AEye Inc (LIDR) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Gail. And I will be your conference operator today. At this time, I would like to welcome everyone to the AEye Q4 2024 earnings conference call.

感謝您的支持。我叫蓋爾。今天我將擔任您的會議主持人。現在，我歡迎大家參加 AEye 2024 年第四季財報電話會議。

(Operator Instructions) I will now turn the call over to Jeremy [Apple]. Please go ahead.

（接線員指示）我現在將電話轉給傑里米[蘋果]。請繼續。

Good afternoon. And thank you for joining AEye's fourth quarter 2024 earnings call. With me today are Matt Fisch, Chief Executive Officer; and Connor Tierney, Chief Financial Officer.

午安.感謝您參加 AEye 2024 年第四季財報電話會議。今天與我一起的是執行長 Matt Fisch；以及財務長 Connor Tierney。

Earlier today, AEye announced its financial results for the fourth quarter in full year of 2024. A copy of this press release can be found on the Investor Relations section of the company's website.

今天早些時候，AEye 公佈了其 2024 年全年第四季度的財務表現。本新聞稿的副本可在公司網站的投資者關係部分找到。

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, operating results, or performance, and are based on our current expectations and assumptions.

今天的討論可能包括美國證券法律法規定義的有關未來事件、營運結果或業績的前瞻性陳述，並且基於我們當前的預期和假設。

Any forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances. Our actual results may differ materially from those contemplated by these forward-looking statements.

任何前瞻性陳述都會受到固有風險、不確定性和情況變化的影響。我們的實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

You can find more information about the risks, uncertainties, and other factors in the reports, AI files from time to time with the Securities and Exchange Commission, including in the most recent periodic report.

您可以在AI不時向美國證券交易委員會提交的報告、文件（包括最新的定期報告）中找到有關風險、不確定性和其他因素的更多資​​訊。

The statements to be made are as of today only. And AEye does not intend to update any forward-looking statements regardless of any new information, future developments, or otherwise, except as may be required by law.

這些聲明僅限於今天的情況。並且，無論出現任何新資訊、未來發展或其他情況，AEye 均無意更新任何前瞻性聲明，除非法律另有要求。

In addition, we will be discussing non-GAAP financial measures on this call, which we believe are relevant in assessing the financial performance of the business. These measures are presented as supplemental information only and should not be considered a substitute for financial information presented in accordance with GAAP.

此外，我們將在本次電話會議上討論非公認會計準則財務指標，我們認為這些指標與評估業務的財務表現有關。這些指標僅作為補充資訊提供，不應被視為依照 GAAP 提供的財務資訊的替代品。

You can find reconciliations with these metrics to the most directly comparable GAAP measures within the press release. Now, let me pass the call over to Matt.

您可以在新聞稿中找到這些指標與最直接可比較的 GAAP 指標的對帳。現在，讓我把電話轉給馬特。

Thanks, Jeremy. And thank you all for joining us today on our fourth quarter 2024 earnings call. We appreciate your continued support and interest in our company.

謝謝，傑里米。感謝大家今天參加我們的 2024 年第四季財報電話會議。我們感謝您對我們公司的持續支持和關注。

2024 was a transformative year for AEye, marked by critical milestones, including a new product launch, extended financial runway, increased engagement with OEM customers, and expansion into new markets.

2024 年是 AEye 轉型的一年，標誌著多個關鍵里程碑，包括新產品的發布、財務跑道的延長、與 OEM 客戶的互動增加以及新市場的擴張。

Apollo, our compact software defined Lidar sensor, has been a significant impetus to our ongoing progress. We first unveiled Apollo last June at the Auto Lidar Tech Conference in Suzhou, China. Since then, it has undergone stringent evaluations by OEMs and has begun field testing in additional market sectors.

Apollo 是我們的緊湊型軟體定義光達感測器，它對我們持續進步起到了重要的推動作用。我們去年 6 月在中國蘇州舉行的汽車光達技術大會上首次推出了 Apollo。從那時起，它就經過了 OEM 的嚴格評估，並已開始在其他市場領域進行現場測試。

Throughout 2024, we made innovative improvements to Apollo that delivered breakthrough advancements to its sensing capabilities. This past October, we announced that Apollo demonstrated unparalleled high resolution, long-range detection capabilities at one kilometer.

在整個 2024 年，我們對阿波羅進行了創新改進，使其感測能力取得了突破性的進步。去年十月，我們宣布阿波羅展示了無與倫比的一公里高解析度遠端偵測能力。

Importantly, Apollo has the unique ability to deliver high-resolution detection from behind the windshield for high-speed automotive ADAS use cases.

重要的是，Apollo 具有獨特的能力，可以為高速汽車 ADAS 用例提供從擋風玻璃後面的高解析度偵測。

During the CS show last month, we officially launched a poll in the US and the response has been overwhelmingly positive. We successfully demonstrated Apollo's capabilities through live test drives, proving that in a cabin, behind the windshield implementation, is not only feasible but also highly effective.

在上個月的 CS 展會期間，我們在美國正式發起了一項民意調查，反應非常正面。我們透過現場試駕成功展示了 Apollo 的功能，證明在駕駛室內、擋風玻璃後面實施這項技術不僅可行，而且非常有效。

Apollo's unique attributes provide OEMs with a proven solution to alternative roof-mounted Lidar systems that are more complex and higher in cost. Until now, a behind the windshield implementation was not considered viable due to the performance and size constraints of existing Lidar solutions.

Apollo 的獨特屬性為 OEM 提供了一種經過驗證的解決方案，可以取代更複雜、成本更高的車頂雷射雷達系統。到目前為止，由於現有雷射雷達解決方案的性能和尺寸限制，擋風玻璃後面的實現被認為是不可行的。

And I'm proud that our talented team at AEye cracked the code and set a new bar with Apollo. Based on market enthusiasm for Apollo, we were able to raise growth capital and extend our cash runway to mid-2026.

我很自豪 AEye 的優秀團隊破解了密碼並透過 Apollo 設立了新的標準。基於市場對阿波羅的熱情，我們得以籌集成長資本並將現金流延長至 2026 年中期。

With these added financial resources, our strategic partnerships and capital [light] business model, we have secured the longevity to ramp Apollo into high-volume production.

憑藉這些額外的財政資源、我們的策略合作夥伴關係和資本（輕）商業模式，我們確保了 Apollo 能夠長期實現大量生產。

As we said on our third quarter call, we expected to ramp the first Apollo manufacturing line with our global Tier 1 partner. This is now proceeding according to plan. And the first units are expected to come off the line in the first quarter of 2025.

