Well, I hope you enjoyed the video. Before we begin the prepared remarks and Q&A, let me remind everyone that during the call we may refer to GAAP and non-GAAP measures. Today's discussion also contains forward-looking statements based on the environment as we currently see it, and as such, does include risks and uncertainties. Please refer to our press release and business update presentation for more information on the specific risk factors that could cause actual results to differ materially. With that, I'd like to introduce Luminar Founder and CEO, Austin Russell. All right. Hey, you guys see and hear me okay? Looks good, Austin. Good stuff. Okay. Let's get to it. Well, thanks Trey for the intro. Hopefully you all enjoyed a chance to be able to look at the video there and first part of the path to production series. You know, there's a lot that goes into it. We thought it'd be great to be able to just jump right in. We're live here from Orlando, and would love to be able to welcome all of you guys to our quarterly business update. With that, jumping right in, the fourth quarter was certainly an incredibly strong finish to our first year as a public company and definitely the most successful in our history. You know, we met or beat all the five key company level milestones that we laid out towards the beginning of the year, which were pretty aggressive, as it was seen by many. We successfully met even the targets that we raised guidance on midyear, like, for example, the number of major commercial wins. We continue to pioneer this industry with landmark firsts, you know, from product, to partnership, to even securing this past year the industry's first standardization deal with Volvo. Of course adding to our roster of major commercial wins, including leaders like NVIDIA, Polestar, Daimler Truck, Pony.ai, Airbus, Mobileye, SAIC, and of course most recently, the major win with Mercedes-Benz. We've continued focus on intensive execution on both a hardware and software standpoint in preparation for series production. It starts with the team, where we've effectively doubled the size of our workforce and had the best in the industry functional leaders join the team, as you may have seen over the year, to drive our company forward. Additionally, throughout the year we partnered with key supply chain manufacturing and vehicle integration partners like Celestica, Fabrinet, Webasto, and Inalfa to help de-risk the holistic execution and scaling for Iris into series production. On the software side, we've also successfully developed and executed our Sentinel solution with an alpha version, culminating in the demonstration of our proactive safety and Highway Autonomy capabilities live at CES just this prior month. People are taking notice, and it's beginning to shift the direction of conversation of what's possible with this technology and how it can ultimately be standardized to achieve the vision of the uncrashable car. From a financial standpoint, we also couldn't be in a better place as we continue to exceed our targets. We've more than doubled our revenue year-over-year, largely from the new series production contracts and the development work associated with that, as well as increasing our forward-looking order book by 61%. The original target we had was 40, and then we increased it to 60 and we exceeded that. Of course, we have a very strong war chest of capital liquidity with $792 million in cash, following $254 million of stock repurchases as well. That is still an incredibly strong position, and we're bullish on ourselves over the long term. We have more conviction than ever and as well as in our long-term unit economic targets, and excited to say that we've now also completed all of the core development milestones in our first series production contract, which is a huge step forward on the path to series production. That's a new update there. With that, we'd like to take a moment, we can talk through a few of the key progress updates from the last quarterly update, and then I'll hand it over to Tom to review some of the specifics on the milestones, financials, and 2022 business outlook before we jump into Q&A. First a little bit more detail on execution. Go through a little hardware and software. For our Iris LiDAR, we had a really strong finish in Q4 with the kickoff of a significant phase in the path to series production. We're now in the C phase with Iris. We built the initial units at the end of the year for this latest phase. Over the course of the past couple of months, we've been intensely focused on industrializing product and process. We're now working with over 100 key automotive grade suppliers for the production intent design and the supply chain, which was a massive undertaking. You know, it's a huge switchover given this is a relatively nascent industry and we have to be able to help work to mature the supply chain. This is something that's been a big focus. We continue to target being series production ready from both a hardware and a core software standpoint by the end of this year. We know how much our partners are depending on us to deliver and deliver at the scale that's needed to enable the next generation of safety and autonomy for the industry. When it comes to Sentinel, I'm proud to say that we've conducted live on-track demonstrations, as I previously mentioned, for our Sentinel Alpha solution at CES, including the Proactive Safety and Highway Autonomy capabilities. We actually pitted a Luminar-equipped car versus some of the modern vehicles, the latest camera-based ADAS technologies that are out there. The clear result is the high confidence Luminar detections is the avoidance of these kinds of collisions. Whereas the low confidence detections from today's systems are just not able to reliably come to a safe stop to even avoid some basic safety case scenarios, much less particularly complex scenarios or at higher speeds or even at night. By the way, the majority of accidents happen at night. Components of Sentinel are already used by our customers today, by many of them, and it's only getting better and better every day. We're targeting a beta release of Sentinel before year-end. Ultimately it's the combination of the sensor and the software that'll help accelerate the ushering of the next generation of vehicle safety and autonomy for passenger cars and trucks. I think maybe some of you may have questions around a recent win with Mercedes-Benz, so we can go into a little bit more color on that and