Ouster, Inc. (OUST) 2026 Q3 法說會逐字稿

Hello and welcome to Ouster's third quarter 2026 earnings conference call.

大家好，歡迎參加 Ouster 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

I'd now like to 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（Treasurer）陳庚。請開始。

Good afternoon, everyone.

各位下午好。

Thank you for joining us for the third-quarter 2026 earnings call.

感謝各位參加我們 2026 年第三季財報電話會議。

On today's call, we have Chief Executive Officer Angus Pacala and Chief Financial Officer Ken Gianella.

今天的電話會議上，我們有執行長 Angus Pacala 與財務長 Ken Gianella。

After the market closed today. Auster issued its financial news release and Form 8-K, which are available on our Investor Relations website.

在今天收盤後，Ouster 已發布財務新聞稿與 Form 8-K，相關資料可於我們的投資人關係網站取得。

A webcast replay of today's call will also be available on our website. During 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 capabilities and performance, and our revenue guidance for the fourth quarter of 2026 and long-term financial targets.

今天電話會議的網路直播重播也將在我們網站提供。在本次電話會議中，我們將作出若干前瞻性陳述。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、我們的營運費用目標之陳述。以及我們近期收購的影響、產品能力與效能的開發與擴展，還有我們對 2026 年第四季的營收指引與長期財務目標。

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 third 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 年第三季財務結果新聞稿，以及我們向美國證券交易委員會（SEC）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. Alster assumes no obligation to update any forward-looking statements which speak only as of their respective dates. In today's call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the financial results release. I would now like to turn the call over to Angus.

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，Alster 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。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。GAAP 與非 GAAP 指標之調節表已包含於財務結果新聞稿中。現在我想把電話會議交給 Angus。

Hello, everyone, and thank you for joining us today.

各位好，感謝今天加入我們。

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. We delivered a strong third quarter with $59 million in revenue and over 27,000 sensors shipped, both records for the company.

在 Ken 更詳細說明我們的財務結果之前，我會先簡要回顧本季表現並更新我們的策略優先事項。我們交出強勁的第三季成績，營收達 5,900 萬美元，出貨感測器超過 27,000 顆，兩者皆創公司紀錄。

We delivered over 7,000 LIDAR sensors and 20,000 cameras, cementing our evolution into the comprehensive sensing and perception platform that meets the diverse global demands of physical AI. The industrial vertical led third quarter revenue, followed by robotics, supporting customers in warehouse automation, defense, construction and mapping.

我們出貨超過 7,000 顆 LiDAR 感測器與 20,000 台相機，鞏固我們演進為全面性的感測與感知平台，以滿足實體 AI（physical AI）在全球多元需求。第三季營收以工業垂直領域領先，其次為機器人領域，支援倉儲自動化、國防、建築與測繪等客戶。

Our stereo labs cameras had a record quarter of shipments, unlocked by our investments in production capacity to meet the surging growth in the robotics sector. As a leader in physical AI, Alster is enabling our customers to sense, think, act and learn on their autonomy journey.

我們的 Stereo Labs 相機本季出貨量創新高，這得益於我們在產能上的投資，以因應機器人產業快速成長。作為實體 AI 的領導者，Alster 正協助客戶在自動化旅程中實現感知、思考、行動與學習。

This quarter is a great proof point of the progress we have made across all three of our key strategic priorities: revolutionizing our LIDAR camera and AI compute products, extending our leadership in physical AI solutions, and executing towards profitability. Starting off with our product portfolio, Rev8 has received exceptional market reception. As the world's first native color LiDAR, Rev8 is a paradigm shift that is proving to be an undeniable competitive differentiator.

本季充分證明我們在三大關鍵策略優先事項上取得的進展：革新我們的 LiDAR、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；以及朝向獲利能力執行。先從產品組合談起，Rev8 獲得市場極佳回響。作為全球首款原生彩色 LiDAR，Rev8 是一項典範轉移，並正證明其為無可否認的競爭差異化優勢。

Hundreds of customers have already chosen Rev8 for their mission-critical applications, and they have overwhelmingly adopted native color. Customer demand has been robust while we ramp initial production. We have many thousands of Rev8 sensors in our backlog, and we expect our delivery cadence to accelerate into 2027. Our expanded partnership with Benchmark is expected to support an annual LIDAR capacity of over 100,000 units by the end of 2027.

已有數百位客戶為其關鍵任務應用選擇 Rev8，且絕大多數採用原生彩色。在我們提升初期量產之際，客戶需求依然強勁。我們的積壓訂單中已有數千顆 Rev8 感測器，並預期交付節奏將在 2027 年加速。我們與 Benchmark 擴大的合作夥伴關係，預計將在 2027 年底前支援年產能超過 100,000 台 LiDAR。

We are investing in retooled high-volume production lines, increasing precision automation, scaling testing, and accelerating inventory purchases to meet the exceptional demand for Rev-8.

我們正投資於重新改造的高產量生產線、提升精密自動化、擴大測試規模，並加速採購庫存，以滿足對 Rev-8 的強勁需求。

Our customers are selecting Rev-8 because no other sensor matches its native color, increased accuracy, and extreme ruggedness.

客戶選擇 Rev-8，是因為沒有其他感測器能同時匹配其原生彩色、更高精度與極致耐用性。

Whether navigating through smoke and dust or maneuvering through complex cluttered warehouses, Auster delivers the precision autonomy and enhanced obstacle detection required by operators around the world.

無論是在煙霧與粉塵中穿行，或是在複雜且雜亂的倉庫中機動，Auster 都能提供全球操作人員所需的精準自主能力與更強的障礙物偵測。

Let me now share a few RevAid proof points.

接下來我分享幾個 RevAid 的實證案例。

In industrials, we recently announced an expansion of our multi-year strategic partnership with Forterra, the leader in military autonomous ground mission systems.

在工業領域，我們近期宣布擴大與 Forterra 的多年期策略合作夥伴關係；Forterra 是軍用自主地面任務系統的領導者。

Alster provides 360 degree situational awareness with a single sensor and industry-leading reliability in the world's most challenging environments. Following the successful deployment of REV-7 sensors in Ukraine, Forterra plans to integrate REV-8 native color LIDAR into its future defense vehicles. Next, Gus Automation, a subsidiary of John Deere, plans to integrate our REV-8 sensors into its next generation autonomous orchard machine fleet.

Alster 以單一感測器提供 360 度態勢感知，並在全球最嚴苛環境中具備業界領先的可靠性。在 REV-7 感測器於烏克蘭成功部署後，Forterra 計畫在其未來國防車輛中整合 REV-8 原生彩色 LiDAR。接著，John Deere 旗下子公司 Gus Automation 計畫將我們的 REV-8 感測器整合至其下一代自主果園機隊。

Rev-8 delivers the precision obstacle detection and native color perception needed to scale safe autonomous agriculture worldwide. In robotics, the superior performance of Rev-8 is establishing a new benchmark in the aerial mapping and autonomous drone market.

Rev-8 提供擴大全球安全自主農業所需的精準障礙物偵測與原生彩色感知。在機器人領域，Rev-8 的卓越效能正在航測與自主無人機市場建立新的標竿。

We announced a strategic partnership with Seneca to integrate the Rev-8 into autonomous wildfire response drones. Rev8 is built to operate from minus 40 to plus 85 degrees Celsius with industry-leading durability, unique capabilities that enable Seneca to navigate smoke, dust, and severe weather during critical cargo and firefighting operations.

