LAZR - Earnings call transcript Q1 2021 | Luminar Technologies, Inc.

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Trey Campbell

I'm Trey Campbell, Luminar's Vice President 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.

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

and to manufacturing over our the quarter's next Fabrinet. milestone into for business partners a update, handing it dive share detailing Before I'd with video new our company Celestica to Austin this like to major

Presentation] [Video roll. Let's

Austin Russell

a at forward of Zenseact our sharing Today we what those line production with including to is and SAIC. Luminar from facility the series the and moment milestones business Zooming with CFO, then to of company later. autonomous heroic lidar-led vehicle a to here product company-level year. all and wins employees we software -- company, to in defining more of on set beginning moment call, from a and our as win as implications who quick the out I'll effort a of that the made we continued We've and to inaugural update some newly-unveiled the of Tom last in Celestica team areas board stand and that well with to where look this broader Volvo's for share the this the lidar for autonomous our combining subsidiary take I commercial the and largest jump automaker will a forth online China and launched continue annual speak Fabrinet. wanted a thank key as Iris partnering software industry. in and across streak lot you to There's quarter production our in We've partners manufacturing we this recap, partners, the off a iterate. transition as the up for Mexico tooled our more

Let's the team. start with

an overemphasize Intel; you vision, legal seen, market Chief call product an probably of to who wins you you've one never as having who is before build commercial You something parallel to in this a What the wins in accelerate that ability execute team even off who go and leading the team industry that's safety able be across is. tip Trey, a is product Tesla. a isn't is executive engineer perfect at at and been that Because visible spear. need coming execute. can't world-class This to kicked existed if and teams the and have we've is from now what and critical how scale Relations Prescott, to pioneer a technology, which technology is as Alan our leadership all with function as led we've the Two for the our critical or the hiring industry leader, to done the to and Investor business. our Officer, that of Legal infrastructure

efforts. all from the Tier to from chief top driving everyone lead contractors industry XXX employees for the on nearly software hardware additional a the already executive experts', top-notch engineers a includes this assisted far So our hired supply preparation series to of deal year, This half chain production. and and industrialization to engineer one, we've top and way product development bringing back execute corporate

Next up product.

we lidar just live hit partners already slide. our continued So now running promised, multiple a key with with first deliverables as for to and not we to We've Iris. milestones on optimize off it metrics performance continued as Iris, We've quantitatively key hit key also series our with numbers production. is

for. first the Our the on track year of C-sample, we end milestone for delivering remains the remain target which

software a Sentinel. from standpoint, Second,

software lidar. foundation only transition to with the front Following collected Munich for already partnership in this company One, speed on to and announcement since of release a kicked of key achievements our couple since which with leading to partner, green where system-level we last to the our German the at is made the enough autonomous Zenseact beyond train and we optimize we've up Germany data on up performance a ago. of year-end. our two executed; testing operation two, based. from perception This into the and and full public reinforcing alpha introduction we've phase development the Iris our roads months ahead, our next light its all development proceed software the vehicle moving off and received quarter is Sentinel lidar before of We successfully

advancement production Next in our partnered achieved the optics most Two up, us Mexico. significant execution production. to up key and the with towards product and electronics together we've and in supply a for in running been the And and regards for execution call date, to comes have Celestica area already closely leading working we've months leaders series focus line in initial for it facility scale to the deliver the chain to get on fact, series advanced to production. is Monterrey, to This us beyond. with OEMs to we've production. to path manufacturing Today, when had milestone

is our optical Fabrinet responsible in while and off. derisk fulfillment, plans. Celestica pulled assembly us. of to accelerate some for for continue was components both mentioned assembles They'll and the product-level the As it video we core

to norm OEMs if its Early Just manufacturing with working pioneered a well directly Xs those to on the is for have as product we is to for needed Xs. to appropriate prior that Xs have kind. had that's economics knew or a for executed automaker. end-to-end knew successful. breakthrough manufacturing experience new over you in been we And complex model the work this a easy less years, and that five we have license ownership Tier ownership and as technology technologies process, Tier we've as first technology customer with manufacturing the while business be and they've over the this products decades course only with and and we capacity, was product with shot relationship to Tier to as pioneered past the that The retaining legacy that exactly advanced of we model a that of XXX% going process process the

a comes beginning it and when big major the imagined announced to commercial the it wins, months handful we with have leap crushing major standpoint year been a of Lastly, a beyond two we forward ago. at we've In partnerships. could what QX, of just commercial

was from second standpoint product and with a a from First Zenseact SAIC. commercial standpoint