some of the other events that happened this past quarter. From a commercial standpoint. Obviously the significant one, Mercedes, which was announced just towards the beginning of this year, we're hot off the heels of this landmark series production win, having, you know, with them having partnered with Luminar to enable enhanced safety and autonomy for the next generation production vehicle platform. Mercedes really represents the pinnacle of the automotive industry as the leading luxury vehicle OEM, and it represents big validation of both our technology as really the first and only system that can meet all these key performance requirements to enable these capabilities, and of course, validation and reinforcement at the company level as we work directly with them to deliver the solution. Which, by the way, is a unique aspect from a business and relationship standpoint of having worked directly with them, rather than the traditional model of being required to license your technology to a traditional automotive legacy supplier to be able to provide the solution, which optimizes for the, in our case, the product economics, et cetera. I think the only other example that's probably in recent history that's relevant is NVIDIA, but as you guys know, we're working closely with NVIDIA as well. One special aspect of this deal also relates to data, which we will be able to access the data from both the development vehicles as well as the production vehicles for continuous improvement and updates, such that our technology will only get better and better over time. That's hugely significant and all contributes to the economies of scale, from a hardware and software standpoint, but for product and technology, which is ultimately required to be able to make this viable for the industry. You know, it's not just tens or hundreds of vehicles that you need. You need tens of hundreds of thousands to get out on the road to achieve the unit economics at scale that's really necessary, and this only further enhances that. Our mission from the start has been to democratize safety by integrating Iris into consumer vehicles, and this deal with Mercedes is really just another example of us continuing to execute on that strategy. One last thing as well that you guys may or may not have seen was at CES, we actually launched Blade for trucks, which was just, for the first time, a conversion of what we had showed off as a long-term vision at Studio Day earlier this past year about what the future of autonomous trucking could look like. It's a pretty sleek integration. You can see some photos of it in the deck that was also provided as part of the quarterly update. Made it real, made it happen. It's not just a vision anymore, it's a product. With that inclusion, before I hand it off to Tom, wanna underscore our purpose as a company. You know, I mean, we know our technology is gonna have a profound impact on transportation and society as we know it, and we're in this for the long haul. To that extent, at CES, we presented a 100-year vision for the company, which our ambition is to be able to have the opportunity to save 100 million lives and 100 trillion hours of people's time over the next 100 years. This is possible if we see through the successful standardization of this technology and the eradication of accidents out on roads. Solvable problem, we just need to make it happen. Obviously, change of the world and it starts and ends with relentless execution, and we're well on our way towards this vision of delivering the uncrashable car by making Luminar's life-saving capability available both on the consumer side, and some of the biggest automakers on the planet already starting to adopt it into series production, of course. With that, I'll hand it over to Tom to discuss how the execution for the year tracked to our 2021 business milestones that we laid out previously, as well as our outlook for 2022. Good. Thank you, Austin. Let's start by reviewing our 2021 milestones and financial performance. I'm pleased to say that we achieved all five of our 2021 milestones. Our first milestone was to enter the C-sample phase, which we did in Q4 by producing initial C-sample sensors. During the first few weeks of 2022, we went through extensive testing and review of these initial sensors, as well as our manufacturing process. As we said in the past, manufacturing complicated optoelectronic devices in series production scale and at auto grade quality is not an easy task, and it's never been done before to this extent. Our team has been working around the clock to make the necessary industrialization advances, including working with over 100 suppliers to ensure automotive qualification and scalability. One key financial metric that illustrates the progress we made is that we completed all the core development milestones under our first awarded series production contract in Q4. This allowed us to fully recognize the remaining program revenue within this contract during the quarter. Our second milestone was to deliver an alpha release of our Sentinel software product. We successfully achieved this and publicly showcased our Proactive Safety and Highway Autonomy capabilities at CES. The third milestone was to achieve six major commercial wins, a target we doubled the middle of last year. This milestone was achieved with our NVIDIA and Polestar announcements in Q4. This tally excludes other important customer wins during the year, including Embark, Kodiak, Zenseact, and Robotic Research. Our fourth milestone was to grow our forward-looking order book by at least 60%, an increase from our original 40% target. We ended 2021 with an order book size of $2.1 billion, up 61% for the year. Our final milestone was to end 2021 with a greater cash balance than where we started, which was $486 million. We ended the year with $792 million in cash, and adjusting for the convertible notes we issued in December, our year-end cash balance would have been approximately $500 million. On to our 2021 financial highlights. Revenue for Q4 was $12.3 million, up over 400% year over year and 55% sequentially. The increase was driven by higher program revenue as we performed development work for our customers to prepare for series production. Program development revenue comprised over two-thirds of our 2021 revenue. Because of our industrialization progress, we incurred a $1 million contra revenue charge during Q4 related to previously issued customer warrants. With the inclusion of this contra