的 2024 年第一季財報電話會議。今天與我在一起的有執行長 Matt Fisch；和財務長康納·蒂爾尼。今天早些時候，我們公佈了 2024 年第一季的財務表現。您可以在我們的網站 Investors.aeye.ai 上找到我們的新聞稿副本。

Before we begin, I would like to remind participants that today's discussion may include forward looking statements as defined in the securities laws and regulations of the United States with reference to future events, future operating results, or financial performance.

在開始之前，我想提醒與會者，今天的討論可能包括美國證券法律法規中定義的有關未來事件、未來經營業績或財務業績的前瞻性陳述。

Forward looking statements are based on our current expectations and assumptions regarding our business, the industry, and other conditions. These forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances that are difficult or impossible to predict. Our actual results may differ materially from those contemplated by these forward-looking statements.

前瞻性陳述是基於我們目前對我們的業務、行業和其他條件的預期和假設。這些前瞻性陳述受到固有風險、不確定性以及難以或無法預測的情況變化的影響。我們的實際結果可能與這些前瞻性陳述預期的結果有重大差異。

We caution you, therefore, against placing undue reliance on any of these forward-looking statements, you can find more information about the risks, uncertainties, and other factors in our reports filed from time to time with the Securities and Exchange Commission, including in our most recent period of report.

因此，我們提醒您不要過度依賴任何這些前瞻性陳述，您可以在我們不時向美國證券交易委員會提交的報告中找到有關風險、不確定性和其他因素的更多信息，包括我們最近一段時間的報告。

All information discussed today is as of May 14, 2024, and we do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.

今天討論的所有資訊均截至 2024 年 5 月 14 日，我們不打算也不承擔任何義務更新任何前瞻性陳述，無論是由於新資訊、未來發展或其他原因，除非法律要求。

In addition, today's discussion will include references to certain non-GAAP financial measures. These non-GAAP measures are presented for supplemental information purposes only, and should not be considered as a substitute for financial information presented in accordance with GAAP.

此外，今天的討論將包括對某些非公認會計準則財務指標的參考。這些非公認會計原則措施僅供補充資訊之用，不應被視為取代根據公認會計原則提出的財務資訊。

A reconciliation of the measures to the most directly comparable GAAP measures is available in our press release, and you should refer to our reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures in our earnings release.

我們的新聞稿中提供了這些指標與最直接可比較的 GAAP 指標的調整表，您應該在我們的收益發布中參考我們的非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表。

Now let me pass the call over to Matt.

現在讓我把電話轉給馬特。

Thanks, Leigh, and thank you all for joining us for the AEye first quarter 2024 conference call. We have made excellent progress across multiple fronts since our last update.

謝謝 Leigh，也謝謝大家參加 AEye 2024 年第一季電話會議。自上次更新以來，我們在多個方面取得了巨大進展。

On this quarter's call, I am pleased to announce that we achieved a key milestone with our 4Sight Flex platform; announced our new Tier 1 partner LITEON; formed a three-way partnership that gives us access to the China market; made remarkable progress in our cash reduction initiative; and overall, created significant additional company value.

在本季的電話會議上，我很高興地宣布，我們的 4Sight Flex 平台實現了一個重要的里程碑；宣布我們新的一級合作夥伴 LITEON；建立了三向合作夥伴關係，使我們能夠進入中國市場；我們的現金削減計劃取得了顯著進展；整體而言，創造了顯著的額外公司價值。

Our engagement with LITEON is off to a strong start, and they have completed their technology and supply chain audits. They have reported that they are pleased with our 4Sight technology, its performance , andoverall maturity.

我們與 LITEON 的合作有了一個很好的開端，他們已經完成了技術和供應鏈審核。他們報告說，他們對我們的 4Sight 技術、其性能和整體成熟度感到滿意。

As we continue to work with them, our belief is that they are the right partner for us is only reinforced. They have an innovative spirit are obsessed with delivering the most cost-effective solutions and bring cutting edge manufacturing capabilities that they are already delivering to automotive ADAS.