正如我們在第三季電話會議上所說的那樣，我們期望與我們的全球一級合作夥伴一起推出第一條 Apollo 生產線。目前一切正按計劃進行。首批機組預計將於 2025 年第一季下線。

Our relationship with this strategic supplier validates AEye's ability to deliver Lidar solutions at substantially reduced costs, opening the door to new opportunities with global OEMs. We are also working to produce the first these samples of Apollo, which is a critical step in the OEM quoting process and also provides a production-ready solution for non-automotive customers.

我們與這家策略供應商的合作關係證明了 AEye 能夠以大幅降低的成本提供雷射雷達解決方案，為全球 OEM 廠商打開新的合作機會之門。我們也致力於生產 Apollo 的首批樣品，這是 OEM 報價流程中的關鍵一步，也為非汽車客戶提供了可投入生產的解決方案。

Positioning Apollo from mass production remains our top priority for 2025. And we look forward to sharing more details soon.

將阿波羅定位於量產仍是我們 2025 年的首要任務。我們期待很快分享更多細節。

We remain actively involved with global OEMs, expanding our level of engagement to include rigorous testing of Apollo for upcoming programs. Our software-defined architecture, which offers the ability to modify the product quickly in a matter of days, not weeks or months, has received accolades from our OEM and other partner engagements.

我們繼續積極參與全球原始設備製造商，擴大我們的參與程度，包括對即將進行的阿波羅計畫進行嚴格的測試。我們的軟體定義架構能夠在幾天內（而不是幾週或幾個月）快速修改產品，獲得了 OEM 和其他合作夥伴的讚譽。

This important capability accelerates the customer's development process, delivering a significant advantage in both time and cost.

這項重要功能加速了客戶的開發流程，在時間和成本方面均具有顯著優勢。

Turning to NVIDIA. Our evolving partnership with this industry leader is helping us to gain access to new OEMs. We have proven that Apollo meets invidious, rigorous Hyperion autonomous driving platform specifications, an accomplishment which we believe is unmatched in the light art industry.

轉向 NVIDIA。我們與該行業領導者不斷發展的合作關係正在幫助我們獲得新的 OEM 管道。我們已經證明，Apollo 滿足了嚴苛的 Hyperion 自動駕駛平台規範，我們相信這項成就在燈光藝術產業中是無與倫比的。

Global OEMs use NVIDIA's Hyperion platform as a foundation for developing their autonomous driving and ADA systems. Integration onto this platform grants Aeye direct exposure to these OEMs and will help them adopt our Lidar solutions with confidence.

全球 OEM 均使用 NVIDIA 的 Hyperion 平台作為開發其自動駕駛和 ADA 系統的基礎。整合到該平台後，Aeye 可以直接接觸這些 OEM，並幫助他們滿懷信心地採用我們的雷射雷達解決方案。

Importantly, due to its industry-leading range and resolution, Apollo is gaining traction across a wide variety of sensing applications beyond the automotive space, including in security, rail, and intelligent traffic systems.

重要的是，由於其業界領先的範圍和分辨率，Apollo 在汽車領域之外的各種感測應用領域獲得了廣泛關注，包括安全、鐵路和智慧交通系統。

For example, in security applications, Apollo's long-range sensing capability at high resolution, even in low visibility conditions, make it stand out over alternative options.

例如，在安全應用方面，Apollo 即使在低能見度條件下也具有高解析度的遠端感知能力，使其比其他選擇更突出。

Thanks to our partners at ATI and LighTekton, we are field testing Apollo for these types of applications in China and are also making similar progress with another partner in the EU. We will continue to explore high-value use cases outside of automotive to capture new growth opportunities for Apollo.

感謝我們在 ATI 和 LighTekton 的合作夥伴，我們正在中國對 Apollo 進行此類應用的現場測試，並且也與歐盟的另一個合作夥伴取得了類似的進展。我們將繼續探索汽車以外的高價值用例，為 Apollo 抓住新的成長機會。

In closing, I'm incredibly pleased with our accomplishments in 2024, achieving technological and strategic advancements with Apollo while successfully raising capital to bolster our financial foundation. Through our capital right model and discipline execution of cash reduction initiatives, AEye has the lowest cash burn rate in the industry, providing a remarkable level of resilience for our business.

最後，我對我們在 2024 年的成就感到非常高興，我們透過阿波羅實現了技術和策略進步，同時成功籌集資金以增強我們的財務基礎。透過我們的資本權利模式和嚴格執行現金削減舉措，AEye 擁有業界最低的現金消耗率，為我們的業務提供了卓越的彈性。

Heading into 2025, we are well positioned to meet demands from OEMs which view Lidar as essential to the future success of their roadmap. With that, I will turn the call over to Connor to provide more color on our financial performance.

展望 2025 年，我們已做好準備，滿足原始設備製造商 (OEM) 的需求，這些製造商認為雷射雷達對於其未來路線圖的成功至關重要。說完這些，我將把電話轉給康納，讓他進一步介紹我們的財務表現。

Thanks, Matt. In the fourth quarter, we continue to build on strong operational momentum that defined our performance throughout 2024. Our disciplined approach to cost management allowed us to outperform our cash burn guidance for both the quarter and the full year.

謝謝，馬特。在第四季度，我們繼續保持強勁的營運勢頭，這決定了我們整個 2024 年的業績。我們嚴謹的成本管理方法使我們本季和全年的現金消耗均超出預期。

At the same time, we strengthen key strategic partnerships that are expanding our market opportunities and positioning us for long-term growth. A clear highlight this year has been our success in raising capital.

同時，我們加強關鍵策略夥伴關係，擴大我們的市場機會並為我們的長期成長做好準備。今年的一大亮點是我們成功籌集了資金。

We ended the fourth quarter of 2024 with $22.3 million in cash equivalents and marketable securities. Moreover, we successfully leveraged market enthusiasm for our technology to raise an additional $12.7 million, thus far in 2025.

截至 2024 年第四季度，我們擁有 2,230 萬美元的現金等價物和有價證券。此外，我們成功利用市場對我們技術的熱情，到 2025 年為止又籌集了 1,270 萬美元。

Based on current forecasts, this extends our runway to mid 2026, as Matt noted. To put this in perspective, since the beginning of the fourth quarter of 2024, we raised approximately $18 million, which represents nearly a full year of runway at our current cash burn rate.

正如馬特所說，根據目前的預測，這將使我們的跑道延長至 2026 年中期。從這個角度來看，自 2024 年第四季初以來，我們籌集了大約 1,800 萬美元，以我們目前的現金消耗率計算，這幾乎相當於全年的資金量。

Our strong balance sheet and liquidity should give us ample runway to reach high-volume production for Apollo and weather delays in automotive OEM quoting activities. Our manufacturing line with our Tier 1 partner is already ramping up and on track to deliver [bee] samples in the first quarter of 2025.

