AEye Inc (LIDR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to AEye's Q2 2026 conference call. (Operator Instructions) And please note that this call is being recorded.

各位女士、先生，歡迎參加 AEye 2026 年第二季電話會議。(接線員指示) 並請注意，本次電話會議將被錄音。

I would now like to turn the call over to Keaton Olsen. You may begin.

現在我想把電話交給 Keaton Olsen。您可以開始了。

Good afternoon, and thank you for joining AEye's second-quarter 2026 earnings call. I'm Keaton Olsen, Investor Relations Manager for AEye, and with me today are Matt Fisch, Chief Executive Officer, and Conor Tierney, Chief Financial Officer. Earlier today, AEye announced its financial results for the second quarter ended June 30, 2026. A copy of the press release is available in the Investor Relations section of the company's website.

各位下午好，感謝您參加 AEye 2026 年第二季財報電話會議。我是 AEye 投資人關係經理 Keaton Olsen，今天與我一同出席的有執行長 Matt Fisch 與財務長 Conor Tierney。今天稍早，AEye 公布了截至 2026 年 6 月 30 日止第二季的財務結果。新聞稿副本可於公司網站的投資人關係專區取得。

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. Any forward-looking statements are subject to inherent risks, uncertainties and changes in circumstances.

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。任何前瞻性陳述均受固有風險、不確定性及情勢變化影響。

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.

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。您可在 AEye 不時向美國證券交易委員會（SEC）提交的報告中（包括我們最近一期的定期報告）找到更多關於風險、不確定性及其他因素的資訊。

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

將要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。

In addition, we will be discussing non-GAAP financial measures on this call, which we believe are relevant in assessing the financial performance of the business. These measures are presented as supplemental information only and should not be considered a substitute for financial information presented in accordance with GAAP. You can find reconciliations of these metrics to the most directly comparable GAAP measures within the press release.

此外，我們將在本次電話會議中討論非 GAAP 財務衡量指標，我們認為這些指標有助於評估業務的財務表現。這些指標僅作為補充資訊呈現，不應被視為 GAAP 口徑財務資訊的替代。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。

With that, I'll hand the call over to Matt.

接下來，我把電話交給 Matt。

Thank you, Keaton, and thank you all for joining us. I'm excited to report that our overall momentum continued in the second quarter, including the ongoing development of our sales pipeline, having grown to our highest level of engagement yet. And most importantly, I'm pleased to announce that we have been selected as the preferred LiDAR vendor for a groundbreaking sports analytics provider.

謝謝你，Keaton，也謝謝各位加入我們。我很高興報告，我們在第二季整體動能持續，包括我們銷售管線的持續開發，互動程度成長至迄今最高水準。更重要的是，我很高興宣布，我們已被一家具突破性的運動分析供應商選為首選 LiDAR 供應商。

As a company, we're hitting our stride, and we extended AEye's reach into an entirely new market category. Q2 revenue grew approximately 9 times year over year and roughly 100% quarter over quarter, marking our fourth consecutive quarter of growth, further evidence of the accelerating commercial interest in our technology.

就公司而言，我們正步入佳境，並將 AEye 的觸角延伸至全新的市場類別。第二季營收年增約 9 倍、季增約 100%，連續第四季成長，進一步證明市場對我們技術的商業興趣正在加速。

Beyond revenue, our sales funnel continues to be the best barometer of our progress. Proof-of-concept programs from revenue-generating customers grew to 25% from 21% since our last earnings call, and both engagements and quote activity increased approximately 25% and 40% quarter over quarter, respectively.

除了營收之外，我們的銷售漏斗仍是衡量進展的最佳指標。來自可帶來營收之客戶的概念驗證（POC）專案占比，自上次財報電話會議以來由 21% 提升至 25%；同時，互動數與報價活動分別季增約 25% 與 40%。

Commercial momentum is accelerating across the board. New accounts continue to enter and move through the funnel, and existing customers are scaling up the scope of their engagement. AEye sits at the center of a physical AI opportunity, a market Barclays sizes at up to $1 trillion by 2035.

商業動能正全面加速。新客戶持續進入並推進漏斗流程，既有客戶也在擴大合作範圍。AEye 位於實體 AI 機會的核心，巴克萊（Barclays）估計該市場至 2035 年規模可達 1 兆美元。

LiDAR is what gives machines sight, and our software-defined architecture positions Apollo and STRATOS as core perception platforms across automotive, trucking, aerospace and defense, rail, infrastructure, ITS and now sports analytics.

LiDAR 賦予機器「視覺」，而我們的軟體定義架構使 Apollo 與 STRATOS 成為汽車、卡車運輸、航太與國防、鐵道、基礎建設、智慧運輸系統（ITS），以及如今的運動分析等領域的核心感知平台。

Defense continues to be our most active vertical, with engagements doubling quarter over quarter. Our lead defense customer placed its third consecutive paid order this quarter, and repeat business is emerging as Apollo is evaluated across UAV, UGV and counter-UAS applications.

國防仍是我們最活躍的垂直領域，互動案季增一倍。我們的主要國防客戶本季下了連續第三筆付費訂單，且隨著 Apollo 在無人機（UAV）、無人地面載具（UGV）及反無人機（counter-UAS）應用中接受評估，回購業務正在浮現。

Additionally, our partnership with Fintech, a leading international defense systems company, continues to actively promote and ship Apollo to its customers, expanding our addressable pipeline into global markets where Apollo's configurability and long-range performance make it purpose-built for mission-critical and unmanned systems.

