AEye Inc (LIDR) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Joyce, and I will be your conference operator today. (Operator Instructions) I would like to welcome you to AEye's first-quarter 2026 earnings call. I would like to turn the conference over.

各位女士、先生，感謝您稍候。我是 Joyce，今天將擔任本次電話會議的接線員。（接線員指示）歡迎您參加 AEye 2026 會計年度第一季財報電話會議。現在我將把會議交接出去。

Good afternoon, and thank you for joining AEye's first-quarter 2026 earnings call. I'm Keaton Olson, Investor Relations Manager for AEye. And with me today are Matt Fisch, Chief Executive Officer; and Conor Tierney, Chief Financial Officer.

各位下午好，感謝您參加 AEye 2026 會計年度第一季財報電話會議。我是 AEye 投資人關係經理 Keaton Olson。今天與我一同出席的有執行長 Matt Fisch，以及財務長 Conor Tierney。

Earlier today, AEye announced its financial results for the first quarter ended March 31, 2026. A copy of the press release is available in the Investor Relations section of the company's website. Before we begin, today's discussion may include forward-looking statements as defined in the securities laws and regulations of the United States with reference to future events, operating results or performance and are based on our current expectations and assumptions.

今天稍早，AEye 公布了截至 2026 年 3 月 31 日止第一季的財務結果。新聞稿副本可於公司網站的投資人關係專區取得。在開始之前，今天的討論可能包含依據美國證券法律與法規所定義的前瞻性陳述，涉及未來事件、營運結果或績效，並以我們目前的預期與假設為基礎。

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

任何前瞻性陳述均受固有風險、不確定性及情勢變化所影響。我們的實際結果可能與這些前瞻性陳述所預期者有重大差異。關於風險、不確定性及其他因素的更多資訊，請參閱 AEye 不時向美國證券交易委員會（SEC）提交的報告，包括我們最近一期的定期報告。

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.

即將發表的陳述僅以今日為準，除非法律要求，AEye 無意因任何新資訊、未來發展或其他原因更新任何前瞻性陳述。此外，我們也將在本次電話會議中討論非 GAAP 財務衡量指標，我們認為這些指標有助於評估本業務的財務表現。

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.

這些衡量指標僅作為補充資訊呈現，不應視為依 GAAP 編製之財務資訊的替代。您可在新聞稿中找到這些指標與最直接可比的 GAAP 指標之調節表。

Now let me pass the call over to Matt.

現在我把電話交給 Matt。

Thank you, Keaton, and thank you all for joining our first quarter 2026 earnings call. The quarter unfolded exactly as planned, steady execution, no surprises and a commercial pipeline that continued to grow. Our ecosystem partnerships and manufacturing capability remains strong, and we now have more commercial engagement than at any point in our history.

謝謝你，Keaton，也感謝各位參加我們 2026 會計年度第一季財報電話會議。本季的進展完全如計畫進行，執行穩健、沒有意外，而商業管線持續成長。我們的生態系夥伴關係與製造能力依然強勁，且目前的商業互動量已達公司歷史最高。

Our funnel continues to be the best barometer to benchmark our progress as revenue tends to be a lagging indicator. As of today, our revenue-generating customer count has grown from 15 to 21 since our last earnings call. I'm also pleased to report that both our issued quotes and active engagements have increased by nearly 40% quarter-over-quarter.

由於營收往往是落後指標，我們的漏斗（funnel）仍是衡量進展的最佳指標。截至今日，自上次財報電話會議以來，我們的創收客戶數已由 15 家成長至 21 家。我也很高興報告，我們已發出的報價與進行中的互動（active engagements）季對季均增加近 40%。

These leading indicators, new technical engagements, inbound RFIs and POC activity across automotive, trucking, defense, rail, infrastructure and ITS are all moving in the right direction. These indicators are the data that investors should focus on to understand where we are headed. Quarterly revenue is up almost 60% year-over-year.

這些領先指標——新的技術互動、主動流入的 RFI，以及橫跨汽車、卡車運輸、國防、鐵道、基礎建設與 ITS 的 POC 活動——都朝正確方向發展。投資人應聚焦這些指標數據，以了解我們的前進方向。季度營收年增近 60%。

This meaningful growth is driven by our software-defined architecture and long-range sensing performance and reflects the strong pipeline activity building behind it. AI's technology gives machines vision, the foundation of physical AI and the prerequisite for every intelligent autonomous system being built today.

這項具意義的成長由我們的軟體定義架構與長距離感測效能所驅動，並反映其背後正在累積的強勁管線活動。AEye 的技術賦予機器視覺，這是實體 AI（physical AI）的基礎，也是當今所有智慧自主系統建置的先決條件。

The market is potentially very large and is accelerating. Barclays projects the physical AI market opportunity could reach as much as $1 trillion by 2035, and LiDAR is the enabling layer that makes it real. AI software-defined architecture positions us at the core of that ecosystem and the LiDAR sector's ongoing consolidation has only strengthened our relative position.

市場潛在規模非常可觀，且正在加速。Barclays 預估，實體 AI 的市場機會到 2035 年可能高達 1 兆美元，而 LiDAR 是讓它成真的關鍵使能層。AEye 的軟體定義架構使我們位於該生態系核心，而 LiDAR 產業持續整併也只會強化我們的相對地位。

AI is on stronger footing coming out of that consolidation than going in, better capitalized, leaner in structure and with a commercial pipeline that continues to expand. The automotive industry appears to be squarely shifting toward AI-driven safety and software-defined vehicle architectures. And we believe long-range LiDAR is becoming essential to that architecture, not optional.

在整併之後，AEye 的基礎比整併之前更為穩健：資本更充足、組織更精實，且商業管線持續擴張。汽車產業似乎正明確轉向 AI 驅動的安全與軟體定義車輛（software-defined vehicle）架構。我們相信，長距離 LiDAR 正逐漸成為該架構的必要要素，而非可有可無。

Apollo offers best-in-class detection range when operating behind the windshield and is the only sensor we know of to be customer proven to reliably detect objects at distances of up to 1 kilometer. Our OEM engagement has increased, driven by recent robotaxi investment announcements, growing trade policy implications and supply chain resilience concerns with OEMs in the passenger vehicle segment actively seeking domestically sourced alternatives.

Apollo 在擋風玻璃後方運作時提供同級最佳的偵測距離，且據我們所知，它是唯一經客戶驗證、可可靠偵測最遠達 1 公里距離物體的感測器。我們與 OEM 的互動增加，受近期 robotaxi 投資公告、貿易政策影響擴大，以及 OEM 對供應鏈韌性疑慮升高所帶動；乘用車領域的 OEM 正積極尋求國內來源的替代方案。

AI's manufacturing partnership directly addresses that demand. Multiple new RFIs arrived in Q1 across both passenger and commercial vehicle segments and OEMs have begun to reengage as L3 and L4 road maps are being reactivated and expanded. In ground mobility, evaluations by autonomous trucking companies are deepening.

AEye 的製造合作夥伴關係可直接回應該需求。第一季在乘用車與商用車兩個領域均收到多項新的 RFI，且隨著 L3 與 L4 路線圖重新啟動並擴大，OEM 也開始重新接觸。在地面移動領域，自動駕駛卡車公司的評估正在加深。

Multiple companies have programs underway, and we are now shipping sensors into those evaluations. Apollo should be well suited to serve this expanding addressable market. In transportation and infrastructure, Optus is now live at an active intersection in California in partnership with FlashEye and BlueBand.

多家公司已有專案進行中，而我們目前正將感測器出貨供其評估使用。Apollo 應能很好地服務這個持續擴大的可服務市場。在交通運輸與基礎建設方面，Optus 已在加州一個運作中的路口上線，並與 FlashEye 與 BlueBand 合作。

Additional US smart intersection deployments are in progress. Our APAC expansion strategy is also progressing. An Australian ITS POC has advanced into a discussion of commercial terms. In Korea, we recently concluded a successful customer roadshow engaging with more than 10 OEMs across ITS, rail and mobility sectors.

