Ouster, Inc. (OUST) 2026 Q2 法說會逐字稿

Hello and welcome to Ouster's second quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Ouster 2026 年第二季財報電話會議。（接線員指示）

I'd now like to turn the conference over to Chen Geng, Senior Vice President and Strategic Finance Treasurer.

現在我想把會議交給資深副總裁兼策略財務財務長 Chen Geng。

Thank you, operator, and good afternoon, everyone. Thank you for joining our second quarter 2026 earnings call. Today on the call, we have Chief Executive Officer, Angus Pacala and Chief Financial Officer, Ken Giannella.

謝謝您，接線員，各位下午好。感謝各位參加我們 2026 年第二季財報電話會議。今天與會的有執行長 Angus Pacala 與財務長 Ken Giannella。

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，今日收盤後，Ouster 已發布財務新聞稿，並以 Form 8-K 形式提交，同時刊登於 Ouster 官網投資人關係專區。今天的電話會議也將於本公司網站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 product, our products capabilities and performance, and our revenue guidance for the third quarter of 2026 and long-term financial targets.

我想提醒各位，本次電話會議中我們將發表若干前瞻性陳述。其中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 年第三季的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 second quarter 2026 financial results release and in the quarterly and annual reports we filed 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，已載明於 2026 年第二季財務結果新聞稿，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；除法律另有規定外，Ouster 不承擔更新任何前瞻性陳述之義務，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。今日所討論之 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.

現在我想把電話交給 Angus。

Hello, everyone, and thank you for joining us today. I'll start with a brief recap of the quarter and an update on our strategic priorities before Ken covers our financial results in more detail.

各位好，感謝今天加入我們。我將先簡要回顧本季表現並更新我們的策略優先事項，接著由 Ken 更詳細說明財務結果。

We delivered exceptional results for the second quarter, generating $55 million in revenue and shipping over 17,000 sensors. This marks our 14th straight quarter of product revenue growth and is a testament to the strength of our unified sensing and perception platform.

我們在第二季交出卓越成果，營收達 5,500 萬美元，出貨超過 17,000 顆感測器。這是我們連續第 14 個季度產品營收成長，展現我們整合式感測與感知平台的強勁實力。

We had strong contributions from our industrial and smart infrastructure verticals for use cases in warehouse automation, yard logistics, port automation, mining, and ITS.

我們的工業與智慧基礎設施垂直領域貢獻強勁，應用情境涵蓋倉儲自動化、場站物流、港口自動化、採礦以及 ITS（智慧運輸系統）。

Across the world, customers have continued to scale their investment in physical AI. Our smart infrastructure business continues to scale with major deployments in New Jersey and Georgia to support the 2026 FIFA World Cup.

在全球範圍內，客戶持續擴大對實體 AI 的投資規模。我們的智慧基礎設施業務持續擴張，在新澤西州與喬治亞州進行重大部署，以支援 2026 年 FIFA 世界盃。

The New Jersey DOT deployed Ouster BlueCity to create a digital traffic twin across 42 highway locations around MetLife Stadium. In Georgia, we deployed BlueCity at an additional 30 intersections across the Atlanta area, including around Mercedes-Benz Stadium.

新澤西州交通運輸廳（New Jersey DOT）部署了 Ouster BlueCity，在 MetLife 體育場周邊 42 個高速公路地點建立數位交通孿生。在喬治亞州，我們在亞特蘭大地區另外 30 個路口部署 BlueCity，其中包括 Mercedes-Benz 體育場周邊。

Upon the conclusion of the World Cup, BlueCity will continue to provide high-fidelity traffic monitoring. Automated data analytics, and real-time safety alerts designed to optimize traffic and enhance the safety of everyday residents in these locations.

世界盃結束後，BlueCity 仍將持續提供高精度的交通監測、自動化資料分析，以及即時安全警示，旨在優化交通並提升這些地點日常居民的安全。

Outer sensors are helping industrial customers like AIM intelligent machines improve safety and productivity for autonomous operations in complex, unstructured environments. AIM's autonomy kits retrofit heavy machinery into AI-powered fleets that maximize safety and productivity.

Ouster 感測器正協助 AIM intelligent machines 等工業客戶，在複雜、非結構化環境中的自主作業提升安全性與生產力。AIM 的自動化套件可將重型機械改裝為 AI 驅動的車隊，以最大化安全與生產力。

We expanded our footprint in the defense industry with a strategic agreement with Argus Interception and announced a collaboration with FieldAI to leverage Rev8 to power the next generation of robotic autonomy in markets like construction, mining, and security.

我們透過與 Argus Interception 的策略協議，擴大在國防產業的布局，並宣布與 FieldAI 合作，運用 Rev8 為建築、採礦與安防等市場的下一代機器人自主能力提供動力。

The second quarter was also a period of strategic execution and expansion for Ouster. We brought the world's first native color lidar sensors to customers with Rev8 and set a new standard for wrist mount stereo vision with the ZED X Nano.

第二季對 Ouster 而言也是策略執行與擴張的期間。我們透過 Rev8 將全球首款原生彩色光達感測器交付給客戶，並以 ZED X Nano 為腕載式立體視覺樹立新標準。

We also deepened our partnership with NVIDIA, bringing Rev8 to the NVIDIA DRIVE and Jetson platforms. With dedicated NVIDIA toolkits supporting direct data ingestion and drivers designed to leverage Jetson Orin and Thor. Ouster is providing customers with a production-ready ecosystem that is critical to solve the most complex challenges in physical AI.

我們也加深與 NVIDIA 的合作，將 Rev8 導入 NVIDIA DRIVE 與 Jetson 平台。並提供專用的 NVIDIA 工具套件以支援直接資料匯入，以及可善用 Jetson Orin 與 Thor 的驅動程式。Ouster 正為客戶提供可量產就緒的生態系，這對解決最複雜的實體 AI 挑戰至關重要。

We are actively scaling our Rev8 production lines and anticipate reaching production volumes by the end of the quarter.

我們正積極擴大 Rev8 的量產產線，並預期在本季末達到量產規模。

As previously announced, we expanded our partnership with Benchmark to support Rev8, establishing manufacturing capacity that ultimately exceeds 100,000 units per year. We also achieved Build America, Buy America compliance for Rev8, which makes Rev8 and Blue City eligible for deployment in US government-funded infrastructure upgrades.

如先前所宣布，我們擴大與 Benchmark 的合作以支援 Rev8，建立最終年產能超過 100,000 台的製造能力。我們也讓 Rev8 達成「Build America, Buy America」合規，使 Rev8 與 Blue City 符合在美國政府資助的基礎設施升級專案中部署的資格。

Finally, we continue to bolster our strong operational execution with disciplined financial management. Building upon an already resilient balance sheet, the additional capital we raise provides us with the ability to fully fund our current business plan while providing immense strategic flexibility. This strength gives our customers ultimate confidence in our ability to serve their needs and serve as their foundational physical AI partner.

最後，我們持續以嚴謹的財務管理強化穩健的營運執行。在原本就具韌性的資產負債表基礎上，我們額外募集的資本使我們能夠充分支應目前的營運計畫，同時提供極大的策略彈性。這項優勢讓客戶對我們滿足其需求、並作為其基礎實體 AI 合作夥伴的能力具備最高信心。

Turning to our 2026 strategic priorities, we progressed across all three key focus areas, revolutionizing our lidar camera and AI compute products, extending our leadership in physical AI solutions, and executing towards profitability.

