Ouster, Inc. (OUST) 2025 Q4 法說會逐字稿

Well, welcome to Ouster's fourth-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 Ouster 2025 年第四季財報電話會議。（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 Investor Relations 網站上收聽會議錄音。

I'd like to now turn the conference over to Chen Gang, Senior Vice President of Strategic Finance and Treasurer. Please go ahead.

現在我將把會議交給策略財務高級副總裁兼財務主管陳剛。請繼續。

Thank you, operator, and good afternoon, everyone. Thank you for joining our fourth-quarter 2025 earnings call. Today on the call, we have Chief Executive Officer, Angus Pacala; and Chief Financial Officer, Ken Gianella. 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 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2025年第四季財報電話會議。今天參加電話會議的有執行長安格斯·帕卡拉和財務長肯·詹內拉。提醒大家，今天股市收盤後，Ouster 發布了財務新聞稿，該新聞稿也以 8-K 表格的形式提交，並發佈在 Ouster 網站的投資者關係部分。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。

I want to remind everyone that on this call, we will make certain forward-looking statements. These include all statements about our competitive position and growth opportunities, anticipated industry trends, our business and strategic priorities, our operating expense targets, the impact of our recent acquisition, the development and expansion of our products, and our revenue guidance for the first quarter of 2026.

我想提醒大家，在本次電話會議上，我們將發表一些前瞻性聲明。這些包括所有關於我們競爭地位和成長機會、預期行業趨勢、我們的業務和戰略重點、我們的營運費用目標、我們最近收購的影響、我們產品的開發和擴展以及我們對 2026 年第一季的收入預期的聲明。

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 fourth-quarter 2025 financial results release and in the quarterly and annual reports we file with the Securities and Exchange Commission.

實際結果可能與這些前瞻性陳述所設想的結果有重大差異。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 年第四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 the 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.

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，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.

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 指標的調整表已包含在財務績效發布中。

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. I'll start with a brief recap of the quarter and review of our strategic priorities for 2025. Ken will cover our financial results in more detail before I close with our goals for 2026.

大家好，感謝各位的參與。我將首先簡要回顧本季的情況，並回顧我們 2025 年的策略重點。肯將更詳細地介紹我們的財務業績，之後我將介紹我們 2026 年的目標。

The fourth quarter capped off a year of exceptional execution for Ouster. Our fourth-quarter revenue of $62 million, including $41 million of product revenue, reflects the continued demand we see across our LiDAR business and represents our 12th straight quarter of product revenue growth.

第四季為奧斯特公司卓越的一年畫上了圓滿的句號。我們第四季營收為 6,200 萬美元，其中產品營收為 4,100 萬美元，這反映了我們 LiDAR 業務的持續需求，也是我們連續第 12 季實現產品營收成長。

GAAP gross margin was strong at 60%, and we set a new quarterly record with over 8,100 sensors shipped, bringing physical AI to life across multiple applications, including warehouse automation, robotaxis, and mapping.

GAAP毛利率強勁，達到60%，我們創下了季度新紀錄，出貨感測器超過8100個，使實體人工智慧在包括倉庫自動化、無人計程車和地圖繪製在內的多個應用領域得以實現。

Our strong results are a testament to our disciplined execution across our business. This is supported by durable global growth drivers for increasing automation, efficiency, and safety. These secular themes strengthened during 2025, a year where we set and executed on three strategic priorities, scaling the software attached business, transforming the product portfolio, and executing towards profitability.

我們所取得的優異成績證明了我們在整個業務流程中嚴謹的執行力。全球持續成長的驅動因素推動了自動化、效率和安全性的提高，從而為此目標提供了支援。這些長期主題在 2025 年得到了加強，在這一年裡，我們制定並執行了三個策略重點：擴大軟體相關業務規模、轉變產品組合以及實現盈利。

First, we committed to scaling our software attached business. Software attached bookings more than doubled in 2025 and represented over 15% of our sensors shipped, which is up over 120% year on year. In addition, I'm excited to share that today, our in-house trained AI models are now running 24 hours a day at over 1,200 Gemini and Blue City sites, spanning over 65 million square feet of roadways and facilities around the world.

首先，我們致力於擴大軟體相關業務的規模。2025 年，軟體附加訂單量翻了一番多，占我們感測器出貨量的 15% 以上，年增超過 120%。此外，我很高興地宣布，目前我們自主訓練的 AI 模型已在全球 1200 多個 Gemini 和 Blue City 站點 24 小時運行，覆蓋超過 6500 萬平方英尺的道路和設施。

We are delivering physical AI at enterprise scale. We drove significant Gemini renewals, including a seven-figure annual license with a leading global technology company and secured landmark Blue City agreements to accelerate the adoption of AI-powered LIDAR detection across Tennessee, Utah, and New Jersey. This growth was driven by the increased capabilities of Ouster Gemini in Blue City validating our continued investments in proprietary AI model training as well as the expansion of distribution partnerships across nearly the entirety of North America.

我們正在以企業級規模交付實體人工智慧。我們促成了 Gemini 的重大續約，包括與一家全球領先的科技公司簽訂了一份價值七位數的年度許可協議，並獲得了具有里程碑意義的 Blue City 協議，以加速在田納西州、猶他州和新澤西州採用 AI 驅動的雷射雷達檢測技術。這一增長得益於 Ouster Gemini 在 Blue City 的能力提升，驗證了我們對專有 AI 模型訓練的持續投資，以及在幾乎整個北美地區擴展分銷合作夥伴關係。

Second, we set out to further transform our product portfolio. In 2025, we introduced powerful new features, unlocked greater performance, and reshaped how our customers integrate, manage, and utilize LIDAR data through a series of major software releases.

其次，我們著手進一步改造我們的產品組合。2025 年，我們推出了強大的新功能，釋放了更大的性能，並透過一系列重大軟體版本，重新定義了客戶整合、管理和使用雷射雷達資料的方式。

We launched four new versions of our SDK, which included revolutionary new features. This included on-sensor 3D zone monitoring, which is the first time perception Logic has been embedded directly into 3D digital LIDAR. This feature supports collision avoidance warnings, deceleration, and emergency stops and was the result of significant demand from customers. Many of the world's largest material handling companies are using this as a critical aspect in their collision avoidance technology.

我們發布了四個新版本的 SDK，其中包含革命性的新功能。這包括感測器上的 3D 區域監測，這是感知邏輯首次直接嵌入到 3D 數位光達中。此功能支援碰撞避免警告、減速和緊急停止，是應客戶強烈要求而推出的。世界上許多最大的物料搬運公司都將此作為其防碰撞技術的關鍵方面。

We also released real-time localization, empowering customers to track the position of their assets with centimeter-level accuracy and implement features like geofencing and automatic speed limit enforcement without requiring the installation of expensive and complex infrastructure.

我們還發布了即時定位功能，使客戶能夠以厘米級的精度追蹤其資產的位置，並實現地理圍欄和自動限速執行等功能，而無需安裝昂貴且複雜的基礎設施。

We continue to strategically invest in our proprietary AI model training, leveraging real-world data to iterate, retrain, improve, and deliver increased capabilities to our customers. Our breakthrough multi-sensor AI model, powering Ouster Gemini and Blue City, is trained on millions of labeled objects collected from hundreds of sites around the world, spanning diverse environments and weather conditions. By dramatically improving detection accuracy, efficiency, and long-term object identity persistence, we have unlocked new use cases, allowing us to support large-scale installations of 40 LiDAR sensors at a single site.

我們將持續對自主研發的人工智慧模型進行策略性投資，利用真實世界的資料進行迭代、重新訓練、改進，並為客戶提供更強大的功能。我們突破性的多感測器 AI 模型為 Ouster Gemini 和 Blue City 提供支持，該模型基於從世界各地數百個地點收集的數百萬個標籤的物件進行訓練，涵蓋各種環境和天氣條件。透過大幅提高偵測精度、效率和長期目標身分持久性，我們解鎖了新的應用場景，使我們能夠支援在單一站點大規模安裝 40 個雷射雷達感測器。

We also advanced Blue City features from prototype to real-world deployments with the addition of intelligent signal actuation, which catalyzes Ouster's scaling across hundreds of intersections in 2025.

我們還透過增加智慧訊號執行功能，將 Blue City 的功能從原型推進到實際部署，這將加速 Ouster 在 2025 年在數百個交叉路口的規模化應用。

Within Ouster Gemini, we released new features like cloud portal and event server. Gemini Cloud portal allows customers to securely configure and manage deployments from any location, while Gemini event server creates a no-code environment that enables customers to build custom logic for applications like intrusion detection and zone occupancy without requiring heavy engineering.