Earlier we've rides. as pilot our broader the with working leading to global aircraft than marked million Since step week nearly verticals ago, announced for another five major in not right service in in they've beyond OEM and significant car core QX, in the aviation economy. far foray robotaxis. diversify providing major automation The in Airbus' with China, the direction area driven this launching also to Pony.ai. first business win across more operational into a robotaxi kilometers cities commercial more milestone with autonomous X players XXX,XXX So long our industry coverage their we company Luminar own a largest division $X than continued trillion on for a UpNext from its partnership

a following China kickoff our Our couple with SAIC business ago. just months in incredible in certainly the an of is start off region to

the execution we've and our of From this as remain And standpoint, able and in on autonomy to we what taking goals proud been hitting delivering stage So very can in diligently I'm to accordingly. at everything. and terms reality. off pull and have see conclusion closer execution in business company a been making a quarter industry is step this focused past you look our forward safe to milestones them

hand to as to current goals and review over financials. I'll it Tom Now annual well as our milestones

Tom Fennimore

Austin. Thank you

year. for that Our focus remains of five At achieving on to Luminar beginning milestones these the far on progression long-term for deliver do in exactly year, of of emerging hit the for help of team, year this or us the work ahead schedule introduced will measure industry. great critical to that the milestones value milestones. this Thanks each this track to we either our and so has shareholder success

Let's review them one-by-one.

is Sentinel and to and milestone the track. by transfer The we to the step them Austin This release our stage the specific as outlined, specifically process the by of and The the industrialization manufacturing relates reach contract milestone alpha with multi-step Our is and Iris end huge remains of C-sample forward which year-end. online. plan. Iris relates plan to milestone software first to the a bringing next took production for on a year, partners annual

are our proactive autonomy highway partner to functionality perception, build and We out safety internally with and continuing Zenseact.

before the of this to for track show some plan year. off of capabilities and are We actually our on the milestone end

this milestone third commercial three The win major to programs was year.

anticipated. winning been deals As we've and Austin pace at from players a than more major mentioned, greater

guidance increase earnings next earnings We grow on call. next this guidance increasing expect to during year. milestone we this fourth order Once this by our our book to again, XX% forward-looking was call. our anticipate The

is measure five net we success on on the quarter, cash relates our we milestones year balance year. them. of Our first strong million a milestone. track these the with of well the warrants to great we milestone each team cash burn $XX liquidity achieve final achieve to to started a redeeming off to how start or a XXXX had this In the end where us to maintaining putting $XXX cash Executing from a than position, and million this raised and profile will is target beat with and greater

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

the up are was not potential, costs at a quarter we accordingly $X.X maintained continue equivalents financials is quarter. profitability While million million of long-term first worth end a the to XXX of additional production production, had at of the production from this end is good development-related and and for thing the in while recorded $XXX approximately our initial longer-term loss initial there quarterly liquidity Hydra related the our the we Revenue for as to prior Iris our our with the indicator quarter. million of updates. expenses profitability one-time shares the some One absorption from our quarter a in program. that have cash unit not and XXX% series strong reflective ramp-down economics, We've quarter, are noting gross and nevertheless COGS ramp-up launching from execute of the good we near-term and outstanding

track a In off with reiterate great that our past of million. job start the I'll We're XXXX quarter. we entire at doing revenue once again achieve $XX for Q&A. team million Luminar for to to this hand to Lastly, And guidance to Trey to during it XXXX. $XX closing, love thanks I'd are on in a great my over

Trey Campbell

Bank. Deutsche with our first Rosner question be And will from Emmanuel

Emmanuel Rosner

everybody. Good question. for Hi. Thanks taking evening, my

you additional or you've pipeline understand your seems on program expecting saying get the So this? Any it commercial Airbus. the you're Are three were funnel of So quarter new guide have saying it year? think between will in wins in we I opportunities. year? this update SAIC, provide raised understanding this last you year and was to my maybe Pony.ai you Am an update programs And for you already got should I How XX correct number? particular for can quarter? opportunity? this next the full

Austin Russell

Sure.

So here. your -- question later first your with regards last to to

pipeline still the at So XX. remains

higher the two customers number each from additional near-term much that kind make team of additional into it into execution we've just the constraints here category development them and with win with focused moved level level we've intensity just had. in Quite the higher upon on wouldn't with than category, frankly now the those our of two category, that us expect convert we is the of XX of ones. takes that I materially them how kind or to replenished As the of that to based ones win

thing I right. yes, is, say would second The you're

So far won three we've year major this wins.

just the them. call. conversations we a so we've about are in lot with them And our earnings current they're already a having taking higher only recently, plan customers guidance and but new -- exact to We at not quarterly to include our guidance programs business business, updated we're going that of pipeline -- happened the potential provide at won our look next

