AEye Inc (LIDR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的耐心等待。

At this time, I would like to welcome everyone to the AEye Q3 2025 earnings conference call. (Operator Instruction). I would now like to turn the conference over to Jeremy Apple. You may begin.

在此，我謹代表 AEye 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）現在我將把會議交給傑里米·阿普爾。你可以開始了。

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

下午好，感謝各位參加AEye 2025年第三季財報電話會議。今天陪同我的是執行長兼董事長馬特·菲什，以及財務長康納·蒂爾尼。今天早些時候，AEye公佈了其第三季財務業績。這份新聞稿的副本可以在公司網站的投資者關係部分找到。在開始之前，我想提醒各位參與者，今天的討論可能包含美國證券法律法規中定義的有關未來事件、經營業績或財務表現的前瞻性陳述，這些前瞻性陳述是基於我們目前對自身業務、行業及其他情況的預期和假設。這些前瞻性陳述存在固有的風險、不確定性和難以預測的情況變化。

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. 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. 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 reconciliation of these metrics to the most directly comparable GAAP measures within the press release. Now I'll pass the call over to Matt.

我們的實際結果可能與這些前瞻性聲明中所設想的結果有重大差異。因此，我們提醒您不要過度依賴任何此類前瞻性陳述。您可以在 AEye 不時向美國證券交易委員會提交的報告中（包括最新的定期報告）找到有關風險、不確定性和其他因素的更多資​​訊。以上聲明僅代表截至今日的觀點，除非法律另有規定，否則AEye不打算更新任何前瞻性聲明，無論是否有新的資訊、未來的發展或其他情況。此外，我們將在本次電話會議上討論非GAAP財務指標，我們認為這些指標與評估公司的財務表現有關。這些措施僅作為補充資訊提供，不應被視為替代按照公認會計原則編制的財務資訊。您可以在新聞稿中找到這些指標與最直接可比較的 GAAP 指標的對照表。現在我把電話轉給馬特。

Thanks, Jeremy, and thank you all for joining our third quarter 2025 earnings call. This quarter marked another step forward for AEye as we continue to build on the progress made over the past year. Over the last several quarters, we've executed the strategy that we set forth, brought spending under control, developed and launched a differentiated products ready for commercialization. And established the foundation for scalable growth. Now with Apollo in the market and gaining traction, our focus has shifted to building and converting a strong revenue pipeline. We're winning new customers, expanding partnerships, and gearing up to scale Apollo. As we just announced, increased investor confidence in what we've been building has allowed us to secure the capital needed to ramp our production line. With a strong cash position providing visibility for the next few years, we are well positioned to translate momentum into sustained revenue growth.

謝謝傑里米，也感謝各位參加我們2025年第三季財報電話會議。本季度標誌著 AEye 又向前邁進了一步，我們將繼續鞏固過去一年的進展。在過去的幾個季度裡，我們執行了我們制定的策略，控制了支出，開發並推出了差異化產品，準備商業化。並為可擴展的成長奠定了基礎。現在，隨著 Apollo 進入市場並獲得市場認可，我們的重點已轉移到建立和轉換強大的收入管道。我們正在贏得新客戶，拓展合作夥伴關係，並準備擴大 Apollo 的規模。正如我們剛剛宣布的那樣，投資者對我們所取得的成就的信心不斷增強，使我們能夠獲得擴大生產線所需的資金。憑藉強勁的現金流，我們未來幾年的發展前景清晰，能夠將發展勢頭轉化為持續的收入成長。

Further, Apollo's unique combination of long range sensing from behind the windshield, compact design, software-driven versatility, and competitive pricing continues to resonate with customers, and we're securing new contracts across our target markets. We believe no one else offers the same blend of performance and adaptability, which continues to fuel our commercial momentum. Today, we want to focus on sharing details around our progress towards revenue growth via commercialization of Apollo and Optus. I'll start with where we're seeing the most momentum right now, our growing customer base and the real world programs that are putting Apollo to work. We doubled our customer base since the end of the second quarter, bringing us to 12 customer contracts signed year-to-date.

此外，Apollo 的獨特之處在於，它能夠從擋風玻璃後方進行遠距離感測，設計緊湊，功能多樣，並且價格具有競爭力，這些特點持續受到客戶的青睞，我們正在目標市場中不斷獲得新的合約。我們相信，沒有其他公司能夠提供如此卓越的性能和適應性，這持續推動著我們的商業發展勢頭。今天，我們想重點分享我們透過 Apollo 和 Optus 的商業化實現收入成長方面取得的進展細節。我先從我們目前發展勢頭最強勁的領域說起，那就是我們不斷成長的客戶群以及讓 Apollo 發揮作用的實際項目。自第二季末以來，我們的客戶群翻了一番，今年迄今已簽署了 12 份客戶合約。

One of those wins came from a global defense contractor using Apollo on UAVs to improve wire detection, a perfect example of Apollo's strength in identifying small objects at long range and high speed. These kind of programs not only create near term revenue opportunities but also open the door to broader adoption across defense and aerospace OEMs. Our commercial pipeline also continued to strengthen in Q3, with 2 dozen active quotes tripling last quarter's level. The po from customers is real, and we're converting more opportunities into active programs. The pipeline is deepening, giving us better visibility to future revenue and a solid base to build from as we grow. Across these programs, interest is growing rapidly in physical AEye , a concept focused on bringing vision to intelligence. Put another way, this is the equivalent of giving eyes to an AI model like chat GPT.

