Ouster, Inc. (OUST) 2026 Q1 法說會逐字稿

Hello, and welcome to Ouster's first quarter 2026 earnings conference call. (Operator Instructions) The call today is being recorded, and a replay of the call will be available on the Ouster Investor Relations website 1 hour after the completion of this call.

各位好，歡迎參加 Ouster 2026 年第一季財報電話會議。（接線員指示）今天的電話會議將被錄音，並且在本次電話會議結束後 1 小時，將可於 Ouster 投資人關係網站收聽重播。

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

現在我想把會議交給策略財務資深副總裁兼財務長 Chen Geng。請開始。

Thank you, operator, and good afternoon, everyone. Thank you for joining our first quarter 2026 earnings 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 2026 年第一季財報電話會議。今天與會的有執行長 Angus Pacala，以及財務長 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.

提醒各位，今天收盤後，Ouster 已發布財務新聞稿，亦以 Form 8-K 形式提供，並張貼於 Ouster 官網的投資人關係專區。今天的電話會議也將在我們網站的投資人關係專區提供網路重播。

I want to remind everyone that on this call, we will make certain forward-looking statements. These include all statements about our competitive position, product advantages 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, our products' capabilities and performance and our revenue guidance for the second quarter of 2026 and long-term financial targets.

我想提醒各位，在本次電話會議中，我們將作出若干前瞻性陳述。這些包括所有關於我們的競爭地位、產品優勢與成長機會、預期的產業趨勢、我們的業務與策略優先事項、營業費用目標、近期收購的影響、產品的開發與擴張、產品能力與效能，以及我們對 2026 年第二季營收指引與長期財務目標的陳述。

Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause actual results and trends to differ materially from those contained in or implied by these forward-looking statements are set forth in the first quarter 2026 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預期者有重大差異。可能導致實際結果與趨勢與這些前瞻性陳述所載或所暗示內容出現重大差異的因素，已載於 2026 年第一季財務結果新聞稿，以及我們向美國證券交易委員會提交的季度與年度報告中。

Any forward-looking statements that we make on this call are based on assumptions as of today, and other than as may be required by law, Ouster assumes no obligation to update any forward-looking statements, which speak only as of their respective dates.

我們在本次電話會議中所作的任何前瞻性陳述，均基於截至今日的假設；除法律可能要求外，Ouster 不承擔更新任何前瞻性陳述的義務，且該等陳述僅截至其各自日期有效。

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，我們將同時討論 GAAP 與非 GAAP 財務衡量指標。今日討論之 GAAP 與非 GAAP 指標的調節表已包含於財務結果新聞稿中。

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

現在我想把電話會議交給 Angus。

Hello, everyone, and thank you for joining us today. Over the last four months, we have seen the culmination of over 10 years of Ouster innovation, strategy and execution. In February, we acquired Stereolabs, a pioneer in AI camera vision and perception solutions, creating a world-leading sensing and perception company for Physical AI.

各位好，感謝今天加入我們。在過去四個月裡，我們見證了 Ouster 超過 10 年創新、策略與執行的成果匯聚。2 月，我們收購了 Stereolabs——AI 相機視覺與感知解決方案的先驅——打造出面向 Physical AI 的世界領先感測與感知公司。

We are already seeing the strategic rationale transform into operational reality with a resoundingly positive customer response. And just yesterday, we launched Rev8, the world's first native color lidar and a paradigm shift in AI perception. To perceive the world in full context requires a combination of structure and color, and Rev8 is the first sensor to unify both.

我們已經看到策略理由正轉化為營運現實，且客戶回饋極為正面。就在昨天，我們推出 Rev8——全球首款原生彩色光達（native color lidar），也是 AI 感知的一次典範轉移。要在完整情境下感知世界，需要結構與色彩的結合，而 Rev8 是第一款將兩者統一於一體的感測器。

With native color across our entire product portfolio of cameras and lidars, we have further strengthened Ouster as the foundational sensing and perception platform for Physical AI as we provide unified products and solutions that accelerate customer innovation and unlock new applications that sense, think, act and learn in the physical world.

透過在我們整體相機與光達產品組合中導入原生彩色能力，我們進一步強化 Ouster 作為 Physical AI 基礎感測與感知平台的地位，提供統一的產品與解決方案，加速客戶創新並解鎖新的應用，讓系統能在物理世界中感知、思考、行動與學習。

Now turning to an update of our Q1 2026 results. Ouster had a strong start to the year, achieving our 13th straight quarter of product revenue growth with over 12,600 lidar and cameras shipped, reflecting robust demand for our expanded product portfolio. With $49 million in revenue, we achieved another record product revenue quarter on a strong 43% gross margin, overcoming headwinds from a continuing constrained supply chain environment. We ended the quarter with adjusted EBITDA loss of $7 million and cash, cash equivalents and restricted cash and short-term investments of $175 million.

接著更新我們 2026 年第一季的業績。Ouster 在今年有個強勁開局，達成連續第 13 季產品營收成長，出貨超過 12,600 台光達與相機，反映我們擴大後的產品組合需求強勁。營收達 4,900 萬美元，在 43% 的強勁毛利率下，再次創下產品營收季度新高，並克服供應鏈持續受限環境帶來的逆風。本季結束時，調整後 EBITDA 虧損為 700 萬美元，現金、約當現金與受限制現金及短期投資合計為 1.75 億美元。

Our Lidar business grew approximately 44% year-over-year with strong contributions from our industrial vertical, where we secured several large deals to power industrial automation. We significantly expanded our long-term relationship with a large European industrial company for port automation. In another key win supported by our NDAA-compliant centers, we secured a deal with an autonomous earthmoving company to retrofit heavy equipment to support a project with the US Department of Defense.

我們的光達業務年增約 44%，其中工業垂直領域貢獻強勁，我們拿下數筆大型交易以驅動工業自動化。我們也大幅擴展與一家歐洲大型工業公司的長期合作關係，用於港口自動化。在另一項由我們符合 NDAA 規範的中心所支持的關鍵勝利中，我們與一家自動化土方工程公司簽下交易，將重型設備加裝改裝（retrofit），以支援與美國國防部合作的專案。

Ouster's Smart Infrastructure Solutions business continues to validate our end-to-end system strategy. We saw continued momentum from our expanded ITS distributor network as we won contracts to deploy Ouster BlueCity across the United States, securing large million dollar deals to provide next-generation traffic actuation systems in Arizona, Michigan and the Northeast US.

Ouster 的智慧基礎設施解決方案（Smart Infrastructure Solutions）業務持續驗證我們端到端系統策略。我們看到擴大的 ITS 經銷商網路帶來持續動能，並贏得在美國各地部署 Ouster BlueCity 的合約，取得多筆百萬美元級的大型交易，為亞利桑那州、密西根州以及美國東北部提供新一代交通觸發（actuation）系統。

We were also proud to announce the expansion of Ouster BlueCity with the Georgia Department of Transportation to modernize the region's traffic infrastructure. The turnkey Ouster BlueCity traffic management solution will be deployed at more than 30 intersections across the Greater Atlanta area in preparation for the FIFA World Cup and beyond.