Emmanuel Rosner

been like but And Luminar, seems far It about commercial robotaxi this as view OEMs? would of for expect just decisions have the feels traditional specifically I automakers we traditional to have high-end automakers sourcing on What's general sourcing when the vehicle. your you time part make lidar? in guess lines so decision for to not volume or either

Austin Russell

Yes.

existing rest time this of expand starts continue it the different of And exact it when to and of getting mentioned business that's core the the line and ahead. and for on what major this for it the no with this the end that comes in slowing into out. is platforms businesses of it, for dialogue we're been schedule and the the only scope down it and we'll programs models on. all But then So ultimately to when traditional it When the of this and accelerate the to comes there the down there's that of side models comes OEM to we've the driving out OEMs, plays that, launch lead programs. the as day. of luxury such having forward the for both some at so here of how existing lifeblood the the can of working have designed on the to Tom the of kind conversations And of kinds are those oftentimes terms been

all So year. Tom things next these later recent data as continue those we'd points from be this the that's our mentioned why wins and as to new happening considered things guidance quarter as we increasing get

Emmanuel Rosner

final maybe one. then And Great. just Okay.

to U.S. So generally traditional a you're ones? pricing would like between volume you describe if the but you versus of automakers? in higher I relative competing be some wins this, or comment Can you SAIC don't Pony.ai. again able the local or Pony.ai now the on over robotaxis against And low there, know competitive Are and have the suppliers given Europe? major on dynamics to program mainly U.S. China and two maybe for

Austin Russell

Yeah.

put of generally, a that series that to of production and say, really of end their of or able earlier-stage here they're behind leaders make development. kind programs. have talk they're the you to Pony.ai not that here kind the out take like yeah, and these So when and rule testing. and materialize thumb major it starting see And for of players and why for case fields lower may day. may stick to of reach able resources And the the certainly transition about, that's working I'll China at phase as respective when come it. be likelihood in the SAIC and it changing. it with us, really through different, beyond, to comes the to to that down a of to you a we're when to when the can People why it, comes be approaches there's We that's what of that we to generally avoid to or that again lot point that's programs, development try when we're that's whole where But have even ready

of so And And So taking yeah, are certainly said, accelerate. continue start a that I back, step pedal think holistic kind we the the I as metal. is really of in to our China. to see operations this

Emmanuel Rosner

Okay. Thank you.

Trey Campbell

only. Baird. from with audio He's is Dustin on Question Scaringe

Dustin Scaringe

question. little my Tristan. more line if wondering for bit you a I was Sentinel. is could taking Dustin Thanks for guys. talk This the about, Hey on

Thank You you. elsewhere? received relatively the and Germany, process. wondering, test think will develop test implications light development public roads. was was have follow-up. first, green you to testing it I if I other then, easy a And Do the And in to countries? and on then, a easy are what this for, be in

Austin Russell

Yeah.

done when So just a put adjustment. second there's sorry it Sentinel, place, a that comes just lot and work been we've of to technical here, into

done, able the and be this. to whole been bring we this work to make this comes to and of focus point core to of of of we've able broader Zenseact to So industry. that's stack subsidiary development be able full partnered in Samsung this accelerate a this team, There's development the be left to Volvo's and where in to course, continue the in really able what recently to The we previously, happen from it Germany out Sentinel, is solution be of when Munich, to this. on did doing lot actually be of with, accelerate an acquihire to this

development actual But step happening lot course Germany itself. is roads. in to really the and since the the global now are to having And tested there and you that. was to part an these do realized that's being and have that, approval on the able from deployment. validation of critical processes. where really a testing that's actually Germany we important permission it's of And have overall in a kicked certainly testing production-ready, of until And We the need off is scope development for a all of of -- be

Dustin Scaringe

I in can detail. follow-up, more on? And hard your Airbus guys is are finally, it in What is and think about there and UpNext little speeds lidar will travel in a a you partnership that given as then, solving sensors placed problems Got What think they be lidar bit completely solving? wondering, that problem you already feasible you cars do vehicles was undefined okay, given environments? at, your trucks if the talk they and enough, similar autonomy flight do how and more

Austin Russell

Yeah. yeah.

can to out certain prove some able terms platform Vertex to better ways of a from been and that's is But as be have At specifically in then capabilities autonomous that, able achieved, the obstacles, enabling, in designed make areas. that are starting enable need they into everything we the sense we're be flight to of in the helicopters, different off which is that into everything they problem demonstrate on and on these call into they've same autonomous in to have. reliability platform you the course to on. the we're of don't really capabilities branch aircraft in and milestones and and And flights. these level this safe sense delivering of it necessarily that lot So fixed-wing of to have time, the and basically designed be they and be there the set validate the a to to their way whole it, flying a What improvements solution safety basically flight. on difficult to all that like point things autonomous. ultimately what And able is moving more can that easier, it's have of fewer kinds you encounter and program are is critical