revenue charge, our 2021 revenue of $32 million was at the top end of our guidance. Our non-GAAP gross loss for Q4 was $3.9 million. Our contribution margins continued to remain healthy. Of the approximately $16 million in non-GAAP COGS in Q4, approximately $14 million was non-recurring engineering expenses and fixed manufacturing cost. We remain on track to achieve our medium- and longer-term series production BOM targets, which are critical to meet our longer-term goals. Our Q4 cash spend was $56 million, increasing to support our faster than expected commercial win rate. Our Q4 cash spend was higher than the current run rate due to an increase in working capital to both support the C-sample ramp up as well as approximately $10 million of customer payments which incurred in January instead of December. In December, we raised $625 million in convertible notes and concurrently announced a $312 million share repurchase program. We also purchased a call spread overlay with the intention to negate any dilution from the convert, assuming our stock price reaches $30 per share in the next five years. The net result of this transaction has provided us with additional capital to accelerate our growth at very attractive terms. To date, we have repurchased $254 million of our stock. Turning now to our 2022 milestones and financial guidance. Our first milestone for 2022 was to achieve series production readiness for our Iris LiDAR and core software by the end of the year. We also expect to build out the series production manufacturing line and automation equipment necessary to meet our 2023 OEM provided production targets. Our second milestone is deliver the beta release of our full stack Sentinel software solution by year-end. Our third milestone is to grow our cumulative major co-commercial win total by at least 40% from our 2021 year-end total of nine. We expect these new wins to come from both new customers as well as new programs with existing customers. We already publicly announced one major commercial win in 2022 with our recent Mercedes-Benz announcement. Our final milestone is 40% growth in our forward-looking order book from our 2021 year-end total of $2.1 billion. With regards to 2022 financial guidance, we expect revenue this year to be at least $40 million. We expect our net cash spend for the year to be moderately higher than 2021's total of $155 million. We also expect our operating loss for the year to be higher than our net cash spend. We expect our share count to end the year in the mid-360 million share range. One final note on 2022 revenue. Program revenue is expected once again to be a significant contributor. This program revenue can be nonlinear from quarter to quarter, depending upon the level of work performed, new development contracts rolling on, and the completion of development work as we approach series production. As mentioned earlier, we recently completed the revenue milestones in our first series production development contract. Because of this lumpy dynamic, we expect Q1 2022 revenue to be incrementally higher than our Q1 2021 revenue of $5 million, but lower than our Q4 2021 revenue. In closing, I'd like to thank the entire Luminar team for a great 2021 and a strong start to 2022. Trey, let's move on to Q&A. Thanks, Austin and Tom. As we move to Q&A, I like to tell the analyst if you can please have one initial question and one follow-up question. That will give us a chance to get through all of the analysts and get a chance to ask a question. With that, let's start with Joshua Buchalter from Cowen. Josh, you ready to ask the first question? Yeah. Thanks, Trey, and congrats to the team on hitting all those milestones. I guess first question, anything you can share about the composition of the 40% order book growth? In particular, I know Mercedes was announced after the year started, so are you able to share how much is from Mercedes versus expected wins for future announcements? Yeah. To be clear, Josh, the $2.1 billion that we had at the end of 2021 comprises the business that was won, whether it was publicly announced or not publicly announced at that time. In that $2.1 billion is Mercedes-Benz. We're not breaking out, you know, how much of the order book is each customer, so we haven't gone into that level of detail, nor do we plan to. Got it. Okay, so Mercedes was in the 2.1. Thank you. That's helpful. In the video, I noticed you demoed a feature called Highway Autonomy. Is that new? Is that a subset of Highway Autonomy? Bigger picture, you have wins for software, but you're also, you know, progressing from alpha to beta. Just wondering how baked is the software solution as you're bringing it to customers versus how much is being jointly developed. Thank you, and congrats again. It is good. I think when it comes to the software side, it's definitely gonna be a critical aspect of the future and what we deliver. The Highway Autonomy, so to say, you could say it's the German term for highway autonomy from what it comes down to. It really starts as a highway assist type system, and then it evolves ultimately to be able to be hands-off, eyes-off, you know, holistic system as it relates to when it's fully integrated with the OEM. You get the proactive safety capabilities really from day one, though, when it comes to an ADAS feature standpoint and rollout, in terms of what's ahead. This is where, you know, the objective is to be able to see these engagements with with OEMs continue to expand and also be able to help enhance and accelerate the roadmaps with our software offerings to accelerate their own. That that's gonna be an important part, and I think that what we showed at CES shows that this isn't just a pie in the sky thing. You know, this is something we're showing off the things that everyone's been talking about. That's an important thing if we're gonna wanna make this industry happen with all the all the different OEMs to ultimately realize this system and technology. Thanks, guys. Thanks, Josh. The next question comes from Aileen Smith at Bank of America. Hi, guys. So first question, I wanted to check in and clarify that your definition of achieving series production readiness on Iris hardware and software is the same as actually going into series production in 2022. I know it may be splitting hairs a bit in semantics, but obviously the investment community has been very much anticipating you going into production and commercializing in 2022. Just given supply chain and logistics constraints, I