談到我們 2026 年的策略優先事項，我們在三大重點領域皆取得進展：革新我們的光達相機與 AI 運算產品、延伸我們在實體 AI 解決方案的領導地位，以及朝向獲利目標推進。

The launch of Rev8 was the most important product release in Ouster's history and a pivotal moment for physical AI. Featuring the world's first native color lidar, Rev8 has set a new industry benchmark and delivers the holy grail for 3D spatial perception.

Rev8 的推出是 Ouster 歷史上最重要的產品發布，也是實體 AI 的關鍵時刻。Rev8 搭載全球首款原生彩色光達，樹立新的產業標竿，並提供 3D 空間感知的「聖杯」能力。

Feedback from customers has been electric, calling Rev8 a massive leap in sensing capability that provides unprecedented situational awareness to scale next generation physical AI solutions where it matters most. Engineered for functional safety and built for scale, Rev8 is driving commercial momentum across all of our verticals.

客戶回饋極為熱烈，稱 Rev8 在感測能力上是一次巨大躍進，能提供前所未有的情境感知，讓下一代實體 AI 解決方案得以在最關鍵之處擴大規模。Rev8 以功能安全為設計核心並具備可規模化量產能力，正推動我們所有垂直領域的商業動能。

From the harsh demanding environments of mining and construction sites to the dynamic complex world of robotaxi fleets and statewide traffic networks across the country, Rev8 is cementing Ouster as a core perception partner for market leaders scaling real-world autonomy.

從採礦與工地等嚴苛高要求環境，到機器人計程車車隊的動態複雜世界，以及全國各州的交通網路，Rev8 正鞏固 Ouster 作為市場領導者在擴展真實世界自主化時的核心感知合作夥伴地位。

Customer response has been immediate, highlighted by multiple million-dollar-plus orders, including the world's largest manufacturer of heavy machinery, a leading developer of autonomous agriculture equipment, and a top autonomous vehicle provider.

客戶反應立竿見影，亮點包括多筆超過百萬美元的訂單，客戶涵蓋全球最大的重型機械製造商、領先的自主農業設備開發商，以及頂尖的自動駕駛車輛供應商。

During the quarter, we secured a significant order to provide the Utah Department of Transportation with its largest lidar deployment to date, covering several hundred intersections across the state. With native color and industry leading performance, Rev8 is solidifying our market leadership and deepening relationships across these and other key accounts.

本季期間，我們取得一筆重要訂單，將為猶他州交通運輸廳提供其迄今最大規模的光達部署，涵蓋全州數百個路口。憑藉原生彩色與業界領先的效能，Rev8 正強化我們的市場領導地位，並加深與這些及其他關鍵客戶的合作關係。

The acquisition of Stereo Labs is already proving strategic and financial value. The ZED X Nano was the most successful launch in Stereo Labs history and expanded our reach into industrial and robotics markets, winning new sockets requiring smaller form factors.

對 Stereo Labs 的收購已開始展現策略與財務價值。ZED X Nano 是 Stereo Labs 歷史上最成功的產品發布，並擴大我們在工業與機器人市場的觸及，贏得需要更小外形尺寸的新案源。

By delivering high resolution and ultra-low latency capture pipeline and millimeter accuracy, we're giving roboticists a major upgrade to their vision systems, enabling machines to sense, think, act, and learn with unprecedented precision.

透過提供高解析度、超低延遲的擷取管線與毫米級精度，我們正為機器人研發者的視覺系統帶來重大升級，使機器能以前所未有的精準度進行感知、思考、行動與學習。

With a unified lidar camera and AI compute stack, Ouster is providing customers with the world's most capable perception platform.

憑藉整合式光達相機與 AI 運算堆疊，Ouster 正為客戶提供全球最強大的感知平台。

We also upgraded our Gemini and Blue City software solutions with Rev8. Opening up a new level of spatial intelligence. This breakthrough introduces the industry's first native color lidar detection system, simultaneously capturing both color and 3D depth information without the need for complex calibration.

我們也以 Rev8 升級了 Gemini 與 Blue City 軟體解決方案。開啟全新層級的空間智慧。這項突破推出業界首個原生彩色光達偵測系統，可同時擷取色彩與 3D 深度資訊，無需複雜校準。

Powered by the Rev8 OS1 Max, we released advanced detection for BlueCity, delivering double the range and resolution of previous generations and achieving multimodal detection and classification up to 500 feet.

在 Rev8 OS1 Max 的驅動下，我們為 BlueCity 發布了進階偵測功能，提供較前代加倍的量測距離與解析度，並可在最遠 500 英尺範圍內實現多模態偵測與分類。

By providing unmatched situational awareness and delivering precise high-fidelity digital traffic twins, Rev8 opens up higher speed markets and allows transportation departments to further optimize signal timing based on real-time data to improve traffic flow while reducing their total cost of ownership.

透過提供無與倫比的態勢感知並交付精準、高擬真的數位交通孿生，Rev8 開啟更高速的市場機會，並讓交通主管機關可依據即時數據進一步最佳化號誌時制，在改善車流的同時降低總持有成本。

Privacy is paramount for this market, and we designed BlueCity with system-level privacy features at the edge to reduce the collection of identifying features.

隱私對此市場至關重要，因此我們在 BlueCity 的邊緣端設計了系統層級的隱私功能，以降低可識別特徵的蒐集。

After BlueCity has quickly become a premier traffic management solution, including the three largest lidar-based deployments in the United States, and our goal is to be the number one provider of smart infrastructure solutions.

BlueCity 已迅速成為頂尖的交通管理解決方案，其中包含美國三個最大的光達部署案；我們的目標是成為智慧基礎設施解決方案的第一大供應商。

Since its launch in 2023, we have established Gemini as a standard for sensing and perception, providing the real-time digital twin necessary for our smart infrastructure customers to increase their efficiency and safety.

自 2023 年推出以來，我們已將 Gemini 建立為感測與感知的標準，提供智慧基礎設施客戶所需的即時數位孿生，以提升其效率與安全性。

We see an enormous opportunity in our other verticals to provide software solutions for everything that moves in the physical world. Similar to smart infrastructure, these customers need a less technical turnkey solution that is easy to deploy. And we will continue to invest in products and solutions that broaden our market opportunity and help accelerate our customers' development.

我們在其他垂直領域也看見龐大機會，可為實體世界中所有會移動的事物提供軟體解決方案。與智慧基礎設施類似，這些客戶需要更少技術門檻、易於部署的一站式解決方案。我們將持續投資於能擴大市場機會並協助加速客戶開發的產品與解決方案。

Finally, our strong results are aligned with our long-term financial framework. We are making strategic investments to expand our addressable market while maintaining our path to profitability.

最後，我們的強勁成果與長期財務框架一致。我們在維持邁向獲利的路徑同時，進行策略性投資以擴大可服務市場。

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

接下來我把電話會議交給 Ken，他將就我們第二季的財務結果提供更多背景說明。

Thank you, Angus, and hello, everyone. In the second quarter, we delivered a record quarter of revenue and number of sensors sold and introduced multiple new products to the market. These are important proof points in our continued execution against both our financial and operational goals. These results reinforce our confidence in the long-term financial model, supported by continued operating leverage and strong customer demand across our served markets.

謝謝你，Angus，大家好。第二季我們創下單季營收與感測器銷量的新高紀錄，並向市場推出多項新產品。這些都是我們持續在財務與營運目標上執行到位的重要佐證。在持續的營運槓桿與我們所服務市場的強勁客戶需求支持下，這些結果進一步強化我們對長期財務模型的信心。

Turning to the second quarter financial performance. Operating results were again strong, with revenue of $55 million. This represents an increase of approximately 56% compared with the second quarter last year.