在 Ouster Gemini 中，我們發布了雲端入口網站和事件伺服器等新功能。Gemini Cloud 入口網站允許客戶從任何位置安全地配置和管理部署，而 Gemini 事件伺服器創建了一個無程式碼環境，使客戶能夠為入侵偵測和區域佔用等應用程式建立自訂邏輯，而無需進行大量的工程工作。

Finally, we made major progress in validating our next-generation L4 and Cronos custom silicon as we look to redefine what's possible with digital LiDAR. Our digital LiDAR roadmap continues to drive dramatic improvements in performance and reliability, reinforcing the core advantages of our architecture.

最後，我們在驗證下一代 L4 和 Cronos 定制晶片方面取得了重大進展，我們希望重新定義數位雷射雷達的可能性。我們的數位光達路線圖不斷推動性能和可靠性的顯著提升，鞏固了我們架構的核心優勢。

Importantly, these breakthrough chips will power our next-generation sensors which represent a major step forward in capability, scalability, and value for our customers. These advancements are expected to more than double our current addressable market for LiDAR, unlocking new applications and expanding opportunities across each of our industry verticals. We're excited to share much more on this front soon.

重要的是，這些突破性晶片將為我們的下一代感測器提供動力，這代表著我們在功能、可擴展性和為客戶創造價值方面邁出了重要一步。這些進步有望使我們目前 LiDAR 的潛在市場規模擴大一倍以上，從而解鎖新的應用，並擴大我們各行業垂直領域的機會。我們很高興很快就能與大家分享更多這方面的消息。

Our execution in 2025 aligned with our long-term financial framework, progressing us further on our path towards profitability. Our core business delivered on all target metrics for 2025. Excluding the benefit of royalties, full-year product revenue increased by 32% year over year, and we successfully navigated a volatile macroeconomic environment and the headwind of tariffs to deliver 41% gross margin.

我們在 2025 年的執行計劃與我們的長期財務框架一致，使我們在實現盈利的道路上更進一步。我們的核心業務實現了2025年的所有目標指標。不計特許權使用費，全年產品收入年增 32%，我們成功克服了動盪的宏觀經濟環境和關稅帶來的不利影響，實現了 41% 的毛利率。

We maintained our operating expense discipline even as we absorbed the operational and compliance requirements of a growing global business. We continue to have one of the strongest balance sheets in the industry, demonstrating our ability to achieve both high growth and financial prudence.

即使在承擔不斷增長的全球業務的營運和合規要求的同時，我們也保持了營運費用的嚴格控制。我們擁有業內最強勁的資產負債表之一，證明了我們既能實現高成長又能維持財務穩健的能力。

I'll now turn the call over to Ken to discuss our financial results in detail.

現在我將把電話交給肯，讓他詳細討論我們的財務表現。

Thank you, Angus, and hello, everyone. As Angus mentioned, we closed fiscal 2025 with a strong finish, underscoring our continued operational execution. Our results demonstrate the resilience of our operating model and the disciplined financial management across the business as we continue to perform within our long-term financial framework, keeping us firmly on the path to profitability.

謝謝你，安格斯，大家好。正如安格斯所提到的，我們在 2025 財年取得了強勁的收官成績，凸顯了我們持續的營運執行力。我們的業績證明了我們營運模式的韌性和整個業務中嚴謹的財務管理，我們繼續在長期財務框架內開展業務，使我們穩步走在盈利的道路上。

Turning to the fourth-quarter financial performance. Operating results were strong, with revenue of $62 million, GAAP gross margin of 60%, and shipments of over 8,100 sensors.

接下來來看看第四季的財務業績。經營業績強勁，營收達 6,200 萬美元，GAAP 毛利率達 60%，感測器出貨量超過 8,100 個。

During the quarter, we recorded royalties of approximately $21 million that were primarily onetime and related to long-term IP license contracts. These royalties demonstrate the strength of our IP portfolio. For 2026, total royalty revenue is expected to be less than $5 million, with the majority of that amount expected to be recognized in the back half of the year.

本季度，我們確認了約 2,100 萬美元的特許權使用費，這些費用主要是一次性的，並且與長期知識產權許可合約有關。這些版稅收入反映了我們智慧財產權組合的實力。預計 2026 年的總特許權使用費收入將不足 500 萬美元，其中大部分預計將在下半年確認。

Looking ahead, we expect additional royalty revenue to be relatively modest, and it will be included in our revenue guidance.

展望未來，我們預期新增特許權使用費收入將相對較少，並將計入我們的收入預期。

Turning back to our fourth-quarter results. Absent the impact of royalties, our fourth quarter product revenue was $41 million, representing an increase of 36% compared to the same quarter a year ago. The industrial vertical was the largest contributor to fourth quarter revenue followed by robotics and smart infrastructure. Demand for our Gemini and Blue City solutions remained strong and were important contributors to our quarterly results.

讓我們回到第四季業績。不計特許權使用費的影響，我們第四季的產品收入為 4,100 萬美元，比去年同期成長了 36%。工業垂直領域是第四季營收的最大貢獻者，其次是機器人和智慧基礎設施。市場對我們的 Gemini 和 Blue City 解決方案的需求仍然強勁，並對我們的季度業績做出了重要貢獻。

GAAP gross margin of 60% reflected the impact of royalties, continued revenue growth in our digital LIDAR business, and improvements in our operational performance. Royalties impacted our fourth-quarter GAAP gross margin by approximately 20 percentage points.

GAAP毛利率為60%，反映了特許權使用費的影響、數位雷射雷達業務的持續收入成長以及營運績效的改善。版稅使我們第四季的 GAAP 毛利率下降了約 20 個百分點。

GAAP operating expenses were $37 million in the fourth quarter, a decrease of 6% from the same quarter last year. The decline was primarily due to a favorable employment tax refund received during the quarter. As we continue to focus on our path to profitability, we will remain diligent on managing our operating expenses.

第四季GAAP營運費用為3,700萬美元，較去年同期下降6%。該下降主要是由於本季度收到了一筆有利的就業稅退稅。在繼續專注於實現盈利的同時，我們將繼續認真管理營運費用。

Adjusted EBITDA was a positive $11 million, which reflects the impact of the royalty payments.

調整後 EBITDA 為正 1,100 萬美元，這反映了特許權使用費支付的影響。

Next, our balance sheet continues to be one of the strongest in the industry, ending the quarter with cash, cash equivalents, restricted cash, and short-term investments of $211 million and no debt. The strength of our balance sheet gives Ouster the strategic and financial flexibility to operate our business as it also vitally important to our customers who rely on Ouster as a key physical AI partner on their long-term autonomy journey.

其次，我們的資產負債表仍然是業內最強勁的之一，本季末我們擁有現金、現金等價物、受限現金和短期投資 2.11 億美元，並且沒有債務。我們強大的資產負債表賦予了 Ouster 營運業務的策略和財務靈活性，這對依賴 Ouster 作為其長期自主發展道路上的關鍵實體人工智慧合作夥伴的客戶來說也至關重要。

Turning to our full-year results. We generated revenue of $169 million, of which approximately $23 million was attributable to royalty revenue that were primarily onetime and related to long-term IP license contracts. This represents growth of 52% year over year, or 32% excluding the impact of royalties.

接下來來看看我們的全年業績。我們創造了 1.69 億美元的收入，其中約 2300 萬美元來自特許權使用費收入，這些收入主要是一次性的，並且與長期知識產權許可合約有關。這相當於年增 52%，若不計特許權使用費的影響，則較去年同期成長 32%。

We shipped over 25,000 sensors, an increase of 48% compared to 2024, with help from record bookings of $177 million, delivering a robust product book-to-bill of 1.2 times in 2025. GAAP gross margin was 49%, up 13 points year over year. Royalties contributed 8 points of gross margin.

我們出貨了超過 25,000 個感測器，比 2024 年增長了 48%，這得益於創紀錄的 1.77 億美元訂單，並在 2025 年實現了強勁的產品訂單出貨比 1.2 倍。GAAP毛利率為49%，較去年成長13個百分點。版稅貢獻了8個百分點的毛利率。

GAAP operating expense was $157 million, up 9% from $145 million in 2024. This reflects increased investment to support our product road map, expenses related to the StereoLabs acquisition, and the implementation of operational and compliance tools that support our growing business. These expenses were partially offset by proceeds received from favorable employment tax refund.