隨著我們繼續與他們合作，我們更加堅信他們是我們正確的合作夥伴。他們具有創新精神，致力於提供最具成本效益的解決方案，並將他們已經提供給汽車 ADAS 的尖端製造能力帶來。

Thanks to their decades of experience in the delivery of optical devices. Our partnership with LITEON puts us on an immediate path to deliver unparalleled performance for an ADAS product at our price point.

得益於他們數十年的光學設備交付經驗。我們與 LITEON 的合作使我們能夠立即以我們的價位為 ADAS 產品提供無與倫比的性能。

As mentioned in our last update, we are already working jointly with LITEON on multiple OEM opportunities. Similarly, our collaboration with NVIDIA has yielded significant advances in high speed long-range detection performance, and we believe we are ultimately on track for future integration with the NVIDIA Hyperion platform.

正如我們在上次更新中提到的，我們已經與 LITEON 就多個 OEM 機會進行合作。同樣，我們與 NVIDIA 的合作在高速遠端偵測效能方面取得了顯著進步，我們相信我們最終將在未來與 NVIDIA Hyperion 平台整合方面走上正軌。

We are also thrilled to announce a key strategic partnership that will bring AEye's LiDAR into the China automotive trucking and rail safety markets, working with Accelight Technologies, known as ATI, and LighTekton Technology, AEye's 4Sight LiDAR solution will be available to address the ultra long-range detection needs in these key transportation areas.

我們也很高興地宣佈建立重要戰略合作夥伴關係，將AEye 的雷射雷達帶入中國汽車卡車運輸和鐵路安全市場，與Accelight Technologies（即ATI）和LightTekton Technology 合作，AEye 的4Sight 雷射雷達解決方案將可用於解決超長距離-這些關鍵交通區域的範圍檢測需求。

ATI is a global company and manufacturer of fiber optic passive and active pluggable modules used in fiber optic networks for various high-tech markets. LighTekton is a research, development and manufacturing company that is developing LiDAR-based technologies for autonomy.

ATI 是一家全球性公司和製造商，生產用於各種高科技市場的光纖網路的光纖無源和主動可插拔模組。LightTekton 是一家研究、開發和製造公司，致力於開發基於光達的自動駕駛技術。

ATI and LighTekton are ideal partners for this effort, and we are thrilled to collaborate with them to help solve transportation challenges with our 4Sight technology. Both companies see the clear value in AEye's LiDAR technology, and ATI already has an established footprint in China.

ATI 和 LightTekton 是這項工作的理想合作夥伴，我們很高興與他們合作，利用我們的 4Sight 技術來幫助解決交通挑戰。兩家公司都看到了 AEye 雷射雷達技術的明顯價值，而 ATI 已經在中國建立了足跡。

It is worth noting that because of AEye's software-defined architecture, we are able to work with ATI. and LighTekton to enter these markets by simply reconfiguring our existing solution without requiring changes to the hardware. This partnership also reflects our consistent belief that the most logical path to the mainstream market for LiDAR will be built on partnerships with seasoned manufacturing organizations, especially in the automotive space.

值得注意的是，由於AEye的軟體定義架構，我們能夠與ATI合作。 LightTekton 只需重新配置我們現有的解決方案即可進入這些市場，而無需更改硬體。這種合作關係也反映了我們一貫的信念，即光達進入主流市場的最合理路徑將建立在與經驗豐富的製造組織的合作夥伴關係上，特別是在汽車領域。

Shifting to the product itself, our next-generation product, Apollo, that we announced late last year has now passed its first power on milestone and continues to exceed all our performance expectations. As you recall, Apollo was the inaugural member of our 4Sight Flex family, and gives OEMs a compact ultra long-range LiDAR sensor that facilitates diverse mounting options, including unparalleled performance when mounted behind a windshield.