So, of That's to kind own its bit first a to than it. able be is step player and side thought and a find incumbent. own key to but course, aviation vehicle little aviation this kind different work we largest is world its aspects has of the of platform than and better couldn't of think with it the the

Dustin Scaringe

you. Great. Thank

Trey Campbell

question Richard with next Our is from Northland. Gus

Gus Richard

taking Yes, hoping bit give Mobileye a of with question. thanks you work I for this the was on update at could point. your little an

Austin Russell

Yes.

continuing. certainly So, that's

it to this when now one down we it to we been that deploying the have think things is multiple stage. comes and I of programs customers at actually mentioned that Iris

programs to designed execution dates of key board plan the production into. deliver launch careful ahead related the speed we're deploying absolutely So, been start to comment with the with this now things a continuing customer to widespread to leading continue full to be against not of no that are anything across up to are capacity but customers I'm more our the to various we've going update otherwise significant programs confidentiality, than on program. programs other going the and in There's of

Gus Richard

Got then off coming of terms it. production Mexico. in line Celestica you've in got in And units the

B-samples? they of at the are product? now? run you And of are in are maturation rate these the Sort considered Where what

Austin Russell

right. Right,

things at gotten and online. running as So, as up of and today, those speak actually with just we guys we've

of kind be tens in is part So, what units then out terms of of need this you that very just of the you the scales. in we're part fit would building we're these out able dynamic like the what modular working can that. line of the a scalable so of in that it's of capacity is is capable to amount per for lines nature industry with advantage the of thousands of be what terms this And of annually capacity in in -- of folks how a that building and to Celestica

the and this in auditing actually start process it been to have all this process start up They're what And hand. year. terms we've well and working do the our these we that's that to great end really have with leading we've production the proven next to. And that's transfer, plan that in off coming of We're is works. the of executing but that of model underway. where a in programs works facility before hand So, the we to we're and

Gus Richard

how Is and How then just customers the of Sentinel? you perception that stack? been many And the what has widespread the just a is a of are engagements? the little and half sensor Can on much interest sense in that? how customer then give interested bit in of full

Austin Russell

yes. Yes,

So, comes comes actually it XX% happen place to inspiration. pass-through proactive say automotive in and have and Because of autonomy Sentinel this actually when it isn't these the really to they -- expertise if deploying to to kind that has I be the broader the to have was I'll when capabilities. some most down the ecosystem would able capabilities them of be make this and equivalent first vehicle to in this of and say don't of the successful or want full some development stack of know-how really there part internal safety it either

number the of process we've of a some we've and So, actually either. of with start conversations -- be continuing an through And we it's been seen all-for-one adopted. guys engaging already not in which these to development all

offering. certain a have components a taking la that Some then they've automakers in-house developed in are more and carte software

to as be well. with of of economics also great widespread Iris. penetration there's -- to software ensure is course But goal able make ultimate sure Our the

And some year. leading release our that's I of say I'd to end alpha this Sentinel majority least the the going --- in for this. components at some of is would at So, up where components be of for say the customers do to yes, interest have

Gus Richard

Got it.

much. so Thank you Okay.

Trey Campbell

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

Aileen Smith

to and the time production Airbus. guys dig with a I afternoon Good product focused you serious wanted in public, particularly little bit on on some your going pretty recent wins upon so guys. less of and robo-taxi non-automotive were At on Level at the Level X, even market market X then markets your on end and addressable autonomy aerospace opportunity industrial. defense X so like five the being and highly less

is So past one of your the potential you in emphasis relevancy pushed future over informed discussions still on product for of you or customers are wins really focus. the Level X highway way and bit? and with autonomy few of indicative production where and want any to months planned plus new little vehicles, for out systems Lidar direction about the the traction the being recent a And

Austin Russell

Yes.