我們宣布與 Seneca 建立策略合作夥伴關係，將 Rev-8 整合至自主野火應變無人機。Rev8 的設計可在攝氏零下 40 度至正 85 度運作，具備業界領先的耐用性；這些獨特能力使 Seneca 能在關鍵運補與消防任務中穿越煙霧、粉塵與惡劣天候。

In addition, GeoQ, a premier provider of geospatial mapping, is integrating our NDAA and BABA-compliant Rev8 sensors into its TrueView drone payloads for utility and infrastructure mapping. Turning to compute, we recently expanded our AI compute portfolio with the launch of the ZBox 2 series, our next generation of industrial edge AI supercomputers engineered specifically to power physical AI. This series spans both NVIDIA Jetson platforms, the Jetson Orin for neural depth tracking and multi-camera fusion in real time, and the Jetson 4 for advanced perception and generative AI models.

此外，地理空間測繪的頂尖供應商 GeoQ，正將符合 NDAA 與 BABA 規範的 Rev8 感測器整合至其 TrueView 無人機載荷，用於公用事業與基礎建設測繪。談到運算方面，我們近期推出 ZBox 2 系列，擴充 AI 運算產品組合；這是我們下一代工業邊緣 AI 超級電腦，專為驅動實體 AI 而設計。該系列涵蓋兩種 NVIDIA Jetson 平台：Jetson Orin 用於即時的神經深度追蹤與多相機融合，以及 Jetson 4 用於進階感知與生成式 AI 模型。

With support for up to eight sensors, high-speed connectivity, and multi-sensor fusion, Alster is providing customers with a scalable, production-ready compute solution that eliminates extra adapters or custom carrier boards. We are also directly addressing some of our customers' largest operational hurdles, compute load, memory bandwidth, and system cost.

支援最多八個感測器、高速連線與多感測器融合，Alster 為客戶提供可擴充、可量產的運算解決方案，無需額外轉接器或客製化載板。我們也正直接解決部分客戶最大的營運障礙：運算負載、記憶體頻寬與系統成本。

Through an updated Z SDK and expanded native support for NVIDIA Isaac Ross across our entire Z camera family. Our customers can run high-performance spatial AI models at the edge with fewer processing bottlenecks, lowering latency and improving compute efficiency.

透過更新的 Z SDK，並在整個 Z 相機產品線上擴大對 NVIDIA Isaac Ross 的原生支援。我們的客戶能在邊緣端運行高效能空間 AI 模型，減少處理瓶頸、降低延遲並提升運算效率。

Alster is a one-stop shop for physical AI. With our latest software and ready-to-deploy vision AI kits, Alster delivers the platform and performance the world's leading roboticists rely on to accelerate their deployment of physical AI from prototype to the real world. Turning to our physical AI solutions, both Oster Gemini, our AI-enabled perception software, and Blue City, our turnkey intelligent transportation platform, have made big strides this year.

Alster 是實體 AI 的一站式供應商。憑藉我們最新的軟體與可立即部署的視覺 AI 套件，Alster 提供全球頂尖機器人專家所仰賴的平台與效能，加速其將實體 AI 從原型推進到真實世界的部署。談到我們的實體 AI 解決方案，今年 Oster Gemini（我們的 AI 賦能感知軟體）與 Blue City（我們的交鑰匙智慧運輸平台）都取得重大進展。

We are unlocking unprecedented scale with Oster Gemini through our redesign of our perception pipeline. By doubling edge processing speeds, Gemini can now seamlessly fuse up to 100 LIDARsensors on a single server, more than double our prior capacity. This expanded capability is winning enterprise Gemini deployments that require the tracking of thousands of objects across massive city-sized environments in real time. Leading DOTs across North America are rapidly adopting Blue City advanced detection powered by the Rev8 OS1 Max.

我們透過重新設計感知管線，藉由 Ouster Gemini 解鎖前所未有的規模。藉由將邊緣端處理速度提升一倍，Gemini 現在可在單一伺服器上無縫融合多達 100 個 LiDAR 感測器，較我們先前的容量增加逾一倍。這項擴增能力正協助我們贏得企業級 Gemini 部署案，這些部署需要在龐大、城市尺度的環境中即時追蹤數千個物體。北美各地領先的交通運輸部門（DOT）正迅速採用由 Rev8 OS1 Max 驅動的 Blue City 先進偵測方案。

By delivering continuous 360 degree detection of road users up to 500 feet across lighting extremes and severe weather conditions. Ouster is providing cities with unmatched situational awareness.

透過在各種光照極端與惡劣天候條件下，提供最遠達 500 英尺的道路使用者 360 度連續偵測。Ouster 正為城市提供無與倫比的態勢感知能力。

Advanced detection has led to several million dollar Blue City wins in Utah, Washington, Florida, and Ontario, Canada. In addition, we recently won an expansion with a leading dot, securing a multi-million dollar contract to expand our Blue City solution across 100 additional intersections.

先進偵測已在美國猶他州、華盛頓州、佛羅里達州，以及加拿大安大略省帶來數筆數百萬美元等級的 Blue City 得標案。此外，我們近期也在一家領先的 DOT 客戶取得擴充案，簽下數百萬美元合約，將我們的 Blue City 解決方案擴展至另外 100 個路口。

Advanced detection is enabling our customer to consolidate continuous point cloud data across multiple intersections into a single unified corridor view and unlocking advanced data for improved traffic flow and safety.

先進偵測使我們的客戶能將多個路口的連續點雲資料整合到單一、統一的走廊視圖中，並解鎖進階資料，以改善交通流量與安全性。

Complementing these leaps in performance are improvements in our machine learning iteration cycle. By optimizing data labeling, training, and verification, we have compressed our end-to-end model training cycle by over 50% year to date. Alster is iterating faster to more rapidly deploy improved perception software across our entire customer base, extending our lead as the foundational partner in physical AI to sense, think, act, and learn.

與這些效能躍升相輔相成的，是我們在機器學習迭代週期上的改善。透過最佳化資料標註、訓練與驗證，我們今年迄今已將端到端模型訓練週期壓縮超過 50%。Alster 正以更快速度迭代，得以更迅速地在整體客戶群部署改良後的感知軟體，並延伸我們作為實體 AI 基礎合作夥伴的領先地位，實現感知、思考、行動與學習。

Finally, our strong results align with our long-term financial framework. We are making strategic investments in product innovation, manufacturing capacity, and customer success as we scale toward profitability. With that, let me now turn the call over to Ken, who will provide more context on our third quarter financial results and full year 2026 outlook.

最後，我們的強勁成果也符合我們的長期財務框架。在邁向獲利規模化的過程中，我們正對產品創新、製造產能與客戶成功進行策略性投資。接下來我把電話交給 Ken，他將就我們第三季財務結果與 2026 全年展望提供更多背景。

Thank you, Angus, and good afternoon, everyone. We delivered another record quarter of revenue while making significant progress on our strategic growth initiatives by expanding our presence in high-growth robotics and physical AI through stereo labs, increasing our inventory and manufacturing capacity. And driving continuous innovation in our solutions. Now turning to our third quarter financial performance. Operating results were again strong, with revenue of $59 million.