更多美國智慧路口的部署正在進行中。我們的亞太（APAC）擴張策略也在推進。一項澳洲 ITS 的 POC 已進展到商業條款討論。在韓國，我們近期完成一場成功的客戶巡迴展示（roadshow），與超過 10 家 OEM 互動，涵蓋 ITS、鐵道與移動領域。

Our business partnership with ATI in China remains strong, and we have four additional customers now evaluating our Apollo LiDAR product. In defense, active shipments continue with an existing US contractor for UAV wire detection. Repeat business is emerging within that account, and Apollo is being evaluated for additional applications, including UGV and counter UAV with an expectation of multiple new RFQs.

我們與中國 ATI 的業務合作夥伴關係依然穩固，且目前另有 4 家客戶正在評估我們的 Apollo LiDAR 產品。在國防方面，針對無人機（UAV）線纜偵測，我們持續向既有的美國承包商出貨。該客戶帳戶已出現重複採購，且 Apollo 正被評估用於其他應用，包括無人地面載具（UGV）與反無人機（counter UAV），並預期將有多項新的 RFQ。

A significant development this quarter is our new commercial relationship with Syntech, a global defense systems company with established ties to leading defense prime. Syntech is actively promoting Apollo to its customers and initial shipments are already underway. This partnership has the potential to unlock international defense and aviation market outside of the United States, meaningfully expanding our addressable pipeline while complementing the domestic engagements we have already built.

本季一項重大進展是我們與 Syntech 建立新的商業合作關係；Syntech 是一家全球國防系統公司，與主要國防主承包商（defense prime）具有既有連結。Syntech 正積極向其客戶推廣 Apollo，且初期出貨已在進行中。此合作夥伴關係有潛力開啟美國以外的國際國防與航空市場，顯著擴大我們可觸及的管線，同時與我們已建立的國內互動相互補強。

What drives selection across all of these verticals is consistent. AI's proven and reliable 1-kilometer detection range with unlimited software-driven adjustability. That flexibility is paying dividend. For example, a defense customer that initially engaged us for a single UAV wire detection application is now evaluating Apollo across three separate use cases without any change to the hardware they have already deployed in the field.

推動上述各垂直領域選擇我們的因素是一致的：AEye 經驗證且可靠的 1 公里偵測距離，以及由軟體驅動、可無限制調整的能力。這種彈性正在帶來回報。例如，一位國防客戶最初因單一的 UAV 線纜偵測應用與我們接洽，現在在不更換任何已部署於現場的硬體情況下，正針對三種不同使用情境評估 Apollo。

This is a key differentiation factor that drives customers to select AI. Stratos, the newest addition to our product lineup, extends our capability up to 1.5 kilometers of detection range with 500-meter performance behind the windshield at a disruptive price point. Through our manufacturing partnership with Lite-On, AEye's supply chain is globally diversified, providing the flexibility and resilience to navigate geopolitical risk and shifting trade policies that we believe our peers cannot match.

這是促使客戶選擇 AEye 的關鍵差異化因素。Stratos 作為我們產品線的最新成員，將偵測距離能力延伸至 1.5 公里，並在擋風玻璃後方提供 500 公尺效能，且具顛覆性的價格定位。透過與 Lite-On 的製造合作夥伴關係，AEye 的供應鏈在全球範圍內多元化，提供彈性與韌性，以因應地緣政治風險與變動的貿易政策；我們相信同業難以匹敵。

Our tech stack is derived from off-the-shelf telecom components, which allows us to compete on cost while delivering the mass manufacturability and high performance our customers require. We continue to build on our partnership with NVIDIA as it is the cornerstone of our automotive and industrial market positioning.

我們的技術堆疊源自現成的電信元件，使我們能在成本上具競爭力，同時提供客戶所需的大量製造能力與高效能。我們也持續深化與 NVIDIA 的合作，因其是我們在汽車與工業市場定位的基石。

Apollo is validated on DRIVE AGX Orin and has been demonstrated on DRIVE AGX, NVIDIA's next-generation centralized automotive compute platform. In March, we joined the NVIDIA Halos AI Systems Inspection Lab, the world's first ANAB accredited AI systems inspection lab. ANAB accreditation is generally viewed by OEMs as a critical marker of confidence, reliability and quality assurance within their supply chain.

Apollo 已在 DRIVE AGX Orin 上完成驗證，並已在 DRIVE AGX（NVIDIA 下一代集中式汽車運算平台）上完成展示。3 月，我們加入 NVIDIA Halos AI Systems Inspection Lab，這是全球第一個獲 ANAB 認證的 AI 系統檢測實驗室。ANAB 認證通常被 OEM 視為其供應鏈中信心、可靠性與品質保證的重要指標。

Our Optus platform powered by NVIDIA Jetson Orin extend our reach into infrastructure and industrial markets via our diversified software ecosystem. We are giving infrastructure and industrial customers a ready-made path into physical AI without having to build perception capability from scratch.

我們由 NVIDIA Jetson Orin 驅動的 Optus 平台，透過多元化的軟體生態系將觸角延伸至基礎建設與工業市場。我們為基礎建設與工業客戶提供一條現成路徑進入實體 AI，而無需從零開始建立感知能力。

I will now turn the call over to Conor to review our first quarter results.

現在我將把電話交給 Conor，請他回顧我們第一季的業績。

Thank you, Matt. Our strong commercial momentum is broad-based, showing up across our full addressable market rather than any single vertical. Our access customer base now spans defense, intelligent transportation, rail and logistics and security, a level of diversification we did not have a year ago.

謝謝你，Matt。我們強勁的商業動能是廣泛且多面向的，反映在我們整體可服務市場，而非任何單一垂直領域。我們的客戶基礎如今涵蓋國防、智慧運輸、鐵道，以及物流與安防，這種多元化程度是一年前所沒有的。

And the quality of that growth matters as much as the breadth. We are also seeing a growing pattern of repeat business across the customer base, a meaningful signal of product market fit and a direct validation of the performance advantages of our architecture. Our commercial progress is beginning to attract broader institutional attention.

而成長的品質與廣度同樣重要。我們也在客戶群中看到愈來愈明顯的重複採購模式，這是產品市場契合度（product-market fit）的重要訊號，也直接驗證了我們架構在效能上的優勢。我們的商業進展正開始吸引更廣泛的機構投資人關注。

We added new sell-side analyst coverage this quarter, and we are seeing a meaningful increase in both sell-side and buy-side interactions. -- an external signal that the commercial activity we have been describing is registering with the investment community. The revenue ramp is in its early stages, but the underlying metrics building behind it give us confidence in the trajectory ahead.

我們在本季新增了新的賣方分析師覆蓋，並且看到賣方與買方互動皆出現顯著增加——這是一個外部訊號，顯示我們所描述的商業活動正被投資社群所感知。營收爬坡仍處於早期階段，但其背後正在建立的基礎指標讓我們對未來走勢充滿信心。

Before I move to the financials, I want to spend a minute on what we are increasingly hearing from customers. In my role bridging the financial and commercial sides of the business, this has become one of the most important strategic aspects investors are interested in right now. Customers today are not buying a sensor; they are buying a solution.

在我轉到財務數字之前，我想花一點時間談談我們愈來愈常從客戶那裡聽到的回饋。以我連結公司財務與商務兩端的角色來看，這已成為投資人目前最關注的策略面向之一。如今客戶買的不是一顆感測器；他們買的是一套解決方案。

The question they are asking is no longer whose LiDAR has the best specs sheet, it's who can help me deliver the end-to-end perception capability that my application needs faster and with less integration risk. That shift is showing up in nearly every RFI and RFQ we see. A customer in the security industry recently put it to us bluntly.

他們提出的問題不再是「誰家的 LiDAR 規格表最好」，而是「誰能以更快速度、且更低整合風險，協助我交付我的應用所需的端到端感知能力」。這種轉變幾乎出現在我們看到的每一份 RFI 與 RFQ 中。近期一位安防產業的客戶就很直白地對我們說。

They don't want to buy from a hardware company. They want to buy from the front-end solution provider that integrates everything. That dynamic applies across all of our target markets, and it is exactly the model AI has built. Financially, the implication is meaningful. We do not need to absorb the cost or balance sheet impact of acquiring or building those capabilities ourselves to deliver a complete perception solution, a real efficiency advantage as we scale.