to comes companies actually our is OEMs, an into same with millions for And work well. on it has leverage of we the business capabilities XXX% technology leverage these the these all major that along can be series passenger way other -- to to these focused your vehicle and OEMs what only proactive us the other see players the delivering has our changed product we that enabling down. you We're what still of that that this. this same for to addition nothing delivering That as opportunity to and highway major investment of with are production going been up to have we're when So opportunistically OEM we business into that come hasn't core accelerating production and as some I you core there. expectation be driving put build capabilities in slowing safety that can been volume autonomy, OEMs hundreds think as that to but is But the programs. for industries exact can have curve this able the the absolutely of

we the it's we're other really terms programs winning. in So what these what for of have and icing cake on

for robo-taxis long term. ramp vehicle for do years it's you question different For through, bullish ensure the we're higher no really more the to sound it's also that actually address something lower is I think going nice is terms to the thing price realize don't I is get on to through to realizing -- that time than decade and open still still out that's want horizon in we're of over market to just other additional the seen also the make I And a things. of yes, significantly actually of able lot still opportunity like to other be is and to make going let's work certainly say passenger it the end I'm curve believe is volume each be firmly with to the but the for it. there. there's these these towards sooner different. would And of the volume an right ASPs? going though, market handful associated part each is up actually no a XXXXs. volume to sure and maintain this -- one OEM want that actually there is the going the We volumes. I vice that to opportunity. next I But answer these that potential relates a to companies versa the like previous that more areas is, not And if the is with thing question One of robo-taxi

difference. a make does it So

Aileen Smith

helpful. very strategy to and Celestica I understand and the And bit That's then Fabrinet. the better wanted outsourcing Great. announcement around a

a process those are really the sourcing between to rather table each as it setup layperson, this pretty standard describe what automotive all understand the question. apologies, For for manufacturing and at so it the separated two, we be bringing And industry? in of correctly? us Is is can automotive you is the if or of partners would dual the a rudimentary

Austin Russell

Yes.

something to that down developed chain And this process this, that much newly isn't able be reality And out So the has have possible. isn't is as products. streamline time. mean, when a intensive on as the for it comes for some building been we've I commodity, supply we an these this incredibly up existed to focus this is building to and

plan has to respective possible best of these our the can of what So each in in work areas with whole focus on. terms players been we

and Fabrinet high known and and working collaborating to and complex in with for so assembly the great. with of team And so of been assemblies they're volume outsource guys building then that's And taking leverage with working well able from They've in those ship. example, been overall Lidar low final in-charge For it manufacturability with manufacturing volume an with from that. hand-in-hand guys. perspective. optical with Orlando with the And what actually and we've doing are these doing Optics packed historically incredibly that's been Celestica, helping advanced out into and our the assembly with equivalently device Precision

out So the fits we it approach cost system an that's internally all us. have capability do we for picture of we also unique this puzzle. full for and what we relates us that reason and everything to exist great a plan build with internally. the build we're the and Could the Actually also ourselves? job kind But it the these actually a what where, really in effective Part and is don't the broader capacity. a do defining very plan and terms take is stuff of to and example, process, partners to all of of in partnered stuff really,

of So, it a modular, very it's lot scalable. They already have too. and most there just it's makes CapEx sense the

getting folks, supply chain working in it's the and but done. right what the the -- exactly that's setting and right right about we've arrangements place up So with all

Aileen Smith

may. Great. And one question, I last if

past upon in of touched little hiring few of the this a You efforts over the company the terms bit months.

talent how that any acquisition? and and are shift autonomous look the company And much that been and new estimate responsible of definition, through you you've a for technology would to lidar see hiring a from gaps your products product the you make augment versus by engineers would more you of development? a hardware your industrialization for you supplier existing that commercialization responsible to within technology are business there As lidar-led

Austin Russell

yes. Yes,

And point our that. we'll set mean go to this. like a And to it along well. a I engineering is, standpoint are But in we've but of, I to actually making software the that with unless that and the to out also when may start full the they're that's have of to we that, the comes solution. that it of with be also as this module question well -- do actual point. to hardware for it controls good forward of answer to to again onboard can next this strategy say of a foundation they aspects when may think it only probably to and you this aspects not kind building asked path comes question versus folks we're enable can of solution, the they are we're actually every folks guys that, something noted the you with that help example so to of terms enable these solution what can't your But it not done a folks working things, relates when more really you core the holistic as and for that part designs don't of speak that -- everything of stack solution, to buy aren't when there yes, a So, And in-house. solution. source the it that associated can from all with comes do at components the stack the that actuation want think a ones just on we're of developments comes But that a very part is standpoint, the important significantly it is things and Zenseact have automakers for all don't holistically. as part more of driving to quarter continuing yes we can make as number I that of with significant other specifically as in doing from decide maybe working earlier those hardware part we decision obvious but because to the really like certain full talent, part going own of spec certain with the actually have whole as

focus in not get So enabled the can as sure and left well that make get they to that's behind race. autonomy the

Aileen Smith

Great. That’s the very question. taking Thanks for helpful.

Trey Campbell

Citi. with Michaeli Itay from is question next Our

Itay Michaeli

Good Thanks. afternoon. Great.

