Ouster Inc (OUST) 2025 Q1 法說會逐字稿

Hello, and welcome to Ouster's first-quarter 2025 earnings conference call (Operator Instructions) The call today is being recorded, and a replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call. I'd now like to turn the conference over to Jim Fanucchi, Investor Relations. Please go ahead.

您好，歡迎參加 Ouster 2025 年第一季財報電話會議（操作員指示）今天的電話會議正在錄音，電話會議結束一小時後，電話重播將在 Ouster 投資者關係網站上提供。現在我想將會議交給投資人關係部的 Jim Fanucchi。請繼續。

Thank you, operator, and good afternoon, everyone. Thank you for joining our first-quarter 2025 earnings call. Today on the call, we have Chief Executive Officer, Angus Pacala; and current Interim Chief Financial Officer, Chen Geng. As a reminder, after the market closed today, Ouster issued its financial news release, which was also furnished on a Form 8-K and is posted in the Investor Relations section of the Ouster website. Today's conference call will also be available for webcast replay in the Investor Relations section of our website.

謝謝接線員，大家下午好。感謝您參加我們的 2025 年第一季財報電話會議。今天參加電話會議的是執行長 Angus Pacala；現任代理財務長陳耕。提醒一下，今天市場收盤後，Ouster 發布了財務新聞稿，該新聞稿也以 8-K 表格的形式提供，並發佈在 Ouster 網站的投資者關係部分。今天的電話會議也將在我們網站的投資者關係部分進行網路直播重播。

Before I pass the call over to Angus for his opening remarks, I want to remind everyone that on this call, we will make certain forward-looking statements. These include all statements about our competitive position, anticipated industry trends, our business and strategic priorities, and our revenue guidance for the second quarter of 2025. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause actual results and trends to differ materially from those contained in or implied by these forward-looking statements are set forth in the first quarter 2025 financial results release and in the annual and quarterly reports we file with the Securities and Exchange Commission. Any forward-looking statements that we make on this call are based on assumptions as of today, and other than as may be required by law, Ouster assumes no obligation to update any forward-looking statements, which speak only as of their respective dates.

在我將電話轉給安格斯發表開場白之前，我想提醒大家，在這次電話會議上，我們將做出一些前瞻性的陳述。其中包括有關我們的競爭地位、預期的行業趨勢、我們的業務和戰略重點以及 2025 年第二季度的收入預測的所有聲明。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致實際結果和趨勢與這些前瞻性陳述中包含或暗示的結果和趨勢存在重大差異的因素已在 2025 年第一季財務業績報告以及我們向美國證券交易委員會提交的年度和季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，除非法律另有規定，否則 Ouster 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其各自日期的觀點。

In today's conference call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the financial results release that was issued today. I would now like to turn the call over to Angus.

在今天的電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天發布的財務業績報告包含了 GAAP 與非 GAAP 指標的對帳。現在我想把電話轉給安格斯。

Hello, everyone, and thank you for joining us today. I'll start with a brief recap of the quarter, an overview of the market, and an update on our strategic priorities. Chen will cover our financial results in more detail before I close with some final thoughts. Our first quarter results demonstrate our commitment to continued operational execution. We reported revenue of $32.6 million and gross margin of 41%, which includes certain patent royalty of %1.5 million.

大家好，感謝大家今天加入我們。我將首先簡要回顧本季度，概述市場狀況，並更新我們的策略重點。在結束我的演講之前，陳將更詳細地介紹我們的財務表現。我們第一季的業績證明了我們致力於持續執行營運的承諾。我們報告的收入為 3,260 萬美元，毛利率為 41%，其中包括 150 萬美元的某些專利使用費。

First quarter shipments exceeded 4,700 sensors. Our balance sheet remains one of the strongest in the industry, ending the quarter with $171 million of cash and equivalents with zero debt. During the quarter, we won multi-million dollar deals across all four of our verticals. Within our smart infrastructure vertical, we expanded our relationship with laisse Pico and signed our largest ever contract for software attached sales in Europe. Laze will upgrade to Rev 7 along with ouster Gemini to power real-time people counting, mobility analytics, and perimeter protection.

第一季感測器出貨量超過 4,700 個。我們的資產負債表仍然是業界最強勁的資產負債表之一，本季末我們的現金及等價物為 1.71 億美元，且零負債。本季度，我們在四個垂直領域贏得了數百萬美元的交易。在我們的智慧基礎設施垂直領域，我們擴大了與 laisse Pico 的關係，並簽署了我們在歐洲有史以來最大的軟體附加銷售合約。Laze 將與 Gemini 一起升級到 Rev 7，以支援即時人數統計、移動性分析和周邊保護。

Within the industrial vertical, we closed a multi-million-dollar deal with Komatsu, one of the world's largest heavy equipment manufacturers, to equip their next generation autonomous mining equipment. By replacing Legacy 2D lidar systems with short and long range Rev 7 sensors, we are helping Komatsu increase productivity and reduce the total cost of ownership. Within automotive, we were chosen by the mobility subsidiary of a global OEM to supply both short and long range sensors to support the development of their autonomous vehicles. Finally, in our robotics vertical, we continue to expand our relationship with the world's largest provider of mapping and navigation. Ouster is a physical AI company leveraging our expertise in advanced perception solutions to enable intelligent real world autonomy across industries.

在工業垂直領域，我們與全球最大的重型設備製造商之一小松達成了一項價值數百萬美元的交易，為其下一代自動化採礦設備提供裝備。透過以短程和長程 Rev 7 感測器替換傳統的 2D 光達系統，我們正在幫助小松提高生產力並降低整體擁有成本。在汽車領域，我們被全球 OEM 的行動子公司選中，為其提供短程和長程感測器，以支援其自動駕駛汽車的開發。最後，在我們的機器人垂直領域，我們繼續擴大與世界上最大的地圖和導航提供者的關係。Ouster 是一家實體 AI 公司，利用我們在先進感知解決方案方面的專業知識來實現跨行業的智慧現實世界自主。

Our digital ladder sensors combined with our AI software empower autonomous systems to perceive, understand, and interact with the physical world in real time. Physical AI demands hardware and software that is not only intelligent, but rugged and scalable, qualities that we embed in every product.

我們的數位梯形感測器與我們的人工智慧軟體相結合，使自主系統能夠即時感知、理解和與物理世界互動。實體人工智慧要求硬體和軟體不僅智能，而且堅固耐用、可擴展，這些品質是我們嵌入到每個產品中的。

Turning to our 2025 strategic priorities, we progressed across all three key focus areas: one, scaling the software attached business, two, transforming the product portfolio, and three, executing towards profitability.

