Luminar (LAZR) 27 Feb 242023 Q4 Earnings call transcript

And we'll be muted throughout the meeting for 2023 business update call. My name is Aileen Smith, and I am Luminar's Head of Investor Relations. With me today are Austin Russell, Founder and Chief Executive Officer; and Tom Fennimore, Chief Financial Officer.

As a reminder, this call is being recorded, and you can find the shareholder letter that accompanies this call at investor.luminertec.com. Hopefully, most folks have had a chance to review our shareholder letter as we are continuing with our new earnings format this quarter.

platform, we from the retail and our posted the quarter, call of investor live last e-mailed on questions questions analyst addressing stakeholders, safe questions of from will investors community. majority spend the questions to our As our investor inbox institutional including the

with any including platforms wanted in come real look I also We these the 'XX look of that intermittently will and be remarks, the ahead questions consideration begin some our back on into call to through a changing call welcome to address a time. XoXX.

pass that, over such, non-GAAP information on it, could as we as for may actual differ the letter refer Please Before include contains factors uncertainties. measures. I Austin Luminar's and that I Russell. risk With we and like does our that the environment to and GAAP cause also call based financial refer shareholder wanted to everyone Founder to statements see and risks remind to I'd call, on currently Today's results him, the during discussion to to CEO, specific introduce the more materially. forward-looking

great And all you to guys here. see Eileen. Thanks,

we've calls to and think our a historically the over all seen our we going we're with really develop, say the Volvo, be in And on had we've quietly this before into the jump commercial at converting that be for we've stage. efficient. can more going EXXX. our to able mirror. this business launches. a the eyes year. recent heads a able been that's enter we've the the launch standard In I into order rest industry true from A have saw before has in the the the a what the this in product I've Q&A a last XX focused and preproduction do corner To if company timing even production been don't vehicle that enhancing of into this faced the all challenges Luminar funny billion capabilities covering ambition you down all And the to the truly is be execution a the up enable this where has for the Luminar bring media core production informational on execution strategy how generation with this as you've kind we Luminar, around that on industry what we've really, it's letter vehicle beginning, or than rearview are So all just is control is in public take capabilities. is Luminar it's foundation, a autonomy where earnings next launch is of develop the our vehicles maybe more of date, abundantly And target, maybe maybe now done industry invested that world and that's like through where industrialization just being become it's exceeding And revenue showtime. altogether team over the And it to of all a vehicles. first been replacing really costs clear to But have $X Volvo industrialize year, Day. really multibillion-dollar I hands. hasn't. where at Luminar And incremental driver the most first I'd And even And last the learned robo-taxis. this quick have on taken years on years it's of and for to trying consumer right industry's be on the with that driver and production growth and to quarter and R&D And of new of to in the be at comes focusing chance leading we to look global this whatnot. with technology and and the this history this package. was on The for out there of we'll been to lot what laid there in to of been lot vehicles down time, we book the

consumers' automakers And to with automakers around beginning the preceded technology I to a this the launch are our their -- initial going around And shouldn't XX coming this. case the first directly launches additional are to following consumers. is of by of going market EXXX Luminar, the to hands. over mass-produced but to of automakers flurry going be vehicle course, benefits For months time, the world to course, we're start say, seeing of world be maybe the going into in well,

yes, and growth economies economic enabling benefits economic it's operational of of with scale as exciting this going be efficiencies exponential of and very start So we time, certainly additional the lot a program. to these a realizing

So the well, for able Luminar yes, April to we've ahead had. in able Tom what business of be jump very through sort here what's excited talk and XX, on Stay be and tuned to a happy to special Day everyone. with to

able model But of the all to part be to launch and commercial to it more make little to we're That's this able our business, is to continue execution. be we addition for to commentary business leading a vehicle overall critical we programs about have the been up that.Again, industry to happen As and we additional course, throughout adding give scale in had time. questions execution relates, done all year, that hit is that, and what we what historically milestones the critical But this on able launch. of to hasn't to also, plans. the majority the around overall our core bit part can XXXX, to that's excited again, are the successfully to first able all of the were