我們也很自豪宣布與喬治亞州交通部（Georgia Department of Transportation）擴大 Ouster BlueCity 的合作，以現代化該地區的交通基礎設施。交鑰匙的 Ouster BlueCity 交通管理解決方案將部署於大亞特蘭大地區超過 30 個路口，為 FIFA 世界盃及其後續需求做準備。

BlueCity is bringing Physical AI to smart cities around the world with over 700 contracted site deployments across intersections, mid-blocks and highways, reinforcing Ouster's position as a leading solution for transportation departments, seeking to transition from legacy traffic solutions into dynamic digitally integrated 3D lidar-powered traffic management solutions for actuation and analytics.

BlueCity 正將 Physical AI 帶入全球智慧城市，已在路口、路段中段（mid-block）與高速公路等場景累計超過 700 個簽約站點部署，進一步鞏固 Ouster 作為交通主管機關領先解決方案供應商的地位；這些主管機關正尋求從傳統交通方案轉型至動態、數位整合、由 3D 光達驅動的交通管理解決方案，以用於觸發控制與分析。

We also saw strength from Ouster Gemini in the quarter, recognizing millions of dollars of revenue from a significant customer renewal. Leveraging our unified platform and proprietary deep learning perception model trained on over 4 million labeled objects, Gemini empowers our customers to operate more efficiently and safely at over 550 sites around the world.

本季我們也看到 Ouster Gemini 的強勁表現，來自一項重要客戶續約而認列數百萬美元營收。憑藉我們的統一平台與專有深度學習感知模型（以超過 400 萬個已標註物件訓練），Gemini 協助客戶在全球超過 550 個站點更有效率且更安全地營運。

In the months since the acquisition, Stereolabs has already proven to be a perfect complement. We're seeing benefits of our unified platform through the ability to immediately help customers, combine multiple modalities of sensors and AI compute, easing the friction of combining disparate technologies and accelerating our customers' go-to-market efforts.

自收購完成以來的數個月內，Stereolabs 已證明是完美的互補。我們透過統一平台的能力立即協助客戶，結合多種感測器模態與 AI 運算，降低整合不同技術的摩擦，並加速客戶的上市（go-to-market）進程。

The rapid integration and commercial success of our expanded camera vision portfolio provided tailwinds during the quarter, and business momentum exceeded our initial expectations. We are seeing strong demand from companies building foundational AI models and advanced robotics platforms and leading companies around the world are relying on our expanded product portfolio to train, scale and deploy the next generation of autonomous delivery, advanced manipulation and precision agriculture.

我們擴大的相機視覺產品組合快速整合並取得商業成功，於本季帶來順風，業務動能超出我們最初預期。我們看到建構基礎 AI 模型與先進機器人平台的公司需求強勁，全球領先企業正依賴我們擴大的產品組合來訓練、擴展並部署下一代自主配送、先進操控與精準農業。

We continue to see large opportunities for Stereolabs 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 neural depth capabilities, we are delivering the specialized perception logic and application-specific software required to revolutionize safety and efficiency across the global supply chain.

我們持續看到 Stereolabs 有龐大機會可強化 Ouster 的感知路線圖，以滿足 Physical AI 對更精密多感測器融合日益增加的需求。透過將我們的專有 AI 模型與 Stereolabs 的神經深度（neural depth）能力結合，我們正提供專門化的感知邏輯與特定應用軟體，以徹底革新全球供應鏈的安全與效率。

Continuing the momentum and our leadership in cameras for Physical AI, we released the Stereolabs ZED X Nano, which is shipping this month. This product sets a new standard for wrist-mount stereo vision, delivering 2.3 megapixels RGB with neural depth, 0 copy capture data pipeline and ruggedized GMSL2 connectivity and a 40% smaller form factor. Like all Stereolabs cameras, the ZED X Nano comes with a purpose-trained neural depth model, specifically tuned for its capabilities and further highlighting Ouster's deep vertical integration from hardware to software.

延續動能並鞏固我們在 Physical AI 相機領域的領導地位，我們發布了 Stereolabs ZED X Nano，並將於本月出貨。此產品為腕部安裝（wrist-mount）立體視覺樹立新標準，提供 230 萬像素 RGB 搭配神經深度、0 拷貝（0 copy）擷取資料管線、強固化 GMSL2 連接，以及縮小 40% 的外形尺寸。如同所有 Stereolabs 相機，ZED X Nano 內建為其用途訓練的神經深度模型，並針對其能力進行特別調校，進一步凸顯 Ouster 從硬體到軟體的深度垂直整合。

Engineered for robotic manipulation and high-throughput data collection, we are helping robotics teams scale imitation and reinforcement learning from manipulation tasks. Leveraging Stereolabs' industry-leading image quality and end-to-end capture latency, our customers can now overcome critical bottlenecks by capturing high-resolution RGB and stereo camera depth images at up to 120 frames per second for training data and manipulation learning.

專為機器人操作與高通量資料蒐集而設計，我們正協助機器人團隊將模仿學習與強化學習從操作任務中擴展規模。憑藉 Stereolabs 業界領先的影像品質與端到端擷取延遲表現，我們的客戶如今可透過以最高每秒 120 幀擷取高解析度 RGB 與雙目相機深度影像作為訓練資料與操作學習之用，進而克服關鍵瓶頸。

And now turning to yesterday's highly anticipated product announcement. I'm truly excited to introduce Rev8, the world's first native color lidar sensors powered by next-generation L4 Ouster Silicon. We are redefining the meaning of lidar itself with native color sensing implemented directly on the silicon. By fusing color and 3D data through physics and leveraging Fujifilm color science, our patented native color technology unlocks megapixel resolution and stunning image quality with ultra-low latency and perfect spatial temporal alignment.

接著談到昨日備受期待的產品發表。我非常興奮地介紹 Rev8——全球首款由次世代 L4 Ouster Silicon 驅動、原生彩色的光達感測器。我們以直接在晶片上實作原生彩色感測，重新定義光達本身的意義。透過物理方式融合色彩與 3D 資料，並運用 Fujifilm 色彩科學，我們的專利原生彩色技術可在超低延遲且完美的時空對齊下，解鎖百萬像素解析度與令人驚豔的影像品質。

We work with industry-leading camera experts to ensure Rev8 delivers uncompromising industrial grade imaging. Delivering an exceptional 48-bit color depth and 116 dB of dynamic range, Ouster's native color data maintains performance in lighting extremes from 1 lux to 2 million lux. We live in a world where a machine's capacity to perceive is constrained by the capability of its sensors. Rev8 is built to generate the petabytes of rich, native color 3D information necessary to build the next generation of Physical AI systems and train new world models.

我們與業界領先的相機專家合作，確保 Rev8 提供毫不妥協的工業級成像。Rev8 具備卓越的 48 位元色深與 116 dB 動態範圍，Ouster 的原生彩色資料可在從 1 lux 到 200 萬 lux 的極端光照條件下維持效能。我們所處的世界中，機器的感知能力受限於其感測器的能力。Rev8 的打造目標，是生成建構下一代 Physical AI 系統與訓練新世界模型所需的、以 PB（petabytes）計的豐富原生彩色 3D 資訊。

Now for the first time, a single lidar sensor can understand road signs, interpret brake lights or simply capture the richness of planet Earth in survey-grade colorized maps. Featuring radically upgraded OS 0, OS 1 and OSDome sensors and the new flagship 256-channel OS1 Max, Rev8 delivers industry-leading resolution, range and reliability designed for functional safety, affordability and scale.

