Luminar (LAZR) 13 Aug 212021 Q2 Earnings call transcript

Welcome everyone to Luminar’s Second Quarter business update call. I’m Trey Campbell, Luminar’s VP of Investor Relations. With me today are Austin Russell, Founder and Chief Executive Officer; and Tom Fennimore, Chief Financial Officer.

As a quick reminder, this call is being recorded and you can find the earnings release and slides that accompany this call at luminartech.com/quarterlyreview. In a moment, you’ll hear brief remarks followed by Q&A.

me to that in GAAP let we the our begin, refer may and we remind during everyone call, remarks. Before non-GAAP measures environment it also we include discussions contain statements uncertainties. on Today’s forward-looking risks and currently as and the see such, does based as on actual to information results materially. press to for our factors risk refer and business differ specific Please presentation that update release more the could cause Founder and With CEO, Russell. that, introduce I’d like Luminar to Austin

I’ve to quarter our Thank looking meeting been on last you, update. welcome and quarterly metrics. as really incredible each everyone five to most our business level guidance milestones Trey, key yet. are one this of been company or beating forward business to and going raising key our update our we’ve Since be

software, the Tom not I quarter, the for on color a milestones, handing forward to off update standard for a acquisition it Over we’ve as automotive but starting financials. on update ourselves, that safety, well also on more And as vehicle solidified also and made our as with as just LiDAR, past the our Volvo. look little next a major we in standard before sharing the that as well to generation as

level. achieved starting our their its getting Volvo this Volvo’s always different We but feature SUV that industry. into production to we’ve the and thought a next Holy So business. first, for let’s generation talk it through a really was that, moment Grail, for with for a implications series Luminar is safety watershed as after takes completely autonomy recent standard the our standardization win decision make electric to

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expected a increases longer feature as Going take to the estimating volume and a dramatically increases no from standard visibility is option high-end a factor. on vehicles rates

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is second safety. So

achieve. While on our making the of $XXX towards there and use high-performance driver is exists there uncrashable car to a Proactive case terms more demand we and expect strong improving a vehicles. Highway clear working LiDAR XXXX. looking capabilities in always of that will Safety software what grade by compelling There’s market extremely safety for for opportunity capabilities application auto vision of basic And Autonomy, an the be billion realizing we’re of near-term biggest simultaneously

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LiDAR the Luminar LiDAR. is while do have four Luminar Safety, you as more not serves well. just So Volvo’s number involves foundation, the as software. just Proactive hardware, plan lot but software deliver than the to standardization a And to

of ever play. for on comes where and volumes Luminar also on software have and act a data You Standardization generate data our advantage that vehicles increasing huge and as interpret and public to understand, roads. collect greater data, to into expected that’s is software

on advancement the released and they how pleasing us. far on Luminar be OEMs, the as to but certainly a become this deal is with sheds to that standardization five, Volvo to much related market had say, not a So Volvo most to it’s available provider. more on of prominent promoting as progress be expected is they LiDAR like consumers from significant our generating big report Luminar aesthetically even white date. its that a than light in of development. technology initial vehicles commercial is towards the design. This vehicles order equipped move directly. demand be a actually a we’ve consumer will a some from our quarterly to I’d standard on said, on design an heavily all standardized With labeled technology. number vehicle to consumers and -- instead time gives opportunity lastly signaling by brand, And And to focus Hopefully, celebrate feature, video, software as just note, to the just the

of as continue make software an year our by remain trucks version prototypes solution Safety of Sentinel deliver Proactive and Autonomy alpha with We track the strides end well huge Highway features. full to and vehicles on for on stack as to consumer

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that It was these concept, This to needed. generation now great our able XXX make something of be of prove we you And the get here. is to to LiDAR would of need happen. You to that’s performance see to but what it Xth chip. make the needed level was custom

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integrated New in design In Lastly, was can becoming in design racks a of Iris the OEM a vehicles. the huge York And us. a held a factor cars, roofline an robo-taxis. Blade, our event for past specifically Frankenstein-like reality of a unveiled of Iris the a is remains into factor roof customers. Studio key designed vehicle vision vehicle the design though form trucks, seamlessly and be called Day are thing differentiator consumer that that QX, we and and for future long-term is for for

also its global roadshow roofline. to a show integration off kicked-off and We seamless Iris customer a passenger vehicle into

from matters, OEM design partners loud our We’re out delivers. and Iris that clear hearing and

year the highlights if be and heard So I some blown think ago, players larger all to getting combined last of in just of, to from were quarter away we’d underscore a among conclusion, date be we’d awarded than specifically these which our the keeps stronger. we we to quarter. the business also Luminar momentum just from of what the accomplished in other proud something industry. the things, patent, most Not and other mention, advances XXXth At super

all focus, of of us. about execution have terms we what really in ahead it’s So, and

here some significant excited So some, updates to Tom, CFO. share pretty our with

entire great work Thank you, of Luminar the the Austin. to team. Thanks

of at of of We beat meet XXXX our highlighted the are ahead milestones or on year. five the track, beginning we’re to each schedule we

progress on the review Let’s each.