GAAP 營運費用為 1.57 億美元，比 2024 年的 1.45 億美元增加 9%。這反映了我們為支持產品路線圖而增加的投資、與收購 StereoLabs 相關的支出，以及為支持我們業務成長而實施的營運和合規工具。這些支出部分被獲得的優惠就業稅退稅款所抵銷。

Adjusted EBITDA was a loss of $12 million compared to a loss of $42 million in 2024. This reflects the benefit of royalty revenue combined with the continued operational improvement of the business.

調整後的 EBITDA 虧損 1,200 萬美元，而 2024 年的虧損為 4,200 萬美元。這體現了特許權使用費收入帶來的收益，以及企業營運的持續改善。

Now turning to guidance. Our outlook for the first quarter of 2026, we expect to achieve total revenue between $45 million and $48 million. This will include approximately seven weeks of revenue from StereoLabs following the close of the transaction on February 4.

現在進入指導環節。我們對 2026 年第一季的展望是，預計總收入將在 4,500 萬美元至 4,800 萬美元之間。這將包括 2 月 4 日交易完成後 StereoLabs 大約七週的收入。

Next, I would like to add some color to our long-term financial framework following the acquisition of StereoLabs. While StereoLabs is currently a small portion of our overall revenue mix, we expect this high-growth, high-margin business to be accretive to our consolidated results and anticipate it to have a positive impact on our long-term financial framework.

接下來，我想就收購 StereoLabs 後的長期財務框架補充一些細節。雖然 StereoLabs 目前在我們整體收入組成中所佔比例較小，但我們預計這項高成長、高利潤的業務將提升我們的合併業績，並預計它將對我們的長期財務框架產生積極影響。

With the combined companies, we are reiterating our long-term targets of 30% to 50% annual revenue growth and 35% to 40% GAAP gross margin. This outlook reflects the continued strong demand from our digital LiDAR products layered with accretive growth profile of our new vision and compute portfolio.

透過合併後的公司，我們重申了我們的長期目標，即年收入成長 30% 至 50%，GAAP 毛利率 35% 至 40%。這一前景反映了我們數位雷射雷達產品的持續強勁需求，以及我們新的視覺和計算產品組合的增值成長前景。

Our focus remains on driving towards profitability. By pairing sustained top line growth, strong margins, and disciplined cost management, we remain firmly on our path to profitability.

我們始終專注於獲利。透過持續的營收成長、強勁的利潤率和嚴格的成本管理，我們將繼續穩步邁向獲利之路。

Finally, applying the long-term framework, let me give some color to the full-year 2026. Excluding the revenue and gross margin impact of royalties in 2025, we remain confident in the combined Ouster and StereoLabs 2026 revenue and margin profile to be in line with our long-term financial framework when measured against a consolidated pro forma baseline in 2025.

最後，運用長期框架，讓我來展望 2026 年全年。撇開 2025 年特許權使用費對收入和毛利率的影響不談，我們仍然有信心，Ouster 和 StereoLabs 合併後的 2026 年收入和利潤率將符合我們的長期財務框架，以 2025 年的合併備考基準為衡量標準。

Going forward, we will be reporting revenues on a combined basis. However, for some additional context, I would note that StereoLabs' historical revenue has tended to be seasonally stronger in the second half of the year, with approximately 60% of the revenue occurring during this period.

今後，我們將以合併方式報告收入。不過，為了提供一些額外的背景信息，我想指出，StereoLabs 的歷史收入往往在下半年季節性地更為強勁，約 60% 的收入都發生在這一時期。

Next, turning to GAAP operating expense for 2026. Factoring in StereoLabs' operating and integration expenses, we anticipate GAAP operating expense growth at 5% to 8% from our full-year 2025 levels. We also expect our 2026 quarterly operating expenses to follow a similar quarterly profile as 2025. This outlook underscores the strength and durability of our digital IDR business, which remains firmly on track. As we scale the combined business, we anticipate growth, combined with improved operating leverage, provides a clear path to achieving positive operating free cash flow and profitability.

接下來，我們來看看 2026 年的 GAAP 營運費用。考慮到 StereoLabs 的營運和整合費用，我們預計 GAAP 營運費用將比 2025 年全年水準增加 5% 至 8%。我們也預計 2026 年的季度營運費用將與 2025 年的季度情況類似。這一前景凸顯了我們數位IDR業務的實力和持久性，該業務仍穩步推進。隨著合併後業務規模的擴大，我們預期成長，加上營運槓桿的提高，將為實現正的經營自由現金流和獲利能力提供清晰的路徑。

Thank you for your continued interest in Ouster. I'll now turn the call back to Angus to discuss our goals for 2026.

感謝您一直以來對 Ouster 的關注。現在我將把電話轉回給安格斯，讓他來討論我們 2026 年的目標。

Thank you, Ken. Our execution on our 2025 goals has been further complemented by our recent acquisition of SteroLabs, a pioneer in AI camera vision and perception Solutions. As we start the year, Ouster now offers physical AI's first unified sensing and perception platform, combining high-performance digital LiDAR with cameras, AI compute, sensor fusion and perception software, and cutting-edge AI models.

謝謝你，肯。我們最近收購了人工智慧相機視覺和感知解決方案領域的先驅 SteroLabs，這進一步完善了我們實現 2025 年目標的進程。今年伊始，Ouster 推出了物理人工智慧領域首個統一的感測和感知平台，該平台結合了高性能數位雷射雷達、攝影機、人工智慧運算、感測器融合和感知軟體以及尖端人工智慧模型。

Our customers can harness the precision of LiDAR along with the richness of vision, powered by our combined investments in AI training. By delivering seamlessly synchronized and calibrated data out of the box, we simplify and accelerate customer development and reduce costs.

我們的客戶可以利用雷射雷達的精確性和視覺的豐富性，這得益於我們在人工智慧訓練方面的綜合投資。透過提供開箱即用的無縫同步和校準數據，我們簡化並加速了客戶開發，並降低了成本。

StereoLabs also brings deep expertise in foundational AI model training and core perception functions, along with immediate commercial scale, adding top-tier OEMs Fortune 500 companies and high-growth technology firms to our customer base. This acquisition strategically positions Ouster as the foundational end-to-end sensing and perception platform for physical AI, and initial feedback from our customer base has been positive.

StereoLabs 也帶來了深厚的 AI 基礎模型訓練和核心感知功能的專業知識，以及即時的商業規模，將頂級 OEM 廠商、財富 500 強企業和高成長科技公司納入我們的客戶群。此次收購使 Ouster 成為實體人工智慧的基礎性端到端感測和感知平台，我們客戶群的初步回饋是正面的。

Our expanded portfolio is resonating with the demands of the market, and customers are excited by the strength and support and operational capacity of the combined company. For 2026, our roadmap is built on three strategic priorities designed to compound our combined competitive advantages and accelerate our financial performance. One, revolutionize our LiDAR camera and AI compute products; two, extend our leadership in physical AI solutions; and three, execute to profitability.

我們擴大的產品組合與市場需求相符，客戶對合併後公司的實力、支援和營運能力感到興奮。2026 年，我們的發展路線圖建立在三大策略重點之上，旨在增強我們的綜合競爭優勢，並加速我們的財務表現。第一，徹底革新我們的光達相機和人工智慧運算產品；第二，鞏固我們在物理人工智慧解決方案領域的領先地位；第三，實現盈利。

Our first goal for 2026 is clear, to revolutionize our LiDAR camera and AI compute products. This year, we will commercialize the most significant product overhaul in our company's history and release more products than ever before. Ouster invented digital LiDAR, and we will continue to advance the industry with next-generation sensors built on our custom silicon. This powerful digital LIDAR roadmap is built on silicon architecture that drives exponential improvements that compound over time, delivering industry-leading performance, reliability, and scalability.

我們2026年的首要目標很明確，那就是徹底革新我們的光達相機和人工智慧運算產品。今年，我們將推出公司歷史上最重大的產品革新，並發布比以往任何時候都多的產品。Ouster發明了數位光達，我們將繼續利用基於我們客製化晶片的下一代感測器來推動產業發展。這強大的數位光達路線圖建立在矽架構之上，可實現指數級改進，隨著時間的推移不斷累積，從而提供業界領先的性能、可靠性和可擴展性。

Building on StereoLabs' legacy as a pioneer and AI vision, we will continue to develop leading-edge products designed to support customers, building the future of physical AI. Our next-generation AI compute will support real-time reasoning at the edge for larger workloads that were previously too slow to run in dynamic real-world environments.

