AEye Inc (LIDR) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the AEye second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加 AEye 2025 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your first speaker, [Jeremy Apple]. Please go ahead.

現在，我想將會議交給第一位演講嘉賓，[Jeremy Apple]。請開始。

Good afternoon and thank you for joining AEye's second-quarter 2025 earnings call. With me today are Matt Fisch, Chief Executive Officer and Chairman; and Conor Tierney, Chief Financial and Business Officer. Earlier today, AEye announced its financial results for the second quarter. A copy of this press release can be found on the Investor Relations section of the company's website.

下午好，感謝您參加 AEye 2025 年第二季財報電話會議。今天與我一同出席的有執行長兼董事長 Matt Fisch 和財務長 Conor Tierney。今天早些時候，AEye 公佈了其第二季的財務表現。此新聞稿的副本可在公司網站的「投資者關係」部分找到。

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, operating results or financial performance, and such 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. We caution you, therefore, against placing undue reliance on any of these forward-looking statements.

在開始之前，我想提醒各位與會者，今天的討論可能包含美國證券法律法規中定義的關於未來事件、經營業績或財務表現的前瞻性陳述。此類前瞻性陳述是基於我們對自身業務、產業和其他情況的當前預期和假設。這些前瞻性陳述受制於難以或無法預測的固有風險、不確定性和情況變化。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。因此，我們提醒您不要過度依賴任何此類前瞻性陳述。

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

您可以在 AEye 不時向美國證券交易委員會提交的報告（包括最新的定期報告）中找到更多關於風險、不確定性和其他因素的資訊。這些聲明僅截至今日，除非法律另有規定，否則無論出現任何新資訊、未來發展或其他情況，AEye 均不打算更新任何前瞻性聲明。

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. You can find reconciliations of these metrics to the most directly comparable GAAP measures within the press release.

此外，我們將在本次電話會議上討論非公認會計準則 (non-GAAP) 財務指標，我們認為這些指標與評估公司財務績效相關。這些指標僅作為補充資訊提供，不應被視為替代根據公認會計準則 (GAAP) 呈現的財務資訊。您可以在新聞稿中找到這些指標與最直接可比較的公認會計準則 (GAAP) 指標的對照表。

Now, I'll pass the call over to Matt.

現在，我將把電話轉給馬特。

Thanks, Jeremy, and thank you all for joining our second quarter 2025 earnings call. It's an exciting time for AEye. Over the past few weeks, we've delivered a wave of new wins that signal an inflection point for our company. First, we were certified as an NVIDIA DRIVE AGX partner and selected for the GM-backed WinTOR project, both of which could open the door to major new commercial channels.

謝謝傑里米，也謝謝大家參加我們2025年第二季財報電話會議。對AEye來說，這是一個令人興奮的時刻。在過去的幾周里，我們取得了一系列新的成就，這標誌著公司迎來了一個轉折點。首先，我們獲得了NVIDIA DRIVE AGX合作夥伴認證，並入選了通用汽車支援的WinTOR項目，這兩項成就都可能為我們打開通往重要新商業管道的大門。

Second, a top global transportation OEM chose Apollo for a critical autonomous safety program, providing us with a potential $30 million opportunity, which we expect to begin contributing to revenue this year.

其次，一家全球頂級交通運輸原始設備製造商選擇 Apollo 來執行一項關鍵的自動駕駛安全計劃，這為我們提供了潛在的 3000 萬美元機會，我們預計這將在今年開始為我們的收入做出貢獻。

And third, we launched OPTIS, our next-generation platform that has now been deployed to multiple customers. OPTIS is a clear proof point of our ability to scale efficiently into a range of high-value markets with its open architecture, AI-driven analytics and adaptability across use cases.

第三，我們推出了下一代平台OPTIS，目前已部署至多家客戶。 OPTIS憑藉其開放式架構、人工智慧驅動的分析能力以及跨用例的適應性，有力地證明了我們能夠有效地擴展到一系列高價值市場。

Our dedicated focus on business development is delivering results. Our sales funnel has grown exponentially, leading to 30 new potentially high-value customer engagements. We signed six revenue-generating contracts and have a clear line of sight into additional orders totaling thousands of units. Further, our supply chain is ready today and our manufacturing line with LITEON is primed to scale production to meet growing customer demand.

我們專注於業務發展，並且取得了豐碩成果。我們的銷售管道呈指數級成長，新增了30個潛在的高價值客戶。我們簽署了六份創收合同，並清楚地規劃著總計數千台的額外訂單。此外，我們的供應鏈現已準備就緒，我們與光寶科技的生產線也已準備好擴大生產規模，以滿足不斷增長的客戶需求。

Now, I'd like to take a moment to share how thrilled we are that Apollo is now officially certified as an NVIDIA DRIVE AGX partner. NVIDIA's DRIVE AGX is positioned to become one of the most widely adopted compute platforms in the automotive industry and certification is viewed by OEMs as a critical validation of Apollo's performance as well as its readiness for integration into OEM vehicle programs. This milestone takes our partnership with NVIDIA to the next level, potentially unlocking new OEM engagements and creating a powerful channel to expand our presence across the automotive market. Most importantly, it paves the way for Apollo's integration into Hyperion, NVIDIA's full stack ADAS platform, which would put AEye at the center of next-generation autonomous driving product development.

現在，我想花點時間分享我們對 Apollo 正式獲得 NVIDIA DRIVE AGX 認證合作夥伴的興奮之情。 NVIDIA 的 DRIVE AGX 預計將成為汽車產業應用最廣泛的運算平台之一，而 OEM 廠商認為該認證是對 Apollo 性能及其融入 OEM 汽車專案準備就緒的關鍵驗證。這一里程碑將我們與 NVIDIA 的合作提升到新的水平，並有望開啟新的 OEM 合作，並創造一個強大的管道來拓展我們在汽車市場的影響力。最重要的是，它為 Apollo 與 NVIDIA 的全端式 ADAS 平台 Hyperion 的整合鋪平了道路，這將使 AEye 成為下一代自動駕駛產品開發的核心。

I'm excited to announce that this milestone has also helped us to take a significant step forward in our engagement with a top five global OEM. As a next-generation LiDAR sensor, Apollo is also leading the charge to break through one of the toughest barriers to full autonomy, performance in adverse weather. In June, we were selected as the LiDAR partner for WinTOR, a GM-sponsored project led by the University of Toronto that is focused on enabling safe and effective autonomous driving in rain and snow. This is a strong endorsement of AEye's leadership in expanding the reach of autonomy beyond the Sunbelt region.

我很高興地宣布，這項里程碑也幫助我們在與全球五大汽車廠商的合作中邁出了重要一步。作為下一代光達感測器，Apollo 正引領突破全面自動駕駛面臨的最嚴峻障礙之一——惡劣天氣下的性能。今年 6 月，我們被選為 WinTOR 的雷射雷達合作夥伴。 WinTOR 是由通用汽車贊助、多倫多大學領導的項目，致力於在雨雪天氣下實現安全有效的自動駕駛。這有力地證明了 AEye 在拓展陽光地帶以外自動駕駛領域的領導地位。

Our involvement with WinTOR supports AEye's position as a leader in defining future OEM ADAS specifications, creating the potential for a significant sourcing advantage for future OEM programs. As you may recall, we began shipping Apollo B samples last quarter. And since then, we spent much of the summer showcasing Apollo in live test drives with top automotive OEMs across the US and Europe. The response from OEMs cemented Apollo's clear differentiation and unique ability to fit within existing vehicle packaging, which we believe is a key enabler to broader LiDAR adoption across vehicle lines that will in turn unlock industry-leading scale for our company.

