Well, I hope everyone enjoyed the video. Similar to last quarter and in the spirit of continuously improving our shareholder outreach, we'll be addressing some of the top questions submitted online on the Say platform at the end of our prepared remarks today, followed by analyst questions. 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. You guys hear me okay? Sounds good. Perfect. Cool. Well, thanks, everyone. We're actually here live from Orlando. Just give me a moment, and we'll get everything ready to go. Okay. First off, welcome everyone. Like I said, we're live from our headquarters here too, and thank you, Trey, as well for giving some of the comments. Hopefully the video was helpful in giving a little bit of context in terms of what we've been doing and the latest from the path to production. Obviously some new exciting stuff, but jumping right in, I think we can go into this. Since our last update, you know, we've remained intensely focused on execution, you know, leading up to the series production launch by year-end. I'm proud to say that we remain on track to meet or beat each of our four key 2022 company level milestones, which Tom will be outlining in greater detail here, next to me in a few minutes. As we continue to successfully prove ourselves to the major automakers, our traction is continuing to be able to accelerate, as they build further conviction and expand business with us. As a result of the strong execution to increase customer demand, you know, we're increasing our commercial and financial guidance for this year, including increasing the growth rate from 40% to 60% for both major commercial program wins, as well as our forward-looking order book metrics. That's already actually a 50% increase in growth rate than what we were expecting, which I think was actually pretty strong in the first place as well. You know, our performance may come as a surprise considering some of the broader macroeconomic headwinds this year with a market downturn impacting, you know, many of the cutting edge technology companies the most. With most of the autonomous vehicle industry centered around driverless robotaxis facing challenges, I think the critical part is that Luminar has had a different strategy and different market the whole time, addressing the existing multi-trillion dollar consumer vehicle market and using the autonomous capabilities primarily for safety and improving the driving experience rather than just trying to replace the driver altogether for ride-sharing purposes, as many of you guys know. As a result, our business economics and the overall market are well on track and accelerating and showing no signs of slowing down. In a world where there's been a lot of over promises and under deliveries, we aim to be the one that will over deliver on key commitments. Doing a little bit of a deeper dive on a few of the drivers and highlights this past quarter. Number one is on execution, number two is scale, and number three is technology leadership. First, execution. Our progress on execution on Iris, Sentinel and commercial programs remains strong. The biggest effort and focus right now is on industrialization of Iris and execution of the key customer programs leading up to the launch of Iris in series production by year-end. In parallel, we're also successfully executing against our plan for developing Sentinel, our software solution for proactive safety and highway autonomy capabilities. We have a bigger update on this front next quarter as we approach our release of the beta version of Sentinel. On the OEM program front, our teams are focused intensely on program execution to support the multiple OEM partners that we had to prepare for launches with over the course of the next 24 months. In Q2, we successfully completed the first phase of the series production program and associated milestones with a major OEM. Our automakers continue to be encouraged by our progress and are counting on Luminar to power the future of their technology roadmap, including next generation safety and ultimately autonomous capabilities. Another market that's continuing to rapidly develop that has a lot of potential for us is China. We're expanding our presence in China significantly and investing to win. We've been working closely with the largest automaker there, SAIC in Shanghai, and in Q2, we also partnered with ECARX, a mobility tech company affiliated with the Geely Group and associated brands, which will help accelerate our presence in China and even beyond. Secondly, is scale. Following the successful execution of product industrialization, scale is that next critical phase. Prepping for large scale manufacturing of a complex product takes a significant amount of lead time, capital, and some of the brightest minds to make it all come together and work. Following some of the increased customer demand, as you saw in the video, you know, we're now expanding and expecting to build a dedicated high volume manufacturing facility to expand upon the existing facility with our contract manufacturing partners. For the new facility, we're now building a highly automated manufacturing line in partnership with Calvary Robotics to enable the build capacity of up to 250,000 units per year with the initial line. The scale initiative adds to our existing capabilities and capacity, which includes the expanded pilot line, which our advanced manufacturing team we have here in Orlando has been working on, and the series production and facility in line we already have in place at Celestica in Monterrey, Mexico. We remain on track to be series production ready by the end of this year with the capacity to support our customer programs and bringing online the dedicated, highly automated facility for high volume starting in the second half of 2023 to achieve exponential scale. Of course, Iris is a first of its kind automotive technology, and we have to not only perfect the product, but also the means of producing it at scale. It's a massive undertaking, but we successfully assembled the right team and the right partners to make it happen. Third, we are also attracting, you know, key industry and top industry talent. In Q2 alone, you know, we actually ended up adding to our strong depth of talent, including industry leaders from much larger automotive and technology companies. You know, a couple of examples is we welcomed Taner Ozcelik as our EVP and GM, who previously guided NVIDIA's automotive business, and our new VP of software, CJ Moore, who previously was a director of Autopilot at Tesla and Director of Autonomous Systems at Apple, among recruiting other industry leaders. They've already jumped right in to advance the strategy alongside the broader team and continue to drive the critical execution. Just wanted to thank them for