轉向產品本身，我們在去年年底宣布的下一代產品 Apollo 現在已經通過了第一個里程碑，並繼續超越我們所有的性能預期。您還記得，Apollo 是我們 4Sight Flex 系列的首個成員，為 OEM 提供了一款緊湊型超長距離 LiDAR 感測器，支援多種安裝選項，包括安裝在擋風玻璃後面時提供無與倫比的性能。

Apollo demonstrates the power of 1550 nanometer LiDAR technology, and we expect to unveil the first samples of Apollo to automotive OEMs in the second quarter. Apollo came out a mere four months after we announced 4Sight Flex, which demonstrates the power of our software-defined LiDAR architecture.

Apollo 展示了 1550 奈米 LiDAR 技術的強大功能，我們預計在第二季向汽車 OEM 廠商推出 Apollo 的首批樣品。在我們發布 4Sight Flex 後僅四個月，Apollo 就發布了，它展示了我們軟體定義的 LiDAR 架構的強大功能。

By focusing our efforts on software development improvements happen very quickly, especially when you're backed by an incredibly capable and talented engineering and operations team. This team has been outstanding, and driving hard to get Apollo into the hands of OEMs. We believe we have the most compact design in the ultra long-range performance category, which provides a compelling alternative to the bump on the roof design.

透過將我們的精力集中在軟體開發上，改進很快就會發生，特別是當您得到一個非常有能力和才華橫溢的工程和營運團隊的支持時。這個團隊非常出色，並且努力推動 Apollo 進入 OEM 廠商手中。我們相信我們擁有超遠端性能類別中最緊湊的設計，這為屋頂凸塊設計提供了一個引人注目的替代方案。

Our behind-the-windshield LiDAR is getting very positive OEM reactions from a vehicle design perspective. We believe that our 1550 nanometer base technology is critical to delivering the required safety and performance that overcomes the additional challenge of penetrating the windshield OEMs will need to include LiDAR in future vehicles and are looking for creative ways to seamlessly integrate the sensors into the vehicle design as opposed to designing around them.

從車輛設計的角度來看，我們的擋風玻璃後 LiDAR 得到了 OEM 的非常積極的反應。我們相信，我們的1550 奈米基礎技術對於提供所需的安全性和性能至關重要，從而克服穿透擋風玻璃的額外挑戰OEM 需要將LiDAR 納入未來的車輛中，並正在尋找創造性的方法將感測器無縫整合到車輛設計中而不是圍繞它們進行設計。

We are particularly encouraged by NHTSA's recent ruling mandating automatic emergency braking, AEB, as standard in all passenger cars, SUVs, and light trucks, by September of 2029. We believe that NHTSA's ruling ultimately favors the adoption of LiDAR across the passenger vehicle market. We are confident that our LiDAR meets NHTSA's toughest standards, including the 90 miles per hour forward collision warning requirement.

我們對 NHTSA 最近的裁決感到特別鼓舞，該裁決要求到 2029 年 9 月將自動緊急煞車 (AEB) 作為所有乘用車、SUV 和輕型卡車的標準配置。我們相信 NHTSA 的裁決最終有利於在乘用車市場採用 LiDAR。我們相信我們的 LiDAR 符合 NHTSA 最嚴格的標準，包括每小時 90 英里的前方碰撞警告要求。

Lastly, our capital-light model enables us to focus on the key fundamentals that advance our technology, attract partners, and drive company value. We see some of our competitors are coming around to this realization, that a capital intensive manufacturing model isn't going to be viable for the foreseeable future.

最後，我們的輕資本模式使我們能夠專注於推進技術、吸引合作夥伴和提升公司價值的關鍵基礎。我們看到我們的一些競爭對手開始意識到，資本密集型製造模式在可預見的未來是不可行的。

Winning in the automotive industry requires a stable and reliable supply chain. The approach we use with Apollo is a great example of this, because of its high reuse of the existing supply chain. This, coupled with our software-defined approach, enabled rapid advancements in the capabilities of the product.