談到我們的 2025 年策略重點，我們在所有三個關鍵重點領域都取得了進展：一、擴大軟體附加業務；二、轉變產品組合；三、實現盈利。

Starting with the software attached business, we had our strongest quarter yet, landing our largest ever contract for software attached sales in Europe. Another highlight of the quarter was our partner Econolite, winning a five-year contract with the Utah Department of Transportation to deploy Rev 7 and Ouster Blue City to enhance traffic flow, safety and operational efficiencies at intersections and roadways throughout the state. The Utah DOT assessed multiple liar detection systems, and our solution, in conjunction with the Econolite received the highest overall score. In addition to Utah, we see the potential to expand into additional states as part of the United States DOT's grant for the Connected West project.

從軟體附加業務開始，我們迎來了迄今為止最強勁的季度，簽訂了迄今為止歐洲最大的軟體附加銷售合約。本季度的另一個亮點是我們的合作夥伴 Econolite，贏得了猶他州交通運輸部的一份為期五年的合同，部署 Rev 7 和 Ouster Blue City，以增強全州交叉路口和道路的交通流量、安全性和運營效率。猶他州交通部評估了多個說謊者檢測系統，我們的解決方案與 Econolite 結合獲得了最高的總體分數。除了猶他州之外，我們還看到了擴展到其他州的潛力，這是美國交通部為 Connected West 計畫提供資助的一部分。

Moving to lidar development. We're excited to be transforming our entire product portfolio in 2025 with new hardware, upgraded firmware capabilities, enhanced features in the Oster SDK, and expanded software functionality. I want to share some updates on a few of these products discussed in our last call. We continue to see robust customer interest in on sensor 3D zone monitoring. For industrial and material handling operators, this firmware feature supports collision avoidance on moving vehicles with warnings, deceleration, and emergency stop. By leveraging Rev 7 and 3D zone monitoring, we recently secured a collision avoidance program with one of the world's largest manufacturers of material handling equipment. I'm optimistic that we will be able to further expand our industrial footprint with this feature.

轉向光達開發。我們很高興能夠在 2025 年透過新硬體、升級的韌體功能、Oster SDK 中的增強功能以及擴展的軟體功能來改變我們的整個產品組合。我想分享一下我們上次通話中討論過的一些產品的最新情況。我們繼續看到客戶對感測器 3D 區域監控的濃厚興趣。對於工業和物料搬運操作員，此韌體功能支援透過警告、減速和緊急停止來避免移動車輛發生碰撞。透過利用 Rev 7 和 3D 區域監控，我們最近與世界上最大的物料搬運設備製造商之一簽訂了防撞計劃。我樂觀地認為，我們將能夠利用此功能進一步擴大我們的工業足跡。

We are also pleased to see rapid customer adoption after the recent launch of our cloud portal for Ouster Gemini, which enables our customers to seamlessly and securely configure, manage, and view all of their litter deployments through a single unified interface. Since its launch last quarter, we already have dozens of customers managing hundreds of their sites on Gemini Portal, allowing these customers to optimize their operations at anytime and anywhere. With Gemini Portal, we have combined the convenience of cloud data and device management for Gemini customers for the first time, a key feature for scaling customer deployments. Gemini Portal also supports Ouster Blue City, our turnkey traffic management solution to improve traffic management and road safety for all road users.

我們也很高興看到，在我們最近推出 Ouster Gemini 雲端入口網站後，客戶迅速採用了該門戶，這使我們的客戶能夠透過單一統一的介面無縫、安全地配置、管理和查看他們所有的垃圾部署。自從上個季度推出以來，我們已經有數十家客戶在 Gemini Portal 上管理他們的數百個站點，使這些客戶隨時隨地優化他們的營運。透過 Gemini Portal，我們首次為 Gemini 客戶將雲端資料和裝置管理的便利性結合在一起，這是擴展客戶部署的關鍵功能。Gemini Portal 也支援我們的交鑰匙交通管理解決方案 Ouster Blue City，以改善所有道路使用者的交通管理和道路安全。

Blue City is the first digital lidar solution to leverage a deep learning model for traffic management. And in the 1st quarter, we achieved a major development milestone in our collaboration with Nvidia to bring physical AI to cities around the world.

Blue City 是第一個利用深度學習模型進行交通管理的數位光達解決方案。第一季度，我們與 Nvidia 的合作取得了重大發展里程碑，將實體 AI 帶到了世界各地的城市。

Blue City's proprietary AI model has now been trained on over 4 million labeled objects collected from 800 sites encompassing diverse traffic patterns, intersection designs, and environmental conditions using Nvidia's advanced computing technology for real-time infants at the edge. Deep learning offers significant advantages over classical algorithms, including improved generalization, persistent object detection, and continuous improvement. This expands upon Ouser's long-standing relationship with Nvidia, including our integration with Nvidia Drive for autonomous vehicles, Nvidia Isaac for industrial and robotics, and the Nvidia Metropolis ecosystem for smart City applications.

Blue City 專有的 AI 模型現已使用 Nvidia 先進的計算技術對來自 800 個站點的超過 400 萬個標記對象進行訓練，這些站點涵蓋了不同的交通模式、交叉路口設計和環境條件，適用於邊緣實時嬰兒。深度學習比傳統演算法具有顯著的優勢，包括改進的泛化、持久的物件偵測和持續的改進。這擴大了 Ouser 與 Nvidia 的長期合作關係，包括我們與用於自動駕駛汽車的 Nvidia Drive、用於工業和機器人技術的 Nvidia Isaac 以及用於智慧城市應用的 Nvidia Metropolis 生態系統的整合。

In addition to reaching new milestones and shipping new firmware and software products, our next generation L4 and Kronos custom silicon remain on track to bring significantly improved performance, reliability, and security to the ouster product family. Recent conversations with leading automotive and industrial accounts reinforced the value of our digital ladder roadmap, and we estimate these innovations will more than double our current addressable market.

除了達到新的里程碑和推出新的韌體和軟體產品之外，我們的下一代 L4 和 Kronos 客製化矽片仍將為 Ouster 產品系列帶來顯著提升的效能、可靠性和安全性。最近與領先的汽車和工業客戶的對話強化了我們的數位階梯路線圖的價值，我們估計這些創新將使我們目前的潛在市場規模增加一倍以上。

Finally, our solid first quarter results represent another step in our execution towards profitability. We continue to align with our long-term framework of 30 to 50% annual revenue growth, maintaining gross margin of 35% to 40%, and operating expenses at or below third quarter 2023 levels, irrespective of the patent royalty.

最後，我們第一季的穩健業績代表我們在獲利方面又邁出了一步。我們將繼續遵循我們的長期框架，即年收入成長 30% 至 50%，維持 35% 至 40% 的毛利率，以及營運費用等於或低於 2023 年第三季的水平，無論專利使用費如何。

Last week we announced the appointment of Ken Gianella as Chief Financial Officer effective May 19. Ken was most recently the CFO and COO at Quantum Corporation and has extensive operations and finance experience in the technology and communications industries with both public and private companies. I am confident he will have a positive impact on ouster. I also want to thank Chen, who will remain with Ouster in his expanded role as senior Vice President of Strategic Finance and Treasurer for leading the finance group through this transition period.