wanna make sure that the definition of itself remains intact. Yeah, I think that's the full intent in terms of what we're talking about here. I think the only caveat is that obviously we can't speak on behalf of the customers. There is a distinction between us going into series production and ultimately the customer actually integrating onto their vehicle in consumers' hands on roads, which isn't 100% controlled by us. It's, you know, I mean, there's nothing that's out of the ordinary in terms of the expectation there obviously that's. When it comes down to it, we're talking about milestones for Luminar that are in our control for this, and that's, i t's probably not a, you know, the best wording, but that's the full intent of what we're talking about. Yeah. Aileen, just to kind of clarify on that, you know, our goal is, we are gonna be prepared by the end of this year to make parts that are gonna be capable to put on vehicles to be sold to consumer for series production. I would say, we have multiple customers that are kind of on that target to be in a position for SOP sometime around the end of this year. It's not like we're just relying on one party. There's actually, you know, multiple customers- Right that are on that timeline plus or minus. Okay. Got it. That's very helpful commentary. I wanted to follow up on the commercial wins, and going to the prior question around the composition. Do you think there's a greater likelihood that the commercial wins you're anticipating for 2022 come from entirely new customers, or rather that you transition over and lock down some major contracts from some of the customers that you've cited that have not major commercial wins, but some of those important wins like Embark or Kodiak or others? Yeah. I think it's going to be a mix of new customers, and I think you see that with the one we have already this year with Mercedes-Benz, as well as growing business with existing customers where we already have major commercial wins. You saw that last year with Volvo where we went from an option to standardization. I think it's gonna be a mix of those two things. It's going to be new brand name customers like a Mercedes-Benz and growing business with one of our existing customers where we have a major commercial win. Exactly. By the way, one side note as well with the Embark and Kodiak examples and everything, they. You know, we're gonna continue to win those, but they didn't, we didn't qualify them at the threshold of a major commercial win, so, you know, in terms of the major commercial wins it's gonna be significant. Ultimately, the way that we see it is that there is a bit of a transition between, you know, it's really not just about, you know, winning and winning and winning and winning anymore. I mean t he way that we see this industry playing out, you know, just for further commentary, is that it's kind of like a 90/10 rule of like the top 10% of programs are probably gonna be delivering 90%+ of the value, you know, at least for the immediate or foreseeable future. As a result, the focus is really all in on seeing through successful execution of those and seeing those. Like, the opportunity is just as much to realize the expanded value of the existing programs that are won, rather than just winning new programs. That's part of the significance also of what we're seeing. I mean, obviously, we're not gonna stop winning here, but I think that's also an important point just in terms of just the level of focus that we wanna continue to have b ecause you know, there are, at the end of the day, you know, things are not infinite and we have to pick winners as much as anyone else too. Understood. That's very helpful color. Thanks for taking the question. Thanks, Aileen. The next question comes from David Kelley at Jefferies. Hey. Good afternoon, guys. A couple from my end, and congrats on a solid end of the year here. The six major commercial wins, can you just talk a bit about what that's meant, with conversations and kind of bidding and getting into the door with other potential major OEM customers, you know, how that's changed as you've had other announcements? It's impacted a lot in a very positive direction, David. When you start to see not only the quantity of wins that we have, but when you start to see folks like Volvo, Polestar, Shanghai Auto, Mercedes-Benz and others putting their technology or putting our technology on their vehicles starting around the end of the year, there's, you know, a real sense of FOMO developing in the other OEMs to make sure that they don't start trailing behind. I think there's one other important factor, David, which has been very impactful, once again, in a positive way in getting the attention of our customers, and I would really say accelerating the talks, and that was the proactive safety demo that we've been doing. I know we've released a lot of videos on there and, you know, for the automakers that didn't make it to CES, as well as those that we were able to have one-on-one demonstrations with thereafter. When they actually see real human getting behind a car that has Proactive Safety in it and a car that doesn't and driving it at the test dummies, I mean, it just, i t's a wow moment for our customers. When we kind of walk them through that this is technology that we developed internally at Luminar, not only the hardware and the software, and we have this ready to go around the end of this year, they're like, "We gotta get this on the vehicles very soon." Your point about the, you know, accelerating commercial wins is having a major impact. I think actually going from having good PowerPoint slides about our technology to actually having real-life demos that work with fully integrated capabilities, that's just as impactful. Okay. Got it. Thank you. Maybe one more. You hinted at kind of the software opportunity, but you know, just curious what you're hearing from potential customers. You know, it's early days, and everyone's fighting for software within the autonomous stack. Some OEMs are looking to do some of it themselves. You know, what are you hearing from your current customers, your potential customers as it relates to the software opportunity? Yep. I think there's the fundamental aspect of it. There's a layer of software when it comes to some of the different aspects of perception, all the way to like horizon control systems, to simulation. There's a ton of things you need to do to make it a viable system just on top of the core LiDAR