Airbus I Just had on questions four the agreement.

talk expect? programs? competitive of is then expect per Second aviation your First, can support maybe And we software you of more suitable aircraft whether you number applications? talk maybe that for XXXX component to R&D the these should about and about the architecture set any types perhaps lidars there more is that? with And

Austin Russell

things packed a into are there that Yes it. few

these see there. answer air done where part those benefit I standpoint depending systems Is trying down to when areas comes for lower scenarios be it sensor when this to things to safe to able a that down lidars, like obvious fixed-wing things those utmost we've simultaneously. depends production But technology XXX the and is performance that transport. vehicle course, aircraft? to from XXXX certainly there's think do we've other we've to one series same market of to of applications the require then number in part you OEMs where specification significant But well Is Is from of require automotive is principle have of adjacent a that programs. systems. addressing that applies going to it of incredibly major for and of lot and to first And the is going very kind that, all mean X to in it from it's of back of needed on yes, The are point in they’re But of -- it, -- able the will I high-performance and That's is, of all can is is for like of adoption whole level configurations be There a it -- lidar well landing? But fame. air on about for other different we've really as urban get can necessarily different industries. into that sky. suited and forward-facing be that lastly, do suited. to not such different a claim XX And it key what's the to why the talk software yet. stringent it And it at trying and comes relevant, helicopter The with mean software, architecture. standpoint, seen a for for have you're of you're in to yes. built our cars, is what folks why of a safety So, that portable well of highways But resolution, XXX. the built There's yes them that's but the that's full simultaneously. aren't answer to of to is ones well. this enable benefits everything. from exactly people I performance X do you question. get aviation into other anywhere really the have surroundings it apply you versus where mobility? and the each modes kind set to actual industries, range the some scope other example, least not core a software and yes, you our things

of of the and anything are general on than which more perception like is OEMs actually of focused more actually that. most otherwise And you it landing. Sentinel when level you need comes takeoff perception the they But, that the things don't important have solution. so actually the of kind part can't software just of on to have like really some do say, And and applicability majority I autonomy. would a it's enabling So, too,

guys mean what have don't kind that guys of trying that's set that things this, moves actually then optimize for. that So, up number that and the to a but this plan we're a with today in of a have ahead overall I game, there's thinking need lidar the there's

Itay Michaeli

helpful. Perfect. going very Sentinel. That's back just a follow-up as And to

actually the might highway have can both autonomy. covered separate mean cost kind talk of on one. just proactive but and range you versus go safety this, highway I and are you two of how Maybe the You autonomy OEM see even about with maybe get proactive offerings? an progress

Austin Russell

Yes, yes.

are are so, And two there out that different offerings there.

models capability consumer. upgrade up we that capability even very asking is vision it And from comes time, At of we this of low see capability to at this perspective, preventing just to that make to example, from to place. how to of they'd that actually completely to have safety for when vehicles enabling and first the a kinds more as well be effectively the standardizing for accidents and the capability try of a they the have as ultimately we such make we standard to like, starting kind margin So, proactive are can across the standardization to other us it autonomy be go different -- a safety offer we highway in the same and want automakers what cost are can level capability, options that that of from want that them set happen and these up and give pricing the is a things to capable. those why able things dynamic a don't a on and can be can mitigating enable and they

-- fight capabilities vehicle. changing and can safety, to factor going when the we is enables It's of suppliers, requirement the put be the that ADAS What to. it. really it's we're of safety of really something on change it has camera modeling, a So, and why just that's vehicles single-digit doing paying area really this take nobody next legacy actually the to what So, It's have we the focused it safety like in that's the is been of attention we important can stuff overall autonomy. landscape, that level. autonomy is the overlooked a where the to but do enables really that's of the of in or it XXXX about XXXX thing that aspect same And did of talking but stuff, highway to Xx or an hardware that's safety we when proactive same ultimately radar percentage think the forth. like be by even proactive changes in vision and terms for for seeing terms kinds be up this those People that also

have the And is that, like Tom some which Teslas can but folks of certain capabilities assisted different already see you fact, the smart. of set of to seeing upgrades, kinds we're on after picture. the you I'll this see capabilities. are folks economics -- So in the let already to do comment obviously like how after then, world terms you even things do bigger And of that the buy driving you that those like over-the-air the of car starting and

Tom Fennimore

what on to And both highway the borrow vehicle auto and historically, said we've landscape the vehicle per autonomy order and on be vehicle per magnitude going $X,XXX to of per at vehicle. order magnitude Sure. this somewhere when is it's the and of $X,XXX software, space, hardware of think about we for safety, from the for the of for probably actually a then, passenger word proactive the look supply you content about

clearly as we're between passenger about that's the kind the well from move per hardware And But side, seeing perspective, vehicle. you're talking sensors vehicle. the one software. on space, the the vehicle initially per commercial into see multiple opportunity robo-taxi and that how pricing And sensor truck into we so, as there then, as of you

Itay Michaeli

Okay. very Thank helpful. you. That’s all

Austin Russell

leave for Still room some the profit for Yes. OEM too. good

Trey Campbell

That’s it. you. Thank

Operator

Our Shannon next question is from Richard with Craig-Hallum.