秉承 StereoLabs 作為先驅者和人工智慧願景者的傳統，我們將繼續開發旨在支援客戶的領先產品，建立實體人工智慧的未來。我們的下一代人工智慧運算將支援邊緣即時推理，以處理以前在動態真實世界環境中運行速度太慢而無法處理的大型工作負載。

We will also bring expanded connectivity features to our industry-leading camera portfolio to align with the market demands of our customers. Simultaneously, we will further unify our products to support plug-and-play sensor fusion. With the industry's first unified sensing and perception platform for physical AI, we are creating a one-stop shop for customers to deploy tightly integrated perception solutions out of the box. These product launches are expected to bring unprecedented new features to our portfolio, help us gain market share in billion-dollar brownfield markets, and support new use cases across industrial robotics, automotive, and smart infrastructure.

我們還將為我們行業領先的相機產品組合帶來更強大的連接功能，以滿足客戶的市場需求。同時，我們將進一步統一我們的產品，以支援即插即用的感測器融合。憑藉著業界首個面向實體人工智慧的統一感知平台，我們正在為客戶打造一站式服務，以便他們能夠開箱即用地部署緊密整合的感知解決方案。這些產品發布有望為我們的產品組合帶來前所未有的新功能，幫助我們在價值數十億美元的棕地市場中獲得市場份額，並支持工業機器人、汽車和智慧基礎設施等領域的新應用場景。

2026 marks the beginning of a new era for our product portfolio, the broadest, most capable, and most integrated lineup we have ever delivered to further accelerate real-world autonomy across industries.

2026 年標誌著我們產品組合新時代的開始，我們將推出有史以來最廣泛、功能最強大、整合度最高的產品陣容，以進一步加速各產業的實際自主化進程。

Our second goal is to extend our leadership in physical AI solutions, including cementing our lead in smart infrastructure and deepening our presence in industrial AI. We have already established a leading position in LiDAR power detection for transportation, security, logistics, and crowd analytics with Ouster Blue City and Gemini.

我們的第二個目標是擴大我們在實體人工智慧解決方案領域的領先地位，包括鞏固我們在智慧基礎設施領域的領先地位，並深化我們在工業人工智慧領域的影響力。我們憑藉 Ouster Blue City 和 Gemini，已經在交通運輸、安防、物流和人群分析領域的 LiDAR 功率檢測方面確立了領先地位。

In 2026, we are leveraging the partnerships we have built to further expand Blue City across the United States as well as launch additional pilots in Europe and the Middle East. Following recent wins, we are deploying additional Gemini pilots for perimeter security in 2026 to tap into an existing multibillion-dollar security market. We are also aggressively targeting the industrial vertical, where we see a broad swath of opportunities that can quickly realize the benefits of the StereoLabs acquisition.

2026 年，我們將利用已建立的合作夥伴關係，進一步擴大 Blue City 在美國的規模，並在歐洲和中東啟動更多試點計畫。繼近期取得成功之後，我們將在 2026 年部署更多 Gemini 試點計畫用於周界安全，以開拓現有的數十億美元安全市場。我們也積極開拓工業垂直領域，我們看到了廣闊的機會，可以迅速實現對 StereoLabs 的收購帶來的好處。

StereoLabs is a perfect complement to augment Ouster's perception road map to meet physical AI's increasing demand for sophisticated multi-sensor fusion. By merging our proprietary AI models with StereoLabs' vision capabilities, we are delivering the specialized perception logic and application-specific software required to revolutionize safety and efficiency across the global supply chain.

StereoLabs 是 Ouster 感知路線圖的完美補充，以滿足實體人工智慧對複雜多感測器融合日益增長的需求。透過將我們專有的 AI 模型與 StereoLabs 的視覺能力相結合，我們正在提供專業的感知邏輯和特定應用軟體，以徹底改變全球供應鏈的安全性和效率。

Finally, we will continue our operational execution as we drive towards profitability. Through a growing addressable market served by our expanded portfolio, disciplined cost management, and clear operational priorities, we have a line of sight to deliver on our long-term financial framework. The strength of our digital Lider business, combined with the acquisition of StereoLabs, positions Ouster as the foundational sensing and perception platform for physical AI.

最後，我們將繼續推進運營，朝著獲利目標邁進。透過不斷擴大的產品組合所服務的潛在市場、嚴格的成本管理和明確的營運重點，我們有信心實現我們的長期財務框架。我們強大的數位 Lider 業務，加上對 StereoLabs 的收購，使 Ouster 成為實體人工智慧的基礎感測和感知平台。

By expanding our capabilities across the entire stack from sensors and software to specialized applications and AI modeling, we will continue to drive our business on a path of sustainable growth. We are uniquely equipped to accelerate customer development of solutions that sense, think, act, and learn in the physical world. The era of physical AI is here, and Ouster is powering it.

透過擴展我們在從感測器和軟體到專用應用程式和人工智慧建模的整個技術堆疊的能力，我們將繼續推動我們的業務走上可持續成長的道路。我們擁有獨特的優勢，能夠加速客戶發展能夠在物理世界中感知、思考、行動和學習的解決方案。實體人工智慧時代已經到來，而 Ouster 正是這時代的推動者。

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

接下來，我想進入問答環節。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作說明）Colin Rusch，奧本海默。

Appreciate all the detail on the perception platform into the software side. And I guess the heart of what I'm interested in here is really looking at how you guys can quantify the pace of learning with those systems? Obviously, with all these sensors deployed at various places, both on traffic lights as well as some of the perimeter sites. Just curious how quickly you can actually optimize those systems and really monetize some of that efficiency.

非常感謝您對感知平台軟體的詳細解說。我想，我真正感興趣的是，你們如何利用這些系統來量化學習速度？顯然，這些感測器被部署在各個地方，包括交通號誌和一些週邊站點。我只是好奇，究竟要多快才能真正優化這些系統，並將這些效率提升轉化為實際效益。

Thanks for the question, Colin. Yeah, this is a great point. So the idea of sense, think, act, learn, is that it's really a virtuous cycle of improvement and iterative development that has been embraced by any company that is doing cutting-edge AI development. You really have to iterate to your solution because of the massive amounts of data collection and retraining that are required to achieve cutting aid edge, safety-critical, capable physical AI, and real-world deployments.

謝謝你的提問，科林。是的，這一點說得很好。因此，感知、思考、行動、學習的理念，實際上是一個良性循環的改進和迭代開發，已被所有從事尖端人工智慧開發的公司所接受。由於要實現尖端、安全關鍵型、功能強大的實體人工智慧以及現實世界的部署，需要大量的資料收集和重新訓練，因此您必須不斷迭代您的解決方案。

And I can speak from experience now having over 1,200 sites deployed with this technology over the last couple of years across Gemini and Blue City deployments that we see the pace of improvement accelerating over these last couple of years, simply by investing in the machine that builds the machine, that iterative cycle of sense, think, act, and learn, collecting data from the field, annotating it, retraining, and building new insight into the capabilities of our system, it's an absolute acceleration. I think that you can measure it in how quickly you can deploy new versions of the product out to the field.

我可以根據過去幾年在 Gemini 和 Blue City 部署的 1200 多個站點上部署這項技術的經驗來說，我們看到改進的速度在過去幾年裡不斷加快，這僅僅是因為我們投資於構建機器的機器，即感知、思考、行動和學習的迭代循環，從現場收集數據，對其進行標註，重新訓練，並對我們系統的能力建立新的見解，這絕對是一種加速。我認為可以透過將產品新版本快速部署到實際應用場景來衡量。

We probably have another order of magnitude of iteration speed that we can still build into this set of products, specifically Gemini and Blue City. And now the opportunity is both to continue that iterative speed of development on those products but also to bring that iteration to our industrial AI and broader ecosystem. And that's where StereoLabs acquisition comes in, the ability to provide autonomous intelligent systems that are iterating very rapidly based on our core investments in the machine learning training.

我們或許還能將迭代速度再提升一個數量級，並將其應用到這一系列產品中，特別是 Gemini 和 Blue City。現在，我們既有機會繼續以迭代的速度開發這些產品，也有機會將這種迭代帶入我們的工業人工智慧和更廣泛的生態系統。而這正是 StereoLabs 收購的意義所在，它使我們能夠提供基於機器學習訓練核心投資而快速迭代的自主智慧系統。

So an order of magnitude at least to go and a brand-new greenfield opportunity in industrial AI to bring exactly that mentality to that product set.