其中一項勝利來自全球國防承包商，該承包商使用 Apollo 系統在無人機上改進電線探測，這完美地體現了 Apollo 系統在遠距離高速識別小型物體方面的優勢。這類專案不僅能創造短期收入機會，還能為國防和航空航太原始設備製造商更廣泛地採用這些專案打開大門。第三季度，我們的商業項目儲備也持續增強，活躍報價數量達到 24 個，是上季的三倍。來自客戶的回饋是真實的，我們正在將更多機會轉化為實際專案。管道正在不斷完善，這讓我們對未來的收入有了更清晰的了解，也為我們未來的發展奠定了堅實的基礎。在這些項目中，人們對物理 AEye 的興趣正在迅速增長，AEye 的概念旨在將視覺帶入智慧領域。換句話說，這相當於給像聊天 GPT 這樣的 AI 模型賦予了眼睛。

We're already seeing this come to life through real deployments, including the UAV wire detection application I just mentioned, as well as optical detection for rail and weigh station automation powered by Optus Analytics. Together, these programs show how Apollo and Optus are enabling intelligent perception in challenging environments, while we continue to drive expanded engagement with automotive OEMs who value Apollo's long range behind the windshield visibility. Next, I'll touch on our expanding manufacturing capacity. As I mentioned earlier, we've announced an expansion of the agreement with our tier one manufacturing partner LO (Unaidable) and an investment from a leading global institutional investor to fund a new dedicated production line for Apollo. With capacity to produce up to 60,000 units annually. We're seeing an inflection point in customer demand, and this expansion ensures we can meet the growth head on. Our capital light model allows us to channel investment directly into working capital for production rather than fixed infrastructure, enabling rapid and efficient scaling.

我們已經看到這項技術透過實際部署得以實現，包括我剛才提到的無人機電線檢測應用，以及由 Optus Analytics 提供支援的鐵路和稱重站自動化光學檢測。這些專案共同展示了 Apollo 和 Optus 如何在充滿挑戰的環境中實現智慧感知，同時我們也持續推動與重視 Apollo 遠距離擋風玻璃後可視性的汽車 OEM 廠商的更廣泛合作。接下來，我將談談我們不斷擴大的生產能力。正如我之前提到的，我們已經宣布擴大與一級製造合作夥伴 LO（Unaidable）的協議，並獲得一家領先的全球機構投資者的投資，為 Apollo 建立一條新的專用生產線。年產能可達 6 萬台。我們看到客戶需求正處於轉折點，此次擴張確保我們能夠正面應對成長。我們輕資本模式使我們能夠將投資直接投入到生產的營運資金中，而不是投入到固定基礎設施中，從而實現快速且有效率的規模化。

This decision reflects our conviction in Apollo's commercial momentum and positions us to capture the accelerating demand ahead. In addition, recent developments in the liar industry have validated and reinforced our conviction that our capital light model is the most viable path to sustainable commercialization. Turning to markets and partnerships. Engagement with the automotive industry remains strong, with active discussions underway with about 2/3 of major Western OEMs. What's capturing their attention is Apollo's compact design. It sits cleanly behind the windshield without compromising long range performance, giving OEMs a vehicle packaging solution for meeting hands-off, eyes-off sensing requirements that doesn't require exterior vehicle modifications. We believe that this packaging advantage provides AI with a key differentiator as the next generation of programs are sourced.

這項決定體現了我們對 Apollo 商業發展勢頭的信心，並使我們能夠抓住未來不斷增長的需求。此外，謊言產業的最新發展也證實並強化了我們的信念，即我們的輕資本模式是實現永續商業化的最可行途徑。轉向市場和合作夥伴關係。與汽車產業的互動仍然強勁，目前正與約三分之二的西方主要汽車製造商進行積極洽談。吸引他們眼球的是 Apollo 的緊湊設計。它可以乾淨利落地安裝在擋風玻璃後面，而不會影響遠端性能，為 OEM 提供了一種車輛封裝解決方案，以滿足無需手動操作、無需視線注視的感測要求，而無需對車輛外部進行改裝。我們相信，這種包裝優勢為人工智慧在下一代程式開發中提供了關鍵的差異化優勢。

As automotive programs progress, we forge critical software partnerships that are opening new markets and already translating into stale across defense, aviation, rail, and smart infrastructure. These collaborations are helping us mature Apollo, enhance cost efficiency, and expand adoption. Recent examples include partnerships with Blue Band, which uses Apollo's long-range sensing for AI-driven traffic management, and Flashye, whose 3D perception software enhances safety and logistics applications in complex scenarios, such as at airports and transportation hubs. Internationally, our partnership with Black Sesame Technologies in China combines Apollo's 1,550 nanometer sensor with their automotive grade compute platform to deliver a full stack obstacle detection capability. This solution has already been selected by a leading transportation OEM representing a potential multi-million dollar revenue opportunity and underscoring Apollo's performance, reliability, and scalability in one of the world's most competitive mobility markets.

隨著汽車專案的推進，我們建立了關鍵的軟體合作夥伴關係，這些合作夥伴關係正在開拓新市場，並且已經在國防、航空、鐵路和智慧基礎設施等領域取得了突破性進展。這些合作有助於我們完善 Apollo，提高成本效益，並擴大應用範圍。最近的例子包括與 Blue Band 的合作，該公司利用 Apollo 的遠端感測技術進行人工智慧驅動的交通管理；以及與 Flashye 的合作，該公司的 3D 感知軟體增強了機場和交通樞紐等複雜場景中的安全和物流應用。在國際上，我們與中國黑芝麻科技的合作將 Apollo 的 1,550 奈米感測器與其汽車級運算平台相結合，從而提供完整的障礙物偵測能力。該解決方案已被一家領先的交通運輸 OEM 廠商選中，代表著潛在的數百萬美元收入機會，並凸顯了 Apollo 在世界上競爭最激烈的出行市場之一中的性能、可靠性和可擴展性。

Together, these partnerships are turning opportunity into action, driving real Apollo and Optus sales today. In closing, we're executing with focus and delivering results. Apollo's clear differentiation is driving real sales and strengthening our customer base, and our strategic partnerships are translating into commercial wins. We're adding customers, broadening our market reach, and scaling production alongside partners who share our vision. Backed by a strong cash position that gives us a clear path to execute our plans for growth in the coming years, we have the resources and flexibility to advance commercialization. The pieces are in place. We have the technology, the partnerships, and the balance sheet to continue this progress and drive consistent revenue expansion. I'll now turn the call over to Connor to review our financial performance.