謝謝你，Angus，各位下午好。我們再度繳出營收創新高的一季，同時在策略性成長計畫上取得顯著進展：透過 StereoLabs 擴大我們在高成長的機器人與實體 AI 領域的布局，提升庫存與製造產能，並持續推動解決方案創新。接著來看我們第三季的財務表現。營運結果依然強勁，營收為 5,900 萬美元。

This represents an increase of approximately 50% compared with the third quarter last year. Revenue included approximately $3 million of royalty revenues during the quarter. Industrials led our revenue mix, followed by robotics, as the addition of StereoLabs continues to strengthen our market position in robotics manipulation, humanoids, and mobile industrial applications.

相較去年第三季約成長 50%。本季營收包含約 300 萬美元的權利金收入。工業領域為營收組合的最大來源，其次為機器人；隨著 StereoLabs 的加入持續強化我們在機器人操作、類人型機器人與移動式工業應用的市場地位。

Our StereoLabs business had a breakout quarter, shipping over 20,000 cameras and more than doubling their production quarter on quarter. Our third-quarter product mix reflects the operational flexibility provided by our unified sensor platform and the ramp of our Rev 8 capacity. As Angus mentioned, we are extremely pleased with Rev 8 customer commitment since the launch in May.

我們的 StereoLabs 業務在本季表現亮眼，出貨超過 20,000 台相機，且產量較上一季增加逾一倍。第三季的產品組合反映出我們統一感測器平台所帶來的營運彈性，以及 Rev 8 產能的爬坡。如 Angus 所提，自 5 月推出以來，我們對 Rev 8 客戶承諾的表現感到非常滿意。

In Q3, customer demand began to shift towards our Rev 8 product. We expect production volumes of Rev 8 to continue to increase in the fourth quarter and grow throughout FY '27. GAAP gross margin was 43%, essentially flat compared with the same quarter last year. Sequentially, our gross margin was 6 points lower primarily due to a one-time $5 million tariff-free fund from the prior period. GAAP operating expense was $45 million, an increase of approximately 9% from the third quarter last year.

在第三季，客戶需求開始轉向我們的 Rev 8 產品。我們預期 Rev 8 的產量將在第四季持續增加，並在 2027 財年全年持續成長。GAAP 毛利率為 43%，與去年同期基本持平。就季比而言，我們的毛利率下降 6 個百分點，主要是因為前一期間有一次性的 500 萬美元免關稅基金。GAAP 營業費用為 4,500 萬美元，較去年第三季約增加 9%。

We continue to anticipate full-year 2026 operating expenses to be between 5% and 8% higher year over year, excluding the impact of favorable employment tax refund and one-time acquisition costs. The increase in our 2026 operating expense includes approximately 11 months of Stero Labs acquisition, investments in our product roadmap, and the expansion of our global go-to-market capabilities.

我們仍預期 2026 全年營業費用（排除有利的就業稅退稅影響與一次性併購成本）將較去年增加 5% 至 8%。2026 年營業費用的增加包含約 11 個月的 Stereo Labs 併購影響、對產品路線圖的投資，以及擴大全球市場推進（go-to-market）能力。

Adjusted EBITDA was a loss of $3 million, a 60% year-over-year improvement, compared with a loss of $8 million in Q3 of last year. We are pleased with our progress, and we remain committed to disciplined investment for growth as we continue to scale towards profitability.

調整後 EBITDA 虧損 300 萬美元，較去年同期改善 60%；去年第三季為虧損 800 萬美元。我們對進展感到滿意，並將持續以紀律性的投資推動成長，隨著規模擴大邁向獲利。

Turning to our balance sheet, we ended the quarter with approximately $421 million in cash balances, which includes the net proceeds of approximately $191 million from the common stock offering we completed in early July. Cash usage for the quarter reflects planned investment in expanding manufacturing capacity, inventory and working capital, and the continued integration and scaling of StereoLabs.

再看資產負債表，本季末我們的現金餘額約為 4.21 億美元，其中包含我們於 7 月初完成普通股發行所取得約 1.91 億美元的淨募資款。 本季現金使用反映了我們按計畫投資於擴充製造產能、庫存與營運資金，以及持續整合並擴大 StereoLabs 規模。

Our liquidity position remains one of the strongest in the industry and provides us with the strategic and financial flexibility to execute our current long-term model. As we scale towards profitability, we do not expect to need additional capital to achieve our operating objectives. Now turning to our Q4 revenue guidance. Total revene for the fourth quarter of 2026 is expected to be in the range of $61 million to $64 million, including an estimated $3 million of royalties.

我們的流動性部位仍是業界最強之一，並為我們執行目前的長期模式提供策略與財務上的彈性。隨著我們朝獲利規模化推進，我們預期不需要額外資本即可達成營運目標。接著說明第四季營收指引。2026 年第四季總營收預期介於 6,100 萬至 6,400 萬美元之間，其中包含估計約 300 萬美元的權利金。

For 2026, year-over-year revenue growth, at the midpoint of guidance, is expected to be approximately 48%, excluding royalties. In closing, our outlook reflects sustained strength in our unified product portfolio that positions Alster uniquely within the rapidly growing physical AI market. We remain confident in the strength of our customer demand, the continued innovation of our products and solutions, and our ability to execute against our strategic and operational objectives. I'll now turn the call back to Angus for his closing remarks.

以指引中位數計算，2026 年營收年增率（不含權利金）預期約為 48%。最後，我們的展望反映出統一產品組合的持續強勁表現，使 Alster 在快速成長的實體 AI 市場中具備獨特定位。我們對客戶需求的強度、產品與解決方案的持續創新，以及我們達成策略與營運目標的執行能力仍具信心。接下來我把電話交回 Angus，請他做結語。

The third quarter marked the 15th straight quarter of product revenue growth, delivering sense, think, act and learn capabilities to the world's leading physical AI companies. The standout performance of StereoLabs and the overwhelming demand for Rev8 are early proof points that our vision of a unified sensing and perception platform is exactly what the market demands. From farms and distribution centers to last-mile delivery, the world's most innovative companies are choosing Alster. We provide the complete stack of LiDAR, vision, compute, and software required to bring physical AI into the real world.

第三季是產品營收連續第 15 季成長，為全球領先的實體 AI 公司提供感知、思考、行動與學習能力。StereoLabs 的突出表現以及市場對 Rev8 的強勁需求，是我們「統一感測與感知平台」願景正符合市場需求的早期證據。從農場與配送中心到最後一哩路配送，全球最具創新力的公司正在選擇 Alster。我們提供將實體 AI 帶入真實世界所需的完整堆疊：LiDAR、視覺、運算與軟體。

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。

Thank you.

謝謝。

Our first question comes from Andres Shepard from Candor Fitzgerald. Please go ahead.

我們的第一個問題來自 Candor Fitzgerald 的 Andres Shepard。請開始提問。

Hey everyone, good afternoon. Congratulations on the quarter and thanks for taking our questions.

各位好，下午好。恭喜本季表現，也謝謝你們回答我們的問題。

To start, Angus, it's clear that Outer by now is much more than a LIDAR company with also cameras, AI compute, sensor fusion, and perception software, as you mentioned. So I guess I'm trying to understand which applications do you perhaps expect the most near-term growth, maybe excluding industrials? Is it autonomous vehicles? Is it drones? Is it perhaps humanoids now with cameras?

先從 Angus 開始，很明顯 Ouster 現在已不僅是一家 LiDAR 公司，正如你提到的，你們也有相機、AI 運算、感測器融合與感知軟體。所以我想了解的是，除了工業領域之外，你們預期哪些應用在短期內成長動能最大？是自動駕駛車嗎？是無人機嗎？或是現在搭配相機的類人型機器人？

So just looking for an update there and separately, if maybe you can also share a bit more granularity on the opportunities with the DoD after the certification.