此外，我們與 Fintech（一家領先的國際國防系統公司）的合作夥伴關係，持續積極向其客戶推廣並出貨 Apollo，將我們可觸及的管線擴展至全球市場；在這些市場中，Apollo 的可配置性與長距離性能使其特別適用於任務關鍵與無人系統。

Increasingly, our customers are finding us rather than the reverse, and often for novel applications that continue to expand our TAM. What makes this possible is our software-defined architecture. Because Apollo's behavior is defined in software rather than fixed in hardware, we can quickly reconfigure it to meet a new application without redesigning the sensor. Customers come to us with a problem, and we can adapt the same platform to solve it.

越來越多時候，是客戶主動找到我們，而非相反；而且往往是一些新穎的應用，持續擴大我們的 TAM（總可服務市場）。促成這一切的是我們的軟體定義架構。由於 Apollo 的行為由軟體定義，而非固定於硬體，我們可以快速重新配置以符合新應用需求，而無需重新設計感測器。客戶帶著問題來找我們，我們能以同一平台加以調整來解決。

Sports analytics this quarter is a great example, a new use case addressed with our same underlying product. For our customers, that flexibility is what turns LiDAR-based perception into a practical tool for improving safety, lowering total cost of ownership and opening new revenue streams. And for AEye, it means each new application expands our addressable market without the need to make physical changes to our hardware.

本季的運動分析就是一個很好的例子：以相同的底層產品滿足全新的使用情境。對客戶而言，這種彈性使基於 LiDAR 的感知成為可落地的工具，可提升安全性、降低總持有成本，並開啟新的營收來源。對 AEye 而言，這意味著每一個新應用都能在不需要對硬體做實體變更的情況下，擴大我們的可服務市場。

Alive3D recently selected Apollo as its LiDAR solution for next-generation sports analytics. Apollo's software-defined technology will enable Alive3D to deliver 3D spatial sports visualization, precise measurement and advanced data analytics.

Alive3D 近期選擇 Apollo 作為其下一代運動分析的 LiDAR 解決方案。Apollo 的軟體定義技術將使 Alive3D 能夠提供 3D 空間運動視覺化、精準量測與進階資料分析。

We are able to attune Apollo to meet the needs of our customers, in this case, elite sports. This is another clear example of where our software-defined architecture allows us to tailor our solution to deliver for our customers.

我們能夠調校 Apollo 以滿足客戶需求，本例即為菁英運動。這再次清楚展現，我們的軟體定義架構讓我們能量身打造解決方案，為客戶交付成果。

And Apollo was recently validated on NVIDIA DRIVE AGX Thor, NVIDIA's next-generation automotive and physical AI compute platform, deepening a relationship that spans our participation in the NVIDIA Halos AI Systems Inspection Lab and our existing validation on NVIDIA DRIVE AGX Orin.

此外，Apollo 近期已在 NVIDIA DRIVE AGX Thor（NVIDIA 的下一代車用與實體 AI 運算平台）上完成驗證，深化了我們的合作關係；該關係涵蓋我們參與 NVIDIA Halos AI Systems Inspection Lab，以及我們既有在 NVIDIA DRIVE AGX Orin 上的驗證。

With sensor-to-compute interoperability confirmed against NVIDIA DriveOS, placing AEye as a sensor partner in the NVIDIA DRIVE Hyperion ecosystem, OEMs and Tier 1 suppliers building on the NVIDIA DRIVE platform can source Apollo as a pre-qualified sensor, reducing integration risk and shortening the path from system design to deployment.

在 NVIDIA DriveOS 上確認感測器到運算的互通性後，AEye 成為 NVIDIA DRIVE Hyperion 生態系中的感測器合作夥伴；在 NVIDIA DRIVE 平台上建置的 OEM 與一級供應商（Tier 1）可將 Apollo 作為預先認證的感測器來源，降低整合風險並縮短從系統設計到部署的時程。

Automotive and trucking OEMs continue to treat long-range LiDAR as essential, not optional, for highway ADAS and autonomy. We remain active in multiple OEM level three and level four evaluation projects.

汽車與卡車 OEM 持續將長距離 LiDAR 視為高速公路 ADAS 與自動駕駛的必要要件，而非可有可無。我們仍積極參與多個 OEM 的 Level 3 與 Level 4 評估專案。

In parallel, we signed an MOU to explore combining Apollo's long-range 3D object detection with MoveAWheeL's acoustic road-surface friction sensing. This partnership seeks to provide real-time predictive friction coefficients of road surfaces to improve ADAS and autonomous drive in adverse weather. Evaluations are underway across select geographies, and we are already having discussions with automotive OEMs about potential applications.

同時，我們簽署了一份 MOU（合作備忘錄），以探索將 Apollo 的長距離 3D 物體偵測與 MoveAWheeL 的聲學道路表面摩擦感測結合。此合作旨在提供道路表面即時、可預測的摩擦係數，以在惡劣天候下提升 ADAS 與自動駕駛表現。目前已在特定地區展開評估，我們也已與汽車 OEM 就潛在應用展開討論。

In other markets, our OPTIS platform continues to move into deployment. Our live smart intersection in the Bay Area remains operational, as do our multiple OPTIS installations in and around Detroit. In APAC, Apollo received the Smart Sensing Technology Innovation Award at the EAC 2026 Zhiyao Award in Shanghai, validating its role in intelligent sensing for ADAS, autonomous driving and physical AI applications.