他們不想向一家硬體公司採購。他們想向能把所有東西整合起來的前端解決方案供應商採購。這種動態適用於我們所有目標市場，而這正是 AI 所建立的模式。在財務面，其意涵相當重大。為了交付完整的感知解決方案，我們不需要自行承擔收購或建置這些能力所帶來的成本或資產負債表影響；在我們擴張時，這是一項真正的效率優勢。

The proof is in the deal flow. We are seeing a healthy uptick in customer demand for a full end-to-end physical AI solution, not just a stand-alone sensor. We have been able to assemble those solutions through our partner ecosystem with a speed and breadth that we believe our peers constrained by what they own internally cannot match.

證據就在案源流中。我們看到客戶對完整端到端實體 AI 解決方案的需求健康上升，而不只是單一獨立感測器。我們能透過合作夥伴生態系組裝這些解決方案，其速度與廣度，我們相信受限於內部自有資產的同業難以匹敵。

And as our recent customer additions illustrate, this model is working. Meaningful new programs in defense, infrastructure and adjacent mobility have come to us through or alongside our partners.

而且，從我們近期新增的客戶也可看出，這個模式正在奏效。國防、基礎建設以及相鄰移動領域的多個重要新專案，都是透過或伴隨我們的合作夥伴而來。

Moving on to financials. The first quarter 2026 revenue was $101,000, up almost 60% compared to $64,000 in Q1 2025 and up slightly versus Q4 2025. First quarter GAAP operating expenses were $8.9 million compared to $8.3 million in Q4 2025, reflecting higher stock-based compensation and professional fees, alongside continued investment in go-to-market and deployment execution.

接著談財務。2026 年第一季營收為 101,000 美元，較 2025 年第一季的 64,000 美元成長近 60%，也較 2025 年第四季小幅增加。第一季 GAAP 營業費用為 890 萬美元，較 2025 年第四季的 830 萬美元增加，反映較高的股份基礎給付與專業服務費用，同時也持續投資於上市推廣（go-to-market）與部署執行。

First quarter non-GAAP operating expenses were $7.4 million, slightly lower than $7.5 million in Q4 2025, primarily due to lower payroll costs, partially offset by increased professional fees. We reported a GAAP net loss of $8.3 million or $0.18 per share in the first quarter compared to a GAAP net loss of $7.3 million or $0.17 per share in Q4 2025.

第一季非 GAAP 營業費用為 740 萬美元，較 2025 年第四季的 750 萬美元略低，主要因薪資成本下降，部分被專業服務費用增加所抵銷。我們第一季 GAAP 淨損為 830 萬美元（每股 0.18 美元），相較於 2025 年第四季 GAAP 淨損 730 萬美元（每股 0.17 美元）。

The increase was primarily driven by higher stock-based compensation and professional fees, partially offset by lower personnel costs. On a non-GAAP basis, our net loss was $6.7 million or $0.15 per share, essentially flat compared to a non-GAAP net loss of $6.8 million or $0.15 per share in Q4 2025. First quarter cash burn was $9.2 million, up from $7.5 million in Q4 2025, primarily reflecting Q1 seasonality.

增加主要由較高的股份基礎給付與專業服務費用所驅動，部分被人員成本下降所抵銷。以非 GAAP 計算，我們的淨損為 670 萬美元（每股 0.15 美元），與 2025 年第四季非 GAAP 淨損 680 萬美元（每股 0.15 美元）基本持平。第一季現金消耗為 920 萬美元，高於 2025 年第四季的 750 萬美元，主要反映第一季的季節性因素。

Our manufacturing model built on Tier 1 partnerships rather than owned infrastructure continues to keep our cash burn among the lowest in the sector. We ended the first quarter with cash, cash equivalents and marketable securities of approximately $77.2 million compared to $86.5 million at the end of Q4 2025.

我們以一級供應商（Tier 1）合作夥伴為基礎、而非自建基礎設施的製造模式，持續讓我們的現金消耗維持在同業中最低水準之一。我們在第一季末的現金、約當現金與有價證券約為 7,720 萬美元，相較於 2025 年第四季末的 8,650 萬美元。

The sequential decrease reflects the deliberate deployment of resources into commercial operations, the go-to-market investment and operational execution required to convert the pipeline we are building. This is planned resource deployment, fully consistent with the guidance we set at the start of 2026, and we are tracking in line with that plan.

這一季減少反映我們有意識地將資源投入商業營運、上市推廣投資，以及將我們正在建立的管線轉化所需的營運執行。這是計畫內的資源配置，完全符合我們在 2026 年初所提出的指引，我們也正依計畫進行。

We are reaffirming our 2026 full year cash burn target of $30 million to $35 reflecting planned investments in commercial execution, sales and marketing and the operational build required to support customers as they move from evaluation into deployment. On a brief housekeeping note, while we are discussing capital.

我們重申 2026 年全年現金消耗目標為 3,000 萬至 3,500 萬美元，反映對商業執行、銷售與行銷，以及支援客戶從評估走向部署所需營運建置的計畫性投資。順帶一提，在我們談到資本之際。

In the days immediately following this call, AEye plans to file a new shelf registration statement with the Securities and Exchange Commission. Our existing shelf is expiring, and this filing is a routine replacement, standard course of business. Our strategy has not changed. Our capital framework has not changed, and the filing does not reflect any near-term financing intentions.

在本次電話會議結束後的幾天內，AEye 計畫向美國證券交易委員會（SEC）提交一份新的架構式（shelf）註冊聲明。我們現有的 shelf 即將到期，這次申報屬於例行性替換，為正常業務流程。我們的策略沒有改變。我們的資本框架沒有改變，而此申報並不代表任何近期融資意圖。

The company remains well capitalized with runway well into 2028. Our capital structure also remains simplified and strong with AI virtually debt-free. That matters directly to the OEMs and industrial customers we are targeting, where multiyear program confidence is a prerequisite for selection. And the architectural point Matt made earlier compounds here.

公司資本仍然充足，資金跑道可延伸至 2028 年之後。我們的資本結構也仍維持精簡且穩健，AI 幾乎沒有負債。這對我們鎖定的 OEM 與工業客戶至關重要，因為多年度專案的信心是被選用的先決條件。而 Matt 先前提到的架構觀點在此也更顯重要。

The same software-defined platform that lets us tune Apollo to a customer-specific frame rate, range and field of view is what lets us extend our accessible markets without rebuilding from the ground up each time. Stratos makes that compounding advantage concrete, a third-generation sensor that reaches new performance tiers without a proportional increase in investment and one that drops directly into the same partner-led solutions model.

同一個軟體定義平台，讓我們能將 Apollo 調整為客戶特定的幀率、距離與視野，也讓我們能在不必每次都從零重建的情況下擴展可觸及市場。Stratos 讓這種複利式優勢具體化：這是一款第三代感測器，在投資不成比例增加的情況下達到新的性能層級，並且可直接納入同一個由合作夥伴主導的解決方案模式。

Our peers with fixed sensor capability and internally owned software stacks cannot replicate that flexibility without absorbing significant development and integration costs. For customers who need capability without compromise, that equation continues to resonate. Our expectation for 2026 is unchanged.

我們那些感測器能力固定、且軟體堆疊由內部自有的同業，若不吸收可觀的開發與整合成本，無法複製這種彈性。對於需要不妥協能力的客戶而言，這個算式仍持續引起共鳴。我們對 2026 年的預期維持不變。

As technical engagements convert into program commitments, we are building the foundation from which a meaningful revenue inflection can follow. Getting there doesn't require out spending the field. Apollo's performance lead, our software-defined architecture and a partner-led model, combined with a cost structure built for scale, not overhead, make ours a capital-efficient path to a meaningful revenue inflection.

隨著技術合作逐步轉化為專案承諾，我們正在建立可支撐顯著營收拐點的基礎。達成這一點不需要在支出上超越同業。Apollo 的性能領先、我們的軟體定義架構與合作夥伴主導模式，再加上為規模化而非管理費用（overhead）所打造的成本結構，使我們成為一條資本效率高、可通往顯著營收拐點的路徑。

I will now hand it back to Matt for closing remarks.