their continued dedication and focus along with the broader team. In conclusion, to sum it up, before handing it off to Tom here and taking you through some of the business milestones and financials, you know, it's important to note we're really all in to deliver our long-term vision of saving lives and powering the future of safety and autonomy as the, you know, hundred-year vision that I had mentioned in the last call, all consistent with that, all rolls up to that. Second is that, you know, our company is also largely unaffected by the broader macroeconomic or market headwinds and a slowdown in cutting-edge tech. You know, our execution is strong, our balance sheet is strong, and our market is accelerating. As I've said before that we believe the market to be set up for a winner-take-most or winner-take-all type scenario. I think this is more true now than ever. On the backside of this tough market, it'll only accelerate what I believe with the leadership and broader market adoption. We have the customer programs, the talent, the technology, and critically, the cash runway needed to be able to continue to execute and win. Now, with that, I'll hand it off to Tom to discuss our quarterly progress on the four key company level 2022 milestones we outlined at the beginning of the year, as well as our financials for the quarter. Thank you, Austin. I'm gonna start by reviewing our progress towards our four key 2022 milestones. Our first goal is to achieve series production readiness this year, and we are on track to achieve this goal. We are currently preparing for series production launch at Celestica's existing facility in Monterrey, Mexico, using the existing production line they have. Concurrently, we are preparing a new dedicated facility which Celestica will operate for us in Mexico to meet increased demand. This new dedicated facility and automated line Austin discussed earlier are expected to come online in the second half of next year. Second, on the software front, we remain on track to achieve our goal of releasing the beta version of Sentinel by the end of the year. In Q2, we conducted live drives at TechCrunch Mobility, demonstrating the higher confidence detection and collision avoidance capability of our proactive safety system compared to today's camera and radar-based ADAS system. Our third milestone is to grow our major commercial win total by at least 40% this year. We feel very confident about exceeding this goal and are raising this milestone to 60% growth this year, or at least five major commercial wins. Finally, we are also raising our forward-looking order book growth this year from 40% to 60% based on the strengthening demand we are seeing from new and existing customers. Let me turn to review our financial results for Q2. Revenue for the quarter was $9.9 million, up 57% year-over-year and coming in ahead of expectations due to continued commercial momentum driving program revenue as well as increased sensor and component sales. For the quarter, we reported a gross loss of $10.9 million and COGS of $20.8 million on a non-GAAP basis. A majority of our COGS expense this quarter was from R&D expenses associated with program development revenue and fixed manufacturing overhead. As stated previously, these factors inflate our reported COGS and gross loss at this stage and are not representative of production unit economics. Our Q2 cash spend was approximately $56 and a half million. Cash spend was up sequentially from Q1 due to working capital investments we made during this quarter, increased industrialization expenses, and the lumpiness of cash received from OEM contracts in the first quarter of this year. Year to date, we also spent $81 million in cash on share repurchases, an additional $6 million on M&A. We ended the quarter with $605 million in cash and marketable securities. This liquidity position leaves Luminar with multiple years of runway at our current net cash spend range, which we expect to decline as revenue ramps with series production. We are not pulling back on the investments we need to make to reach series production and achieve our strategic growth plan in this tough environment, but we will continue to be very disciplined in how we deploy our strong balance sheet. I will now update our full year financial guidance given the better than expected commercial momentum we are seeing for both this year and in the future. We are raising our full year revenue guidance to a range of $40 million-$45 million, up from $40 million previously. Given the lumpy nature of program revenue, we expect Q3 revenue to be in the $8 million-$10 million range. We maintain our full year guidance that net cash spend will be moderately higher than last year's total of $155 million, as well as our year-end share count guidance to be in the mid-360 million range. We maintain our guidance for our operating loss for the year to be higher than our cash spend. Consistent with our comments from last quarter, we expect our non-GAAP EPS loss to continue to increase sequentially this year and be in the low $0.20 range for both Q3 and Q4 as we continue to invest in our business to prepare for series production. To conclude, I would like to thank the broader Luminar team for another great quarter. With that, back to Trey for Q&A. Thanks, Tom. We're gonna start the Q&A with a few of the questions that we received on the Say platform, and then we'll move to analyst questions. Austin, Tom, you know, the first question is really kind of a combination. We got several questions about commercial momentum in the Say platform. One, I'll hit kind of these three, but maybe you could talk to them in total. Any partnership with Lucid, Tesla in the roadmap? Is Luminar gonna do business with Apple? Is the partnership with Mercedes-Benz still in place? And if so, what is the status? Yeah. I think we can jump right in on that. I think I probably have to be careful about commenting on, you know, specific customer or prospective customer programs here, but what I can say is that in the case of those ones that were mentioned, we have publicly announced, you know, Mercedes-Benz as a major commercial win for us. Not only is it's still in place, you know, it's continuing to progress and, you know, our work with them, along with other OEMs as we've broadly indicated, has largely been accelerating, hence, you know, increased guidance, other things on across multiple factors. I would say for, you know, the OEM programs from the automakers that we've announced, we are continuing full speed ahead. That's what a lot of the execution work is all going into successfully execute on these key customer programs. Making good progress. The feedback on industrialization has been good. I think it's also important to remember that when we do these kinds