在其他市場方面，我們的 OPTIS 平台持續邁向部署。我們在灣區的智慧路口即時示範系統仍在運作，我們在底特律及其周邊的多個 OPTIS 安裝點亦同樣運作中。在亞太地區，Apollo 於上海 EAC 2026 智耀獎獲得「智慧感測技術創新獎」，驗證其在 ADAS、自動駕駛與實體 AI 應用中的智慧感測角色。

Additionally, we are now shipping units to an ITS customer we met during our Q1 roadshow in Korea. And our China partnership with ATI remains actively quoting today. Our manufacturing footprint and capital-light model underpin all of this.

此外，我們目前正向一位 ITS 客戶出貨，該客戶是我們在韓國第一季路演期間結識的。我們與 ATI 的中國合作夥伴關係目前仍在積極報價中。我們的製造布局與輕資本模式為上述一切提供支撐。

As an American company with a globally diversified supply chain, we're positioned to navigate geopolitical risk and shifting trade policy better than peers. Through LITEON, we have a dedicated production line capable of up to 60,000 Apollo units annually, derived from off-the-shelf telecom components for mass manufacturability at competitive cost. We have begun ramping our output to match our forecast of increased customer demand in the second half of the year.

作為一家擁有全球多元化供應鏈的美國公司，我們相較同業更有能力因應地緣政治風險與貿易政策的變動。透過光寶科技（LITEON），我們擁有一條專用產線，每年可生產多達 60,000 台 Apollo 單元，採用現成的電信元件以利大量製造並維持具競爭力的成本。我們已開始提升產出，以配合我們對下半年客戶需求增加的預測。

Finally, for those customers that require end-to-end perception solutions, our OPTIS system is underpinned by a partner-led model spanning NVIDIA, Flasheye, Blue-Band, Black Sesame, Vueron and now MoveAWheeL. This lets us deliver those solutions across market segments without absorbing the cost and balance sheet impact of building every capability in-house, a structural advantage peers with internally developed software stacks can't easily scale.

最後，對於需要端到端感知解決方案的客戶，我們的 OPTIS 系統以合作夥伴主導的模式為基礎，涵蓋 NVIDIA、Flasheye、Blue-Band、Black Sesame、Vueron，以及現在的 MoveAWheeL。這使我們能在不必承擔將所有能力內製所帶來的成本與資產負債表影響下，跨市場區隔交付這些解決方案；相較之下，擁有內部自研軟體堆疊的同業難以輕易擴大規模，這是我們的結構性優勢。

With that, I'll turn the call over to Conor to walk through our financial results and the conversion metrics behind this momentum.

接下來，我把電話交給 Conor，請他說明我們的財務結果，以及推動這股動能背後的轉換指標。

Thank you, Matt. Our active customer base reached a new level of diversification this quarter, and repeat business is now a pattern rather than an exception, which is the strongest indicator we have of product-market fit and a direct validation of the performance advantages of our software-defined architecture.

謝謝你，Matt。本季我們的活躍客戶基礎達到新的多元化程度，重複採購如今已成為常態而非例外；這是我們判斷產品與市場契合度（product-market fit）最強的指標，也直接驗證了我們軟體定義架構的效能優勢。

Before I turn to the numbers, it is worth framing what we believe is happening in our market because it explains where our revenue is now coming from. The first wave of LiDAR adoption competed largely on cost and packaging. A second wave is now forming, and it has been decided on something different. Performance and sophistication are the gates to winning the deal.

在我進入數字之前，值得先說明我們認為市場正在發生什麼，因為這能解釋我們目前的營收來源。第一波 LiDAR 採用主要在成本與封裝上競爭。第二波正在形成，而其勝負取決於不同的因素。效能與成熟度是贏得訂單的門檻。

The customers driving this wave and creating novel demand in the physical AI space were absent from the first one because their use cases were simply too demanding for first-generation sensors. Detection at extreme range, maximum ruggedness, centimeter-level capture across the entire playing field.

推動這一波、並在實體 AI（physical AI）領域創造新需求的客戶，在第一波中並未出現，因為他們的使用情境對第一代感測器而言要求過高。例如極遠距偵測、最高等級的耐用性，以及在整個作業範圍內達到公分級的捕捉精度。

Apollo's ultra-long-range performance and software configurability, paired with our highly scalable partnership and production models, put us in a uniquely strong position to capitalize on precisely this class of physical AI customer. We now have commercial proof that this is more than a thesis.

Apollo 的超長距離效能與軟體可配置性，搭配我們高度可擴展的合作夥伴與生產模式，使我們在把握這類實體 AI 客戶方面具備獨特且強勁的優勢。我們現在已有商業層面的證據，證明這不僅僅是一個論點。

During the quarter, we secured a commercial program with Alive3D in a new vertical that was not contemplated a year ago, one on capability rather than price. Behind this program, a growing number of engagements are moving out of proof of concept and into commercial closure.

本季我們與 Alive3D 在一個一年前尚未納入考量的新垂直領域中，取得了一項商業專案，其競爭重點在能力而非價格。在此專案帶動下，愈來愈多的合作案正從概念驗證（POC）走向商業定案。

Turning to the financials, second-quarter revenue was $202,000, roughly double the $101,000 we reported in the first quarter and approximately 9 times the $22,000 in the second quarter of 2025. First-half revenue of $303,000 already exceeds our full-year 2025 revenue of $233,000.