我現在把時間交還給 Matt 做結語。

Thank you, Conor. As we look ahead to the remainder of 2026, the focus is unchanged, convert engagements into deployment. The physical AI tailwinds driving this market are real and accelerating. Our technology continues to differentiate us.

謝謝你，Conor。展望 2026 年剩餘時間，重點不變：把合作互動轉化為部署。推動此市場的實體 AI 順風確實存在且正在加速。我們的技術持續讓我們脫穎而出。

Our balance sheet provides the stability to execute and the partnerships we have built from NVIDIA to LiteON to Syntech and others lay the foundation for commercial scale. We are seeing the engagement activity and conversion momentum that give us confidence in our trajectory, and we look forward to demonstrating that progress in the quarters ahead. Operator, we are now ready to open the floor for questions.

我們的資產負債表提供執行所需的穩定性，而我們從 NVIDIA、LiteON、Syntech 等夥伴所建立的合作關係，奠定了商業規模化的基礎。我們看到互動活動與轉化動能，讓我們對自身走勢充滿信心，也期待在未來幾季展現這些進展。接線員，我們現在準備開放提問。

(Operator Instructions)

（接線員指示）

Poe Fratt.

Poe Fratt。

Hey, can you just update us on the collaboration and partnership with NVIDIA? And then maybe give us a couple of milestones that we should be looking for over the rest of the year on furthering that partnership?

嗨，你能否更新一下與 NVIDIA 的合作與夥伴關係進展？另外，也許可以提供幾個我們在今年剩餘時間應該關注、用來衡量深化該合作關係的里程碑？

Welcome back, Poe. Good to hear your voice. Look, I'd summarize the relationship at this point as strong and progressing. We talked about in Q1 that we had integrated with the latest platform, NVIDIA DRIVE AGX Thor as well as joining the NVIDIA Halos AI lab, which is -- demonstrates our commitment in NVIDIA's support to automotive-grade solution. Even today, we've got a team out at NVIDIA's headquarters down in Silicon Valley.

歡迎回來，Poe。很高興聽到你的聲音。你看，我會把目前的關係總結為：穩健且持續推進。我們在第一季提到，我們已與最新平台 NVIDIA DRIVE AGX Thor 完成整合，也加入了 NVIDIA Halos AI 實驗室——這展現了我們的承諾，以及 NVIDIA 對車規級解決方案的支持。即使是今天，我們也有一個團隊在矽谷 NVIDIA 總部。

They're testing -- they start at lunchtime. They're not even there until midnight. -- testing the latest Apollo software update. And really, it's just -- it's about validation, the horsepower and the technology that NVIDIA brings to the table. They're so prolific what they're app from the automotive industry. What this is about is validating our capabilities and performance to be ready for that OEM integration phase.

他們在測試——中午開始測，甚至要待到半夜——測試最新的 Apollo 軟體更新。其實，這就是關於驗證：驗證 NVIDIA 帶來的運算能力與技術。他們在汽車產業的應用非常廣泛。我們要做的是驗證我們的能力與性能，為進入 OEM 整合階段做好準備。

And if you check the NVIDIA ecosystem website today, we're at the top of the list. Our performance is validated, and we're the top performer on that list today. So what we can think about, let's just say, between now and the end of the year, there's a validation process. that's the key task for us to be officially validated on NVIDIA AGX Drive Thor, and that's going to be our focus.

而且如果你今天去看 NVIDIA 生態系網站，我們排在清單最上面。我們的性能已獲驗證，而且目前是該清單上的最佳表現者。所以我們可以這樣看：從現在到年底之間，會有一個驗證流程。對我們而言，關鍵任務就是在 NVIDIA AGX Drive Thor 上完成正式驗證，而這將是我們的重點。

And for example, it's one of the main reasons why we're out there spending 12 hours today, so we can continue that validation process, get the feedback from NVIDIA, make the product stronger tune and better and be ready for that OEM integration on their platform.

例如，這也是我們今天在那裡投入 12 小時的主要原因之一：我們要持續推進驗證流程，取得 NVIDIA 的回饋，讓產品更強、更精準調校、更完善，並為在其平台上進行 OEM 整合做好準備。

Great. That's helpful. And then when you look at your customer engagement up to 21 revenue generating, I think, shipments. Can you just give us a little more color or detail on the commercial traction within certain key markets? And then maybe, Matt, if you could highlight which markets have the shortest selling time versus other markets?

很好。這很有幫助。接著當你看你們的客戶參與度，直到我想是 21 筆能帶來營收的出貨為止。你能否就某些關鍵市場中的商業牽引力，提供更多一些背景或細節？另外也許，Matt，你能否指出哪些市場的銷售週期相較其他市場最短？

Sure, absolutely. Thanks, Poe. Great question. Look, it's -- we're super excited. We're basically at the highest level of commercial engagement we've ever had in this company. And I will tell you, we've added in that 31% growth customers in every one of those 6 market segments that Conor talked about earlier.

當然，絕對可以。謝謝你，Poe。這是個很好的問題。你看——我們非常興奮。我們基本上正處於公司有史以來最高水準的商業互動。我也可以告訴你，在 Conor 先前提到的那 6 個市場區隔中，我們每一個區隔的客戶都增加了，帶來 31% 的成長。

So let's just jump into it. I mean there's a lot of segments to cover, but let's focus on really a couple of key highlights first. One is defense. That's a real major standout. First of all, our detection range, we believe, is best in the industry. The defense guys and the aerospace guys and the ground vehicle part of that, they love that aspect of AI's Apollo solution.

那我們就直接切入。我是說要涵蓋的區隔很多，但先聚焦幾個關鍵亮點。第一個是國防，這是非常突出的重點。首先，我們相信我們的偵測距離是業界最佳。國防客戶、航太客戶，以及其中的地面車輛領域，都很喜歡 AEye 的 Apollo 解決方案在這方面的特性。

And the software-defined LiDAR piece allows us to be super flexible across different use cases, let's just say, in the defense market for today and really point out the evidence we talked about in the earnings call. And we're working with many major US defense primes. There's one in particular that we called out, where not only we're getting repeat business, but they are scaling now Apollo across multiple of their business units, and we do that essentially with a new software configuration.

而軟體定義 LiDAR 的部分讓我們能在不同使用情境之間保持高度彈性——就以目前的國防市場來說——並且真正凸顯我們在財報電話會議中提到的證據。我們正與多家美國主要國防主承包商合作。其中有一家我們特別點名的，不僅持續回購，現在還在其多個事業單位擴大導入 Apollo，而我們基本上是透過新的軟體配置來做到這點。

There's no hardware change required. And by the way, that expands to the 6 market segments that we mentioned. We can work across each of those without requiring a new hardware build or major hardware changes. And so that's pretty big. I mean in terms of market velocity, we are pleasantly surprised by how fast defense is moving. There's a new grade of players in the market also that are moving things along very quickly.

不需要任何硬體變更。順帶一提，這也延伸到我們提到的那 6 個市場區隔。我們可以在每個區隔中運作，而不需要新的硬體版本或重大硬體改動。所以這點很重要。就市場速度而言，國防推進之快讓我們感到驚喜。市場上也出現了一批新的玩家，正在非常快速地推動進展。

I would just highlight that as a high-velocity market versus what we might expect traditionally. But look, in other areas as well, we're now -- we have our Optus. This is our full perception solution. Conor talked about this earlier. It's not just about the sensor. It's about being able to collect data and then act. And we have our Optus solution up on a traffic intersection in the Bay Area today, demonstrating that end-to-end capability.

我會把它特別強調為一個高速度市場，超出我們對傳統情況的預期。不過你看，在其他領域也是如此，我們現在——我們有 Optus。這是我們的完整感知解決方案。Conor 先前提到過。這不只是感測器，而是能夠收集資料並採取行動。我們今天已在灣區的一個交通路口架設 Optus 解決方案，展示端到端的能力。

There'll be more to come in that space for sure. And we also just completed in the intelligent traffic system space, a POC in Australia, where they were trying to count trucks and delays in trucking and parking lots and manage fleet capacity, and they try to do it with camera radar and then they couldn't make it work, and we've got them up and running now.