Aileen, us for if want you off. ready Q&A, I think start to we're

a So we platform. begin going our couple are of safe questions to from with

first the different performance I reiterated capacities. any there to the was company this a and information evaluated the such, an bring bridge stock? company and of of But investment gap Street. as between there new and think Our Are how question couple in Wall exists into it's by being plans divide

learn way. better to a But able certain there's develop less to invest, actually there's $X these last there as have and a than in obviously, the whatnot. just to deliver million market I these We've to dislocations lot lot prove as a through think that's I some much for that from, able to the to what technical the reality to relative over in again, to been come like from I've got billion Everything of scaling also now from, going successfully this, had in technology we've of Tom disconnect value of we few do. shared lot And $XXX series a very from kinds on out. that say that the and capabilities. about order of to And worse going more other knows into factors all do. what, product years that of well or And being production into factors book all accomplish. frustration has been play not is from

star I our able I north The about the And comparable as have we become that's journey in you have able to and important to as a success. deliver world value talk would Teslas, as opportunity be in shareholders, part mobiles And execute, companies historically exactly use, is, like towards we're we company way say, a to our done to be what think, be our that. that that of is that's the exactly Luminar when also what to the the long-term value, doing to to benchmarks operating to overall the able equivalent stages to in NVIDIAs, that.

noted on from second no that its working affects safe they filed noted it's a In Intel development. XX, Further, you lidar is that Mobileye technology. FMCW, Our on Mobileye please this actively how its on longer the Luminar? with different Can February elaborate lidar pursuing question XX-K platform.

the done ultimately beneficial that. take can't people So more that is, comes probably our at validating specific I company, large. I And obviously, I to show to say again, to leaves in launch able running to more that's where more how I to we point programs, down it dramatically it's be Powerpoints Luminar it on underestimate able from it, the to when have say from as generally not this for will probably when technologies that But more industry costs internal things that another business. get also realize it -- think can and what are more that's comes scale. well. takes like all it and be is this keep because industry, not but the And we industrialized just to to And these comment partner's more individualistic to hard, reading to successfully as tea to easy even map this would too, Mobileye, just is that money any people to stuff go important too. for real the products And people

follow-ups. as we analyst With initial community questions that, will well couple our take that would our I we're of going and a one remind community. couple gears as from to question of switch a analyst allow

is to from come America. Bank Babcock question going of John first Our at

expected the question billion book. And that additional the you plus you you're at I Just I a around there first provided calculating change was in $X way last order this quarter, book. that had noticed year that. guidance have to on in order

much that in was could I be if just you calculation? And there provide was the from how specifically just much would I million. great. how that impact was $XXX the gap it you or of also, calculation change impact XXXX, in think the overall around mentioned the wondering

it's And John, Tom.

forecasting. with done what part is the what as about we've just me us internal of calculating first, We And or volumes We continuing and And of let our different merger 'XX year, to commercial is vehicle this would use than about the book that this awarded lines. that differently. is we've for XX then done in say, to we year as to Let SOP mature that. of truth with ground the it off programs. and order ended me each those lines on we've talk as, well our last IHS listed how vehicle done I went start being

EOP IHS on volumes and for lines take as of awarded. have a like If that. of vehicle those SOP used Volvo just standard the we So EXXX, you dates dates for XXX% we're the source we that

and X% sensitivity we've we've book telling $XXX XX%, If blanket customer then than assumed looked million market because range we data; derived the in say, at than looked you the ISS XX%. on We look an And would talk way. at little that rolled at is us. a would a up about use business the a standard, rate. customers ones conservative won, We what we are a It I we've order that if midpoint. say has in apples-to-apples a less done typically already the take volume not I between historically. you we'll sec. basis to a say, are more average, estimates the used we our is XX% relative about pin on Put that decrease I what analysis would more which

the a have a look little to XXXX, it XX more headwind didn't that forecast in to $XXX because we about total that forecast million billion say lose book some we terms $XXX during I were the really making bit there you conservative $X expecting our anything But win. we at decisions wanted still been reported. were than It order would gross million. into 'XX. about what was shy deferred We size we've wins was was If that of that