我們與 WinTOR 的合作鞏固了 AEye 在定義未來 OEM ADAS 規範方面的領先地位，並為未來的 OEM 專案創造了巨大的採購優勢。您可能還記得，我們​​在上個季度開始交付 Apollo B 樣品。從那時起，我們整個夏天都在與美國和歐洲的頂級汽車 OEM 進行現場試駕，展示 Apollo。 OEM 的積極回應鞏固了 Apollo 的顯著差異化優勢以及與現有車輛封裝相兼容的獨特能力，我們相信，這是推動 LiDAR 在各車型中更廣泛應用的關鍵因素，進而將幫助我們公司實現行業領先的規模化。

Beyond the automotive market, we are deploying Apollo with a growing number of customers around the globe, including China and in markets spanning intelligent transportation systems, security, defense, rail and aviation. We are winning in these verticals due to Apollo's unparalleled 1-kilometer high-resolution detection capability and incredibly competitive product cost. Furthermore, Apollo's SmartScan software-defined architecture enables us to rapidly adapt our single sensor hardware to many use cases. Our customers and software partners love the resulting speed and low deployment cost, generating scale for AI that we believe will be unmatched in the industry.

除了汽車市場，我們正在與包括中國在內的全球越來越多的客戶部署 Apollo，並涉足智慧交通系統、安防、國防、鐵路和航空等市場。憑藉 Apollo 無與倫比的 1 公里高解析度探測能力和極具競爭力的產品成本，我們在這些垂直領域取得了成功。此外，Apollo 的 SmartScan 軟體定義架構使我們能夠快速將單一感測器硬體適配到眾多用例中。我們的客戶和軟體合作夥伴對其速度和低部署成本讚不絕口，我們相信這將為 AI 帶來業界無與倫比的規模化發展。

To keep pace with growing customer demand, we've also opened our platform to third parties, which allows us to collaborate with the global AI developer community. By combining Apollo's advanced sensing with the power of AI analytics and decision-making, we are now delivering end-to-end integrated turnkey solutions to our customers, which should enable them to reduce bottlenecks and rapidly unlock new revenue streams. These third-party collaborations have also led to the formation of a global innovation network that culminated in the development of OPTIS.

為了滿足不斷增長的客戶需求，我們也向第三方開放了我們的平台，這使我們能夠與全球人工智慧開發者社群合作。透過將 Apollo 的先進感測技術與人工智慧分析和決策能力相結合，我們現在可以為客戶提供端到端的整合式交鑰匙解決方案，這將有助於他們減少瓶頸並快速開拓新的收入來源。這些第三方合作也促成了全球創新網絡的形成，並最終促成了 OPTIS 的誕生。

OPTIS is a full stack flexible LiDAR solution that enables intelligent decision-making in complex and often hazardous environments. Powered by the world's most ubiquitous AI platform, NVIDIA's Jetson Orin, OPTIS couples open architecture and low-friction integration with a broad set of third-party AI sensing, analytics and decision-making software to deliver unique solutions that meet our customers' needs. We are proud that we were able to achieve all of this while operating within AEye's capital-light financial strategy, which allows us to maintain the lowest cost envelope in the industry while driving tremendous scale. We recently secured contracts for multiple OPTIS deployments in the markets I just mentioned with high confidence path to several more wins this year.

OPTIS 是一款靈活的全端雷射雷達解決方案，能夠在複雜且通常危險的環境中實現智慧決策。 OPTIS 搭載全球最普及的 AI 平台——NVIDIA Jetson Orin，將開放式架構和低摩擦整合與廣泛的第三方 AI 感測、分析和決策軟體相結合，提供滿足客戶需求的獨特解決方案。我們很自豪能夠在 AEye 輕資本的財務策略下實現所有這些目標，這使我們能夠在實現巨大規模的同時保持業內最低的成本。我們最近在剛才提到的市場中獲得了多個 OPTIS 部署合同，並充滿信心地希望今年能贏得更多合約。

AEye has definitively transitioned from product development into active sales and deployment. We're seeing strong market validation through a surge in customer engagement, growing product shipments and a major win with a leading global transportation OEM. Perhaps most importantly, AEye is emerging as the clear leader in next-generation LiDAR and is poised for broader customer deployments in the automotive industry as well as other verticals at the forefront of physical AI.

AEye 已徹底從產品開發轉型為積極的銷售和部署。客戶參與度的激增、產品出貨量的不斷增長以及與一家全球領先的交通運輸 OEM 達成的重大合作，都證明了其強大的市場認可度。或許最重要的是，AEye 正在成為下一代雷射雷達領域的領導企業，並有望在汽車行業以及其他物理 AI 前沿垂直領域獲得更廣泛的客戶部署。

Our leadership is reinforced by elevated relationships with industry giants such as NVIDIA as well as through Apollo selection for the GM-sponsored WinTOR project, which is forging new frontiers in autonomous driving. And with the launch of OPTIS, we're extending our reach into physical AI and intelligent systems. The momentum is real, and we look forward to sharing updates on OPTIS deployments and new customer wins in the quarters ahead.

我們與 NVIDIA 等行業巨頭的密切合作，以及通用汽車贊助的 WinTOR 項目入選阿波羅計劃，進一步鞏固了我們的領導地位。 WinTOR 計畫正在開拓自動駕駛領域的新領域。隨著 OPTIS 的推出，我們將業務範圍拓展到實體 AI 和智慧系統領域。這一發展勢頭強勁，我們期待在未來幾季分享 OPTIS 部署和新客戶進展的最新情況。

I'll now turn the call over to Conor to review our financial performance.

現在我將把電話轉給康納來審查我們的財務表現。

Thanks, Matt. I'll start by addressing the commercial momentum we've achieved this quarter. As Matt mentioned, this quarter marks a clear inflection point in our shift towards sustained revenue generation. Apollo's unmatched range, resolution and adaptability are driving increased customer engagements and contract wins across a diverse set of global markets. We believe that Apollo is the only long-range solution capable of behind the windshield deployment, further extending our competitive edge.

謝謝，馬特。首先我想談談我們本季取得的商業發展動能。正如馬特所說，本季標誌著我們向持續創收轉型的明顯轉折點。阿波羅無與倫比的覆蓋範圍、解析度和適應性正在推動全球各個市場的客戶參與度和合約簽訂率的提升。我們相信，阿波羅是唯一能夠部署在擋風玻璃後的遠端解決方案，這將進一步提升我們的競爭優勢。

While our roots are in automotive, Apollo's versatility is rapidly unlocking opportunities in new verticals. We're seeing strong traction in defense, smart infrastructure, rail, trucking, aviation and security, each presenting challenges that our technology is uniquely positioned to solve. This flexibility is a key differentiator, enabling us to quickly scale across industries and geographies.

雖然我們紮根於汽車產業，但 Apollo 的多功能性正在迅速釋放新垂直領域的機會。我們看到國防、智慧基礎設施、鐵路、卡車運輸、航空和安全等領域都呈現出強勁成長勢頭，而這些領域都面臨著我們技術獨有的優勢，可以有效應對這些挑戰。這種靈活性是我們的關鍵優勢，使我們能夠快速擴展業務，涵蓋各個行業和地區。

Advancing our partnership with NVIDIA is another major milestone. By integrating with their DRIVE AGX ecosystem, we're opening the door to OEM collaborations at scale, accelerating our path to commercialization and expanding our reach into embedded platforms.

推動與NVIDIA的合作是我們又一個重要的里程碑。透過與NVIDIA的DRIVE AGX生態系統集成，我們開啟了與OEM廠商的大規模合作，加速了我們的商業化進程，並拓展了我們在嵌入式平台的影響力。

Finally, with the launch of OPTIS, we're moving beyond sensing to deliver actionable intelligence to our customers. OPTIS opens our platform to software partners, allowing them to build tailored AI solutions that extend our technology into new use cases, enhance our ecosystem and grow our market opportunity.