如今首次，一顆光達感測器即可辨識道路標誌、解讀煞車燈，或僅僅是以測繪等級的彩色化地圖捕捉地球的豐富樣貌。Rev8 搭載大幅升級的 OS0、OS1 與 OSDome 感測器，以及全新旗艦 256 通道 OS1 Max，提供業界領先的解析度、量測距離與可靠性，並以功能安全、可負擔性與規模化為設計目標。

Rev8 represents the culmination of years of research and development, innovative design and rigorous testing. It is the most advanced family of lidar Ouster has ever developed and sets a new standard in sensing. All of this is a testament to Ouster's digital-first approach, which starts with our proprietary system-on-chip.

Rev8 代表多年研發、創新設計與嚴格測試的集大成。它是 Ouster 迄今開發過最先進的光達產品系列，並為感測樹立新標準。這一切都證明了 Ouster 的 digital-first（數位優先）方法論，而其起點正是我們的專有系統單晶片（SoC）。

Rev8 is powered by our breakthrough L4 Ouster Silicon with up to 256 channels of resolution honed over years of development by our in-house silicon design team. The L4 architecture features both the 128-channel L4 and the 256-channel L4 Max, each embedded with Fujifilm color science, resulting in exquisite color data and hardware-enabled high dynamic range.

Rev8 由我們突破性的 L4 Ouster Silicon 驅動，解析度最高可達 256 通道，並由我們內部晶片設計團隊歷經多年開發精煉而成。L4 架構包含 128 通道的 L4 與 256 通道的 L4 Max，兩者皆內建 Fujifilm 色彩科學，帶來精緻的色彩資料與由硬體支援的高動態範圍。

The L4 boasts 42.9 gigamax of processing power, detection of up to 20 trillion photons per second, a 40-kilohertz measurement rate with picosecond timing precision and is capable of processing up to 10.4 million points per second and 22.4 gigabits per second of data bandwidth off chip. And we've paired it with a completely redesigned light engine, featuring all new custom VCSEL arrays and our most advanced driver topology ever. Enhanced by picosecond timing precision, this architecture delivers unprecedented levels of range, resolution and accuracy across the entire Rev8 OS family.

L4 具備 42.9 gigamax 的運算能力、每秒可偵測高達 20 兆個光子、40 kHz 的量測速率與皮秒級計時精度，並可處理最高每秒 1,040 萬個點以及晶片外 22.4 Gbps 的資料頻寬。我們也為其搭配了全面重新設計的光引擎，採用全新客製 VCSEL 陣列與我們迄今最先進的驅動拓撲。藉由皮秒級計時精度的強化，該架構在整個 Rev8 OS 產品系列中提供前所未有的量測距離、解析度與精準度。

The cornerstone of the new Rev8 family is the flagship OS1 Max, a sensor without compromise. With double the resolution of the Rev7 OS2 and one-fourth of the size, the OS1 Max packs an incredible amount of capability into a small ruggedized form factor. The OS1 Max provides best-in-class performance with 256 channels of high-definition sensing up to 500 meters in all directions with a 45-degree vertical field view. No other 360-degree spinning lidar comes close.

全新 Rev8 系列的基石是旗艦 OS1 Max——一款毫不妥協的感測器。OS1 Max 的解析度是 Rev7 OS2 的兩倍、體積僅四分之一，將驚人的能力封裝於小巧且強固的外形中。OS1 Max 以 256 通道高畫質感測，在 45 度垂直視野下可向全方向最遠達 500 公尺，提供同級最佳效能。沒有任何其他 360 度旋轉式光達能與之比肩。

Purpose-built for high speed autonomy, smart infrastructure and heavy industrial applications, the OS1 Max is capable of resolving the smallest objects at long range. And like all Rev8 sensors, the OS1 Max offers exceptional native color imaging. But we didn't stop there. We set out to build the safest family of 3D lidar sensors ever created. This took years of rigorous engineering work, testing and design validation.

OS1 Max 專為高速自動化、智慧基礎設施與重工業應用打造，能在長距離下解析最微小的物體。且如同所有 Rev8 感測器，OS1 Max 提供卓越的原生彩色成像。但我們不止於此。我們立志打造史上最安全的 3D 光達感測器系列。這需要多年嚴謹的工程工作、測試與設計驗證。

The result, Rev8 is life-saving technology made right, ruggedized for the real world with automotive grade reliability that can withstand the harshest production environments.

其成果是：Rev8 是正確打造、可拯救生命的技術，為真實世界而強固化，具備汽車等級的可靠性，能承受最嚴苛的量產環境。

Ouster now offers a set of products to break into the multibillion-dollar market for industrial safety sensors long dominated by legacy players by replacing outdated 2D laser scanners and cameras with high-resolution 3D native color lidars. Every sensor is auto-grade, cybersecure and designed for ASIL-B, SIL-2 and PLd functional safety certifications, ensuring continuous uptime and industry-leading reliability.

Ouster 現在提供一套產品，得以切入由傳統業者長期主導、規模達數十億美元的工業安全感測器市場：以高解析度 3D 原生彩色光達取代過時的 2D 雷射掃描器與相機。每一款感測器皆為車規等級、具備網路安全防護，並以 ASIL-B、SIL-2 與 PLd 功能安全認證為設計目標，確保持續運作時間（uptime）與業界領先的可靠性。

Importantly, this is a platform built to scale. Rev8 was designed for low-cost, high-volume production deployments to support mass market adoption. With a planned 10-year production life, Rev8 sensors provide the long-term program stability and scalability required for global commercial rollouts. With Rev8, we are delivering the safest, most feature rich, secure and reliable family of 3D lidar sensors we have ever built, and we hit the ground running.

重要的是，這是一個可擴展的平台。Rev8 的設計面向低成本、高產量的部署，以支援大眾市場採用。Rev8 感測器規劃具備 10 年的生產週期，提供全球商業化推廣所需的長期專案穩定性與可擴展性。透過 Rev8，我們交付了迄今打造過最安全、功能最豐富、最安全可靠且最具可靠性的 3D 光達感測器系列，並且一開始就全速推進。

Earlier today, we announced the integration of our new Rev8 family across the NVIDIA Jetson platform, bringing native color lidar to the NVIDIA robotics ecosystem for the first time. With dedicated support for Rev8 across NVIDIA JetPack, Isaac Sim and Jetson AGX Orin and Thor, we are ensuring rich high-fidelity 3D digital lidar data is fully harnessed by NVIDIA's accelerated computing and development tools. This builds on years of integration support for previous OS sensor generations as well as Stereolabs' own integrations across the entire Zed portfolio.