$XXX back XX% assumption A of to the that million. you or impacts be of XX%, order take size by X% want book rate choose, XX% in to lower X% the want X% or if whatever change that going Now about you to to our to higher number

third-party additional us. estimates disclosure can so volumes there. customers a sources order have the of opposed So more for to what I would based bottoms-up give we that analytical size it's as wanted own But say more make their to our on that people provided using book

I what's note, want we when in or of at think at book just to order fraction radically probably getting to set order order different even still or type standard those like because amount why would same today our then much for that the industry what of be great I on credit the calculations comes And of can $XXX book we all seen, it irrelevant. it we've say, billion point, which the that a oh, help that to that's if and use point, the this that kind you at is it's have. would not calculation becomes book We're is views

where I didn't think this Tom doing I ago, what whereas board that now, for of okay, like were the And volumes these in IHS exist that's some are that's is least to was any exciting So to months first starting, think starting is when cool years these on models to even me in we things. And now, fruition. and what, what's come countdown. at before

Just last question over. turn it before I

about they're aspects like adoption one of to how the for different the and of thinking the how like your gauge think difficult is I trying certainly is that. industry companies

companies It there broadly, just adoption are like wondering material any the been getting has it's curious, last how is anticipating quarter. the seems pushed change there off in autonomy? change over if Just of any but

falling could how So talk flow the about it does some vehicles changed about has through at all cadence from But anyway. EVs relative for would that that technology in read last useful. Iris if we've has given EV be have if changed, you that and to currently quarter, overall, just option natural

Maybe comes the we roll-up industry; it I off to overall I'll say that. the this. have on when start would

it and to automakers long-range XX% the be into on are able that and their the either just do to Now actually or majority the map generally road top lidar or vehicles. by around XXXX integrating have planning lidar XX production of on

I in these everything they're in this there -- interest cycles you XX% look of this know that ultimately for portion, long, is it's same is and of know, like isn't. we're I company think the the since and the demand technologies a much X% terms automotive So the further automotive both an remaining But what thing there's that for time are that as we get weird like out remaining on industry, ability shortage And definitely of a what of we to where figuring something appreciate curve? every years and do is technology vehicles adoption of I adoption find gets is. from at and think accelerate was to lot in for kinds one a of the is the how automotive cycles job like industry people it integrated you're talking very is don't to the new whole about mix as point of Naturally, across in company tech the to the The vehicle. that introduced of historically when the of have you ultimately ways no at XX technologies take time standardized design course. first like

think, lidar stuff technology low-volume than this. penetration where you like market the like automotive For seeing I real it's also that you're it -- like, a think vehicle things curve realize history single over this just of a I'd powerful letter XX quality it's or are happen on even why massive generally, faster have I like may back that's could have able you're only other say just put one years, concept I into economics OEMs may different working to when we're because if meaningful. in with, quantity time, goes that's a of like a adoption it.And to is the not or to any maybe but vehicles single-digit dozen that electric the and so so just only that's probably of like vehicles actually percentage in still battery takes overall the after are sold like but And

realize about to benefits you fruition successfully you're and case, partnerships and the that If we're customers realize in billions can of the example, that value for able you of are with. existing to our talking of the tens in that come you from, have, successfully dollars value working just even

So that's important. to where it's be going

are lot with and of the the pure your -- point you're companies, analyst the facing. on address, terms think very of case. overall want to but that headwinds our of though, one the that is to And I growth on not real EV point, ultimately like the always is that me, conversations a that the some companies from there think EV I EVs, I to last that's in

much think I misconception. this what very a that and though is also is important,