談到財務表現，第二季營收為 202,000 美元，約為第一季 101,000 美元的兩倍，亦約為 2025 年第二季 22,000 美元的 9 倍。上半年營收 303,000 美元已超過我們 2025 年全年營收 233,000 美元。

Two components drove the quarter. The first is product revenue, with an increasing share coming from repeat orders rather than first-time evaluations. Repeat orders from our lead defense customer continued to grow in size quarter over quarter, and we started shipping units to Alive3D.

本季主要由兩個部分驅動。第一是產品營收，其中來自重複訂單的占比持續提高，而非首次評估採購。我們主要國防客戶的重複訂單金額持續季增，同時我們也開始向 Alive3D 出貨。

The second component, and new this quarter, is $30,000 of contract development revenue from customer-funded engineering work. That line matters more than its size suggests. It is the second distinct source of revenue that did not exist for us six months ago, and we expect it to become a more regular contributor in subsequent quarters as programs advance into their engineering phases.

第二個部分是本季新增的：來自客戶出資工程工作的合約開發營收 30,000 美元。這一項的重要性遠超過其金額所呈現的程度。這是我們在六個月前尚不存在的第二個獨立營收來源；隨著專案進入工程階段，我們預期它在後續季度將更常態性地貢獻營收。

GAAP operating expenses were $10.6 million versus $8.9 million in the first quarter. More than half of that increase was non-cash stock-based compensation, primarily from performance-based equity awards. The balance was non-recurring engineering, tooling and test costs as we ramped production capacity ahead of anticipated demand.

GAAP 營業費用為 1,060 萬美元，第一季為 890 萬美元。增幅的一半以上來自非現金的股票基礎薪酬，主要源於績效型股權獎勵。其餘則為一次性的工程、治具與測試成本，因我們在預期需求之前提升產能。

Non-GAAP operating expenses, which exclude stock-based compensation, were $8.2 million compared to $7.4 million. I would characterize this step-up as investment ahead of volume rather than an increase in our underlying run-rate cost structure.

非 GAAP 營業費用（排除股票基礎薪酬）為 820 萬美元，較 740 萬美元增加。我會將這次上升視為在放量前的投資，而非我們基本經常性成本結構的上升。

We reported a GAAP net loss of $10 million or $0.22 per share compared to $8.3 million or $0.18 per share in the first quarter. On a non-GAAP basis, our net loss was $7.6 million or $0.17 per share versus $6.7 million or $0.15 per share in the first quarter.

我們 GAAP 淨損為 1,000 萬美元或每股 0.22 美元，第一季為 830 萬美元或每股 0.18 美元。以非 GAAP 計，淨損為 760 萬美元或每股 0.17 美元，第一季為 670 萬美元或每股 0.15 美元。

Second-quarter cash consumption was $7.5 million compared to $9.2 million in first quarter, reflecting a decrease from one-time payroll costs in the first quarter, partially offset by payments for professional fees, non-recurring engineering costs and inventory purchases in the current quarter.

第二季現金消耗為 750 萬美元，第一季為 920 萬美元；主要反映第一季一次性薪資成本下降，但部分被本季專業服務費、一次性工程成本與存貨採購付款所抵銷。

We ended the quarter with cash, cash equivalents and marketable securities of approximately $71.5 million, compared to $77.2 million at the end of the first quarter of 2026. We're reaffirming our 2026 full-year cash use outlook of $30 million to $35 million, inclusive of approximately $5 million in working capital.

本季末我們的現金、約當現金與有價證券約為 7,150 萬美元，較 2026 年第一季末的 7,720 萬美元下降。我們重申 2026 年全年現金使用展望為 3,000 萬至 3,500 萬美元，其中包含約 500 萬美元的營運資金。

I would note that we expect second-half consumption to run higher than the first half as we start to ramp the manufacturing build. This outlook reflects continued investment in commercial execution, the sales coverage, partner support and deployment infrastructure required to convert our pipeline into a meaningful and durable revenue ramp.

我也要指出，隨著我們開始提升製造建置，下半年的現金消耗預期將高於上半年。此展望反映我們將持續投資於商業執行，包括銷售覆蓋、合作夥伴支援，以及將管線轉化為具規模且可持續營收成長所需的部署基礎設施。

Our capital structure also remains simplified and strong, with AEye virtually debt-free. That matters directly to the OEMs and industrial customers we're targeting where multi-year program confidence is a prerequisite for selection.

我們的資本結構也維持精簡且穩健，AEye 幾乎沒有負債。這對我們鎖定的 OEM 與工業客戶至關重要，因為在多年度專案中，對公司持續經營與履約能力的信心是被選用的先決條件。

The architectural advantage of our sensors Matt described earlier compounds at the financial level. The same software-defined platform that lets us tune Apollo and STRATOS to customer-specific requirements is what lets us enter new markets and solve new customer problems, from defense to automotive to sports analytics, without rebuilding our stack each time.

Matt 先前提到的感測器架構優勢，也會在財務層面產生疊加效應。同一個軟體定義平台，既能讓我們依客戶特定需求調校 Apollo 與 STRATOS，也讓我們能在不必每次重建整個技術堆疊的情況下，進入新市場並解決新客戶問題，涵蓋國防、車用到運動分析等領域。

Then STRATOS extends performance into new tiers without a proportional increase in development costs. Peers with fixed-function sensors and internally owned software stacks can't replicate that flexibility without absorbing significant development and integration expense.

此外，STRATOS 能將效能延伸至更高層級，而不需要按比例增加開發成本。採用固定功能感測器且軟體堆疊完全內部自有的同業，若不承擔可觀的開發與整合費用，難以複製這種彈性。

Our expectation for 2026 remains unchanged. As engagements convert into program commitments, we're building the foundation for a meaningful revenue inflection, and we believe we can reach it without outspending competitors. The difference this quarter is that conversion is no longer theoretical.