在汽車產業獲勝需要穩定可靠的供應鏈。我們在 Apollo 中使用的方法就是一個很好的例子，因為它對現有供應鏈的高度重複使用。這與我們的軟體定義方法相結合，實現了產品功能的快速進步。

We've been able to accomplish a lot in the first quarter, all while staying on track, and even outperforming our burn rate targets, which Conor will discuss in greater detail. With that, I'm pleased to turn the call over to Conor.

我們在第一季取得了許多成就，同時保持了正軌，甚至超越了我們的燒錢率目標，康納將更詳細地討論這一點。至此，我很高興將電話轉給康納。

Thanks, Matt. Welcome everyone. I'm excited about our new strategic partnership with ATI, which will provide us with direct access to the Chinese automotive rail and trucking markets. What's even more important is that we believe China accounts for a significant portion of the estimated $3 billion global LiDAR market, as China is making large investments in bringing LiDAR technology into its transit systems and is moving much more aggressively than the Western market in LiDAR adoption.

謝謝，馬特。歡迎大家。我很高興與 ATI 建立新的戰略合作夥伴關係，這將使我們能夠直接進入中國汽車鐵路和卡車運輸市場。更重要的是，我們相信中國在估計 30 億美元的全球 LiDAR 市場中佔據了很大一部分，因為中國正在大力投資將 LiDAR 技術引入其交通系統，並且在 LiDAR 的採用方面比西方市場更加積極。

As Matt mentioned, we're making steady progress with LITEON and working jointly with them on multiple OEM opportunities. Further substantial reduction in estimated BOM costs will provide us with a pricing edge that will be a major competitive advantage once production scales.

正如 Matt 所提到的，我們與 LITEON 的合作正在穩步取得進展，並與他們共同開發多個 OEM 機會。預計 BOM 成本的進一步大幅降低將為我們提供定價優勢，一旦生產規模擴大，這將成為主要的競爭優勢。

I'm also pleased to announce that we're actively pursuing multiple strategic investment opportunities. This speaks volumes about the progress AEye has made on the execution side, and shows that both investors and partners are bullish on the opportunities ahead of us.

我還很高興地宣布，我們正在積極尋求多個策略投資機會。這充分說明了AEye在執行上的進展，也顯示投資人和合作夥伴都看好我們面前的機會。

We are now proving that we can deliver on both our product development goals, and execute commercially at a burn rate that's up to 10 times lower than our peers. Thanks to our capital-light business model, we have more resilience to ride out the industry headwinds.

我們現在正在證明，我們可以實現我們的產品開發目標，並以比同行低 10 倍的消耗率進行商業化。由於我們的輕資本商業模式，我們更有彈性來應對產業逆風。

Now turning to our first quarter financial results. First and most importantly, I am pleased to report that we reduced our net cash burn by an additional $1.8 million, to $7.6 million from the prior quarter's cash burn of $9.4 million despite paying out $2.4 million in one-time personnel related costs during the first quarter of 2024.

現在轉向我們第一季的財務表現。首先也是最重要的是，我很高興地報告，儘管第一季支付了240 萬美元的一次性人員相關費用，但我們的淨現金消耗又減少了180 萬美元，從上一季的940 萬美元現金消耗減少到760 萬美元。

This is our fourth consecutive quarter of cash burn reductions. Given the focus on pivotal automotive milestones, and the wind-down of our industrial product line, we believe that comparisons of our first quarter 2024 and fourth quarter 2023 revenues are not helpful in evaluating our performance.

這是我們連續第四個季度減少現金消耗。鑑於對關鍵汽車里程碑的關注以及我們工業產品線的逐步縮減，我們認為比較 2024 年第一季和 2023 年第四季的收入對評估我們的業績沒有幫助。

First quarter GAAP operating expenses were $10.5 million, down 52% from the prior quarter, due primarily to cash restructuring charges related to the reduction in force, and noncash impairment charges incurred in the fourth quarter of 2023.