上週，我們宣布任命 Ken Gianella 為首席財務官，該任命將於 5 月 19 日起生效。Ken 最近擔任 Quantum Corporation 的財務長和營運官，在上市公司和私人公司的技術和通訊行業擁有豐富的營運和財務經驗。我相信他會對罷免產生正面的影響。我還要感謝陳先生，他將繼續留在 Ouster，擔任策略財務高級副總裁兼財務主管，帶領財務部門度過這段過渡時期。

I'll now turn the call over to Chen, who will provide more context on our first quarter financial results.

現在我將電話轉給陳，他將提供有關我們第一季財務業績的更多背景資訊。

Thank you, Angus, and good afternoon, everyone. In the first quarter, we shipped approximately 4,700 sensors and recognized $32.6 million in revenue. The industrial vertical was the largest contributor to first quarter revenue followed by automotive. We shipped large volume deals to support applications in warehouse autonomy, RoboTaxi, and yard logistics. First quarter growth margin increased by 1,200 basis points year over year to 41%.

謝謝你，安格斯，大家下午好。第一季度，我們出貨了約 4,700 個感測器，實現收入 3,260 萬美元。工業垂直行業是第一季收入的最大貢獻者，其次是汽車行業。我們運送了大量貨物來支援倉庫自主、RoboTaxi 和堆場物流的應用。第一季成長利潤率年增1,200個基點，達到41%。

Gross margin strength reflects the benefit of higher revenues, favorable product mix, and the patent royalty. As Angus stated, our first quarter results include approximately $1.5 million in patent royalty following a confidential legal ruling. This had a positive impact of approximately 300 basis points on GAAP and non-GAAP gross margin. We continue to view 35% to 40% as an appropriate annual gross margin target for the business. For purposes of preparing and presenting our second quarter guidance, we have assumed that we will not have any material revenue from patent royalty.

毛利率強勁反映了更高的收入、良好的產品組合和專利使用費的好處。正如安格斯所說，根據一項保密的法律裁決，我們的第一季業績包括約 150 萬美元的專利使用費。這對 GAAP 和非 GAAP 毛利率產生了約 300 個基點的正面影響。我們仍認為 35% 至 40% 是該業務合適的年度毛利率目標。為了編制和提交第二季度指引，我們假設我們不會從專利使用費中獲得任何實質收入。

GAAP operating expenses of $37 million in the first quarter were up 12% over the prior year. The increase was primarily driven by higher litigation expenses. We expect operating expenses to fluctuate on a quarterly basis, largely due to the timing of R&D project spending and litigation costs and remain committed to keeping our operating expenses at or below third quarter 2023 levels.

第一季 GAAP 營運費用為 3,700 萬美元，比去年同期成長 12%。成長的主要原因是訴訟費用增加。我們預計營運費用將按季度波動，這主要是由於研發項目支出和訴訟成本的時間安排，我們仍致力於將我們的營運費用保持在 2023 年第三季的水平或以下。

Our balance sheet remains among the strongest in the industry with cash equivalents, restricted cash, and short-term investments of $171 million on March 31. During the first quarter, we did not receive any proceeds from our ATM. We are pleased with our cash burn rate in the first quarter, which reflects our strong operational execution and prudent balance sheet management.

我們的資產負債表仍然是業界最強勁的，截至 3 月 31 日，現金等價物、受限現金和短期投資為 1.71 億美元。在第一季度，我們沒有從 ATM 收到任何收益。我們對第一季的現金消耗率感到滿意，這反映了我們強大的營運執行力和審慎的資產負債表管理。

Finally, a quick note on the geopolitical and macroeconomic environment. The landscape is fluid, and we have worked diligently to assess the effective tariffs on our costs. We are partnering with our customers to mitigate the impact of these changes. Based on what we know today, we do not expect the currently proposed tariff levels to prevent us from achieving our long-term framework.

最後，簡單介紹一下地緣政治和宏觀經濟環境。情勢瞬息萬變，我們一直在努力評估關稅對我們成本的有效影響。我們正在與客戶合作，以減輕這些變化的影響。根據我們目前所了解的情況，我們預計目前提議的關稅水準不會阻礙我們實現長期框架。

However, there remains a large degree of uncertainty, and we are currently unable to predict how the demand drivers will play out for the rest of the year. Moving to guidance. For the second quarter, we expect to achieve revenue between $32 million and $35 million.

然而，仍存在很大的不確定性，我們目前無法預測今年剩餘時間內需求驅動因素將如何發揮作用。轉向指導。我們預計第二季的營收將在 3,200 萬美元至 3,500 萬美元之間。

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

現在我將把電話轉回給安格斯，請他作最後發言。

Thanks, Chen. We are starting off the year on solid footing, delivering our ninth consecutive quarter of meeting or exceeding our guidance and making meaningful progress on all three of our 2025 goals. We remain focused on executing towards profitability through the combination of consistent revenue growth, strong gross margins, and stringent control of operating expenses. I'm encouraged to see our business expanding with multi-million-dollar rewards from existing customers to support the scaling of their commercialization efforts. We're also seeing a growing number of long-standing Tier 1 customers commit to ouster for their multi-year production and delivery schedules.

謝謝，陳。我們以堅實的基礎開啟了新的一年，連續第九個季度達到或超越了我們的預期，並在 2025 年的三個目標上取得了有意義的進展。我們將繼續致力於透過持續的收入成長、強勁的毛利率以及嚴格的營運費用控制來實現盈利。我很高興看到我們的業務不斷擴大，現有客戶提供了數百萬美元的獎勵，以支持他們擴大商業化努力。我們也看到越來越多的長期一級客戶承諾放棄多年的生產和交付計劃。

The thousands of sensors shipped each quarter, and a growing installed base of connected software solutions underscore our customers' confidence in both our product performance and long-term roadmap. These real-world applications exemplify the accelerating adoption of physical AI. Ouster Digital Lidar combined with AI software enables machines to perceive, understand, and interact with the physical world in real time. From bustling cities and remote farms to mines, ports, and global supply chains. Ouster is bringing physical AI to life.

每個季度運送的數千個感測器以及不斷增長的連接軟體解決方案安裝基礎突顯了客戶對我們的產品性能和長期發展路線圖的信心。這些現實世界的應用體現了實體人工智慧的加速應用。Ouster Digital Lidar 與 AI 軟體結合，使機器能夠即時感知、理解和與物理世界互動。從繁華的城市和偏遠的農場到礦場、港口和全球供應鏈。Ouster 正在讓實體 AI 變得生動。

With that, I'd like to open up the call for Q&A.