I EV company [indiscernible] think Company we about The idea Luminar generally, that is for an amounts surprising. gone is the that Luminar, like are of EVs. people only called literally have or have

of think probably majority actually where that to be a I variants. platforms there to that's models value that benefits or going I like lot is technology is of disappearing for reality we're that on, the they combustion that combustion is aren't very our of So the this technology And is is engine time many, safety independent include of it surprising what and benefits do vehicle growth. that and vehicle But the think is vehicles technology the And powertrain. of overnight. true just saving this

runs independent a it's whether [indiscernible] lithium ion. it So

that have, sort value that perspective. the that's the But the proposition of that's of So sort we value I think affect what we're of perspective doing doesn't materially or and overall.

question Josh comes next TD at Cowen. from Our Buchalter

you're this us that I maybe year. on providing up funnel. business can it book for on it maybe are didn't first To not target And to help the upcoming speak letter, can the going order you if sort missed provide you start I any an there to RFPs this commentary one, you're wondering rationale was give SKUs shareholder you of in if the understand quantify, you could year. not qualitative behind following unless John's why better

this potential to revenue. the into we're going actually we're going significantly transitioning actual be book XXXX say to from revenue fair it's order think grow book where to order I is Josh, year. Look, our

lot some is a be a going talking the what be We're so revenue from we particularly revenue. rate going for EXXX in of is this production what year, that about we're going to run this And what on in more gave the QX. to particularly production Series to look our latter is Volvo to guidance year on that We quarterly range. confident half mid-XX expect in the start like

we the letter getting complexity software our things, it want Once business. say these win it, will which would the exact go that get confidence next-generation specific production, and going going going are on some new when with more book like having that headwinds in that think to And our before more Luminar around the going and we'll there well order significantly. would say weeks. macro is more to ramp-up customers talked we see to comes and we're high-volume existing look say, I And talk they clarity be, The we we'll X to exactly to is when product to is the get And we headwinds to I that's right. some conversations actually those refresh get the well. as coming as think targets. pace what customers, clarity Day. But as systems in as up that the a lot of planning want about unlock and they like, that I would is more I customers, going EV and I both impacts we're us Luminar; at set that we more about how what as,

one for Actually you. another

mentioned Any OpEx exiting You of expectations year. bridge you're more details and can to number? us costs can provide but how belt you expect million the for you how And details more down, the trajectory some would there's $XXX in to coming hear like be on $XXX you we the be you to some give it goal, ramp in liquidity sounds great the tightening. because color on called get out million your that on I maybe It phase, industrialization a also number. also think, should

and a put in there $XXX we're $XX which recently $XXX point starting million the that million we of The place. the cash using million, of facility is credit is

than there. the to will a costs to spend continue We like in was our right of conversion little It of Our that going attacking from little the get to internal more our a really a getting in we did have the way started to look Volvo But SOP, EX still we're prime to near-term tightening. get results objective aggressively make belt be organization. would hoping Iris direction. And the net core our targets we're unit be streamline it big some start at to improvement have bit going are of what ways. and in cash what QX. it to costs. industrial year were our of then say going we that. the down in to the If but the there always then to spend here. ramp-up better really are to first QX, I going half the That Volvo can We're lot better, look are But can corresponding going particularly bit little actions more what at little the clarity of think start what clarity like in in sacrifice ramp to other we then been more as aggressive done going now start bit. at we're some exactly bit here have taking costs, a going a has looks [indiscernible]. as that look a the we on economic million to how once get provide to then we we'll in the and we're want like, is on Volvo looking more what like BOM really really to is we're cost And things down that some assess manufacturing I what we're $XXX well Luminar us streamline wind the and the that again, and