the industrialization to relates Iris milestone first plan. Our

for of the supply thermal, the which And necessary Iris report stringent key has these most XX% We’ve over electrical. series Iris to passed I’m vibration, production as C-phase. automotive pleased and secured tooling, including is challenging advancing that to Iris, be into grade. are qualified which now have testing and to We also shock, tests our chain completed

highlight software end year. Safety showcasing of business. Sentinel. our a track, that release of preparing a end production point by test chip higher will key I’d production of already volumes our alpha of tooling element Today critical product, we’re shortage. next data like supply the feed towards important our is our is increasing amid an Iris. milestone from delivering an significantly C-phase our An software secured standardization future, key the Proactive testing the before lake, and is ever a on to global remaining end release the very for important of the also year series for alpha successfully as year which for we series the Sentinel, of complete We for supply-chain to chain acquiring and milestone worth the The are OptoGration the noting foreseeable It’s enter down lock are that elements full functionality advantage stack the the

been The Volvo We’ve to fourth major milestone market as third is this our more by We’ve originally already milestone year. publicly than customers their announcing wins strategy. programs to announced three this major commercial converting major and winning anticipated, want as achieve win many of go-to exceeded year. our accelerate standardization this

As a six XXXX doubling to year. commercial now guidance our we’re major result, wins this

is grow milestone book by targeted forward-looking to fourth year. XX% order our this Our

Given in major year. target announcement our we XX% growth win least commercial Volvo the standardization, increased regarding increasing from this watershed to forward-looking are at the order now target

the cash million. maintaining balance Our cash in first meet end objective the quarter and strong with liquidity ended final We to and to a rate target this higher started track $XXX net spend $XX million profile cash the half milestone position, with year remain than second on we with to of cash, this relates a year. in a

driving commercial for higher Our also year. a revenue accelerated is momentum the outlook

this our driver on we million year. we for forecast work several $XX result, wins year the is as The major going we guidance at half revenue to million this we the $XX start the second $XX are well a a to program to beginning of year above million in new ago, and $XX the as increased public. As higher revenue, the year, were $XX increasing million of guidance of commercial development our outlook million primary publicly revenue of

revenue, OptoGration strategic for Our increase. purposes year’s expected the to nor this acquisition guidance primarily is and not be was to material

to to we to I’d Q&A, financials. regards move a QX few with Before like updates our share

the financials not quarterly are nevertheless some quarter longer-term from quarter. execute accordingly a indicator for have updates. up the our prior we’ve profitability, pre-series $X.X solid While million, to and and year-over-year XX% continued of Revenue XX% good our was production

Of million incur was expenses programs, in gross as in we our non-GAAP the costs more $X.X of production nearly $X.X our and with $X with loss a production Our Orlando. manufacturing for $XXX,XXX, in advanced non-GAAP costs engineering series for narrowing series QX was million from start-up. here COGS associated fixed associated line manufacturing $X.X loss QX, even QX, million million was non-recurring for in

to Luminar team sensor contribution on software LiDAR continue Trey, We closing, entire for again great move very margins. I’d to healthy quarter. Q&A. the to let’s thank like and record In once another

everyone. Thanks,

time. hope didn’t anyone ear technical we So I attack we the alien to do the stopped appreciate that that damage you beginning, taking with news is good we Orlando. over any The permanent difficulties encountering. were we At the the

we be our but on. why Matt, up. And questioner? holding some you We get safe, all with first ahead good appreciate started should Q&A we you So, don’t got coming go and

Great.

Our first Sam Peterman from Craig-Hallum. with question is

any the book you guess how is that Volvo of much news? first I this coming there Hi, increase -- characterize of could guys, deal, is breakdown your SAIC or Pony the thanks coming increase Is question. for that deal, way from standardization your then taking on and here. my order growth

Yes, sure.

We’re that each not customers contribution, it’s of say them of I to major of into our order each level going are what of contributing the contributors. to think detail to book is in get terms fair the

And part. so the book is important order the growing is

we For revenue clarity here, only programs, for It’s specific from we’re major have our wins. where only including those expected wins. commercial

announced if the book. thing the this we take EV the in XCXX, that’s to successor the So, that’s you standardization Volvo, on our only order earlier year

as that a would as programs, we more result. like grow to with our grow over this Now, And did book get year. customer continue as we’re grow we we’re confident Volvo to going pretty to order time, a

what’s major terms we far. have we’re very that only So, there. wins commercial so the conservative in of included in It’s

to And terms be regards judge in of order book. so with to that that’s going we forward-looking to guidance ourselves continued how that

take new the I software -- clarity there. have but they you to seeing rate to that heard hardware? on and One consumers And is Is software are be be vehicle? with vehicle that right? I going was well. is software the software an is seeing a to a Thanks there that, say that think Volvo one, to not upgrade to purchase going revenue says, standard second was Okay. purchase that with the going after for be only option like Or for just quick you hardware as standard vehicles, that each be going that, or you’re

when part it the as is the And think to comes this I mean, to key able absolutely be well. I Yes, of plan software, part strategy. of yes, standardize is to that Volvo’s