今天稍早，我們宣布在 NVIDIA Jetson 平台上整合全新 Rev8 系列，首次將原生彩色光達帶入 NVIDIA 機器人生態系。透過在 NVIDIA JetPack、Isaac Sim 以及 Jetson AGX Orin 與 Thor 上對 Rev8 的專屬支援，我們確保豐富且高擬真度的 3D 數位光達資料能被 NVIDIA 的加速運算與開發工具充分運用。這也延續了我們多年來對先前 OS 感測器世代的整合支援，以及 Stereolabs 在整個 Zed 產品組合上的整合成果。

Together, we are providing the essential building blocks for Physical AI, enabling machines to sense, think and act in the real world with more speed and precision than ever before. Rev8 is shipping today and is being adopted by some of the world's most innovative companies. This is a testament to our close collaboration with key customers over years to ensure Rev8 met their program needs.

我們攜手提供 Physical AI 的關鍵基礎元件，使機器能以前所未有的速度與精準度在真實世界中感知、思考並行動。Rev8 今日已開始出貨，並正被全球一些最具創新力的公司採用。這也證明了我們多年來與關鍵客戶的緊密合作，確保 Rev8 符合其專案需求。

We're already seeing early traction with dozens of technology leaders across the industrial, robotics, automotive and smart infrastructure markets intending to adopt Rev8 OS sensors, including Google, Volvo Autonomous Solutions, Liebherr, Epiroc, Field AI, Flyability, Skydio, PlusAI, Constellis, Bedrock, Kassbohrer, Third Wave Automation, Burro, Seegrid, Gecko Robotics, Pratt Miller, AIM Intelligent Machines, Cyngn, Freefly Systems, ATI Robotics and SwarmForm, among others. Clearly, there is overwhelming customer pull for Rev8, and this gives us confidence in an incredibly strong back half of the year. We spent years developing these groundbreaking capabilities, and I am thrilled to finally introduce Rev8 to the world.

我們已看到初期動能：工業、機器人、汽車與智慧基礎設施市場中，數十家技術領導者有意採用 Rev8 OS 感測器，包括 Google、Volvo Autonomous Solutions、Liebherr、Epiroc、Field AI、Flyability、Skydio、PlusAI、Constellis、Bedrock、Kassbohrer、Third Wave Automation、Burro、Seegrid、Gecko Robotics、Pratt Miller、AIM Intelligent Machines、Cyngn、Freefly Systems、ATI Robotics 與 SwarmForm 等。顯然，客戶對 Rev8 的需求拉力非常強勁，這讓我們對今年下半年的極強表現充滿信心。我們花了多年開發這些突破性能力，終於能向世界正式推出 Rev8，我感到非常振奮。

With that, let me now turn the call over to Ken, who will provide more context on our first quarter financial results.

接下來，我把電話會議交給 Ken，他將就我們第一季的財務結果提供更多背景說明。

Thank you, Angus, and hello, everyone. As you heard, our excitement over the acquisition of Stereolabs and our new product launches look to keep the momentum we built in 2025 continuing into 2026. In the first quarter, we are pleased with our continued progress against both our financial and operational goals, which are the cornerstones of our path to profitability. Our results demonstrate the resilience of our operating model and the disciplined financial management across the business as we continue to execute within our long-term financial framework.

謝謝你，Angus，各位大家好。如各位所聽到的，我們對收購 Stereolabs 以及新產品上市感到振奮，這些因素可望讓我們在 2025 年建立的動能延續至 2026 年。第一季，我們對在財務與營運目標上的持續進展感到滿意，這些目標是我們邁向獲利之路的基石。我們的成果展現了營運模式的韌性，以及在全公司範圍內嚴謹的財務管理，同時我們也持續在長期財務框架下推進執行。

Turning to the first quarter financial performance. Operating results were strong with revenue of $49 million, which included approximately seven weeks of contribution from Stereolabs. This represents an increase of 49% compared with the first quarter last year. We shipped over 12,600 sensors, which included over 8,300 lidar, a new quarterly record and over 4,300 camera sensors.

接著談第一季的財務表現。營運結果強勁，營收為 4,900 萬美元，其中包含 Stereolabs 約七週的貢獻。相較去年第一季成長 49%。我們出貨超過 12,600 顆感測器，其中包含超過 8,300 顆光達（lidar），創下新的單季紀錄，另有超過 4,300 顆相機感測器。

Royalty revenue in Q1 was not material. As I mentioned in our March call, this year, we expect total royalty revenue in 2026 to be less than $5 million. The majority of this amount will be recognized in the back half of this year. Smart infrastructure vertical was the largest contributor to first quarter revenue, followed by industrial.

第一季的權利金收入並不重大。如同我在 3 月電話會議中提到的，今年我們預期 2026 年的權利金總收入將低於 500 萬美元。此金額的大部分將在今年下半年認列。智慧基礎設施垂直領域是第一季營收的最大貢獻者，其次為工業領域。

GAAP gross margin was 43%, up 200 basis points from the same quarter last year. GAAP operating expenses were $40 million, an increase of 7% from the first quarter last year. The increase was primarily due to the addition of Stereolabs operating expenses, including $2.3 million of acquisition and integration-related charges in Q1. We continue to anticipate year-over-year operating expenses to be higher 5% to 8%, with the acquisition of Stereolabs. However, we continue to focus on our path to profitability and will remain diligent in managing our operating expense profile.

GAAP 毛利率為 43%，較去年同期提升 200 個基點。GAAP 營業費用為 4,000 萬美元，較去年第一季增加 7%。增加主要來自新增 Stereolabs 的營業費用，其中包含第一季 230 萬美元的併購與整合相關費用。我們仍預期在併購 Stereolabs 後，營業費用年增率將較高，約為 5% 至 8%。不過，我們仍專注於邁向獲利的路徑，並將持續嚴謹管理營業費用結構。

Excluding the acquisition and integration expense of Sterolabs, our adjusted EBITDA in Q1 was negative $7 million compared with negative $8 million in the first quarter last year. Ouster remains one of the industry's strongest balance sheets, ending the quarter with cash, cash equivalents, restricted cash and short-term investments of $175 million and no debt. The strength of our balance sheet gives us the strategic and financial flexibility to operate our business and gives confidence to our customers who rely on Ouster as a key Physical AI partner on their long-term autonomy journey.

排除 Sterolabs 的併購與整合費用後，我們第一季調整後 EBITDA 為負 700 萬美元，相較去年第一季為負 800 萬美元。Ouster 仍擁有業界最強健的資產負債表之一，季末現金、約當現金、受限制現金及短期投資合計 1.75 億美元，且無負債。強健的資產負債表賦予我們在營運上的策略與財務彈性，也讓仰賴 Ouster 作為其長期自主化旅程中關鍵 Physical AI 合作夥伴的客戶更具信心。

Now turning to guidance. For the second quarter of 2026, we expect to achieve total revenue in the range of $49.5 million to $52.5 million. Beyond the revenue outlook for Q2, I want to reiterate the long-term financial framework I discussed last quarter, which includes revenue growth of 30% to 50%, GAAP gross margins of 35% to 40% and GAAP operating expense growth of 5% to 8% from our 2025 levels.