所以我只是想了解一下那邊的最新進展；另外，如果可以的話，也請您在完成認證之後，分享一下與國防部（DoD）相關機會的更細部拆解。

Thanks.

謝謝。

Yeah, thanks for the question, Andreas.

好的，謝謝你的提問，Andreas。

Well, I guess my answer to your question is yes, that was a good summary of many of the applications that are exploding right now in robotics. Autonomous vehicles, I mean the thesis here is everything that moves is becoming robotic and autonomous and certainly there are form factors that are exploding right now like humanoids and drones and we have a really unique set of offerings to bring to the table for both those and humanoids. Camera-centric platform, but need these powerful AI computers embedded drones are more of a LiDAR-centric platform when we're talking about surveying and kind of precision surveying applications where the Rev8 and the OS and Max are incredibly good fits.

嗯，我想對你問題的回答是肯定的；你剛才的總結很好地概括了目前在機器人領域正快速爆發的許多應用。自動駕駛車輛——我的核心論點是：凡是會移動的東西都正在變成機器人化與自主化；而且確實有一些外形規格正在快速起飛，例如人形機器人與無人機。我們有一套非常獨特的產品組合，能同時為這些領域（包含人形機器人）提供價值。以相機為中心的平台，但需要把強大的 AI 電腦嵌入其中；無人機在談測繪與精密測繪等應用時，則更偏向以 LiDAR 為中心的平台，而 Rev8 以及 OS 與 Max 都是非常契合的選擇。

And then that just extends into industrials. So a ton of activity in robotics and we really are a one-stop shop for anyone that's trying to build the visual cortex of all those applications. I would note that smart infrastructure is another growth area for us. We're seeing a huge appetite for our Blue City and our Gemini offerings.

接著這也延伸到工業領域。所以機器人相關活動非常多，而我們確實是一站式供應商，能服務任何想要打造這些應用「視覺皮層」的人。我也要指出，智慧基礎建設是我們另一個成長領域。我們看到市場對 Blue City 與 Gemini 產品有非常強烈的需求。

And again, these are the same fundamental building blocks since think, act and learn. It just turns out that these aren't moving vehicles, they're fixed infrastructure that still needs the same type of physical intelligence.

而且同樣地，這些其實都是相同的基礎積木——感知、行動與學習（think, act and learn）。只是這些不是移動載具，而是固定式基礎設施，但仍然需要同樣類型的實體智慧（physical intelligence）。

As to the question on the DoD, I think you're referring to NDAA compliant offerings for ouster. And previously, last year, we also had a blue UAS certification for Rev7. So we're doing great on that front with these are really targeted at drone payloads for surveying applications. We're doing great in that space. Rev8 is a perfect fit for the drone surveying market, and we highlighted a couple of customers there.

至於你問到 DoD 的部分，我想你指的是 Ouster 符合 NDAA 的產品供應。另外，去年我們的 Rev7 也取得了 Blue UAS 認證。所以在這方面我們進展很好；這些主要是針對用於測繪應用的無人機載荷。我們在這個領域做得很不錯。Rev8 非常適合無人機測繪市場，我們也在那裡提到幾個客戶。

I think there's more to come. We actually want to get certifications like what we've gotten on Rev 7, on Rev 8, so there's definitely more to come there.

我認為後續還會有更多進展。我們其實也希望把 Rev7 已取得的那類認證延伸到 Rev8 上，所以那邊確實還有更多值得期待的。

Wonderful, very helpful, appreciate all that detail. Maybe as a quick follow-up.

太好了，非常有幫助，也很感謝你提供這麼多細節。我再快速追問一下。

Can you help remind us how big of a moat would you say is the qualification on Nvidia's platform? What should investors be aware of here? And then maybe lastly is, can you remind us what are the key catalysts that we should be aware of maybe in the near or medium term?

你能否幫我們回顧一下：你認為在 NVIDIA 平台上的資格認證（qualification）能形成多大的護城河？投資人應該注意哪些重點？最後，也請你提醒一下：在短期或中期，我們應該關注哪些關鍵催化劑？

Thank you.

謝謝。

In terms of the NVIDIA platform, there are a couple ways that we work and partner with NVIDIA today. Now, one of the things we mentioned on the call is the release of an expanded set of AI computers that are based on NVIDIA 4 chipsets. So there's a moat there just in terms of the investment that we've put into that hardware and the software that runs on that hardware seamlessly.

就 NVIDIA 平台而言，我們目前與 NVIDIA 的合作與夥伴關係有幾種方式。我們在電話會議中提到的一點，是發布了擴充版的 AI 電腦產品組合，這些是基於 NVIDIA 的 4 款晶片組（chipsets）。因此，護城河的一部分來自於我們在硬體上的投入，以及能在該硬體上無縫運行的軟體。

So the unified sensing and perception platform that spans cameras, lidars, interfacing with our own purpose-built AI computers using NVIDIA chipsets, big moat there. We also have a lot of work that we've announced previously with the NVIDIA Automotive and Jetson ecosystems. So many different touch places there. I've said before, if Nvidia is the brain of a robot, then we are the eyes and the visual cortex. And so I think that still holds true.

所以，這個涵蓋相機與 LiDAR 的統一感測與感知平台，並能與我們自研、採用 NVIDIA 晶片組的專用 AI 電腦介接——這裡有很深的護城河。我們先前也宣布過與 NVIDIA Automotive 與 Jetson 生態系統的多項合作。因此在很多不同的接觸點上都有布局。我以前說過：如果 NVIDIA 是機器人的大腦，那我們就是眼睛與視覺皮層。我認為這個比喻依然成立。

Wonderful.

太好了。

Thank you so much. Congrats again. We'll pass it on.

非常感謝。再次恭喜。我們把問題交給下一位。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Colin Rusch from Oppenheimer and Co. Please go ahead.

下一個問題來自 Oppenheimer and Co. 的 Colin Rusch。請發問。

Thanks so much, guys. Can you talk a little bit about some of the unique characteristics of Rev 8 and what you can do from a software perspective that are really enabling a little bit deeper relationships with your customers and your ability to just remain stickier with those folks as you go forward?

非常感謝，各位。你們能否談談 Rev 8 的一些獨特特性，以及從軟體角度你們能做哪些事情，讓你們與客戶建立更深的合作關係，並在未來持續提升黏著度（stickiness）？

Yeah, absolutely, Colin. Thanks for the question.

好的，當然可以，Colin。謝謝你的提問。

The headline feature that we keep talking about is this native color technology.

我們一直在談的主打功能，就是這個原生彩色（native color）技術。

And it really is a first of its kind, complete paradigm shift for the entire LIDAR industry. We're providing fused, colorized 3D information out of a single device, never been possible before in LIDAR.

這確實是首創，對整個 LiDAR 產業而言是一次完整的典範轉移。我們能透過單一裝置輸出融合後、帶色彩的 3D 資訊，這在 LiDAR 領域以前從未做到過。

And now we have a couple of quarters, many thousands of Rev8 LIDARs that have been purchased by customers. And we're seeing overwhelming uptake in the RGB feature. And we're actually offering a backwards compatible non-RGB version of Rev8, but overwhelming preference towards adopting the new native color technology. So I see that as a huge technological moat that took a major investment. To get it to a point where it could be adopted across a broad swath of our customer base. So that's a headline feature. It's deeply valuable in training better neural networks with more context, both 3D and color information. You can read road signs instead of just understanding their shape. You can read the state of a traffic light, or you can provide amazing survey-grade maps that do color and LIDAR. You need to sense the world in both color and 3D to make a robot navigate it successfully.