最後，隨著 OPTIS 的推出，我們將超越感知領域，為客戶提供實際的智慧解決方案。 OPTIS 向軟體合作夥伴開放我們的平台，使他們能夠建立客製化的人工智慧解決方案，將我們的技術擴展到新的用例，增強我們的生態系統，並拓展我們的市場機會。

I'm pleased to report that our pipeline is stronger than ever with over 100 potential customers actively engaged and 30 of those already in advanced negotiations, as Matt mentioned. This momentum is translating into real results. We tripled our contract wins this quarter, growing from two to six and have visibility to nonautomotive orders totaling thousands of units, driven by strong customer engagement and POCs already underway.

我很高興地報告，我們的銷售管道比以往任何時候都更加強大，正如Matt所提到的，超過100位潛在客戶正在積極參與，其中30位已進入高級談判階段。這種勢頭正在轉化為實際成果。本季度，我們的合約簽訂數量增加了兩倍，從2份增加到6份，且非汽車領域的訂單已達到數千台，這得益於強大的客戶參與度和正在進行的POC。

The strength of our pipeline, combined with a proven manufacturing partnership gives us confidence in our ability to quickly scale with rising demand. While top line revenue growth may remain modest through the rest of the year, we are delivering what truly matters at this stage, accelerating the pace of new customer engagements and widening the breadth of our use cases.

我們強大的產品線，加上久經考驗的製造合作夥伴關係，讓我們有信心隨著需求的成長而快速擴張。雖然今年剩餘時間營收成長可能仍將保持溫和，但我們正在實現當前真正重要的事情，加快新客戶互動的速度，並拓展我們的用例範圍。

We'd like to note that many of our customer contracts begin with smaller initial scopes as we co-develop tailored solutions for their unique needs. While this early phase takes time, it lays the groundwork for larger follow-on orders as customers see results and look to scale adoption. We're incredibly energized by the road ahead. The diversity of industries we're entering from automotive and defense to smart infrastructure, aviation and beyond underscores the transformative potential of our technology. This is just the beginning.

我們想指出的是，許多客戶合約都是從最初的小規模開始的，因為我們會根據他們的獨特需求共同開發客製化的解決方案。雖然這個早期階段需要時間，但它為更大的後續訂單奠定了基礎，因為客戶看到了成果並希望擴大採用。我們對未來充滿信心。我們涉足的產業非常多樣化，從汽車、國防到智慧基礎設施、航空等等，都凸顯了我們技術的變革潛力。這只是個開始。

I'll now move on to slide 7 to address our cash burn and capital-light model. Excluding net financing proceeds, second quarter cash burn decreased by approximately $1 million to $7.1 million. We reduced our quarterly cash burn rate despite several onetime expenses, including a $1.4 million lease settlement from exiting an unfavorable agreement, effectively mitigating $6.4 million in potential cash liability.

現在，我將轉到第7張投影片，討論我們的現金消耗和輕資本模式。扣除淨融資收益，第二季現金消耗減少了約100萬美元，降至710萬美元。儘管出現了幾項一次性支出，包括因退出一項不利協議而支付的140萬美元租賃和解金，但我們仍然降低了季度現金消耗率，有效減少了640萬美元的潛在現金負債。

Our capital-light model is at the core of our growth strategy, enabling us to scale through building partnerships instead of making costly investments in infrastructure like manufacturing and software development. As you can see on this slide, our disciplined approach results in significantly lower operating expenses compared to peers, giving us a clear advantage in capital efficiency as we grow our business.

我們的輕資本模式是我們成長策略的核心，使我們能夠透過建立合作夥伴關係來擴大規模，而無需在製造和軟體開發等基礎設施上進行昂貴的投資。正如您在這張投影片中所看到的，我們嚴謹的營運方法使我們的營運費用顯著低於同行，這讓我們在業務成長過程中擁有明顯的資本效率優勢。

Now, turning to our second quarter financial results on slide 8. Second quarter GAAP operating expenses were $8.6 million, up from $6.8 million in the first quarter of 2025. This was primarily due to the favorable adjustment recorded in the prior quarter related to the lease settlement and higher engineering, business development and personnel costs which were partially offset by lower stock-based compensation expense.

現在，我們來看看投影片 8 上的第二季財務表現。第二季 GAAP 營運費用為 860 萬美元，高於 2025 年第一季的 680 萬美元。這主要是由於上一季記錄的與租賃結算以及更高的工程、業務開發和人員成本相關的有利調整，但股票薪酬費用的降低部分抵消了這一影響。

Second quarter non-GAAP operating expenses were $6.8 million, an increase of $1.2 million compared to the prior quarter. We reported a GAAP net loss of $9.3 million or $0.48 per share in the second quarter, an increase of $1.3 million compared to a GAAP net loss of $8 million or $0.46 per share in the first quarter of 2025. The increase was primarily due to the operating expense increases discussed above, partially offset by lower financing costs.

第二季非公認會計準則營運費用為 680 萬美元，較上一季增加 120 萬美元。我們報告第二季 GAAP 淨虧損為 930 萬美元，即每股 0.48 美元，較 2025 年第一季 800 萬美元（即每股 0.46 美元）的 GAAP 淨虧損增加 130 萬美元。此成長主要歸因於上述營運費用的增加，但部分被融資成本的降低所抵銷。

On a non-GAAP basis, our net loss was $6.7 million or $0.35 per share in the second quarter compared to a non-GAAP net loss of $5.5 million or $0.31 per share in the prior quarter, driven primarily by the increases in personnel, engineering and business development expenses. Net cash used for operating activities decreased to $6.4 million in the second quarter from $7.8 million in the first quarter of 2025. We ended the quarter with cash, cash equivalents and marketable securities of $19.2 million. Since quarter end, we've more than tripled this balance, extending our cash runway into 2027.

以非公認會計準則 (Non-GAAP) 計算，我們第二季的淨虧損為 670 萬美元，即每股 0.35 美元，而上一季的非公認會計準則淨虧損為 550 萬美元，即每股 0.31 美元，這主要歸因於人員、工程和業務發展費用的增加。用於經營活動的淨現金從 2025 年第一季的 780 萬美元降至第二季的 640 萬美元。截至本季末，我們持有的現金、現金等價物及有價證券總額為 1,920 萬美元。自季度末以來，我們的餘額已增加了兩倍多，將我們的現金儲備延長至 2027 年。

Our total potential liquidity, which includes cash on hand and our ELOC and ATM facilities is now approximately $126 million. As we look ahead to the next phase of growth, driven by increasing customer demand and continued pipeline expansion, our top priority is to ensure we have the resources to scale while also maintaining a disciplined approach to capital allocation. With that in mind, we took steps recently to further solidify our liquidity position and to provide us with the operating capital needed to execute our production plans and strategic priorities.

我們的潛在流動資金總額（包括庫存現金、ELOC 和 ATM 設施）目前約為 1.26 億美元。展望下一階段的成長，在客戶需求成長和產品線持續擴張的推動下，我們的首要任務是確保擁有足夠的資源來擴大規模，同時保持嚴謹的資本配置方法。為此，我們近期採取了措施，進一步鞏固我們的流動資金狀況，並為我們提供執行生產計劃和策略重點所需的營運資金。

Moving on to our cash burn outlook on slide 9. we now expect full year 2025 cash burn to come in at the high end of our previously communicated range of $27 million to $29 million. This updated outlook reflects several key factors: the positive impact of a recent lease settlement, if we continue paying down the convertible note in cash, onetime professional service fees and anticipated investments in product development to support upcoming customer programs. While these are near-term costs, they are aligned with our broader strategy to scale efficiently and position the company for long-term growth. We remain disciplined in our capital allocation and confident in our ability to execute within this revised framework.

