Ouster Inc (OUST) 2025 Q3 法說會逐字稿

Hello and welcome to Ouster's third quarter 2025 Earnings Conference Call.

大家好，歡迎參加 Ouster 2025 年第三季財報電話會議。

[Operator Instructions]

[操作說明]

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.

今天的電話會議正在錄音，會議結束後一小時，您可以在 Ouster 投資者關係網站上收聽會議錄音。

And with that, I'd now like to turn the conference over to Chen Geng; senior Vice President of strategic Finance and Treasurer. Chen, please go ahead.

接下來，我將把會議交給策略財務資深副總裁兼財務主管陳庚先生。陳先生，請開始吧。

Thank you, operator, and good afternoon, everyone. Thank you for joining our third quarter 2025 financial results call. Today on the call we have Chief Executive Officer; Angus Pacala and Chief Financial Officer Ken Gianella.

謝謝接線員，大家下午好。感謝各位參加我們2025年第三季財務業績電話會議。今天出席會議的有執行長安格斯·帕卡拉和財務長肯·詹內拉。

As a reminder, after the market closed today, Ouster issued its financial news release, which was also furnished on a Form 8K and is posted in the investor relations section of the Ouster website.

提醒一下，今天股市收盤後，Ouster 發布了財務新聞稿，該新聞稿也以 8K 表格的形式提交，並發佈在 Ouster 網站的投資者關係部分。

Today's conference call will be available for webcast replay in the investor relations section of our website. I want to remind everyone that on this call we will make certain forward-looking statements.

今天的電話會議將在我們網站的投資者關係版塊提供網路直播回放。我想提醒大家，本次電話會議中我們將做出一些前瞻性陳述。

These include all statements about our competitive position, anticipated industry trends, our business and strategic priorities, the development and expansion of our products, and our revenue guidance for the fourth quarter of 2025. Actual results may differ materially from those contemplated by these forward-looking statements.

這些包括所有關於我們競爭地位、預期行業趨勢、我們的業務和戰略重點、我們產品的開發和擴張以及我們對2025年第四季度收入的預測的聲明。實際結果可能與這些前瞻性聲明所設想的結果有重大差異。

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 third quarter of 2025 financial results release and in the quarterly and annual reports we filed with the Securities and Exchange Commission.

可能導致實際結果和趨勢與這些前瞻性聲明中包含或暗示的內容存在重大差異的因素，已在 2025 年第三季度財務業績發布以及我們向美國證券交易委員會提交的季度和年度報告中列出。

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, Aster assumes no obligation to update any forward-looking statements which speak only as of their respective dates.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，除法律可能要求的情況外，Aster 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發布之日的情況。

In today's conference call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures discussed today is included in the financial results release that was issued today.

在今天的電話會議中，我們將討論GAAP和非GAAP財務指標。今天討論的GAAP與非GAAP指標的調節表已包含在今天發布的財務績效報告中。

I would now like to turn the call over to Angus.

現在我想把電話交給安格斯。

Hello everyone and thank you for joining us today. I'll start with a brief recap of the quarter and review our strategic priorities.

大家好，感謝各位今天參加我們的會議。首先，我將簡要回顧本季的工作，並介紹我們的策略重點。

Ken will cover our financial results in more detail before I close with some final thoughts. Our third quarter results reflect the continued growth we are seeing across our business with revenue of USD39.5 million, representing our 11th straight quarter of revenue growth.

肯會更詳細地介紹我們的財務業績，之後我將作一些總結性發言。我們第三季的業績反映了我們業務的持續成長，營收達到3,950萬美元，這是我們連續第11季實現營收成長。

We set a new quarterly record with over 7,200 sensors shipped, bringing physical AI to life across multiple applications, including yard logistics and traffic intersections.

我們創下了季度出貨量超過 7200 個感測器的新紀錄，使實體人工智慧在包括場地物流和交通路口在內的多個應用領域中得以實現。

Gross margin remains strong at 42%, and we ended the third quarter with USD247 million cash and equivalents and no debt.

毛利率維持在 42% 的強勁水平，第三季末我們擁有 2.47 億美元的現金及等價物，且無任何債務。

This performance further demonstrates our ability to convert pilot programs into large volume orders as we deepen our relationships across our diverse customer base.

這項業績進一步證明了我們有能力將試點計畫轉化為大量訂單，同時加深我們與多元化客戶群的關係。

In our smart infrastructure vertical, we expanded deployments of Ouster Gemini and Rev 7 at logistics yards around the country, helping our customer improve throughput, efficiency and safety.

在我們的智慧基礎設施垂直領域，我們擴大了 Ouster Gemini 和 Rev 7 在全國各地物流場的部署，幫助我們的客戶提高吞吐量、效率和安全性。

We continue to progress with testing new Gemini AI algorithms at key customer sites during the quarter, with the potential to expand use cases and more than quadruple the number of sensors per logistics yard.

本季度，我們將繼續在重點客戶現場測試新的 Gemini AI 演算法，這有可能擴大應用場景，並將每個物流場的感測器數量增加四倍以上。

We also want new deals to bring ouster Blue City to additional intersections across Utah to enhance traffic flow, safety and operational efficiency.

我們還希望達成新的協議，將「驅逐藍城」推廣到猶他州的其他十字路口，以改善交通流量、安全性和營運效率。

In our industrial vertical, we shipped a significant number of rev 7 sensors to a leading global technology company as it continued to expand the use of autonomous mobile robots across its warehouse floors.

在我們的工業垂直領域，我們向一家全球領先的技術公司交付了大量 rev 7 感測器，因為該公司正在其倉庫樓層中不斷擴大自主移動機器人的使用。

Ouster sensors are mounted on a variety of warehouse equipment including AMRs, forklifts, and tuggers, enabling our customers to detect and avoid nearby objects and helping heavy machinery to work safely in unstructured environments.

Ouster 感測器安裝在各種倉庫設備上，包括 AMR、堆高機和牽引車，使我們的客戶能夠偵測和避開附近的物體，並幫助重型機械在非結構化環境中安全工作。

We also secured a substantial order to supply rev 7 to a large European industrial equipment manufacturer which is upgrading the sensor stack on its next generation electric mining trucks.

我們還獲得了一筆大訂單，向一家大型歐洲工業設備製造商供應 rev 7，該公司正在升級其下一代電動礦用卡車的傳感器堆疊。

These trucks are part of an autonomous haulage solution that increases safety, productivity, and efficiency while producing zero greenhouse gas emissions during operation.

這些卡車是自主運輸解決方案的一部分，該方案提高了安全性、生產力和效率，同時在運行過程中實現了溫室氣體零排放。

During the quarter, we delivered rev 7 sensors to support the continued expansion of Serv Robotics' last mile delivery fleet across the United States.

本季度，我們交付了 rev 7 感測器，以支援 Serv Robotics 在美國各地持續擴展其最後一公里配送車隊。

Last month, Serv announced its 1,000th robot deployment compared to an average of 57 active daily robots in the fourth quarter of last year and expects to reach 2000 robots in service by the end of this year.

上個月，Serv宣布其機器人部署數量達到1,000台，而去年第四季平均每天只有57台活躍機器人，預計到今年年底，投入使用的機器人數量將達到2,000台。

Serv is a prime example of Oster's engagement with companies that are rapidly accelerating from initial testing to commercial deployment.

Serv 是 Oster 與那些正從初步測試迅速加速到商業部署的公司合作的一個典型例子。

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.