接著談財測。對於 2026 年第二季，我們預期總營收將落在 4,950 萬至 5,250 萬美元之間。除了第二季的營收展望外，我也想重申我在上季討論的長期財務架構，包括營收成長 30% 至 50%、GAAP 毛利率 35% 至 40%，以及 GAAP 營業費用相較 2025 年水準成長 5% 至 8%。

With our acquisition of Stereolabs, the release of Rev8, our smart infrastructure solutions and our investment in foundational AI models, Ouster has one of the broadest range of perception and sensing products in the market. We remain confident that our innovation and go-to-market strategy will continue to bring us closer to positive operating free cash flow and profitability.

透過併購 Stereolabs、推出 Rev8、我們的智慧基礎設施解決方案，以及對基礎 AI 模型的投資，Ouster 擁有市場上最廣泛的感知與感測產品組合之一。我們仍有信心，我們的創新與市場推進策略將持續讓我們更接近營運自由現金流轉正與獲利。

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

接下來我把電話會議交回給 Angus，請他做結語。

Thanks, Ken. To close out, we are off to a great start executing against our 2026 strategic priorities, revolutionizing our lidar camera and AI compute products, extending our leadership in Physical AI solutions and executing towards profitability. We kicked-off the year with strong momentum, delivering our 13th consecutive quarter of product revenue growth. We're executing on our strategy to provide Physical AI's first unified sensing and perception platform, and I'm excited by the transformative products we are bringing to market this year as we work to solve our customers' most complex challenges.

謝謝，Ken。作為結語，我們在執行 2026 年策略優先事項方面有一個非常好的開局：革新我們的光達、相機與 AI 運算產品，延伸我們在 Physical AI 解決方案的領導地位，並朝獲利目標推進。我們以強勁動能展開新的一年，達成連續第 13 季產品營收成長。我們正執行策略，打造 Physical AI 的第一個統一感測與感知平台；我也對今年我們將推出的具變革性的產品感到振奮，因為我們正努力解決客戶最複雜的挑戰。

Rev8 is redefining the meaning of lidar with fundamentally new capabilities that empower our customers to simplify their perception stacks, better train next-generation world models and scale their production deployments. On the heels of a successful first quarter, Ouster is better positioned than ever as the foundational end-to-end sensing and perception platform for Physical AI.

Rev8 以根本性的全新能力重新定義光達，讓客戶能簡化其感知堆疊、更好地訓練下一代世界模型，並擴大其量產部署規模。在成功的第一季之後，Ouster 作為 Physical AI 的基礎端到端感測與感知平台，定位比以往任何時候都更佳。

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

接下來，我想開放進入問答環節。

(Operator Instructions)

（接線員指示）

Colin Rusch, Oppenheimer & Co.

Colin Rusch，Oppenheimer & Co.

Thanks so much, guys, and congratulations on getting Rev8 out. I guess I have a 2-part question to start with that introduction. Obviously, you've been working very closely with a lot of customers. And I'm curious about 2 things. One, how many of them have been waiting for this product to move into series production with some of their products given some of the range and the functional safety pieces to this?

非常感謝各位，也恭喜你們把 Rev8 推出。我想先從這個介紹延伸一個兩部分的問題。顯然你們一直與許多客戶非常密切合作。我好奇兩件事。第一，有多少客戶一直在等這個產品，好讓他們能因為其量測距離與功能安全等特性，將他們某些產品推進到量產階段？

And then the second part is really about which new applications are you seeing as material opportunities for you guys to move into, given the functionality improvements that you're seeing with this next-generation product?

第二部分是，鑑於你們在這一代產品上看到的功能性提升，你們目前看到哪些新的應用會成為你們切入的重大機會？

Hey, Colin, thanks for the question. So while we don't preannounce -- we held on to the Rev8 announcement until it was ready to ship this quarter. Behind the scenes, we worked incredibly closely with a set of key customers for more than one year to make sure that Rev8 met their needs, both their current needs and future needs to expand business with us over time.

嗨，Colin，謝謝你的問題。我們不會提前預告——我們一直等到 Rev8 準備好在本季出貨才對外宣布。在幕後，我們與一組關鍵客戶非常緊密合作超過一年，以確保 Rev8 能滿足他們的需求，包括目前需求以及未來隨時間擴大與我們合作的需求。

And so it's no surprise that we had a really compelling list of over 20 customers that I announced, and I'm going to spare reading through them again. But it spans the gamut of existing customers doing things that they've always done, but doing them much more capably with a colorized point cloud to all new applications. So a great example of that would be high-altitude drone surveying.

因此，我宣布的那份超過 20 家客戶名單非常有吸引力也就不足為奇了，我就不再逐一念一遍。這涵蓋了各種情境：既有客戶持續做他們一直在做的事，但透過彩色化點雲能做得更好；也包含全新的應用。一個很好的例子是高空無人機測繪。

The OS1 Max is the perfect sensor for simplifying a drone payload. And we have a great interested customer, Skydio, who is very interested in the OS1 Max and gave some great comments about how the combination of payload into a single platform makes it a game changer for their type of surveying application where weight is at a premium and quality of data is at a premium.

OS1 Max 是用來簡化無人機載荷的完美感測器。我們有一位非常感興趣的客戶 Skydio，他們對 OS1 Max 非常有興趣，並對將載荷整合到單一平台的組合給予很好的評價，認為這對他們這類測繪應用是改變遊戲規則的產品，因為重量與資料品質都至關重要。

So we absolutely have new applications with the OS1 Max for things like that, for high-speed applications and driving on the highway or heavy machinery where you need to see small things at long range. And then obviously, the multibillion-dollar opportunity for functionally safe devices is brand new area for us to expand in our customer base and start to finally capture some of that significant value with these sensors.

因此，我們確實看到 OS1 Max 帶來的新應用，例如這類情境、以及高速應用、在高速公路行駛，或需要在遠距離看見小物體的重型機械等。然後很明顯地，具功能安全裝置的數十億美元機會，對我們而言是全新的擴展領域，讓我們能在客戶基礎中擴張，並開始最終透過這些感測器捕捉其中相當可觀的價值。

So -- but if you step back, long-term I expect the vast majority of our customer base to adopt Rev8 over time and to be operating with native color lidar data. I think the entire industry is going through a paradigm shift with this, and we're going to end up on the other side with native color Rev8 lidars across the vast majority of customers.

不過，如果你拉遠來看，長期而言我預期我們絕大多數的客戶群會隨時間採用 Rev8，並使用原生彩色光達資料。我認為整個產業正在經歷一次典範轉移，而最終我們會走到另一端：在絕大多數客戶中普遍採用原生彩色的 Rev8 光達。

Super helpful. And I guess the second question is really now that you've got a fairly rapidly evolving portfolio of offerings, including the edge compute, I guess I'm curious about a couple of things. One, how we should be thinking about mix on a go-forward basis?

非常有幫助。我想第二個問題是，現在你們的產品組合演進相當快速，包含邊緣運算在內。我好奇幾件事。第一，我們應該如何看待未來的產品組合占比（mix）？

And then secondly, how much leverage you're getting from that edge compute capability in premise given some of the escalating data transfer expenses that we're starting to see for things like intersections where it can be upwards of $800,000 or $1 million of expense just to transfer data back to a data center if you're transferring all of it? Just curious how you're seeing that play out as well?