SAIC We production overall be been also a software really have we’ve some able to that of series part with plant. the among others

in revenue can revenue We But contributor exponentially. at it, part significant when going decade. deals part absolutely increasing comes for it that’s the that when of as this to the expect rationale if comes guidance of already have to revenue is majority surprised be comprises long-term holistic And series the in the this So, the production our down a we have. what wouldn’t to place that’s of revenue program as of to all it, it I by down half we be second of software terms raising for the well year. for

is with question Citi. from Next Itay Michaeli

everyone. Hi, Great.

couple a questions. Just of

emergency benefits And understand the kind Is there about of traditional you’re incremental talking of that how there. safety, you First, if are to component? with kind relative improvements of maybe you’re an safety doing the working talk can generally solution? the steering Love and evasive more on expect differentiates your safety and Safety ADAS? we was Proactive just active traditional about I hoping, work on braking? you to from types

Yep.

don’t to active be the nature I comes be So, here Safety, reactive would proactive really, mean, is it. think key they should it distinction the branding. I of when good that safety, I called Proactive most safety, probably think a but

that first able and were couple the basic And most we’ve you possible. worked film of some be different is of show what weeks out but in that And is on ago live. out scenarios, as the of systems first video way to this that’s even number the stuff ineffective the off just can this are demonstrate scenarios, see is year. it able but some time and in -- of Munich the of So a roads show the We the time the is, the the surprisingly starts things here, to we into with end for in from our reality were are we to had. to excited a almost that, really able by basic public

still of as autonomy, a year building of said, the think expanding changing an foundation we in Everyone what’s like thought as moving And that, classify about with altogether. the standardizing uncrashable all even and kind something place. it. towards the coming that’s it But I for saw we that’s these the ago, that, a of it’s list vision really case part I would would use of on just technology application of first this companies So, which car. game work we of in lot now a why as the that, that’s nobody

the by these auto year, feedback similar book works as there is end about your you’ve robo-taxi quickly on past still of back a follow the you expect prospective be going the should move again standardization. curious one I in growing effect non-auto In follow makes some know Just kind this where it’s order the we’ve early, like a maybe the from potentially but or the programs the seen think industry major up, I’m to player programs news just just other received domino this to of in customers, suit. as potentially -- perhaps, and Volvo And well? even others we

Sure.

number it a of commercial expect terms up at wins major announced X in the of where earlier. new this is X. which for was Itay, Year-to-date, now X we’re target that year, we’ve we from So,

confidence we’re X, at programs going a be of about the that going this by type. year. very We I’d terms and level least of to what and spending we’re lot things We broader that on really landscaping But business where is trucking high in into in to are the say time have win. detail two technology remaining as and our on we’ve go is, terms are what before, in a can’t the the of those said end laser-focused it. the get automotive going that. of at of in we’re commercial resources and corresponding to out we focused the That players One

The second end these the thing we’re announcements very ones say we that is, of of the by excited that I the about. year, would expect some that particularly

customers And into more get want go out time when our don’t want announce the and detail them the exciting ready in here. of We only the here in look forward we at to hopefully news wins future. so, to front customers. I are don’t to with to us, We announce our much too having

to that comes in you one the well, domino effect interest can the as see things note mentioned. that it of of to And level when that was

of programs going to to taking this we at at of using excited exciting the But So up in show while And that’s we changing see definitely what off. us with in think various life Munich what not very of a Safety something technology as a Germany, were coming a that’s around global corner. we of view some executives game folks CES. that automakers meetings the major we have, actually have of number actually of and some it’s the can huge more the great I what out are lot about for that inspiration got set this we’re but even Proactive customer kicked road terms some proved part had they just planned we’ve broader in for narrative, off IAA do. it And stuff showing autonomy a be

Bank Aileen of America. question is The next with from Smith

afternoon, everyone. Good

point of solution start follow I Obviously, this you and within of us much your outlining for now foremost the attributable very and first or than it But you’re on providing wanted Safety. you’re the your educating discussions and offering public. customers technology and disclose to job question industry folks Sentinel the Highway of did towards a point Autonomy on the Proactive Is Itay’s Highway a are aware, and are rather when to that many to how opportunity to this up possible went at So at your more Autonomy? pipeline on side. Safety focus great that customer and you this Proactive the around

Autonomy notion Yes, I Safety, say most geared Safety more Highway them relatively is of new. still are Proactive the since Proactive would than whole towards of

mean, that something rapidly I Sentinel as the Safety fact, production ever what, I Safety there, software of -- it that. still announced strong That is the was we hardware. few also that, And solution just a handful along as showed much expanding. first Autonomy software In we -- as ago, Proactive with off the business we meant months of for as really to was, is think a the on said, Highway iteration is when have and we the just solution just is be series Proactive it application

system as discussion option. automakers interesting sometimes a end the is into at In systems systems are fact, an airbags, the this Safety world, can is into kinds mean, at we reason thing that the granted comes time even decade so. it’s see software industry is discussion. comes keeps automotive system same these a of it and is that, trend oftentimes I and but the distinction the of a we LiDAR why But XX-years. a Highway And on seatbelts, is of really but Volvo take same of not other often amount to technologies to is to different and standardization or take And here think point what’s coming decades for ultimately for applying, take with that no that, mean Proactive it you historically up they take because the are Highway -- that -- this automakers were first in fell play. that I we all with, a And into you the something a first become the position mobilized various they’re things the to program it. after being to standardize they’re taken Autonomy times standardized the start ones really where a lead working to all other lot fell year vehicle into is bring you coming just look it And the before taking rapidly look the kind they’ve is line of entry offered option, I kind now they addition the the in other when but if starting the really today. to high when Autonomy, takes and later that’s the see that’s of place.