繼續討論幻燈片9上的現金消耗展望。我們目前預計2025年全年現金消耗將達到先前公佈的2,700萬美元至2,900萬美元區間的上限。更新後的展望反映了幾個關鍵因素：近期租賃結算的正面影響、我們是否繼續以現金償還可轉換債券、一次性專業服務費以及為支持即將推出的客戶專案而預期的產品開發投資。雖然這些都是短期成本，但它們與我們更廣泛的策略一致，即高效擴張並為公司實現長期成長做好準備。我們將繼續嚴格控制資本配置，並有信心在修訂後的框架內繼續執行。

In summary, we're excited about the progress we're making in translating innovation into commercial wins, delivering truly differentiated products that are gaining real market traction, all while operating with one of the leanest, most efficient cost structures in the industry. Looking ahead, we will remain focused on financial discipline as we efficiently scale our business to meet global demand for advanced LiDAR sensing and drive sustainable long-term growth for our shareholders.

總而言之，我們對在將創新轉化為商業成果方面取得的進展感到興奮，我們推出了真正差異化的產品，這些產品正在獲得真正的市場吸引力，同時我們擁有業內最精簡、最高效的成本結構之一。展望未來，我們將繼續專注於財務紀律，高效擴展業務，以滿足全球對先進雷射雷達感測技術的需求，並為股東推動可持續的長期成長。

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

說完這些，我將把它交還給馬特來完成這件事。

Thanks, Conor. In closing, we're incredibly proud of the breakthroughs the AI team has made so far in 2025. Our technology is proving itself in the field, and our entire team is excited and aligned around our path forward. We look forward to building on our momentum and sharing updates on our continued progress in the quarters ahead. We will now open the call for questions.

謝謝，Conor。最後，我們對人工智慧團隊在2025年迄今的突破感到無比自豪。我們的技術正在該領域得到驗證，我們整個團隊都充滿期待，並朝著未來發展的方向齊心協力。我們期待在未來幾季繼續保持良好勢頭，並分享我們持續進展的最新進展。現在開始提問環節。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

（操作員指示）Poe Fratt，Alliance Global Partners。

Really solid progress. Would you tell me more about the NVIDIA integration?

進展確實很紮實。能詳細介紹一下 NVIDIA 整合嗎？

Sure. P, thanks for joining us this quarter. I'm happy. This is Matt. I'll take that one. Just a couple of key points here. First of all, if you go to NVIDIA's website today, their developer website for NVIDIA DRIVE, you'll see that AEye Apollo LiDAR is at the top of the list when it comes to performance, that's detection range and resolution.

當然。 P，感謝您本季加入我們。我很高興。我是 Matt，我接了。這裡只有幾個重點。首先，如果您今天造訪 NVIDIA 的網站，也就是他們的 NVIDIA DRIVE 開發者網站，您會發現 AEye Apollo LiDAR 在效能方面名列前茅，也就是探測範圍和解析度。

And one of the things that this really does -- look, NVIDIA has been great at defining objective standards and benchmarks for various things out there in the world of autonomous driving, and they're certainly doing that for LiDAR. We're happy to see we've risen to the top of that list in terms of capability. And it makes the conversation with OEMs, for example, very simple because now we have that objective stamp of approval that, wow, this device really performs and it's mature and it's ready for integration.

這其中最重要的一點是——NVIDIA 一直非常擅長為自動駕駛領域的各種事物製定客觀標準和基準，而他們也確實在 LiDAR 領域做到了這一點。我們很高興看到我們在能力方面已經名列前茅。這使得與原始設備製造商（OEM）的對話變得非常簡單，因為現在我們獲得了客觀的認可，哇，這款設備性能確實出色，而且已經成熟，可以集成了。

I think the second piece that's really important about this partnership is, look, we have a special status here now with NVIDIA, and it's not just about being included in the ecosystem that has that credibility. But now we have support from their sales and marketing channels. This accelerates our conversation and expands our conversation to a greater pool of OEMs. It paves the path internally inside NVIDIA for direct integration of our sensor into their Hyperion platform. That's the brain behind the autonomous driving and really gets us connected through proactive resource assignment from NVIDIA.

我認為此次合作真正重要的第二個面向是，我們現在在NVIDIA這裡享有特殊的地位，這不僅是因為我們被納入了擁有良好信譽的生態系統。而且，我們現在得到了他們銷售和行銷管道的支持。這加速了我們的對話，並將我們的對話擴展到了更多的OEM廠商。這在NVIDIA內部為將我們的感測器直接整合到他們的Hyperion平台鋪平了道路。 Hyperion平台是自動駕駛背後的大腦，它透過NVIDIA的主動資源分配真正將我們連接起來。

By the way, we also mentioned on the call about OPTIS because we are integrated into that NVIDIA ecosystem, we're also getting that same world-class support from marketing and sales channels from NVIDIA outside of the automotive space.

順便說一句，我們在電話會議上也提到了 OPTIS，因為我們已經融入了 NVIDIA 生態系統，我們也從 NVIDIA 在汽車領域之外的行銷和銷售管道獲得了同樣世界一流的支援。

That's great. Because you sort of answered the second question I had is, could you give us a little more details on OPTIS? And how does it fit into your broader strategy? And if there's any color you could add there, that would be helpful, Matt.

太好了。因為你回答了我的第二個問題：能否詳細介紹一下 OPTIS？它與你們的整體戰略如何契合？馬特，如果你能補充一些細節，那就太好了。

Sure. I'm happy to do that. Look, as we hinted at during the last call, automotive is doing its thing and taking a bit of time, at least in the Western part of the world. And we felt that due to the strong demand that we had for Apollo and its applicability outside of the automotive space that we're driving more aggressively outside of automotive today due to the fact that Apollo is a great fit, okay? So think about this as automotive is ramping up more slowly, we're filling in the short term with a pretty aggressive ramp of nonautomotive business.

當然，我很樂意這麼做。你看，正如我們在上次電話會議中所暗示的那樣，汽車產業正在蓬勃發展，至少在西方國家是這樣，需要一些時間。我們認為，由於對阿波羅的需求強勁，以及它在汽車領域之外的適用性，我們今天在汽車領域之外的佈局會更加積極，因為阿波羅非常適合我們，對吧？所以想想看，由於汽車產業的成長速度較慢，我們正在短期內以相當積極的方式拓展非汽車業務。

Now, in order to hunt appropriately in the nonautomotive space, you need to provide what I'm going to call a complete solution. It's not just the sensor, but the sensor and the thinking and the brain parts, okay? And OPTIS is about the combination of those two things. And it brings those two things together in such a way that look, we're doing something that we believe is very unique here, which is opening OPTIS and opening the platform to a host of third-party developers. The integration with NVIDIA is helping us to do that because people know the platform, they feel comfortable, developers feel comfortable integrating their software on top of NVIDIA. So this is driving tremendous scale, right?

現在，為了在非汽車領域進行有效搜索，你需要提供我稱之為「完整解決方案」的東西。它不僅僅是感測器，而是感測器、思維和大腦部分，懂嗎？ OPTIS 就是將這兩者結合在一起。它以一種我們認為非常獨特的方式將兩者結合在一起，那就是向眾多第三方開發者開放 OPTIS 和平台。與 NVIDIA 的整合有助於我們做到這一點，因為人們了解這個平台，他們感到舒適，開發者也樂於將他們的軟體整合到 NVIDIA 平台上。所以，這正在推動巨大的規模化，對嗎？

So we have this complete solution that's necessary to hunt, which is necessary to ramp our revenue and our business more aggressively in the short term. And then we're taking a very unique approach to this where we have basically a global network of developers that are allowing us to deploy OPTIS in different parts of the world at a very, very favorable investment cost for us. So we are in the market with OPTIS today. So this is just not -- we're not talking about a future product, but a product that's here today and is already deployed in multiple parts of the world because of this very fast scaling capability that's afforded by our global networks of developers.