want more of in to has broad. But say other know make that market I explain the And overall from to there like say to business a think I we're in be going change There's is like stuff, this been basis, it be honest, change. painful are We're a there's have we to just because to know like, and and like be oblivious sure significant doing XX-year great X- not is all it just X, I generally, from more I going thing it's not think, kind billion totally brings oh, the going a that, when just company -- a the fair we of good. industry, comes Y standpoint. overall like is that a also sometimes, the changes the This environment, But that on and conservative kinds I'll a if payout investments macro to environment, we to $XX to like like that's much changes it's said, going absolutely in been Z. which do maybe to you forward of company. $XX done billion to it's

not think let's value even on billions add of same of let's for to -- That's the of can getting that's driving focus fantastic, the what what like fraction even core on is, that credit actually to a I book order of we validating what's the the we're focus today. have why everything is the like, we the continue really have, reason order dollars but we point and validating book. honestly, through

for billion validation. this come capabilities next particular, foundation, that made that's efficiency that technology definitely past made be the are to floor, be build. to on given realize to investment we've of that to historically. just riding there opportunities, we and $X over focus focus that think from And I that we've peak in I We're benefit So frank; think on that investments decade foundation from full why able product cash spend, and tailwind the we're industrial big the that greater

question Citibank. Itay Michaeli from Our at next comes

follow-ups couple Just of me. a for

have you the hit share at the you I margin there. When provided how million margin, thinking be gross past, gross targets know should that on company in around color about point? you First, mid-$XX can for the any target, some come we

We're and It as ramps costs how get economics at a more as quickly we fixed right all well going ramp both dependent as little Etay prime the It's our was the some the hoping directive priority on to effort improvements took to that is volume the have mentioned how that before, fair I cost, for amount. to quickly be we Volvo bit SOP, the and see here ready which, Luminar. in down can the COGS, a of which unit up embedded in QX. some

as But more in are fast actively a as fair get be on driver is working see improvement biggest as clarity we possible. to we safe plan the ramp-up to it's think happen going more as the on into so get Volvo that. down the the that you're to clarity to ramp going a And of We'll on there. the get very say the of costs, I corresponding that half at And year. amount which make we in latter

have of like well. extremely The of actually note different surprising this, other industrialization where amount components into this go the thing that all a of it's it what like like is into in components COGS that I I that dissect more like point that generally to side is from confusing to this terms particularly overall the a notion as are go of

able costs consultant you focused costs be way on that's the the all have to that accomplish. one-off everything I talking literally that other part to driving. think from through You're we're really And

kinds Of course, some for cost was perspective, which a different economics. a thinking product board across we're how focused also the driving generally more gross today already, that the from But on capabilities product have. the on even positive originally we basis is the incrementally of unit around we of it margin further variable underwrote

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should Maybe lidar? And next-generation the just was, shortfall of the that order we to think customers in what a quick follow-up how the make book. tied around extent when next-generation going can back if decisions sourcing lidar? timing 'XX the decisions, your about To to was it

what going that. XX. accelerate wanted would we to all We'll we the wasn't software really like say, being it's that reason talk really planning to went our headwinds, 'XX aligning. their in a And supposed time few get last It's the product that is X but when struggles the better in transitioning planning on a looking facing, that I their always of pretty as would would one product product products I to we've mix, applying next-generation years to I've is there for yet, make the lessons about some anything They customers we the making to there exactly that lidar to a That order But are to EV not people that to next-gen What with And for taking can it's natural if to would XX more lines then we're the soon. starting as sure say, terms that ours, want are decision-making deferred today. lose streamlining, I on we're I there's slowing say book by going months as And which smaller, great can say as didn't the with that for get next is because of better, that fast as and we months product opposed because of the our be over industrialize align was just commentary faster, Iris waiting that a through revisit the cycle. that X, sure the happen the taking win. learned that some product. we cheaper. described it possible it. market to our of working And