acceleration we’ve seeing. increased And guidance of for the and of level So, everything been crazy of traction, the ourselves. that’s of the we that part increased have part rationale that ahead

it’s brings Highway no software put that on it’s and capability. Volvo is business drive to announcement resulting it savings ago, model what vehicle think after once required. enables is insurance the drives upgrade there’s the the I particularly that Autonomy, Highway vehicle. vehicle your really answer few real to the that that on Safety Proactive the additional both And to It’s additional have The to hardware then as the every savings the safety required same a to Proactive weeks The significant Autonomy. Safety the Aileen, question, And point as price both. we well the and the LiDAR

you software, via that can either the you consumer when so upgraded after car, purchase the do it buys can update. deliver an over-the-air And or the

them, of to power sit so customers the down explain start our really with And that we model once it. they and appreciate to business

the point, question from the what leads demonstration for is X, X Level much Autonomy, think customer? with depending X, the the your Proactive offer price can getting business in what guys is, we you make what the for the here Level Is the Safety but or want follow-up also that you is depending to about X as -- on kind holistic on it this spearhead second model, had it customers? very ultimately go-to-market end you is strategies, can at into is applicable give of I That a the of Highway it solution, you we and

the Yes, down kind not snowball of interesting. clear funny -- it’s going and kind hill on type the for functionality automakers well. off going this, It We of Highway out is it’s what with It’s mean, where was a that be it’s to of certain what up kind think effect, a starting lot knowing that a of I made I exactly exactly the Everybody think horse.” times was big to going bet focused of these here what a want the they on can part OEM ask really a somebody, job example it’s kinds production the if to ago, of, going it’s Highway I to paid say, is vehicle enable was of like time. we something Autonomy, went you was to it’s storm. hard. needed, -- and take I autonomy technology take bet that around with be want? long urban by to well, “Oh, incredibly new our series see do be that applications, of market case kind able systems, of They’d of the the concept Autonomy same what It’s mean, future I XXX-years faster of what’s that. And whole possible. a

it’s And to work you stake that in us it be But of technology. huge it’s able the possible. hold then of to of over be you with start We’re snowball ultimately this Autonomy, see a kind is that able so different of what’s a a us same here’s Safety. kind had now scenario. also okay, try you and fruition, effect to lot that’s time because to And was And to reality. kind it over of making first Highway with it see first why tripping Proactive the can a investment just same see to all showing, ground see themselves the bet that these significant, to makes automakers of get to

through, is snowball So able end multi-billion commitment that the And going what’s to super the be of something no dollar I to at make think meaningful. to to be effect see that day. that’s here different

one And on to I more, follow I up wanted if Fantastic. may. perspective. the acquisition

You How it the this alluded future and think you vertical of can be folded nature? obviously that terms assuming lot that Forest is we integration? this that on more And do in more in more should in will to execute on aggressive or a you in now you’ll much but you’ve Black be OptoGration. call, opportunistic something on be

the allows to going production critical that receiver very current faster. aggressive I right of only our BFE owning expand suppliers in us for that a and if like handful of with work allows is us, valuable, very those lot and we our valuable can making Remember, as in-house don’t and There lot word, also forward. are custom be to but base, up as a M&A in capacity competitive the allows not critical components moat arsenal Aileen, to tool us know a a Yes. by folks suppliers well environment only our our it is is us sure control us. bringing to designed industrialize critical supply there. going OptoGration scale

we We’re what look going at. in to disciplined be very

of that showed that about in team the is look the team for two OptoGration, that’s talked you we test acquisitions the -- we the software If and an we year. done, before video where Samsung we acqui-hire Munich we’ve earlier at was then, vertical And did that the actually that this autonomous which did last integration. over one

are are in vertical did couple so, way. of what in at more acqui-hire our value the be that top really themes we as of integration we of list M&A at, in software a And look last And the disciplined terms the of acquisitions. those the where active things

is both, do true what a And on exclusive we against aggressively deals, it mean, agreements you in the we everything, Forest executed that’s in the have have by of is that anything, -- good a the if something vision aren’t part look blue. use these with been I that like cases Black get we there’s what and And worth out OptoGration, We some we’ve of early at these noting able way, Engineering, advance. like for to actually is this, this, take strategic actually aggressive. guys get

of we’re the so early because, on mean, we great the could like value are only guys that in a These see OptoGration the too, here that’s such get part guys case. on, how of this. deal So, to the in I do able technology it world the

able So able even it the bring to continue be that even innovate being really what for to was supply, to more -- didn’t down was at rapid rapid secure more helpful cost an and really pace. in-house,

with Filatov Michael next question is The Berenberg. from

series the are tell number? last for are doing? Hey, guys. on how had you those us of development you that you and So Can showed And opportunity XX prospects quarter pipeline advance can give update an OEMs? with you production in stage. projects many you that How production us