我們強大的資產負債表和流動性應該為我們提供充足的空間來實現阿波羅的大批量生產，並度過汽車原始設備製造商報價活動的延遲。我們與一級合作夥伴的生產線已開始加緊建設，預計將於 2025 年第一季交付 [蜜蜂] 樣品。

We are heartened by the increased interest that we are seeing for Apollo, underscored by the success of our US launch at CES. Apollo's distinct advantages in range and performance, combined with its competitive low-cost form factor, are attracting attention from customers across multiple sectors, including security, rail, and intelligent transportation systems.

我們很高興看到人們對阿波羅的興趣日益濃厚，這在我們於美國 CES 上的成功發布中得到了印證。Apollo 在範圍和性能方面的獨特優勢，加上其具有競爭力的低成本外形，吸引了安全、鐵路和智慧交通系統等多個領域客戶的注意。

We're hearing from many OEMs that Lidar technology is essential to their platforms. And the enthusiasm we're seeing from industry leaders further validates Apollo's potential as a game-changing technology.

我們從許多原始設備製造商那裡聽說，光達技術對他們的平台至關重要。我們看到的行業領袖的熱情進一步證實了阿波羅作為改變遊戲規則的技術的潛力。

Additionally, our evolving partnership with NVIDIA is unlocking new opportunities with automotive OEMs and is supporting our path to commercialization in the automotive sector.

此外，我們與 NVIDIA 不斷發展的合作關係為汽車原始設備製造商帶來了新的機遇，並支持我們在汽車領域的商業化道路。

I'd like to address our differentiated capital light model of slide A. As you can see, we have very low cash burn and operating expenses compared to our peers. And I am pleased to report that we have reduced our net cash burn for the seventh consecutive quarter.

我想談談幻燈片 A 中的差異化輕資本模型。如您所見，與同行相比，我們的現金消耗和營運費用非常低。我很高興地報告，我們已經連續第七個季度減少了淨現金消耗。

Excluding new net financing of $4.6 million, our cash burn for the fourth quarter was $4.8 million, down from $5.6 million in the third quarter and beating our guidance of $4.9 million.

不包括 460 萬美元的新淨融資，我們第四季的現金消耗為 480 萬美元，低於第三季的 560 萬美元，並超過了我們預期的 490 萬美元。

Now turning to our fourth quarter's financial results on slide 9. Fourth quarter's GAAP operating expenses were $9 million, up sequentially from $7.6 million in the third quarter of 2024. This was primarily due to higher one-time payroll costs and increased rent expenses, resulting from a favorable non-cash adjustment in the prior quarter. These increases were partially offset by lower professional fees.

現在來看第 9 頁的第四季財務表現。第四季的 GAAP 營運費用為 900 萬美元，較 2024 年第三季的 760 萬美元季增。這主要是由於上一季有利的非現金調整導致一次性工資成本和租金支出增加。這些增長被較低的專業費用部分抵消。

Fourth quarter's non-GAAP operating expenses were $6.8 million, subsequentially, from $6.1 million in the prior quarter, due primarily to higher one-time payroll costs, which were partially offset by lower professional fees.

第四季的非 GAAP 營業費用為 680 萬美元，高於上一季的 610 萬美元，這主要歸因於一次性工資成本的增加，但專業費用的降低部分抵消了這一增加。

We reported a GAAP net loss of $8.5 million or $0.93 per share in the fourth quarter, versus a GAAP net loss of $8.7 million or $1.01 per share in the third quarter of 2024, beating our internal expectations for the quarter.

我們報告第四季度的 GAAP 淨虧損為 850 萬美元或每股 0.93 美元，而 2024 年第三季的 GAAP 淨虧損為 870 萬美元或每股 1.01 美元，超過了我們對該季度的內部預期。

The decrease in GAAP net loss is mainly due to lower financing related costs in the fourth quarter, which were partially offset by the higher payroll and rent-related drivers as noted above.

GAAP 淨虧損的減少主要由於第四季度融資相關成本的降低，但如上所述，這部分被更高的工資和租金相關驅動因素所抵消。

On a non-GAAP basis, our net loss was $6.3 million or $0.69 per share in the fourth quarter, compared to a non-gap net loss of $6 million or $0.70 per share in the prior quarter.

基於非公認會計準則，我們第四季的淨虧損為 630 萬美元或每股 0.69 美元，而上一季的非差距淨虧損為 600 萬美元或每股 0.70 美元。

Net cash used for operating activities decreased to $4.8 million in the fourth quarter from $5.4 million in the third quarter of 2024. Again, we closed the fourth quarter with $22.3 million of cash, cash equivalents, and marketable securities.

2024 年第四季經營活動所用淨現金從第三季的 540 萬美元減少至 480 萬美元。再次，我們在第四季結束時擁有 2,230 萬美元的現金、現金等價物和有價證券。

Including capital raised subsequent to the close of the quarter, our total potential liquidity, which includes cash on hand and our ELOC and ATM facilities, is approximately $80 million.

包括本季結束後籌集的資金在內，我們的總潛在流動資金（包括庫存現金和我們的 ELOC 和 ATM 設施）約為 8000 萬美元。

Turning to our guidance on slide 10, we expect cash burn for the full-year 2025 to be $25 million, slightly up versus 2024, primarily due to increased investments required to ramp Apollo to high-volume production.

根據第 10 頁的指引，我們預計 2025 年全年現金消耗為 2500 萬美元，較 2024 年略有上升，這主要是由於增加投資以提升 Apollo 的大批量生產。

We also expect a sequential increase in costs in the first quarter related to seasonal factors such as one-time payroll related costs. After the first quarter, we expect cash burn to improve each quarter for the remainder of 2025.

我們也預計，由於一次性工資相關成本等季節性因素，第一季的成本將較上季增加。第一季之後，我們預計 2025 年剩餘時間內每季的現金消耗都會有所改善。

Overall, we are encouraged by our performance in 2024. With a strong balance sheet, industry-leading technology, and an extended cash runway. We are well positioned for sustained growth in 2025 and beyond.

整體而言，我們對 2024 年的表現感到鼓舞。擁有強勁的資產負債表、業界領先的技術和充足的現金流。我們已為 2025 年及以後的持續成長做好了準備。

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

說完這些，我將把事情交還給馬特處理。

Thanks, Connor. After a transformational year marked by incredible progress across the business, we are unwavering in our commitment to innovation, execution, and financial discipline.