itself, and that's the kind of stuff that we're gonna have series production ready by the end of this year, and capable to go into production vehicles. But when it comes to other layers on top of that's really why we made this big bet with Sentinel to be able to build out the rest of this software stack. The way we see it is that, like I said, there's obviously some folks that have tried to do certain in-house developments, but the reality is most of the software developments are still focused on robo taxi systems or, you know, other types of alternative software approaches that don't directly relate to the kind of systems that we're developing here. It's not really competitive in that sense. It's the objective is actually to accelerate the adoption of this kind of technology, to be able to add more value to it and to be able to really realize this holistically throughout the industry. This is gonna be the accelerant to standardization. I think that that's kinda how we're thinking about it in that context. I think OEMs are seeing it in many ways. To the extent that people are already adopting some of the components of Sentinel that'll be going into series production. It will just build and build on itself more over time as the software that we have matures. Okay. Great. Thank you. Thanks, David. Next question comes from Itay Michaeli at Citi. Great. Thanks. Hey, everybody. Just a question, Tom. I think back in, on the Q2 call, if I remember correctly, you noted that I think 60% of the original 2025 revenue had already been booked. I was curious if you could update that based on your order book today, and maybe where you think you might be if you hit your 2022 objectives on that. Yeah. It's a good question, Itay. We're planning later in 2022 to have an investor and analyst forum where I think we're gonna be updating our longer term plan because it's you know, it's been a couple of years since we actually done that. What I would say is you know, I think the number I mentioned over Q2 was that we were over half the way there to some of our 2025 volumes, and I think that is still a consistent number. It's too early for me to kind of forecast where I expect that to be in 2022. The one thing I would say is the level of optimism we have in the business as well as where we are today is significantly better than where it was in 2020. I think you kind of saw in 2021 as part of our SPAC process, we were forecasting revenue of $26 million. We came in at $32 million. For 2022, I think we were forecasting from memory $35 million. We're now guiding to $40 million. I think that that really exemplifies that we are kind of meeting or beating the initial plan that we sent out. Great. Terrific. Just a follow-up. You know, Austin, you mentioned most accidents occur at night, and I think there's a recent IIHS report testing a bunch of the different ADAS pedestrian detection systems at night, and I think they all kind of fell short. I'm curious kind of how quickly the industry is moving on that front from a safety perspective. To that, I was hoping you could share maybe a bit more feedback from the OEM customers from your CES demos and just kind of what you're seeing along those lines. You know, it's amazing actually. You know, honestly, I think people are blown away by just two things. One, how effective the system that we have is, and two, just how ineffective systems are today. I think, there's a little bit of, how do we say, self-denial sometimes that happens, where it's like, you know, "Oh, my car doesn't do that," you know, for whatever CEO of X OEM, you know, and they hop in the car and, like, "Oh, we actually have one of them here, you know? We can try it out." Of course, the results are no different. You know, there's plus or minus little differences, but it's not fundamentally different. That's a thing that's just completely resetting the paradigm behind this. I think there's just been so much, w hat was it? People have come up with a term, like [a ton of] washing, you know, of the things, you know, brainwashing behind this around what the real capabilities are behind this. The reality is that it's just not even remotely close to where it needs to be today, much less with the just basic camera-equipped system. You know, it's not a big surprise at the end of the day to those deep in the industry or to NHTSA or to other things. It's just that the safety bar has been so incredibly low. People have just gotten used to it. Like, passing, you know, the tests that are required for five safety stars is not difficult, you know, when it comes to these kinds of assisted driving systems for the actual collision avoidance prevention. In some cases, you know, if you fail at that, but if you pass on enough other things, then you can still get these significant ratings. I think that's where there has to be a fundamental reset and will be a fundamental reset from both an OEM perspective, a consumer perspective, and a regulatory perspective over the next few years, that'll accelerate the standardization of this technology, and that's where you see the breakthrough. Again, as it relates to our model, I mean, we only modeled in about 3%-4% market penetration, you know, by the end of the decade for, you know, what a $5 billion revenue, $2.5 billion EBITDA business with a $60 billion forward-looking order book. To the extent we do better than that, which we think we can, you know, I mean, that's how you create the breakthrough value. Perfect. That's all very helpful. Thank you. Thanks, Itay. Next question comes from Richard Shannon at Craig-Hallum. Richard, you there? You on, Richard? Richard, if you're talking, you're on mute. We'll come back to Richard. We'll go to Mark Delaney at Goldman. Mark, you on, Mark? We're gonna go for a third time. He's there. Okay. Hey, Mark. Yeah. Thanks very much for taking the question. So can you talk a little bit more on how important it is to Luminar for your customers to actually certify that the systems are level three? Maybe it's more just in terms of follow-on business if these early deployments go well, they get positive data, and they certify them as level three, then that would just create these future follow-on orders. But is there any difference to you guys in terms of whether or not these systems are certified as level three capable for consumer use in the early phases? Well, I think there's two factors there. One, for what it's worth, everyone has a different definition of L3, and there's a lot of level inflation