Sure.

are going major So, industry players first production where of production major all, series in BD them all like programs time result want are Airbus, of of is commercial the of we to team series four spend that to or equivalent on programs. case or that’s focusing their in our XXX% programs,

that devoting end sure much is, we of shrinks the at that And is we the now initial be longer term that then We becoming it we’re win we to XXXX turning into our And considering make them we same the convert your here. half But going need not question. want near wins, it. here. opportunities. to we make top that making priority resources and chew time, the number, of new we execute launches those it than to to full as to wave and this initial more we -- said is flawlessly sure as make to that, that latter timeframe, in over to call sure So, replenish on can don’t XXXX sub want as business last actually the the to can opportunities answer I And we can -- grow launch sure of we we much with that that’s term. very card up dance away biting let’s kind in XX of seriously ‘XX and can it call, we’re when that to our on want The disciplined. for answer reason we’re that that, we’re

count for not every for But on testing, recognize an have more be or some we’re can specifics. also, every quality of we’re and just possible it’s don’t target, we key doubled just say quarter that it annualized we’ll these to We don’t the like, the is not the new as fair our that the equivalent. have we yes, terms yes, basis And again, focus a is count production expected taking that. some of we plan and development example, things, doesn’t And, on that, it’s metrics, for we count book obviously terms think series wins I virtue. metric the necessarily of in we updating what wins. -- important, but mean it’s of for order we in a

one, And I later them EV right, now for generally, and is, Hyundai GM, a behind I or upgrading be or whether it’s be, software. question guess whether LiDAR imagine the eventually, Chinese LiDAR with it X you my lot start-ups, of nanometer that’s lot guys to right, may to seen still we’re SAIC, even striving obviously, some building BMW a autonomy, or the particularly So then in with lot think, industry them series line we’ve that the Daimler, and it Chinese another of tend have XXX So, building, of start-ups? players. right? momentum be Level or around a I to down EV with are just momentum seems production Volvo the whoever wins, have

is, Pilot, or So, the I the capable I software. delivering question question. that’s Pilot Highway price. capability, Luminar that are if players, door my Jam But on X competing in you’re those right, of Traffic versus right? guess guess other of you to brings it’s what Maybe the my they Level kind think I don’t

have these won couldn’t that to theory, have noise have these enabling terms the mean, all to completely on And of sort in I maintain able all our all focus well, of you Yeah, terms I through things. in still terms we as We think things, what for be focus another too. focus. actually when honest, it enable software comes have of is the of of This actually system, a level a That’s beyond questioned what reason enabled series this or Assist, something I be LX control. system, automated you that for -- and it part the capability. system the capability Proactive camera Safety with and would value somehow, we but just Autonomy Mobileye speed is the production deals for the you no capability. highway like at have of same a to relevant that, the in just would say, been is need LiDAR some another type functionality. whole whatever there’s cruise still be of, and -- can this has we Keep like Lane autonomy, Highway why reason you LiDAR in why I LiDAR can And automakers, that of better to work. that’s could time, system,

attempts like of make said, what’s necessarily to to think, at be think in able of to other I but -- I there’s terms unique So, that’s it won’t kinds terms to we’re attempts, be shortage seeing I going realized, this. there’ll having you’re any specification And which this I that of in see do they capabilities of the no different what think is fruition. if

Okay, understood. And then one more quick one.

let’s Michael, ahead. Quick one, go

Yes, sorry. yes,

one. quick Just

within to need just the question or are line? with to in you the you the you how the need materials? get laser? the I something be it down around detector. else do cost at a building point laser those to you achieve to margins do where scale you laser the InGaAs just innovated about purely of order about, around to laser Is that you’ve talk what point the today made the mean, talked progress itself, around You fiber Can

Yes.

So, about place lidar gone that a already and receiver, just we there, if we stuff actually $XXX provider, have in less key agreements have the actually it, its when supply the laser have than basically scale already costs. in our you’re talking -- long-term for ASIC components with into and

magic that has me -- is don’t comes ASPs there, discount trying done it’s is better that’s it -- The initially through, if as and value; more get surprised to mean but it than comes actually capability, a make better to be be really pricing a magic shouldn’t in well, more to just what to comes it. the lot it still hard, enabled. you’re need play. LX we’re that to have autonomy to they at be that stuff and I that’s real for sure the want getting a probably even been of actually but and system, place. I ground is that’s core any it I value to into can value where is said, solid. and a make -- really Proactive -- incrementally insurance at where want Again, have from mean, scale like -- really There I lot that’s anticipated, to that. to we’re when of there if may to can I highway value, make into business that’s that we it folks the just and really gone if the lot So, standpoint, to we it’s questionable, no already great if and it’s investing the there’s targets. it, meet actually you’re have. it’s that honest, even Don’t proposition of able execution when we’re you say, it a clear, from ours, from that’s down there is -- Like, had. sure up a a for programs the wrong. or level is already building Safety that it, I comes into to cost But, that real components we’re this. case required when like all of mean, focus want technology be no us to long-term But, there these the well. pressure getting be product capability, to new those are lidar a I enable

we’re problem. how So, the about that’s thinking

Understood. Thank you.