目前我們已經累積了幾個季度，客戶購買了數千台 Rev8 LiDAR。我們看到 RGB 功能的採用度非常高。我們其實也提供 Rev8 的向下相容非 RGB 版本，但客戶明顯更偏好採用新的原生彩色技術。因此我認為這是一個巨大的技術護城河，背後需要重大投資。才能把它做到可被我們廣大客戶群普遍採用的程度。所以這是主打功能。它在訓練更好的神經網路方面非常有價值，因為能提供更多上下文資訊，同時包含 3D 與色彩。你可以讀取路標內容，而不只是理解它的形狀。你可以辨識紅綠燈的狀態，或是製作同時具備色彩與 LiDAR 的高精度測繪級地圖。要讓機器人成功在世界中導航，你需要同時以色彩與 3D 來感知世界。

Other than that, I mean, Rev 8 hits on so many different capabilities simultaneously, and I think that's like just stepping back, why is Rev 8, why are we so confident it's going to be successful across our really our entire LIDAR customer base, it's because it's. It's got incredible robustness, it's got functional safety, it's got incredible range and resolution with the new OS1 MAX, it's got this RGB capability, we actually are, it's got the FlightCloud quality itself with accuracy and precision is best in class in many cases.

除此之外，Rev8 同時涵蓋了非常多不同能力；我想退一步來看，為什麼是 Rev8、為什麼我們如此有信心它能在幾乎整個 LiDAR 客戶群中成功，原因在於它——它具備極高的強固性（robustness）、具備功能安全（functional safety）；搭配新的 OS1 MAX 也有非常出色的量測距離與解析度；還有這個 RGB 能力；另外我們也——它本身具備 FlightCloud 等級的品質，在準確度與精密度上在許多情況下都是同級最佳（best in class）。

Yeah, the ruggedization, the thermal profile. So it's just kind of, if you made a spider plot of it would be maxed out on almost all of the features that you would care about in a LIDAR. And to do that all in one platform just means that it's useful on a John Deere GUS automation vehicle. It's also useful in a drone and it's useful in a Blue City traffic infrastructure installation. So, yeah, when you do it all, it's useful everywhere.

對，還有耐候強固化（ruggedization）、熱特性（thermal profile）。所以如果你用雷達常見的蜘蛛圖（spider plot）來看，它幾乎在你會在意的所有 LiDAR 指標上都接近滿格。而把這些全部整合在同一個平台上，就代表它既適用於 John Deere 的 GUS 自動化車輛，也適用於無人機，並且也適用於 Blue City 的交通基礎設施部署。所以，是的，當你把所有能力都做到位，它就能在各種場景都派上用場。

Okay. Thanks. And you guys have maintained a very strict level of financial discipline here as you've grown revenue and maintained cost structure here. Can you talk a little bit about the potential to drive material cost out of the sensors and start driving some incremental gross margin and how you might use some of that cost savings to expand the market?

好的。謝謝。你們在營收成長、同時維持成本結構的過程中，一直保持非常嚴格的財務紀律。能否談談在感測器上降低材料成本、進一步帶動額外毛利率提升的潛力，以及你們可能如何運用部分成本節省來擴大市場？

Well, I can take that first.

嗯，我可以先回答這個。

I think there's always opportunities to drive cost out of the LIDAR technology. I mean, LIDAR is still not a mature technology from my perspective and we expect to be marching down a cost curve for many years to come. So that is ongoing activity. It happens each and every day at Oster.

我認為在光達（LIDAR）技術上，永遠都有降低成本的機會。我的看法是，光達仍然不是一項成熟的技術，我們預期未來很多年都會沿著成本曲線持續下降。所以這是一項持續進行的工作。在 Auster，每一天都在發生。

There's also a major volume component to this. Our volumes, LIDAR go up every year. We expect them to continue to go up every year. We're talking about 100,000 unit type of capacity at the end of 2027. Volume is still a big lever. So no question we're really focused on that.

此外，這裡還有一個很重要的因素是出貨量。我們的光達出貨量每年都在增加。我們預期未來每年也都會持續增加。我們談的是到 2027 年底具備 10 萬台等級的產能。規模仍然是一個很大的槓桿。所以毫無疑問，我們非常專注在這一點上。

And then, just the backdrop here is the whole LIDAR technology is built on a Moore's Law curve. Of silicon at the very fundamental level. So another way that we drive out costs is by innovating at the chip level and packing more capability into our custom silicon and saving that cost elsewhere in the system as a result. So lots of levers.

另外，整體背景是：整個光達技術在非常根本的層面上，是建立在矽晶片的摩爾定律曲線之上。在最基礎的層級就是矽。因此，我們降低成本的另一種方式，是在晶片層級持續創新，把更多能力整合進我們的客製化矽晶片，並因此在系統的其他部分節省成本。所以有很多槓桿可以運用。

In terms of gross margins, we've really committed to our long-term financial framework, and the 35% to 40% gross margin is still where we're committed to for the time being. Obviously, we've come in a little above those for a while now. But still, that's where we see the future for now.

就毛利率而言，我們一直堅守長期財務框架，目前仍承諾 35% 到 40% 的毛利率區間。當然，我們這段時間的表現略高於該區間。但就目前來看，我們仍認為未來會落在這個區間。

From an investment standpoint, it's definitely taking and looking to beat that top end of the margins and then investing that. Right now, it's about capacity for us, Colin. It's how can we make sure that we can ramp capacity.

從投資角度來看，我們確實會以超越毛利率區間上緣為目標，然後把多出來的部分再投入。Colin，就我們目前而言，重點在產能。也就是我們如何確保能夠把產能爬坡上來。

We did a great job with Stereo Labs. You saw that in spades this quarter, taking them the last two quarters and building out capacity for them to hit these numbers. We're doing the same thing with Rev 8 this quarter and next quarter and ramping that into FY '27. So in the near term, the more capacity we get, we can lower overall per unit costs and start getting leverage from the rest of the business. So the goal is to continue to drive leverage both from our operational standpoint but also from our OpEx.

我們在 Stereo Labs 上做得非常好。你在本季看得非常明顯：過去兩季我們接手之後，擴建產能，讓他們能達成這些數字。我們本季與下季也在 Rev 8 上做同樣的事，並把產能爬坡一路拉到 2027 財年。因此短期來看，我們取得越多產能，就能降低整體單位成本，並開始從其他業務取得規模效益。所以目標是持續提升槓桿：不僅在營運面，也包括營業費用（OpEx）。

Thanks so much, guys.

非常感謝，各位。

Thank you.

謝謝。

Our next question comes from Suji DeSilva from Ross Capital. Please go ahead.

下一個問題來自 Ross Capital 的 Suji DeSilva。請發問。

Hi, Angus. Hi, Ken. Congratulations on the progress here.

嗨，Angus。嗨，Ken。恭喜你們在這裡取得的進展。

Maybe Angus you could talk about the robotics market and what's the framework for your content opportunity as various robot form factors come out. I know it's primarily camera today. Maybe you can help us kind of think about where that can go.