在那個領域接下來肯定還會有更多進展。另外，在智慧交通系統領域，我們也剛在澳洲完成一個 POC，他們想要統計卡車數量、卡車運輸與停車場的延誤並管理車隊容量；他們嘗試用攝影機與雷達但做不起來，而我們現在已讓他們順利上線運作。

The end customer has seen it, and they're very happy with it. So look, it's about, number one, customers are coming to us for that industry-leading detection range, 1 kilometer for Apollo and 1.5 kilometers for Stratso. And then secondly, that software-defined element of our product now only allows us to scale across market segments, but it also scaling within customers. And I think those two attraction and differentiation points are really propelling us forward here.

終端客戶已經看過成果，而且非常滿意。所以你看，第一，客戶來找我們是因為我們業界領先的偵測距離——Apollo 可達 1 公里、Stratso 可達 1.5 公里。第二，我們產品的軟體定義特性不僅讓我們能跨市場區隔擴張，也能在同一客戶內部擴大部署。我認為這兩個吸引力與差異化要點，正推動我們向前。

Yes. I think probably you also brought up the question about lead times. And what we would see is there's probably two distinct patterns there. Certainly, on the automotive side, we're seeing longer lead times. It could take maybe two to three years to get to SOP.

是的。我想你也提到了交期（lead times）這個問題。我們看到大概有兩種明顯的模式。當然，在汽車端，我們看到較長的交期，可能需要兩到三年才能到 SOP。

But on non-automotive, that timeline has certainly accelerated. That said, we're still seeing at least 6 to 12 months. Now it can vary between customers, some customers, some sectors move quicker, other move slower. It's just -- it all depends on the end customer and what their goals and priorities are.

但在非汽車領域，那個時間表確實加快了。即便如此，我們仍看到至少需要 6 到 12 個月。當然不同客戶之間會有差異，有些客戶、有些產業推進更快，其他則較慢。這——完全取決於終端客戶以及他們的目標與優先順序。

Yes. And just probably forgot to mention Syntech as well, another commercial partner we've added this quarter, just further highlighting the expansion across multiple players in the defense space.

是的。另外可能也忘了提 Syntech——這是我們本季新增的另一個商業合作夥伴，也進一步凸顯我們在國防領域與多家玩家的擴張。

Great. Are you in discussions with any additional partners, Matt? Should we see an expansion like, say, the defense industry is huge. Are there others out there that you're looking at partnering with?

很好。Matt，你們是否也在與其他合作夥伴洽談？例如國防產業很龐大。你們是否也在尋找其他可合作的對象？

Yes, absolutely. I count that on two fronts. One is just the integrator or the end customer themselves. As we mentioned in the script, we've got like a 40% growth in our pipeline. So that's just a leading indicator to entering the POC phase, absolutely across all of those segments.

是的，絕對有。我從兩個面向來看。第一是整合商或終端客戶本身。如同我們在講稿中提到的，我們的 pipeline 成長大約 40%。這就是一個領先指標，顯示我們正進入 POC 階段——而且確實涵蓋所有那些區隔。

And then the second piece is let's talk about Optus. This is where we have four partners today. And again, just if you take a step back above LiDAR into the overall perception and intelligence solution, that's where those 4 partners are coming in, and they're enabling us to drop into each of those segments very quickly. We have an open platform. It's based on the NVIDIA Jetson platform.

第二個部分是談 Optus。我們目前在這裡有四個合作夥伴。同樣地，如果你從 LiDAR 往上看，放到整體感知與智慧解決方案的層級，這就是那 4 個合作夥伴切入的地方；他們讓我們能非常快速地落地到各個區隔。我們有一個開放平台，是基於 NVIDIA Jetson 平台。

It's very easy for developers to work with. And even more importantly, as Conor pointed out, in the finance section is we're not having to -- we're not constrained by what software we develop in-house. We've got these 4 guys that enable us to jump into these multiple market segments very quickly. And throughout the rest of the year, I think you can look forward to expansion of those number of software partnerships as well.

開發者很容易使用。更重要的是，正如 Conor 在財務部分指出的，我們不必——不會受限於我們內部自行開發的軟體。我們有這 4 家夥伴，讓我們能非常快速地切入多個市場區隔。而在今年剩下的時間裡，我想你也可以期待軟體合作夥伴數量會進一步擴大。

Very helpful. Thanks, Matt. Thanks, Connor.

非常有幫助。謝謝你，Matt。謝謝你，Connor。

Casey Ryan, AMRX.

Casey Ryan，AMRX。

Matt, Connor, good afternoon. Thanks for the great update. There's a lot to chew on here. I actually just wanted to jump into the trucking opportunity. I think independently, we've actually been hearing some good things about your sensor performance in that space. So with those opportunities in trucking, are they -- would they ever be displacing internal LiDAR production?

Matt、Connor，下午好。謝謝你們帶來很棒的更新，資訊量很大。我其實想直接切入卡車運輸的機會。我想我們也獨立聽到一些關於你們感測器在那個領域表現不錯的消息。所以在卡車運輸的這些機會上，它們——是否可能會取代內部 LiDAR 的生產？

Or is all kind of greenfield new type of truck builds for various manufacturers? How would you describe kind of the nature of the opportunity with some of the truck possibilities?

還是說這些都是某些製造商各種全新（greenfield）的卡車新車型建置？你會如何描述這些卡車可能性所對應的機會性質？

Casey, thanks, and welcome aboard new assignment here. We appreciate the coverage. Thank you for that. Look, it is true. We talked in the script about Apollo sensors now in evaluation with multiple L4 trucking players. And I think this has been further catalyzed by some of the announcements out there about big investments and capital being injected into that market.

Casey，謝謝你，也歡迎你接手新的覆蓋任務。我們很感謝你的關注，謝謝。你說得沒錯。我們在講稿中提到，Apollo 感測器目前正由多家 L4 卡車運輸玩家進行評估。我認為這也因為市場上關於大型投資與資金注入該市場的一些公告而進一步被催化。

I would say that it's a mix of both of those things. There are concerns out there in the market today about, we'll call it, supply chain resiliency, where the sensors are built and where the IP comes from. And this has opened up new doors for us. There are transitions happening away from supply chains that may be considered much higher risk. That's been one source.

我會說兩者都有。一方面，市場上目前對於——我們稱之為——供應鏈韌性有所疑慮：感測器在哪裡製造、IP 來源在哪裡。這為我們打開了新的大門。市場正在從一些可能被視為風險更高的供應鏈轉移，這是其中一個來源。

And the second piece is, I'll call it, more complementary where either one of those guys is sourcing -- not sourcing, but now evaluating Apollo because of the range, we do really well and seem far ahead. As you mentioned, you need to do that for heavy vehicles because they have a longer braking distance. And in some cases, it's complementing their existing LiDAR solution.

第二個部分，我稱之為更偏互補：其中一些玩家——不是採購，而是現在評估 Apollo，原因在於我們的量測距離表現非常好，看起來領先很多。正如你提到的，重型車輛需要這樣的能力，因為它們的煞車距離更長。而在某些情況下，這是在補強他們既有的 LiDAR 解決方案。

Truck is a big object that has to worry about lots of different situations, not just driving down the highway, but maybe pulling off on the shoulder and then having to pull back on safely. And one of the learnings we see coming out of that space is they need more coverage from LiDAR, and that's been helping us as well.

卡車是一個大型物體，需要面對很多不同情境，不只是高速公路直行，還可能需要靠邊停車，之後再安全地併回車道。我們從那個領域看到的一個學習是：他們需要 LiDAR 提供更廣的覆蓋，這也在幫助我們。

One thing to add --

我再補充一點——

Please go ahead.

請說。

I would just say, look, the natural conclusion is this is an L4 opportunity, but there has been some interest on the L2 side. Obviously, that's a more cost competitive market, but we've seen a certain amount of interest there as well. So it's -- you're talking about L4 and L2 potentially as well.