Deutsche Emmanuel with Bank. from is Rosner question Next

you so Thank much. Yes.

materials building question. on follow-up a first the is So,

us of then, update out? stand help late scale. at your year? you as interested where on that starts you an the next what to maybe mentioned trajectory that So, reduce I’m material? this Can stand on integration does And the you and well you is in vertical a commercial part stages, obviously, vertical for Where also the extent this effort, you building intermediary by give the just expect time to of do helping. to production $XXX you’re track integration

Yes.

would We what series that ago we volume driver. have I walks So, is announced architecture. the actually I far part -- what have. is, Like, the is answer and it’s volume the I’d have biggest in down. the But, the actually the does that’s here, standardization helps of it about all supply help. by say we mean, production that yes, terms of of we say, XX% our chain we just have that and a tooling moment now factor

thousands it can when what dollars, it, have be really we’ve hundreds into for like been are any for have well expected of to track sell as achieve that order In you there’s falling to to on of down things of huge part no for. as So, replacement place volumes, and something units. But, volume. or you reasonably of producing hundreds of ever thousands costs even of these kinds comes

viable a to arrangements production to enable series not happen. kind path do We’re any be that has actually one aware that that that of of any or would to able

of of of factor cost talking but just kind why I that what have we’re that intermediate the such also also as part the and that’s long-term of the kind just the for it well. the Not just big mean, we So, significance was long-term, about in standardization accelerates for curve. -- a

to whole can down than be back through we and we initially nailing make economics even chain better going that we’re supply really sure get it able now So, anticipated. our to

Okay.

the base So, is you’re $XXX production? numbers-wise, before I process start-up guess, on-track this for generally completed,

when the first for the into to track that. for scale get on get $XXX we’re series Yes, full-year Yes. production reasonable we

a Then, Understood. the follow-up pipeline answer an opportunities. funnel of earlier or around on

were existing and some you’re I robo-taxis. on that seems you and part commercial very-focused of aircraft, as traction markets. were that then saying Obviously, end your you the wins, getting automotive, think, vehicle it with

on focusing it broader this And I or more opportunities, sense? actually as understood just understand highest to now becoming was so, a should the selective be in somewhat volume and

going like, I’d to you be key think lead value know, have they’re system actually of say, I kind themselves, don’t ecosystem different player an to Like, Mobileye take initial foreseeable autonomous of in they’re this into an as verticals it’s going partners OEM a I an the like not of important think Yes. contributor future. but establishment example. I and to the

or I China, think think, I globally. autonomous by have metrics with company -- they vehicle by company Pony, lead already, in independent the and a many they’re wide margin,

will actually as to at years. a a you mean, of takes with be it of able U.S. the market then, little fragmented bit is when quite that that think Airbus, take I And there. the it number certification kind is China, all, between air process I a worthy, and be base more to look and to a be it important establish

see and And the of on that to think key be you applies that’s Does now all part that able of of the So, the terms this that in not. airplane to as to each that going partner rest we cars having both, that verticals of pinnacle well be now that possible, manufacturer? matter. what’s to clock And on the trucks start single of as we’re have. the in through. mean strategy what on. go for really, want But to OEM every ecosystem in deliver we’re this represents early lead take able a I to Absolutely

Gus question is Capital. from Richard Northland with next And

for Thanks taking Yes. question. the

XX% got And are sort for up see supply laser? Just, a C-sample. your follow-on, your chain using then, of locked to as What’s you’ve you go? of off-the-shelf an left

Yes.

laser, the I’ll since that. handle So, I’ll the let part the Austin first expert handle and question on in the he’s

transitioning really the the from development, prototype where you’re the now, parts production. stage, building over more prototypes right stage or to tooling used for Gus, get will actual tooling, series be early the So, of that for production to the really going tooling, XX% we’re and our that once we

category. it’s of of and longer just from XX% less go. that part than this just stage. -- fall some times production the have in doesn’t any specific into actually We converting into tooling terms to of it And It’s lead has -- prototype

As for refinement of too, process of it’s just of part that. all

with to interestingly of to It’s be the XXX% we -- a time, have to enough, lidar design So, it components longest in expect the not cycle. loop you tweak that accordingly. not some be closed that lead supply actually QX. have But, there’s chain. It’s of regards able kind to the core -- it’s have

the to So, is a way, solution. when too, it laser, laser by it custom the comes

thing any you the or off-the-shelf we’re with of could and So, or with other same of needed, the stuff. that are thing list other same on, get or that receivers, not same our the thing ever the on laser specifications kind to -- goes economics aware chip, the