第一季 GAAP 營運費用為 1,050 萬美元，較上一季下降 52%，主要是由於與裁員相關的現金重組費用以及 2023 年第四季產生的非現金減損費用。

Non-GAAP operating expenses were $7.5 million, up sequentially from $6.5 million in the fourth quarter of 2023, due primarily to the timing of audit-related fees and one-time legal fees.

非 GAAP 營運費用為 750 萬美元，較 2023 年第四季的 650 萬美元有所增加，這主要是由於審計相關費用和一次性法律費用的時間表。

We reported a first quarter GAAP net loss of $10.2 million, or $1.61 per share versus a GAAP net loss of $27.8 million or $4.44 per share in the fourth quarter of 2023. The decrease in GAAP net loss was mainly due to the impairment of long-lived assets, inventory write-downs, and associated reduction in force initiatives last quarter.

我們報告第一季 GAAP 淨虧損為 1,020 萬美元，即每股 1.61 美元，而 2023 年第四季的 GAAP 淨虧損為 2,780 萬美元，即每股 4.44 美元。公認會計準則淨虧損的減少主要是由於長期資產減損、庫存減記以及上季相關的人力計畫減少。

On a non-GAAP basis, our net loss was $7.2 million or $1.13 per share in the first quarter, compared to a non-GAAP net loss of $6.9 million or $1.10 per share in the fourth quarter of 2023, due to the G&A costs discussed earlier.

以非 GAAP 計算，我們第一季的淨虧損為 720 萬美元，即每股 1.13 美元，而由於討論的 G&A 成本，2023 年第四季度的非 GAAP 淨虧損為 690 萬美元，即每股 1.10 美元早些時候。

Net cash used for operating activities decreased to $7.9 million in the first quarter, from $9.2 million in the fourth quarter of 2023. We closed the first quarter with $28.9 million of cash, cash equivalents and marketable securities and no debt. As an additional source of liquidity, we have access to our equity line of credit facility and our shelf registration statement, which allows us to raise up to $200 million through September of 2026.

第一季用於經營活動的現金淨額從 2023 年第四季的 920 萬美元減少至 790 萬美元。第一季結束時，我們擁有 2,890 萬美元的現金、現金等價物和有價證券，沒有債務。作為額外的流動性來源，我們可以使用我們的股權信貸額度和暫存登記聲明，這使我們能夠在 2026 年 9 月之前籌集高達 2 億美元。

Turning our attention to 2024 guidance, we're pleased to report that our diligent efforts in implementing various cost reduction initiatives continues to yield significant results. In the first quarter, we surpassed our cash guidance, and remain on course, to achieve our target cash burn of $25 million for the full-year 2024.

將我們的注意力轉向 2024 年指導，我們很高興地報告，我們在實施各種成本削減措施方面的不懈努力繼續取得顯著成果。第一季度，我們超越了現金指導，並將繼續實現 2024 年全年現金消耗 2,500 萬美元的目標。

By the end of the year, this will represent a remarkable 75% reduction in our cash burn rate compared to the first quarter of 2023. Testament to our commitment to prudent financial management is the recent achievement of negotiating an annual reduction of $500,000 for certain professional services fees. This exemplifies our dedication to optimizing expenses while maintaining the integrity of our financial processes.

到今年年底，與 2023 年第一季相比，我們的現金消耗率將顯著降低 75%。最近透過協商將某些專業服務費用每年減少 50 萬美元，證明了我們對審慎財務管理的承諾。這體現了我們致力於優化開支，同時保持財務流程完整性的努力。

Our overarching objective is to continue identifying and pursuing cost reduction opportunities while ensuring that we sustain the core aspects of our business that drive company value. We are also bullish about the partnership revenue opportunities discussed earlier, and expect to recognize revenues from these initiatives later this year.