也許 Angus 你可以談談機器人市場，以及當各種機器人外型（form factor）推出時，你們內容（content）機會的框架是什麼。我知道目前主要是相機。也許你可以幫我們思考一下未來可能的發展方向。

Yeah, it's a good question because there's a lot of diversity in the way that robotics companies are designing these next generation systems.

是的，這是個好問題，因為機器人公司在設計下一代系統時，做法非常多元。

But right now, I mean, the AI compute, we focus the product roadmap on common building blocks or common technology sets, I would say. Cameras, LIDAR, compute. And then focus on building a portfolio or a family within each one of those technology sets that absorbs the diversity of approach for each one of our customers. So if you look at one humanoid robot versus another, there are some humanoid robots that have their primary sensing in their chest. Versus in the head. Most of them have in the head, but that's a pretty good example of how different some companies are. Some companies put a palm-mounted camera in the palm of the robot. Others put a wrist-mounted stereo camera for doing grasping and manipulation. So there's a wide diversity of, even in cameras, what types of cameras, mono, stereo, where they go on the robot, and that dictates the resolution, the size, the power draw, and the cost of the cameras that go into something like a.

但就目前而言，針對 AI 運算，我們的產品路線圖會聚焦在一些共通的基礎模組或共通的技術集合，我會這麼說。相機、光達、運算。然後在每一個技術集合之下，建立一個產品組合或產品家族，以吸收我們每一位客戶在方法上的多樣性。所以如果你看一個人形機器人和另一個人形機器人，有些人形機器人的主要感測器放在胸口。而不是放在頭部。大多數是放在頭部，但這就是一個很好的例子，說明不同公司之間差異有多大。有些公司把掌心式相機裝在機器人的手掌上。另一些公司則使用腕部安裝的雙目相機來做抓取與操作。因此，即使在相機這一塊，也存在很大的多樣性：相機類型（單目、雙目）、安裝位置，這些都會決定解析度、尺寸、功耗，以及用在某種產品中的相機成本。

Our goal is to sell every flavor of camera that is practical or that is going into these robots and to do it in a competitive way so that when a customer has choice, they're actually coming back to Auster for all those different flavors. Same is true on LiDAR. That's why we have announced many different SKUs of the Rev 8. And it's also true on the AI compute. There's potentially a one size fit all technology, these edge, powerful edge GPU devices. But there's not a one-size-fits-all chipset because some things are small drones, other things are big industrial vehicles and you need a family of products. So we're very much, our product roadmap is built on these families of products. And it but it's still three technologies, AI compute cameras and lidar.

我們的目標是：把所有實用、或會被用在這些機器人上的各種相機型態都賣出去，並且以具競爭力的方式做到，讓客戶在有選擇時，實際上會回到 Auster 來採購所有不同型態的產品。光達也是同樣的道理。這就是為什麼我們宣布了 Rev 8 的多個不同 SKU。AI 運算也是如此。在技術上，可能存在某種「一種規格適用所有」的方案，例如這些邊緣端、強大的邊緣 GPU 裝置。但晶片組並不存在一體適用，因為有些是小型無人機，有些是大型工業車輛，你需要一個產品家族。所以我們的產品路線圖非常明確地建立在這些產品家族之上。不過核心仍是三項技術：AI 運算、相機與光達。

Good insight in your strategy there. And my other question is on the, you talked about an application that has 100 LIDARs, 1,000 objects you're trying to track, maybe an urban environment. It sounds intriguing. I really hadn't heard of these sort of large content at once opportunities. I'd be curious if you could frame that of those niche applications or could that be sort of a unit kind of accelerator for you guys?

你們的策略很有洞見。我另一個問題是：你提到一個應用情境有 100 個光達、要追蹤 1,000 個物件，可能是在城市環境。聽起來很吸引人。我之前真的沒聽過這種一次性大內容量（large content at once）的機會。我很好奇：這些是利基型應用嗎？還是可能成為你們的單位數量加速器？

This is definitely not a niche use case. I mean, we have been building and deploying Gemini now for almost five years, I think four years at this point. And.

這絕對不是利基使用情境。我的意思是，我們建置並部署 Gemini 到現在已經將近五年了，我想目前大概四年。而且。

We're achieving a level of maturity with some of our long-term customers that is now scaling to 100 LIDARsites, thousands of objects being tracked in real time, but it's also maturity on the breadth of deployment. So we have some customers operating over 500 sites in North America right now, so the scale.

我們與一些長期客戶的合作已達到相當成熟的程度，現在正擴展到 100 個光達站點（sites）、即時追蹤數千個物件；同時也代表部署廣度的成熟。因此，我們目前在北美就有一些客戶在營運超過 500 個站點，所以規模相當可觀。

On the Gemini front, this is a part, again, from Blue City. Blue City is a whole other story of success. But, yeah, we're seeing a lot of really positive trends in the uptick of physical AI technology for fixed infrastructure.

在 Gemini 方面，這也是 Blue City 的一部分；Blue City 又是另一個成功故事。不過，是的，我們看到固定式基礎設施的實體 AI 技術需求正在加速上升，出現很多非常正面的趨勢。

Thanks, Angus.

謝謝你，Angus。

Thank you.

謝謝。

Our next question comes from Kevin Cassidy from Rosenblatt Securities. Please go ahead.

下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。請開始提問。

Hi. This is Maddie calling on behalf of Kevin.

嗨。我是 Maddie，代表 Kevin 來電。

Is there any more color you could provide on the lighter product mix in the quarter and going forward between Rev 8 and Rev 7 and then also just whether the two carry similar gross margins?

關於本季以及未來 Rev 8 與 Rev 7 之間較偏輕量的產品組合，您能否提供更多細節？另外，兩者的毛利率是否相近？

I'll start with that. So when you think about the mix, we're at a point of where we're just ramping Rev 8. So Rev 8 is going from hundreds this quarter to thousands next quarter to tens of thousands by the end of. Of FY27. So we fully anticipate, just on the demand that we're seeing today, that that mix is going to continue. As I said in my part of the script, we're continuing to see that demand rotate more towards Rev. 8. So that capacity, both to deliver it and the demand, we expect that to grow through '27.

我先回答這個。談到組合時，我們正處於 Rev 8 的爬坡階段。因此 Rev 8 會從本季的數百台，提升到下季的數千台，並在 FY27 年底前提升到數萬台。就我們今天看到的需求而言，我們完全預期這樣的組合將會持續。如同我在講稿中提到的，我們持續看到需求更多地轉向 Rev. 8。因此，無論是交付能力或需求面，我們預期都會一路成長到 2027 年。

Okay. Awesome.

好的。太棒了。

Thank you, guys.

謝謝各位。

Thank you.

謝謝。

Our next question comes from Tim Savageau from Northland Capital Markets. Please go ahead.

下一個問題來自 Northland Capital Markets 的 Tim Savageau。請開始提問。

Hey, good afternoon, and congrats on the results.

嗨，午安，並恭喜你們的成果。

I did have a question along the capacity front as well.

我也有一個關於產能方面的問題。

You mentioned exiting the year.

你們提到在年底時。

With 100,000, I guess that's annual unit volume capacity on the LIDAR side.

在 LIDAR 這邊有 100,000 的產能，我想那是年化的出貨量產能。

Obviously, that implies some pretty significant quarterly revenue numbers, probably over $100 million relative to where we are now.