接著看第二季財務表現。營運結果再次強勁，營收為 5,500 萬美元。相較去年同期第二季，約成長 56%。

The industrial vertical was the largest contributor to the second quarter revenue, followed by smart infrastructure.

工業垂直領域是第二季營收的最大貢獻者，其次為智慧基礎設施。

We shipped over 17,000 sensors, a new quarterly record, which included over 9,000 lidar and over 8,000 camera sensors.

我們出貨超過 17,000 顆感測器，創下新的單季紀錄，其中包含超過 9,000 顆光達與超過 8,000 顆相機感測器。

Royalty revenue in Q2 was approximately $1.9 million, and for the first half of the year, royalty revenue was approximately $2.2 million. We continue to estimate total royalty revenue in 2026 to be around $5 million for the full year.

第二季權利金收入約為 190 萬美元；上半年權利金收入約為 220 萬美元。我們仍預估 2026 年全年權利金總收入約為 500 萬美元。

GAAP gross margin was 49%, up from 45% in the same quarter last year. A one-time refund was included in our cost of goods sold, which positively impacted gross margin by approximately 1,000 basis points.

GAAP 毛利率為 49%，高於去年同期的 45%。銷貨成本中包含一次性退款，使毛利率正向影響約 1,000 個基點。

As a reminder, in the second quarter of 2025, we had a one-time refund which positively impacted us by approximately 500 basis points. We do not expect these one-time benefits to reoccur in our ongoing normal operations.

提醒一下，在 2025 年第二季，我們也有一次性退款，對我們的正向影響約為 500 個基點。我們不預期這些一次性利益會在後續的正常營運中再次出現。

GAAP operating expenses were $47 million, an increase of approximately 10% from the second quarter last year. The increase was primarily due to the addition and integration of stereo labs for a full quarter, new product introductions with the Rev8 and ZED X Nano, and recent investments in expanding our fiscal AI solution portfolio.

GAAP 營業費用為 4,700 萬美元，較去年同期第二季約增加 10%。增加主要來自 StereoLabs 併入與整合帶來的完整季度影響、Rev8 與 ZED X Nano 的新產品導入，以及近期為擴大我們的財務 AI 解決方案組合所做的投資。

We are closely monitoring our operating expenses and anticipate the third quarter expenses to be 5% to 8% higher year-over-year.

我們正密切監控營業費用，並預期第三季費用將較去年同期增加 5% 至 8%。

Our adjusted EBITDA in Q2 was a negative $4 million, which was an improvement of approximately $1 million from the second quarter last year.

第二季調整後 EBITDA 為負 400 萬美元，較去年同期第二季改善約 100 萬美元。

Turning to our balance sheet, we ended the quarter with cash equivalents, restricted cash, and short-term investments of $263 million and no debt. This figure includes approximately $98 million raised in the second quarter through our previously discussed ATM program.

再看資產負債表，本季末我們的約當現金、受限制現金與短期投資合計為 2.63 億美元，且無負債。此數字包含我們在第二季透過先前提及的 ATM 計畫募集的約 9,800 萬美元。

At the beginning of the third quarter, we further strengthened our cash position through a successful offering of common stock, which closed on July 6. Given the favorable market conditions at the time and corresponding strong investor demand, we closed a common stock offering that generated approximately $191 million in net proceeds.

在第三季初，我們透過成功發行普通股進一步強化現金部位，該交易於 7 月 6 日完成交割。鑑於當時有利的市場條件與相應的強勁投資人需求，我們完成普通股發行，淨募集資金約 1.91 億美元。

Upon completion, we had approximately $72 million shares outstanding.

完成後，我們流通在外股數約為 7,200 萬股。

This strategic financing decision gives us additional capital to support our growth objectives, invest in opportunities we see across our markets, and further strengthen what is already one of the industry's strongest balance sheets. Furthermore, after this most recent financing, we do not expect to need additional capital to fund our current operating plan on our path to profitability.

這項策略性融資決策為我們提供額外資本，以支持成長目標、投資我們在各市場看到的機會，並進一步強化本就屬於業界最強之一的資產負債表。此外，在最近這次融資之後，我們預期在邁向獲利的過程中，無需再為目前的營運計畫募集額外資金。

Now turning to our guidance. Total revenue for the third quarter of 2026 is expected to be in the range of $54.5 million to $57.5 million, with the ramp of Rev8 to production volumes expected to occur throughout and into the latter part of the third quarter.

接著談我們的財測指引。預期 2026 年第三季總營收將落在 5,450 萬至 5,750 萬美元區間，Rev8 由導入走向量產的爬坡預計將在第三季期間並延續至第三季後段發生。

Our full-year revenue expectations remain unchanged. The acquisition of StereoLabs, introduction of Rev8 and ZED X Nano, and our expanding software and AI solutions are great proof points towards our continued investment to be a leader in sensing and perception for physical AI.

我們對全年營收的預期維持不變。收購 StereoLabs、推出 Rev8 與 ZED X Nano，以及我們持續擴展的軟體與 AI 解決方案，都是我們持續投資、以成為實體 AI 感測與感知領導者的重要佐證。

Our execution continues to build confidence in our long-term financial model.

我們的執行力持續提升市場對我們長期財務模型的信心。

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

我現在把電話會議交回 Angus，請他做結語。

The second quarter continued the momentum of the most transformative year in Ouster's history.

第二季延續了 Ouster 史上最具變革性年度的成長動能。

With the landmark launch of Rev8 and the ZED X Nano, the integration of stereo labs, a strengthened partnership with NVIDIA, and significant strategic flexibility provided by our capital raises, Ouster is further extending its leadership as the foundational end-to-end sensing and perception platform for physical AI.

隨著 Rev8 與 ZED X Nano 的里程碑式發布、StereoLabs 的整合、與 NVIDIA 更緊密的合作關係，以及我們透過募資所取得的顯著策略彈性，Ouster 正進一步擴大其作為實體 AI 基礎端到端感測與感知平台的領導地位。

Our focus remains on providing the industry's most performant products and solutions, dramatically simplifying system integration and accelerating time to market for the world's most innovative companies. The resounding customer feedback we received enforces our strategic path.

我們仍專注於提供業界效能最強的產品與解決方案，大幅簡化系統整合並加速全球最具創新公司的產品上市時程。我們收到的熱烈客戶回饋，進一步印證了我們的策略方向。

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

那麼，接下來我想開放電話會議進行問答。

(Operator Instructions) Colin Rusch, Oppenheimer.

(接線員指示) Colin Rusch，Oppenheimer。

Can you give us a sense, you mentioned some of these orders that you're talking about. The bookings and kind of backlog that you guys are looking at, some order of magnitude or quantification of what you're looking at that's already been kind of put into your expectations for revenue ramp over the next couple of years?

你能否讓我們了解一下，你提到你們正在談的一些訂單。就你們看到的接單（bookings）以及某種程度的在手訂單（backlog）而言，能否給個量級或量化說明：這些已經在你們對未來幾年營收爬坡（revenue ramp）的預期中，納入了多少？

We gave a bit of color as it pertains to this year, Q3, Q4, and our revenue expectation remains on track just given the really strong reception to Rev8. So it's been one quarter with Rev8 out being sold, and we've already racked up very significant wins with Fortune 500 companies, millions of dollars worth of orders, and now we're ramping the production to ship the product at volume scale this quarter. But Rev8 will fuel the core of our business for my expectation in the next five years.