這些合作關係共同將機會轉化為行動，推動了 Apollo 和 Optus 目前的實際銷售成長。總之，我們正在專注執行並取得成果。Apollo 的顯著差異化正在推動實際銷售並加強我們的客戶基礎，而我們的策略合作夥伴關係正在轉化為商業上的成功。我們正在增加客戶，擴大市場覆蓋範圍，並與志同道合的合作夥伴一起擴大生產規模。憑藉強勁的現金儲備，我們有清晰的路徑來執行未來幾年的成長計劃，我們有資源和靈活性來推動商業化。一切就緒。我們擁有技術、合作夥伴關係和財務實力，可以繼續推進這一進程並推動收入持續成長。現在我將把電話交給康納，讓他來回顧我們的財務表現。

Thanks, Matt. AI is demonstrating solid financial discipline and operational resilience, positioning the company for durable long-term growth. With $84 million in cash at the end of Q3. We have the runway to operate well into 2028, providing a solid foundation to scale and execute our growth strategy with confidence. Importantly, we've cleaned up our capital and debt structure, leaving us in a stronger financial position compared to our peers. We're approaching growth in three deliberate phases, each designed to unlock value and build momentum. This is a disciplined roadmap, not just for the next quarter, but for the next several years. Phase one is laying the foundation and gaining traction, and we're already seeing solid progress here. Strategic partnerships are taking shape, particularly in non-automotive markets, and proof of concept deployments are validating our technology in real world scenarios. These early wins are critical because they set the stage for everything that follows. Phase two is where we accelerate, and we expect the inflection point for this phase to come next year.

謝謝你，馬特。AI展現了穩健的財務紀律和營運韌性，為公司實現持久的長期成長奠定了基礎。第三季末，公司擁有8,400萬美元現金。我們有足夠的資金營運到 2028 年，這將為我們擴展規模、自信地執行成長策略奠定堅實的基礎。重要的是，我們清理了資本和債務結構，使我們的財務狀況比同行更加穩健。我們正分三個階段穩步推進成長，每個階段都旨在釋放價值並建立發展勢頭。這是一份有條不紊的路線圖，不僅適用於下一個季度，也適用於未來幾年。第一階段是打好基礎、取得進展，我們已經看到了實際的進展。策略合作夥伴關係正在形成，尤其是在非汽車市場，概念驗證部署正在現實世界的場景中驗證我們的技術。這些早期的勝利至關重要，因為它們為接下來的一切奠定了基礎。第二階段是加速發展階段，我們預期階段的轉捩點將在明年到來。

To prepare, we're putting in place the infrastructure we need strengthening our supply chain, expanding manufacturing capabilities, and building deployment readiness so we can meet the demand we anticipate. This is when revenue should begin to climb and margins turn positive as we optimize costs and streamline operations. It's the bridge from promise to performance. Phase three is the breakthrough moment, when profitability becomes real. Each phase builds on the last, creating a clear path to unlock adoption, drive revenue, and ultimately create shareholder value. It's a disciplined approach to scaling with confidence. As Matt noted, our commercial pipeline continues to expand at an impressive pace. In fact, our non-automotive funnel has grown sixfold from fewer than 100 prospects earlier this year to nearly 600 today. Quarter over quarter technical engagements increased by nearly 50%. Quotes issued tripled and signed contracts doubled to 12 since Q2.

為了做好準備，我們正在建立所需的基礎設施，加強供應鏈，擴大製造能力，並做好部署準備，以便滿足我們預期的需求。這時，隨著我們優化成本和簡化運營，收入應該會開始攀升，利潤率也會轉為正值。這是從承諾到行動的橋樑。第三階段是突破性時刻，獲利能力將真正實現。每個階段都以一個階段為基礎，從而為實現普及、推動收入成長並最終創造股東價值開闢了清晰的道路。這是一種有條不紊、充滿信心地擴展規模的方法。正如馬特所指出的，我們的商業管道正以驚人的速度持續擴張。事實上，我們的非汽車行業潛在客戶數量已經增長了六倍，從今年早些時候的不到 100 個增加到如今的近 600 個。技術諮詢量較上季成長近 50%。自第二季以來，報價數量增加了兩倍，簽署的合約數量增加了一倍，達到 12 份。

These metrics tell a clear story. We're seeing stronger alignment with customer needs and growing confidence in our technology. Intelligent transportation systems lead the way in funnel volume and proof of concept activity. While rail shows some of the highest engagement rates. Aerospace and defense are also maturing nicely. What's driving this traction. It's Apollo's unique value proposition. Combining powerful radar capabilities with flexible software control and a compact design, Apollo fits seamlessly behind the windshield for streamlined automotive integration. This flexibility allows us to tailor solutions for specific applications and lead in sectors where alternatives appear limited. Creating a distinct competitive advantage that strongly resonates with customers. Optus is moving our partnership strategy forward. We've moved Optus from concept to structured offering with initial deployments already completed. Now we're enhancing system performance by adding compute and perception capabilities.

這些指標清晰地說明了問題。我們看到我們與客戶需求的契合度越來越高，並且對我們的技術越來越有信心。智慧交通系統在通路容量和概念驗證活動方面處於領先地位。其中鐵路業的參與度最高。航空航太和國防領域也正在穩步發展。是什麼因素推動了這種成長動能？這是阿波羅公司獨有的價值主張。Apollo 結合了強大的雷達功能、靈活的軟體控制和緊湊的設計，可無縫安裝在擋風玻璃後面，實現簡化的汽車整合。這種靈活性使我們能夠為特定應用量身定制解決方案，並在其他選擇有限的領域中處於領先地位。打造能引起顧客強烈共鳴的獨特競爭優勢。Optus正在推進我們的合作夥伴關係策略。我們已經將Optus從概念階段推進到結構化產品階段，初步部署已經完成。現在，我們正在透過增加運算和感知能力來提升系統效能。

At the same time, we're expanding our ecosystem beyond perception-only solutions, engaging in technical discussions with new partners and exploring reseller opportunities to extend our reach. Recent additions to our partner network include Black Sesame, Blue Band, and Flashcar. I'll now move on to slide 7 to address our cash for and our capital life model. Excluding net financing proceeds, third quarter cash burn decreased by approximately $0.7 million to $6.4 million. This reduction follows an elevated burn rate in the second quarter, which included a one-time $1.4 million lease settlement payment. Partially offset in the third quarter by higher engineering and professional service costs. Our capitalite model remains instrumental to our growth strategy. Allowing us to expand efficiently by leveraging strategic partnerships rather than making heavy capital investments in manufacturing our software infrastructure. As shown on this slide, our unique operating model translates into meaningfully lower expenses compared to peers. Providing a distinct advantage in capital efficiency as we continue to scale.