So, of own -- they have part side it’s of part as lasers the example, to gen next just for we designing this, receiver for really together, as it. be we’re actually like, It’s designed -- our like well. chips, the not

to then, I OEMs so Understand. you willing Proactive to And think some Are the Safety. you’re I data, are. you can going refine share data? know get your mentioned earlier,

Yes.

related sure are clauses these But, things. part As arrangements with as series make of production our always, associated said, that this. everyone too I data we generally there not with associated there

more the on mean, of do vehicles. to of I cars that different amount vehicles that massive I absolutely thousands of at -- you It’s there OEM. mean, the value volume those being like I out for its data the and orders road, incredibly ultimately that’s out too, road, we hundreds amount each data. able when any about take Waymo mean, of are something with fleet robo-taxi kind out from than a resource getting XXX talking factors. of data. these of have magnitude is different So, largest of this collecting you’re sheer look of But as the

get as that areas. to prototype amount actually to And out that drive So, that’s you well other beyond it autonomy, you data allow too far $XXX,XXX where Proactive don’t driven can Safety And to actually series we’re even of there, production, to continue have a it. and highway not systems. highway to pay longer-term, to that but expand with This collect improve a autonomy. applies ultimately as people -- to over autonomy can urban is But, can like starting. even system the data even

last and on for going? to update Mobileye with working me. that And that then, how continue into the you’re on Okay. expect their just relationship you give any one you is on do robo-taxi production? And Can their

there Yes. No, it’s going great, as expected too.

been out they’ve problem I there required able first been working place. And economics. the from that’s of and why mean, them with partnered with part the in meet day year there that great. reason And power I confusing specifically, noise really the the I able that think, system was some can but, only the be systems of to we required these specifications think beginning they about to that be remain at solve are one. the to already with the it’s that us, us we’ve

When important being there’s coming use able systems, strategically, that’s of these and it there that comes is why when sets, Mobileye for and for example, of partnerships of compatible they’re look a also Nvidia us. the be can is you the chip kinds -- part no just really general for this. valuable there’s to of can I but that at, application partnership. think deployment, people immediate to ecosystem question to be -- very very as with kinds the a of And part be take these ecosystem also broader all and

you Got much. it. Thank so

question for is next The Tristan Gerra Baird. R.W.

an that as your year? And outlook? this there of you raising question, of higher part that longer and revenue your basically in is testing design new you’re on outlook. presumably to the if the full year wins with or of average, Great potentially if means announced wins, duration also, design quality outer in later of part driven order term that of that the see it be by us guys. terms would revenue existing second year Hi, could testing the on Is books, is remind

Sure.

little at the more it’s series earn launching that of what work of with to A revenue that engineering and or we what’s is say a year-to-date we B-samples under And revenue, half programs than those of win and development customers, number get end are the SOP multiple little at call a those started than of driving look start year-to-date, to the going the programs by these components work sensor bit, And as revenue. from when customers, pre-production launches of still half revenue given stage. we’re So, start I to have or lot and that’s already to year, that we expecting the what of we’ve launch. sales you more more program for is for we’re to development for we that doing. our half our really were ready our have And outlook. the more whether year. revenue that higher higher a end in of programs, the we first units our from doing production And would and won

duration book, varies give for better word. one the average -- in translates order of benchmark second book, our here an by part which over is, multiple years data to the of really you the So, question. To part forward-looking of customer point. how a order series answer in annual your that’s is lack that terms to the of the is And first weighted question of of the terms customer what of it

revenue. So, when that the a we over of suggested bit sell shared units, a million public went in with last Street we little $XXX which that more would we than XXXX XXX,XXX would little drive productions year,

we programs wins year, from of If in expect wins. major and units those far. commercial would XX% obtain last that won commercial look at the our we just About kind you we’ve those what already forecasted have that major so of XXXX, for to XXX,XXX is, else, won that we’ve expanded just we won, nothing forecast that

as metrics, that lidars with then, useful. autonomy and And very talked highway it applications. long-range And your is to competition about the on follow-up, differentiate standpoint? critical you a how talk other have per as the for you’ve there Okay. if could about second a how reservation Are such resolution matters? That’s resolution leadership pixel

Yes.

exportability device. distance when a to road on to low people’s a able to to answer to with we degree, yes, ourselves safe stake you it value XXX these that specifically stop be able there’s the out autonomy that board question way all proposition. snow, XX given whole across like, way scalability fog, -- -- need the you conditions. a interference driver different To capability to the plus, of the very get key have objects manufacturability, to key exceed said, come this of meet to to resolution, difficult things, to them. with really when that’s all range to and that to system And kind as have. square get of to resolution, be metrics from get and pride -- resolution this doesn’t of very level It’s on those able comes proposition of handful the And into come to on we or tough specifically And the the etcetera. per actually to from play whole well at them And see So, be different all enable the easy out to of the work get the in It’s are these part XX be rain, It’s to and different a do that able able We those applies that’s the become you in simultaneously architecture. for profile lives different lidar all max advance. requirements. And are it. everything value part loop. down points and at