因此，我們擁有一套完整的解決方案，這對於在短期內更積極地提升我們的收入和業務至關重要。此外，我們採取了一種非常獨特的方法，即擁有一個全球開發者網絡，使我們能夠以非常優惠的投資成本在世界各地部署 OPTIS。因此，我們今天就憑藉 OPTIS 進入了市場。因此，我們談論的不僅僅是未來的產品，而是一款如今就已存在的產品，並且由於我們全球開發者網路提供的快速擴展能力，它已經在世界多個地區部署。

If I may, Matt, if I could ask, could you give us a little more color on your customer pipeline, both on the OEM side and then also on the nonautomotive. You talked about 30 -- over 100 contact points or potential contact points, 30 advanced negotiations. And could you just give us a little more detail on the customer pipeline beyond those sort of two metrics?

馬特，請問您能否詳細介紹一下你們的客戶管道，包括OEM客戶和非汽車客戶。您提到了30到100多個聯絡點或潛在聯絡點，以及30個高階談判點。除了這兩個指標之外，能否再詳細介紹一下客戶管道？

I'm going to turn that one over to Conor.

我要把這個交給康納。

Poe, yes, I'll address this one. So you sort of just alluded to it. We're feeling very confident about the pipeline. And you just got to bear in mind that we really only had a product to sell since February. So the traction that we've made there is amazing.

Poe，是的，我會回答這個問題。你剛才好像提到了這一點。我們對產品線非常有信心。而且你得記住，我們實際上從二月才開始銷售一款產品。所以我們在那裡取得的進展非常驚人。

We've got over 100-plus customers that we're engaged with. 30 of those are in advanced negotiation phase. And then, of course, we've tripled the number of wins from two to six. And I think what we're seeing is really the versatility of Apollo as a sensor, right?

我們已經與100多家客戶接洽，其中30家正處於後期談判階段。當然，我們贏得的客戶數量也從兩家增加了兩倍，達到六家。我認為，我們看到的正是Apollo作為感測器的多功能性，對吧？

So a lot of these opportunities are in a diverse set of industries, right? We talked about it on the script, right? This is everything from defense to aviation to rail, right? There's lots of opportunities that we're pursuing and global opportunities, too. This isn't just restricted to the North American market.

所以很多機會都牽涉到不同的行業，對吧？我們在劇本裡討論過，對吧？從國防到航空到鐵路，無所不包，對吧？我們正在尋求很多機會，也包括全球機會。這不僅限於北美市場。

These are opportunities in Asia and Europe. And I think what really gives us a distinct advantage is the performance of the sensor itself. It's a high-performance system, right? And part of the reason for that is it's 1550 nanometer, so that gives you more power. With more power, you got more range, you got more resolution.

這些是亞洲和歐洲的機會。我認為真正賦予我們獨特優勢的是感測器本身的性能。這是一個高性能係統，對吧？部分原因是它的波長為1550奈米，因此功率更大。功率越大，探測範圍越大，解析度也越高。

And then I think the other thing to take into consideration is the software definability, reconfigurability of the sensor, right? So we can optimize the sensor for the end customer's use case. If they want to optimize for range, we can optimize for range. If they want to optimize for resolution, we can optimize for resolution. And that's why we talked about it earlier, that initial phase where we're working with the customer and we're exploring that initial use case is critical. And that's where we spend some time, and it's a very hands-on phase. And so we're working through those deployments right now.

然後，我認為另一件需要考慮的事情是感測器的軟體可定義性和可重構性，對吧？這樣我們就可以根據最終客戶的用例來優化感測器。如果他們想優化範圍，我們也可以優化範圍。如果他們想優化分辨率，我們也可以優化分辨率。這就是我們之前談到的，初始階段至關重要，我們與客戶合作，探索初始用例。我們會在這個階段投入一些時間，這是一個非常實際的階段。我們現在正在進行這些部署。

I think the other thing that gives us an advantage there is just the design of the system. We have a bistatic system with a separate transmit receiver, and that really allows us to see far, but also to see with a high degree of precision. So you take all those things, you take the performance and then you match that with a very competitive price point. we have a distinct advantage in the marketplace, and we're seeing that. Customers are energized, engaged to work with us.

我認為另一個讓我們佔優勢的因素是系統的設計。我們擁有一個雙基地系統，配備獨立的發射接收器，不僅讓我們能夠看得更遠，還能實現高精度觀測。所以，我們不僅擁有所有這些優勢，還擁有卓越的性能，價格極具競爭力。我們在市場上擁有獨特的優勢，而且我們也看到了這一點。客戶都充滿活力，願意與我們合作。

And now we're bringing OPTIS to the market. So we're expanding our portfolio, right? We're using NVIDIA to power the system and also opening it up to developers to enhance the functionality so we can offer more to the end customers. So all in all, very excited about the potential here, and this is just the beginning.

現在，我們將 OPTIS 推向市場。也就是說，我們正在擴展我們的產品組合，對吧？我們利用 NVIDIA 為系統提供支持，同時也向開發者開放，以增強其功能，從而為最終客戶提供更多服務。總而言之，我們對 OPTIS 的潛力感到非常興奮，而這只是個開始。

I just wanted to add one other point to that. One of the things you see happening in the market that is in particular on the LiDAR side is a lot of what I'll call variants, hardware variants of products that are coming out in order to optimize for these particular markets. We don't need to do that.

我只想補充一點。你會看到，尤其是在光達市場，很多產品為了針對特定市場進行最佳化，推出了各種硬體版本。我們不需要這樣做。

We drop in a software upgrade, and we have a configuration of Apollo that's optimized for a particular use case. So in that case, we're a lot faster and our capital expenditure is a lot lower when you're just talking about a software upgrade versus having to build and release and announce a new hardware version of your product.

我們引入了軟體升級，並且我們擁有針對特定用例最佳化的 Apollo 配置。因此，相比建構、發布和發布新硬體版本的產品，我們只需進行軟體升級，速度就會更快，資本支出也會更低。

Scott Buck, H.C. Wainwright & Co.

巴克（Scott Buck），H.C. Wainwright & Co.

Matt, I'm curious, the $30 million opportunity with the transportation OEM, are there additional deliverables? Or is there anything the customer is waiting on you guys for between now and the end of the year? Or are you on their time line at this point?

馬特，我很好奇，與交通運輸OEM廠商合作的3000萬美元機會，還有其他可交付成果嗎？或者從現在到年底，客戶還有什麼需要你們完成的嗎？或者說，你們目前已經在他們的時間表上了嗎？

Scott, I think the simple answer is we're on the time line, right? This is with many larger deployments. It takes time to take the sensor to integrate it and ramp that deployment across -- repeatedly across a growing fleet of vehicles. So it's happening right now. We're on the customer time line.

史考特，我想簡單的答案是，我們正按計劃進行，對吧？這涉及到許多更大規模的部署。將感測器整合到一起，並在不斷增長的車隊中反覆部署，這需要時間。所以現在就在進行中。我們正依照客戶的時間軸進行。

In fact, we're on the ground today doing that integration and deployment. We'll be ready to talk about a bit more details on that particular OEM contract here in the coming weeks. But right now, it's live. We have people on the ground and it's ramping today.