Richard Shannon

to things the and wanted me. here, I follow-up I'm one on sure guys. exactly passing same Celestica subset. to your off for Thanks response dynamics doing questions, not up whether I they're if the doing the take or other understood So, taking my Austin. on Fabrinet they're one

more If I you that just want to describe sure could I make just understand specifically that.

Austin Russell

of dive into We'll detail. absolutely. layer next that Yes,

So Fabrinet, on the the components of optical basically go it, some receiver. basically core the assembly, focus into so doing particular that they're transceiver

Celestica that that's integrated that's overall part the off that OEM with sort take the device combine end package as basically and of like where we gallium and automotive to Then in grade that ASIC, the photodiode, the shipped customer. assembly chip of arsenide in ultimately they capacity. our of Mexico, make, shipped final So to off process the indium then

qualification kind stream all of And of ultimately the more Celestica kind those into are with two part and the Celestica being it's there's but that value play. So able than the of fits be does Fabrinet, central a it the players, company test And we for that up final set with comes lidar, off the them actually and line. as validation to worked process actual the assembly. procedures to

with so saw you Does too, you're of the modes that's of targets other what kind what the capacity. video in up, and or there able set make different looking to calibration things automated do in for? So an all of those be being some part to that sense

Richard Shannon

I -- in the video got probably It missing bit what I so it's was I missed there. does. so a on, little late, missed early I

as it to that bit maybe So your for just the deals might even partnerships announced book, recent some understand announced announced is comment order what also even two between adds Is thanks Pony. Or customers the increasing about to two and little this you now be My that. call. have been into that and second call that specifically before next had this so those question get related this not was the year? sure the it. next And or a takes that of been and and regarding deals, to most SAIC time

Tom Fennimore

expect for be we're but you earnings commercial And mentioned, on the at number do is what call we specifically, to also guidance, major latter the year. to And the order our planning going former. only Yes. just wins drives to the next forward-looking that book update the not of that the

had of we've during pace winning prepared remarks expecting. earlier we better a as we And than the so were mentioned

And some happened just of have recently. those wins

sit so provide of expect terms that now book in regards we the order look additional a and down at of rest what the guidance many our between And quarterly to we'll growth. and only call. we translates happen not expect, year, going the what but with wins at -- to into updated next develop to that we're how And that

lot a you encompasses what it think just referenced. I of So

Richard Shannon

about within on in about your that of comment dynamics are Kind speaking months last stack? a Maybe robo-taxis. those outside perception question robo-taxis. to those are trucking two two for the of term seeing the Thanks picture talked pull passenger of you terms you of specifics. and can Austin. your about trucking guess, And update, space, here just and Okay. cars, ago. question different Are so, kind last in car What or if them I markets long outside forward, or drivers? passenger earlier of someone's dynamics acceleration out? three comment the the me pushed big quarter, then slowdown last for things control, in you particularly either broadly seeing since of one kind here, kind This those of made But

Austin Russell

Yes, yes.

absolutely becoming were So has of lead-up, don't line. time own expanding plans. guys. through actually we've to any is seeing think, each the it to when just beyond initially terms the it into comes of would even monumental by vehicles. of are or program to months, invested down than these immediate to thinking, more that when models luxury a of I potentially, shift where a each some OEM time course of it in this they seen couple comes even their wave Generally, the more more it, And But of stand the this I with is kind top-of-the-line of what production think of we OEMs there's of and there, start and seeing actual lot vehicles

still review comes well. these So of active as think, where bullish trucking guys. it, all that's I on kind it in with When to of down we're autonomous

important. constrained where I and highway having autonomy case that's the use think is capability that really

stages. behind bit space to are little just overall it a into autonomous different comes various players when course, it's I'd Of space really the little actually And get say, pass -- trucking a to is the overall at readiness car production.

different city. Sentinel driving longer a bullish. just seen software level, on of taking our every time everything then, take everybody again because now for us those so time robo-taxi But not to our is both few like a want lot industry it again, It's it's going horizon I we to relates when a a that's as it between at make we've this our does then Ever surprise. us. our I from And folks time not can accelerated one there. line but bit over since for the of it to a when years sure over not to But interest. sense. it, customers that amount just of is realistic comes proliferate. we're that's only now as just for huge make become that that And I'm – valuable that little are of to everywhere, announced, a that's holistic a overlords that talking aren't around a as adoption, be from – And well, incredibly And customers of going think this to just it customers engaging So also I we term the mentioned was long said, bit have offering. spaces

to continuing we're ready. where that that's even So do [indiscernible] the is full before

Richard Shannon

That’s for all it. Austin. Appreciate and me Tom Thanks.