我想說，你看，自然的結論是這是一個 L4 的機會，但在 L2 端也有一些興趣。當然，那是一個更講求成本競爭力的市場，但我們也看到一定程度的興趣。所以——你談的不只是 L4，也可能包含 L2。

Got it. And then not to beat a dead horse here, but in many truck deployments or sort of architectures, there's kind of a long-range sensor and a short-range sensor. It sounds like you guys might be able to fulfill both those needs with your product portfolio.

了解。那再追問一下（不是要一直重複這個話題），但在許多卡車部署或架構中，通常會有一個長距離感測器和一個短距離感測器。聽起來你們可能可以用你們的產品組合同時滿足這兩種需求。

Yes. I'd say one thing that we really have going for us is the tunability of the sensor itself, the fact that it's customizable. And what customers really like is the fact that we can do both long range and short range. Obviously, when you're on a highway, long range is paramount. It's critical, right, that you have the braking distance.

是的。我想我們真正的一個優勢在於感測器本身的可調性，也就是它可以客製化。而客戶真正喜歡的是，我們同時能做到長距離與短距離。很明顯地，當你在高速公路上時，長距離是最重要的。這很關鍵，對吧，你必須有足夠的煞車距離。

But sometimes, right, in urban environments, you need a wider field of view, right? You're maybe looking 100 meters down the road. So the fact that we could have multi-scan patterns embedded on the device and you could toggle back between different modes is really a game changer.

但有時候，在都市環境裡，你需要更寬的視野，對吧？你可能只是在看前方 100 公尺的路況。所以我們能在裝置上內建多種掃描模式，並且可以在不同模式之間切換，這真的是改變遊戲規則的能力。

And I don't think there's anybody out in the market that can offer that level of customization. And so that's something that appeals a lot to the customers that we speak with.

而我不認為市場上有任何人能提供那種程度的客製化。因此，這也是我們接觸到的客戶非常感興趣的一點。

Yes. Okay. Terrific. Yes, that's a very exciting -- something that I think we all eye on --

是的。好。太棒了。是的，那確實非常令人振奮——也是我想我們大家都在關注的——

Get the point I'm trying to make here is we don't necessarily have to do a hardware change. That's certainly something we could do, but we can solve the problems we solve. Yes.

我想表達的重點是，我們不一定需要做硬體變更。那當然是我們可以做的事，但我們可以用我們解決問題的方式來解決這些問題。是的。

Yes, which that's sort of the good answer is that basically you guys can sort of address sort of a one-stop shop essentially for a customer.

是的，而這算是個很好的答案：基本上你們可以為客戶提供某種一站式的解決方案。

Exactly.

沒錯。

Okay. So jumping over to automotive. It's exciting to hear that people at least are thinking about L3 and L4 offerings at some point. Do you see LiDAR being consumed as part of sort of driver safety packages still?

好。那我們跳到車用領域。聽到至少有人在思考未來某個時間點推出 L3 和 L4 方案，這很令人興奮。你們是否仍然看到 LiDAR 會被納入某種駕駛安全套件中被採用？

Or are you hearing and meeting customers who are talking about offering some sort of vehicle with L4 autonomy and sort of offering autonomy as a feature versus, say, just super good driver safety tools and safety packages?

或者你們是否聽到、也正在拜訪一些客戶，他們在談的是推出某種具備 L4 自動駕駛的車款，並把自動化當作一項功能來提供，而不是僅僅提供非常強的駕駛安全工具與安全套件？

It's a mix of both. And I think you'll see that, again, I had mentioned earlier about the L4 trucking space that there's been a lot of capital going in. Now you're seeing these partnerships with Uber, for example, leverage some of those technology providers to bring capability outside of trucking into, say, robotaxis or other markets.

兩者都有。我想你會看到——我之前提到過 L4 卡車領域，有大量資金投入。現在你也看到例如 Uber 的合作夥伴關係，利用其中一些技術供應商，把能力從卡車延伸到例如機器人計程車或其他市場。

We're definitely seeing a catalyst there. And then I think there have been a number of OEMs out there that talked about what they call hands-off eyes-off driving. Maybe we consider that more in the L3 range.

我們確實看到那裡有一個催化因素。另外，我認為也有不少 OEM 談到他們所謂的「hands-off eyes-off」駕駛。也許我們會把那更視為 L3 的範疇。

And again, I have to really call out that the concern about supply chain resiliency has really brought a number of customers to our front door because of concerns and risk in that area, certainly in the Level 3 space and also a little bit of L2 and ADAS, as Conor mentioned, to solve some corner conditions that currently aren't efficiently covered by like ultrasonics and panoramic cameras. So it's a mix of all three. The sweet spot is definitely on the L3 side, eyes off, hands off, but you've got all three in the mix.

再者，我必須特別指出，對供應鏈韌性的擔憂，確實因為那方面的疑慮與風險，讓不少客戶找上門來——尤其是在 Level 3 領域；另外也有一些在 L2 與 ADAS（如 Conor 提到的），用來解決目前像超音波與環景相機無法有效涵蓋的一些邊角情境。所以三者都有。甜蜜點絕對是在 L3 這一側，也就是 eyes off、hands off，但三者都在組合之中。

Yes. Okay. That's very exciting. I'm happy to hear about that. And yes, I mean, certainly, you're right, kind of the news flow around robotaxi and L4 from a whole bunch of providers has certainly ramped up quite a bit. In defense and specifically in drones, I think there's an issue around -- it's not an issue, a topic around the weight of a LiDAR sensor.

是的。好。這非常令人振奮。我很高興聽到這些。而且是的，你說得沒錯，圍繞機器人計程車與 L4 的新聞動態，來自一大堆供應商，確實大幅升溫。在國防領域、特別是無人機方面，我認為有個議題——也不是議題，是一個話題——關於 LiDAR 感測器的重量。

And I wonder if you could just talk about the weight of your solutions and if there's like a road map to make a certain model lighter or sort of where you guys sit on that weight front in terms of consideration for essentially all defense applications, but primarily drones, obviously.

我想請你談談你們方案的重量，以及是否有路線圖讓某個型號更輕，或是你們在重量這一塊的定位如何——就國防應用整體而言，但主要當然是無人機。

Yes. We're really light and we fit into that envelope quite well. I'm not sure if we published the specs on that. but we're definitely at the low end of the spectrum on weight. Also keep in mind that the kind of drones that you and I may sort of be directly exposed to may not be the kind of drones necessarily where you need long-range LiDAR.

是的。我們非常輕，而且很符合那個重量/體積的限制。我不確定我們是否已經公開發佈相關規格，但我們在重量上絕對屬於較低端的區間。另外也要記得，你我可能直接接觸到的那種無人機，不一定就是需要長距離 LiDAR 的那種無人機。

For example, drones that travel at very high speed, I'm talking about over 200 miles per hour. Because they're at that kind of speed, they need to see a kilometer out or out, not the drones that Amazon uses to drop off packages. They're much more sophisticated surveillance and other type of drones.

例如，以非常高速度飛行的無人機——我指的是超過每小時 200 英里。因為速度那麼快，它們需要看見一公里外或更遠，而不是亞馬遜用來投遞包裹的那種無人機。那是更精密的監偵與其他類型的無人機。

So it's -- we're absolutely fine in those, and we're light enough to be considered for stronger drones as well. The other hot topic that's cropping up is drone detection. -- and be able to assist intervention system to track when you have an inbound drone, which are pretty small. Those kind of drones tend to be very small coming in and you want to get them while they're very far out. And that's again where the defense primes are coming to us because of the long range that we have.

所以——在那些應用上我們完全沒問題，而且我們也夠輕，能被納入更強力的無人機考量。另一個正在浮現的熱門話題是無人機偵測——以及能夠協助攔截系統在有來襲無人機時進行追蹤，而那些無人機其實很小。這類無人機通常體積很小，你希望在它們還很遠的時候就能抓到。這也正是國防主承包商會找上我們的原因，因為我們具備長距離能力。

Okay. Good. Well, that's very exciting, actually. And then just one last little smaller sort of, I guess, it's not technical question, but you guys have talked about a $30 million contract opportunity over some longer period of time. I just wonder if that customer pulled some units or was part of the commercial count in 1Q and/or if you expect them to be part of Q2.