顯然，這意味著相當可觀的單季營收數字，可能超過 1 億美元，相較於我們目前的水準。

More than double that as you look at that capacity, where do you expect to be relative to that exiting year compared to where you are now? I guess any color on that would be appreciated.

就這個產能來看，預期在年底時相對於目前會達到什麼程度？如果能提供一些說明會很感謝。

Yeah, and Tim, we're talking about the end of 2027, just to be clear.

是的，Tim，先澄清一下，我們談的是 2027 年底。

So, yeah, we're installing. Yes, so this is at the end of 2027, working with benchmark to have installed capacity of 100,000 annualized units a year for LIDAR.

所以，是的，我們正在安裝。沒錯，這是在 2027 年底，與 Benchmark 合作，讓 LIDAR 的已安裝產能達到每年年化 100,000 台。

These supply chain management manufacturing takes time to put all this equipment in place, and we just want to make sure that we are.

這些供應鏈管理與製造作業需要時間，才能把所有設備到位，而我們只是想確保我們能夠。

Getting ahead of any concerns about us being able to deliver the expanded volumes that we see each and every year and especially as we're ramping RevAid along the way. So there's major investments going in this quarter through the end of 2027 on the CapEx side, on just the technology that we're bringing to bear for manufacturing. We're just upping our game all across the board when it comes to manufacturing and making also the capacity investment at the same time. So.

提前因應外界對我們是否能交付每年、尤其是在我們逐步拉升 RevAid 過程中所看到的擴大量能的疑慮。因此，從本季到 2027 年底，在資本支出（CapEx）方面會有重大投資，也包括我們導入製造的技術。在製造方面我們全面升級，同時也在進行產能投資。所以。

And yes, to get more of the unit volume question, this is not a commitment to 100,000 unit annualized volume at some point next year, we always want to have more capacity than we are shipping at any given moment because we want to be able to meet demand spikes that happen inevitably in our business.

另外，針對單位出貨量的問題，這並不是承諾在明年某個時間點就達到年化 100,000 台的出貨量；我們一向希望在任何時點的產能都高於實際出貨量，因為我們希望能夠因應業務中不可避免出現的需求尖峰。

But stepping back, will we hit those types of annualized demands in the companies near future? Absolutely. We grow our unit volumes every year, and we expect to continue to do so.

但退一步來看，公司在不久的將來會達到那種年化需求水準嗎？絕對會。我們每年都在提升出貨量，並且預期會持續如此。

Yeah, and you've heard the diversity that he talked about on the earlier question.

是的，而且你也聽到他在前一個問題中提到的多元性。

We really prided ourselves on ramping stereo labs and what we could ship. They have a very robust portfolio. Being able to ship at the increased volumes that they did quarter over quarter was a big accomplishment. That's through all of our manufacturing partners. But then the LIDAR side of it is we grow our portfolio. We're still shipping some Rev 6 and Rev 7, so there is going to be a continuation of all of our portfolio, on this good, better, best approach to the marketplace being able to offer the diversity of product and pricing to meet the market demands. You need that capacity.

我們一直以 Stereo Labs 的爬坡能力以及我們能出貨的量為傲。他們有非常強健的產品組合。能夠在季度對季度的基礎上以更高的量出貨，是一項重大成就。這是透過我們所有的製造合作夥伴達成的。但在 LIDAR 這邊，我們也在擴充產品組合。我們仍在出貨一些 Rev 6 與 Rev 7，因此我們整個產品組合會持續存在；以「好、更好、最好」的市場策略，提供多元的產品與價格以滿足市場需求。你需要那樣的產能。

Okay, great. Appreciate that.

好的，很好。感謝說明。

And you mentioned Stereo Labs, obviously a big uptick here in the quarter.

另外你提到 Stereo Labs，本季顯然大幅成長。

I know you'd had a target.

我知道你們之前有一個目標。

For calendar 26 revenue that you might have already hit. I wonder if you expect that type of elevated level of business to continue into Q4 at Stereo Labs and whether you have an increased view of where you might be able to come in this year in terms of revenue?

針對 2026 年曆年的營收目標，你們可能已經達成。我想了解你們是否預期 Stereo Labs 這種較高的業務水準會延續到第四季，以及你們是否提高了對今年營收可能達到水準的看法？

Yeah, but I think we gave guidance for the quarter for the company, $61 million to $64 million in expected revenue in Q4, and I think I'm incredibly happy with the performance from Stereo Labs. I do think that there's just a fundamental shift in the demand for these types of camera products, and Stereo Labs is a leading brand in stereo camera and monocular camera products for these industries. So there's definitely a step change in demand. Versus if you look back, a year or two in what the company was doing. So that holds, but when you get into the details of the ins and outs of each quarter, I think we're not going to go there.

是的，但我想我們已經給了公司本季的指引：第四季預期營收為 6,100 萬至 6,400 萬美元；而且我對 Stereo Labs 的表現非常滿意。我確實認為，對這類相機產品的需求出現了根本性的轉變，而 Stereo Labs 在這些產業的雙目相機與單目相機產品方面是領先品牌。因此需求確實出現了明顯的躍升。相較於回頭看一、兩年前公司當時的表現。所以這個趨勢會持續，但當你深入到每一季的進出細節時，我想我們不會在這裡展開。

Okay, thanks very much.

好的，非常感謝。

Thank you.

謝謝。

Our next question comes from Casey Ryan from Amerks. Please go ahead.

下一個問題來自 Amerks 的 Casey Ryan。請開始提問。

Good afternoon, everybody. Terrific quarter and update.

各位午安。本季表現與更新都非常出色。

I just had a few questions.

我有幾個問題想請教。

I'm wondering about the life of sensors, particularly, since maybe inception.

我想了解感測器的壽命，特別是從一開始到現在。

Have they performed and been more durable than you expected, maybe initially? Maybe these are internal estimates, but I'm curious as maybe the sensors move into more active environments, like a robot in a warehouse that maybe slams into things or something.

它們的表現是否比你們一開始預期的更好、更耐用？也許這些是內部估算，但我很好奇，當感測器進入更活躍的環境時，例如倉庫裡的機器人可能會撞到東西之類的。

How you think about sort of the life of the sensor may or may not change, I guess.

你們如何看待感測器壽命可能會、或可能不會改變？

Yeah, that's a great question, Casey. I think, durability is one of the key differentiators for Ouster, LIDARs.

是的，這是個很好的問題，Casey。我認為耐用性是 Ouster 的 LIDAR 主要差異化之一。

Many of our customers are still learning what it takes to field reliable autonomy hardware in their environments.

我們許多客戶仍在學習，在其環境中部署可靠的自動化硬體需要什麼條件。

Humanoid robots. Turns out they fall down and they have incredible shock loads and so and we see our customers kind of learning in real time about their own use cases, so but I think the summary here is that Outster has separated itself on the LIDARside with extraordinarily durable. Systems. I hear we have the internal data to prove it, but I also hear anecdotes all the time. Actually, I just heard one today.

人形機器人。結果證明它們會跌倒，並承受非常大的衝擊載荷；我們看到客戶在即時學習他們自身的使用情境。不過我想這裡的總結是，Ouster 在 LIDAR 方面以極其耐用的。系統脫穎而出。我聽說我們有內部數據可以證明，但我也經常聽到各種案例。其實我今天才剛聽到一個。

There was a Beijing Robotics Olympics. And if you've seen any of the clips, the robots were slamming themselves into walls at the end of the 100-meter dash. And I got an anecdote today that the only thing that continued to work on one of the robots was the ouster lidar on the winning robot after it crashed. So you get that kind of thing all the time.