現在，我想開始問答環節。

(Operator Instructions) Richard Shannon, Craig Hallum Capital Group LLC.

（操作員指示）理查德·香農，Craig Hallum Capital Group LLC。

All right, thanks Agu and Chen for taking my questions. First one I want to ask is on gross margins. If I look at the performing number here excluding the patents, revenues, you're about 43%. This is the, third straight quarter you've had above 40%, which is above your 35% to 40% framework here, and why you haven't delineated the software contribution to that. I got to believe it's at least noticeable at this point given your bookings have been good in this area. So I guess I'm wondering why we haven't seen that, gross margin framework move up here, and I guess I want to delve into a couple of ways that maybe you're thinking about and if you could address it, that would be great. Is there some sort of mixed dynamics you're expecting in the future like with automotive that that could bring that down? I think you've been clear on what you expect there. Does this give you some room to lower ASPs while keeping that same margin range, or you worried about tariffs? Maybe you just discuss how those lead into and why wouldn't see that framework go up at least at some point in time.

好的，感謝 Agu 和 Chen 回答我的問題。我想問的第一個問題是關於毛利率。如果我看一下這裡的業績數字（不包括專利和收入），大約是 43%。這是連續第三個季度超過 40%，高於您這裡的 35% 到 40% 的框架，這也是為什麼您沒有說明軟體對此的貢獻。我相信，鑑於您在該地區的預訂情況良好，這一點至少是顯而易見的。所以我想知道為什麼我們沒有看到毛利率框架上升，我想我要深入研究你可能正在考慮的幾種方法，如果你能解決這個問題，那就太好了。您是否預計未來會出現某種混合動力，例如汽車行業，從而可以降低這一水平？我想你已經清楚自己期望什麼了。這是否會為您帶來降低平均售價的空間，同時保持相同的利潤範圍，或者您是否擔心關稅？也許您只是討論一下這些是如何導致的，以及為什麼至少在某個時間點不會看到該框架的出現。

Hey Richard, this is Chen. It's a good question. We're very pleased with the margin performance of the business.

嘿，理查德，我是陳。這是個好問題。我們對業務的利潤表現非常滿意。

We have been trending towards the higher end of our range in the past few quarters, so I would know 35% to 40% we look at on a GAAP basis. So when you look at our GAAP gross margins. Adjusted for some of the one-time items that we have seen in the past few quarters, we are at the high end of the range, and we do believe that that is still an appropriate range for the business.

在過去的幾個季度中，我們一直趨向於達到我們範圍的高端，因此我知道我們在 GAAP 基礎上看到的是 35％ 到 40％。因此，當您查看我們的 GAAP 毛利率時。經過對過去幾個季度中看到的一些一次性項目進行調整後，我們處於該範圍的高端，並且我們確實相信這對於業務來說仍然是一個合適的範圍。

On the software contribution side, we're pleased with the tailwinds that we are seeing in software. What we have said is when it becomes a significant part of the business, we will break it out for additional clarity and so we'll continue to. Work on our software efforts and when it's time to give you some additional detail we'll give it at that time.

在軟體貢獻方面，我們對軟體領域看到的順風感到高興。我們說過，當它成為業務的重要組成部分時，我們會將其分解開來，以獲得更多清晰度，因此我們會繼續這樣做。致力於我們的軟體工作，當需要向您提供一些額外的詳細資訊時，我們會提供。

Okay great well I look forward to seeing that you guys have done an excellent job in that regard. My second question is.

好的，很好，我期待看到你們在這方面做得非常出色。我的第二個問題是。

Regarding the new products and I know you, Angus, you mentioned this in your prepared remarks, at least last quarter, perhaps before, but I certainly remember last quarter. When you're talking about new products enabling you to double your TAM here, especially in your remarks today you talked about, I think conversations in the, I think automotive and industrial markets that add a little bit more detail to that. So I guess I'm wondering if you could talk to the improvements with the new L4 and kronos chips are going to give you, and what specific areas should we expect to see TAM expansion and over what time should we see that happen.

關於新產品，我知道你，安格斯，你在準備好的發言中提到了這一點，至少是上個季度，也許更早，但我當然記得上個季度。當您談論新產品使您能夠將 TAM 翻倍時，特別是在您今天的演講中談到，我認為在汽車和工業市場中的對話為此增加了更多細節。所以我想知道您是否可以談談新的 L4 和 Kronos 晶片將為您帶來的改進，以及我們應該在哪些具體領域看到 TAM 擴展，以及我們應該在多長時間內看到這種情況發生。

Yeah, thanks for the question and I'm going to talk a little probably in more generalizations than than you might want and there's good reason for it we don't want to talk about unreleased products before they're real but you know what you're hitting on is while we don't talk publicly about released products we are able to communicate the incredibly compelling road map that we have to our long standing and important tier one customers on a confidential basis.

是的，感謝您的提問，我可能會以比您想要的更概括的方式談論一些問題，這是有充分理由的，我們不想在未發布的產品真正發布之前談論它們，但您知道您所說的是，雖然我們不會公開談論已發布的產品，但我們能夠在保密的基礎上向我們的長期重要一級客戶傳達我們擁有的極具吸引力的路線圖。

And you know the product releases, some are imminent enough, in the next year that we're we're able to, we're starting to use that to move customers that are looking for a particular set of features reliability, ruggedization functional safety certifications, these kinds of things that are looking for those in order to move into production. Communicate those and kind of cement a longer term relationship with the customer that already may be a long term relationship but one that needs to move into production, so you know I see the coming product releases as the most significant, most transformational set of product releases in the company's history, roughly a doubling of our of our addressable market.

您知道，有些產品即將發布，明年我們將開始利用這些產品來吸引那些尋求特定功能可靠性、堅固耐用功能安全認證等的客戶，他們正在尋找這些東西以便投入生產。溝通這些並鞏固與客戶的長期關係，這種關係可能已經是長期關係，但需要投入生產，所以你知道我認為即將發布的產品是公司歷史上最重大、最具變革性的產品發布，大約是我們目標市場的兩倍。

And and we're already seeing some of that impact again a positive impact where we're able to share a roadmap behind closed doors with our most important customers, so a lot more to come on that, but but definitely positive positive signals coming from the roadmap conversations.

而且我們已經再次看到了一些影響，積極的影響是我們能夠與我們最重要的客戶閉門分享路線圖，因此還有很多事情要做，但路線圖對話肯定發出了積極的信號。

Great, thanks for that detail. I will jump out of the queue.

太好了，謝謝你提供的詳細資訊。我將退出隊列。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什，奧本海默。

Thanks so much guys. Could you talk a little bit about, the testing process that you're going through with some of these new customers and how it's translating into new awards, as you go a little bit deeper with some of these folks I assume that that process gets a little bit faster, and that you're able to accelerate some of the production orders.