我們的總體目標是繼續識別和尋求降低成本的機會，同時確保我們維持推動公司價值的核心業務。我們也看好先前討論的合作夥伴收入機會，並預計在今年稍後從這些舉措中確認收入。

We see exciting times ahead for AEye. our new three way partnership with ATI provides an opportunity to enter the China market with compelling LiDAR solutions. Our new LITEON partnership should enable us to slash BOM costs, putting us in prime position to attract additional OEM interest.

我們看到 AEye 即將迎來激動人心的時刻。我們與 ATI 的新三方合作夥伴關係為我們提供了憑藉引人注目的 LiDAR 解決方案進入中國市場的機會。我們新的 LITEON 合作夥伴關係將使我們能夠削減 BOM 成本，使我們處於吸引更多 OEM 興趣的首要位置。

Our ongoing commitment to financial stewardship including further cuts to fixed operating costs, extends our cash runway deep into 2025. We are also actively pursuing bringing new investors to the cap table. We believe we are strategically positioned to seize the immense opportunity with our OEM partners, making us bullish about the future of AI.

我們對財務管理的持續承諾，包括進一步削減固定營運成本，將我們的現金跑道延伸至 2025 年。我們也積極尋求將新投資者納入股權結構表。我們相信，我們的策略定位是與 OEM 合作夥伴一起抓住巨大的機遇，這讓我們對人工智慧的未來充滿信心。

With that, I'll pass it back to Matt to wrap things up.

這樣，我會將其傳回給馬特以總結一切。

Before we open the floor for questions, I want to express how proud I am of the AEye team and the progress we made since the beginning of the year. Our resilience, focus, and determination have propelled us forward, gaining momentum and attracting new partners and investors along the way.

在我們開始提問之前，我想表達我對 AEye 團隊以及我們自年初以來的進步感到多麼自豪。我們的韌性、專注和決心推動我們前進，獲得動力並一路吸引新的合作夥伴和投資者。

The progress we've made, and the accolades we received regarding our technology make us confident that we are on the right path. We believe that we have a LiDAR solution that is highly adaptable, and that delivers unparalleled performance at its price points.

我們所取得的進步以及我們在技術方面所獲得的讚譽使我們相信我們正走在正確的道路上。我們相信，我們擁有高度適應性的 LiDAR 解決方案，並在其價位上提供無與倫比的性能。

We accomplished a lot in the last year and interest in our product and company has picked up in the last three months, making us excited for what's ahead. We look forward to updating you as this momentum continues.

去年我們取得了許多成就，過去三個月對我們的產品和公司的興趣增加，這讓我們對未來感到興奮。隨著這股勢頭的持續，我們期待向您通報最新情況。

Now I'd like to open the floor for questions. Operator?

現在我想請大家提問。操作員？

(Operator Instructions)

（操作員說明）

Kevin Garrigan, WestPark Capital.

凱文·加里根，西園資本。

Yes, hey, good afternoon, Matt and Conor. Thanks for taking my questions and congrats on the partnerships. Just first, you have the partnership with LITEON now, are you still looking to expand partnerships to other Tier 1 suppliers? Or do you feel pretty comfortable with your partnership with LITEON?

是的，嘿，下午好，馬特和康納。感謝您回答我的問題並祝賀我們的合作夥伴關係。首先，您現在與 LITEON 建立了合作夥伴關係，您是否仍希望擴大與其他一級供應商的合作關係？或者您對與 LITEON 的合作感到滿意嗎？

Thanks, Kevin, and welcome back. And just to start the discussion on this topic. Remember, we came out of last year, thanks to a lot of hard work that got put in with a very mature product. And that work resulted in a certain level of maturity, which has allowed us to jump in with LITEON very quickly, and they're sharpening their pencils and really looking at it ways to bring the product cost down.