that's continued to happen in the industry. The reality is, as it relates to us, no, it doesn't really make any material difference on how people talk about these things. That's why we kind of generally avoid trying to talk about the levels altogether. You know, it's funny, the proactive safety capabilities from what we're doing is actually. I mean, this is where people get really confused, but it's technically a level zero capability. The reality is just level zero was never actually fully solved for, you know? People still get into accidents all the time. There's no such thing as ground truth detections today that can actually prevent collisions and accidents from happening. That's where, honestly, a lot of the fundamental value that we're talking about here is provided, maybe even the majority of it. Actually, not maybe, definitely the majority of it right off the bat. I mean, that's part of the objective. Now, of course, autonomous capabilities are only gonna continue to advance over the course of the next handful of years and over the decade. You know, Volvo recently announced, you know, their rollout plans with that of starting in California and then expanding thereon out for the autonomous features and capabilities. That's not slowing down at all. Solving for the constrained highway problem I think has obviously gotten a lot more of a focus. We see, you know, a lot of companies trying to pivot towards working on exactly what we've been working on and these OEMs have been working on for years. You know, people pivoting into trucking and other stuff, for example, as well, that has that same kind of highway problem. Obviously not the series production scale of cars, but we're working in trucking as well. That said, that's the perspective that we have on that. Okay. In any sense, I realize this is up to your customers, but do you have a better sense at this point as to how long customers may want to have these systems on roads before they're willing to certify hands off, eyes off on highways in a wide set of use cases? Thank you. It's a fair question. It really just depends on the safety case, you know, with each OEM and the specific road and the specific highway. I think the objective is gonna start on like, you know, divided interstates, then it's gonna go to undivided highways, and then it's ultimately gonna go to like surface streets, like stroads, you know, type things. Eventually it'll work its way over the course of the decade to urban environments. It'll take the time, but I think, I mean, this is not like a thing that's like five or 10 years out. This is a matter of, you know, you're probably talking, like, a year, you know, maybe two years' worth of validation out on roads, depending on how conservative you are. That's it. It's also not overnight either. It doesn't just instantly flick a switch. You actually have to get the data at scale. No one's ever done that, by the way, before, you know? No one's ever had tens or hundreds of thousands of these kinds of cars driving around, collecting this level of data. Obviously, that feeds back to us, like in the case of the Mercedes-Benz deal that we're talking about, you know, that becomes pretty valuable or extremely valuable. Thank you. Thanks, Mark. Next question comes from Tristan Gerra at Baird. Yeah, hi, this is Tyler on for Tristan. Thanks for taking the questions. Are automotive OEMs choosing the NVIDIA DRIVE platform bound to use Luminar if they decide to use lidar, given that Luminar is part of that reference design? What does the recently announced NVIDIA Jaguar Land Rover partnership imply for Luminar? It's a good question. Unfortunately, I can't comment on programs from OEMs or tech partners of ours for whatever it may be. We are partnered with NVIDIA, as noted. Can't comment on that, on anything specific there. I will say that working with key partners and platform providers has been a key part of our strategy holistically to be able to further accelerate market adoption. Great, and then for my follow-up, with serious production readiness expected by the end of the year, can you talk about the expected revenue ramp of that? I know you're not gonna provide guidance, but maybe can you comment on the linearity of that production ramp? I think it's fair to say that, as we get to SOP around the end of this year, that we would expect 2023 revenue to be significantly higher than this year. We are not gonna give any specific guidance for 2023 at this time, but we'll give some later this year. Great. I really appreciate the time. Thanks, Tyler. Next question comes from Gus Richard at Northland. You on, Gus? You may be muted. Sorry. Got it. There you go. His hand's raised. Just, real quick, operator error. Could you talk a little bit more about your relationship with NVIDIA and, you know, are they opening up doors for you in being in the reference design? Is it, you know, is that helping your market penetration? Yeah. I'd say there's no question that platform providers, you know, and NVIDIA included, are accelerating or helping to accelerate market penetration. That's really the core objective is, you know, building the right ecosystem of key partners and reference designs and other stuff in terms of, you know, it's an incredible amount of work. You know, it's not just a walk in the park where, you know, a couple companies say they work together and then just walk away. It's a lot of deep integration and intensive amount of work that has to happen on a day-to-day basis for all this or literally, you know, day-to-day and week-to-week managed. But yeah, there's no question that's part of the objective. By the way, I think ultimately these things work both ways as well, you know, for both us and them or partners generally. Got it. Just by the end of 2022, can you give a sense of how many, you know, production models will be shipping your customers? You know, is it one model, five? Any color there? I don't think we can give specific commentary for the OEM vehicle lines yet until they unveil it. Gus, is your question our OEM vehicle models like our customer vehicle models or y our question's how many different variations of Iris? No. The question is, you know, you know, you've got, say, a Volvo win. Got it. Okay. Okay. Yeah, that was the one that Austin answered. Yeah. I interpreted the other one. There's gonna be a lot ahead on that. It's got some exciting lineups. That's for sure. By the way, one of them you have parked in the background, totally coincidental, you know, is