好。很好。這其實非常令人振奮。最後一個比較小的問題，我想這不是技術問題：你們談到一個在較長期間內、約 3,000 萬美元的合約機會。我想知道那位客戶是否在第一季拉了一些出貨，或是否計入第一季的商業出貨數量中，以及/或者你們是否預期他們會在第二季也計入。

Yes, they're certainly in that count number. So the two customers -- what I would say is that customer itself is probably not going to be a meaningful contributor to revenue this year. I think the revenue is probably a little bit further out in time.

是的，他們確實包含在那個數量裡。所以那兩位客戶——我會這麼說：那位客戶本身今年可能不會對營收有顯著貢獻。我認為營收可能會在更後面的時間點。

And that said, what I would say is since we made that announcement, it was almost over a year ago now, there's been more customers that have come into the mix and more customers that have moved pretty quickly through that POC phase. So what we're seeing now is probably more near-term opportunities with other customers. And that's probably what's going to really drive revenue potential for this year.

不過我想說的是，自從我們做出那項公告以來——現在差不多已經超過一年——有更多客戶加入，且有更多客戶相當快速地走過了 POC 階段。因此我們現在看到的，可能是與其他客戶相關、較近期限的機會。而那大概才會真正推動今年的營收潛力。

Yeah, okay, terrific. This is really a super, very good, encouraging update, and I appreciate the time and look forward to more as we go through the year. Thank you. All right.

是的，好，太棒了。這真的是非常好、令人鼓舞的更新，我也感謝你們撥冗，並期待在今年接下來的時間裡聽到更多。謝謝。好。

Thanks, Casey.

謝謝你，Casey。

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

Well, great. Thanks, Matt and Connor, for taking my questions. Jumped on a little late, so I may have missed some of the prepared remarks here. So I hope I don't repeat some past questions here, but I did want to touch on one of the key themes here in the press release here today about engagement on the automotive side here, particularly with OEMs that are reengaging on L4 and L3 road maps here.

太好了。謝謝 Matt 和 Connor 回答我的問題。我稍微晚了一點加入，所以可能錯過了部分事先準備的發言。我希望不要重複之前的問題，但我確實想談一下今天新聞稿中的一個關鍵主題：車用端的互動（engagement），特別是一些 OEM 重新就 L4 與 L3 路線圖展開互動。

Would love to get some dynamics and understanding of those dynamics going on here. And maybe you can elaborate on how many RFIs and how fast do you think they'll move to RFQ in later stages.

很希望了解其中的動態並更理解目前的進展。也許你可以進一步說明有多少 RFI，以及你認為它們在後續階段會以多快速度推進到 RFQ。

Yes. Let me start with this, and I think Conor probably pile on here. What I mentioned earlier, Richard, this did come up in the Q&A, which is what is driving some of this increase in attention I think it's two pieces. Mainly one is that you see a lot of funding coming into tech providers that they have to deal with Uber, for example. There's quite a few of them that are driving increased interest and velocity in Level 4 robotaxis.

是的。我先從這裡開始，我想 Conor 也可以補充。我先前提到過，Richard，這在問答環節也有被問到：是什麼在推動這種關注度的提升？我認為主要有兩個部分。第一，你看到很多資金流入一些技術供應商——例如他們要與 Uber 打交道。這其中有不少正在推動 Level 4 機器人計程車的興趣與推進速度提升。

So that's one part of it. The other is we see definitely a growing concern over supply chain resilience and taking risks in those areas, and that's shifted business, shall we say, as those passenger vehicle OEMs start waking up and their L3 programs are coming online. Those are the key drivers. I think we said earlier in the script, the number of RFIs coming in has definitely increased.

這是其中一部分。另一部分是，我們確實看到對供應鏈韌性的擔憂正在增加，以及在那些領域承擔風險的顧慮；當乘用車 OEM 開始「醒來」且他們的 L3 計畫逐步上線時，業務也因此出現了轉移。這些是關鍵驅動因素。我想我們在先前的講稿裡也提到，進來的 RFI 數量確實增加了。

And we've got out of the business of predicting OEM schedules because there -- some of these have come and gone. And we're just going to keep an eye on it quite honestly. We're not -- we've got enough in our manufacturing pipeline and readiness to hit the switch and get going with the device production when that time comes. We'll expect a little bit of heads up on this, but our lead times and our risk guides are lined up with any earliest possible time line that we can imagine. But we just -- we don't know. It's been very unpredictable, quite honestly.

而我們已經不再去預測 OEM 的時程了，因為——其中一些時程曾經出現又消失。我們會老實說就持續觀察。我們不——我們的製造產線與量產準備已經足夠，當時機到來時可以按下開關就開始進行裝置生產。我們預期會提前得到一些訊號，但我們的交期與風險規劃已經對齊我們所能想像的任何最早可能時間表。不過我們就是——我們不知道。老實說，一直都非常難以預測。

Yes. The only thing I'd add to Matt is just the fact that we can go in cabin behind the glass, right? That seems to be a big value prop for the OEMs, obviously, the aesthetics of being able to do that have the windshield basically as a way to protect the sensor itself and obviously clean it. So those are -- that's a really interesting value prop for the OEMs and something that certainly differentiates us.

是的。我唯一想補充給 Matt 的是，我們可以把它裝在擋風玻璃後面的車艙內，對吧？這對 OEM 來說顯然是一個很大的價值主張；能夠這樣做在美觀上很有優勢，而且基本上是用擋風玻璃來保護感測器本體，並且顯然也能清潔它。所以這對 OEM 來說是——非常有意思的價值主張，也確實讓我們具備差異化。

Yes. Two other things, Richard. One is what the activity is happening today is data collection. A big part of integration of LiDAR is training the AI and integrating to the software. And that's what's been unpredictable in terms of conclusion of those activities.

是的。Richard，另外兩點。第一，今天正在進行的活動是資料蒐集。LiDAR 整合的一大部分是訓練 AI 並整合到軟體中。而這些活動何時能完成，一直是不可預測的。

And then secondly, we just came through a major supply chain audit in the last six months and really digging in, in some cases, down to glass and sand where raw materials and intermediate components are coming from just to make sure that they have options on the supply chain side. We've been very busy with those two activities of late.

第二，我們在過去六個月剛完成一次重大的供應鏈稽核，並且深入追溯，在某些情況下甚至追到玻璃與砂子——也就是原物料與中間零組件的來源——以確保他們在供應鏈端有備援選項。最近我們在這兩項工作上非常忙碌。

Okay. Great detail there, guys. Second one is just on the general customer engagement here. Glad to see the customer count moving up nicely here from, I think, 16 to 21 here. I ask roughly the same question in a couple of different ways here, one of which is specifically on the customer count, if you can elaborate and describe which end markets, the incremental five have come from here?

好的。各位提供的細節很棒。第二個問題是關於整體客戶互動。很高興看到客戶數量從我記得的 16 家提升到 21 家。我會用幾種不同方式問大致相同的問題，其中一個是針對客戶數量：能否進一步說明這新增的 5 家分別來自哪些終端市場？

And then where would you describe where the biggest dynamics around engagement have been going that are filling the early part of the pipeline here as well.

另外，您會如何描述目前互動動能最大的部分，正在如何推動並填補管線前段？

Yes. I mean I think if I would -- you could probably do the math, but the -- if you take those new five, they're pretty much spread evenly across all the market segments we mentioned during the prepared remarks. I'm going to take a look at Conor here for the second part of the question.

是的。我想如果我——你大概可以自己算一下，但——如果把新增的那 5 家拿出來看，它們幾乎平均分布在我們在事先準備發言中提到的所有市場區隔。我把第二部分問題交給 Conor。

Yes. I mean, look, I think defense, obviously, as Matt mentioned, is a big driver, and we're seeing a lot of interest. And it's not just in the defense sector. I would say it's also in the commercial aviation space as well. So we have some customers in that particular vertical as well. And I think the unifying factor is high performance, range, resolution and then obviously, the ability to tune the scan pattern.