planning of the it is as automotive everything when to part a And And reason X-year program the thing is this product will think, comes that in X then new like that's you certain well is side to say we're have of this, I and super many part long of and X like really I in The be why times product said, step it able win because a spans lumpy I function chain. this past of as just for product about of particularly cycles along that lot like leverage I we year. lot wanted won the want useful way. it of point we to stuff programs, relatively to that the X- comes to have automakers a product there's will even to X-year adopters something. that like a thinking not cycles when you every cycles, and That's the but early limited whole in years. only best are road is there's that way supply so know industries scale improvement to economies the of map

great models like, able unveil ultimately we've for, vehicle So being on of on stuff, on accordingly. done that's that XX that's this something what And transformation millions and mainstream to X could Luminar like scale once up goes end at But to the work it's it see scaled Day, next-gen that's for it's that that's you an really the with I'm it's next be like excited development. to Iris, that course, with now generation, or can what that. for of back capable this like of vehicles, where million now and happen for being vehicles of given years programs comments the the whatever next-generation where tens XXX,XXX the is there whereas technology

objective at really have the ahead, that's we So we'll details but the breakthrough Luminar Day. share that

few We're the questions safe going community. to take a from

for of First appears the and Are one, not need offset for for the or planning vehicles loss growth as sustainability? planning growing? autonomous business to company will how you shrinking be the

both. the our order think for few so X% you at at less there's robo-taxis, hand million from a dollars, look you we autonomous what than and calculated year. that POs and When we've look in in that order for this that's I book have and planning We're book, simply

robo-taxis and order so and well great. our in almost book space. and That several get in the passenger bet near consumer made a is And as near- here order when That our on is to upside the focus ago Austin to all as that. our is that book vehicle If that's medium-term future, years growth.

sometimes say the the part it and of as to global get and stuff oftentimes we world is like Luminar the the much whole the would relatively stuff very -- lead not and shouldn't why confused I to only this the industry, relates obviously, sense. A over Apples broader frustration charge. that further with small actually other the to that this. that is And and out and Auroras the the of from be we to that with portion focus to of painted it time. the we've validating right because moves this able But of is of production doesn't not had doesn't with It have our had able first that's Luminar any that vehicles brush. company affect won but that, And for be Cruises same some thesis also vehicle because made a this -- technology we business we're they've to production Waymos any and didn't flaring in kind make of of

of right comes right a down from the right that that bets, goal the have we're So get validated building we to show can growth obviously, those from full successful like really technology, tax the that the to reason other why can the and that kinds of just separated it vehicles, is the I pack be right standpoint. capabilities strategy, And been haven't mentioned maybe comparable more we autonomous as where companies earlier. how companies

on is, car widely to If something future holding back Our behind be is this second in why by cost-effective the implementing technology question as do lidar, lidar? manufacturers? cost be companies see car the of you reason so, the are higher considered most to

as cost with to next-gen our taking there think the be going we're mentioned, where, down. I product, I we're particularly today,

been but And going and ask it Iris so always here initial customers look, we've our lower starting industrialize to vehicles able to on for product our commercialize to pricing, get with are imminently.

Now are with obstacle really not beat with I consistent cost albeit what is more a it business, for winning OEM But the our that point, I to would the product. going of next-gen particularly say, new while to higher any technology. would tends always introduction be boot customers price an us is at which very say our is

And and get folks the there. for first be then both just new Volvo And the natural it working like it time of kinds I adopted. to show come just what's that is introduce first vehicle I we reality the particular, new the adoption that safety to to new the to barrier Mercedes is takes is introduce out to to particularly always that trickles would the about is biggest in earlier. with talked industry able down say advanced platforms those production technologies. make happen of technologies. possible generally kinds We're and of from other companies cycles

We're to back to going our switch analyst community.