謝謝，康納。在經歷了業務取得令人難以置信的進步的轉型之年之後，我們堅定不移地致力於創新、執行和財務紀律。

With Apollo's successful market entry and our extended cash runway, we are well positioned for future growth. I'm incredibly proud of the AEye team and their commitment to improving road safety and saving lives.

隨著 Apollo 成功進入市場以及我們現金流的延長，我們為未來的成長做好了準備。我為 AEye 團隊以及他們致力於改善道路安全和拯救生命感到無比自豪。

Thank you for your time today. We appreciate your continued support and confidence in our vision. We will now open the call for questions.

感謝您今天抽出時間。我們感謝您對我們願景的持續支持和信任。我們現在開始回答問題。

(Operator Instructions)

（操作員指令）

Brian Kintslinger, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Brian Kintslinger。

Hi. This is Kevin for Brian. Thanks for taking our questions. Could you speak a little bit more about the non-automotive opportunities that AEye is exploring?

你好。我是凱文，代表布萊恩。感謝您回答我們的問題。您能否進一步談談 AEye 正在探索的非汽車領域的機會？

Sure. Hey, Kevin. This is Matt. And thanks for joining us. So today, it's great to have you on the call, first of all, absolutely.

當然。嘿，凱文。這是馬特。感謝您的加入。所以今天，首先非常高興您能來參加我們的電話會議。

Just to put things in context here, when we talk about Apollo, this is really a next generation, write our solution from both a market perspective and also from an AEye perspective as well.

為了在這裡把事情放在上下文中，當我們談論 Apollo 時，這實際上是下一代，我們要從市場角度和 AEye 角度來編寫解決方案。

So what we talked about on the call, two things. Number one, it's got incredible range and able to detect objects of very high resolution.

我們在電話中討論了兩件事。首先，它擁有令人難以置信的探測範圍，能夠探測到非常高解析度的物體。

And second, the form factor, which is also important for automotive is incredibly small. I mean if you were to look at one of these. Apollo units, it has a very similar profile to my cell phone.

其次，外形尺寸對於汽車來說也很重要，它非常小。我的意思是如果你看一下其中的一個。阿波羅裝置，它的配置與我的手機非常相似。

So what it -- why has it sparked so much interest on the non-automotive side? Well, if you think about -- if you read some of the news today, for example, relating to safety and security, seeing very far in poor lighting conditions and high resolution allows us to detect very small objects, for example, so security.

那麼——為什麼它會引起非汽車領域如此大的興趣呢？好吧，如果你想一想——如果你今天讀了一些新聞，例如與安全和保障有關的新聞，在光線不足的條件下，高分辨率可以讓我們看得很遠，從而檢測到非常小的物體，例如安全。

Perimeter security, safety at airports, what it's important to see whether there's something that doesn't belong in a particular area because of Apollo's performance. First and foremost is it's been incredibly popular in that space.

周界安全、機場安全，由於阿波羅的性能，查看某個特定區域內是否存在不屬於該區域的東西非常重要。首先，它在那個領域非常受歡迎。

And since what we're about seven weeks, six weeks out of CES, we've had so much interest there. We're on the ground, now testing with this particular type of use case, China, US, and Europe. Things are happening very quickly in that area.

距離 CES 已經過去了七到六週，我們對此非常感興趣。我們正在實地測試這種特殊類型的用例，中國、美國和歐洲。那個地區的事情發生得非常快。

Last but not least, Apollo is a very unifying product for us. It's a set of hardware that works both in automotive and non-automotive because of our software defined Lidar. We just need to program it differently. In each case, and we've been able to get out there and react very quickly, get out there in the field across three continents in only six weeks' time.

最後但同樣重要的一點是，Apollo 對我們來說是一款非常統一的產品。由於我們的軟體定義了光達，所以它是一套既可用於汽車又可用於非汽車的硬體。我們只需要採用不同的程式設計方法。在每種情況下，我們都能夠迅速採取行動，僅用六週時間就涵蓋三大洲的實地工作。

Great. Thanks. And just one more, does greater liquidity give you more confidence in meeting OEM financial due diligence requirements?

偉大的。謝謝。還有一個問題，更大的流動性是否會讓您更有信心滿足 OEM 財務盡職調查要求？

Hey, Kevin. This is Connor. I'll take that one. Actually, I'm glad you asked the question because this is fresh in myself and Matt's head right now because we recently went through this process with an OEM.

嘿，凱文。這是康納。我要那個。實際上，我很高興你問了這個問題，因為這個問題現在在我和馬特的腦海中記憶猶新，因為我們最近與一家 OEM 一起經歷了這個過程。

And it does for sure, it's part of that process we walk the OEM through our projections, also through our liquidity. And that was an important factor in just getting them comfortable that we would have the resources ultimately to get Apollo to high volume production.

確實如此，這是我們引導 OEM 完成預測以及流動性的過程的一部分。這是一個重要的因素，讓我們確信我們最終將擁有足夠的資源來實現阿波羅的大量生產。

And obviously, as part of that liquidity is a major thing. And as I alluded to on the call earlier, we have [30 million] right now in cash and cash equivalents.

顯然，流動性是其中的重要部分。正如我之前在電話會議上提到的，我們現在有 [3000 萬] 現金和現金等價物。

And then obviously, another [50 million] in the equity instruments. And that's obviously an important contributing factor to getting OEMs comfortable, that we have the the runway to get there. I think the other part to that is just our cost structure and our capital-like model.

然後顯然，股權工具中還有另外 [5,000 萬] 的部分。這顯然是讓 OEM 感到安心的重要因素，我們擁有實現這一目標所需的跑道。我認為另一部分只是我們的成本結構和類似資本的模型。

And it's just a matter of fact that because of our low capital burn rate. Every dollar that we raise, we're able to stretch further and that's obviously really important in this kind of environment, especially the macro environment, where you have high interest rates and it's hard to raise capital.

事實上，這是因為我們的資本消耗率低。我們籌集的每一美元都能夠得到進一步的利用，這在目前的環境下顯然非常重要，特別是在宏觀環境下，因為利率很高，很難籌集資金。

And then obviously, just giving some of the challenging environments in the automotive industry right now, with timelines pushing out, it's really important to have that light capital runway to be able to stretch out your runaway.

顯然，考慮到目前汽車行業的一些挑戰性環境，隨著時間表的不斷推遲，擁有輕鬆的資本跑道以便能夠延長跑道時間確實非常重要。

And ultimately, roll in line with the same pace that the OEMs are setting. And just a testament to that is if you look at last year, we've been able to operate very leanly.