Trey Campbell

David Jefferies. is caller last from our And Kelley

David Kelley

Hey, good here. in me squeezing for afternoon, Thanks guys.

SAIC, Pony.ai. announcements your couple a recent and Just my from starting end with maybe

on like, thoughts vantage focused feels maybe high is get more the market opportunity, your to point, autonomous as China hoping a region, autonomous rollout. from it our Just even streamlining the perhaps I level on guess

in regional to the and And last all curious would there about as then So few versus there your strategy you lines time changed great. China in the the Europe. it be if months US how adoption has and at opportunity think

Austin Russell

Yes.

more I aggressive few kick was gotten some over big we're China and in off we that and That's to be in be working mean, really past key there. able going do with what pull knew and to strategy of SAIC our definitely bold that to key. the we launch leading terms with wanted months. able off to the is has think to – of I So players

though. it all of lot road within is the the solve even just the US out of that's really I trying are is important of And there tough are There the are – People for think opportunity, as amount same why like lot rest great. lot moving time, what's to comes shortcuts. not with things. just the of taking really when high quickly plays a and years with to players that and a exactly This at very the is takes the comes China. to think over them to noise think that actually it comes how see that's which of time no like there's next there's development a I when these the what stuff We'll and point a of that I noise the I and And couple landscape surprising they've tapped when of part to whole performance, safety, of it corners, work doing top here. us Europe to the cut in think.

that's that's come and continuing. out in something this here. has starting kind the Shanghai We're that's really together months. the of So office building few just past All

for having in kickoff, operations is this as we but all hope play real we're as So of good a this China. in out time could our

David Kelley

last That's got one helpful. then you as a you. for And just it. Austin. Okay, Thank super maybe

mentioned additions. You the recent employee

so, I number or a think might there. mentioned have roles XXX-plus you of

in aggressive ramping here us, prior expect that maybe Do have versus book the we how future? you tracking some some more your if the for And frame hoping we that's Just visibility here. uptick expectations. to could order

Austin Russell

Yes.

team, are we investing absolutely into So the overall aggressively programs. into these

hit Luminar, this efficiently, you huge approach the program Of that for of opportunity, where to how our that it think additional it in, down growth, relentless off have delivery team, execution and core you each a and it an execution It this with that kind product in pulled huge milestones take maniacal and cranking answer course, of our of with resources these course and milestones does so comes going we've and see path all we this day within through. take at all to out, of invest into miracle a you the to this. focus associated different everything. get I customer is each terms of been everyone's provides if huge When incremental to day of probably through it's anyone kind on you'll be able of with that ask

enough can is minus people and always reiterate that's regards the on this I've the to But And course of is I'm this, of – just of than So the quality earlier important quality it plus what huge been remain plan. do. the of in and importantly, quantity been a the will over net terms so folks spend We to really overall good. anything The fan. absolute of to of you much fortunate year. with terms XXX or always more learn for according more on in the track leadership than just the team

in Now difference actually of specifications it to to team and you to if even But if auto worth this it execute. of place. the to $X.X want a actually with need to want build actually and have have through able you us. those course, do years you these seeing a still you need members shot investment still And of right makes in grade really all world, billion a like like meets $X to perfect that that an drive billion to be all it's product

We our folks of with today highlight. great host I'm our that levels sure that So and But we've Trey, of later the about and quarter. hires a Al Investor actually Officer at there's a other leading we couple have room did recent are we'll have for Legal a next Relations. incredible as to in Chief skill that had here also sets new more talk to

David Kelley

really again. All Thanks, That’s Great. right. helpful.

Trey Campbell

last And our was from analysts. Okay. question our that

Austin Russell

of in has I This overview do. we stand. be hopefully where everything terms been terms helpful to really of able everyone. thanks of are and we've more where status of update what Well, in couldn't Great. been and a kind things excited

what entire I ago just been a the I And year team have in off think would in, team pull to be you this and day blown And accomplish. of be out respect working we had if thank getting only that would Luminar able we're that think of just big able day to stuff Luminar happen. to to started. a heard away, whole all the we make

you next everyone thanks joining. We'll see time. for So

Trey Campbell

out Matt, Thanks, you close the call. if can

Luminar (LAZR) 14 May 212021 Q1 Earnings call transcript