第二，你們從邊緣運算能力在現場端（on-premise）獲得了多少槓桿效益？考量到我們開始看到資料傳輸費用不斷攀升，例如在路口這類場景，如果把所有資料都回傳到資料中心，光是傳輸成本就可能高達 80 萬到 100 萬美元。我也想了解你們如何看待這種情況的發展？

Yeah, sure. So in terms of the product portfolio, that's ever expanding. I mean I also want to highlight, we released the ZED X Nano during the quarter, which is a big deal and also a brand new use case in these wrist-mounted robotic manipulation. So the -- on the question of mix going forward, the -- we haven't split out exactly how we see that long-term unit basis or revenue basis.

是的，當然。就產品組合而言，那一直在擴展。我也想特別強調，我們在本季度推出了 ZED X Nano，這是一件大事，同時也帶來一個全新的應用情境：腕戴式機器人操作（wrist-mounted robotic manipulation）。所以——關於未來產品組合占比（mix）的問題——我們目前還沒有明確拆分我們如何看待長期的出貨量基礎或營收基礎。

But we expect both of our businesses to grow very significantly. And obviously, we had an incredibly strong quarter with 44% year-over-year growth for lidar-only business. And overall, we were up significantly year-over-year, especially with the Stereolabs acquisition. So we expect to have very significant and strong growth across all of our product lines over time.

但我們預期兩項業務都會非常顯著地成長。顯然，我們本季度表現極為強勁，僅 LiDAR 業務年增 44%。整體而言，我們也較去年同期大幅成長，尤其是在併購 Stereolabs 之後。因此，我們預期隨著時間推移，我們所有產品線都將出現非常顯著且強勁的成長。

And to the question around edge compute, I do expect that to start to contribute more to our overall business. Right now, I mean, we're really fresh off of acquiring Stereolabs. The compute was something that had good traction and still has good traction within the customer base. We're going to invest more into the compute line that we -- that they started. But I can't say that it's having a significant impact on the Ouster customers at this point.

至於邊緣運算（edge compute）這個問題，我確實預期它會開始對我們整體業務做出更大的貢獻。就目前而言，我們才剛完成對 Stereolabs 的收購不久。運算產品在客戶群中已經有不錯的動能，現在也仍然有不錯的動能。我們會加大對他們所開啟的運算產品線的投資。但我目前還不能說它已經對 Ouster 的客戶帶來顯著影響。

We're still getting our feet under us on exactly how to position that compute line up with the other customers. But I do think it will be a big opportunity for Ouster going forward.

我們仍在摸索如何精準地把這條運算產品線定位並與其他客戶對接。但我確實認為，這將會是 Ouster 未來的一個重大機會。

(Operator Instructions)

（接線員指示）

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Thanks for taking my question, and congratulations on launching Rev8 and continuing this high growth. So maybe along those lines of questions around Rev8, you touched on it slightly. I think would Rev7 continue to go in production? What's the transition look like for the two different lidars?

謝謝讓我提問，也恭喜你們推出 Rev8 並延續這樣的高成長。那麼也許沿著 Rev8 相關的問題，你們剛才稍微提到了一點。我想問 Rev7 會繼續量產嗎？兩代不同 LiDAR 的轉換會是什麼樣子？

Yeah, Great question. So we are fully committed to continuing to produce and support Rev7 for our established customer base. I mean Rev7 has been out for three years now. And we have a lot of customers that have fully qualified and are in active production with the Rev7's lineup, and it's a great set of products.

是的，這個問題很好。我們完全承諾會持續生產並支援 Rev7，以服務我們既有的客戶群。Rev7 已經推出三年了。我們有很多客戶已經完成完整認證（fully qualified），並且正在使用 Rev7 系列產品進行量產，而且那是一套非常出色的產品。

I mean they are -- they really established Ouster as a performance technology and reliability leader in the lidar space and we don't want to change any of that.

它們——確實讓 Ouster 在 LiDAR 領域建立起性能技術與可靠性領導者的地位，我們不希望改變這些。

So while Rev8 is designed to be a seamless upgrade for any customer that wants to, we want to make sure that customers that have qualified Rev7 can continue to operate their businesses with it. So this is -- we're being customer-friendly here and making sure that it's their choice when they transition.

因此，雖然 Rev8 的設計目標是讓任何想升級的客戶都能無縫升級，但我們也要確保已經完成 Rev7 認證的客戶可以繼續用它來營運他們的業務。所以——我們在這裡是以客戶為優先，確保是否轉換由客戶自行決定。

Okay. And yes, I remember when Rev7 came out, it was an inflection point for you, especially on ASP increases. Are they similar ASPs between Rev7 and Rev8? Or maybe even talk about the manufacturing and the gross margins between the two?

了解。對，我記得 Rev7 推出時對你們而言是一個拐點，特別是在 ASP（平均銷售價格）提升方面。Rev7 和 Rev8 的 ASP 會相近嗎？或者也可以談談兩者在製造與毛利率方面的差異？

Yeah, That's another great question about -- so Rev8 was designed to be more affordable than Rev7 and more scalable than Rev7. We want to make sure that we're enabling our customers to continue to scale and to bring this technology to the broader Physical AI ecosystem. So the Rev7 was a different scenario where we were introducing a fundamentally new capability and ASPs went up. Here, it will be a little bit more of a mix because we have vastly more customers in production, and we can't disrupt the economics of their production.

是的，這也是一個很好的問題。Rev8 的設計目標是比 Rev7 更具價格可負擔性，也比 Rev7 更具可擴展性。我們希望確保能讓客戶持續擴張，並把這項技術帶到更廣泛的 Physical AI 生態系。Rev7 當時的情境不同，我們引入的是一項根本性的全新能力，因此 ASP 上升。而這一次，情況會更偏向組合效應（mix），因為我們有更多客戶已在量產，我們不能破壞他們量產的經濟性。

So yes, we have new products that are incredible like the OS1 Max, that probably will command premium ASPs in certain domains. But we also want to make sure that a customer that wants to upgrade to Rev8 can do so without having a significant economic disruption or commercial disruption to the end business that they've created around the Rev7 product. And just going back again, highlighting, Rev8 was built to be more scalable and more affordable than Rev7.

所以，是的，我們有一些很驚人的新產品，例如 OS1 Max，在某些領域可能會有較高的溢價 ASP。但我們也希望確保，想升級到 Rev8 的客戶可以在不造成重大經濟衝擊或商業衝擊的情況下完成升級，不會影響他們基於 Rev7 產品所建立的終端業務。再回到重點強調一次，Rev8 的打造就是為了比 Rev7 更可擴展、也更可負擔。

Great, okay, sounds like a good strategy. Thank you.

很好，聽起來是個不錯的策略。謝謝。

Andres Shepherd, Cantor Fitzgerald.

Andres Shepherd，Cantor Fitzgerald。

Hey, guys. This is Anand on for Andres. Congrats on the quarter. It's really great to see an update on the L4 chip with the Rev8 announcement. And based on the customer interest, as I know you disclosed a really long list of prospects on the call, maybe what type of opportunities there do you see in automotive, especially with robotaxis ramping up with Motional as your customer, et cetera? Who do you see interested there?