我們已就今年、第三季、第四季提供了一些補充說明，而在 Rev8 反應非常強勁的情況下，我們的營收預期仍維持在軌道上。Rev8 推出並開始銷售才一個季度，我們就已經拿下多個《財富》500 強企業的重大勝利，累積了數百萬美元規模的訂單；而我們目前正在提升產能，以便在本季以量產規模出貨。但在我看來，Rev8 將在未來五年成為我們業務的核心動能。

And we have very strong signal on that being the case, just given the reaction that we've already had and how much better the Rev8 platform is and how expanded the Rev8 platform is with the long-range Mac sensors and RGB sensing versus Rev7, which has been the core of our business for so long.

我們對此有非常強的訊號支持，因為我們已經看到市場的反應，而且 Rev8 平台相較 Rev7 不僅更好、也更為擴展：包含長距離的 Mac 感測器與 RGB 感測能力；而 Rev7 長期以來一直是我們業務的核心。

Adding on top of that, StereoLabs, which is having an exceptional year, and we're sitting on 50% plus year-over-year product revenue growth as a company and feeling very bullish about both this year and the future of Ouster.

此外再加上 StereoLabs 今年表現非常出色，我們公司整體產品營收年增率超過 50%，因此對今年以及 Ouster 的未來都感到非常樂觀。

So yeah, not giving exact bookings numbers on the full year quite yet, but feeling really great about the business for sure.

所以，是的，我們目前還不會提供全年接單的精確數字，但對業務的狀況確實感覺非常好。

Thanks, and can you talk about the competitive landscape a little bit? Now that you've got a couple of very differentiated capabilities, in the sensors, coupled with the software capability, can you talk about how competitive some of these bidding, efforts are and how you're thinking about pricing on a relative basis?

謝謝。你能否談談競爭態勢？現在你們在感測器上具備幾項非常差異化的能力，再加上軟體能力，你能否談談這些投標案的競爭激烈程度，以及你們如何思考相對的定價？

Yeah, well, lidar is not an easy business. Physical AI is not an easy business. These are new technologies that require significant investment. And I visualize this as almost as a flywheel of investment that gains momentum slowly but considerably year in and year out for any company that's able to be consistent and focused in their strategy and investment over that long time period.

好的，光達不是一門容易的生意。實體 AI（Physical AI）也不是一門容易的生意。這些都是需要大量投資的新技術。我把它想像成一個投資飛輪：只要公司能在長時間內保持策略與投資的一致性與專注度，這個飛輪就會逐年緩慢但顯著地累積動能。

I think NVIDIA is such a great example of this, sticking to their guns and investing in edge compute, and we see the results, but that was a strategy compounded over decades, and I view Astra the same way.

我認為 NVIDIA 就是很好的例子：堅持方向、投資邊緣運算（edge compute），我們現在看到成果；但那是數十年累積的策略。我也用同樣的方式看待 Astra。

We are sticking to what we do best. Cutting-edge technology and sensing perception, whether it's a camera, a lidar, the compute, and the algorithms that run on them. This is a virtuous cycle that has an immense amount of institutional inertia in it that gives us an edge today, but accelerates and keeps that momentum for the next five years.

我們會堅持做我們最擅長的事。也就是最前沿的技術與感知（perception），不論是相機、光達、運算，以及在其上運行的演算法。這是一個良性循環，具有非常強的組織慣性（institutional inertia），讓我們今天具備優勢，並在未來五年加速並維持這股動能。

So in terms of competitors coming and just catching up, given that there's this amount of investment needed, I don't see anyone just kind of jumping into the mix and being able to build what Ouster has built in a year or a couple of years for that matter, given that I've been at this for 11 years straight.

因此，就競爭者進入並追趕而言，考量到需要投入如此規模的投資，我不認為有人能在一年或兩年內就跳進來、並打造出 Ouster 已經建立的東西；畢竟我已經連續做了 11 年。

So yeah, and I think that Ouster is yet to have any major misstep on strategy, technology, product mix or M&A. And that can't be said for a lot of our competitors. So I'm feeling very good about how we position Ouster across all of our markets for the foreseeable future.

所以，是的，而且我認為 Ouster 在策略、技術、產品組合或併購（M&A）方面，至今尚未出現任何重大失誤。這點對我們許多競爭對手而言並不成立。因此，對於我們在可預見的未來如何在各個市場定位 Ouster，我感到非常有信心。

Just the only thing I'll add on to that, Angus, is the software piece of it that he discussed was taking all that infrastructure that Angus just put together and then having products like BlueCity that go end-to-end into the marketplace and expanding that software component with the investments that we're doing in our software. It's very hard for any company to match the investment that Ouster's done in that area. So, we're one of the few companies, if not only companies out there, that have that end-to-end game book in play.

Angus，我唯一想補充的是他提到的軟體部分：也就是把 Angus 剛建立的所有基礎架構整合起來，並透過像 BlueCity 這樣端到端（end-to-end）進入市場的產品，配合我們在軟體上的投資來擴大軟體組成。任何公司要匹配 Ouster 在這方面的投資都非常困難。因此，我們是少數、甚至可能是唯一一家擁有這種端到端作戰手冊（game book）並正在執行的公司。

(Operator Instructions) Kevin Cassidy, Rosenblatt Securities.

(接線員指示) Kevin Cassidy，Rosenblatt Securities。

Congratulations on the wrap of Rev8. And maybe just along those lines with Rev8, were there any orders that you couldn't ship for the quarter because Rev8 wasn't available? Or let's say even for this quarter in the guidance, is there potential that if you could make more, you could guide for a higher revenue? No, I think you have more orders than you do product?

恭喜 Rev8 順利收尾。也許沿著 Rev8 這條線問一下：本季是否有任何訂單因為 Rev8 尚未供應而無法出貨？或者說，即便在你們對本季的財測指引中，是否存在這樣的可能：如果你們能生產更多，就能給出更高的營收指引？也就是說，你們的訂單是否多於產品供給？

Well, we always carry a backlog in our business. We maintain inventory and a healthy backlog for the lidar business and increasingly for the StereoLabs camera business. And so I can answer it.

我們的業務一向會維持一定的在手訂單（backlog）。我們會為光達業務維持庫存與健康的在手訂單，且對 StereoLabs 相機業務也越來越如此。所以我可以回答這個問題。

Technically, there could be more revenue to ship, but it's at the sacrifice of backlog, which we wouldn't want to do, and we also want to uphold our lead time obligations and shipment schedules with our customers. So, what we're guiding to is what we think we can ship realistically in revenue each and every quarter, and there's not that much wiggle room within that guide.

從技術上來說，確實可能有更多營收可以出貨，但那會以犧牲在手訂單為代價，而我們不希望這麼做；同時我們也希望履行對客戶的交期承諾與出貨排程。因此，我們給出的指引是我們認為每一季在營收上能夠實際出貨的水準，而在這個指引範圍內可調整的空間並不大。

Okay, and maybe on BlueCity, it seems Utah is starting to release more orders. What is the time frame, or can we expect that in Atlanta or Stamford, Connecticut, or even Northern Jersey that your foothold will expand? Is there a time frame expected for that, or do you just sit and wait?

好的。再問一下 BlueCity，看起來猶他州開始釋出更多訂單。那麼在亞特蘭大或康乃狄克州史丹佛，甚至北新澤西，你們的據點擴張可以期待在什麼時間框架內發生？這有預期的時間表嗎？還是你們只能坐等？

Yeah, I see the expansion happening all the time.