因此，至少還有數量級的差距需要縮小，工業人工智慧領域存在著一個全新的發展機遇，可以將這種理念引入該產品系列中。

That's super helpful. And then I just want to get a sense of the trend lines in terms of customer engagement in the defense sector. Obviously, you guys went through the Blue UAS approval last year, and it's pretty topical now in terms of thinking about automated warfare.

這太有幫助了。然後，我想了解國防領域客戶參與度的發展趨勢。顯然，你們去年完成了藍色無人機系統的審批，現在在思考自動化戰爭方面，這又是一個非常熱門的話題。

Just want to get a sense of how those engagements have trended over the last year or so. And how quickly we might start to see a real inflection point on some of the revenue growth that seems like it's pretty available to you guys here.

只是想了解過去一年左右這些互動狀況的趨勢。我們或許很快就能看到一些收入成長的真正轉折點，而這些成長似乎對你們來說已經相當容易實現了。

Yeah. I think here, I -- there's a lot of interest in the automation on the battlefield. But there's a big difference between what is happening today in Ukraine and -- which is robotics, but it's actually still human-controlled remote-operated vehicles and fully autonomous systems. Actually, there's a really wide gap.

是的。我認為這裡——人們對戰場自動化非常感興趣。但如今烏克蘭正在發生的事情與——雖然也是機器人技術，但實際上仍然是由人類控制的遙控車輛和完全自主的系統——有著很大的不同。實際上，差距非常大。

And so the sphere where we play fully automated systems is still in the research and development phase, whether it's in defense or just looking across our broader swath of customers. Whereas what is fielded on the battlefield today is glorified remote-operated vehicles with increasing intelligence, but still their remote operated vehicles.

因此，無論是在國防領域還是在我們更廣泛的客戶群中，我們所應用的全自動系統領域仍處於研發階段。而如今戰場上部署的，是智慧化程度越來越高的遙控車輛，但本質上仍是遙控車輛。

And so I think it's going to be a number of more years before there's a significant shift in that composition just given the development cycles in defense. They roughly resemble the development cycles that happen in the automotive industry, for instance. It's more like that versus what we just talked about with rapid iteration in something like Gemini or Blue City.

因此，考慮到國防領域的發展週期，我認為還需要數年時間，這種組成才會發生重大變化。例如，它們大致類似於汽車產業的開發週期。它更像是那種情況，而不是我們剛才討論的像 Gemini 或 Blue City 那樣的快速迭代。

So it's an important industry. It's one that Ouster definitely plays in, and we have some great evidence of that, things like the Blue UAS certification for drone payloads. But there's a big divide between what exists today and the automation that is under development, and we'll be here and it's going to be a couple more years for sure.

所以這是一個重要的行業。Ouster 肯定參與其中，我們有一些很好的證據可以證明這一點，例如無人機有效載荷的 Blue UAS 認證。但目前存在的技術與正在開發的自動化技術之間存在巨大差距，我們還會繼續努力，而且肯定還需要幾年時間。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Congratulations on the great year. Just looking at your backlog and looking out to 2026, which one of the industries that you service, which one do you think is going to grow the fastest?

恭喜你度過了精彩的一年。光從你們目前的訂單量來看，展望2026年，在你們服務的產業中，哪個產業成長速度最快？

Well, that's a great question, Kevin. I think that we -- I have been very bullish on smart infrastructure because of the full solutions that we bring to the table for the past year. I think I said at the beginning of 2025 that given all the investment we've made in the Gemini and Blue City, solutions for traffic management, for security, for yard logistics, that I expected smart infrastructure to start to play a much more significant role in our revenue composition and our growth trajectory. And I think that that's definitely played out in the last year.

嗯，凱文，你問得好。我認為——過去一年來，我一直非常看好智慧基礎設施，因為我們提出了完整的解決方案。我想我在 2025 年初說過，鑑於我們在 Gemini 和 Blue City 專案、交通管理解決方案、保全解決方案和場地物流解決方案方面所做的所有投資，我預計智慧基礎設施將在我們的收入組成和成長軌跡中發揮更重要的作用。我認為這在過去一年中確實得到了充分體現。

So I'm still incredibly bullish on the success we've had there and its continued success because these are major new opportunities for LiDAR, places where LIDAR has never played before that are multibillion-dollar industries. And we've just shown that we are able to execute in this domain.

所以我仍然非常看好我們在那裡的成功以及它將繼續取得的成功，因為這些是光達的重大新機遇，是光達以前從未涉足的領域，也是價值數十億美元的產業。我們已經證明，我們有能力在這個領域取得成功。

That being said, the StereoLabs acquisition is our ability to inflect the physical AI sphere for mobile robotics -- for industrial robotics. And so the same -- for the same reasons why smart infrastructure has taken off, basically that we're providing total solutions and speeding the time to market for our customers because they can buy something off the shelf from Ouster, now we're doing that with StereoLabs and Ouster combined, a unified sensing and perception platform that is a drop in replacement for the legacy systems that have been used in the industrial and robotic sphere.

也就是說，收購 StereoLabs 使我們能夠影響實體人工智慧領域，從而應用於移動機器人——工業機器人。因此，出於與智慧基礎設施蓬勃發展相同的原因，基本上我們為客戶提供整體解決方案並加快產品上市速度，因為他們可以從 Ouster 購買現成的產品，現在我們正在將 StereoLabs 和 Ouster 結合起來，打造一個統一的感測和感知平台，該平台可直接替代工業和機器人領域使用的傳統系統。

Now you can come to Ouster by AI compute, LiDARs, and cameras and the software and perception software suite that goes on top of those and get to market quicker. So that's the vision for where Ouster is going is really this two-pronged approach of solutions and smart infrastructure, where it's fixed -- fixed installations and solutions in mobile autonomy for physical AI, things like industrial, automotive, and robotics.

現在，您可以藉助人工智慧運算、光達、攝影機以及與之配對的軟體和感知軟體套件，更快地將產品推向市場。所以，Ouster 的發展願景實際上是採用雙管齊下的方法，即解決方案和智慧基礎設施，其中固定裝置和行動自主解決方案適用於實體人工智慧，例如工業、汽車和機器人領域。

And that kind of plays into what was going to be my second question, how your trained models using both the StereoLabs and Ouster's LiDAR, whether that combine those two models, if that's going to be much more robust than what your competitors would be offering.

這就引出了我的第二個問題：你們使用 StereoLabs 和 Ouster 的 LiDAR 訓練的模型，如果將這兩個模型結合起來，是否會比你們的競爭對手提供的模型更強大？

Yeah. I think that there's so much to do with the advancements in AI in the last couple of years. There's both opportunities for us to push the frontier. So StereoLabs, they built neural depth models that produce incredible point clouds from stereo cameras, better than the competition and to push that domain forward. Ouster has invested in our neural perception algorithms for Blue City and Gemini to perceive what's going on in the environment.

是的。我認為過去幾年人工智慧的進步意義重大。我們既有機會拓展視野，也有機會突破界限。因此，StereoLabs 建立了神經深度模型，能夠從立體相機生成令人難以置信的點雲，比競爭對手做得更好，從而推動了該領域的發展。Ouster 已投資我們的神經感知演算法，用於 Blue City 和 Gemini，以感知環境中正在發生的事情。

And there's a natural cross-pollination at play where we can bring the insights from each one of those core competencies to each other's to each other's customers, but also start to do multimodal AI training. So LIDAR and cameras fused and trained together is the obvious next step. If you really want to build the world's most capable perception machine learning-driven perception solutions. So there's a ton we can talk about there, but I'll leave it at that. I'm definitely excited about what the future holds for our AI training.

而且，我們能夠將彼此的核心競爭力所帶來的見解帶給彼此的客戶，從而實現自然的交叉融合，同時也可以開始進行多模態人工智慧訓練。因此，將光達和攝影機融合在一起並進行訓練，顯然是下一步的發展方向。如果你真的想建立世界上最強大的感知機器學習驅動的感知解決方案。所以有很多東西我們可以聊，但我就說到這裡吧。我非常期待人工智慧訓練的未來發展。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

I wanted to ask if you had a pretty -- well, at least from a customer standpoint, CES seemed to be a pretty important show for you guys. A lot of focus on autonomy there. For machines, both large and small. I wonder if you had any takeaways from that show in terms of market opportunities coming out or specific customer developments.