最終，與 OEM 設定的步調保持一致。就這一點而言，如果你回顧去年，你會發現我們的營運非常精簡。

We've brought Apollo to market in less than six months. And we've kept the burn rate below $25 million. So we're out there executing at a very, very low burn rate. And I think that's an important thing to take into consideration.

我們花了不到六個月的時間就將 Apollo 推向了市場。我們將資金消耗率控制在 2,500 萬美元以下。因此，我們的執行成本非常低。我認為這是一件需要考慮的重要事情。

Great. Thank you.

偉大的。謝謝。

Thanks Kevin.

謝謝凱文。

Casey Ryan, Westpark Capital.

凱西瑞安（Casey Ryan），Westpark Capital。

Good afternoon, gentlemen. Good progress in the quarter, so congratulations on that. I had a couple questions.

先生們，下午好。本季進展順利，對此表示祝賀。我有幾個問題。

A lot of times we're talking about high volume and low volume. Are you able to frame what high volume means? I think other companies have framed it certain ways. But is there a number that we say, or high volume means north of 10,000 or north of a thousand or some level that like we can sort of imagine in our minds?

很多時候我們談論的是高音量和低音量。你能解釋一下高音量代表什麼嗎？我認為其他公司已經以某種方式製定了這個框架。但是，我們所說的數字是否一定，或者高容量是否意味著超過 10,000 或超過 1000 或我們可以在腦海中想像的某個水平？

Hey, great. Definitely, appreciate the question. Let me start on this one. Let's put it in context.

嘿，太棒了。絕對感謝您的提問。讓我從這個開始。讓我們結合上下文來理解。

First of all, I'm the only CEO in the Lidar space that has come from the automotive industry. So let's talk about that first because I think that sort of overshadows the overall volume conversation.

首先，我是光達領域唯一一位來自汽車產業的執行長。因此，我們首先來談論這個問題，因為我認為這有點掩蓋了整體音量對話。

But look, what we have going on in the market today, outside of China. Let's put China aside for the moment. We have what would be described in automotive terms is a handful of development programs that are happening out there.

但是，看看今天中國以外的市場上發生的事情。我們先把中國問題放在一邊。從汽車行業術語來講，我們正在進行一些開發項目。

Okay. It's low volume, meaning in the thousands, maybe there's hundreds of vehicles or maybe a couple of a thousand of vehicles out there, actually running around the roads today.

好的。它的流量很低，也就是說，目前道路上實際行駛的車輛可能只有數千輛，也可能是數百輛，甚至數千輛。

And this transition to high volume, if you will, means that an OEM will come and issue what's called an RFQ or a request for a quote or what we're calling a mass production, series production vehicle award, which generally starts in the tens of thousands of units and quickly ramp up above 100,000 per year, let's say. We haven't seen any of those in the US or Europe yet.

如果你願意的話，這種向大批量生產的轉變意味著 OEM 將會發布所謂的 RFQ 或報價請求，或者我們所說的大規模生產、系列生產汽車，一般從幾萬輛開始，然後迅速增加到每年 10 萬輛以上。我們還沒有在美國或歐洲看到這些情況。

And this is where you're going to see us come flying out of the gate as a company because we work with a Tier 1 that knows how to and has experience -- repeated experience of delivering 100,000 or more units in a given year.

而這正是我們公司一飛沖天的地方，因為我們與一家知道如何做並且有經驗的一級供應商合作——他們有在一年內交付 100,000 台或更多台設備的重複經驗。

That's a very specialized expertise that comes over many years of practice, experience, and school-of-hard-knocks learning. I can assure you when it comes time for those RFQs and those automotive production contracts to come out, you're going to see us with a massive advantage because we work with a Tier 1 that knows how to operate at that level.

這是一項非常專業的技能，需要經過多年的實踐、經驗和艱苦學習才能獲得。我可以向你保證，當這些 RFQ 和汽車生產合約出來的時候，你會看到我們擁有巨大的優勢，因為我們與知道如何在那個層級運作的一級供應商合作。

And the OEMs will take that factor into account on the purchasing-and-supply chain site very, very seriously. No matter how good you are technically, the ability to produce in 100,000 quantities or more on an annual basis, is absolutely make or break in automotive.

並且，原始設備製造商會非常非常認真地在採購和供應鏈站點考慮這一因素。無論你的技術有多好，每年生產 100,000 輛或更多汽車的能力對於汽車行業來說絕對是成敗的關鍵。

And you're going to see a shine when we get to that point. Thanks to our working model. We joined at the hip with a Tier 1 that knows how to do this already.

當我們到達那個點時，你就會看到光芒。感謝我們的工作模式。我們與已經知道如何做到這一點的 Tier 1 緊密合作。

And just to add to what Matt said, I think the other important point is our product was built with manufacturability in mind. So if you think about all the components that are used in the product, we built that product thinking about high-volume production. And then the other thing is not everybody can work with the Tier 1.

我補充一下馬特所說的話，我認為另一個重要點是，我們的產品在製造時就考慮到了可製造性。因此，如果您考慮產品中使用的所有組件，我們在製造該產品時就會考慮大量生產。另一件事是並不是每個人都能與 Tier 1 合作。

There's a diligence process that has to happen up front and the Tier 1 knows that you can scale to the millions of units. And that's why I think that it's a validation and validation point or an endorsement in itself that we've been able to work in and form a partnership with the Tier 1.

必須先進行盡職調查，並且一級供應商知道你可以擴展到數百萬個單位。這就是為什麼我認為這本身就是一種驗證和確認點或一種認可，表明我們能夠與 Tier 1 合作並建立夥伴關係。

Yeah. Connor's referring to the 3-plus years we spent with Continental, building our supply chain.

是的。康納指的是我們與大陸航空合作建立供應鏈的三年多時間。

Right. Okay. Terrific. Well, and then you know focusing on on automotive some more, what you see in the market as far as people putting out bids and sort of looking for partners for the solution?

正確的。好的。了不起。好吧，然後您知道，進一步關注汽車行業，您在市場上看到人們在競標並尋找解決方案的合作夥伴嗎？

What's your perception about the level of vehicle? Are they sort of like 2 plus? Are they actually 3 plus? What's the mix there because it doesn't feel like, well, it certainly doesn't feel like we have any four or five, actually happening, right?

您對於車輛的等級有什麼看法？它們是不是有點像 2 加 2 呢？它們實際上是 3 加嗎？那裡的混合物是什麼，因為感覺不像，嗯，當然感覺不像我們有任何四或五個實際上發生，對嗎？

I guess outside of maybe the way or something like that. But what's your sense about where their appetite is in terms of capabilities to to put into the cars?