我們對 2026 年的預期維持不變。隨著合作案轉化為專案承諾，我們正在建立有意義的營收拐點基礎，並相信我們能在不以高於競爭對手的支出下達成。本季的不同之處在於，轉換不再只是理論。

I'll now turn the call back to Matt for closing remarks.

接下來我把電話交回給 Matt 作結語。

As we enter the back half of 2026, our focus doesn't change: convert engagements into deployments and continue to turn the physical AI tailwinds we're seeing into a durable revenue ramp. We're entering that period with new proof points: Apollo validated on NVIDIA DRIVE AGX Thor and Alive3D selecting Apollo for elite sports analytics, extending our footprint into transportation and stadiums, all from one software-defined architecture.

進入 2026 年下半年，我們的重點不變：將合作案轉化為部署，並持續把我們看到的實體 AI 順風轉化為可持續的營收成長。我們帶著新的驗證成果進入這段期間：Apollo 已在 NVIDIA DRIVE AGX Thor 上完成驗證，且 Alive3D 選用 Apollo 用於菁英運動分析，讓我們的版圖延伸至交通運輸與體育場館，而這一切都建立在同一套軟體定義架構之上。

Our technology continues to differentiate. Our balance sheet provides the stability to execute, and the partnerships we've built from NVIDIA and LITEON to Alive3D lay the foundation for scale across multiple sectors.

我們的技術持續展現差異化。我們的資產負債表提供執行所需的穩定性，而我們與 NVIDIA、光寶科技（LITEON）到 Alive3D 所建立的合作夥伴關係，為跨多個產業的規模化奠定基礎。

Operator, we're now ready to open the line for questions.

接線員，我們現在準備開放提問。

(Operator Instructions) Richard Shannon, Craig-Hallum.

（接線員指示）Richard Shannon，Craig-Hallum。

And congrats on a really nice quarter with some good growth here. Got a few questions for you, and the first comment I'm going to touch on here was a very interesting one about ramping output here in the second half of the year.

也恭喜你們交出非常亮眼的一季，成長表現不錯。我有幾個問題，第一個想先談的是你們提到今年下半年要提升產出，這點很有意思。

Obviously, everyone, since you didn't give any sort of revenue guidance, would like to get a sense of what kind of ramp we're talking about, any way to quantify or at least characterize that would be helpful here. And maybe any details on any end markets or specific customers you have in mind here for a lot of this ramp?

顯然，因為你們沒有提供任何營收指引，大家都想了解你們所說的提升幅度大概是什麼概念；如果能用任何方式量化，或至少描述一下，會很有幫助。另外，這波提升主要是針對哪些終端市場或特定客戶？是否能分享一些細節？

Hey, Richard. I'll start it off here, and I'll let Conor jump in. Hope you're having a great summer, and thanks for joining us today. Look, take a look at the company a year ago, we're running around the halls, finishing product and working on product. And today, we're fully loaded with 25 different customer programs. These are all customers who bought sensors and other things from us, and such a different place.

嗨，Richard。我先開頭，然後再讓 Conor 補充。希望你夏天過得愉快，也謝謝你今天加入我們。你看一年前的公司，我們還在走廊裡到處奔走，趕著把產品做完、持續開發產品。而今天，我們已經同時在跑 25 個不同的客戶專案。這些都是向我們購買感測器與其他產品的客戶，整個狀態已經完全不同。

One of the main things we see here is that we talked about pipeline a lot. So here we are at this record pipeline level, but it takes time, I'll say, measured in months, to march things through the pipeline and get things working the way the customer likes. And Alive3D is the first one that we were happy to talk about to come out of that pipeline.

我們看到的一個重點是，我們談了很多 pipeline（案源/商機管線）。現在我們處在創紀錄的管線水位，但我得說，推進管線、把事情一步步做完並調到符合客戶偏好，是需要時間的——以「月」為單位來衡量。Alive3D 是第一個我們很高興能對外談、從這條管線中走出來的案例。

And the pipeline is pretty deep. We got stuff coming in, as we mentioned earlier. So we expect that to continue through the back half of the year. And the way I'll sum it up before I hand it off to Conor here is we're just focused maniacally on quarter-on-quarter growth. With the revenue output, we expect that to continue.

而且這條管線相當深。我們也如先前提到的，持續有新案子進來。所以我們預期這樣的動能會延續到今年下半年。在我把話交給 Conor 之前，我的總結是：我們非常專注在逐季（QoQ）成長。就營收產出而言，我們預期這個趨勢會持續。

You've seen that we've managed that -- to run that playbook. The last four quarters, we've doubled quarter- on- quarter consistently, and we aim to continue down that path here in the back half of the year, and that's what we believe we can achieve.

你也看到我們確實做到了——照著這套打法在執行。過去四個季度，我們都持續做到逐季倍增，我們的目標是在今年下半年繼續沿著這條路走，這也是我們相信自己能達成的。

And Conor, anything you'd like to add on that?

Conor，你還有什麼想補充的嗎？

Yeah, maybe I'd just say, look, we've said in the past that we would be very cautious about ramping production, and we would make sure that that's gated to customer demand. So I think that's an indication that we're confident in the pipeline and we're confident in the opportunities here that are moving further down the funnel.