我想問你們是否覺得——至少從客戶的角度來看，CES 對你們來說似乎是一個相當重要的展會。那裡非常注重自主性。適用於各種大小的機器。我想知道您從那次展會中是否獲得了任何關於市場機會或具體客戶發展的啟示。

Yes, absolutely. No. So we were just -- Ken and I were both at CES walking around with a number of investors, analysts. And it was a great embodiment of physical AI, like literal robots, industrial machines, autonomous systems, just ubiquitous on the show floor, no matter where you went, physical AI was in your face as real hardware.

是的，絕對的。不。當時我和肯都在CES展會上，和一些投資人、分析師一起四處走走。它完美地體現了實體人工智慧，就像真正的機器人、工業機器、自主系統一樣，在展廳裡隨處可見，無論你走到哪裡，實體人工智慧都以真實硬體的形式呈現在你眼前。

And so I think the takeaway for me is when you actually looked at those machines, whether it was an autonomous forklift or a humanoid robot or a big industrial mining machine -- what were the commonalities between those systems. They had LiDAR sensors, they had cameras. They had almost certainly an NVIDIA GPU AI computer, and there was a suite of software that was largely similar in the underpinnings of robotic perception, localization, path planning, perception of objects around the vehicle.

所以我覺得，我真正應該關注的是，當你真正觀察這些機器時，無論是自動堆高機、人形機器人還是大型工業採礦機械——這些系統之間有哪些共同點。他們有光達感測器，他們有攝影機。他們幾乎肯定擁有一台NVIDIA GPU AI計算機，並且有一套軟體，其底層原理在機器人感知、定位、路徑規劃、感知車輛周圍物體等方面大體相似。

So the commonality is that's the play for Ouster with this -- both on the hardware and on the software, we think that with the StereoLabs acquisition, we can become the one-stop shop for LiDAR cameras, potentially other sensors in the future, AI computers and all the software that runs the underpinning of an intelligent autonomous machine. That's where Ouster wants to play, and that's where we've made a major step forward.

因此，共同點在於，這就是 Ouster 的策略——無論是在硬體還是軟體方面，我們認為透過收購 StereoLabs，我們可以成為 LiDAR 相機的一站式供應商，未來可能還會提供其他感測器、人工智慧電腦以及運行智慧自主機器底層所需的所有軟體。那是奧斯特想去的地方，也是我們有重大進展的地方。

So I mean, it's CES was just the perfect representation of where the future is going and also the representation of Ouster's business model for the next 10 years.

所以我的意思是，CES 完美地展現了未來的發展方向，也展現了 Ouster 未來 10 年的商業模式。

Yes. I'll add to it, Tim. Seeing our customer success and their time to market and getting out there quicker, that's our success. So the quicker that these things get out of prototype and into production that's the growth that we follow along with those partners.

是的。我再補充一點，提姆。看到客戶取得成功，加快產品上市速度，這就是我們的成功。因此，這些產品越快從原型階段進入生產階段，我們就能與合作夥伴一起成長。

Great. And if I could follow up on a separate topic, and that is on the royalties in the quarter. I wonder if you had any more color about what -- whether it's a certain type of technology or application. I don't know if that has anything to do with the litigation ongoing. But any more color. It's a pretty good number.

偉大的。如果可以的話，我想再補充一個主題一點，那就是本季的版稅問題。我想知道您是否能提供更多關於具體細節的資訊——例如它是一種什麼樣的技術或應用。我不知道這是否與正在進行的訴訟有關。但再多一些色彩就更好了。這是一個相當不錯的數字。

So looking for any more details on what drove that and whether that was anticipated, I guess?

所以我想了解一下導致這種情況發生的具體原因，以及這是否在預料之中？

First off, it highlights the strength of our IP portfolio, Tim. And it was predominantly onetime as we mentioned. And we also talked about it will be de minimis going forward. Strategically, we are looking to prioritize on this sense think run, learn and driving our own product portfolio forward. So we have the royalty piece behind us.

首先，這凸顯了我們智慧財產權組合的實力，提姆。而且正如我們之前提到的，這主要是一次性的。我們也討論了今後這種情況將微乎其微。從策略角度來看，我們希望優先考慮這種思考、行動、學習和推動我們自身產品組合向前發展的方式。所以，版稅部分的問題已經解決了。

And I think all those litigation items in the past are all behind us. And so now it's really focused on our strategic priorities and growth.

我認為過去那些訴訟事項已經成為過去了。因此，現在我們真正專注於策略重點和成長。

Andres Shepperd, Cantor Fitzgerald.

安德烈斯·謝珀德，坎托·菲茨杰拉德。

Everyone. Congratulations on the strong quarter, and thanks for I think a lot of our questions have been asked. But Angus, I was hoping to maybe have you elaborate a bit further on the opportunities that you see regarding drones and humanoid and particularly following the recent certification and the recent acquisition.

每個人。恭喜你們本季業績出色，感謝你們解答了我們許多疑問。但是安格斯，我希望你能進一步詳細說明你認為無人機和人形機器人有哪些機遇，尤其是在最近的認證和收購之後。

Can you maybe help quantify opportunities that you see there in the near term and maybe medium term? Or just any granularity as to how we should be thinking about these industries translating into revenue?

您能否幫忙量化一下您認為在近期乃至中期內有哪些機會？或者，關於我們應該如何思考這些產業如何轉化為收入，您有什麼更細緻的見解嗎？

Thanks, Andres. Yes. So the common thread for drones and humanoid is really the volume. They're generally industrial adjacent, more robotics than industrial, and there's a volume increase from things -- the smaller, the cheaper the more ubiquitous the technology, the more the types of payloads and sensors and AI compute that goes on those robots is different than a big mining machine.

謝謝你，安德烈斯。是的。所以無人機和人形機器人的共同點其實在於體積。它們通常與工業相關，更多的是機器人技術而非工業技術，而且數量也在增加——體積越小、價格越便宜，技術就越普及，這些機器人上的有效載荷、感測器和人工智慧運算類型與大型採礦機的差異也越大。

And so some humanoid use LIDAR, some don't use LiDAR. Every humanoid uses cameras. And so that's part of the play for Ouster and the same goes for drones. Some drones use LiDAR some drones and all drones use cameras. And so this is part of investing in becoming a combined LiDAR and camera sensing company is just being able to play across all physical AI applications by providing the two most pervasive sensor modalities that are out there.

因此，有些類人機器人使用光達，有些則不使用光達。所有類人生物都使用攝影機。所以，這就是奧斯特的策略之一，無人機也是。有些無人機使用光達，有些無人機使用攝影機，而所有無人機都使用攝影機。因此，投資成為一家集光達和相機感測於一體的公司，就是透過提供兩種最普及的感測器模式，在所有實體人工智慧應用中發揮作用。

And so -- and then we layer on top the fact that Ouster has invested in things like the Blue UAS certification, it just builds more opportunity for us in the sphere. So I see drones in humanoid. Drones is much more of a proven technology and market opportunity for Ouster, and that's why we have things like a certification.

因此——再加上 Ouster 投資了 Blue UAS 認證等項目，這無疑為我們在該領域創造了更多機會。所以我看到了人形無人機。對 Ouster 來說，無人機是一項更成熟的技術和市場機遇，這也是為什麼我們擁有認證之類的東西的原因。

Humanoids are an emerging opportunity that we are playing in today because of the StereoLabs acquisition and because of some of the lighter sensors and customers we have there. But I think the time line is a little longer for humanoid to reach market in the scale that's going to start to impact our top-line revenue.

由於收購了 StereoLabs，以及我們擁有一些更輕的感測器和客戶，人形機器人領域正迎來一個新興機遇，我們如今正積極參與其中。但我認為，人形機器人要達到能夠開始影響我們營收的規模並進入市場，還需要更長的時間。

And I likened this 10 years ago with the robotaxi industry. It's an emerging technology. It's an exciting technology, and it will happen, but the time line is less known because it's pioneering research, getting humanoid robotics out into the market. And it's also a pioneering business model. It's a new business model to do it.

10年前，我曾將此比喻為無人駕駛計程車業。這是一項新興技術。這是一項令人興奮的技術，它終將實現，但具體時間表尚不明確，因為它是開創性研究，是將人形機器人推向市場。它也是一種開創性的商業模式。這是一種全新的商業模式。

So there are categories of things where Ouster build the business on today, and there are categories of cans in the fire that will hit eventually and help Ouster build the business of the future. And we're playing across both. But it's definitely exciting times and the StereoLabs acquisition is a key making sure that we can go to both those use cases and provide something valuable to those customers.