我想可能是在外面或類似的地方。但是，您覺得他們對汽車功能的需求是什麼呢？

Right. Yeah. So what we're seeing pretty broadly, we know there's one EV maker out there that hasn't spoken kindly about Lidar over the last year or so.

正確的。是的。因此，從我們廣泛看到的情況來看，我們知道有一家電動車製造商在過去一年左右的時間裡對光達的評價並不好。

But let's put that one OEM aside. We're involved with several -- we said we mentioned this last quarter. And every one of them has a level 3 program on the roadmap which includes Lidar.

但讓我們先把這個 OEM 放在一邊。我們參與了其中的幾個—我們上個季度提到過這個。他們每個都在路線圖上有一個 3 級計劃，其中包括光達。

And there's been a mix of OEMs that have said so publicly over the last two months. And some that have just said so indirectly, if you will, that they're committed to eyes-off hand, hands-free, and ice-free driving, which really speaks to level 3.

過去兩個月以來，已有多家 OEM 公開表示了這項消息。有些人只是間接地這麼說過，如果你願意的話，他們致力於實現眼睛放開手、解放手和無冰駕駛，這實際上體現了 3 級標準。

That's the sweet spot that we're seeing. One other part of this is NVIDIA. They are -- they have this platform called Hyperion, which is tied to a number of OEMs. In fact, we perform incredibly well there.

這就是我們看到的最佳點。另一個部分是 NVIDIA。他們有一個名為 Hyperion 的平台，與許多 OEM 都有聯繫。事實上，我們在那裡的表現非常好。

This is all situation driving, the key missing point for the car generation riders to see at 300 meters, which covers high-speed driving. This is where, NVIDIA is focusing in this area. They've been vocal about this as well.

這就是全情境駕駛，也是車一代車手在300公尺處需要注意的關鍵缺失點，涵蓋了高速駕駛。這正是 NVIDIA 重點關注的領域。他們也對此表達了看法。

And we've been using them as a proxy for what OEMs are demanding in terms of their next solution. Level 3 is really the sweet spot here. And we're engaged with several OEMs on this topic, and each one of them has a Level 3 program on the roadmap, which includes Lidar.

我們一直將它們作為 OEM 對下一個解決方案的要求的代理。第 3 級確實是這裡的最佳點。我們就此主題與多家原始設備製造商進行了接觸，他們每家都在路線圖上製定了 3 級計劃，其中包括光達。

Okay, terrific. And then, talking about, well, so tell me where you see opportunities or maybe not, and this is sort of trend trend wise, right? I know we're not talking about specifics but sort of outside of consumer auto, sort of talking about trucking and maybe throw RoboTaxi in there, but also, vans and sort of bigger vehicles.

好的，太棒了。然後，談論，好吧，那麼告訴我您在哪裡看到機會或可能沒有看到，這是一種趨勢趨勢，對嗎？我知道我們現在不是在談論具體細節，而是在談論消費汽車以外的事情，例如卡車運輸，也許包括 RoboTaxi，還有貨車和大型車輛。

Do those offer exciting opportunities or are they less interesting because of potentially unit size in terms of those markets? But I guess how much effort are you putting into sort of non-personal car markets, I guess?

這些是否提供了令人興奮的機會，還是由於這些市場潛在的單位規模而變得不那麼有趣？但我想知道您在非個人汽車市場投入了多少精力？

Right. I think the best way to look at is that we're open and highly applicable across all of these markets, trucking and buses, for example like you've mentioned, that's a lot of weight to slow down.

正確的。我認為最好的看待方式是，我們對所有這些市場都是開放的，並且具有高度適用性，例如卡車運輸和公共汽車，就像你所提到的那樣，這需要很大的努力才能放慢速度。

They're going to have to brake earlier than a passenger car would. So like seeing very far and a great distance is very important for a heavyweight vehicle, especially one that's operating on the highway.

它們必須比乘用車更早煞車。因此，對於重型車輛，特別是在高速公路上行駛的車輛來說，看得很遠和很遠的距離非常重要。

In the -- we'll call it the RoboTaxi domain. You see a lot of expansion out there, so a product like Apollo will be very applicable in that space as well.

在—我們稱之為 RoboTaxi 域。你會看到有很多擴展，所以像 Apollo 這樣的產品也將非常適用於該領域。

So we haven't confined ourselves to just that passenger vehicle market if you will. And as I mentioned earlier, the device is very software, adjustable.

因此，如果你願意的話，我們沒有將自己僅限於乘用車市場。正如我之前提到的，該設備非常軟體化，可調節。

We're running what if scenarios from one OEM to the next and giving them turnaround times and proof of concept and software in like a few days or a week or a week and a half in many cases. So we're able to move very quickly in that regard. We're certainly open to all markets.

我們正在從一個 OEM 到下一個 OEM 運行假設情景，並在許多情況下在幾天、一周或一周半的時間內為他們提供週轉時間和概念驗證和軟體。因此我們在這方面能夠迅速採取行動。我們當然對所有市場開放。

Okay and then two last questions. I know I'm taking a lot of your valuable time, and I appreciate it. You, what do you think for passenger cars sort of like -- the like unit count is right, because I think for level 2, we oftentimes where there is Lidar, it's sort of one sensor per car?

好的，最後兩個問題。我知道我佔據了您很多寶貴的時間，我對此深表感謝。您，您認為對於乘用車來說，單位數量是怎樣的？因為我認為對於 2 級，我們通常會使用光達，也就是每輛車一個感測器？

And I think sort of the like we're on the street right is that way most have six. And you know something between one and six should be the average.

我認為，就像我們在街上那樣，大多數人都有六個。你知道，一到六之間的某個數字應該是平均值。

But with your solution, maybe we don't need as many. So I'm curious what you think your average kind of per vehicle count, might be in terms of sort of a total cost or total revenue opportunity I guess per vehicle?

但是有了您的解決方案，也許我們不需要那麼多。所以我很好奇，您認為每輛車的平均數量是多少，可能是總成本或總收入機會，我想是每輛車？

Yeah. Well, look, I think as you already know, the different markets or the different segments, if you will, have different wildly different volumes, say RoboTaxis at one end, which may have multiple Lidars per vehicle versus passenger vehicles that may have fewer Lidars per vehicle but have significantly greater volumes.

是的。嗯，我想你已經知道，不同的市場或不同的細分市場，如果你願意的話，會有不同的數量差異，比如說 RoboTaxis 一方面，每輛車可能有多個光達，而乘用車每輛車可能有較少的光達，但數量要大得多。

I'll tell you this. While we hunt in all the spaces, we're really shining, is on that long-distance highway driving. And I'll tell you in the passenger vehicle space, it's a hot topic right now with the OEMs competing to roll out a level 3 driving service.