有，我想補充的是：你看，我們過去說過，我們在拉升產量方面會非常謹慎，並且會確保產能提升是以客戶需求為門檻來推進。所以我認為，這也代表我們對管線有信心，對那些在漏斗中持續往下推進的機會有信心。

And obviously, we have 25 customers in play here. We announced one commercial win, but we think we're on the one-yard line here with a few other customer announcements, and we expect to probably get some news out here in the next few months or so. And so I think that's what's really driving that ramp in production, and we want to make sure that we have our house in order ahead of that.

而且很明顯，我們現在有 25 個客戶在進行中。我們宣布了一個商業化的勝利（commercial win），但我們認為還有幾個客戶公告已經非常接近了，我們預期接下來幾個月左右可能會釋出一些消息。所以我想，真正推動產量提升的就是這些因素；我們也希望在那之前把內部準備工作都先做好。

Okay. Appreciate that detail. Let's see, my next question is another one of your comments about your first contract development or development contract revenues here, and I think you mentioned you expect this to be a continuing theme going forward here.

了解。謝謝你提供這些細節。下一個問題是關於你們提到首次出現的合約開發（contract development）或開發合約營收，我記得你說你預期未來這會成為一個持續的主題。

I guess I'd love to get a sense of the end market for this particular one. What's the pipeline look for this and how much revenues would this contribute as a percentage, do you think, over the next couple of years as you ramp this up?

我想更了解這一筆的終端市場是什麼。這部分的管線看起來如何？以及你認為在未來幾年、隨著你們把它做大之後，這會貢獻多少比例的營收？

Hey, Conor, why don't you take that one?

嗨，Conor，你來回答這題如何？

Yeah, sure. So, look, this customer was in the aerospace and defense sector, and it had been a customer that we had been engaged with for quite some time. And so I think what's important is just to take a step back and really try and understand the value proposition of our product.

好，當然。這位客戶屬於航太與國防（aerospace and defense）領域，而且我們與他們合作互動已經有一段時間了。我認為重要的是先退一步，真正理解我們產品的價值主張。

And we talked about software definability and programmability, and a lot of customers initially take the sensor and run it through their spaces. There's lots of things we can do on the software side to optimize it. But there are situations where customers may want to change the hardware or configure it in a certain way.

我們談過軟體可定義性與可程式化，很多客戶一開始會先拿感測器在他們的場域中跑測試。在軟體端我們可以做很多事情來最佳化。但也有一些情境下，客戶可能希望更改硬體，或以某種方式進行配置。

A lot of times, that's very easy to do just because the way the sensor is designed is very modular. You can make functional enhancements through changing out the optics lens. And so what we're going to see, I think, here over the next few years is we're probably going to see contract development revenues become a more meaningful number on our P&L.

很多時候這其實很容易做到，因為我們的感測器設計非常模組化。你可以透過更換光學鏡頭來做功能強化。因此我認為，接下來幾年我們可能會看到合約開發營收在我們的損益表（P&L）上變成更有意義的數字。

And that's just by virtue of the fact that we have multiple different ways to generate revenues in that particular discipline. I think one is just through the software configurability piece that we talk to, but also as customers getting more involved in the product, you got to imagine as well that we have customers coming to us with very sophisticated needs and different use cases, and hardware changes at some point will be part of that.

這主要是因為在這個領域，我們有多種不同方式可以創造營收。其中一種是我們常談到的軟體可配置性；但同時，隨著客戶更深入參與產品，你也可以想像，會有客戶帶著非常複雜的需求與不同的使用情境來找我們，而在某個時間點，硬體變更也會成為其中一部分。

And that's what we're flagging there. I think it's early in those stages, but we're seeing enough of the signal that indicates that this is going to become a more meaningful number over time.

這就是我們在這裡特別提出來的重點。我認為目前仍在早期階段，但我們看到的訊號已經足夠，顯示這個數字會隨時間變得更有份量。

I would assume that this customer, and in the future as you get more of these, this would be a natural source of some volume sensors over time here. I know that A&D customers tend to take their time going from this sort of work to volume production, but do you see these guys eventually getting to that point at some point in the next, I don't know, few quarters, a couple of years or something, just to get a sense of what you're expecting here?

我猜這位客戶，以及未來你們拿到更多這類案子後，這應該會自然地在一段時間後帶來一些量產感測器的需求。我知道航太與國防客戶通常從這類工作走到量產會花比較久，但你們是否看到他們最終會走到那一步？大概是在接下來幾季、幾年之類的時間框架？我想了解你們的預期。

I do because the customer is putting skin in the game. When they're paying for engineering work, they're designing you into their solution, right? And that could be an unmanned ground vehicle or an unmanned aerial vehicle or something, right? But they're putting skin in the game.

我認為會，因為客戶正在「投入真金白銀」（putting skin in the game）。當他們付費做工程開發時，他們其實是在把你設計進他們的解決方案裡，對吧？那可能是無人地面載具、無人機，或其他類似的東西，對吧？但重點是，他們確實在投入。

They're making a bet on our product. They're investing in us. And so I think, obviously, it's going to be a combination of development revenue, but also that comes along with product sales as well. So, yeah, I think you're thinking about that the right way.

他們是在押注我們的產品。他們在投資我們。所以我認為，顯然會是開發營收的組合，但同時也會伴隨產品銷售。所以，是的，我覺得你的理解方向是對的。

Okay/ Perfect. My last question, I'll jump out of line here, is just looking at your business by end markets here. And you pointed out multiple times today about your success in the defense space, which is great to see here.