所以，Ouster 目前依靠某些類別的事物來建立業務，而未來也會有一些類別的事物在火災中爆發，最終幫助 Ouster 建立未來的業務。我們同時在這兩個平台上進行比賽。但這無疑是一個令人興奮的時刻，收購 StereoLabs 是確保我們能夠滿足這兩種使用情境並為這些客戶提供有價值的東西的關鍵。

Yes. And wrapping numbers around it. If you look at the prior three quarters coming off a 40% year-over-year growth this quarter, just our core product line with the digital LiDAR growing 36% year over year. We continue to see that core underlying business continuing to trend in that 36%-plus range. And so we're really proud of what the core business is doing. And so now you combine in the tailwinds of a really high growth, high-margin business, such like StereoLabs, makes us really excited for that future.

是的。並在周圍加上數字。如果回顧前三個季度，本季年增 40%，光是我們的核心產品線——數位光達——就比去年同期成長了 36%。我們持續看到核心基礎業務的成長趨勢保持在 36% 以上。因此，我們為核心業務所取得的成就感到非常自豪。因此，現在再加上像 StereoLabs 這樣真正高成長、高利潤的企業的順風，讓我們對未來感到非常興奮。

Wonderful. That's super helpful. I really appreciate all that color. Maybe just as a quick follow-up, Ken, maybe a quick one for you.

精彩的。這太有幫助了。我非常喜歡這些色彩。肯，或許我只是想快速地跟進一下，或許我只是想快速地問你一個問題。

Can you just remind us liquidity, capital needs, cash burn? Are you still targeting to remain active in the M&A market? How are you thinking about future capital needs and cash runway?

能否簡單介紹一下流動性、資金需求和現金消耗？您是否仍計劃繼續活躍於併購市場？您如何看待未來的資金需求和現金流？

Yes. So we ended the year at [2.11%] before the StereoLabs acquisition. We gave the number out there, roughly around $35 million in cash for that. On a strict operating basis, even -- we talked prior calls having the dry powder to be strategic was very, very important in this current marketplace.

是的。因此，在收購 StereoLabs 之前，我們年底的收益率為 [2.11%]。我們公佈的數字是，大約需要3500萬美元現金。從嚴格的營運角度來看，我們之前的電話會議也討論過，在當前的市場環境下，擁有充足的策略儲備是非常非常重要的。

So I think this acquisition demonstrated having that dry powder on hand allowed us to act quickly and take advantage of a very unique strategic situation even after that strategic acquisition, we still have plenty of operating runway until we're operating cash flow positive.

所以我認為這次收購表明，手頭上擁有充足的資金使我們能夠迅速行動，並利用非常獨特的戰略形勢。即使在這次策略性收購之後，我們仍然有足夠的營運資金，直到我們實現正的營運現金流。

So if you look at the numbers out there, it's somewhere in the four- to five-year range. So from a continuing in the marketplace, we're going to take it day by day and see what results with it. But our current cash position, we feel is strategically right where it needs to be, as I mentioned, for our customers because these customers that we work with, they're running three- to five-year programs, and they want a partner that can be out there operating with them in that space.

所以，如果你看看目前的數據，你會發現大概需要四到五年。因此，從目前市場情況來看，我們將走一步看一步，看看結果如何。但正如我之前提到的，我們認為我們目前的現金狀況在戰略上正處於客戶所需要的位置，因為我們合作的客戶都在進行三到五年的項目，他們需要一個能夠與他們一起在這個領域運營的合作夥伴。

So we feel really good about our capitalization. We'll always continue to look for what the future brings. And from the M&A, just answering your last question, if the right strategic opportunity comes along like it did with StereoLabs, we're really happy to be in a place that we can act on it.

所以我們對目前的資本狀況非常滿意。我們將始終展望未來。至於併購方面，回答你最後一個問題，如果出現像收購 StereoLabs 那樣合適的策略機會，我們非常高興能夠抓住它。

Wonderful. Congrats on the quarter. We'll pass it on.

精彩的。恭喜你本季取得佳績。我們會轉達。

(Operator Instructions) Richard Shannon, Craig-Hallum.

（操作說明）理查德·香農，克雷格-哈勒姆。

This is Tyler on for Richard. I was just wondering how the customer conversations shifted since the acquisition? Are you getting new customers or existing customers looking for new opportunities to either combine the sensors or thinking of other use cases to get their hands on the sensor that they don't have? Just any color on that would be helpful.

這裡是泰勒替理查德發言。我只是想知道自從收購以來，與客戶的溝通方式發生了哪些變化？您是否有新客戶或現有客戶正在尋找新的機會來組合感測器，或考慮其他使用場景以獲得他們還沒有的感測器？任何顏色都可以。

Yes. I can say, having been on a number of customer calls since acquiring StereoLabs that the reception to this acquisition has been resoundingly positive. I can't stress that enough. Ouster and StereoLabs have each built incredible brands built on quality, trust and performance of the products and the support that they provide.

是的。自從收購 StereoLabs 以來，我接聽了許多客戶的電話，我可以肯定地說，客戶對此次收購的反應非常積極。這一點我怎麼強調都不為過。Ouster 和 StereoLabs 都憑藉其產品的品質、信譽和性能以及提供的支持，打造了各自卓越的品牌。

And by when you have two great companies combining and it allows a customer to then purchase from one even more dependable and well-resourced company. I mean, that's music to their ears. So there's just the ability to work with one great company sourcing critical technology like we are.

當兩家優秀的公司合併後，客戶就可以從一家更可靠、資源更充足的公司購買產品。我的意思是，這簡直是他們夢寐以求的。所以，我們只需要有能力與像我們這樣提供關鍵技術的優秀公司合作。

And then there's all the opportunity of building to the future taking more of the feedback from customers around their total sensing needs and actually building the software and system capabilities that they have this enormous appetite for.

此外，我們還有機會面向未來進行建設，更多地聽取客戶關於其整體感測需求的回饋，並實際建立他們渴望的軟體和系統功能。

I think that's probably the most surprising thing for me is how much appetite there has been for buying combined systems. Now that we're positioned and incapable of selling combined systems, compute software and the sensors. Customers are asking for it. And that's just a great place to be. It's one thing to say we're going to do it. It's another for there to be a pull from the end customer. Now that they're aware, we're capable of doing it.

我覺得最讓我驚訝的可能是人們對購買組合系統的需求如此之大。現在我們已經具備了銷售組合系統、運算軟體和感測器的能力。顧客們要求提供這項服務。那真是個好地方。說我們會去做是一回事。而最終消費者的需求則是另一回事。既然他們已經意識到了這一點，我們就有能力做到。

So as customers literally ask us, well, when can we just start buying the whole suite of hardware and software from you guys couldn't happen soon enough. So I'm really pleased with how this has gone. And I think, yes, it's been extremely well received by customers.

所以，當客戶真的問我們「我們什麼時候才能開始向你們購買全套硬體和軟體」時，我們當然希望這一天能盡快到來。我對事情的進展非常滿意。是的，我認為它受到了顧客的極大好評。

And oh, by the way, it's available today. They're not waiting because one of the great things that we announced at the launch was that our platforms are already unified and people can buy our unified sensing platform today.

對了，今天就可以買到。他們沒有等待，因為我們在發表會上宣布的一件大事就是我們的平台已經統一，人們今天就可以購買我們的統一感測平台。

Absolutely. Yes. I mean it's -- we're actually able to tell them, well, you can get started immediately.

絕對地。是的。我的意思是——我們實際上可以告訴他們，你們可以立即開始。

That's great to hear. You had also mentioned enhanced connectivity features. Could you expand on that? And specifically, what that enables for customers?

聽到這個消息真是太好了。您之前也提到過增強的連線功能。能詳細解釋一下嗎？具體來說，這能為客戶帶來什麼？

This is with respect to the StereoLabs, unified, yes.

這是指 StereoLabs 統一版，沒錯。

You said for this year, what you wanted to focus on.

你說過今年你想重點關注什麼。

Yes, absolutely. So the connectivity features is it's -- this is all about building an ecosystem that is interoperable with many different subcomponents of a physical AI system. So while we are today positioned to provide LiDAR cameras and AI compute and the software that runs them, we also want to make sure that the AI compute and the software on it is interoperable with all manner of other sensors, maybe GPS, maybe inertial measurement units, maybe just -- it's something as simple as radio connectivity or RTK systems or so wheeling coaters.