嗨，各位。我是 Anand，代替 Andres 提問。恭喜本季度表現。很高興看到你們在 Rev8 發布中更新了 L4 晶片的進展。基於客戶興趣——我知道你們在電話會議上披露了一長串潛在客戶名單——你們在汽車領域看到哪些機會，特別是像 Motional 這類客戶帶動 robotaxi 加速擴張等等？你們看到哪些人對此有興趣？

What type of opportunities? Thank you.

有哪些機會？謝謝。

So Rev8 is a big deal when it comes to the automotive world because Rev8 is an auto-grade sensor. They're designed for functional safety. So the ASIL-B functional safety spec in automotive is incredibly important, whether you're -- whether it's a lidar going into a consumer car or into robotaxi or a robo truck. So Rev8, the OS1 Max, the OS0, purpose designed to be ideal sensors for that market. I'm expecting some pretty significant things there just because it's the first time that we'll have a full suite of lidars that blankets.

Rev8 對汽車世界而言是一件大事，因為 Rev8 是車規等級（auto-grade）的感測器，並且是為功能安全而設計的。在汽車領域，ASIL-B 功能安全規範極其重要，無論是 LiDAR 用於消費者車款、robotaxi，或是自動駕駛卡車（robo truck）。因此，Rev8、OS1 Max、OS0 都是為該市場量身打造、理想的感測器。我預期那裡會有相當顯著的進展，因為這將是我們首次擁有一整套 LiDAR 產品組合，能夠全面覆蓋（blankets）。

You can outrig an entire car and Ouster digital lidars and be a one-stop shop.

你可以在整台車上架設 Ouster 的數位 LiDAR，成為一站式供應商。

So -- and we obviously, we work in the background with a number of customers, many of which I couldn't name, around the Rev8 spec for the automotive domain. But yes, so a lot of things to come there. I think that just highlighting the long-range, high-resolution aspect of the OS1 Max and combining that with the colorized point clouds is pretty game changing in the automotive domain, where advanced AI algorithms go hand-in-hand with the kind of flexible Physical AI progress that's been made in the ADAS sector. So we think these are really good sensors for that domain, and I can't wait to get them in customers' hands.

所以——而且我們確實在幕後與多家客戶合作，其中許多我無法點名，針對汽車領域的 Rev8 規格進行合作。是的，後續還有很多值得期待。我認為，特別是 OS1 Max 的長距離、高解析度特性，再結合彩色化點雲（colorized point clouds），在汽車領域會帶來顛覆性改變；在這個領域，先進 AI 演算法與 ADAS 部門在更具彈性的 Physical AI 進展是相輔相成的。因此我們認為這些是非常適合該領域的感測器，我也迫不及待想把它們交到客戶手上。

Got it. And I guess maybe a question for Ken. As we think about the gross margins and the EBITDA improving that, and as we go through the financials, what's the most important remaining steps to hit breakeven? Is it the revenue scale, the gross margins, OpEx? Or is it a mix of these things to improve the EBITDA?

了解。那我想也許問 Ken 一個問題。當我們思考毛利率與 EBITDA 的改善，並檢視財務數字時，達到損益兩平最重要的剩餘步驟是什麼？是營收規模、毛利率、營運費用（OpEx）？還是這些因素的組合來改善 EBITDA？

Well, I think, number one, the continued innovation that we've been doing is a great stepping stone to showing how our long-term model, the consistency that we've brought over the last 3 years, it's just another proof point of us as a company, Ouster, continuing to hit those proof points year after year after year. And that long-term model, the 30% to 50% growth obviously, with the acquisition, it was high. But even with ex acquisition, 44% growth year-on-year, that's just a proof point of our underlying innovation continuing to that long-term model.

我想第一點，我們持續進行的創新是一個很好的墊腳石，能展現我們長期模型的可行性，以及過去三年我們所帶來的一致性。這只是再次證明我們這家公司——Ouster——年復一年持續達成那些里程碑（proof points）。而那個長期模型，也就是 30% 到 50% 的成長，顯然在併購帶動下成長更高。但即便排除併購因素，年增 44% 的成長，也再次證明我們的底層創新正持續支撐那個長期模型。

If you do the math on that and you look at our gross margins, even staying -- we had another strong tailwind that we overcame some economic challenges and constraints in the quarter for a strong GAAP gross margin quarter. That 35% to 40%, coupled with the growth rate and our discipline on the OpEx side, the innovation we've done with little to no OpEx growth, that 5% to 8% with Stereolabs and the $2.3 million acquisition in the Q1, that combined together shows that we're on a strong path for somewhere within '27, starting to hit that profitability stride. So the model is holding true. We're going to continue to execute towards that. It's a very important milestone for us to get to that.

如果你把這些數字算一算，再看看我們的毛利率，即便——我們本季度還有另一個強勁的順風因素，使我們克服了一些經濟挑戰與限制，並交出強勁的 GAAP 毛利率季度表現。那 35% 到 40% 的毛利率區間，搭配成長率，以及我們在 OpEx 端的紀律——我們在幾乎沒有 OpEx 成長的情況下完成創新；再加上 Stereolabs 帶來的 5% 到 8%（影響），以及第一季 230 萬美元的收購——這些合在一起顯示，我們正走在一條強勁的路徑上，預計在 2027 年的某個時間點開始進入獲利的步調。因此這個模型仍然成立。我們會持續朝這個方向執行。達成那個目標對我們而言是非常重要的里程碑。

But this innovation is key to unlocking that continued long-term growth.

但這項創新是解鎖並延續長期成長的關鍵。

Gotcha. Thanks for all the color. Congrats again on the progress and on RevAid. I'll pass it on.

了解。謝謝你提供這麼多細節。再次恭喜你們的進展以及 RevAid。我會轉達的。

Thank you.

謝謝你。

Richard Shannon, Craig Hallum.

Richard Shannon，Craig-Hallum。

Well, hi, guys. Thanks for getting me here in the queue here. Apologies, I just jumped on the call. I got like four or five earnings here tonight and I have no idea if this question was asked, but I want to ask it anyway, which is the new Rev8 product is quite interesting in many ways, a lot of performance improvements here. But the interesting one here is the ability to do color. I'm curious, Angus, if you can tell us a little bit more about that, how you did that? I assume this is something in the detector.

各位好，謝謝讓我排進提問隊列。抱歉我剛加入電話會議。我今晚大概有四、五場財報電話會議，我也不確定這個問題是否已經有人問過，但我還是想問：新的 Rev8 產品在很多方面都很有意思，效能提升很多。不過最有趣的是它能做彩色。我很好奇，Angus，你能不能多跟我們說一點你們是怎麼做到的？我猜這應該是在偵測器上做的。

Wondering if this is a technology that's exclusive, inherent to Ouster or are you the first one to try to implement this? Just any ideas to help us understand how you're doing this? And then maybe if you want to follow on, what applications do you expect to be adopting that first?

想請教這是不是一項獨家技術、是 Ouster 內建/固有的能力？還是你們是第一個嘗試導入這個的？任何能幫助我們理解你們如何做到的想法都可以。然後如果你願意再延伸一下，你預期哪些應用會最先採用？

Absolutely. Thanks, Richard. So I mean, the Rev8 native color point clouds are a genuine world-first invention. This is a really significant milestone for the lidar industry in general. And it's a first-of-its-kind technology, no question.