同時，我們正在將我們的生態系統擴展到感知解決方案之外，與新的合作夥伴進行技術討論，並探索經銷商機會以擴大我們的覆蓋範圍。我們合作夥伴網路的最新成員包括 Black Sesame、Blue Band 和 Flashcar。接下來我將轉到第 7 張投影片，討論我們的現金儲備和資本壽命模型。不計淨融資收益，第三季現金消耗減少了約 70 萬美元，至 640 萬美元。此次削減是由於第二季資金消耗速度加快，其中包括一次性支付的 140 萬美元租賃結算款項。第三季工程和專業服務成本上升，部分抵銷了上述影響。我們的資本模式對我們的成長策略仍然至關重要。這使我們能夠透過利用策略合作夥伴關係來高效擴張，而不是在軟體基礎設施的製造上進行大量資本投資。如本投影片所示，我們獨特的營運模式與同業相比，能夠大幅降低支出。隨著我們規模的不斷擴大，這將為我們帶來明顯的資本效率優勢。

Now turning to our third quarter financial results on slide 8. Third quarter GAAP operating expenses for $7.8 million down from $8.6 million in the second quarter of 2025. Primarily due to lower costs associated with our proxy contest, personal expenses, and contract development costs. Third quarter non-GAAP operating expenses were $6.1 million a decrease of $0.7 million compared to the prior quarter. Primarily driven by the same cost drivers as described above. We reported a GAAP net loss of $9.3 million or $0.30 per share in the third quarter, which was comparable to the GAAP net loss of $9.3 million of $0.48 per share in the second quarter of 2025. On a non-GAAP basis, our net loss was $5.4 million or $0.17 per share, beating consensus estimates in the third quarter compared to a non-GAAP net loss of $6.7 million or $0.35 per share in the prior quarter.

現在就來看看第 8 頁投影片，了解我們的第三季財務表現。第三季 GAAP 營運費用為 780 萬美元，低於 2025 年第二季的 860 萬美元。主要原因是代理權爭奪、個人開支和合約制定成本較低。第三季非GAAP營運費用為610萬美元，比上一季減少了70萬美元。主要受上述相同成本驅動因素的影響。我們報告稱，第三季GAAP淨虧損為930萬美元，即每股虧損0.30美元，這與2025年第二季GAAP淨虧損930萬美元（每股虧損0.48美元）的情況類似。以非GAAP準則計算，我們的第三季淨虧損為540萬美元，即每股虧損0.17美元，優於市場普遍預期，而上一季的非GAAP淨虧損為670萬美元，即每股虧損0.35美元。

This improvement was driven primarily by operating expense reductions noted above and increased interest and investment income. Net cash used for operating activities decreased to $6.1 million in the third quarter from $6.4 million in the second quarter of 2025. We ended the quarter with cash equivalents, and marketable securities of $84.3 million more than quadruple our cash balance compared to prior quarter end. Since quarter end, we've raised an additional $10 million. Importantly, we remain focused on obtaining a strong, simplified balance sheet. The convertible note executed earlier this year has been fully repaid, and during the quarter we eliminated legacy warrants, further cleaning up our capital structure.

這項改善主要得益於上文提到的營運費用減少以及利息和投資收入的增加。第三季經營活動所用現金淨額從 2025 年第二季的 640 萬美元減少至 610 萬美元。本季末，我們持有的現金等價物和有價證券為 8,430 萬美元，比上一季末的現金餘額增加了四倍多。自季度末以來，我們又籌集了 1000 萬美元。重要的是，我們將繼續專注於取得穩健、簡化的資產負債表。今年稍早發行的可轉換票據已全部償還，並且在本季度我們消除了遺留認股權證，進一步清理了我們的資本結構。

These actions position us in a much healthier financial state compared to many peers in the sector who continue to carry significant debts. Overall, we're maintaining strong liquidity, disciplined capital management, and a balance sheet that supports our long-term growth strategy. Moving on to our cash burn outlook on slide 9, we continue to expect full year 2025 cash burn to be at the high end of our previously communicated range of $27 million to $29 million reflecting planned investments to scale Apollo production and support commercial expansion. In summary, we're thrilled by the momentum that we are seeing across the business. Apollo's differentiated value proposition is strengthening our customer pipeline while we continue to have the most efficient cost structure among our peers. Financial discipline remains our top priority as we look ahead to scaling to meet growing demand for our advanced lidar technology. With that, I'll pass it back to Matt to wrap things up.

這些措施使我們的財務狀況比業內許多仍在背負巨額債務的同行要健康得多。總體而言，我們保持著強勁的流動性、嚴謹的資本管理以及支持我們長期成長策略的資產負債表。接下來，我們來看看投影片 9 中的現金消耗展望，我們仍然預計 2025 年全年現金消耗將達到我們先前公佈的 2,700 萬美元至 2,900 萬美元範圍的高端，這反映了為擴大 Apollo 生產規模和支持商業擴張而計劃進行的投資。總而言之，我們對公司目前的發展勢頭感到非常興奮。Apollo 的差異化價值主張正在增強我們的客戶管道，同時我們仍然擁有同行中最有效的成本結構。展望未來，我們將擴大規模以滿足市場對我們先進光達技術日益增長的需求，財務紀律仍然是我們的首要任務。這樣，我就把麥克風交還給馬特，讓他來總結。

Thanks, Conor. We're proud of the progress AI has made, both technically and commercially this quarter. Sales are ramping and our pipeline is accelerating as we see rapidly increasing pull from the market. Strong leading indicators of the revenue growth we expect in 2026. The team is fully aligned around execution, and we look forward to updating you on our continued progress in the quarters ahead.