非常感謝大家。您能否稍微談一下，您與一些新客戶一起經歷的測試過程，以及它如何轉化為新的獎項，隨著您與其中一些人的深入了解，我認為這個過程會變得更快一些，並且您能夠加速一些生產訂單。

Yeah, so, that's a great question thanks Colin. So the, when you're saying a testing process, so there's testing, we do testing with customers basically on an ongoing basis, every time we release new firmware, new hardware, new software, and Gemini or Blue City, there's a certain set of customers that want to take immediate advantage of of that new capability. So, that's one of the ways that we build these kind of long standing and trusted, relationships with customers is through the that testing that just happens all the time, and I think what we've seen is in with with some of the releases we just had like the zone monitoring feature set that we we announced last last quarter and now now we have some customers. It's, we're testing features that allow customers to move into production for the very first time, so it might be a feature like a ruggedization spec or an environmental spec or a dust penetration capability or a zone monitoring feature that is a is a requirement of a company, let's say it's a logistics robotics company or a company like Komatsu. That has been working with us for many years has developed a robust autonomy stack but needs to check the box on a final couple of features and and we're down to I'd say that final couple of features with a lot of customers and and so that testing is proving that that they can check those final those final boxes and expand the scope of their autonomy R&D development into a production type scale.

是的，這是一個很好的問題，謝謝科林。因此，當您說測試過程時，就有測試，我們基本上會持續與客戶進行測試，每次我們發布新韌體、新硬體、新軟體和 Gemini 或 Blue City 時，都會有一組客戶想要立即利用這些新功能。因此，我們與客戶建立這種長期且值得信賴的關係的方式之一就是透過一直進行的測試，我認為我們已經看到了我們剛剛發布的一些版本，例如我們上個季度宣布的區域監控功能集，現在我們已經有了一些客戶。我們正在測試允許客戶首次投入生產的功能，因此它可能是加固規格、環境規格、防塵能力或區域監控功能等功能，這是公司的要求，比如說，它是一家物流機器人公司或小松這樣的公司。多年來一直與我們合作，開發了一個強大的自主堆棧，但需要檢查最後幾個功能，我想說我們已經為許多客戶完成了最後幾個功能，因此測試證明他們可以檢查最後的那些框，並將其自主研發範圍擴展到生產規模。

So and that's that's a big part of the strategy and the the growth outlook for Oster is that we have so many of these customers' pans in the fire baking, over the last couple of years, and now we're moving tranches of them into production. So that's going to fuel our growth for years to come and it's great to be able to communicate about some really high quality customers like Komatsu on this earnings call. I think there's going to be more like that to come. Given all the activity we're seeing behind closed doors.

這就是我們的策略的重要組成部分，而 Oster 的成長前景是，在過去的幾年中，我們有許多客戶的烤盤投入生產，現在我們正在將其中的一部分投入生產。這將推動我們未來幾年的成長，很高興能夠在這次財報電話會議上與小松等一些真正高品質的客戶進行溝通。我認為以後還會有更多類似的事情發生。鑑於我們看到的所有閉門活動。

Amazing. And then just, in the warehouse automation specifically, can you just give us an update on how close you are to fully validating functional safety, and how quickly that full validation could trigger some new orders and that's it for me thanks.

驚人的。然後，具體到倉庫自動化方面，您能否向我們介紹一下距離全面驗證功能安全還有多遠，以及全面驗證能多快觸發一些新訂單，謝謝。

Yeah, so the functional safety, certifications and capability is important and coming in future products that we're releasing we're not giving a lot of detail there, but it's a major focus of future products coming from Aster now the value that we bring is that. Traditionally we play in a nonfunctionally safe ladder space, meaning that you need to, as a customer of Aster, if you're using our products and you want to use them in places where you need to protect human lives, you need to go through your own certifications and usually build redundancy into your system adjacent to the lidDAR. With functionally safe liar we can tap into new markets that rely solely on the LIDAR itself to provide that safety for humans in and around the vehicle. So the customer can sideset step a safety certification or or cost and time associated with system level certification. There's a huge amount of value there. There's a huge established market for functionally safe liar and and we've been investing in this for for a long period of time, so. As to when that will make a major impact on Ouster's business, it's coming, but we're not committing to a particular timeline, but, given the immense opportunity, there, there's a huge focus internally here on it.

是的，功能安全、認證和能力非常重要，在我們即將發布的未來產品中，我們不會提供太多細節，但這是 Aster 未來產品的主要關注點，我們帶來的價值就是這樣。傳統上，我們在非功能性安全梯子空間中工作，這意味著，作為 Aster 的客戶，如果您使用我們的產品，並且想要在需要保護人類生命的地方使用它們，您需要通過自己的認證，並且通常要在 lidDAR 相鄰的系統中建立冗餘。有了功能安全的雷達，我們就可以開拓新的市場，這些市場僅依靠光達本身來為車輛內和周圍的人類提供安全保障。因此，客戶可以避開安全認證或與系統級認證相關的成本和時間。那裡有巨大的價值。功能安全騙子市場已經非常龐大，而且我們已經在這個領域投資了很長一段時間。至於何時會對 Ouster 的業務產生重大影響，它即將到來，但我們不會承諾特定的時間表，但考慮到巨大的機遇，我們內部對此給予了極大的關注。

Casey Ryan, WestPark Capital.

凱西·瑞安（Casey Ryan），WestPark Capital。

Good afternoon, everybody. There's a lot of exciting things to talk about here for the quarter. When you mentioned Chen, you mentioned Robotaxis being an area. Could you guys give any color on the region if it's sort of, global Robotaxi opportunities in North America or Europe or any sort of color around what that Category means, as we move forward in 2025.

大家下午好。本季有很多令人興奮的事情值得討論。當您提到陳時，您提到了 Robotaxis 是一個領域。你們能否對該地區的情況進行一些描述，例如北美或歐洲的全球 Robotaxi 機會，或對這個類別的含義進行一些描述，以應對 2025 年的情況。

Hey Casey, that's a good question. Yeah, so historically we've talked about a couple of our ReboTaxi customers, Motional being one of them, May Mobility being another. I think generally Robotaxi as a as an industry as a trend has accelerated over the past 12 months, especially in San Francisco, you see them utilized on a daily basis. It's becoming a real example of physical AI. And so we continue to support that trend and it's part of, AI’s ability to make physical AI happen.