是的，我看到擴張一直都在發生。

So while I don't know exactly what will happen in Atlanta or New Jersey specifically, the trend is customers get their hands on BlueCity, they deploy POCs, then they deploy citywide scale or statewide scale and it works and then they order more and more and more.

雖然我不確定亞特蘭大或新澤西具體會如何發展，但趨勢是：客戶拿到 BlueCity 後，先部署概念驗證（POC），接著部署到全市規模或全州規模；運作良好後，就會下更多、更多、更多的訂單。

And so Utah is one of the earliest adopters, been a really strong customer of ours for so they're furthest along perhaps in adopting the BlueCity product. And so when they saw the advanced detection capability that we came out with, 500 foot sensing with full RGB OS1 Max sensors, they were first in line because they knew how well it would work on Utah's big wide open roadways.

猶他州是最早期的採用者之一，一直是我們非常強的客戶，因此在採用 BlueCity 產品方面可能走得最前面。當他們看到我們推出的先進偵測能力——使用具完整 RGB 的 OS1 Max 感測器、可達 500 英尺的感測距離——他們就第一時間排隊採用，因為他們知道這在猶他州寬廣開闊的道路上會非常有效。

So that is absolutely an indication of where this market is going and the competitiveness we bring to it with the new OS1 Max Rev8 sensors. There's a huge part of the market that we now have broader access to because they're bigger, wider roads with higher speed traffic where the longer range is pretty critical. So yeah, a lot of momentum in BlueCity. And I would say that the trend is customers get their hands on it and they order more and more and more. Very few customers are kind of stagnant in this industry for us given how good the product is.

因此，這絕對顯示了這個市場的走向，以及我們透過新一代 OS1 Max Rev8 感測器所帶來的競爭力。我們現在能更廣泛切入市場的一大部分，因為那是更大、更寬、車速更高的道路場景，而更長的量測距離在那裡相當關鍵。所以，是的，BlueCity 的動能很強。我會說趨勢就是：客戶一旦上手，就會下更多、更多、更多的訂單。以我們的情況來看，鑑於產品表現非常好，這個產業裡很少有客戶會停滯不前。

And we gave a number at the beginning of the year just to add to that, Kevin. Of about 15% of our sales were based off of BlueCity and Gemini-based products. We expect and would like to see that continue to grow upwards as the years go on, a bigger portion of that type of Blue City content being a larger portion of our revenue in the years to come.

而且我們在年初也給了一個數字，補充一下，Kevin。大約有 15% 的銷售是基於 BlueCity 與 Gemini 相關產品。我們預期也希望看到這個比例在未來幾年持續向上成長，讓這類 Blue City 內容在未來幾年成為我們營收中更大的一部分。

[Suzy De Silva], Ross.

[Suzy De Silva]，Ross。

I want to follow-up on the questions on ITS intelligent transport. I'm curious, you have a bunch of customers already, but in the deal pipeline, are you seeing any exhaustionist factors that are maybe causing an inflection in the inbound interest or activity in terms of layering on deals and kind of growing this functionality out there beyond the initial customers you have?

我想追問一下關於 ITS 智慧運輸的問題。我很好奇，你們已經有一批客戶了，但在交易管線中，你們是否看到任何可能造成入站興趣或活動出現拐點的耗竭因素，影響到持續疊加交易、並將這項功能從既有客戶擴展到更多客戶？

That's a great question. There's a lot going on. We've actually invested a huge amount into BlueCity this year and the go-to-market, and we're starting to see the payoff of that.

這是個很好的問題。目前有很多事情在進行中。我們今年其實在 BlueCity 以及上市推廣（go-to-market）上投入了非常大量的資源，而且我們開始看到這些投入的回報。

Rev8, I can't stress it enough, the OS1 MAC advanced detection, long-range detection opens up about half the market. And the market, as a reminder, in North America, there are 300,000 signalized intersections in North America. We have hundreds rapidly moving to thousands of intersections deployed, but it's still a very small fraction of the total market that we can go and capture.

Rev8，我再怎麼強調都不為過，OS1 MAC 進階偵測、長距離偵測，讓我們能觸及大約一半的市場。而且提醒一下市場規模，在北美有 300,000 個號誌化路口。我們已在數百個路口部署，且正快速邁向數千個路口，但相較於我們可以去爭取的整體市場，仍只是非常小的一部分。

So we're not going to be gated by the market size in the foreseeable future, and we have the best product in the market, I'm convinced of that. So yes, I think that the first six months of this year have been a huge inflection point for our BlueCity business, given the investments we've made in the go-to-market strategy and the product development on the software side and then integrating this new Rev8 RGB OS1 Max capability.

因此在可預見的未來，我們不會受限於市場規模，而且我相信我們擁有市場上最好的產品。所以是的，我認為今年前六個月對我們的 BlueCity 業務而言是一個很大的拐點，這得益於我們在 go-to-market 策略上的投入、軟體端的產品開發，以及整合這項新的 Rev8 RGB OS1 Max 能力。

Okay, great. Thanks, Angus. And then just on an end market that's emerging here, robotics, as far as how that might play out for you guys, what you're seeing in initial sort of discussions and, are we early in this or is there contribution already? You're coming soon. Just an update there where robotics is as an end market for you guys.

好的，很棒。謝謝你，Angus。接著談一個正在浮現的終端市場：機器人。就你們而言，這會如何發展？你們在初步討論中看到什麼？我們現在還很早期，還是已經有貢獻了？你們很快就會推出。請更新一下機器人作為你們終端市場的現況。

Yeah, robotics has been an incredible business for us. The Q2 was the first full quarter with StereoLabs under the Ouster umbrella. And Stereo Labs' stereo cameras and monocular camera products, including their release of the ZED X Nano, which is a special stereo camera for wrist-mounted manipulation on humanoid and robotic arms. They have the most competitive set of products for this hypergrowth humanoid and robotic manipulation market. And we've seen incredible kind of interest and uptake from that customer set.

是的，機器人對我們來說一直是非常出色的業務。第二季是 StereoLabs 納入 Ouster 體系後的第一個完整季度。Stereo Labs 的雙目相機與單目相機產品，包括他們推出的 ZED X Nano——這是一款用於人形機器人與機械手臂腕部安裝操作的特殊雙目相機。他們在這個高速成長的人形機器人與機器人操作市場，擁有最具競爭力的產品組合。我們也看到該客群帶來非常驚人的興趣與採用。

So I feel like I'm in the thick of this industry that it was kind of lidar adjacent, but now with StereoLabs under the umbrella, we are just pushing every last camera we can through our manufacturing supply chain to get them to customers because of this voracious appetite for physical AI systems in that category set.

所以我覺得自己正處在這個產業的核心——它原本算是與光達相鄰的領域，但現在 StereoLabs 納入我們體系後，我們正透過製造供應鏈把能出貨的每一台相機都推向客戶，因為在那個類別中，市場對實體 AI 系統有著極其強烈的需求。

Tim Savageaux, Northland Capital.

Tim Savageaux，Northland Capital。

Congrats on the revenue growth in the quarter. Start with that last question, which is going to be about kind of capacity overall. You mentioned the announcement with Benchmark and the 100,000 plus, I gather, for ligar sensors.

恭喜本季營收成長。我先從剛才那個問題延伸，也就是整體產能的部分。你提到與 Benchmark 的公告，以及我理解是 100,000 以上的光達感測器（ligar sensors）。

And my first question was going to be, running where you are, which is below 40K currently annualized, what drove, what prompted, I guess, that announcement, I think it's a Rev8 launch, but, how long do you think till you get there to that type of capacity metric from where you are currently? That's from a lidar perspective. And given your comments you just made about StereoLabs, what kind of, are there similar capacity dynamics there regarding what you have currently relative to what you're shipping and where you'd like to be from a capacity standpoint?