事實上，我們目前正在實地進行整合和部署。我們將在未來幾週內準備好討論關於該特定OEM合約的更多細節。目前，它仍在進行中。我們已派人駐紮在當地，目前正在加緊推進。

Perfect. That's helpful. And then on the tripling of the new business wins from two to six, can you give any kind of incremental color on those additional four, maybe size them versus the initial two or give us a little more info on what industry they're in? Or any kind of additional color would be helpful, I suppose.

太好了。這很有幫助。那麼，關於新業務從兩家增加到六家，您能否對這新增的四家公司進行一些補充說明，例如與最初的兩家公司相比，它們的規模如何，或者能不能多提供一些它們所屬行業的資訊？或者，我想，任何補充說明都會有所幫助。

You got that one, Conor.

你成功了，康納。

Yes. So I'll start with the industry first. We're seeing a lot of traction in the smart infrastructure space. And I think that's because of the performance of the sensor itself, right? We've got a wide field of view, but also we can see long range as well.

是的。我先從行業說起。我們看到智慧基礎設施領域發展勢頭強勁。我認為這是因為感測器本身的性能，對吧？我們不僅擁有廣闊的視野，還能實現遠距離探測。

So that definitely seems to be an area where we're playing quite well in. We are seeing opportunities beyond that in the security side, also in the defense sector as well. It's difficult to talk about specific volumes at this point just because we have confidentiality agreements in place with those customers. But what I do say -- what I can say is we see line of sight to thousands of orders. And obviously, as I mentioned, there's a ramping phase there.

所以這肯定是我們表現相當不錯的領域。我們在安全領域以及國防領域也看到了更多機會。由於我們與這些客戶簽訂了保密協議，目前很難透露具體數量。但我可以肯定的是，我們預計會有數千份訂單。而且顯然，正如我之前提到的，目前我們正處於成長階段。

Right now, we're focused on building the solution for those customers. And then over time, we start deploying that solution out on the field. And then we expect to see things ramp up probably over the next 6 to 12 months.

目前，我們專注於為這些客戶建立解決方案。之後，我們會逐步在實際應用中部署該解決方案。我們預計未來6到12個月內，業務將逐步提升。

Great. That's exciting. One more. Sales and marketing expense stepped up this quarter. Could you give us a little information on maybe where those incremental dollars are being spent? And how we should think about sales and marketing expenses here moving forward?

太好了，真讓人興奮。還有一點。本季銷售和行銷費用有所增加。您能否介紹一下這些新增資金的用途？以及我們未來應該如何規劃銷售和行銷費用？

Look, obviously, we live and breathe this light capital business model, and we talked about it quite a lot. So a lot of that spend isn't incremental spend. It's just reallocation, reallocating dollars from G&A and from R&D.

顯然，我們秉持著輕資本商業模式，並且對此進行了多次討論。因此，許多支出並非增量支出。只是重新分配，從一般行政管理（G&A）和研發（R&D）中重新分配資金。

And so this is like [FTE] tie on some of these deployments, some of my time on the biz dev side. So really, it's just a reallocation, I would say, of expenses from the G&A bucket and R&D buckets. There is a little bit of incremental spend there, but not a whole lot.

所以這就像是[FTE]綁定了一些部署，佔據了我一些在業務開發方面的時間。所以實際上，這只是對一般行政費用和研發費用的重新分配。這方面確實有一些增量支出，但不會太多。

Glenn Mattson, Ladenburg Thalmann & Co.

格倫·馬特森（Glenn Mattson），拉登堡·塔爾曼公司（Ladenburg Thalmann & Co.）

Congrats on all the progress, lately. So just building on -- a lot of my questions have been asked already, but building on some of the stuff that was just talked about, pipeline, that 100 actively engaged customer set, that's growing nicely.

恭喜你最近的所有進展。所以，只是在此基礎上——我的許多問題已經被問過了，但基於剛才談到的一些內容，管道，以及那100個積極參與的客戶群，都在穩步增長。

Can you have a sense that you've hit an inflection point in terms of momentum where you're going to start closing multiple deals a quarter kind of like you did this quarter? Just maybe a little bit more about the maturity of that pipeline of those 100 customers. And is there any of them that are like outsized contracts that could be similar to the $30 million one you announced last quarter?

您是否感覺到，你們的勢頭已經達到了一個轉折點，每個季度都會像本季一樣達成多筆交易？或許可以再多說一下這100家客戶的成熟度。其中是否有一些合約規模龐大，可能類似於你們上季宣布的3000萬美元合約？

Do you want me to take that one, Matt?

你想讓我拿那個嗎，馬特？

Sounds great, Conor, why don't you get us started.

聽起來不錯，康納，為什麼不讓我們開始呢？

I'll let you chime in if you want to add some color, too. So what I would say, we have 100, 30 of those are in the advanced negotiation stage. So I think there's definitely an opportunity to move those 30 into wins. And at this point, we're in advanced technical conversations with these customers. We're on-site doing demos.

如果您想補充一些細節，請隨時提出。我想說的是，我們有100個客戶，其中30個處於高階談判階段。所以我認為我們絕對有機會讓這30個客戶最終達成交易。目前，我們正在與這些客戶進行深入的技術對話。我們正在現場進行演示。

And like I said earlier, it's basically a vast array of industries that we're targeting, right? It's not just one industry. That said, we're seeing a lot of pull on the smart infrastructure side, and that definitely seems to be an easier lift for us. But that said, there's opportunities on the aviation side that we're pursuing, defense, security, rail, you name it. And like I said earlier, that goes back to the versatility of the sensor.

正如我之前所說，我們瞄準的行業範圍很廣，對吧？不只針對一個行業。話雖如此，我們看到智慧基礎設施領域的巨大吸引力，這對我們來說無疑是一個更容易實現的提升。不過，我們也在航空、國防、安防、鐵路等領域尋求機會。正如我之前所說，這又回到了感測器的多功能性。

What I would say is, yes, there are a few opportunities that are similar to that $30 million opportunity that we talked about. But definitely is the opportunity to scale some of these contracts into high-volume awards. What I'm pleased about is, I'll give you one example. We've just started working with the customer, and we worked on a very specific use case, and we're now working on that use case building it out and pretty soon, we'll be deploying it across multiple sites. But as we've been doing that, they've brought an entirely new use case to us.

我想說的是，是的，有一些機會與我們之前談到的那個3000萬美元的機會類似。但絕對有機會將其中一些合約擴大到大批量合約。讓我感到高興的是，我舉個例子給你聽。我們剛開始與客戶合作，我們研究了一個非常具體的用例，現在我們正在對該用例進行擴展，很快就會在多個網站上部署它。但就在我們這樣做的時候，他們為我們帶來了一個全新的用例。

So we're not even done with the initial deployment, and they're also bringing us other work as well. So I think that's an indication that they're pleased with the results. They're pleased with the product that we're obviously delivering. So it's good to see that kind of traction with individual customers.

所以我們甚至還沒有完成初始部署，他們也為我們帶來了其他工作。所以我認為這表明他們對結果很滿意。他們對我們交付的產品很滿意。所以看到對個人客戶的這種吸引力，我們感到很高興。

I'd just add a couple of things to that, just to maybe give some insight to what's happening inside the company right now. So Conor and I run this deal desk where when one of these discussions, the 30, for example, that we talked about early, gets to the point where the customer says, okay, give me a proposal. These are filling up my calendar and Conor's calendar, multiple per week. And if you look at by the numbers and the conversion rate we've seen with the first six, we're definitely going to see more coming in the short term.

我只想補充幾點，或許能讓你了解公司內部目前的狀況。 Conor 和我負責這個交易部門，每當有一次討論，例如我們之前談到的 30 場，客戶就會說，好吧，給我一個方案。這些交易每週都會填滿我和 Conor 的行程表。如果你看看前六場交易的轉換率和數據，你會發現短期內一定會有更多交易。

Great. That's great color. I should know this probably everyone else does but me, but the $30 million opportunity, is that in aggregate? Or is that an annual potential once it gets up and running?