展望2025年的策略重點，我們在三大關鍵領域均取得了進展。第一，擴大軟體相關業務規模；第二，轉型產品組合；第三，獲利。

Our software attached business gained traction during the quarter. Yarn Logistics was a key driver of demand, and we also won a deal to deploy Gemini for crowd management solutions at major tourist sites and large events in South Korea.

本季度，我們的軟體相關業務取得了顯著成長。紗線物流是推動需求成長的關鍵因素，此外，我們還贏得了一項合同，將在韓國的主要旅遊景點和大型活動中部署Gemini人群管理解決方案。

More customers are recognizing the benefits of our lighter solutions, and we want pilot deployments for intelligent perimeter security, spanning energy and industrial sites, tarmacs, data centers, and defense facilities across the world.

越來越多的客戶認識到我們更輕便的解決方案的優勢，我們希望在全球範圍內的能源和工業場所、停機坪、資料中心和國防設施中開展智慧周界安全試點部署。

In September, we announced a strategic partnership with Costellis, which now offers a unified security solution enabled by Ouster Gemini and Ouster Digital Lidar.

9 月，我們宣布與 Costellis 建立戰略合作夥伴關係，該公司現在提供由 Ouster Gemini 和 Ouster Digital Lidar 支援的統一安全解決方案。

By investing in AI perception, Ouster has built a core platform to enable our customers to develop targeted market-specific applications. With Gemini, Constellus can provide real-time analytics, re classification, and automated response protocols to bring physical AI to advanced security operations.

透過投資人工智慧感知技術，Ouster 建立了一個核心平台，使我們的客戶能夠開發針對特定市場的應用。借助 Gemini，Constellus 可以提供即時分析、重新分類和自動化回應協議，將實體人工智慧應用於高階安全營運。

Constellus' operational expertise and global network positions us to rapidly advance Gemini for critical and large scale security operations. In the ITS market, I'm excited by the continued growth of our ouster Blue City solution where we won large deals in the US and Canada.

Constellus 的營運專長和全球網路使我們能夠快速推進 Gemini 在關鍵和大規模安全營運領域的應用。在智慧交通系統 (ITS) 市場，我們推出的 Blue City 解決方案持續成長，並在美國和加拿大贏得了大筆訂單，這讓我感到非常振奮。

We continue to expand our distribution network and find 7 new exclusive partnerships to bring Blue City to additional states including Illinois and Missouri.

我們將繼續擴大分銷網絡，並找到 7 個新的獨家合作夥伴關係，將 Blue City 帶到包括伊利諾伊州和密蘇裡州在內的其他州。

We are proving the value of AI-powered LIDAR to state and local governments across the nation, and our Blue City Partnership network now covers the majority of a nationwide market of over 300,000 signalized intersections.

我們正在向全國各州和地方政府證明人工智慧驅動的雷射雷達的價值，我們的「藍色城市合作夥伴」網路現在覆蓋了全國超過 30 萬個信號交叉路口的大部分市場。

We also brought on a transportation integrator in Europe following a successful pilot deployment in Brussels. These partnerships, in conjunction with expanding our Blue City bundles to provide customers with more setup options, are key actions to support the continued growth of our software solutions.

繼在布魯塞爾成功進行試點部署後，我們又在歐洲引進了一家交通運輸系統整合商。這些合作關係，以及我們擴展 Blue City 套件以向客戶提供更多設定選項，都是支援我們軟體解決方案持續成長的關鍵舉措。

Moving to the product portfolio, we continue to make major investments in retraining our AI algorithms on an ever expanding corpus of field data.

在產品組合方面，我們持續投入巨資，利用不斷擴大的現場資料語料庫來重新訓練我們的人工智慧演算法。

In the third quarter, these efforts delivered better detection accuracy at longer ranges and higher vehicle speeds to support use cases like tolling and highway monitoring. We also released real-time localization or RTLS in our Ouster SDK.

第三季度，這些努力提高了遠距離和更高車速下的偵測精度，從而支持收費和高速公路監控等應用場景。此外，我們還在 Ouster SDK 中發布了即時定位 (RTLS) 功能。

RTLS empowers our customers to understand the position of their assets with centimeter level accuracy, enabling features like geo fencing, automatic speed limit enforcement, and custom go no go zones.

RTLS 使我們的客戶能夠以厘米級的精度了解其資產的位置，從而實現地理圍欄、自動限速執行和自訂通行/禁行區域等功能。

In addition, ladar powered RTLS significantly reduces the investment and infrastructure required by legacy sensors. Our team continued to progress with testing and validation of our next generation L4 and Kronos custom silicon.

此外，雷射雷達驅動的即時定位系統（RTLS）顯著降低了傳統感測器所需的投資和基礎設施。我們的團隊持續推進下一代L4和Kronos客製化晶片的測試和驗證工作。

These investments will unlock major performance, security, and reliability improvements for our OS sensors and become the backbone of our solid state digital flash line.

這些投資將為我們的 OS 感測器帶來重大的性能、安全性和可靠性提升，並成為我們固態數位快閃記憶體產品線的支柱。

The innovations from this next phase of our product roadmap are expected to more than double our current addressable market and are the most profound investment in our product roadmap to date.

我們產品路線圖下一階段的創新預計將使我們目前的潛在市場規模擴大一倍以上，也是我們迄今為止在產品路線圖方面最深刻的投資。

Finally, I am proud of our team's consistent execution towards profitability as we deliver record results in the third quarter as we remain on track to meet our long-term financial framework.

最後，我為我們團隊在實現盈利方面持續不斷的努力感到自豪，我們在第三季度取得了創紀錄的業績，並繼續朝著實現我們的長期財務框架穩步前進。

I'll now turn it over to Ken to cover our financial results in more detail.

現在我將把發言權交給肯，讓他更詳細地介紹我們的財務表現。

Thank you, Angus, and good afternoon, everyone.

謝謝你，安格斯，大家下午好。

I want to open my comments by noting that since joining the company in May, I have witnessed firsthand the incredible dedication and laser focus on execution towards our 2025 company goals that Angus discussed, and I'm excited about the opportunities in front of us.

首先我想指出，自從五月加入公司以來，我親眼目睹了大家對實現安格斯所談到的2025年公司目標的無比奉獻和高度專注，我對我們面前的機遇感到興奮。

Now turning to third quarter financial performance, as Angus noted, our results reflect the underlying strength in our business.

現在來看看第三季的財務業績，正如安格斯所指出的那樣，我們的業績反映了我們業務的潛在實力。

Revenue of USD39.5 million was a record, representing growth of 41% year over year and 13% sequentially. We delivered more than 7,200 sensors, which also represented an all-time high.

營收達3,950萬美元，創歷史新高，年增41%，季增13%。我們交付了超過7200個感測器，同樣創歷史新高。

As a reminder, we do expect a level of fluctuation of volumes on a quarterly basis, as is largely dependent on meeting our customer delivery and timing needs.

再次提醒，我們預期季度銷售會有一定程度的波動，這主要取決於我們能否滿足客戶的交付和時間要求。

Smart infrastructure was the largest contributor to the third quarter revenue, followed by roughly equal contributions from our robotics and industrial verticals.

智慧基礎設施是第三季收入的最大貢獻者，其次是機器人和工業垂直領域的貢獻大致相當。

GAAP gross margin of 42% increased by 4 points compared with the third quarter last year and reflects the benefits of steadily increasing revenues and product mix offset by continuing tariff headwinds.