謝謝你，康納。我們為人工智慧在本季在技術和商業方面取得的進展感到自豪。隨著市場需求迅速成長，銷售額正在攀升，我們的銷售管道也加速發展。2026 年營收成長的強勁領先指標。團隊在執行方面已達成完全一致，我們期待在接下來的幾季中向您匯報我們取得的持續進展。

Thank you. We will now begin the question-and-answer session. (operator Instruction). Our first question comes from Paul Franck from Alliance Global Partners. Please go ahead.

謝謝。現在開始問答環節。（操作員說明）我們的第一個問題來自 Alliance Global Partners 的 Paul Franck。請繼續。

Hey, good afternoon. Congratulations on the progress. Would Matt, would you expand on your confidence in the capital white model, especially in the context of, recent industry events?

嘿，下午好。恭喜取得進展。Matt，您能否進一步闡述您對資本白模型的信心，尤其是在最近產業事件的背景下？

Hey, yeah, sure, happy to do that and thanks for joining us again this quarter. I think there's 22 pieces to think about here. One is what I'd call the more obvious piece, which is manufacturing, capital investment, and then the second, I do want to talk about software a bit because that's important as well. We've got our capital li model on the manufacturing side relies on a partnership, with Lighton with, who has a very global footprint. And also very importantly, they're experienced in dealing with the automotive industry. Just to give you an example, I'm out here in Detroit today. I was meeting with an OEM talking about our progress in their supplier audit process. OEMs are now starting to use a word called resiliency, which means can you quickly manufacture change your manufacturing site from one part of the world to the other. And as a small company that's incredibly expensive to be able to invest in something like that and our capitalite model says we partner with somebody who's very seasoned and experienced in this area so we can have this flexibility, nimbleness, and resiliency through our partner as opposed to having to make massive investments. And this allows us to essentially look at just in time delivery ordering of components, so we're really focused on looking at the pull from the market and then ensuring that our working capital is lined up and ready just for just in time delivery, and that keeps our upfront costs incredibly low.

嘿，好的，當然可以，我很樂意這樣做，也感謝您本季再次加入我們。我認為這裡有 22 個需要考慮的因素。一個是比較顯而易見的部分，即製造業和資本投資；第二個部分，我想稍微談談軟體，因為它也很重要。我們在製造方面的資本投入模式依賴與 Lighton 的合作，Lighton 的業務遍及全球。而且非常重要的是，他們在汽車行業方面經驗豐富。舉個例子，我今天就在底特律。我當時正在與一家原始設備製造商 (OEM) 會面，討論我們供應商審核流程的進度。現在，OEM廠商開始使用一個叫做「韌性」的詞，意思是你能快速地將生產基地從世界的一個地方轉移到另一個地方嗎？對於一家小公司來說，投資這類專案成本非常高昂，而我們的資本模式是與在該領域經驗豐富的人合作，這樣我們就可以透過合作夥伴獲得靈活性、敏捷性和韌性，而無需進行巨額投資。這樣一來，我們基本上可以按需訂購零件，所以我們真正關注的是市場需求，然後確保我們的營運資金到位，隨時可以按需交付，這使得我們的前期成本非常低。

This also extends to our focus in the software space as well. We just want to be great at building best in class liar, and we're also very adept at helping customers solve particular problems. With this Capital Light model, we rely on partners to write perception software, for example, that's a big expense to create perception software and maintain it. And we're happy to offer that through our Optus platform through our partners again, avoiding the upfront investment of having to build the software ourselves, and I think the results speak for themselves. I mean, the cash balance in the company is very strong, our debt structure is very strong, and we're able to basically manage that through just in time delivery thanks to our capital right model.

這一點也體現在我們對軟體領域的關注。我們只想打造一流的謊言製造者，而且我們也非常擅長幫助客戶解決特定問題。透過這種輕資本模式，我們依靠合作夥伴編寫感知軟體，例如，創建和維護感知軟體是一項巨大的開支。我們很高興能夠再次透過我們的合作夥伴，透過我們的 Optus 平台提供這項服務，從而避免我們自己開發軟體的前期投資，我認為結果不言而喻。我的意思是，公司現金餘額非常充裕，債務結構也非常穩健，而且由於我們採用資本合理模式，基本上可以透過準時交付來管理這些。

That's great conor. And then can you look at, there's a big jump, you doubled your customer base to 12. Can you just talk more about that pipeline of customers and, in within the 12 customers now, can you talk about the mix between auto and non-auto?

太棒了，康納。然後你可以看到，客戶數量大幅成長，翻了一番，達到了 12 家。您能否詳細介紹一下客戶管道，以及目前這 12 位客戶中汽車產業和非汽車產業的比例？

Hey, Paul, this is Connor here. I can jump in for that question. And then maybe Matt can add his thoughts at the end. But first off, if, addressing this question, I'd just like to preface it with the fact that We've really only had Apollo out in the market and in customers' hands since early in the year. We're talking February time frame. So I think the amount of traction that we've shown on the funnel is just amazing, in my opinion. So if you look, just referring back to the script, if you look at the number of prospects that we have in the funnel, we've increased that from, 100 beginning in beginning of the year to almost 600 today. If you look further down the funnel, if you look at. Technical engagements that we have with customers, that's increased by almost 50%. If you look at quoted activity, that's almost tripled. And then as you alluded to just now, we've seen a lot of traction, on the contract site as well. We've grown that almost doubled it from 6 to 12, in just one quarter. And so, when I, when I think about that. There's a certain amount of commonality with the customers that are engaging with us, and what we're seeing is. There is an appetite for high performance sensors. And so the value prop that we're bringing is quite unique in the marketplace right now. The combination of long range, we can see up to 1 kilometer, but also, ultra high resolution as well. And the software reconfigure reconfigurability piece is something that really resonates because you think about each customer.