太好了。顏色真好看。我應該知道這一點，除了我之外，其他人可能都知道。但是，3000萬美元的機會，是總計嗎？還是說，這是專案啟動並運行後的年潛力？

Well, I'll take this one. No problem. Probably about -- if you add up those volumes, again, starting this year, we're seeing -- we expect to see revenue come in over the next two to three years. That's the duration of the opportunity. So it's not annual. It's the subtle size, but we expect that to play out over the next two to three years.

好吧，我接受這個。沒問題。大概——如果你把這些交易量加起來，再說一遍，從今年開始，我們預計——未來兩到三年就能看到收入。這是機會的持續時間。所以它不是按年計算的。規模比較小，但我們預期它會在未來兩到三年內顯現出來。

Casey Ryan, WestPark Capital.

凱西·瑞安（Casey Ryan），WestPark Capital。

You guys are using the term physical AI as well. I think we're seeing that across the public company sector. Is that sort of euphemistic or just tell me for framing purposes, does physical AI just mean nonautomotive? Or how do you think about it? Because I think there's a lot of spaces to drill down into that.

你們也用了「物理AI」這個術語。我覺得我們在整個上市公司領域都看到了這種情況。這是一種委婉的說法嗎？或只是為了表達清楚，物理AI就意味著非汽車領域嗎？或者您怎麼看待這個問題？因為我認為這方面有很多可以深入探討的空間。

But in terms of understanding what you're signaling to us and painting as opportunities, it would be helpful to just kind of figure out what you mean by painting things with this physical AI kind of moniker that like a lot of people are using, it seems like.

但是，為了理解您向我們發出的信號和描繪的機會，弄清楚您用這種物理 AI 綽號來描繪事物的含義會很有幫助，似乎很多人都在使用這種綽號。

Right. That's a really good question, and thanks again for joining us this quarter, Casey. I think, look, physical AI loosely put is this artificial intelligence and sensing interacting with the real world, okay? So clearly, autonomous driving is physical in that sense. But we refer to that as autonomous driving automotive, for example.

對。這個問題問得真好，Casey，再次感謝你本季加入我們。我認為，物理人工智慧，廣義來說是指人工智慧和感知技術與現實世界的互動，對吧？所以，顯然，自動駕駛在這個意義上是物理的。但我們稱之為自動駕駛汽車。

So I think for the purposes of our conversation here and interacting with the world, if you will, we're using it most often to refer to interaction outside the scope of autonomous driving.

因此，我認為，就我們在這裡的對話和與世界的互動而言，如果你願意的話，我們最常使用它來指自動駕駛範圍之外的互動。

Okay. Great. Well, that's actually really helpful. So I do want to join -- I am drawn to the sort of OPTIS product and the opportunity there. And I'm curious about two things.

好的。太好了。嗯，這真的很有幫助。所以我確實想加入——我被OPTIS的產品和它帶來的機會所吸引。而且我對兩件事很有興趣。

It feels like there's a lot of incoming as well as maybe some outreach on your part around sort of physical AI opportunities. Is NVIDIA specifically helping you with that? Or has something happened where maybe the market has shifted, consumers in defense and security and all these things have suddenly realized that they need LiDAR at a much bigger scale. What has sort of happened to sort of create what feels like a lot more activity around the whole space and particularly with you guys, but broadly, it feels like the activity has picked up substantially in 2025.

感覺你們在實體 AI 領域有很多新機會，也有一些拓展。 NVIDIA 在這方面有專門的幫助嗎？或者是不是市場發生了變化，國防、安全等領域的消費者突然意識到他們需要更大規模的 LiDAR。是什麼原因導致整個領域，尤其是你們的領域，出現了更多活躍的跡象？整體而言，感覺 2025 年的活動會大幅增加。

Yes, absolutely. There's been a very strong inflection point. To answer your first question, NVIDIA is definitely very active in the physical AI space as we just described it. Their Jetson Orin project product, for example, NVIDIA has the same kind of marketing channels, business development channels and resources that are dedicated to their physical AI products that includes customer outreach as well as deployment support and promotion and sales. This is a very significant investment that we're seeing on NVIDIA's part and very proactive with us in that space.

是的，絕對是如此。這是一個非常強勁的轉折點。回答你的第一個問題，正如我們剛才提到的，NVIDIA 在實體 AI 領域非常活躍。例如，他們的 Jetson Orin 專案產品，NVIDIA 擁有與其實體 AI 產品相同的行銷管道、業務開發管道和資源，包括客戶拓展、部署支援、推廣和銷售。我們看到 NVIDIA 在這方面投入了非常大，並且在該領域與我們非常積極地合作。

At the same time, we are getting inbound requests and outreach simply from the headline that Apollo is capable of doing high-resolution detection at 1 kilometer that headline has really brought us also a lot of business independently and in fact, was instrumental in the large OEM win that we talked about earlier, the high-value one, that was a matter of connection because nobody else can do the kind of distance that we can. So we're definitely seeing some independent outreach and inbound on our own because -- simply because Apollo's capabilities are unmatched out there.

同時，僅僅因為阿波羅能夠在1公里距離上進行高解析度偵測，我們就收到了大量的入站請求和外部聯絡。這個消息確實為我們帶來了很多獨立業務，事實上，它對我們之前提到的贏得大型OEM廠商的訂單起到了至關重要的作用，那是一個高價值的訂單。這關乎聯繫，因為沒有其他人能夠像我們一樣在1公里距離上進行偵測。所以我們確實看到了一些獨立的外部和入站請求，因為阿波羅的能力是無與倫比的。

Right. Okay. Well, I mean, well, that's terrific. And so kind of my next -- my other question around sort of physical AI and these other new opportunities outside automotive. Do you -- is it a goal of the company?

好的。嗯，我的意思是，這太棒了。我的下一個問題是關於物理人工智慧以及汽車產業以外的其他新機會。這是公司的目標嗎？

Do you think you need like with defense, maybe some kind of defense contractor, right, which is about access and opportunity set to sort of be allowed to bid on things or broader corporate sort of integrators. Does the company want to partner with those people? Are you already partnering with them and not announcing them? Or how do you think about going to market, I guess, with people who have access to these purchasers ultimately?

您認為國防領域需要某種國防承包商嗎？對吧？這意味著需要獲得准入和機會，才能參與競標，或者更廣泛地說，需要企業整合商。公司想和這些人合作嗎？你們已經和他們合作了，只是還沒宣布呢？或者，您如何考慮與最終能夠接觸到這些買家的人一起進入市場？

Yes. If I'm understanding the question correctly, let's just take defense as an example because of the way that the Apollo LiDAR is scanning, we have a unique advantage there, okay? So LiDARs that have spinning mirrors is kind of like a lighthouse. It's broadcasting a beam of light in a circular pattern out there in the universe. And defense is really thinking about that because that's a target in defense language. So Apollo does have some unique abilities because of our ability to randomize scanning, it becomes much less visible than, say, a spinning mirror.

是的。如果我理解正確的話，我們就以防禦為例，由於阿波羅雷射雷達的掃描方式，我們在這方面擁有獨特的優勢，對吧？帶有旋轉鏡面的雷射雷達有點像燈塔，它會向宇宙中發射圓形光束。防禦方會認真考慮這一點，因為在防禦術語中，這是一個目標。因此，阿波羅確實擁有一些獨特的能力，因為我們能夠隨機掃描，所以它比旋轉鏡面之類的東西更難被發現。

So look, if we can take Apollo and through our software-defined model, upgrade it or configure it for that type of application, we're all over it. And that's what I'd say where we're drawing the line right now to maintain our capital-light focus, which allows us to go fast and work on a lot of things at once. We kind of set the boundary of like, okay, can we address this with a software upgrade. And if the answer is yes, chances are, we're going to go for it. And we're incredibly busy just doing that alone. So the answer is yes, we're over.