我第一個問題是，以你們目前的運行水準（年化低於 40K），是什麼驅動、或促使你們做出那項公告？我想是 Rev8 的發布，但你認為從目前到達那種產能指標大概需要多久？這是從光達的角度。另外，考量你剛才對 StereoLabs 的評論，那邊是否也有類似的產能動態：你們目前的產能相對於出貨量，以及你們希望達到的產能水準？

Yeah, so we need to be investing in the capacity plan for the lidar because if you actually look at our lidar unit volumes, they're up 70% year over year. So they're way up, and I expect that to continue. I mean, this adoption of physical AI systems has really caught us by storm, and we're shipping a lot more lidars year over year, and that compounds very quickly from 40,000 unit a year run rate on up to 100,000.

是的，所以我們需要投資光達的產能規劃，因為如果你看我們的光達出貨量，年增 70%。所以成長非常顯著，而且我預期會持續。我的意思是，實體 AI 系統的採用真的讓我們措手不及，我們每年出貨的光達多了很多，而從每年 40,000 台的運行速率往上到 100,000 台，這種成長會很快複利。

So, we'll probably, we'll have to be expanding beyond 100,000 because we always want to have excess capacity to make sure that we can meet last minute, as product [queue] changes in our customer set. But we have a really good handle on it because of the long-term relationship we've had with BET, with Benchmark.

所以，我們可能還得擴充到超過 100,000 台，因為我們一直希望保有多餘產能，以確保能在最後一刻因應客戶群中產品[queue]變動時的需求。但我們掌握得很好，因為我們與 BET、與 Benchmark 長期合作。

On StereoLabs, part of the rationale of the merger from that team was finding a partner like Ouster that knew how to scale production, and that's really playing out. So, we have a major focus on maturing their manufacturing strategy and their capacity because of the explosion in demand that we're seeing out of their customer base.

至於 StereoLabs，該團隊當初選擇合併的部分理由，是希望找到像 Ouster 這樣懂得如何擴大生產規模的夥伴，而這點正在實現。因此，面對其客戶群需求爆發式成長，我們非常專注於完善他們的製造策略與產能。

So, it couldn't have come at a better time for them that we now have the entire Oustar operations team and our COO, Darien Spencer, hyper-focused on this scaling effort.

所以，對他們來說再適合不過的時機，就是我們現在有整個 Oustar 營運團隊以及我們的 COO Darien Spencer，極度專注在這項擴產工作上。

So yeah, there's definitely a lot of work we're doing to just meet the demand on the StereoLab side.

所以是的，我們確實做了很多工作，只為了滿足 StereoLab 端的需求。

Okay, sticking with that for the moment, I know it's a full quarter here, but it's pretty big stub last quarter. Seemed to be a pretty sharp uptick in, StereoLab sensor unit shipments that goes well beyond the inclusion of a full quarter. Was that ahead of your expectations and is it fair to tie that to humanoid robotics demand or are there other drivers there?

好的，先延續這個話題。我知道這一季是完整季度，但上一季其實只納入了一小段。看起來 StereoLab 感測器的出貨量出現相當明顯的跳升，遠超過僅僅因為納入完整季度的影響。這是否超出你們的預期？把它歸因於人形機器人需求是否合理，還是還有其他驅動因素？

I mean, I think the first thing is it's within the plan that we have for the full year for them. We're really excited in how we looked at that. We anticipated this ramp up once we got a hold of them heading into the back half of the year.

我的意思是，我認為第一點是，這是在我們為他們制定的全年計畫之內。我們對這個表現非常興奮。我們預期在接手並進入下半年後會出現這樣的爬坡。

The capacity piece of it, especially in this marketplace with as hot as robotics is right now, you have to have the capacity to serve as the demand comes in. You don't want that order slipping or pushing to another provider potentially. So, we are investing this quarter and we're going to continue to invest the next couple of quarters in building their capacity to ramp expectations, not just what we've already laid out for this calendar year, we guided at the beginning of the year, we expect that to grow at least at the midpoint on a year-over-year basis, 40%.

產能這一塊，尤其在目前機器人如此火熱的市場，你必須具備產能，才能在需求進來時提供服務。你不希望訂單延遲或被迫轉向其他供應商。因此，我們本季正在投資，並且接下來幾季也會持續投資，來建立他們的產能以支撐爬坡預期；不僅是我們已經為本曆年規劃的內容、也包括我們年初給出的指引——我們預期至少在年增的中位數水準成長 40%。

But we see this progressing as a multi-year thing. So, having that capacity to go into 27% and beyond is important to start driving that now.

但我們看到這會是一個為期多年的推進。因此，具備把產能提升到 27% 甚至更高的能力很重要，現在就要開始推動。

Okay, last question for me. And you mentioned, you talked about humanoid robotics more in the context of cameras, but at least certain configurations or certain units seem to have, in some cases, a couple of lidar sensors on them. Is there a lidar sensor opportunity here as well in humanoid robotics, or should we think of that more focused on cameras?

好，我最後一個問題。你提到你更多是在相機的脈絡下談到人形機器人，但至少某些配置或某些機型在一些情況下似乎會配有一到兩顆光達感測器。在人形機器人領域，光達感測器也有機會嗎？還是我們應該把重點更多放在相機上？

Well, I'm just looking at the humanoid platforms, and there's upwards of 100 to 200 of them that I've seen. Every one of them has 6 to 12 cameras, sometimes more, and then a small subset have lidar.

嗯，我只是看了這些人形平台，我看過的就有超過 100 到 200 種。每一種都有 6 到 12 顆相機，有時更多，然後只有一小部分配有光達。

And so, yes, there is absolutely an opportunity for lidar, and as we continue to build different form factors of our lidars, there could be better fits in terms of form fit and function for the humanoid market, but right now, this is solidly camera-first market.

所以，是的，光達絕對有機會；而且隨著我們持續打造不同外形規格的光達，在外形尺寸與功能上，可能會更適合人形市場。不過就目前而言，這仍然是明顯以相機為先的市場。

But the broader question, we have seen a lot of cross-selling opportunities within the customer set outside of just humanoids. StereoLabs has a lot of industrial customers, a lot of heavy equipment customers, and there we're getting inbounds saying, Hey, we're already buying a StereoLabs camera, we are looking at layering in lidar or safety lidar of some kind, can we just buy Ouster, and vice versa.

但更廣泛的問題是，我們在不僅限於人形機器人的客戶群中，看到了很多交叉銷售機會。StereoLabs 有很多工業客戶、很多重型設備客戶，我們也收到主動詢問：嘿，我們已經在買 StereoLabs 的相機了，我們想再加上光達或某種安全光達，我們能不能直接買 Ouster？反過來也一樣。

Huge number of customers in the lidar domain, traditional ouster customers that have been sourcing cameras somewhere, and now they're coming to us saying, hey, we'd much rather source this all from one reputable partner, and so can we buy these stereo cameras now. So the cross-selling has emerged organically, which is great to see. It's just part of the thesis that customers would prefer.

在光達領域有大量客戶，也就是傳統的 Ouster 客戶，過去一直在其他地方採購相機，現在他們來找我們說：嘿，我們更希望把這些都向同一家可信賴的合作夥伴採購，所以我們現在能不能也買這些雙目相機。因此，交叉銷售是自然浮現的，看到這點很棒。這也正是我們論點的一部分：客戶會更偏好如此。

A business combination of two companies like StereoLabs and Ouster. And then there's obviously some inorganic outbound stuff that we're doing with the sales teams to cross-sell.