GAAP毛利率為42%，比去年第三季成長4個百分點，反映了營收和產品組合穩定成長帶來的益處，但卻被持續的關稅不利因素所抵銷。

While our gross margin performance has been strong this year, we maintain that 35% to 40% is an appropriate long-term annual gross margin target for the business.

雖然我們今年的毛利率表現強勁，但我們仍然認為 35% 至 40% 是公司長期年度毛利率的合適目標。

Next, GAAP operating expenses were USD41 million in the third quarter, up 7% over the prior year. The increase was primarily driven by investments in R&D to support the new product development cycle.

其次，第三季GAAP營運費用為4,100萬美元，較上年同期成長7%。成長的主要原因是為支援新產品開發週期而進行的研發投入。

As I mentioned last quarter, we remain focused on managing our operating expenses but anticipate there will be variability on a quarterly basis, largely due to the timing of investments in our innovation and go to market expansion.

正如我上個季度提到的，我們仍然專注於控制營運費用，但預計每季都會有波動，這主要是由於我們在創新和市場擴張方面的投資時間表所致。

Adjusted EBITDA was a loss of approximately USD10 million flat year over year and a decline of USD4 million sequentially. The sequential decline is primarily due to a favorable employment tax refund we received in the prior quarter.

經調整後的 EBITDA 虧損約 1,000 萬美元，與去年同期持平，較上季下降 400 萬美元。環比下降的主要原因是上一季收到了一筆有利的就業稅退稅。

We are pleased with our ability to drive growth and have the operational capacity to meet our customers' needs. Creating strategic and operational flexibility for the company to innovate and grow as we continue to execute towards profitability remains a top priority.

我們對自身的成長能力以及滿足客戶需求的營運能力感到滿意。在持續實現盈利的同時，為公司創造策略和營運上的靈活性，以促進創新和發展，仍然是我們的首要任務。

Our balance sheet is one of the strongest in the industry, which is important for our customers as they depend not only on the long-term support of our products, but also our long-term financial security as a key supplier.

我們的資產負債表是業內最強勁的之一，這對我們的客戶來說非常重要，因為他們不僅依賴我們產品的長期支持，還依賴我們作為主要供應商的長期財務安全。

We ended the quarter in a stronger position with cash equivalents, restricted cash, and short-term investments of USD247 million. This includes approximately USD35 million of net proceeds from our ATM.

本季末，我們的財務狀況更加穩健，現金等價物、受限現金和短期投資總額達2.47億美元。其中包括我們ATM業務約3500萬美元的淨收益。

At September 30, we had approximately USD4 million of authorization remaining on our ATM. Moving to guidance for the fourth quarter, we expect to achieve revenue between USD39.5 million and USD42.5 million.

截至9月30日，我們的ATM機剩餘授權額度約400萬美元。展望第四季度，我們預計營收將在3,950萬美元至4,250萬美元之間。

Thank you for your continued interest in Ouster. I'll now turn the call back to Angus for his closing remarks.

感謝您一直以來對Ouster的關注。現在我將把電話轉回給Angus，請他作總結發言。

Thanks, Ken. Auster is a strong financial foundation, a robust distribution and partner network, and a diverse customer base of emerging and world-class companies.

謝謝，肯。奧斯特公司擁有雄厚的財務基礎、強大的分銷和合作夥伴網絡，以及涵蓋新興企業和世界一流企業的多元化客戶群。

Ouster is at the forefront of technology that is reshaping how the world engages with the physical environment. Our physical AI solutions are helping deliver improvements in safety and efficiency across a wide range of industries.

Ouster 處於科技前沿，致力於重塑世界與物理環境的互動方式。我們的實體人工智慧解決方案正在幫助眾多產業提升安全性和效率。

All of this, coupled with our cutting edge product roadmap, positions us well to further accelerate the adoption of physical AI. With that, I'd like to now open up the call for Q&A.

所有這些，再加上我們領先的產品路線圖，使我們能夠更好地加速物理人工智慧的普及應用。接下來，我想開啟問答環節。

[Operator Instructions]

[操作說明]

Our first question today comes from the line of Colin Rush with Oppenheimer. Colin, please go ahead.

今天我們收到的第一個問題來自奧本海默的科林拉什。科林，請開始吧。

Thanks so much guys. Can you talk about where you're at in the testing process with the rev 8 and the Kronos offerings.

非常感謝各位。能否談談你們在 rev 8 和 Kronos 產品測試方面目前的進展？

We'd love to get a sense of kind of how that testing is going, any sort of concerns or, kind of accelerations that you're thinking about with the platform, given the potential growth and addressable market here.

我們很想了解測試進展如何，以及考慮到該平台的潛在成長和目標市場，您是否有任何擔憂或正在考慮的加速發展方向。

Hi Colin, thanks for the question. So we really try not to talk ahead of the release of our next generation products other than to make sure that it's clear that we remain incredibly committed to the investments we're making in the digital liar portfolio.

嗨，科林，謝謝你的提問。我們通常不會在下一代產品發布前透露太多信息，只是想強調我們對數位謊言產品組合的投資仍然有著無比的決心。

So. Our L4 chip, the kronos going into the DF platform. These are things we talk about each and every earnings call because they're still the biggest source of investment that we have at Ouster and because of all the promise, the importance of these products to the future expansion of Ouster's business.

所以，我們的L4晶片，也就是Kronos，將會被應用到DF平台。這些都是我們每次財報電話會議都會談論的內容，因為它們仍然是Ouster最大的投資來源，而且這些產品前景廣闊，對Ouster未來的業務擴張至關重要。

So you know the points that we've made in the past and we continue to make on this earnings call a doubling of the overall TAM.

所以你們也知道，我們過去已經提出過，而且在這次財報電話會議上我們將繼續強調，整體TAM將翻倍。

The most significant set of products, hardware products and Ouster's roadmap in Ouster's history all remain true. We're incredibly committed and focused to getting these products out as soon as humanly possible, but beyond that, going to just leave it at that.

Ouster史上最重要的產品系列、硬體產品以及產品路線圖都保持不變。我們全力以赴，致力於盡快推出這些產品，除此之外，就先說到這裡。

Okay, fair enough. And then, if you work through the design cycle with your customers and we know that there's an awful lot of customers that you guys are working with, there's a lot of innovation happening in industrial hardware design.

好吧，這說得通。而且，如果你和客戶一起完成設計週期，我們知道你們的客戶數量非常龐大，那麼工業硬體設計領域就會湧現大量的創新。

Can you talk a little bit about, the cadence of those pro those programs moving forward? We know that you have a number of wins.

您能否談談這些項目未來的發展節奏？我們知道您已經取得了一些勝利。

And moving from kind of smaller volumes into more serious production, particularly with some of the off-road vehicles, but what you're seeing in terms of, just the cadence of design cycles, the adoption rates, any sort of win rate data that you can share, we'd love to get a sense of how that's evolving here.

從小批量生產轉向更大規模的生產，尤其是一些越野車，但我們想了解一下，無論是設計週期的節奏、採用率，還是任何你能分享的成功率數據，我們都很想了解它在這裡的發展情況。

Yeah, I mean, so we have over 1,000 customers, and one of the points that we've made and one of the kind of bright spots about Ouster's promise of the future is that there's a small minority of all of the high-quality customers that we have that have actually reached full scale production and commercial release of their products that are, built with an ouster lighter inside.