謝謝，凱文，歡迎回來。只是開始討論這個話題。請記住，我們去年的表現得益於我們為推出非常成熟的產品所做的大量努力。這項工作達到了一定程度的成熟度，這使我們能夠很快加入 LITEON，他們正在削尖鉛筆，真正尋找降低產品成本的方法。

It's looking like they have some very strong ideas in that regard. However, as we said in the past, that our business model is designed to scale with multiple Tier 1s, and we're continuing to explore that pipeline. We are in active discussion on those, and look forward to sharing more progress on that in the coming earnings calls.

看起來他們在這方面有一些非常強烈的想法。然而，正如我們過去所說，我們的業務模型旨在與多個一級進行擴展，並且我們正在繼續探索該管道。我們正在積極討論這些問題，並期待在即將到來的財報電話會議上分享更多進展。

But also, would like to remind that today, we announced a very strategic partnership with ATI to get us into the China market, and you can see that the model is already starting to scale, and we expect to be having more discussions on that in the future.

但也想提醒一下，今天，我們宣布與 ATI 建立非常戰略性的合作夥伴關係，以幫助我們進入中國市場，您可以看到該模型已經開始規模化，我們預計將在未來。

Got it. Okay. That makes sense. And then kind of going off the those partnerships. Can you just give kind of some more color on the trucking and railway system partnerships? Conor, I think you mentioned you should see some revenue generation potentially later this year from them. So is that is that you guys selling your LiDAR to these partners? Or is this for customers that these partners already have?

知道了。好的。這就說得通了。然後就結束了這些合作關係。您能否為卡車運輸和鐵路系統合作夥伴關係提供一些更多的資訊？康納，我想你提到今年晚些時候你應該會看到他們可能產生一些收入。那你們就是把光達賣給這些合作夥伴嗎？還是這是針對這些合作夥伴已經擁有的客戶？

Okay. So the nature of this partnership is very similar. We're going to be very consistent in our business model, Kevin. So we talk about, for example, trucking and rail in the China market, ATI, accompanied by LighTekton, boots on the ground in China, will be driving the detailed discussions providing local support for those customers.

好的。所以這種夥伴的關係性質就非常相似。凱文，我們的商業模式將會非常一致。例如，我們談論中國市場的卡車運輸和鐵路運輸，ATI 與 LightTekton 一起深入中國，將推動詳細討論，為這些客戶提供本地支援。

So it's very similar to the type of business model we've used in the past, where we're aligning with partners that can do both manufacturing, and also the sales channel element. It will be a very similar approach here with the work that we're doing with ATI.

因此，這與我們過去使用的商業模式類型非常相似，我們與既可以進行製造又可以進行銷售通路元素的合作夥伴合作。這與我們與 ATI 所做的工作非常相似。

And Kevin, just to add some color there. That's obviously a market that currently exists today, and that's why we're very bullish about the opportunity. And what I would say is we now have multiple kind of shots at goal from a revenue opportunities perspective. Obviously, there's room for opportunities with LITEON on the NRE side. And then as Matt alluded to, we have plenty of opportunities in China. And then, of course, we're going to be opportunistic about selling through our inventory as well on the industrial side too.

凱文，只是為了增添一些色彩。這顯然是目前存在的市場，這就是為什麼我們非常看好這個機會。我想說的是，從收入機會的角度來看，我們現在有多種射門機會。顯然，LITEON 在 NRE 方面還有機會。正如馬特所提到的，我們在中國有很多機會。當然，我們也會在工業方面透過我們的庫存進行銷售。

Got it. Okay. That makes sense. Thanks, guys.

知道了。好的。這就說得通了。多謝你們。

Thank you. And I'm showing no further questions at this time. Ladies and gentlemen, that does conclude our conference for today. We thank you for your participation, and you may now disconnect.

謝謝。目前我不會再提出任何問題。女士們、先生們，今天的會議到此結束。我們感謝您的參與，您現在可以斷開連接。