the new Mercedes-Benz EQS. That's there too. It's an incredibly beautiful car. That's there. It goes to show like for the next gen ED lineups of these different brands that's there. It's impressive stuff. I think it'll be this. It's not gonna disappoint these and with different OEMs for that matter, but on the other ones that we're working with for sure. Got it. Thanks so much. Thanks, Gus. Next question comes from Michael Filatov at Berenberg. Hey, guys. Thanks for taking my question. So two questions. The first one, I mean, you kinda just referenced it, is in relation to the Mercedes win, right? I'm curious if you could just clarify whether or not that is a concrete supply agreement, right? That's in contracts for specific models and a specific, you know, start of production timeframe. And if so, you know, how many models that could potentially encompass, and were you involved in an RFQ process for that win? Just, you know, how that relationship evolved. Yeah. Michael, the answer to that is, without going into too much detail, but I think it's fair to say that, Mercedes-Benz did a very extensive study, not only of our technology, but the other ones out there. They made a conscious decision to work with us. We have a lot of detail, which I'm not gonna go into, in an agreement that we have with Mercedes-Benz that's executed. You'll see in our 10-K tomorrow, that we have two customers that comprise north of 10% of our revenue in 2021. One of them was Volvo, the other one is Mercedes-Benz. We are working extensively with Mercedes-Benz to develop our technology to the point where they're gonna deploy on production vehicles. We have a list of production vehicles and timing. We're not gonna talk about it because Mercedes-Benz hasn't talked about it, but that list does exist, and they would not be paying us as much revenue to work with us if this was just a science project as opposed to something serious with the goal of putting this on vehicles that they're gonna sell to the consumer. Straight to the point answers. Yeah. Yes, yes. Understood. Fair enough. All right, and one other quick one. I just was looking back at your original spec presentation. It showed, you know, expectations for D-sample production in Q1 of this year, and then series production by Q3 of this year. It seems like I don't know if it was, you know, something to do with you guys and your customers, but maybe the timeline's gotten pushed back a bit. You know, 'cause I took that to mean series production as in going into vehicles in the back half of this year. It seems like you're currently at C-sample. I mean, is the expectation to get to D-sample middle of this quarter? I mean, we're nearly there, but, you know, has anything pushed that timeline back in terms of the product development and then to see actual series production launch? No, it's effectively tracking to it. I mean, the objective is to be able to get to series production by the end of the year here. That's the big launch that I think it's been public with our first, you know, series production OEM in terms of what they've talked about for that timeline. So we're deeply aligned as it relates to them and others to be able to ensure the successful launch by the end of this year. So that's that. I would say that there's probably, you know, plus or minus a few months of, you know, in terms of how people, customers will qualify different stages, you know, differently of their respective programs. For example, a lot of our customers don't actually use the same kind of sample terminology and other stuff. They have different sets of milestones that go in through the validation. Effectively, the way to think about it is that this year is all about refinement and validation of the industrialization process. You know, that's what it's all about in preparation for the series production. We're all in on that as it relates to the core technology to design everything for the product. That's, you know, that's done. That's where, you know, we still have optimizations to be done in terms of what we need to do to get cycle time down, get all that other stuff. That's all on track in terms of what we need to do for series production. Understood. All right. Thanks very much, guys. Thanks, Michael. Appreciate it. Next question comes from Dan Levy at Credit Suisse. Hey, good evening. Thanks for taking the questions. First, just wanted to start with a question on a comment in your deck about the cash use in 2022. You're guiding for cash spend to be slightly higher year-over-year. Usually in autos when a company is approaching commercialization for a new product that the cash spend accelerates more significantly and you're taking on new customers as well. Why is it that it's only a moderate increase as opposed to what might be more significant? Or is it just something about you've already incurred that spend or there's just Yeah. efficiency? I mean, it's a great question, Dan, and you are correct. My reply to you would be, if you look at our 2021 cash spend relative to 2020, it doubled. We're not gonna double it again this year. We're gonna grow it modestly from here. You know, I would argue if you actually look at the spend relative to 2020, you see that significant increase in investment that you would typically see in the automotive industry. We've been working on our industrialization plan now, for going on two years, and the growth in our investment has reflected that. Well, I'd also say that I do think that this is important, that this is also not. Don't get me wrong, it's like super easy to be able to spend twice as much, three times as much, four times, 10x as much. Yeah I mean, we see other companies that have been trying to do this and that are actually even far earlier along that curve. The answer is you have to, like, we are extremely intense about driving extreme efficiency, you know, with everyone from a, when it comes to a financial standpoint across the board here too. This is not us. Now that said, there are still significant investments that need to be made. It is incrementally higher, but I think to the point is that we've effectively gone from, you know what, three major commercial wins to now we're at 10. Our spend is only increasing, you know, moderately. You might- Yeah It'd be like, "Whoa, what, you know, that's crazy. How is that even possible?" And there's one simple answer, which is standardization of the product. You know, this is very different than pretty much almost all other types of