當然可以。謝謝你，Richard。Rev8 的原生彩色點雲確實是全球首創的發明。這對整個光達產業而言是一個非常重要的里程碑。毫無疑問，這是一項前所未有的技術。

So, the core innovation happens at the silicon level, and this just goes back to Ouster inventing digital lidar, and we've continued to innovate at the silicon architecture level now by fusing in-silicon color and lidar data so that customers don't have to think about this and getting an absolutely incredible result for the end customer. So absolutely, this is a world-first direct innovation, basically the result of 10 years of pushing on silicon innovation at Ouster and building it into the L4 and L4 Max chips.

核心創新發生在矽晶層級，這也回到 Ouster 發明數位光達的起點；我們持續在矽架構層級創新，現在透過在矽晶內融合彩色與光達資料，讓客戶不必再為此費心，並為終端客戶帶來極其出色的成果。所以沒錯，這是全球首創的直接創新，基本上是 Ouster 10 年來持續推進矽晶創新的成果，並將其整合進 L4 與 L4 Max 晶片。

In terms of the applications, I mean, the most -- the clearest opportunity here is simply more context to train the next generation of Physical AI models. The world truly cannot be described with just 3D information or just color. It really is a combination of those two attributes that allows you to both sense the position of a street sign and read what it's saying or sense the location of a car and knowing that it's just slammed on its brakes with brake lights. So training AI models with a colorized point cloud data set is the final frontier that so many of our customers have been trying to reach. It's literally -- they call it the Holy Grail.

就應用而言，最——最明確的機會就是提供更多脈絡來訓練下一代的 Physical AI 模型。這個世界確實無法只用 3D 資訊或只用顏色來描述；真正需要的是兩者的結合，才能同時感知路牌的位置並讀出上面的內容，或感知車輛的位置並知道它剛剛急煞、煞車燈亮起。因此，用彩色化點雲資料集來訓練 AI 模型，是許多客戶一直想達成的最後疆界。這真的是——他們稱之為「聖杯」。

I've heard that many times from our customer base. This is the Holy Grail colorized point clouds, unified and trained for -- trained into new AI algorithms.

我從我們的客戶群那裡聽過很多次：彩色化點雲就是聖杯，把它統一並用來訓練——訓練進新的 AI 演算法。

So -- that's the most obvious use case, and that just gives better, safer, more capable AI systems. There's also one in 3D surveying. So almost all surveying applications require a combination of structure and color or texture to assess the quality and status of a bridge, right? If you -- if a bridge is degrading, you want to know that it's structurally stagging, but you also want to see that the concrete has cracked and so color and lidar data give you that.

所以——這是最明顯的使用情境，能帶來更好、更安全、更有能力的 AI 系統。另一個是在 3D 測量/勘測領域。幾乎所有測量應用都需要結構與顏色或紋理的結合，來評估橋梁的品質與狀態，對吧？如果——如果橋梁在劣化，你會想知道它在結構上是否正在下垂/變形，但你也想看到混凝土是否出現裂縫，而顏色與光達資料能提供這些資訊。

So there are obvious applications with a customer set that really span every single customer use case. It's hard to identify any customer that won't benefit from this, which is why I said I think every customer effectively will adopt a Rev8 colorized capability eventually. So yes, again, this just comes back to 10 years pushing silicon innovation into our products, and this is the end result.

因此，對於一組客戶而言，明顯的應用幾乎涵蓋每一種客戶使用情境。很難指出有哪個客戶不會從中受益，這也是我說我認為每位客戶最終都會採用 Rev8 的彩色化能力的原因。所以是的，再次強調，這就是 10 年來把矽晶創新推進到我們產品中的成果，而這就是最終結果。

Yeah, and Richard, I just want to point out to the last piece of it. This is over almost a dozen patents just on the RGB colorization alone. And then the underlying Rev8 technology building not just from the Rev7, but it's almost 200 patents underneath supporting the Rev8. So that technology and effort that we've put in to bring out there, is also covered with real innovation with those patents for the company.

對，而且 Richard，我還想補充最後一點：僅就 RGB 彩色化本身，我們就有將近一打的專利。另外，Rev8 的底層技術不只是建立在 Rev7 之上，其下方支撐 Rev8 的專利接近 200 件。所以我們為了把這項技術與努力推向市場所投入的內容，也透過這些專利為公司帶來真正的創新保護。

Okay. That's helpful perspective. And one quick follow-up again on this topic here. As you add in color to applications that are previously using lidar, how do we think about the upsize in the -- in value and price that you're able to charge these sorts of things? Thank you.

好的。這個觀點很有幫助。再快速追問一個同樣主題的問題：當你把彩色加入到先前只使用光達的應用中，我們該如何看待你們能夠收取的價值與價格的提升幅度？謝謝。

Well, I think that did -- that goes back to another question that was asked around ASPs and how this filters down into costs and value capture. And this here really depends on the application. We always try to price our products to be -- to enable our customers' commercial application. It's one of the key strategies that we've done really well with, maintaining strong gross margins, but also working with customers to make sure that the pricing works for their business at scale.

我想這——這又回到先前有人問到 ASP（平均售價）以及這如何反映到成本與價值擷取的問題。而這裡其實取決於應用。我們一向努力讓產品定價——能夠支撐客戶的商業化應用。這是我們做得很好的關鍵策略之一：在維持強勁毛利率的同時，也與客戶合作，確保定價在其業務規模化時是可行的。

And so I'm giving you an unsatisfying answer. Rev8, the technology and getting color into our customers' hands, the pricing depends on the customer application. We do want to make sure that customers don't have price as an impediment to adopting an incredible capability that actually enables their long-term viability as a company. So I think the key takeaway is Rev8 is a drop-in compatible replacement for Rev7. So the adoption can be quick and seamless to getting that value, and that's a huge benefit to these customers.

所以我給你的答案可能不太令人滿意。Rev8 這項技術、以及把彩色能力交到客戶手上，定價會取決於客戶的應用。我們確實希望不要讓價格成為客戶採用這項驚人能力的阻礙，因為它其實能支撐他們公司長期的可行性。因此我認為關鍵重點是：Rev8 是 Rev7 的可直接替換、相容的產品。所以導入可以快速且無縫地取得價值，這對客戶是很大的好處。

Okay, great perspective. I will jump on the line, guys.

好的，很棒的觀點。我就先回到隊列了，各位。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Angus for closing remarks.

謝謝。問答環節到此結束。接下來我想把時間交回給 Angus 做結語。

Well, I want to thank everyone for joining the call and really want to thank the Ouster team for the push that they made to get Rev8 out. This is a paradigm shift for the industry. We have incredible customer demand for the Rev8 product. And I can't wait to continue to update everyone that joined the call for the rest of the year on Rev8's adoption through the year. Thank you all.

我想感謝大家參與這通電話會議，也非常感謝 Ouster 團隊為推出 Rev8 所做的努力推進。這對產業而言是一個典範轉移。我們看到 Rev8 產品有驚人的客戶需求。我也迫不及待在今年接下來的時間，持續向今天參與電話會議的各位更新 Rev8 在全年導入採用的進展。謝謝大家。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。