所以，如果我們能利用阿波羅，並透過我們的軟體定義模型，對其進行升級或配置，使其適用於這類應用，那麼我們就完全可以了。這就是我想說的，我們現在要劃定的界限，以保持我們輕資產的重點，這使我們能夠快速行動，同時處理許多事情。我們設定了一個界限，例如，我們能否透過軟體升級來解決這個問題。如果答案是肯定的，那麼我們很可能會去做。我們自己做這件事就已經非常忙了。所以答案是肯定的，我們已經完全可以了。

Just one thing to add, Casey, I think the point you were getting about -- you talked about integrators. Like what I would say is our go-to-market strategy is adaptable. Sometimes when you're working with DoDs, they want you to go through an integrator, right, because they have those relationships with a set of integrators that they've worked with for 30 or 40 years. And so we are working with integrators.

凱西，我想補充一點，你剛才提到了整合商。我想說的是，我們的市場進入策略是靈活多變的。有時，當你與國防部合作時，他們會希望你透過整合商，因為他們與一些已經合作了三、四十年的整合商建立了良好的關係。所以我們正在與整合商合作。

We have the ability to do that. But we're also chatting with the DoDs directly. And we can do that because of OPTIS, right, because we have a solution that's fully bundled, right, that has all the attributes and components that you need to go to market.

我們有能力做到這一點。但我們也在與國防部直接溝通。我們之所以能做到這一點，是因為OPTIS，因為我們有一個完全捆綁的解決方案，它包含了進入市場所需的所有屬性和組件。

Yes. Well, that's helpful. So both answers from both of you are helpful. And so Conor, on defense, is it similar? I mean, do you guys feel the need to get with an existing defense contractor? Mostly, that's about access, not about functionality, right? It's just about being pulled into opportunities, I guess?

是的。嗯，這很有幫助。所以你們兩個的回答都很有幫助。那麼康納，關於國防，情況相似嗎？我的意思是，你們覺得有必要與現有的國防承包商合作嗎？主要是為了獲得機會，而不是為了功能，對吧？我猜，這只是一個吸引機會的機會。

Yes. I mean, look, obviously, you have the big defense primes. So just landing one of those deals is a tremendous opportunity, right? You don't have to probably worry about volumes ever again. But also, there's also the smaller defense players out there as well that are more receptive to new technologies and emerging technologies.

是的。我的意思是，你看，顯然你擁有大型國防企業。所以，只要達成其中一筆交易就是一個巨大的機會，對吧？你可能再也不用擔心數量了。而且，市場上也有一些規模較小的國防企業，他們對新技術和新興技術的接受度更高。

So there's two angles there. And then there's obviously working directly with the DoDs themselves, and we've done that. We have a number of SBIRs that are in the works with the DoD that we're pushing through. So yes, we have a multipronged approach there.

所以，這裡面有兩個角度。然後，顯然是直接與國防部合作，我們已經這麼做了。我們正在與國防部合作推進一系列小規模創新研究（SBIR）。所以，是的，我們在這方面採取了多管齊下的策略。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Just two quick ones more on the financial side. Conor, you talked about $126 million is sort of your overall liquidity, including cash, your ATM and your ELOC. Can you break that down between those three different buckets right now? Or should we wait until the Q is out?

關於財務方面，我再簡單問兩個問題。 Conor，您剛才說1.26億美元是您的整體流動性，包括現金、ATM機和ELOC（有效流動資金）。現在您能把這筆錢分解到這三個不同的類別嗎？還是說我們應該等到Q公佈後再說？

I would wait for the Q on that one, Poe. What I would say is I can talk to cash specifically because we discussed that in the script. So we finished the quarter with about $19.2 million in cash. And I would say, thanks to the growth capital that we've raised since then, we've been able to more than triple that number.

這個問題，Poe，我會等Q回覆。我想說的是，我可以具體談談現金，因為我們在劇本裡討論過這個問題。所以，我們本季結束時的現金約為1920萬美元。而且我想說，由於我們自那時起籌集的成長資本，我們已經能夠將這個數字翻三倍以上。

But I think the most important thing about that capital that we raised is that, that's really going to help us convert some of those customer opportunities into wins. And like I talked about earlier, right, we need capital to deploy the sensors across multiple sites, and this is going to help us accelerate that and do that. And so that's why I think this is perfect timing for us.

但我認為，我們籌集的資金最重要的一點是，它能真正幫助我們將一些客戶機會轉化為實際成果。正如我之前提到的，我們需要資金在多個站點部署感測器，而這筆資金將幫助我們加速部署。所以我認為這對我們來說是一個絕佳的時機。

We're at an inflection point here. The business is about to scale. So this is going to help us scale even faster. Now, that said, this doesn't mean we're going to change anything in terms of our capital-light strategy. We're still going to do things in a very fiscally prudent and methodical way. So that's not going to change. But we're pleased to be able to take advantage of the market.

我們正處於一個轉折點。業務即將擴張。這將幫助我們更快地擴張。話雖如此，這並不意味著我們會改變輕資本策略。我們仍然會以非常審慎的財務和有條不紊的方式開展業務。所以這一點不會改變。但我們很高興能夠利用這個市場。

Okay. And then maybe on the contract pipeline, backtrack on that. You talked about -- you got the $30 million OEM contract. I thought I heard you said you also have in the contract pipeline a top five OEM that you're in advanced discussions with. Is that accurate? Or did I hear that accurately?

好的。然後關於合約管道，我再回過頭來說。您之前提到過——您拿到了價值 3000 萬美元的 OEM 合約。我好像聽到您說過，您還有五大 OEM 的合約管道，並且正在與它們進行深入洽談。是這樣嗎？或者說，我聽到的準確嗎？

Yes, I'll take that one. I did mention as part of the script that because of our work with NVIDIA and the fact that we're now certified with them, this has really enabled us to take a big step forward with a top five global OEM. Absolutely. And that's about all I can say.

是的，我接受這個。我在演講稿中確實提到過，由於我們與NVIDIA的合作以及我們現在獲得他們的認證，這確實使我們向著躋身全球五大OEM廠商的目標邁出了一大步。絕對沒錯。我只能說這麼多。

Just to clarify, Matt, though, that's exclusive of the $30 million contract that was signed at the end of the quarter?

不過，馬特，需要澄清的是，這不包括本季末簽署的 3000 萬美元合約嗎？

Absolutely. Remember, the context for that one also was that we're talking about passenger vehicle OEM. So in addition to the $30 million. Yes.

當然。記住，那件事的背景是我們討論的是乘用車OEM。所以除了3000萬美元之外，是的。

And I'm showing no further questions at this time. And I would like to hand the conference back over to Matt Fisch for closing remarks.

我現在沒有其他問題了。現在，我想將會議交還給馬特·菲什，請他做最後發言。

Thank you all for your time today. We will be attending several investor and industry events during the quarter, including the JPMorgan Automotive Conference in New York, the KPMG Automotive Innovation Summit in Santa Clara and the ITS World Congress in Atlanta. We look forward to seeing you there, and we appreciate your continued support and confidence in our vision. Have a great day.

感謝各位今天抽出時間。本季我們將參加多場投資者和行業活動，包括在紐約舉行的摩根大通汽車大會、在聖克拉拉舉行的畢馬威汽車創新高峰會以及在亞特蘭大舉行的智慧交通系統世界大會。我們期待在那裡見到您，並感謝您一直以來對我們願景的支持和信心。祝您擁有美好的一天。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。祝各位今天愉快。