是的，絕對的。所以連接功能就是——這一切都是為了建構一個能夠與物理人工智慧系統的許多不同子組件互通的生態系統。因此，雖然我們目前能夠提供雷射雷達相機、人工智慧運算以及運行它們的軟體，但我們也希望確保人工智慧運算及其上的軟體能夠與各種其他感測器互通，例如 GPS、慣性測量單元，或者像無線電連接、RTK 系統或輪式塗層機這樣簡單的東西。

There are just so many auxiliary systems that are required to build a domain-specific robot that we want to make sure that we really are providing all those little connectors in our software so that we can play -- really be that platform that you can build your entire solution on. We don't want to have caveats when we're selling saying, oh, you can't go and use that existing GPS receiver that you've already selected and qualified quite the opposite. We're focused on saying, you can use it, and we're implementing the low-level drivers for you.

建造特定領域的機器人需要大量的輔助系統，因此我們希望確保我們的軟體能夠真正提供所有這些小連接器，以便我們能夠真正成為一個平台，您可以在其上建立您的整個解決方案。我們不希望在銷售時附加任何限制條件，例如“哦，你不能使用你已經選擇並確認過的現有 GPS 接收器”，恰恰相反。我們專注於告訴大家，你們可以使用它，而我們正在為你們實現底層驅動程式。

So that's kind of the vision there is -- and that all goes back to speeding time to market. the biggest thing holding back a lot of these customers in robotics and industrial is their development time to bring products to market, and we're cutting that down significantly by doing the work for them.

這就是我們的願景——而這一切都歸結於加快產品上市速度。在機器人和工業領域，許多客戶面臨的最大障礙是產品上市的開發週期，而我們透過為他們代勞，大幅縮短了這個週期。

Okay. That just gets another question real quick for me. So when you're adding these different sensors, are these drivers something that are universal such that you can develop the drivers in your system for one type of GPS, but that works with any of the GPS providers or the inertial providers?

好的。這讓我立刻想到另一個問題。因此，當您添加這些不同的感測器時，這些驅動程式是否具有通用性，以便您可以在系統中為一種類型的 GPS 開發驅動程序，但該驅動程式可以與任何 GPS 提供者或慣性提供者一起使用？

No. This is all hard work. It just every single implementation is unique, and that's where the value comes in. You have to -- someone has to do the work and the companies that do that well and provide high-quality interoperability is where the value comes in.

不。這都是辛苦活兒。每一個實現方式都是獨一無二的，而這正是它的價值。總得有人去做這項工作，而那些能把這項工作做好並提供高品質互通性的公司，其價值就體現在這裡。

Casey Ryan, WestPark Capital.

Casey Ryan，WestPark Capital。

It's a great quarterly update. Yes, I just want to follow up a little more on this. software component Angus that you're laying out. I mean, it sounds like you guys start to move into being the operating system for any industrial manufacturer of physical AI systems.

這是一份很棒的季度更新報告。是的，我想就你提到的軟體元件Angus再補充一些資訊。我的意思是，聽起來你們似乎正在朝著成為任何工業物理人工智慧系統製造商的作業系統方向發展。

But does this sort of change the competitive competitor matrix, I guess? And do we start competing with open mind and the Google Intrinsic thing and other kind of operating system physical AI companies?

但我想，這是否會改變競爭對手的格局呢？我們是否應該開始與開放性思考、Google的 Intrinsic 以及其他類型的作業系統實體人工智慧公司競爭？

There's so much opportunity right now that I wouldn't call it changing the competitive landscape. There's a lot of companies pushing the frontier of this technology in ways -- in new and unexpected ways.

現在機會很多，所以我不會稱之為改變競爭格局。很多公司正在以各種方式——包括一些意想不到的方式——推動這項技術的前沿發展。

Alistair is focused on being a unified sensing and perception platform, which could eventually become a complete operating system for these robots. That's definitely but saying -- I couldn't tell you today that there's immediate overlap of our eventual success with some of the companies that you mentioned because there's just so many different ways to approach these problems that are being researched right now, let alone deployed.

Alistair 致力於成為一個統一的感知平台，最終可能成為這些機器人的完整作業系統。當然，但要說——我今天不能告訴你，我們最終的成功會與你提到的某些公司立即重合，因為現在有很多不同的方法可以解決這些問題，更不用說部署了。

So Ouster has always done a good job of finding the line between research and real deployed solutions that can generate revenue and grow a business today. And so that's what we're doing right now.

因此，Ouster 一直很擅長找到研究與實際部署的解決方案之間的平衡點，這些解決方案能夠產生收入並促進當今業務的成長。所以，這就是我們現在正在做的事情。

We see we've narrowed down the solution to sensing and perception and -- but that gives us opportunity, certainly with success. It gives us the opportunity to become more of the operating system of these robots in the future.

我們發現，我們已經將解決方案縮小到感知和認知方面——但這確實給了我們機會，當然也帶來了成功。它使我們有機會在未來成為這些機器人的作業系統。

Yes. So maybe being more modest, I think maybe the company's vision of what it could accomplish has been expanded in some sense -- with what you're sharing with us today.

是的。所以，或許更謙虛一點來說，我認為，透過您今天與我們分享的內容，公司對自身能夠取得的成就的願景在某種程度上得到了擴展。

No question the same way that LiDAR was our opening to build strong relationships with our customers. This is the next step in building an even stronger cohesive relationship, and that may be a jumping off point for a future where we're even more deeply embedded.

毫無疑問，光達技術為我們與客戶建立牢固的關係打開了大門。這是建立更牢固的緊密關係的下一步，也可能是我們未來更深層融合的起點。

Right. Okay. Terrific. And then just sort of simply on the hardware. It sounds like what you're saying is we want to work with all and make it easy to use any kind of hardware components ultimately.

正確的。好的。了不起。然後就只是簡單地在硬體上進行一些改動。聽起來你的意思是，我們希望與所有人合作，並最終讓任何類型的硬體組件都能輕鬆使用。

Is it part of your vision that Alistair would want to provide at least one version of that, say, radar or GPS or something? Or were cameras kind of unique in terms of its importance to combined solutions, I guess.

你的設想中是否包括讓 Alistair 提供至少一種版本的雷達、GPS 或其他類似設備？或者說，就其在綜合解決方案中的重要性而言，攝影機具有某種獨特的優勢，我想。

Yes. We've really focused -- so the answer is yes to both things you asked. We want to work well with peripheral components, but there's a good reason why LIDAR and cameras have a special place. They really are the most important, most capable sensory inputs to these robots, and they're also the most unique and difficult to develop to the quality standard required by physical AI.

是的。我們確實非常專注——所以你問的兩個問題的答案都是肯定的。我們希望與外圍組件良好配合，但光達和攝影機之所以佔據特殊地位是有充分理由的。它們確實是這些機器人最重要、最強大的感官輸入，同時也是最獨特、最難開發到實體人工智慧所需的品質標準。

And so yes, we're so focused on making sure that we have the best-in-class LiDAR and camera combined sensing systems. And there's a lot of detailed work to be interoperable with other things. But they are secondary in these systems to the lighter and the cameras.

所以，是的，我們非常注重確保我們擁有業內最好的光達和相機組合感測系統。而且，要與其他系統實現互通性，還有很多細節工作要做。但在這些系統中，它們的作用遠不及打火機和相機。

And the fusing of the two together to operate simultaneously, that is one of the toughest problems that all of our customers have today. And so being able to offer that unified platform with those two sensors together. It's a game changer.

如何將兩者融合在一起同時運行，是目前我們所有客戶面臨的最棘手的問題之一。因此，能夠將這兩個感測器結合起來，提供一個統一的平台。這改變了遊戲規則。

Yes. Okay. That clarification is helpful. But I think putting a stake in the ground feels like the vision has gotten a little bit bigger, which is exciting. So I'm looking forward to '26, and yes, a great job obviously in Q4 and looking forward. Thank you.

是的。好的。這樣的澄清很有幫助。但我認為，明確目標意味著願景變得更加宏大，這令人興奮。所以我很期待 2026 年，是的，顯然第四季會取得好成績，我很期待未來。謝謝。

Thanks, Casey.

謝謝你，凱西。

I'm not showing any further questions in the queue at this moment. I'd like to turn it over to Angus Pacala for any closing remarks.

目前隊列中不再顯示任何其他問題。我謹將發言權交給安格斯‧帕卡拉，請他作總結發言。

Well, thank you all for joining the call. We look forward to speaking with you again when we report our first quarter earnings. So have a good day.

謝謝各位參加電話會議。我們期待在公佈第一季財報時再次與您交流。祝你今天過得愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。