why important. level that’s So performance that having extreme is of

there’s at specsmanship of point all try individual can of detail but stuff is, the lot but the that’s $XX to be But, do make used, And scale not all So, distraction. that word a the and here. the I of of trillion the we’re customer, it, the majority software come you play I next there’s ultimate lot coming that for XX simultaneously. Luminar. if that And key. from working possible, customers you like into is XXX for ultimately and take programs that end our voice each heard into a actually ones, distinct those optimize stuff. obviously, to to have to with have huge We the But, production to reality been of of the is and other for mean, our the a billion, that’s that’s internally. with That it. the we’ve I that’s can’t very lot kind parameters of a awarded. sometimes try that them also even that units you is the production, testing wrong talking that’s I goal $XXX it, serious able you level feature so that, non-trivial side is diving we’re obviously But just up term to the that goes company, absolutely -- well thing to revenue do this like are Luminar. is with can the or for said, work. series that about of mean, of this casually working And different this. to cloud able think that paying approach. There’s into series a is day. with side going enable to matters sell be us they’re obviously They’re with has $X amounts something billion us making into Again, -- this there’s you that’s we most. And thing that. one-off gone worth becoming One not that’s it, revenue of It’s unique reality help the also revenue. into program to noting mean, as the investments is

Great. very much. Thank you

each one with And thanks. up Dan, question, do Jaime, finish Hey, if [ph] can you guys we’ll you.

cars, vehicles? the I great Thanks Volvo for update on the trucks, passenger I any about know talking update update and any we’ve produces commercial been presentation. but side? trucking know on

Yes.

Daimler is our So, trucking partner production lead for Trucks.

a One look market because trucking of think them nearly working I the globally, reason actually and Torc -- partner overall have why is XX% market they the you with share. at take we’re their and long-haul directly

a just able to lot companies at go the of animals trucking of specifically are end them. made the it to and sense be So, economic These with day. operators

out of same interesting same actually vehicles. product, driver the the part focus as part highway of the is same the passenger with significance that’s for to and the there. the this goal is And So, it’s is it the get -- autonomy the capabilities, loop, is that

think definitely of on this very side all So, trucking the is I of important.

We trucking autonomous are as vehicle as also of independent companies. with working companies, majority well

that as the ahead think farthest perspective, trucking something think trucking perspective. great. Daimler part the also is from probably, an by is anything, far much that’s as Trucks exciting But, So, I I OEM AV

So, it from it see when And comes to side us makes work have more them. sense think, general, holistic you’ll year. later this to trucking to then, in with I

And the a Volvo two is separate just companies. name, actually the there sake Trucks clarity, Volvo there while they a of share And for same and is they’re Car.

a we Danny, final Jaime. Thanks, question? one got

in. you. for Thank Great. me squeezing Thank you

to we know with but of Just wanted in to agreement, perception software that you’re play the themselves software, role go trying a because more your obviously they’re perception out a automakers to back using. to the there Volvo get bit are trying

just And perception how at you. the parties how Who’s could for here? there in talk provide of differ? room to fusion? the of sensor you the maybe So, software doing could Thank the software be roles solutions may multiple Volvo, case table

Yes, absolutely.

So, there’s things. two

holistic whether I they’re think be it Whether it’s they to that that more look OEMs a that you it? step there just that today. the full said, different works it any successful do means. frank, that more example there, won’t value than But We are lidar less at want OEMs accretive really developers. we be mean a that the a solution question great trying systems result, whatever too. necessarily have, less or more develop, just is. for Volvo, are they’re we And work you’re not business, What back, They’re well. is, to see -- not think case And totally that recognize it It’s I question. the or enough doesn’t we sense. answer what software not, partner to the stuff. parts them able good to and themselves most hardware, taking We commodity They want OEMs said I be a software with perception to it provide is quite more smart a means is no But, auto companies software, with multiple than take have they makes that develop at system say. as just lot of the of asking the to by with opposite. through. think,

So develop. that software you said, other there still can that is

development system, the their the them That’s ahead with to to rest on partnered of we to plan, to day, lot industry, who’s is for the stack subsidiary, the and is into it this of bring the system, is the being win, able that have that’s of just the like a the question a working making the of Volvo out about software, anything who’s also going actually a And rest delivering. reality for is that’s lot fact, resources this package or of talk the with actually or the it software happen. going I why In And hunk Proactive of do metal car? of it out software there’s of is that farthest this and is you perception lidar with a people highway a the thing Safety to what a of there. holistic like, that because and a a Zenseact. a of is, actually there make same be at end like, an to then, part lidar OEM And autonomy reason level, kind talk, developing actually software said, significance when the golden not it’s really clear a applies part we’re strategy

make of, with this but do something absolutely, to it’s OEMs proud So, that we able happen. be partner to we’re

Great. Thank you.

the you call. for talking next we front. thanks to joining the the appreciate technical through through forward quarter difficulty working a as look to everyone, the us And through for update. Thanks, at we little your We And and really time. business went

it dedicated have sounds just -- introducing if next like going time here setup, introducing crazy actually We’re server to was -- I a was voice.

And see Well, yes, right. So great around next we’ll you yes, time. All thanks all update. for hanging.

everyone. Thanks,