嘿，凱西，這個問題問得好。是的，從歷史上看，我們談論過我們的幾個 ReboTaxi 客戶，其中之一是 Motional，另一個是 May Mobility。我認為，Robotaxi 作為一個行業的整體趨勢在過去 12 個月中已經加速發展，尤其是在舊金山，你每天都會看到它們的使用。它正在成為物理人工智慧的一個真實例子。因此，我們將繼續支持這一趨勢，這是人工智慧實現物理人工智慧的能力的一部分。

Okay, and so Motional in May, I think, are sort of North American centric, if that's fair to say is that.

好的，所以我認為 5 月的 Motional 是以北美為中心的，如果可以公平地說的話。

Yeah, so that's, yeah, so right now I mean those are two of our high profile named RoboTaxi customers. We have some Robo trucking customers, but largely we're tapping into a North American market. The other big market for Robotaxis is a Chinese Robotaxi market. We really don't play in that space for a variety of reasons, but we feel we're well positioned in North America. We have some marquee customers there. And you know there's some positive tailwinds for those customers. I saw just I think last week May Mobility announcing a contract with Uber to get onto their network and expand their offerings. So, RoboTaxis are seeing some positive trends. We're partnered with some of the best companies in the space and looking to expand our reach through them and and to new partners all the time.

是的，是的，所以現在我的意思是，他們是我們的兩位知名 RoboTaxi 客戶。我們有一些機器人卡車客戶，但我們主要開拓的是北美市場。Robotaxis 的另一個大市場是中國 Robotaxi 市場。由於各種原因，我們確實沒有涉足該領域，但我們覺得我們在北美處於有利地位。我們在那裡有一些大客戶。你知道，這對這些客戶來說有一些積極的順風。我記得上週 May Mobility 宣布與 Uber 簽訂合同，加入其網絡並擴展其產品服務。因此，RoboTaxis 看到了一些積極的趨勢。我們與該領域的一些最佳公司合作，並希望透過它們擴大我們的影響力並不斷尋找新的合作夥伴。

Okay, terrific terrific.

好的，非常好。

You guys also call that warehouse, which is really, obviously a large opportunity and and like a really great space. There are lots of different types of equipment in sort of the warehouse space. Should we think about all of those as being opportunities for ouster, or can we narrow it down to categories, say, forklifts or sort of loaders, on loaders, AGVs, sort of these automated things are moving pallets around and then I guess I'm also curious, like, is there an opportunity in these things that have a humanoid form factor that may or may not be impactful in warehouses in the next, 12 months, but sort of are all those form factors opportunities for ouster, or are there specific categories where we should sort of spend our time looking?

你們也稱之為倉庫，這顯然是一個巨大的機會，也是一個非常棒的空間。倉庫空間中有許多不同類型的設備。我們是否應該將所有這些都視為取代的機會，或者我們是否可以將其縮小到某些類別，例如堆高機或裝載機、AGV，這些自動化的東西正在移動貨盤，然後我想我也很好奇，比如，這些具有人形外形的東西是否有機會在未來 12 個月內對倉庫產生影響，但所有這些外形都是取代的機會嗎？還是我們應該花時間尋找特定的類別？

Yeah, so I mean the a warehouse, a modern warehouse is a bustling hive of activity, and there are many different machines, some autonomous, many driven by a human, all of which are benefiting from increasingly capable and flexible autonomy. That is largely, coupled or or enabled by lidar sensors and some of them like driver assistance systems that, significantly reduce accidents in a warehouse even for human operated vehicles. So and we play across all these applications. I mean this is the core. Of the thesis at Ouster is that you know autonomy is a is a diverse set of applications that span the entire logistics supply chain of the globe and it's all getting automated or being improved with the assistance systems and Ouster is incredibly well positioned to capture all of that that that activity so. Humanoids is kind of the leading edge of the the logistics automation in the warehouse. We do have some humanoid customers. You can see some examples of our sensors on some humanoids. I think that's still, it's unclear what the business model and the timeline for human humanoids are, so I'm not expecting the adoption of that those those devices to kind of drive Ouster's business, but the good thing is that there is so there's such an obvious. A cost benefit for driving more automation into a warehouse, filling labor shortages with automation and improving safety with assistance features that you talk to any warehousing robotics or OEM equipment manufacturer, and they have an automation strategy and you know Ouster is doing a really good good job of blanketing this market. A good example is we were at ProMatt just last month, I think, which is a major material handling conference in the United States and ouster sensors were on all manner of vehicles and platforms there. So just showing the great job we've had in covering that market. So tons of opportunity. It's one of those practical uses of physical AI today with a clear ROI and tech technology stack that actually works.

是的，我的意思是倉庫，現代倉庫是一個繁忙的活動中心，有許多不同的機器，有些是自動的，許多由人驅動，所有這些機器都受益於日益強大和靈活的自主性。這在很大程度上是由雷射雷達感測器和一些駕駛輔助系統耦合或實現的，這些系統可以顯著減少倉庫中的事故，即使是人類駕駛的車輛。因此，我們在所有這些應用程式上進行遊戲。我的意思是這是核心。Ouster 的論點是，自主性是一組多樣化的應用程序，涵蓋全球整個物流供應鏈，並且所有應用程式都在實現自動化或透過輔助系統得到改進，而 Ouster 處於非常有利的位置，可以捕捉到所有這些活動。Humanoids 是倉庫物流自動化領域的前沿技術。我們確實有一些人形客戶。您可以在一些類人機器人上看到我們的感測器的一些範例。我認為，目前還不清楚人形機器人的商業模式和時間表，所以我並不指望這些設備的採用能夠推動 Ouster 的業務，但好消息是，有這樣的趨勢是顯而易見的。將更多自動化技術引入倉庫，以自動化填補勞動力短缺，並透過輔助功能提高安全性，從而帶來成本效益。您可以與任何倉儲機器人或 OEM 設備製造商交談，他們都有自動化策略，而且您知道 Ouster 在涵蓋這個市場方面做得非常好。一個很好的例子就是我們上個月剛參加了 ProMatt，我想這是美國的一個大型物料搬運會議，那裡的各種車輛和平台上都安裝了驅逐感測器。這只是展示了我們在覆蓋該市場方面所做的出色工作。機會太多了。它是當今物理 AI 的實際用途之一，具有明確的投資回報率和真正有效的技術堆疊。

Yeah, okay, well, that's actually helpful and very encouraging.

是的，好吧，這確實很有幫助，而且非常令人鼓舞。

Kind of the last thing I want to, I know we're all eager to sort of get a software hardware breakout and sort of dig into the impacts, around margins, but what can you say trend wise about sort of just where you've had just sensor sales or sort of sensor pricing? What would you call the environment I guess as we get into a little bit higher volumees? Would you say that? You know pricing's been been stable or sort of sort of a natural curve where we see some price reductions and then.