嘿，保羅，我是康納。我可以回答這個問題。最後，馬特或許可以補充一些自己的想法。但首先，在回答這個問題時，我想先說明一點：Apollo 實際上只是從今年年初才進入市場並交付到客戶手中。我們說的是二月的時間。所以我覺得，就我個人而言，我們在銷售漏斗上展現出的吸引力簡直令人驚嘆。所以，如果你看一下，回顧一下腳本，如果你看一下我們銷售漏斗中的潛在客戶數量，我們已經從年初的 100 個增加到今天的近 600 個。如果你繼續往下看，如果你看看。我們與客戶的技術交流增加了近 50%。如果看報價活動，這個數字幾乎翻了三倍。正如你剛才提到的，我們在合約網站上也看到了很大的進展。短短一個季度，我們的業務量就從 6 人成長到 12 人，幾乎翻了一番。所以，當我，當我想到這件事的時候。與我們互動的客戶之間有一定的共同點，我們看到的情況是：市場對高性能感測器有很高的需求。因此，我們目前在市場上提供的價值主張是相當獨特的。它兼具遠距離觀測（最遠可達1公里）和超高解析度的優點。軟體可重配置性這一部分之所以能引起共鳴，是因為你需要考慮到每位客戶。

They have, unique use cases, and so that adaptability, being able to work with the customer, being able to customize a solution, that works for them, is something that's very compelling to the end customer. And that's really the value prop. And then the other thing, just thinking about the market, up to now, if you think about those high performance sectors, Matt alluded to it in he scripts, you're talking about defense, you're talking about smart infrastructure, rail. You think about, especially in the defense sector, you think about the solutions that have been on the market for the last 30 years, high performance lighter sensors, were selling for even millions of dollars, right? And then you think of other sensor modalities such as radar and camera. There was some limitations and deficiencies in those solutions. So what we're offering right now is really a high performance sensor at a really competitive price point, and I think that's really compelling to the end user. And that's why we're seeing a lot of growth in the funnel. A healthy conversion rate by moving from 2 customers at the beginning of the year to almost 12 today. That's a really strong signal that customers are engaged, and they're interested in what we're doing. So, Matt, I'm not sure if you want to chime in or if you got anything else to add there.

它們有獨特的用例，因此，適應性，能夠與客戶合作，能夠客製化適合他們的解決方案，這對最終客戶來說非常有吸引力。這就是它真正的價值所在。還有一點，就目前市場而言，如果你想想那些高績效產業，馬特在他的劇本中也提到過，例如國防、智慧基礎設施、鐵路。想想看，尤其是在國防領域，想想過去 30 年來市場上出現的那些解決方案，高性能、輕型感測器，售價​​甚至高達數百萬美元，對吧？然後你會想到其他感測器模式，例如雷達和攝影機。這些解決方案存在一些限制和不足。所以，我們現在提供的是一款性能卓越、價格極具競爭力的感測器，我認為這對最終用戶來說非常有吸引力。這就是為什麼我們看到銷售漏斗成長迅速的原因。轉換率穩定提升，從年初的 2 位客戶成長到如今的近 12 位客戶。這強烈表明客戶很參與，並且對我們正在做的事情很感興趣。所以，馬特，我不知道你是否想發表意見，或者你還有什麼要補充的。

Yeah, well said, Connor. I think I'd just add one thing, and that is talking about the automotive space. You may think, well, why does a passenger vehicle need a 1 kilometer range? What we're bringing into that space in the same small size and low cost package is the ability to put the liar inside the cabin behind the windshield. Glass does terrible things to Lidar. And you can't see very far, or when you try to shine the light out through glass, this 1 kilometer performance. Allows us to meet the automotive and passenger vehicle requirements through the windshield inside the cabin and that's getting us a lot of meetings with OEMs right now. They're very interested in avoiding that that bump on the roof, the taxi sign, so to speak, so it's not just sort of the defense and other industries that, you look at a kilometer and go wow, that's amazing, we need to have that. Shining the Lidar through the glass in the vehicle through the windshield greatly simplifies VOEM lidar integration problem. They're getting a lot of interest on the automotive side from that perspective as well.

說得好，康納。我想補充一點，那就是談談汽車領域。你可能會想，為什麼乘用車需要 1 公里的續航里程呢？我們以同樣的小尺寸和低成本方案，將謊言置於駕駛室內擋風玻璃後面的能力帶入了這個領域。玻璃會對光達造成非常嚴重的干擾。而且你看不清很遠，或是當你試圖將光線透過玻璃照射出去時，這1公里的表演。這使我們能夠透過車廂內的擋風玻璃滿足汽車和乘用車的要求，這讓我們現在與許多汽車製造商進行了會面。他們非常想避免屋頂上的那個凸起，或者說出租車標誌，所以不僅僅是國防和其他行業，當你看到一公里後，你會驚嘆，哇，太棒了，我們需要擁有它。透過車輛擋風玻璃將光達光束照射到車內，大大簡化了車輛製造商雷射雷達的整合問題。從這個角度來看，他們在汽車領域也引起了廣泛關注。

Our next question comes from Katie Ryan from West Park Capital. Please go ahead.

我們的下一個問題來自西園資本的凱蒂·瑞安。請繼續。

Thank you. Matt Connor, lots of progress, great update here. There's a lot to look at. I just wanted to ask, Matt, you use, I think the more technical, appropriate term of UAV as the defense opportunity. Is it fair to say that that covers all drone applications potentially within defense, but then my question is, have you also seen, an uptick or more interest from, commercial drone manufacturers, particularly domestic, as, I know DJI is under review and there's a potential loss of them from the market, so. Presumably other people are stepping up now at this point.

謝謝。Matt Connor，進展順利，這裡有很棒的最新消息。有很多東西可以看。我只是想問一下，馬特，你用「無人機」這個詞來指稱國防領域的機會，我認為這個術語更專業、更恰當。可以說這涵蓋了國防領域所有潛在的無人機應用，但我的問題是，您是否也注意到商業無人機製造商，特別是國內製造商，對無人機的興趣增加？因為我知道大疆正在接受審查，他們有可能退出市場。想必現在其他人也開始站出來了。

Yeah, hey, Connor, going to have you, jump in on that since you've been, directly involved in those conversations.