像 StereoLabs 與 Ouster 這樣兩家公司之間的業務合併。當然，我們的銷售團隊也在做一些非有機的外部拓展，來推動交叉銷售。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Congratulations on the quarter and all the great progress.

恭喜本季表現以及所有出色的進展。

I think a lot of the things we wanted to touch on have been asked, but maybe a two-part question.

我想我們想觸及的很多事情都已經有人問過了，但我這邊可能有一個兩段式的問題。

Angus, are you able to share, like, how should we be thinking about cadence and unit mix going forward between lidars and cameras? Not looking for a specific number, but just maybe percentage-wise or just kind of how are you thinking about that and how we should be thinking about that going forward in terms of the split?

Angus，你能否分享一下，往前看我們應該如何思考光達與相機之間的出貨節奏與產品組合？我不是要你給出具體數字，但也許以百分比或大方向來說，你是怎麼想的，以及我們往後在拆分上應該怎麼看？

And then the second part of that question is if you could maybe highlight, what do you see as the key upcoming catalyst that investors should be aware of? Thank you.

然後第二部分是，你是否可以強調一下，你認為投資人接下來應該注意的關鍵催化劑是什麼？謝謝。

So, the unit mix expectation somewhat follows the ASP difference between these technologies, so cameras at much lower ASPs than the lidar sensors.

所以，對於產品組合的預期，在某種程度上會跟隨這些技術之間的 ASP（平均售價）差異；相機的 ASP 遠低於光達感測器。

There are also cameras are directional versus our lidars are 360, so you need more of them to cover the field of view of a robot. So right now, StereoLabs is a smaller company that's now becoming a mid-sized kind of entity within Ouster. And I see their unit volumes increasing and outpacing the unit volume increase of lidar just because of the dynamics. More cameras are deployed on these robots because they're at lower ASPs and they need to be positioned to cover the field of view of the robot differently than a lidar.

另外，相機是有方向性的，而我們的光達是 360 度，因此要覆蓋機器人的視野範圍，你需要更多相機。所以目前 StereoLabs 是一家較小的公司，現在在 Ouster 內部正成為一個中型的實體。我看到他們的出貨量會增加，而且出貨量增速會超過光達，主要就是因為這些動態因素。在這些機器人上會部署更多相機，因為它們 ASP 較低，而且相較於光達，相機需要以不同方式擺放來覆蓋機器人的視野。

That's good news for us. It doesn't mean we're going to sell fewer lidars. We see our lidar unit demand also accelerating. But just accelerating at a slightly slower pace than the cameras.

這對我們來說是好消息。但這不代表我們會賣更少的光達。我們也看到光達的單位需求正在加速。只是加速的速度比相機稍微慢一些。

And then in terms of catalyst for the business, I mean, there's so many things that we're doing right. And I mean, we're just starting to feel the positive effects of the Rev8 release across all of our verticals. I've talked a ton about that, but I mean, native color is such a big deal to this customer base. It really blew away my expectations, the customer reaction to native color lidar.

至於業務的催化劑，我的意思是，我們做對的事情太多了。而且我們才剛開始感受到 Rev8 發布在各個垂直領域帶來的正面效果。我談過很多次，但原生彩色對這個客戶群來說是非常重要的一件事。客戶對原生彩色光達的反應真的大幅超出我的預期。

We have almost universal adoption of native color in the Rev8 customer set. And then you layer on that the stereo cameras, and the ZED X Nano that was released, and the future roadmap that we have there. And finally, the unified sensing and perception stack that we're building is resonated with customers.

在 Rev8 的客戶群中，幾乎普遍採用原生彩色。再加上雙目相機、已發布的 ZED X Nano，以及我們未來的產品路線圖。最後，我們正在打造的統一感測與感知堆疊也引起了客戶共鳴。

So, if we talk about a catalyst that's a little further in the future, it's the ability to bundle all of this technology, compute cameras, and lidars, and the software that runs it together in a way that speeds customers' time to market, gets practical physical AI that's safe, efficient, capable in the hands of the thousands of customers that we're already serving today with just hardware.

所以，如果要談一個稍微更長期的催化劑，那就是把所有這些技術——運算、相機與光達，以及其上運行的軟體——以套裝方式整合在一起，從而加快客戶的上市時間，讓安全、高效率、能力強的實體 AI 更快交到我們今天已經服務的數千家（目前主要只買硬體的）客戶手上。

So, that's the mission of the company or one of the big missions of the company going forward for the next couple of years is transitioning from a fantastic ecosystem supplier of these parts to a solutions provider that's providing the full stack software that underlines All of physical AI.

因此，這就是公司未來幾年（或其中一項）重要使命：從這些零組件的優秀生態系供應商，轉型為解決方案供應商，提供支撐所有實體 AI 的全堆疊軟體。

That's going to be a big catalyst for us in the next five years.

這將會是我們未來五年一個很大的催化劑。

And maybe just as a quick follow-up, I think we talked a lot about robotics and humanoids. I wanted to come back maybe to drones, following your previous certification there. So, just curious if you can maybe give us some color, what kind of near-term or medium-term opportunities you might be pursuing as it pertains to drones and maybe how material do you expect this segment to be going forward? Thank you.

另外再快速追問一下，我想我們談了很多機器人和人形機器人。我想回到無人機，延續你先前在那方面的認證。所以想請教你能否分享一些看法：就無人機而言，你們在短期或中期可能會追求哪些機會？以及你預期這個分部未來的重要性會到什麼程度？謝謝。

Yeah, so drones are very interesting for us. I think Rev8, we have a couple of things that a couple of capabilities in Rev8, native color, improved accuracy, precision, and range that are very specific or useful in the drone surveying market and drone navigation market.

是的，無人機對我們來說非常有意思。我認為在 Rev8 上，我們有幾項能力——原生彩色、提升的準確度、精度與量測距離——對無人機測繪市場與無人機導航市場非常特定且很有用。

And so, I've been talking with a lot of drone customers lately, just getting Rev8 in their hands, and there's been an extremely positive reaction to what Rev8 can do either as a surveying payload or as a navigation payload on drones. And obviously, things like a Buy American, Build American certification is helping immensely in that market. We previously have the blue UAS certification on Rev7 products.

因此，最近我和很多無人機客戶在交流，把 Rev8 交到他們手上；他們對 Rev8 作為無人機上的測繪載荷或導航載荷所能做到的事情，反應極為正面。而且很明顯，像「Buy American、Build American」這類認證在那個市場也帶來了極大助益。我們先前在 Rev7 產品上已取得 Blue UAS 認證。

You can anticipate maybe that's where we could invest more in Rev8 as well. So. there's a lot of things that are going to be tailwinds in that market. And then the customer reaction to Rev8 has been really good in the drone market. So I definitely see it as a growth area for us through the end of the year.

你可以預期，我們也可能會在 Rev8 上加大投入，朝那個方向推進。所以，那個市場會有很多順風因素。此外，客戶對 Rev8 在無人機市場的反應也非常好。因此，我確實把它視為我們到今年年底前的一個成長領域。

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

But I did want to follow-up on Rev8. I've heard a couple of questions and answers so far, and it sounds like the reaction has been at least as strong as you're hoping for when you announced it last quarter here. But Angus, I'd love to get a sense from you of what kind of pace of adoption we're seeing here. Can you talk about, as an example, how much of your revenue base was Rev8 in the second quarter? I know it's early, but I'd love to get a sense. And do you have any idea of how long of a time frame to look for when Rev8 crosses over Rev7?