companies in the automotive supply chain because we have standardization of this kind of technology. Everyone's going for the same technology that we have. It's the same product. It's the same core system that's there. Obviously, there's work to be done integrating the different vehicles, different systems there, but there's an incredible amount of unification. Even for a couple of stragglers that we had that had deviations that would end up with significantly greater expenses for this coming year, actually just over the past quarter, we actually It's entirely unified it onto the exact same product track and roadmap that we were doing. That probably avoided, you know, hundreds of millions of dollars worth of expenses there. It didn't just fall into our lap. It's been a very intentional, incredibly intensive exercise to get it to this level of efficiency. It's something that we're also incredibly proud of. Great. Thanks. The second question is just unpacking the order book. I think you're essentially guiding to, you ended the year at, you know, just over $2 billion and you're guiding to be just under $3 billion. A couple points on this or a couple questions. You know, should we expect an additional inflection of the order book as you start commercialization? I mean, is that just gonna continue to bring in more programs, or is that just gonna track what commercial programs you have? The second, maybe you can just give us some sense of what that order book comprises of now in terms of hardware versus software split, because I think you were talking by. I know you said you'll give us a 2025 update, you know, later in the year, but, you know, how you're tracking to being, call it, half/half software hardware. Thank you. Well, yeah, I think, you know, from memory, I don't have the numbers here in front of me, but I think, you know, it was a little less than half for the software. You know, we haven't disclosed, nor do we plan to, what the breakout is, the order book between hardware and software. What I would say is that software element and the software percentage continues to increase, and we expect it to continue to increase, over time. Remind me your first question again. How should we expect the order book to trend- Okay you know, as commercialization begins? Is it just as you have more programs, it's gonna linearly Yes. Fair. increase or is there an inflection? Yeah. I mean, here's what I would say when you actually kind of look at the dynamic and what really moves it. You know, clearly there's some correlation between major commercial win growth and order book growth. What I would say though, the dynamic is the initial programs that we win with a customer the first time. Tends to be more on the small side than the big side. What do I mean by that? The trend, and I think you played it, see this play out with Volvo, is our initial win with Volvo was as an option on the XC90 successor. Then it moved into standardization on that. You know, from there, we expect to win more and more programs from Volvo over time. The first win with a customer, you know, that counts to the major commercial win total. It's not, I would say, not gonna have a huge impact on the order book initially. What drives that, really, what drives the exponential growth in the order book is standardization and really winning and more and more business in an existing customer, and not only rolling it out, standardization among a specific vehicle program, but rolling it out, a standardization on every vehicle that OEM produces. There's really three ways that your order book increases. You know, one is new major commercial wins, you know, new customers, you know, altogether. Two is additional programs with an existing customer. Three is increase in volume for the programs that are already won. By the way, number three is not to be underestimated on this, is that, you know, this is where I think we even mentioned at one point last year that part of the driver behind a higher order book was actually people increasing the volumes on the existing programs that are there. I think that that's a general trend. I don't think we've actually seen anyone decrease, you know, the kinds of target volumes in terms of what they're planning for the models. Actually it's really been a general trend of increasing it as people have realized the significance of this. By the way, everybody's competing with each other. You know, they all want to be one-upping each other too, so that certainly doesn't hurt, as Tom mentioned earlier. But for good reason. I mean, it's like, people can't afford to just be static anymore. They have to be able to move and move quickly. It can't, this can't be a traditional automotive adoption cycle that's like seven years long. That's why it's accelerated so quickly. Sorry, just to clarify on what's already in the order book and what you're guiding to, it sounds like that's only reflecting very slight benefit from standardization. Meaning you're not seeing any of the benefits yet from standardization in the current order book or the guidance, correct? Yeah. Let me give you an example, which I think answers your question. At the end of 2020, in our order book was only us being an option on the Volvo XC90. One model. On one mode. At the end of 2021, it was the standardization on that one model. The XC60 and all the other vehicle models that Volvo makes other than the XC90 are not in our order book. We're very confident as a management team that we're ultimately gonna win that business. Volvo has made public comments that that's their intention too. None of that is in our order book yet because we haven't officially been awarded that. Only stuff where we have a written agreement with our customer. Yeah, there's gotta be a contract. Right Basically. Yeah. And by the way, t hat is, that is a distinction versus what many others have. Yeah Have provided in some of the AV space or LiDAR space or whatever it is for, you know, order books where it's just, like, assuming standardization on some Yeah future thing of without any Exactly intent or agreement or whatever it may be. There's a lot of business out there for us to go get from Volvo and other OEMs where we have existing business which isn't in our order book yet. Yeah. Exactly. All right. Thank you. Hey, thanks Dan. Thanks to everyone for joining our Q4 business update. We look forward to talking to you again at the end of Q1. With that, Kevin, if you can please close our call out. Thank you guys. Thanks everyone.