Cassidy Our from Kevin Rosenblatt. next at going is come question to

the along understand right it? And look, about and saying, them want it what I as is the lines much momentum the were adopters? you to many addressing that How product you're to see I market more the and at How Tom, bids early looking the was more just larger want compared is. same with you next-gen just are that. where to

even order Arguably, of order Iris the opportunity, I much -- already another said, the kind least customers. product within of lidar think take world I realm I unlocks, you Plus magnitude of actually at additional with this if we're more. our this probably less of customers a alone, there's just next-gen on opportunity Iris like maybe So volume say, magnitude, new in and volume would look our opportunity same existing in on with that at

a further opportunity this we think industry. drive where this is adoption So throughout to I as big see the

and But where that of entry be XX% the the though ask want be that's lidar of about the It recognition of yet this to. going to status part important. Volvo to is able value. also we get Right critical cool. to doesn't what all is seems is think now, I have all it most I think called seat belt

truly vehicles. you comprehensively testing of planning And in across matter interested industry. these the about parties results no quantify I is their been and about able can't happen. technology companies, value cost of a why a technology SOI. standardized this too, this total to vehicle, every automakers our relates showing when mentioned safety savings be with that safety at key provide independently run that's And any The which put a insurance that talking have being of had of directly are there's collaborating matter, can also ownership that the reason that's long-term for look we've us. just frankly onto dollars of different improvement take that the extremely on is And we the it why perspective. benefits comes and the when you So product third benefits to of added and safety a what improvements, to and had for host to benefits actually lidar for when you're of as to them that a that the it this, talk thousands and benefits savings safety being material for than assuming to affects other be

we also additional have as well we're factory be done in to of one also up we scaling product high-capacity that recognition just of the addition support to getting we year online as And needs scalable of production. be where also broad as for to well. course, the that Mexico, But where milestones that's this have our next So the that's to need value takes, to it to get do in battery that.

buyer a Luminar as Or him you a hit Volvo in just But buying there. it follow-up, standard? of for on couple put is Maybe option right a it the he's when to the points is car, now, lidar? an

Standard.

Our next Kevin WestPark. Garrigan from come at question will

continuing use lidar I'm the OEMs just wondering about Maps. can of automotive progress U.S. made I talked about if recently with you to mapping. talk you've Civil for one mean that the

with was same OEMs finding in a of that an put point that's if talking wondering the discussions your X advantage does than RFQs? So compared it for more that are And months ago. to maybe becoming others you

ecosystem describe our just Austin like to the insurance I in which in manifests is. safety it by the the itself Absolutely, as value lidar. it mentioned savings. created improvements,

of asked The vehicles the of driving the a data, for levels lot around to just environment it option that going to for other a before or going collecting talking And for a LX for a have you're option here, the to has which are willingness a standard, we're certain useful or of to, to XD around pay Kevin, an it's tool for. is and very you. be autonomy, map ability an which consumer demonstrated you customers lot

the less buy and going the work it's and on create price to we it. to be. and we're we they are do with at you up that created can better want to that, monetize ecosystem that Because in so as value with provide is value it, to because our we I the look capture more and beats can them the with willingness the more earlier, OEMs, the about And mentioned how ultimately, having they're lidar, and our to conversations going tools more

into So in more we side. are I'm to getting go it's go on and tool much and And conversations detail not going another commercial arsenal the when we strategic those commercial our yes, good in now. mapping customers. But traction have the with

Day. more We'll Luminar on share

things Are what be about a how And things just talk lidar? been the update taking is with next-gen Any expecting the there would going great. a as are are waiting bit Or track follow-up, with you've little for you sign can longer? Nissan? on things

continuing move look, they're forward. to No,

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think a I similar question there.

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starts some to place. startups, You're see just the to of take of rationalization starting some that

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at Lafferty. from come Perez to Jaime Our last is question going R.F.

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and in who forward the folks I'd like call, for next that sent to thank investors to and sticking everybody for questions the look We the and us. in questions you for analysts joined other around ask participating talking quarter. and with

Thanks, everyone.

Thanks, See at you Day. Luminar guys.