我會告訴你這個。當我們在所有空間中追尋時，我們真正閃耀的，是在那條長途高速公路上行駛。我要告訴你，在乘用車領域，這現在是一個熱門話題，各大原始設備製造商都在競相推出 3 級駕駛服務。

And typically, you might see one or two Lidars in those kinds of vehicles. But the volumes are much higher than, say, in the RoboTaxi.

通常，你可能會在這類車輛上看到一到兩個光達。但其音量比 RoboTaxi 高得多。

Let me tell you why it's interesting for us because one of the things we rolled out and mentioned in the call earlier is the fact that Apollo is operating at 300 meters inside the cabin of the vehicle. So because it's so small, it tucks right up into the sensor form, up near the top of the windshield and greatly decreases the vehicle complexity.

讓我來告訴你為什麼這對我們來說很有趣，因為我們之前在電話會議中提到的事情之一是，阿波羅是在飛行器艙內 300 公尺處運行的。由於它非常小，它可以塞進感測器形式，靠近擋風玻璃的頂部，大大降低了車輛的複雜性。

You don't have to design a special roof for a car with Lidar in it. The problem has been that the glass knocks down the range and because of our unique technology in this regard, especially our 1550 nanometer laser technology.

您不必為裝有光達的汽車設計特殊的車頂。問題在於玻璃會降低範圍，這要歸功於我們在這方面的獨特技術，特別是我們的 1550 奈米雷射技術。

We have the opportunity to make the vehicle design a lot simpler. You don't have to worry about cleaning, for example, and keeping the front lens of the Lidar clean. And so we're seeing a tremendous pull on the passenger vehicle side, lower per car, incredibly higher volumes.

我們有機會讓車輛設計變得更簡單。例如，您不必擔心清潔和保持雷射雷達前鏡頭的清潔。因此，我們看到乘用車方面出現了巨大的拉動，每輛車的銷量更低，但數量卻高得令人難以置信。

Right. Yeah, which is terrific. I mean and that's just really helpful. I think refining and pin -- sort of for us who are trying to follow you in the overall market. One last question just about cash spend a little bit, the R&D number, I think.

正確的。是的，太棒了。我的意思是，這確實很有幫助。我認為精煉和固定——對於我們這些試圖在整個市場上跟隨你的人來說，是一種優勢。最後一個問題是關於現金支出，我想是研發金額。

If I wrote this down correctly, is somewhere $4 million-plus in the quarter. That's not all cash. I'm wondering if you can talk about what the cash spend in R&D is roughly and if you expect it to be the same?

如果我沒記錯的話，本季的收入大約是 400 萬美元以上。這並非全部都是現金。我想知道您是否可以談談研發方面的現金支出大致是多少，以及您是否預計它會保持不變？

And then kind of what -- where the R&D goes in terms of direction, is it just Apollo support or are we looking at maybe building other technologies that may be more, needed, or asked for by partners down the road?

那麼，就方向而言，研發將走向何處？是否僅僅支持阿波羅計劃，還是我們可能正在考慮開發未來合作夥伴可能需要的其他技術？

Yeah. So I'll answer the question the first part of the question right now. I would say in general for the fourth quarter, R&D is probably, roughly about half of our spend.

是的。所以我現在就回答問題的第一部分。我想說，整體而言，第四季研發支出大約占我們支出的一半。

If we're thinking about cash versus expense, the cash is probably going to be slightly higher in Q1 just because there's a timing issue. We had some bonuses and we kind of alluded to this on the earnings call.

如果我們考慮現金與支出，那麼由於時間問題，第一季的現金可能會略高一些。我們有一些獎金，我們在財報電話會議上提到了這一點。

Those will be paid out in the first quarter. But that's just a one-time item. So a normalized spend that we're talking about is roughly probably about 50% of the overall OpEx number.

這些款項將在第一季支付。但那隻是一次性物品。因此，我們討論的標準支出約佔整體營運支出的 50%。

Okay, I'll take -- I'll take the question on future spend briefly. But we've got a good hard quarter here ramping our B samples. This is table stakes for formal series production quoting for automotive. So it's a big focus for us. But we're seeing more and more of our engineering, going towards customer enabling and integration.

好的，我將簡要回答有關未來支出的問題。但我們在本季度度過了一個非常艱難的時期，不斷增加 B 樣本。這是汽車正式系列生產報價的底線。所以這是我們關注的重點。但我們看到我們的工程設計越來越多地轉向客戶支援和整合。

So right now, we're still heavily weighted on Apollo go-to-market activities. We are starting to look at what's next, for example, NVIDIA is challenging us in this area. I think about the next step is -- but the biggest shift we're seeing is in go-to-market activities and integration work on the customer side.

因此目前我們仍然非常重視阿波羅的市場推廣活動。我們開始關注下一步的發展，例如，NVIDIA 正在這個領域向我們發起挑戰。我認為下一步是——但我們看到的最大轉變是進入市場活動和客戶端的整合工作。

Right. Okay. And then, you not to be too greedy. I'll ask one last question. You seem to be much more geographically fluid, meaning you sort of are pursuing activity in China, the US obviously, in Europe, whereas it feels like a lot of vendors are sort of regionalized for some reason.

正確的。好的。然後，你不要太貪心。我最後問一個問題。你們的業務範圍似乎更具地域流動性，這意味著你們在中國、美國和歐洲開展業務，而感覺很多供應商由於某種原因都是區域化的。

Tell me if that perception is accurate that that you guys do feel like you're more sort of welcome and have opportunities across, most of the significant regions where some vendors don't seem to be participating in China, right, and vice versa? Some Chinese vendors don't seem to be participating over in the US.

告訴我這種看法是否準確，你們確實覺得自己更受歡迎並且有機會在大多數重要地區開展業務，而一些供應商似乎沒有參與中國的業務，對嗎，反之亦然？一些中國供應商似乎沒有參與美國市場。

Yeah. I think that -- it's a great observation. Our core philosophy is to expand and scale through partnerships, right? It starts with our Tier 1 manufacturing partnership who, by the way, has a global footprint, right?

是的。我認為——這是一個很棒的觀察。我們的核心理念是透過合作來擴大和擴展，對嗎？它始於我們的一級製造合作夥伴，順便說一下，它具有全球影響力，對嗎？

We can do manufacturing in Texas or in Mexico or in Taiwan, for example. So in our partnership with ATI and LighTekton, gives us local manufacturing in China.

例如，我們可以在德克薩斯州、墨西哥或台灣進行生產。因此，我們與 ATI 和 LighTekton 的合作使我們能夠在中國進行本地製造。

So number one, the manufacturing partner's group and we felt like with one global partner and then with one China partner in China, that covers a lot. By the way, the global partner also has manufacturing capability in Germany, as well.