我最後想說的是，我知道我們都渴望獲得軟體硬體的突破，並深入研究其對利潤的影響，但您能從趨勢角度談談感測器銷售或感測器定價的情況​​嗎？當我們進入更高一點的音量時，你會如何稱呼環境？你會這麼說嗎？您知道價格一直保持穩定，或者呈現某種自然曲線，我們會看到價格下降。

As you refresh the product line, does that kind of change?

隨著您更新產品線，這種情況會改變嗎？

What path all that pricing takes.

所有定價都採取什麼路徑。

Yeah, so, I mean generally prices go down, not up and we want to see that I mean I'm I'm focused as much on maintaining gross margins as making sure that our revenue and our unit shipments are growing.

是的，所以，我的意思是，一般來說價格會下降，而不是上漲，我們希望看到，我的意思是，我不僅關注維持毛利率，還專注於確保我們的收入和單位出貨量不斷增長。

And unit shipments really in a healthy business where the technology is working for customers you generally want to see unit shipments rise faster than revenue and I think we've been able to to show that as a business though though, yeah, we've been able to show that as as a business so.

單位出貨量確實在一個健康的業務中，當技術為客戶服務時，你通常希望看到單位出貨量的增長速度快於收入，而且我認為我們已經能夠證明這一點，作為一家企業，是的，我們已經能夠證明這一點。

So that, yeah, whenever you're increasing unit shipments faster than revenue, there's a good chance that ASPs are dropping. Now of course we have a software attached business that's making it a little more difficult to pull out the numbers, but suffice it to say like we think we're managing the ASP. ASP trend well here there's a lot of stickiness, in lidar and so there's a lot of kind of relationship building and things that get priced into the value of a lidar system that, so it's not just a com commoditized piece of hardware where it's pure pricing discussion so.

所以，是的，每當單位出貨量的成長速度超過收入的成長速度時，平均售價就很有可能會下降。當然，現在我們有了軟體附加業務，這使得提取數字變得更加困難，但可以說我們認為我們正在管理 ASP。ASP 趨勢很好，雷射雷達具有很強的粘性，因此有很多關係建立和其他因素都會被計入激光雷達系統的價值中，所以它不僅僅是一個商品化的硬件，而是一個純粹的定價討論。

But there's also opportunities to unlock new use cases and new markets by offering lower pricing, and I think we're in a position to do that each and every year that we also lower our costs and that's what we've been shown we've been able to do so.

但是，透過提供更低的價格，我們也有機會開拓新的用例和新的市場，我認為我們每年都有能力做到這一點，同時降低成本，而事實證明我們能夠做到這一點。

I don't think there's anything.

我覺得沒什麼。

You know any fundamental change to pricing or or that that's coming down the line like we're doing a good job managing this and and enabling our customers' applications because ultimately they need to be commercially successful and some of that does come back down to the cost of their platforms.

您知道定價的任何根本性變化，或者即將發生的變化，就像我們在管理這方面做得很好並且支持我們客戶的應用程式一樣，因為最終他們需要在商業上取得成功，而其中一些確實歸結於他們的平台成本。

Yeah, Casey, the only thing I would add to the latter half of your question.

是的，凱西，我只想補充一下你問題的後半部。

The impact of future techno technology certainly does have something to do with ASPs. What you've seen A able to accomplish in the past two years since we've rolled out Rev 7 is we've actually seen our ASPs increase, given that customers are able to extract more value proposition out of the product offering that we are providing.

未來科技的影響確實與 ASP 有關。自從我們推出 Rev 7 以來，在過去的兩年裡，我們看到 A 所取得的成就是，我們的 ASP 實際上有所成長，因為客戶能夠從我們提供的產品中獲得更多的價值主張。

And so we have been generally consistent with our expectation that ASPs do decline over time.

因此，我們總體上一致預期，即平均售價會隨著時間的推移而下降。

But our ability to introduce new technology, new revisions to our product, new features, does have a tailwind in terms of supporting our ability to price a value proposition to our customer.

但是，我們引入新技術、新產品修訂版和新功能的能力，在支持我們向客戶定價價值主張的能力方面確實具有順風作用。

Yeah, and like I think certainly, sort of from the animal's perspective, right, we're sort of, I guess, as you allude to, sort of, ASP price drops could actually be really encouraging when you start to jump, right? And there's some, basically halo effect around that and that all could be maybe enabling, it doesn't sound like price is a barrier to adoption at this point. It's sort of one conclusion that like I'm trying to drive to from this conversation, which is our sensors aren't limiting people's demand. It's sort of an evolution of technology and, as people get the volume, you guys sound like you're well positioned to sort of meet that demand, I guess, from a price, hardware price component, I guess perspective.

是的，而且我認為，從動物的角度來看，對吧，我想，正如您所提到的，當您開始跳躍時，ASP 價格下降實際上可能真的令人鼓舞，對吧？這基本上會產生光環效應，所有這些都可能起到促進作用，聽起來價格並不是目前採用的障礙。我從這次談話中試圖得出一個結論，那就是我們的感測器不會限制人們的需求。這是一種技術的進步，隨著人們的關注度不斷提高，從價格、硬體價格的角度來看，你們似乎已經做好了滿足這種需求的準備。

That's right. That's right. For the majority of our customers, the economics are not what is holding back them, expanding their volumes. That's a good conclusion.

這是正確的。這是正確的。對我們大多數的客戶來說，經濟因素並不是阻礙他們擴大銷售的因素。這是一個很好的結論。

Yeah, okay, great, thank you. A lot of exciting things, great quarter, and thanks for taking my questions.

是的，好的，太好了，謝謝。有很多令人興奮的事情，很棒的一個季度，感謝您回答我的問題。

Kevin Garrigan, Rosenblatt Securities.

羅森布拉特證券的凱文·加里根 (Kevin Garrigan)。

Yeah, hey, Angus. Hey Chen, thanks for taking my questions and congrats on the strong results. Angus, you talked earlier about having a lot of pans in the fire, and you announced a few new multimillion dollar deals recently. Is lidar adoption kind of happening faster than you would have thought maybe a year or two ago, or has it been, pretty much on par with what you're thinking?

是的，嘿，安格斯。嘿，陳，謝謝你回答我的問題，並祝賀你取得如此好的成績。安格斯，你之前說過你有很多事情要做，最近你又宣布了幾筆數百萬美元的新交易。光達的普及速度是否比您在一兩年前想像的要快，或者是否已經與您的想像基本持平？

Well, that's a that's a good question. I'm nearing my 10 year anniversary at Ouster so you know I I I think you have to be impatient to run a company like this and keep pushing and so there's one side of things where we all thought we were going to riding around in like flying cars that were autonomous in 2018 and that didn't happen. But on the other hand, we are tracking to our long term model, our revenue growth. And seeing, just a ton of positivity in the field of autonomy in the field of physical AI, what's going on with with Nvidia, with Edge capability with with the advancements in AI are making these systems more capable, more affordable, and faster to market and so there's definitely a lot of positivity and, that's underpinning Ouster's entire business so.