是的，我的意思是，我們有超過 1000 位客戶，我們提出的一個觀點，也是 Ouster 對未來前景的一大亮點，就是我們所有優質客戶中只有一小部分真正實現了產品的全面生產和商業化發布，而這些產品內部都裝有 Ouster 打火機。

So, and so that means there's immense opportunity in our existing latent customer base for tranches of these customers to go from development all the way to commercial lease and you know we mentioned on the call Serv Robotics, great example of a customer.

所以，這意味著我們現有的潛在客戶群中存在著巨大的機會，可以分批引導這些客戶從開發階段一直到商業租賃階段。你知道，我們在電話會議上提到了 Serv Robotics，就是一個很好的客戶範例。

And that shows how the volumes shift from a kind of development small scale pilot style production where they had 57 robots deployed with our technology.

這表明，生產規模是如何從小規模的試點開發生產模式轉變為大規模生產的，當時他們部署了 57 台採用我們技術的機器人。

If you look back a year or so ago, now they're on track to have 2000 robots deployed with our technology in the next couple of months,

回顧一年前的情況，現在他們正按計畫在未來幾個月內部署2000台搭載我們技術的機器人。

So, that kind of fundamental order of magnitude shift is a big part of our growth strategy for the foreseeable future, and and and a small fraction of our overall customer mix under 10% is actually in that full scale production.

因此，這種根本性的量級轉變是我們未來一段時間內成長策略的重要組成部分，而我們整體客戶組合中只有不到 10% 的客戶真正處於全面生產階段。

So, and, but one of Ouster's core kind of muscles that we've built on the commercial side is our ability to support our customers, developing these challenging new technologies and close gaps that maybe we have better expertise closing than our customers do.

所以，Ouster 在商業方面建立的核心優勢之一是我們能夠支持我們的客戶，開發這些具有挑戰性的新技術，並彌合我們可能比客戶更有專業知識來彌合的差距。

Either on the hardware or the software that processes our lighter technology so that we're getting customers to market faster and they're seeing that we're a valued, partner in that process versus just a hardware supplier.

無論是硬體還是處理我們輕量級技術的軟體，我們都致力於幫助客戶更快地將技術推向市場，並讓他們看到我們是這一過程中重要的合作夥伴，而不僅僅是硬體供應商。

So I think there's a lot of, yeah, there's a lot of kind of goodwill and deep partnerships that we've built along the way, and we're continuing to do that. It's it's something that our customers value at this point.

所以我覺得，是的，我們一路走來建立了許多善意和深厚的合作關係，而且我們還在繼續這樣做。這正是我們的客戶目前所重視的。

Thanks so much guys.

非常感謝各位。

Thanks for calling. And our next question comes from the line of Andres Shepherd with Cantor Fitzgerald. Andres, please go ahead.

感謝您的來電。下一個問題來自坎托·菲茨杰拉德的安德烈斯·謝潑德。安德烈斯，請開始。

Hi, this is Anand for Andres. So congrats on the quarter and thanks for taking our questions. With the rapid acceleration of self-driving vehicles, both passenger and commercial vehicles, do you guys expect to pursue this vertical a little bit more? Going forward.

您好，我是Anand，代表Andres。恭喜您本季業績出色，感謝您接受我們的提問。隨著自動駕駛汽車（包括乘用車和商用車）的快速發展，您未來是否會增加對該領域的投資？

I know it wasn't as much of a focus this quarter, but are you looking for any major OEM agreements and what would be an ideal candidate, because it seems like most companies with the exception of Tesla are really reliant on LIDAR for this.

我知道這並非本季度的重點，但您是否正在尋找任何主要的 OEM 協議？理想的候選者是誰？因為除了特斯拉之外，大多數公司似乎都非常依賴光達。

Thank you.

謝謝。

Yeah, thanks for the question, Anand. So I mean, first it's great to see the renewed the kind of resurgence in interest around self-driving vehicles. A lot of this is because of the advancements that Waymo has made in really providing a commercial service to customers

是的，謝謝你的提問，Anand。首先，很高興看到人們對自動駕駛汽車的興趣再次高漲。這很大程度上要歸功於Waymo在為客戶提供商業服務方面所取得的進步。

out here on the west coast and in Texas and Arizona and then also some of the advancements from Tesla, so. It's great to see this. Ouster already has some really strong partners in this area.

在西海岸、德克薩斯州和亞利桑那州，以及特斯拉的一些進展，都令人振奮。 Ouster 在這一領域已經擁有一些非常強大的合作夥伴。

We're talking about Robotaxi specifically, Motional and Male Mobility, both are strong Ouster partners. We've seen a lot of great partnerships that Male Mobility has been inking with with with to build their customer base and actually expand their commercial robotaxi deployment.

我們這裡具體指的是Robotaxi，Motional和Male Mobility都是Ouster的重要合作夥伴。我們看到Male Mobility已經與許多優秀的合作夥伴建立了合作關係，以拓展客戶群並擴大其商用Robotaxi的部署規模。

So Ouster already has some of these great customer relationships. When it comes to the OEMs and kind of direct OEM integration of this technology into a car you and I can buy, that's where I've tempered expectations in the past.

所以 Ouster 已經建立了一些非常好的客戶關係。至於 OEM 廠商以及這項技術直接整合到你我能買到的汽車中，我過去一直不太看好。

Just, basically because of the long time horizon for OEMs directly integrating self-driving technology into the cars that you and I can buy.

基本上，這是因為汽車製造商需要很長時間才能將自動駕駛技術直接整合到你我能買到的汽車中。

That's largely because of, technology difficulties on the OEM side versus like the readiness of compute and sensor technologies that that Ouster is responsible for. So but on that latter point we're absolutely interested in this space.

這主要是因為OEM廠商方面有技術難題，而Ouster公司負責的運算和感測器技術的成熟度卻有差距。所以，在後一點上，我們絕對對這個領域感興趣。

What I've always said is it's important to have the right products with the right at the right point in time. For that adoption to happen, I think a lot of things are converging.

我一直都說，在適當的時間推出合適的產品至關重要。我認為，要實現這種普及，很多因素正在匯聚。

We have put a lot of investment into DF and into future products on that internally at Ouster so that again we have the right product at the right time for this massive opportunity in direct OEM integration.

我們在 Ouster 內部對 DF 和未來的相關產品進行了大量投資，以便我們能夠再次在正確的時間推出正確的產品，抓住直接 OEM 整合這一巨大機會。

So definitely interesting to us in the future, something I've tempered in the past, but you know I think the stars are aligning in the next couple of years here.

所以這在未來肯定會讓我們很感興趣，雖然我過去對此有所保留，但你知道，我認為未來幾年各種因素都會匯聚到一起。

Gotcha. Thanks, Angus. That's that's helpful. Just switching gears a little bit, I guess for the past few months, the elephant in the room has been the blue UAS certification.

明白了。謝謝，安格斯。這很有幫助。稍微換個話題，我想過去幾個月來，大家最關心的問題就是藍色無人機系統認證。

So I was wondering, what are maybe some of the most recent updates related to that and if you could potentially give us any granularity on censorshipment or if not, do you continue to believe that you have a moat in this segment or are you seeing more competitors pursuing this now?

所以我想知道，關於這方面最近有哪些更新？能否詳細說明一下審查制度的情況？如果不能，您是否仍然認為您在這個領域擁有競爭優勢，還是看到更多競爭對手正在涉足這個領域？

Yeah, specifically asking, so for those listening on the call, the blue UAS certification was really, it was a certification for using ousters, LIDARs on defense, DOD use cases and payloads specifically for drones.