是啊，康納，既然你直接參與了這些對話，那就請你也參與其中吧。

Yeah, hey, Casey, just starting with the, I guess the defense piece first, yeah, we are seeing an interest in the UAV space, but it's not just UAV, it's also manned aerial vehicles as well. So it's not just the drone piece. I would say, yeah, there is an opportunity on the commercial side. That's something that we're actively pursuing. And if you think about, drones are used for all sorts of use cases, obviously, disaster mitigation, aerial mapping, all those kinds of things. And I think, the same attributes that attract DOD customers, to us, apply to all those use cases as well, right? And these guys are looking for a solution that can see long range, but also see with a high degree of resolution as well. So I would say we're actively engaged across the board in all those sectors.

是的，嘿，凱西，我想先從國防方面說起，是的，我們看到人們對無人機領域很感興趣，但不僅僅是無人機，還有載人飛行器。所以問題不只在於無人機那部分。我認為，是的，商業方面存在著機會。這是我們正在積極努力的方向。仔細想想，無人機顯然被用於各種各樣的用途，例如災害緩解、空中測繪等等。我認為，吸引國防部客戶的那些特質，也同樣適用於所有這些應用場景，對吧？這些人正在尋找一種既能遠距離觀察，又能具有高解析度的解決方案。所以我認為，我們在所有這些領域都積極參與其中。

Okay, tremendous, and then quickly. On the auto OEM side, for mass market, which I realized we're still some years away from, where do you sense the focus is? Are OEMs building for Level 3 and level 4, or are they still kind of trying to optimize for level 2 and sort of hands-free type applications?

好的，太棒了，然後快點。就汽車OEM廠商而言，對於大眾市場（我意識到我們距離大眾市場還有幾年時間），您認為重點應該放在哪裡？OEM廠商是在為L3和L4自動駕駛系統生產產品，還是仍試圖優化L2和免持應用？

Yeah, hey, thanks, Katie. By the way, welcome back. Thanks for joining us. I'll take that one. Look, it, it's, I'm not necessarily going to speak on behalf of the OEM, but in terms of the specs that are coming to us through RF 5. I would say that in the last six months we've seen a significant shift into the L3 and L4 states. I think you can track some of that in the media as well, but if you look at the requirements that are that are coming in these RFIs from the OEMs, I think we're seeing that shift to L3 and L4 very clearly in the last six months, I would say. Okay.

是啊，謝謝你，凱蒂。對了，歡迎回來。謝謝您的參與。我選那個。聽著，我並不一定代表 OEM 發言，但就我們透過 RF 5 獲得的規格而言。我認為在過去的六個月裡，我們看到了 L3 和 L4 狀態的顯著轉變。我認為你也可以從媒體上追蹤到一些這方面的信息，但如果你看看 OEM 廠商在 RFI 中提出的要求，我認為在過去的六個月裡，我們已經非常清楚地看到了向 L3 和 L4 的轉變。好的。

Terrific. Well, it's helpful and it's a great update, so, thank you for the time today.

了不起。嗯，這很有幫助，也是一次很棒的更新，所以，感謝您今天抽出時間。

Thanks for joining us.

謝謝您的參與。

Thanks, Katie.

謝謝你，凱蒂。

(Operator Instruction). Our next question comes from Paul Fret from Alliance Global Partners.

（操作說明）我們的下一個問題來自 Alliance Global Partners 的 Paul Fret。

Hey, Connor, would you I mind just giving us a little more detail or a little more color on the institutional investor that you've lined up. Can you frame maybe the potential size of their investment and also the timing of the investment, and also, is that required? To get to full production, that full production number of 60,000 units per year by the middle of next year.

嘿，康納，你能不能給我們詳細介紹一下你已經聯絡上的那家機構投資者？您能否大致說明一下他們的潛在投資規模以及投資時間？另外，這是否必要？要實現全面投產，到明年年中，年產量將達到 6 萬台。

Hey, Casey, let me, I'm sorry, hey, Casey, hey, Cole, let me address that. What I would say is we haven't really released all those details or all those, that information in the PR but I'll try to at least address some of it. So it's a well-known institutional investor. I, that's for sure. The name, will definitely resonate with everybody. What I would say is the investment itself was made, after quarter end. So it's part of that $10 million that I alluded to in the script. In terms of giving us enough runway, what I would say is, we had $84 million in cash at the end of the quarter. When you take into consideration the additional capital that we raised post quarter end, we're up above $90 million at this point. And, we feel at this point in time, that that's more than enough capital to go out and execute, to our growth, to basically go out and execute and Accelerate our go to market strategy. There could be opportunities, to raise capital down the road, but I think we would have to carefully evaluate those opportunities. But at this point in time, I think we're generally feeling relatively comfortable that we have enough capital at least for the immediate strategy that we're pursuing here.

嘿，凱西，讓我，對不起，嘿，凱西，嘿，科爾，讓我來解釋一下。我想說的是，我們還沒有在公關稿中真正公佈所有細節或訊息，但我會盡量至少回應其中的一些問題。所以它是一家知名的機構投資者。我，那當然。這個名字一定會引起大家的共鳴。我想說的是，這筆投資是在季度末之後進行的。所以，這筆錢是我在劇本中提到的1000萬美元的一部分。就給我們足夠的緩衝時間而言，我想說的是，截至季度末，我們擁有 8400 萬美元的現金。考慮到我們在季度末之後籌集的額外資金，我們目前的資金總額已超過 9,000 萬美元。而且，我們認為，在目前這個階段，這筆資金已經足夠用於我們的成長，足以讓我們出去執行並加速我們的市場進入策略。未來可能會有籌集資金的機會，但我認為我們必須仔細評估這些機會。但就目前而言，我認為我們總體上比較有信心，至少對於我們正在推行的短期策略而言，我們擁有足夠的資金。

Great, thank you.

太好了，謝謝。

Yeah.

是的。

Our next question comes from Richard Shannon from Craig Hallum Capital Group LLC. Please Go ahead.