嗯，這是一個好問題。我在 Ouster 工作即將迎來 10 週年紀念日，所以你知道，我認為你必須要有耐心才能經營這樣的公司，並且不斷努力，所以一方面，我們都認為我們會在 2018 年乘坐自動駕駛的飛行汽車，但這並沒有發生。但另一方面，我們正在追蹤我們的長期模式，即我們的收入成長。並且看到，在物理 AI 領域的自主性方面存在大量積極因素，Nvidia 的情況如何，Edge 功能以及 AI 的進步使這些系統功能更強大、更實惠、上市速度更快，因此肯定存在很多積極因素，這支撐著 Ouster 的整個業務。

Nothing could ever happen fast enough and yet, I also think we're doing everything we can to speed things along with our investments in software and the SDK and peripheral features in our the support we provide our customers so I think we're doing, we're maximizing the speed that things are being adopted and and it's it's nothing but kind of a positive outlook for the entire industry.

任何事情都不可能發生得足夠快，但是，我認為我們正在盡一切努力加快進程，同時投資軟體、SDK 和周邊功能，為客戶提供支持，所以我認為我們正在做的是，我們正在最大限度地提高事物被採用的速度，這對整個行業來說是一種積極的前景。

Yeah, that makes a ton of sense. Okay, great. And then Chen, you mentioned, you're not seeing any impacts from tariffs at the moment, but I just love to hear any commentary from customers you can give on whether they're just kind of going about business as usual because things are so fluid and whatever kind of happens happens, or are they trying to readjust strategies at all? Anything, you're hearing about how customers are looking at this market would be great.

是的，這很有道理。好的，太好了。然後陳，您提到，目前您沒有看到關稅的任何影響，但我很想聽聽客戶的評論，他們是否只是像往常一樣開展業務，因為情況如此不穩定，無論發生什麼，他們是否正在嘗試重新調整策略？無論如何，聽到客戶如何看待這個市場是很棒的。

Yeah, sure, it's a good question. We were just talking about this earlier today.

是的，當然，這是個好問題。我們今天早些時候剛剛談論過這個問題。

We H1stly haven't seen much disruption to our business because of the tariffs. There might be some minor things moving here and there, but overall I think automation is just such a strong trend. And again it goes back to the value proposition that we provide with our hardware with our software where you know these tariffs at the current level are not significantly impacting the business, to predict how things evolved from here, but we feel pretty confident that we'll be able to execute the business plan with the status quo.

目前為止，我們的業務尚未因關稅受到太大影響。可能會有一些小事發生，但總的來說，我認為自動化是一種強勁的趨勢。這又回到了我們透過硬體和軟體提供的價值主張，您知道當前水平的這些關稅不會對業務產生重大影響，可以預測事情今後將如何發展，但我們非常有信心能夠在現狀下執行業務計劃。

Okay, great. Thanks, guys.

好的，太好了。謝謝大家。

Richard Shannon, Craig-Hallum Capital Group LLC.

理查德·香農（Richard Shannon），Craig-Hallum Capital Group LLC。

Hey guys, thanks for let me ask a follow up, and I just have one here. I can't remember how long it's been since we've heard this question on the call, but I always love to get your thoughts here, from the competitive, dynamic here. So I've seen a lot of other lidar companies have been focused in the automotive space for a long time and they've seen the, difficulty there in. Last year or two and obviously we focus their businesses in other markets where you've been there, frankly since the beginning here wondering Angus if you're seeing any changes in the competitive dynamics here, with other companies who used to be in that in those spaces primarily now coming into your non-automotive markets and how you're responding to that.

嘿夥計們，謝謝你們讓我問一個後續問題，我這裡只有一個。我不記得我們已經有多久沒有在電話會議上聽過這個問題了，但我總是喜歡在這裡了解你的想法，從競爭和動態的角度。我看到很多其他光達公司長期專注於汽車領域，他們也看到了其中的困難。去年或兩年，顯然我們將他們的業務重點放在您曾經去過的其他市場，坦白說，從一開始，安格斯就想知道您是否看到這裡的競爭動態發生了任何變化，其他曾經主要在這些領域的公司現在進入了您的非汽車市場，以及您對此有何反應。

Yeah, well, first I'd love to point out that Ouster has continued to be correct in our thesis that there has been plenty of time to develop automotive liar solutions given the pace of automotive or liar adoption in the automotive industry. It's been our founding thesis, diversifying in the other industries and being around to be able to, be ideally a major player in the automotive industry in the future. So that's still on track.

是的，首先我想指出的是，Ouster 在我們的論點中一直是正確的，考慮到汽車行業採用汽車或騙子技術的速度，我們有足夠的時間來開發汽車騙子解決方案。我們的創始宗旨是在其他行業實現多元化發展，理想情況下，未來能夠成為汽車行業的主要參與者。所以一切仍在正常進行中。

When it comes to our auto-centric competitors maybe rethinking their strategy and moving into our diverse verticals, I mean, I really haven't seen their fits and starts. I think each and every earning cycle, one of our competitors has kind of a refresh of their perspective and some announcement about moving into adjacent industries, but I've never seen the consistent push.

當涉及到我們以汽車為中心的競爭對手時，他們可能會重新考慮他們的策略並進入我們多樣化的垂直領域，我的意思是，我真的沒有看到他們的突然行動。我認為，在每個盈利週期中，我們的競爭對手都會更新他們的觀點，並宣布進軍鄰近行業，但我從未見過持續的推動。

Quarter after quarter required to develop ground up solutions, ground up hardware, ground up software, ground up commercial efforts to be a long term player in this space. So may change in the future. I'm surprised, frankly, that there hasn't been more of a pivot as I mean, I think Ouster has emerged as a leading player in diverse and markets, but.

需要第一季又一季開發全新的解決方案、全新的硬體、全新的軟體、全新的商業努力，才能成為這個領域的長期參與者。將來可能會改變。坦白說，我很驚訝沒有出現更多的轉變，因為我的意思是，我認為 Ouster 已經成為多元化市場的領導者，但。

So far it's just fits and starts from I think our our competitors.

到目前為止，我認為我們的競爭對手只是斷斷續續地採取行動。

Okay, appreciate that perspective, I guess that's all for me.

好的，我很欣賞這個觀點，我想對我來說就這些了。

I will now turn the call back over to Angus Pacala for closing remarks.

現在我將把電話轉回給安格斯·帕卡拉 (Angus Pacala) 作結束語。

All right. Well, thanks, everyone, for joining the call. We look forward to speaking with you all again next quarter. Thanks, and have a good day.

好的。好吧，謝謝大家參加電話會議。我們期待下個季度再次與大家交談。謝謝，祝您有美好的一天。

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

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。