因此，第一，製造合作夥伴集團，我們覺得有一個全球合作夥伴，然後有一個在中國的中國合作夥伴，這涵蓋了很多內容。順便說一句，該全球合作夥伴在德國也擁有製造能力。

And then the second piece is boots on the ground, right? When there are engineering problems, software upgrades, and things like that that are needed, again, we've got partners in the region that are in this with us, which allow us to feel like we have a lot longer legs, right, and can stretch across the globe.

然後第二部分是實地行動，對嗎？當出現工程問題、軟體升級和諸如此類的需要時，我們在該地區的合作夥伴會與我們並肩作戰，這讓我們感覺我們的腿腳更長，可以延伸到全球。

So the answer is yes. And we do it by working through partnerships and not trying to do everything ourselves.

所以答案是肯定的。我們透過合作來實現這一目標，而不是試圖自己做所有事情。

Okay. Terrific. That's helpful. Thank you for the time. It's an exciting start to the year and we look forward to following you as you go through the year. Thank you.

好的。了不起。這很有幫助。感謝您抽出時間。這是令人興奮的一年的開始，我們期待著跟隨您度過這一年。謝謝。

Thanks, Casey. Thanks, Casey. Take care.

謝謝，凱西。謝謝，凱西。小心。

Jesse Sobelson, D. Boral Capital.

傑西·索貝爾森 (Jesse Sobelson)，D. Boral Capital。

Hey, everyone. Thanks for taking my question. Congrats on the approval with Hyperion NVIDIA, sounds really exciting. One thing I'm curious on is with multiple competitors in the space, all talking with OEMs. There's a lot of variability and what's the total Lidar solution package going to cost, right?

嘿，大家好。感謝您回答我的問題。恭喜你獲得 Hyperion NVIDIA 的批准，聽起來真的很令人興奮。令我好奇的是，該領域有多個競爭對手，都在與 OEM 進行談判。存在很大的可變性，整個雷射雷達解決方案的成本是多少，對嗎？

So there's been a lot of historical contention on you know what the pricing per unit could be, anywhere from as little as a hundred to over maybe a thousand per unit. Where in these negotiations with the OEMs do you see pricing landing in the the near and medium term?

因此，對於每單位的定價，歷史上存在著許多爭論，從每單位一百美元到每單位一千美元不等。在與 OEM 的談判中，您認為近期和中期的價格會如何？

Yeah, like I want to be careful not to speak for the OEMs in this regard. But typically, again, we're talking about the next-generation Lidar, okay, which means that it has to be high performing because next generation, the pattern that we're seeing is at speed driving on the highway.

是的，在這方面我要小心，不要代表 OEM 發言。但通常情況下，我們談論的是下一代光達，這意味著它必須具有高性能，因為下一代，我們看到的模式是在高速公路上高速行駛。

That kind of rule helps hundred-dollar device. Let's just say because it's not going to have the performance that's needed to function on the highway, okay? Look, we're going to have to -- what we're seeing is a very consistent message about being well below $1,000, sales price, not our cost, but the sales price.

這種規則對百元設備有幫助。就這麼說吧，因為它不具備在高速公路上行駛所需的性能，好嗎？看，我們必須——我們看到的是一個非常一致的訊息，即銷售價格遠低於 1,000 美元，不是我們的成本，而是銷售價格。

And again, it's going to depend on the volumes, right? The OEMs, if they're looking at lower volumes, they may give a bit on the pricing at scale. When you're looking at this many vehicle lines across many OEMs, it's going to have to be selling for $500 in that range.

再說了，這取決於數量，對嗎？如果 OEM 廠商考慮的產量較低，那麼他們可能會在規模定價上做出一些讓步。當你查看多家 OEM 廠商的如此多車輛系列時，你會發現其售價必定在 500 美元左右。

And the fact that we're partnered with multi-billion Tier 1 that has incredible supply chain leverage, and we think we're going to be unbelievably competitive price wise in this space because of that supply chain leverage.

事實上，我們與價值數十億美元的一級供應商合作，他們擁有令人難以置信的供應鏈槓桿，我們認為，憑藉這種供應鏈槓桿，我們在這個領域的價格競爭力將非常強大。

We've got a great architecture that's inherently lower cost but partner that with an $8 billion dollar Tier 1 that can command premium reductions on components because they're placing orders for other product lines and things like this, we're going to be tough to beat.

我們擁有一個優秀的架構，其成本本質上較低，但與價值 80 億美元的一級供應商合作，由於他們正在訂購其他產品線等，他們可以要求降低零件的溢價，我們將很難被擊敗。

Cool. Great. That's good to understand, a little bit further. And then the other thing, on the the other side, I'm just curious, have you guys ever guided to a timing from ramp of the Apollo B shipments today to any commercialization with personal auto models in the future and what the materiality would be that you're expecting on like a timing basis?

涼爽的。偉大的。這樣理解就好了，再進一步。然後另一件事，另一方面，我很好奇，你們有沒有指導過從今天阿波羅 B 號出貨量增加到未來個人汽車模型商業化的時間，以及你對時間安排的重要性的預期是什麼？

Yeah. We haven't given out long-term guidance typically. So you know, I think that's something to stay tuned on. So I don't think we're prepared to go into that right now.

是的。我們通常不會給予長期指導。所以你知道，我認為這是值得繼續關注的事情。所以我認為我們現在還沒有準備好討論這個問題。

I think what I can say is the automotive development cycle is once there's a contract awarded it two to three years.

我認為，汽車開發週期是一旦簽訂合同，就需要兩到三年。

Okay. Great. Alright. Thank you for taking my questions. And congrats on your quarter.

好的。偉大的。好吧。感謝您回答我的問題。恭喜您取得本季的優異成績。

Thanks for joining us, Jesse. Take care.

感謝您加入我們，傑西。小心。

And that concludes our Q&A session for today. I will now turn the call over back to AEye CEO, Matt Fisch. Please go ahead.

今天的問答環節到此結束。現在我將把電話轉回給 AEye 執行長 Matt Fisch。請繼續。

Great. Thank you, operator. Thank you all again for joining our call today. We look forward to providing further updates on our progress in our first quarter call. Have a great day. Thank you.

偉大的。謝謝您，接線生。再次感謝大家今天參加我們的電話會議。我們期待在第一季電話會議上提供有關我們進展的進一步更新。祝你有美好的一天。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may not disconnect. Have a nice day, everyone.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您不能斷開連線。祝大家有愉快的一天。