是的，我特意問了這個問題，所以對於那些正在收聽電話會議的人來說，藍色無人機系統認證實際上是針對在國防領域使用雷射雷達、國防部用例以及專門用於無人機的有效載荷的認證。

So the common use case here is, or the traditional use case for LIDAR on drones is a surveying payload, surveying and surveillance payload.

因此，這裡常見的用例，或者說無人機雷射雷達的傳統用例，是作為測繪載荷、測繪和監視載荷。

Out there is a robust business as a surveying payload on drones already and the UAS announcement. Made us the first DOD blue UAS certified company in the mix, and it's definitely, a boost for our business.

無人機測繪載荷市場已經非常成熟，加上美國國防部宣布的無人機系統（UAS）認證，使我們成為第一個獲得該認證的美國國防部藍色無人機系統公司，這無疑對我們的業務發展起到了推動作用。

We're not splitting out specific specific sensor volumes, but we do see inbounds from customers that are interested.

我們目前沒有細分特定的感測器數量，但我們確實收到了一些對此感興趣的客戶的諮詢。

And make sure they are operating certified payloads and whether or not you know sometimes it's because the end customer is a DOD customer and sometimes the end customer isn't but values the fact that we're using a certified American made technology.

也要確保他們使用的是經過認證的有效載荷，無論你是否知道，有時是因為最終客戶是國防部客戶，有時最終客戶不是國防部客戶，但他們重視我們使用經過認證的美國製造技術。

And so definitely a bunch of benefits there. I think we do have a moat.

所以這方面一定有很多好處。我認為我們確實擁有競爭優勢。

We're the first, we're certainly the first mover in this space and we have a great set of products that apply really well, small form factors, super high resolution, robust lidARs that don't weigh a lot, and all those things make sense if you want to put these on a small form factor drone like the Blue UAS certification is positioned for.

我們是第一家，我們絕對是這個領域的先行者，我們擁有一系列非常適用的產品，外形小巧，分辨率超高，堅固耐用且重量輕，如果您想將這些產品安裝在像 Blue UAS 認證所針對的小型無人機上，所有這些都很有意義。

So. Yeah, not splitting out any specific numbers, but definitely a benefit to our business.

是的，雖然不能給出具體數字，但這肯定對我們的業務有利。

All right, thanks for the question, Anand.

好的，謝謝你的提問，阿南德。

[Operator Instructions]

[操作說明]

And our next question comes from the line of Madison Di Paolo with Rosenblatt Securities. Madison, please go ahead.

下一個問題來自羅森布拉特證券公司的麥迪遜迪保羅。麥迪遜，請開始吧。

Hi, this is Madison calling on behalf of Kevin Cassidy.

您好，我是麥迪遜，代表凱文卡西迪打電話。

I was just wondering with so many customers moving from prototype to production, what steps are you taking to mitigate potential supply chain constraints that could impact growth? And just as a follow-up, what's the long-term target for Blue City's attached rate?

我想問一下，鑑於許多客戶都從原型階段過渡到生產階段，你們採取了哪些措施來緩解可能影響成長的潛在供應鏈瓶頸？另外，我想問一下，Blue City的附加費率的長期目標是多少？

Well, let me start with the latter first. Thank you, Madison. The bigger thing is we're not breaking that out and giving the long-term target. It is part of our overall robotics and industrial outlook that we have already.

好的，我先從後一個問題說起。謝謝你，麥迪遜。更重要的是，我們不會單獨列出這個長期目標。它是我們整體機器人和工業展望的一部分，而我們目前已經制定了這部分內容。

So if you just stick with those growth rates that we talk about, that's the majority of what would be covered there.

所以，如果你只專注在我們討論的這些成長率，那麼大部分內容就涵蓋在內了。

Turning to your first part about capacity, one of the things we've done very well, and if you look at the growth just these last two quarters, we set two record quarters of shipments, pretty much quarter over quarter our sensors grew.

關於您提到的產能問題，我們在這方面做得非常好，如果您看看最近兩個季度的成長情況，我們創下了兩個季度的出貨量紀錄，我們的感測器幾乎每個季度都在增長。

A year over year for this quarter alone was 85% and quarter over quarter from last quarter to this quarter is a 31% growth. So having that capacity is very important to us as we continue our growth journey.

光是本季年增了85%，環比成長了31%。因此，在我們繼續發展的過程中，擁有這樣的產能對我們至關重要。

So part of the capital investments we make aren't just strategic, it's also financial flexibility.

因此，我們進行的部分資本投資不僅具有戰略意義，也具有財務靈活性。

What's important for us is meeting our customers' scheduled demands because, while we pride ourselves on the continued growth, our customers are growing just as fast, and so we have to have the capacity to deliver their needs so they can meet their customers' needs.

對我們來說，重要的是滿足客戶的定期需求，因為雖然我們為持續成長感到自豪，但我們的客戶也在快速成長，因此我們必須有能力滿足他們的需求，以便他們能夠滿足其客戶的需求。

So we'll always be investing in capacity to ensure that we can meet the customer demands.

因此，我們將持續投資提升產能，以確保能夠滿足客戶需求。

Great, thank you.

太好了，謝謝。

All right, thank you, Madison.

好的，謝謝你，麥迪遜。

And our next question comes from the line of Richard Shannon with Craig Hallam Capital Group. Richard, please go ahead.

下一個問題來自克雷格·哈勒姆資本集團的理查德·香農。理查德，請開始吧。

Hi guys, this is Tyler Anderson on for Richard. Thank you for taking my questions.

大家好，我是泰勒安德森，替理查德提問。感謝各位回答我的問題。

So, Amazon has been talking about adding a lot of robots in the future and Including the humanoid robots, do you think there's going to be a benefit to you from this?

亞馬遜一直在談論未來要增加很多機器人，包括人形機器人，你認為這對你有什麼好處嗎？

I have seen some pictures of robots that look similar to yours, and how would they show up in bookings when that starts moving forward? Is this something that takes a long time that needs to be built out?

我看過一些和你們的機器人類似的圖片，當預訂系統開始運作後，它們會如何顯示出來？這是否需要很長時間的開發和改進？

Just any way to think about that would be helpful. Thank you.

任何思考方式都會有所幫助。謝謝。

Yeah, it's a good question, Tyler, because this is a fast evolving space. I'm amazed how many humanoid robotics companies have been announced in the last year.

是的，泰勒，你問得好，因為這是一個快速發展的領域。去年就湧現這麼多人形機器人公司，真是讓我很驚訝。

Overall, definitely a great thing for us. Humanoids need sensing technology like any other robot, and LIDAR is the best possible sensor you could put in the mix.

總而言之，這對我們來說絕對是件好事。人形機器人和其他機器人一樣需要感測技術，而光達是目前你能找到的最佳感測器。

And we already have some customers that are using our LIDARs in their humanoid robotics platforms, so. Definitely good news there.

我們已經有一些客戶在他們的人形機器人平台上使用我們的光達了，所以，這絕對是個好消息。

You would see the way that's going to impact our business is it would boost our robotics vertical, right? That's that's where this would fall into into the financials or the financial performance of the company.

你可以看到，這將對我們業務產生的影響是，它將促進我們的機器人業務成長，對吧？這就是它將對公司財務狀況或財務業績產生的影響。

I'd say it's still early days like there aren't thousands of humanoid robotics, humanoid robots that are deployed at end customer sites right now. It's a prototyping environment.