是的。我的意思是，你看，我認為國防顯然如 Matt 提到的是一個很大的驅動力，我們看到很多興趣。而且不只是在國防領域；我會說在商用航空領域也一樣。所以我們在那個垂直領域也有一些客戶。我認為共同的因素是高效能、距離、解析度，以及當然還有可調整掃描圖樣的能力。

And I think what's interesting is even in the defense sector, customers have different needs, different use cases. And so this is really where the tunability of the sensor, the ability to customize the scan pattern becomes really important. And even in some cases, for even just one-use case, there might be different variants or different kind of performance factors that the customer is trying to solve for.

我覺得有趣的是，即使在國防領域，客戶也有不同需求、不同使用情境。因此這正是感測器可調性、可自訂掃描圖樣能力變得非常重要的地方。甚至在某些情況下，即便只是單一使用情境，客戶也可能有不同版本或不同的效能因子需要解決。

It could be long range, even shorter range, increasing the frame rate. So the ability to just dial up, dial down the sensor is really important. And I think that when we're chatting with customers and we're chatting with investors, one thing that we really try and guide people on is when you look at our sensor, think about it as a performance bucket, and you can kind of basically adapt that performance bucket to what you want to achieve, right?

可能是長距離，也可能是較短距離、提高幀率。因此能夠把感測器「調高、調低」非常重要。我認為當我們與客戶以及投資人交流時，我們一直試著引導大家的一點是：當你看我們的感測器時，把它想成一個效能「桶」，你可以基本上把這個效能桶調整成你想達成的目標，對吧？

So if that means going longer range, you can put the performance there. If it means higher frame rate, you can do that. And so we're giving that level of customization that you otherwise can't get in the marketplace.

所以如果是要更長距離，你就把效能配置到那裡；如果是要更高幀率，你也可以做到。因此我們提供了市場上其他產品無法提供的那種客製化程度。

Okay. Probably my last question here is on Optus. So your press release mentioned that's live in an active California intersection. I think I saw something on maybe your LinkedIn page not too long ago, which is great to see, which is a good excuse for me to ask about general maturity and kind of breadth of engagement pipeline with Optus here, where you're seeing this in terms of application set and geographies would be a great update.

好的。我可能最後一個問題是關於 Optus。你們的新聞稿提到它已在加州一個正在運作的路口上線。我想我不久前在你們的 LinkedIn 上也看到一些內容，這很棒，也讓我有理由問一下 Optus 這邊整體成熟度以及互動管線的廣度。你們目前看到它在應用集合與地理區域上的進展如何？如果能更新一下會很棒。

Yes. Again, I think it covers a fair part of our market segments and in the remarks, we talked about we're seeing a growing number of customers. The trend is definitely, we're looking for partnering perception and sensing and data analytics that's becoming a bigger part of our pipeline.

是的。再次強調，我認為它涵蓋了我們相當一部分的市場區隔；在發言中我們也提到，我們看到客戶數量在增加。趨勢很明確：我們正在尋求在感知、感測與資料分析方面的合作夥伴，而這正成為我們管線中更大的一部分。

The examples that we pointed out, for example, the traffic intersection -- we also mentioned the completion of a POC within -- out in Australia with kind of -- we call it smart intelligent traffic systems where we were tracking for a fleet management company trucks going in and out of weigh stations and payloads and things like this. And again, we're seeing as we're talking with those customers, they don't know a lot about LiDAR.

我們指出的例子，例如交通路口——我們也提到在澳洲完成了一個 POC，我們稱之為智慧型交通系統：我們為一家車隊管理公司追蹤卡車進出地磅站、載重等事項。再者，當我們與這些客戶交流時，我們發現他們對 LiDAR 了解不多。

They just came to us and said, well, we tried working with an integrator that does cameras and radar and it doesn't work. Can you help us make it work? And we're seeing more and more of those type of customers where their level of sophistication and knowledge of the underlying sensor piece isn't quite there. They just want help to get an end-to-end solution.

他們只是來找我們說：我們試著和做攝影機與雷達的系統整合商合作，但行不通。你們能幫我們讓它運作起來嗎？我們看到越來越多這類客戶，他們對底層感測器的成熟度與知識還不夠；他們只是想要有人協助提供端到端的解決方案。

It's a growing part of that number that's increasing. maturity, we're -- we've been out in the wild for almost a year now on that second example and a few months on the first one. We're going to see more intersections going online this year. So I think things are maturing nicely, and you can definitely expect to see a higher percentage of those end-to-end solutions coming in the back half of the year here.

這是那個持續增加的數字中一個成長中的部分。就成熟度而言——第二個例子我們在實際環境中已經運行將近一年，第一個例子則是幾個月。今年我們會看到更多路口上線。所以我認為成熟度進展得很好，而且你可以預期在今年下半年，這類端到端解決方案的占比會更高。

And just one thing to add. I think there's really what makes us unique in the ITS space, especially when it comes to intersections, one thing we're learning is there's a dilemma zone, and that's maybe looking back 100 meters from the stop bar.

再補充一點。我認為在 ITS 領域，尤其是路口應用上，真正讓我們獨特的是：我們正在學到有一個所謂的「兩難區」（dilemma zone），大概是從停止線往回看 100 公尺。

And the fact that we have the range and capabilities to do that is a differentiating feature in the solution that we're offering. And that's something that definitely getting positive feedback from the DOTs. It's something that nobody else can do right now. So that's a classic case where we've built a solution, and we're leaning into our capabilities and performance factors.

而我們具備足夠的距離與能力做到這點，這是我們所提供解決方案中的差異化特徵。這也確實從各州交通部（DOT）獲得正面回饋。現在沒有人能做到這件事。所以這是一個典型案例：我們打造了一個解決方案，並且善用我們的能力與效能因子。

And hearing increasingly the narrative is the other sensors just couldn't see far enough.

而且我們越來越常聽到的說法是：其他感測器就是看不夠遠。

Really that simple. So I think customers are going beyond -- they're looking more towards next-gen LiDAR solutions, high-performance solutions that can give them that level of range and customization that they need.

真的就這麼簡單。所以我認為客戶正在超越——他們更傾向尋找下一代 LiDAR 解決方案、高效能解決方案，能提供他們所需的距離與客製化程度。

Makes a lot of sense. Last quick question, Conor, since I didn't hear your prepared remarks, I just wanted to make sure that or ask whether you're still using the same language used on the last earnings call about seeing an acceleration in the second half of the year. Is that still your thought process there?

很有道理。最後一個快問，Conor，因為我沒有聽到你事先準備的發言，我只是想確認或問一下：你們在上一通財報電話會議中使用的措辭——提到下半年會加速——你現在仍然是這樣看嗎？

Yes, for sure. Look, I think we're definitely going to see an inflection in the revenue. I think we're already seeing more units in the pipeline here for Q2, and we think that trend is going to continue on into Q3 and Q4. So I think all in all, yes, we're still guiding to that narrative.

是的，當然。你看，我認為我們肯定會看到營收的拐點。我們已經看到第二季（Q2）管線中的出貨單位數增加，而且我們認為這個趨勢會延續到第三季（Q3）與第四季（Q4）。所以整體而言，是的，我們仍然維持那樣的指引敘事。

Okay, perfect. That's all for me guys. Thank you.

好的，完美。我這邊就到這裡。謝謝各位。

Thanks, Richard.

謝謝你，Richard。

(Operator Instructions)

（接線生指示）

I think it's okay. We can wrap it up if there's nothing else.

我想沒問題。如果沒有其他問題，我們可以結束了。

That will conclude our question-and-answer session. I will now turn the call back over to Matt Fisch for closing remarks.

以上為我們的問答環節。接下來我將把電話交回給 Matt Fisch 進行結語。

Thank you all for your time today and for your continued interest in AI. We remain focused on executing against our commercial pipeline and converting this momentum into a durable revenue ramp, and we look forward to updating you on our progress next quarter. Thank you.

感謝各位今天撥冗參與，也感謝各位持續關注 AI。我們仍專注於推進商業管線的執行，並將這股動能轉化為可持續的營收爬坡；我們期待在下個季度向各位更新我們的進展。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。