曾經有一場北京機器人奧運。如果你看過任何片段，機器人在 100 公尺衝刺結束時會直接撞上牆。我今天聽到一個軼事：其中一台機器人在撞毀後，唯一還能繼續運作的東西，就是那台奪冠機器人上的 Ouster LiDAR。所以你會一直看到這種情況。

We know why, because we put in the years of effort to make these things ultra reliable.

我們知道原因，因為我們投入了多年的努力，讓這些東西具備超高可靠性。

Okay, that's great to hear. And then, would that sort of be fair to sort of assign that the stereo lab, that sort of trait, that sort of ouster trait to those sensors as well?

好，這聽起來很棒。那麼，是否可以說，把 Stereo Labs 的那種特質、那種 Ouster 的特質，也同樣歸因到那些感測器上？

Yeah, I think that's one of the places where there's synergy. We have a lot of learning in those kinds of use cases, and we're bringing that to bear into their engineering roadmap.

是的，我認為那就是產生綜效的其中一個地方。我們在這類使用情境中累積了很多經驗，並把這些經驗導入他們的工程路線圖。

It'll trickle into everything that we. With them for the future.

這會逐步滲透到我們所做的一切。以及我們未來與他們合作的所有事情。

Okay, all right, terrific.

好，好的，很棒。

And then on Reddit, I think there's a lot of excitement about the capabilities.

另外在 Reddit 上，我覺得大家對這些能力非常興奮。

Sort of globally, at least from our perspective, right, we've sort of bifurcated the center market, sort of China and then ROW, sort of X China, but can the capabilities that start to let you win, even if there is, some price, sort of a value price difference when customers start to think about how much value is sort of contained in the Revit feature set?

從全球角度來看，至少以我們的視角，我們把市場大致分成兩塊：中國，以及 ROW（世界其他地區），也就是非中國。但當客戶開始思考 Revit 功能組合中所包含的價值時，這些能力是否能讓你們勝出——即使存在一些價格差異、也就是價值定價上的差距？

Yeah, I mean, yes, on the margin, absolutely, and actually we have a business in China that we maintain. We have some great customers there today. And just anecdote, we were on the podium for the Beijing Robotic Olympics many times without sensors.

是的，我的意思是，在邊際上，絕對可以；而且其實我們在中國也有一個持續維持的業務。我們目前在那裡有一些很棒的客戶。再補充一個軼事：我們在北京機器人奧運上多次站上頒獎台，當時甚至沒有使用我們的感測器。

So I think that it's important to separate out the automotive industry in China from everything else. We really don't expect to be a player in the Chinese automotive market.

所以我認為，把中國的汽車產業與其他所有領域區分開來很重要。我們確實不預期會成為中國汽車市場的參與者。

But in the other verticals, industrials and robotics. Especially, we're a player today and I expect to continue to be.

但在其他垂直領域，工業與機器人。尤其是，我們今天就是參與者，而且我預期會持續如此。

And we've been head-to-head. I mean, I'm answering your other question on the margin.

而且我們一直在正面交鋒。我的意思是，我在邊際上也在回答你另一個問題。

We have no problem going there because not only all the attributes that Angus listed earlier that people are choosing us for the longevity, the ruggedness.

我們去那裡完全沒問題，因為不只是 Angus 先前列出的所有特性——人們選擇我們是因為耐用年限、堅固性。

The differentiation with what we bring with the colorized LIDAR to bear, we actually get a premium on that for many of our customers because of the technological differentiation. But now you add in that we're getting the volumes and we can be competitive on a margin standpoint too. So we have no problem taking the Chinese on head-to-head in Western markets.

再加上我們把彩色化 LiDAR 帶入應用所形成的差異化，對許多客戶而言，因為技術差異化，我們實際上還能取得溢價。但現在你再加上我們的出貨量正在提升，因此在毛利層面我們也能具備競爭力。所以在西方市場，我們與中國廠商正面競爭完全沒有問題。

Okay, good. That's actually a terrific answer. Both pieces are very encouraging.

好，很好。這其實是個非常棒的回答。兩個部分都非常令人鼓舞。

And then the last thing, a little philosophical, but Angus, you did just separate automotive from, say, robotics and humanoids, but from a selling to a customer and a solution sale, do those markets look that different, forever, long-term?

最後一個問題，稍微哲學一點：Angus，你剛剛把汽車與例如機器人、人形機器人區分開來；但從對客戶銷售與解決方案式銷售的角度，長期、永遠來看，這些市場真的會差那麼多嗎？

In your mind and maybe there's some connection to like the vision system software piece of this, but do you start to treat them the same? And like I, I'm thinking about Hyundai's bought the Balkan Dynamics, they're building humanoids, they're building cars, Tesla's building humanoids and building cars.

在你心中——也許這和其中的視覺系統軟體部分有些關聯——你會開始用同樣方式對待它們嗎？我在想，像 Hyundai 收購了 Boston Dynamics，他們在做類人機器人，也在做汽車；Tesla 也在做類人機器人，也在做汽車。

Do those segments always stay separate because of what they want from you or do you think of them as being, someday being the same segment I guess?

這些區隔會因為他們對你們的需求而永遠保持分開嗎？還是你認為它們有一天會變成同一個區隔？

I, it's an interesting question. I'm not sure I have an answer for you, but I would say today the automotive customers are fundamentally different in how they behave, and we have a lot of them today versus everyone else.

這是個有趣的問題。我不確定我能給你一個答案，但我會說，就目前而言，汽車客戶在行為模式上本質上不同，而我們今天有很多這類客戶，相較於其他所有領域。

And I'm not sure that there's going to be much convergence there. There's 100 years of learnings in auto. That maybe don't all apply to the new industries in robotics.

而且我不確定那裡會有太多趨同。汽車產業有 100 年的經驗累積。其中未必都適用於機器人這些新興產業。

But that said, we have a portfolio that is ready and willing to go meet that automotive segment. We have no problems participating within the robo taxi segment, especially with the new Rev 8 and the products that we have coming out. We are geared and ready when the automotive industry in the Western world is ready to go tackle that problem. We will be there for it.

不過話說回來，我們有一個產品組合，已經準備好也願意去滿足汽車這個區隔。我們參與 robotaxi（自動駕駛計程車）區隔完全沒有問題，特別是有新的 Rev 8 以及我們即將推出的產品。當西方世界的汽車產業準備好去解決那個問題時，我們已經整裝待發、準備就緒。我們會在那裡。

Okay, great. Well, terrific quarter, terrific outlook, and thanks for taking my questions.

好，很棒。那麼，本季表現很出色、展望也很棒，謝謝你回答我的問題。

Thank you.

謝謝。

If there's no additional questions, operator, we can turn it back.

如果沒有其他問題，接線員，我們可以把時間交還給你。

Okay.

好的。

Sounds good. I am showing no further questions at this time. I would now like to turn it back to Angus for closing remarks.

聽起來很好。我這邊顯示目前沒有其他提問。現在我想把時間交回給 Angus 做結語。

All right. Well, thank you all for joining the call. We look forward to speaking with you again during our fourth quarter. Have a good day.

好的。感謝各位參加本次電話會議。我們期待在第四季期間再次與各位交流。祝各位有美好的一天。

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

感謝各位參與今天的會議。本次議程到此結束，您現在可以斷線。