我認為現在還處於早期階段，目前還沒有成千上萬的人形機器人部署到終端客戶現場。這仍然是一個原型開發環境。

So I don't expect it to be a big impact, positive impact on our business, for the next year or so, foreseeable future, but this is all about laying the groundwork for a future tranche of customers to reach commercial deployment just like what we've seen with some of our other verticals happening all the time.

因此，我預計在未來一年左右的時間裡，它不會對我們的業務產生重大的積極影響，但這完全是為了給未來的一群客戶實現商業部署奠定基礎，就像我們在其他一些垂直領域一直看到的那樣。

So, we love investing in new customer sets. I think the humanoid thing is interesting, but I think it's going to take a couple of years to play out.

所以，我們很樂意投資新的客戶群。我覺得人形機器人很有意思，但還需要幾年時間才能真正發揮作用。

Great, thank you. And then you mentioned something about a majority of the intersections, about 3,000 in the US. Is this The total addressable market that you're speaking to, or is this something that you already have plans and that's that's moving forward with business in hand.

太好了，謝謝。您剛才提到美國大約有3000個十字路口，這是大部分地區。您指的是潛在市場總量，還是指您已經有了計劃，並且正在推進的業務？

Just want to get a look at that and then also is there any way that you could categorize the attach rate for your. Traffic business.

我只是想了解一下，另外，您能否對您的流量業務的附加率進行分類？

Yeah, absolutely so so what I said was that we had signed exclusive partnerships, and distribution partnerships that covered regions for the majority of signalized intersections in North America.

是的，沒錯。我剛才說的是，我們已經簽署了獨家合作協議和分銷合作協議，涵蓋了北美大部分訊號交叉路口的區域。

There are about 300,000 signalized intersections in North America. That's the total total addressable market, but I think it's a market that we can largely go after aggressively today.

北美約有30萬個號誌燈控制的十字路口。這是潛在市場的總量，但我認為我們現在就可以大力開拓這個市場。

And Blue City is a best in class intersection, intelligent intersection product. It can cover a wide swath of the use cases today.

Blue City是一款一流的智慧交叉路口產品，能夠滿足當今廣泛的應用場景。

We haven't quantified exactly how many of those 300,000 intersections exactly that Blue City can go and capture, but it's a significant fraction.

我們還沒有確切地量化出藍城能夠佔領這 30 萬個十字路口中的多少個，但這肯定是一個相當大的比例。

And a major impediment to going and addressing that market is just having regional partners that we can sell through that can support the end customers, not just in installing the technology up front but also supporting them for the long-term.

進入並開拓該市場的一個主要障礙是缺乏區域合作夥伴，我們可以透過這些合作夥伴向最終客戶提供支持，不僅在前期安裝技術，而且還要為他們提供長期支持。

Now it's important that a municipality has support. On their traffic infrastructure for many years to come. So we have a lot of inertia there.

現在，市政當局獲得支持至關重要，這關係到他們未來多年的交通基礎設施建設。因此，我們在這方面面臨很大的阻力。

We announced 7 new exclusive partnerships and so overall we are, we have partnerships that cover the majority of the North American market.

我們宣布了 7 項新的獨家合作關係，因此總體而言，我們的合作關係涵蓋了北美市場的大部分地區。

When we're talking about attach rates, it. Blue City is by default a software attached product. You cannot just buy sensors and you cannot just buy software.

當我們談到安裝率時，Blue City 預設是一款軟體配套產品。你不能只購買感測器，也不能只購買軟體。

You have to buy the whole complete solution that goes turnkey onto your intersection. So I wouldn't every Blue Cal has an attached rate of 100% forIDARs, has an attached rate of 100% for a software component.

您必須購買整套完整的解決方案，該方案可直接安裝到您的路口。因此，我並不認為每個 Blue Cal 都附帶 100% 的 IDAR 費率，也附帶 100% 的軟體元件費率。

So it's more what we're seeing is that we're growing pretty fast in this market. Smart infrastructure was our biggest vertical this quarter.

所以，我們看到的更多的是，我們在這個市場成長得相當快。智慧基礎設施是我們本季最大的垂直領域。

And so my goal is instead of looking at attach rates per se for Blue City, it's looking at the growth rate for Blue City versus the rest of our business. I think there's some early signs that there's some really positive, fast growth happening there.

因此，我的目標不是單獨關注Blue City的附加率，而是關注Blue City相對於我們其他業務的成長率。我認為目前有一些初步跡象表明，Blue City正在經歷非常積極、快速的成長。

Awesome. Thank you. I'm going to hop back in again.

太棒了，謝謝。我這就回去繼續玩。

[Operator Instructions]

[操作說明]

Our next question comes from the line of Casey Ryan with West Park Capital. Casey, please go ahead.

下一個問題來自西園資本的凱西·瑞安。凱西，請開始。

Good evening, everybody, great quarter.

各位晚上好，這季過得很棒。

We've talked a little bit about defense. I just wanted to get your perspective on that as a vertical because I think there's a lot of focus on drones.

我們之前簡單聊了聊國防。我想聽聽你對這個領域的看法，因為我覺得現在大家都很關注無人機。

But as a company, do you guys define it as maybe being service wide, meaning potentially all vehicles could sort of use automation and as part of that, do you see sort of a retrofit opportunity as being potentially significant in addition to new, weapons platforms and vehicle platforms?

但作為一家公司，你們是否將其定義為服務範圍內的自動化，這意味著所有車輛都有可能使用自動化技術？作為其中的一部分，除了新的武器平台和車輛平台之外，你們是否認為改裝機會也可能非常重要？

Thanks, Casey. It's a thoughtful question.

謝謝凱西，你問了個很有見地的問題。

So the defense market is incredibly diverse. I think that's the first thing to acknowledge. And there's legacy vehicles already deployed in the DOD.

所以國防市場極度多元化。我認為這是首先要承認的一點。而且國防部已經部署了一些老舊車輛。

There are traditional defense contractors, and then there's this new tranche of kind of faster moving startups in the space.

既有傳統的國防承包商，也有發展速度更快的新興創業公司。

Ouster is really focused, I would say on the non-retrofit opportunities of working with traditional defense industry or the new players.

我認為 Ouster 非常專注於與傳統國防工業或新興企業合作的非改造機會。

And yeah, I think that the retrofit opportunity may not not something that we're tracking, but overall like there's a big opportunity here but with I would say a unclear timeline to the scale where this is deployed universally.

是的，我認為改造機會可能不是我們正在關注的重點，但總的來說，這裡存在著巨大的機會，但要達到普遍部署的規模，時間表尚不明確。

On these platforms. I do think that that's where it goes. Automation is good in this, no matter what in this industry, but it's going to take quite a while I think to feel this technology in a big way, but there's some promising first.

在這些平台上。我確實認為這就是未來的發展方向。自動化在這個行業中是好事，無論哪個行業都是如此，但我認為這項技術要真正廣泛應用還需要相當長的時間，不過目前已經有一些令人鼓舞的初步成果。

Places where this is useful even today. So Blue UAS surveying platforms, great example. It's not automation, it's surveying that use case ready today being widely deployed and used, great for Ouster's business.