我們的下一個問題來自 Craig Hallum Capital Group LLC 的 Richard Shannon。請繼續。

Hello guys, thanks for taking my question. Apologize for the ambient noise here. I'm trying to. I watched my daughter's volleyball tournament here at the same time. I may have missed the prepared remarks to this topic here, but the next 6 new wins you talked about in the quarter here, can you describe the applications and volume opportunity that you're looking at here?

大家好，感謝你們回答我的問題。抱歉，這裡有點噪音。我正在努力。我當時也在這裡觀看了我女兒的排球比賽。我可能錯過了您就此主題準備的發言稿，但是您在本季度提到的接下來的 6 個新勝利，您能否描述一下您正在關注的應用和銷售機會？

Hey Connor, why don't you go ahead and take that one?

嘿，康納，你為什麼不去接那個任務呢？

Yeah, hey Richard. I can just give you a general idea about what those use cases relate to. As I said earlier, they're for high performance use cases. So generally think about the, aviation and sector, rail systems, and so what I would say is right now. In phase one of the three phase process and so this is really foundational so we're working with the customer basically to put proof of concepts together and that's part of that overall strategy. So it's really laying the foundations for a volume ramp that we expected here and indeed it's really getting very positive, indications from customers, that they're willing to sign up for higher volumes. And that's indeed why we, made the decision with light on to invest in infrastructure and invest in the line, so we have the capacity to meet that demand when it does come through.

嗨，理查德。我可以簡單介紹一下這些用例的相關內容。正如我之前所說，它們是為高效能應用場景而設計的。所以總的來說，想想航空和鐵路系統，那麼我現在要說的是…這是三階段流程的第一階段，也是基礎階段，所以我們基本上是在與客戶合作，共同建構概念驗證，這也是整體策略的一部分。所以，這確實為我們預期的銷售成長奠定了基礎，而且確實從客戶那裡得到了非常積極的回饋，他們願意簽訂更大的訂單量。正因如此，我們才果斷決定投資基礎設施和線路，以便我們有能力在需求真正到來時滿足它。

And maybe just a fall in the, Connor, what are we talking about in terms of investments you're, that you're going to be making here with Lyon? I assume this is in the form of some capb just being conferred to them or whatever, but maybe you can just help us understand what that investment is and the magnitude of it over what time.

或許只是下跌，康納，我們說的是你打算和里昂一起進行的投資是什麼？我猜想這可能是以某種資本利得的形式授予他們，或者其他什麼形式，但也許您可以幫助我們了解這項投資是什麼，規模有多大，持續時間有多長。

Yeah, look, I look, I, what I would say is, we don't expect a dramatic increase in our burn rate next year. And, I framed this from the point of view that if you look at our burn rate for this year, we're guiding to about $29 million. But there's a lot of one-time items included in that. So if you look at our baseline burn for this year, it's really more like $25 million. So I would say probably at a minimum next year, we're looking at around $30 million. There's obviously the opportunity for that to go up a little bit if we invest in working capital, but for us, I mean, what we're really looking at is, dating some of the investment to specific milestones and specific commitments on the customer side. But the great thing is that we're working with a partner that's extremely flexible. And, the upfront capital might come in the form of long league commitments that we need to make, but we think we can be very flexible in that regard and gate spending to, guaranteed demand.

是的，你看，我想說的是，我們預計明年的支出率不會大幅上升。而且，我從這個角度來看這個問題：如果你看我們今年的資金消耗速度，我們預計約為 2900 萬美元。但其中包含許多一次性項目。所以，如果你看我們今年的基本支出，實際上更像是 2500 萬美元。所以我認為，明年至少會有大約 3000 萬美元的收入。顯然，如果我們投資營運資金，這個數字還有機會略微上升，但對我們來說，我的意思是，我們真正關注的是，將一些投資與客戶方面的具體里程碑和具體承諾掛鉤。但最棒的是，我們的合作夥伴非常靈活。而且，前期資金可能以我們需要做出的長期聯賽承諾的形式出現，但我們認為在這方面我們可以非常靈活，並根據保證的需求來決定支出。

Question, I'll jump out of line here. So you talked about, investing in capacity of 60,000 units annually here. Do you have any visibility on the time frame by which you might be approaching high utilization, with that kind of a unit volume here? I assume it's not next year or two, but if it is, I'd certainly love to get some context on that.

我先插一句，問個問題。所以你剛才提到，要在這裡投資興建年產能6萬台的設備。您能否預估一下，在這樣的單位產量下，大概需要多久才能達到高利用率？我猜應該不是明年或後年，但如果是的話，我很想了解具體情況。

I don't think that's going to come overnight. I think it's going to be more sync sequence, going to be more phased, but the important thing is, to be ready, right, and to have that flexibility, and that's why we want to work with the partner, like Light on. And what I would see is there's some upfront investments like I mentioned earlier, right? We're going to probably have to make investments in working capital or maybe a little bit of CapEx, but because of our capital light model, we're able to keep those investments low. And we're getting a lot of support from from as well in that regard too.

我認為這不會一蹴可幾。我認為這將是一個更同步的序列，一個更分階段的過程，但重要的是要做好準備，並且要有靈活性，這就是為什麼我們想與像 Light on 這樣的合作夥伴合作。正如我之前提到的，我會看到一些前期投資，對吧？我們可能需要對營運資金進行一些投資，或進行一些資本支出，但由於我們採用的是輕資本模式，因此能夠將這些投資控制在較低水準。在這方面，我們也得到了許多來自各方的支持。

Okay perfect. That's all I need guys. Thank you very much.

好的，完美。這就是我需要的全部了。非常感謝。

Thank you, Richard.

謝謝你，理查。

That concludes the question-and-answer session. I would now like to turn the call over to Matt Fish for closing remarks.

問答環節到此結束。現在我謹將電話交給馬特‧菲什，請他作總結發言。

Thank you all for your time today. We appreciate your continued support and confidence in our vision. Have a great day.

感謝各位今天抽出時間。我們感謝您一直以來對我們願景的支持與信任。祝你有美好的一天。

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

今天的電話會議到此結束。您現在可以斷開連線了。