好的／完美。我最後一個問題，我就不再占用隊列太久，是想從終端市場來看你們的業務。你們今天多次提到在國防領域的成功，這點很高興看到。

I would assume this is your biggest market, but I'd actually love to talk and ask a longer-form question to Matt here in the auto space here about the RFI/RFQ process with ones you've already been in and any future ones you're seeing here coming forward, particularly as I think you called out level three, level four programs? Thank you.

我猜這應該是你們最大的市場，但我其實想針對汽車領域，向 Matt 問一個比較長的問題：關於你們已經參與過的，以及未來看到即將出現的 RFI/RFQ 流程，特別是你提到的 Level 3、Level 4 專案？謝謝。

Yeah, great. I think it's a great call-out, Richard. Defense is certainly making up, I can say, a majority of our pipeline and certainly most all the growth that's happened over the last quarter. But automotive and trucking remains incredibly active. And in fact, we had a new evaluation start on that over the quarter, even from last time around, and we've had an RFQ come in.

好的，很棒。我覺得你點得很好，Richard。我可以說，國防確實占了我們管線的大多數，也幾乎是上一季所有成長的主要來源。但汽車與卡車領域仍然非常活躍。事實上，本季我們在那邊又啟動了一個新的評估案，甚至相較上次又有新增，而且我們也收到了一份 RFQ。

So I would say, it's been steady, and the automotive programs take a lot longer time to process. So we talked about months for some of these other markets. But the automotive guys, since they are ramping volumes that require a substantial financial commitment, their evaluation period is quite a bit longer.

所以我會說，一直都很穩定，而汽車專案的推進需要更長的時間來處理。我們談到其他一些市場可能是以月為單位。但汽車端因為要放量爬坡、需要相當可觀的財務承諾，他們的評估期就會長得多。

So everything we've started this year continues. At this point, we've seen a new one come in this quarter. So steady as she goes. I mean, I think that's the way I'd say it, and it's good to see a new name come to the picture since we had the last call, but it does take time. It's a long process, and the process continues.

所以我們今年開始的所有事情都在持續推進。到目前為止，我們看到本季又進來一個新的案子。所以就照常穩健前行。我的意思是，我想我會這麼形容；自從上次電話會議以來，很高興看到有新的名字加入，但確實需要時間。這是一個漫長的流程，而流程仍在持續。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

(接線員指示) Poe Fratt，Alliance Global Partners。

Can you expand a little bit more on the benefits of your technology that not only attracts customers but also retains them?

你能否再多談一點你們技術的優勢，不僅能吸引客戶，也能留住客戶？

Yeah, thank you. I'll take that one, and good to hear your voice again there, Poe. Look, there are very different things we're seeing that are getting folks in the door, and that's the, we'll call it, the one-kilometer sensing range headline.

好的，謝謝。這題我來回答，也很高興再次聽到你的聲音，Poe。你看，我們看到有非常不同的因素能把客戶帶進門，而其中一個我們稱之為「一公里感測距離」的主打亮點。

What customers understand is that this kilometer, it's a statement about how much budget they get to spend on performance. Conor alluded to this in the script about the market shifting towards meeting their use cases rather than trying to conform to a sensor use case.

客戶理解的是，這個一公里其實是在說他們可以用在效能上的「預算」有多大。Conor 在講稿中也提到，市場正轉向以滿足他們的使用情境為主，而不是試圖去迎合某個感測器的使用情境。

The good news is when we talk about a kilometer, it's a budget -- it's a really big budget that the customer gets to spend, and they get to spread it across different technical vectors: detection range, how far they can see, what's the frame rates, what's the resolution, so on and so forth. We give that flexibility through the software-defined tuning.

好消息是，當我們談到一公里時，那是一個預算——是一個非常大的預算，客戶可以拿來運用，並把它分配到不同的技術向度：偵測距離、能看多遠、幀率、解析度等等。我們透過軟體定義的調校提供這種彈性。

And this was really essential in our collaboration with Alive3D. They had a use case that stressed a particular portion of performance that we're working with them who would spend that budget, if you will, and really push it towards their very unique and very special use case.

而這在我們與 Alive3D 的合作中確實至關重要。他們有一個使用情境，會特別拉扯某一部分的效能；我們與他們合作，讓他們能把那個「預算」用在該用的地方，並真正把它推向他們非常獨特、非常特殊的使用情境。

By the way, there was some fierce competition with other LiDAR players in the space. And because we were able to reallocate that performance in a very unique way, nobody else can do that as far as we know. And that's why we won that project with them, plain and simple.

順帶一提，在這個領域我們面臨其他 LiDAR 業者非常激烈的競爭。而因為我們能以非常獨特的方式重新分配那個效能，據我們所知，沒有其他人能做到。這就是我們能拿下他們那個專案的原因，簡單明瞭。

And so as the world begins to understand physical AI, the flexibility, we believe, is key to helping them move forward because we don't know all the use cases. We didn't know all the use cases two years ago, but we knew that we're going to see things that we didn't think of in advance, and sports analytics is one of those topics.

因此，隨著世界開始理解實體 AI（physical AI），我們相信這種彈性是幫助他們向前推進的關鍵，因為我們並不知道所有的使用情境。兩年前我們也不知道所有使用情境，但我們知道一定會出現一些我們事先想不到的事情，而運動數據分析就是其中之一。

And the fact that we're so flexible, we were able to make the sensor meet the customer's use case instead of the other way around, where the customer has to confine their use case to what the sensor can do. And that's just one data point, and I'm confident that we'll see other cases like this, a growing number in the back half of the year, where our flexibility and able to allocate that very generous performance budget is going to win us additional deals, and it's very exciting.