即使在今天，這項技術仍然有許多用途。例如，Blue UAS 測繪平台就是一個很好的例子。它並非自動化，而是測繪本身，這種應用場景如今已被廣泛部署和使用，這對 Ouster 的業務來說非常有利。

Automated systems operating in the field in life or death situations, there's a very high bar for fielding that. And I think it's going to be a couple of years before that's a major impact on Ouster's business, but Ouster is as well positioned for this industry as anyone in the world.

在生死攸關的現場運作的自動化系統，其進入門檻非常高。我認為這還需要幾年時間才會對奧斯特的業務產生重大影響，但奧斯特在這個行業中的地位在全球範圍內都首屈一指。

Okay, terrific. That's a very thoughtful and helpful answer. Very quickly, there's the potential for DJI to be blocked, I guess, for US shipments. Could you see that having an impact here?

好的，太好了。這是一個非常周到且有幫助的回答。我猜想，大疆的產品有可能被禁止進入美國市場。您認為這會對你們的工作產生影響嗎？

Commercial opportunities because I think, DJI obviously dominates market share in the US for people who are using commercial drones for businesses and things like that, but I wonder if we should associate a sort of a blocking as being positive somehow for ouster in terms of serving domestic manufacturers.

商業機會在於，我認為，大疆顯然在美國佔據了主導地位，尤其是在那些將商用無人機用於商業用途的人群中。但我想知道，我們是否應該將這種阻礙視為某種積極的舉措，以促進國內製造商的生存。

Yeah, I think that maybe there could be a positive impact on just the general awareness on you know on where customers are sourcing critical technology in their supply chains, so you know the scrutiny of GGI, it's an adjacent market to us.

是的，我認為這或許能對提高人們對客戶在其供應鏈中關鍵技術來源的普遍認知產生積極影響，你知道，GGI 的審查，它與我們是一個相鄰的市場。

But I think more would be around the general kind of perspective on strategic supply chains and knowing who you're buying from and maybe there's some bleed over that benefits our business. So net net a little bit of benefit for us.

但我認為更重要的是對策略供應鏈的整體視角，了解你的供應商是誰，或許這其中有些資訊會對我們的業務有所裨益。所以總的來說，這對我們來說是有一些好處的。

Okay. Well, good. I don't want to overstate that. Thank you. That, that's very helpful. I'll jump back in the queue as well.

好的。很好。我不想誇大其詞。謝謝。這很有幫助。我也重新排隊。

All right, thanks, Casey.

好的，謝謝你，凱西。

And our next question comes from the line of Tim Savageau with Northland Capital Markets. Tim, please go ahead.

下一個問題來自北地資本市場的提姆·薩瓦戈。提姆，請開始吧。

Thanks very much and congrats on the results. I might have dropped out there for a second, so sorry about that. My first question is, you called out Serv Robotics as a kind of an example of the deployment of technology and volume.

非常感謝，也恭喜你取得好成績。我剛才可能走神了一會兒，很抱歉。我的第一個問題是，你提到Serv Robotics公司，並將其作為技術和規模化部署的一個例子。

I wonder we, we've seen some work. I just did a deal with DoorDash for Los Angeles. There's some estimates that, LA by itself could take 10,000 robots.

我想我們已經看到了一些成果。我剛和 DoorDash 談妥了洛杉磯的合作。據估計，光是洛杉磯一地就需要 1 萬台機器人。

As you look at the Scale of this opportunity is is that something that's, significant in terms of potential growth drivers whether it's last mile delivery in general or or serve in particular that that you're focused on.

當你審視這個機會的規模時，你會發現，無論你是專注於最後一公里配送，還是專注於最後一公里配送服務，它都具有巨大的潛在成長動力。

Yeah, I, serve robotics is, I think they're having their way more moment, right? It's been many years of wondering is this market is last mile delivery viable as a business?

是的，我覺得服務機器人現在正處於蓬勃發展的時期，對吧？多年來，人們一直在思考最後一公里配送這個市場是否可行？

Is it ready techno technologically for the prime time? And and they've stuck to their game plan of making the technology and the commercial strategy work and here we are with them now moving to orders of magnitude greater deployments.

這項技術在技術上是否已經成熟，可以投入市場了？他們堅持既定的計劃，讓技術和商業策略成功，而現在，他們正朝著規模更大、更大規模的部署邁進。

So kudos to them. I think that they're, that's that's the best evidence that this is a real market with that, well, not just a real market with real demand, but that it's a viable market now.

所以，我要向他們致敬。我認為這是最好的證據，證明這是一個真正的市場，不僅是一個有真實需求的真實市場，而且現在還是一個可行的市場。

So, I am, it's easy to be skeptical and pessimistic, and people were of waymo and then they kind of scaled by orders of magnitude and now everyone's a true believer.

所以，我承認，人們很容易持懷疑和悲觀態度，以前人們對 Waymo 持懷疑態度，但後來 Waymo 的規模呈指數級增長，現在每個人都成了它的忠實信徒。

I think that's what's happening with Serv and I'm happy for it both because they're a customer and because it also is like a harbinger of good things to come and the rest of the last mile delivery market.

我認為Serv的情況正是如此，我為此感到高興，因為他們是我們的客戶，而這也預示著未來以及其他最後一公里配送市場將會迎來好運。

I think you just want to add on there to Tim. It's a great proof point for our strategy of go to market, right? We have crossed multiple verticals.

我覺得你只是想補充一下蒂姆的觀點。這很好地證明了我們的市場進入策略，對吧？我們已經跨界發展了多個垂直領域。

It's just not a one vertical play, and Serv is just one of our thousands of customers who were in these early stages who scaled to success with their business plan and prevailed and gave us the opportunity.

這不僅僅是一個垂直領域的競爭，Serv 只是我們成千上萬個處於早期階段的客戶之一，他們憑藉自己的商業計劃實現了規模化發展並取得了成功，也給了我們這個機會。

To grow with them, so not just betting on one sector and riding that, but having the foresight to go across multiple sectors and really work with these these companies through their success, it's paying off for us now.

與這些公司共同成長，而不是僅僅押注於一個行業並從中獲利，而是要有遠見卓識地跨越多個行業，真正與這些公司攜手共進，最終取得成功，現在這對我們來說是值得的。

Okay, and that's a good segue to my follow-up, which is I guess I think you mentioned sub 10% of your customer base having scaled into full production.

好的，這正好引出了我的後續問題，我想您之前提到過，您的客戶群中只有不到 10% 的客戶實現了全面生產。

I don't know how far sub 10%, but. I guess if we look a little bit forward, I don't know whether it's a year or two and that number's, 25% or 50%.

我不知道低於10%的程度會有多大，但…我想如果我們稍微展望一下未來，我不知道是一年還是兩年後，那個數字會是25%還是50%。

What are the implications there for your overall revenue opportunity? And that's it for me.

這對你的整體收入機會有何影響？我的問題就這些。

Yeah, I mean, I'm pointing straight to our model of the 30% to 50% growth, right? When you look at how we're progressing with that and with that going into production.

是的，我的意思是，我直接指的是我們30%到50%的成長模型，對吧？看看我們在這方面取得的進展，以及它如何投入生產。

I mean we've had some good tailwinds with margin lately, but I think that would keep our margins in that 35% to 40% on a GAAP basis we looked at, but we fully are looking at that ramp up. That's where you can get towards the higher end of that 30% to 50% range.