不過我確實想追問一下 Rev8。到目前為止我聽到幾個問答，感覺市場反應至少跟你們上季在這裡宣布時所期待的一樣強。但 Angus，我很想從你這裡了解一下，我們看到的採用速度大概是什麼樣子。你能否談談，例如第二季你們的營收基礎中有多少來自 Rev8？我知道現在還早，但我很想有個概念。另外你是否對 Rev8 何時會超過 Rev7 有任何時間框架的想法？

I have an expectation. Well, I guess we've done this now since this will be the eighth or seventh product transition that we've done at Ouster, right? Rev8, seven times we've transitioned the customer base across revisions. So we do have really good information on how quickly customers transition.

我有一個預期。嗯，我想我們在 Ouster 已經做過這件事了，因為這應該是我們做的第八次或第七次產品轉換，對吧？Rev8——我們已經有七次把客戶群在不同版本之間轉換的經驗。所以我們確實掌握了客戶轉換速度的非常好的資訊。

And Rev7 has been a product out in the market for three years, homologated into customer designs, certified by end customers. And so, there are going to be reasons completely unrelated to the benefits of Rev8 why customers may stick with Rev7. And it's core to our strategy that we actually remain a dependable source of Rev7 sensors for years and years to come.

而 Rev7 這個產品已經在市場上三年了，已經被納入客戶設計中完成型式認證（homologated），也通過終端客戶的認證。因此，會有一些原因與 Rev8 的優勢完全無關，導致客戶可能仍會繼續使用 Rev7。而且這也是我們策略的核心：我們會在未來很多很多年持續作為 Rev7 感測器可靠的供應來源。

That's good for our customers because, again, they've spent money homologating into Rev7. Now, there are also new customers that see Rev8 as the solution to a problem they could never solve before and are rapidly adopting it, or totally new customers that we've never served before that now that we're capturing because of Rev8's unique capabilities, etc.

這對我們的客戶是好事，因為他們已經投入資金把 Rev7 做進設計並完成認證。同時，也有新客戶把 Rev8 視為解決他們以前無法解決問題的方案，正在快速採用；或者是我們以前從未服務過的全新客戶，現在因為 Rev8 的獨特能力等因素而被我們拿下。

So, this will be a two-year transition. It is my expectation for the entire customer base, but it rapidly becomes a critical part of our revenue. We're entering volume production because it is -- and at that point, it's a critical part of our revenue. So that's happening in the second half of this year, no question.

所以，這將是一個為期兩年的轉換。這是我對整體客戶群的預期，但它會很快成為我們營收中的關鍵部分。我們正在進入量產，因為它——而在那個時間點，它就是我們營收的關鍵部分。所以這件事會在今年下半年發生，毫無疑問。

And I think it's less important to track the exact mix of Rev7 to Rev8 over the next 18 months. So long as the adoption is in the direction of Rev8, which I'm absolutely confident it will be, just given all the value it brings.

而且我認為，在接下來 18 個月精確追蹤 Rev7 與 Rev8 的組合占比其實沒那麼重要。只要採用趨勢是朝向 Rev8，我對此非常有信心，因為它帶來的價值非常明顯。

So, yes, managing a customer's transition in this kind of market is really critical and it's one of the additional benefits we bring to the table. And we spend a lot of time in the background making sure Rev8 is backwards compatible with a lot of Rev7 capabilities for the customers that need that so they can adopt and I won't bore you with all the details, but there's a lot of work that goes on here.

所以，是的，在這種市場中管理客戶的轉換非常關鍵，這也是我們能帶來的額外好處之一。我們在幕後投入大量時間，確保 Rev8 對於需要的客戶而言，能在許多 Rev7 的能力上向後相容，讓他們可以採用；我就不用細節讓你無聊了，但這裡面確實有很多工作。

Yes, and I'll answer your other part of the question real quick. It was minor prototype sales that we had in Q2 that were in our numbers, but we expect that with production ramp to increase quarter over quarter into the back half.

是的，我也很快回答你問題的另一部分。第二季我們計入數字的 Rev8 主要是少量原型（prototype）銷售，但我們預期隨著量產爬坡，在下半年會逐季增加。

Second question is on gross margins here. I missed some of the prepared remarks here, and I know there's some amount of non-product revenues in here that probably has a difference gross margin to it, but how do we think about the product gross margin in the quarter that makes it comparable with the last few here?

第二個問題是關於毛利率。我錯過了部分事先準備的講稿，我知道這裡面有一些非產品收入，毛利率可能不同，但我們該如何看待本季的產品毛利率，才能與前幾季可比？

They have been very healthy, well above or notably above your range for a while here, so I want to get a sense of trend here. And do you still think that 35% to 40% is the right range or can we see it consistently above there?

你們的毛利率一直非常健康，長期高於或明顯高於你們給的區間，所以我想了解一下趨勢。你們仍然認為 35% 到 40% 是合適的區間嗎？還是我們可能會看到它持續高於這個水準？

Yeah, we think it's the right range in the near term. I know it may not feel like it with the last so many quarters being 40% and plus. A lot of that's come from revisions and cost downs that was very aggressive, a couple bluebirds that we've gotten into there.

是的，我們認為短期內那仍是合適的區間。我知道從最近這麼多季都在 40% 以上來看，可能感覺不像。其中很大一部分來自版本迭代與非常積極的降本，另外也有幾個意外之喜（bluebirds）帶來的貢獻。

On a normalized basis, the reason why I called out this year and then prior year numbers was both of them had one-time elements that pushed us well into the north 40s. We want to be in the high 30s to 40s. We do see potential that you could go higher than that. We want to keep everyone's expectations in check as we start getting into more production orders in the out years for the models. We would see that to come back into that 35% to 40% range, like on a normalized basis this quarter would have been in the high 30s, right?

以常態化（normalized）的角度來看，我之所以特別提到今年與去年數字，是因為兩者都有一次性因素把我們推到 40% 以上、甚至到 40% 中高段。我們希望落在高 30% 到 40% 的區間。我們確實看到有可能高於這個水準。但當我們開始在未來幾年針對這些型號拿到更多量產訂單時，我們希望大家的預期要合理；我們會看到毛利率在常態化下回到 35% 到 40% 的區間——例如本季若以常態化來看，應該會在高 30% 左右，對吧？

So, we just want to keep the overall models realizing that we know production and different competitive market dynamics with supply chain are always going to be things that we're going to be fighting against year on year. But as we get more of a mix into our software strategy and more into our solutions like BlueCity, those definitely are higher than that range that we gave, and that's going to help bolster that into the future and potentially pull us higher as those mix of solutions come more of a play in the out years.

所以，我們只是希望整體模型能反映：我們知道量產，以及供應鏈等不同的競爭市場動態，年復一年都會是我們需要面對的挑戰。但隨著我們在軟體策略上的占比提高，以及更多解決方案（例如 BlueCity）的占比提升，那些確實高於我們給的區間，未來將有助於支撐毛利率，並且隨著這些解決方案在未來幾年占比提高，可能把我們的毛利率拉得更高。

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

問答環節到此結束。接下來我想把時間交還給 Angus 作結語。

Thank you all for joining the call. We look forward to speaking with you again during the third quarter, and have a good day.

感謝各位參加本次電話會議。我們期待在第三季再次與各位交流，祝各位有美好的一天。

For your participation in today's conference, this does conclude the program. You may now disconnect.

感謝您參與今天的會議，本節目到此結束。您現在可以掛線。