而正因為我們非常有彈性，我們才能讓感測器去符合客戶的使用情境，而不是反過來，讓客戶必須把使用情境限制在感測器能做的範圍內。這只是其中一個例子；我有信心在今年下半年會看到更多類似案例、數量也會增加——我們的彈性以及能分配那個非常充裕的效能預算，將幫助我們贏得更多交易，這非常令人振奮。

That's great. Can you give a little more color about the interest you're seeing in the defense sector and maybe just are you also seeing a broadening of use cases there?

很棒。你能否再多補充一些你們在國防領域看到的興趣狀況，以及那邊的使用情境是否也在擴大？

Yes, absolutely. So just to fly back over what we talked about in the script. So number one, I think Richard touched on this a little bit, it's our largest source of income at this point, our most popular segment, and not only that, but the one that grew the biggest quarter on quarter.

是的，當然。先快速回顧一下我們在講稿中談到的內容。第一，我想 Richard 也稍微提到，這目前是我們最大的收入來源、最受歡迎的區隔，而且不僅如此，也是季對季成長幅度最大的區隔。

What we had been very deeply focused on, I would say, over the last quarter was unmanned aerial vehicles, even manned aerial vehicles. We talked about collision avoidance cases like power line detection. Very important topic is unmanned vehicles and even manned vehicles like helicopters continue to expand safety needs and autonomy needs.

我會說，我們在上一季非常深入聚焦的是無人機，甚至也包括有人駕駛的航空器。我們談到像電力線偵測這類的避碰應用。一個非常重要的議題是，無人載具，甚至像直升機這樣的有人載具，持續擴大其安全需求與自主化需求。

And then similarly on unmanned ground vehicles, think about it as a subset of what's happening in the Robotaxi space. Our LiDAR has some very unique characteristics there, for example, doing a great job at seeing a chain-link fence.

同樣地，在無人地面載具方面，可以把它視為 Robotaxi 領域發展的一個子集合。我們的 LiDAR 在那裡有一些非常獨特的特性，例如在辨識鐵絲網圍籬（chain-link fence）方面表現非常出色。

Chain-link fence is a very difficult problem for many sensors, and you can imagine military vehicles have to navigate in very rugged territory. We do a great job there, and that's just one example for our sensor's capability has attracted part of the UGV, unmanned ground vehicle sector, defense.

鐵絲網圍籬對許多感測器來說是非常棘手的問題；你可以想像軍用車輛必須在非常崎嶇的地形中行駛。我們在那方面做得很好，而這只是其中一個例子，說明我們感測器的能力如何吸引了國防領域 UGV（無人地面載具）的一部分需求。

However, Q2 has been a very large influx of counter-UAS, which is, in plain English, counter-drone detection. And certainly, and unfortunately, there's a lot of conflict in the world, but drones are becoming a huge factor in that conflict, and LiDAR has some very unique capabilities to bring to the table in that area.

不過，第二季出現了大量的反制 UAS（counter-UAS）需求湧入，用白話說就是反無人機偵測。而且當然也很不幸的是，世界上衝突很多，但無人機正成為衝突中的一個巨大因素，而 LiDAR 在這方面有一些非常獨特的能力可以派上用場。

And it's become very busy in the counter-UAS space over the last quarter. And by the way, defense demands performance. It's a fabulous fit for the capabilities of that.

在過去一季，反制 UAS 領域變得非常忙碌。順帶一提，國防端對效能要求很高。這與我們的能力非常契合。

Sorry. Yeah, I was just going to say one thing just to add to what Matt said. We may initially engage with a customer about one particular use case, and a lot of times that may lead to opportunities elsewhere. So initially, we may engage based on unmanned ground vehicles.

抱歉。是的，我只是想補充一點，接續 Matt 的說法。我們一開始可能是針對某一個特定使用情境與客戶接觸，而很多時候這會帶來其他方面的機會。所以最初我們可能是基於無人地面載具而開始接觸。

And then as we start to move forward, and they realize the capabilities of the sensor itself leads to some other opportunities, and we've seen other opportunities expand more broadly into UAV, counter-threat detection, as Matt mentioned. So I think that's good that initially we start very narrow and we can go broad, and it's a sign that the customer is engaged and excited about the technology.

然後隨著我們開始往前推進，當他們意識到感測器本身的能力，就會帶出其他機會；我們也看到機會更廣泛地擴展到 UAV、反威脅偵測等，如 Matt 所提到的。所以我認為這很好：一開始我們很聚焦、很窄，但可以擴展到更廣；這也代表客戶投入且對這項技術感到興奮。

There's no further question at this time. I will now turn the call back over to Matt Fisch for closing remarks. Matt.

目前沒有進一步的提問。我現在把電話會議交回給 Matt Fisch 做結語。Matt。

Hey, great. Thank you. Thanks, everybody, for joining the call today. We appreciate the great questions and the dialogue that we have here. And really excited about what's around the corner in the back half of the year. We look forward to coming back toward the end of Q3, early Q4 and updating you on our progress. Thank you and have a great day.

好的，很棒。謝謝。感謝各位今天參加電話會議。我們很感謝大家提出很棒的問題，以及我們在這裡的交流對話。我們也非常期待今年下半年即將到來的進展。我們期待在第三季末、第四季初再回來向各位更新我們的進度。謝謝，祝各位有美好的一天。

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

今天的電話會議到此結束。您現在可以掛線。