我的意思是，最近我們的利潤率確實受益於一些利好因素，但我認為按照我們先前設定的GAAP準則，利潤率大概會維持在35%到40%之間。不過，我們正在全力提升利潤率，爭取達到30%到50%區間的上限。

Yeah, and I would say this is exactly the sub 10% in production is why we talk about Ouster's being in the early innings. Or I think last quarter we we said we're still in the dugout. We're not even playing the game yet.

是的，我認為正是因為進攻效率低於10%，我們才會說奧斯特還在比賽初期就被淘汰了。或者我想上個季度我們說過，我們還在休息區裡，比賽還沒開始。

So there's a long way to go and a lot of growth for us sir to grow into our TAM numbers. We've put out TAM numbers. I think those are real in the long-term and but but it just speaks to the confidence we have in hitting our 30% to 50% revenue growth for the foreseeable future.

所以，我們還有很長的路要走，還有很大的成長空間可以達到我們預期的目標市場規模（TAM）。我們已經公佈了TAM數據。我認為從長遠來看，這些數據是真實的，但這只顯示我們有信心在可預見的未來實現30%到50%的營收成長目標。

Great, thanks very much.

太好了，非常感謝。

All right, thanks, Tim.

好的，謝謝你，提姆。

And I believe we have Tyler from Craig Hallam with a follow-up question. Tyler, please go ahead.

我相信克雷格·哈勒姆的泰勒還有一個後續問題。泰勒，請提問。

I guess it's just a quick one. So thinking about your software business, are you or are customers able to use other sensors with your software, and essentially, could you be Just overlaid in different use cases with your software for what people have already purchased.

我想這只是個簡單的問題。就你的軟體業務而言，你或你的客戶是否能夠將其他感測器與你的軟體搭配使用？本質上來說，你能否將其他感測器的功能疊加到使用者已購買的軟體上，應用於不同的使用場景？

So short answer, no, you cannot use a different sensor with our software, and that's why it's a software attached business. We really always focus on the fact that we're selling systems. Blue City and Gemini combine our sensors with our software and in most cases our compute as well.

簡而言之，答案是否定的，我們的軟體不能搭配其他感測器使用，這就是為什麼我們的業務是軟體驅動型的。我們始終強調我們銷售的是系統。 Blue City 和 Gemini 將我們的感測器與我們的軟體以及大多數情況下我們的運算能力相結合。

So software attached business, there are cases though where you can buy that we have some customers, distributors that used to used to sell. Just after LIDARs, and now they're selling Gemini on top of those liDARs maybe after the fact to a certain set of customers.

所以，在軟體相關業務中，有些情況下，你可以購買到一些客戶，例如分銷商，他們過去只銷售光達，現在他們可能在光達的基礎上，向特定客戶群銷售Gemini軟體。

Maybe a customer thinks that they can write their own software for our sensors and realizes that, after trying for a little while that Ouster as something more mature and they can sidestep a bunch of difficult technical issues by purchasing the Gemini software themselves.

也許有客戶認為他們可以為我們的感測器編寫自己的軟體，但在嘗試了一段時間後，他們意識到 Ouster 的產品更加成熟，他們可以透過購買 Gemini 軟體來避免許多棘手的技術問題。

So we do have some cases there, but again, the end result is that the customer is running a software attached product, a solutions product from.

所以，我們確實有一些這樣的案例，但最終結果是，客戶運行的是一款軟體附加產品，一款解決方案產品。

Ouster. Yeah, and Tyler, I think that the goal here for us is that software attached is buying the full system and perception and sensing. A fusion from us.

奧斯特。是的，泰勒，我認為我們的目標是，配套軟體能夠購買完整的系統、感知和感測功能。這是我們融合的成果。

The goal is that you would use an Aster product set for your sensor and perception, and then once that software is integrated into your software stack, they can grow with us for generations because our we write this so it's forward and backward compatible on the hardware elements that we sell.

我們的目標是讓您使用 Aster 產品集作為您的感測器和感知設備，一旦軟體整合到您的軟體堆疊中，它們就可以與我們一起發展數代，因為我們編寫的軟體向前和向後都相容於我們銷售的硬體元件。

So regardless of the generation we're on, it gives us the flexibility. The other thing I would just add to that is if you start thinking about into the future having that software attached rate, that makes us extremely sticky to our customer bases.

所以無論我們處於哪個階段，它都賦予了我們靈活性。我還要補充一點，如果你開始考慮未來軟體附加費率的策略，這將大大增強我們對客戶的忠誠度。

So once you get in there, you want to provide not just quality service and quality products, but if you can provide a whole system and a platform that they can grow, generation over generation, that's the ultimate goal of this of this play.

所以一旦你進入這個領域，你不僅要提供優質的服務和優質的產品，而且如果你能提供一個完整的系統和一個平台，讓他們能夠一代又一代地發展壯大，那就是這個策略的最終目標。

Awesome, just one more for me. So just thinking about the software and the model training, this is all traditional machine learning, correct?

太好了，我還有一個問題。所以，就軟體和模型訓練而言，這都是傳統的機器學習方法，對吧？

And is there any way or are there any customers that are they're pulling for some kind of LLM or or visual model capability that that isn't traditional machine learning?

是否有任何方法或客戶正在尋求某種非傳統機器學習的LLM或視覺模型功能？

I don't know if we've ever used the term traditional machine learning. I would definitely say that for this type of liDAR perception we are using cutting edge models, but they're not text models, so LLM is almost a myth.

我不知道我們是否曾經使用過“傳統機器學習”這個術語。我肯定地說，對於這種雷射雷達感知，我們使用的是最前沿的模型，但它們並非文字模型，所以「傳統機器學習」幾乎算不上一個概念。

Misnomer for this industry, but we are using cutting edge deep learning models in our products trained on giant corpuss of, annotated data that we've collected from the field.

雖然這個行業可能用詞不當，但我們的產品中使用的是尖端的深度學習模型，這些模型是基於我們從現場收集的大量標註的數據進行訓練的。

So true true kind of cutting edge fleet learning, true cutting edge deep learning models used best in class in the perception space for LIAR so.

所以，這確實是尖端的艦隊學習，是感知領域中一流的深度學習模型，用於 LIAR 測試。

Yeah, I think that there are ways we could augment our products with things like LLMs, or maybe that the perception space will transition to transformers and LLMs, but the cutting edge is actually what we're using and that's deep learning.

是的，我認為我們可以透過像 LLM 這樣的技術來增強我們的產品，或者感知領域可能會過渡到 Transformer 和 LLM，但目前最先進的技術是我們正在使用的深度學習。

Got it, thank you. And I meant traditional and non-transformer models coming from a data background, I was just trying to differentiate from that, but thank you, I appreciate it.

明白了，謝謝。我指的是來自資料背景的傳統模型和非Transformer模型，我只是想區分一下，不過還是謝謝你，我很感激。

Yeah. All right, great. Thank you, Tyler.

好的，太好了。謝謝你，泰勒。

And with that, I would, now like to say that Q&A is concluded, so I will hand it back to Angus for closing remarks. Angus.

至此，問答環節結束，現在我把發言權交還給安格斯，請他做總結發言。安格斯。

All right, well, with that little discussion on LLMs, thank you all for joining the call, and have a great rest of your day. Cheers.

好了，關於法學碩士的簡短討論就到此為止，感謝各位參加電話會議，祝大家今天餘下的時間過得愉快。乾杯！

And again, ladies and gentlemen, that concludes today's conference call. You may now disconnect. Have a great day, everyone.

女士們、先生們，今天的電話會議到此結束。您可以斷開連線了。祝大家今天過得愉快。