of announcements at any rate here, it's usually more the OEM that's driving as much as anything. We have to do these jointly. It's we don't randomly announce something on our own. It's usually a sanctioned or in pretty much effectively every instance, a sanctioned announcement as part of this, and that's a really important one for being able to establish credibility and usually at a reasonable program stage of where we see sufficient confidence that it will have the opportunity to be able to reach series production. You know, I think we take a more conservative approach in that domain, but I think it's an important one. Again, we already have a couple of major wins this year with Mercedes, including as well as Nissan as well too for that matter. You know, we're continuing full speed ahead along with you know, the nearly a dozen other types of programs. This is where we see the guidance increasing here, and that's hence the increase from 40% to 60% growth. Great. Thanks, Austin. Tom, I think the next question is probably for you, and it's really when can shareholders expect to see Luminar profitable? Yeah, good question, Trey. You know, just zooming back, the environment that we've really seen in the equity markets, particularly for new technologies over the last two years, reminds me a lot of the dot-com bubble and the dot-com bursting that we saw 20 or so years ago. You know, during that period, a lot of companies went public, many of them that probably weren't viable as public companies. When you had that bubble burst, it really separated the winners from the losers. The many companies that went public during that period ultimately ended up going away. Those companies that survived had three things in common. One is they had credible near-term revenue opportunities. Two, they had the right team in place to execute and deliver on those revenue opportunities. Three, they had the balance sheet and the cash on hand to reach that revenue that would deliver them profitability. When I look at Luminar today, we have that credible near-term revenue opportunities from the series production awards that we have on hand, and reaching series production readiness at the end of the year. We have the team in place, and we have the resources in place, and a lot of that we talked about earlier on this call. Three, most importantly, we have the cash on hand plus a healthy cushion to allow us to reach profitability, which we expect to reach in the next few years. Unfortunately, a lot of these companies, and this is my personal opinion, that have gone public over the last couple years, I don't know if all of them are gonna survive, but I know that at Luminar we will. Not only we're gonna survive, but we're gonna thrive as well. Great. Thanks, Tom. I think, Austin, the next question's targeted for you. Where is Luminar currently with their partnership with Volvo? Yeah. I think it's important to know that, you know, we're successfully executing to the Volvo program partnership and milestones and on track to achieve the remaining program milestones, you know, leading up to successful launch and ramp capacity associated with the program. Just as a recap, we started working with them quite a while ago, you know. Initially, discovering Luminar before we came out of stealth mode back in 2016, they were really ahead of the game in terms of being able to plan this out. That was where by the time after a significant collaboration. Over a period of years, we had jointly announced in 2020 the partnership and the major commercial window to equip the next generation XC90 vehicle with next gen safety and Highway Pilot capabilities. Then subsequently in 2021, this past year, Volvo announced that they are really taking a much more aggressive position in the industry and kind of bucking the trend of introducing technologies as options and actually making it standard on the next generation XC90 vehicle, which I think came as a surprise to many, which would be the flagship vehicle and I believe best-selling one. As that progresses, you know, they intend to scale further. Pretty cool, you know, to see the progression there. That's something we remain, you know, confident that, you know, relationship will continue to grow. They've been doing a great job of industry leadership. Great. Maybe the last question from the Say platform, and then we'll go to the analyst questions. Will Luminar benefit from the current chip bill that's you know been passed and moving to presidential signature tomorrow? If so, how would Luminar use that? Yeah, Trey, you know, when we read the bill, which, as you said, is expected to be signed into law tomorrow, we do see some interesting potential opportunities for us, you know, particularly with regards to some of the recent acquisitions we've made to vertically integrate. As that bill is ultimately passed, hopefully with the president's signature tomorrow, and then as the Commerce Department sets the application rules, that's something that we're gonna be following closely, to identify what the opportunities are for Luminar and exploring them to see if they make sense for us. You know, this is not something that we need to execute upon our plan, but it is something that could allow us to accelerate some of the development plans that we're currently exploring. Great. I just wanna say thanks to the over 500 people who participated in the SAY platform this quarter. It's great to see all the interest. We'll continue to use this as a platform to increase shareholder engagement with all of you. I was actually even talking with Trey, you know, at some point it could even make sense that we could even do a, like, a dedicated, you know, session because I saw there were, like, 100 questions that were asked there too. Maybe it's some other point, you know, we wouldn't have time to go through that with an earnings call, but I think it would be cool to help answer more. Good questions all around though, too. Thanks, everybody. With that, let's transition to our first analyst question. The first question is gonna be from Itay Michaeli at Citi. Great. Thanks. Hi, everybody. Good to see everybody. Just two questions. First, I was hoping you could expand further on the higher the guidance for the forward-looking order book. To what extent is it coming from new customers, you know, new wins as opposed to existing customers maybe increasing the forward take rate assumptions? And can you even share if there are any unannounced wins within that outlook? And then just second on the new manufacturing plant, hoping we could dig a bit more into, you know, a couple things. You know, first, just CapEx requirements for that, you know, implications to gross margin, as well as just total capacity once that plant comes online for 2024, 2025. And that's all I had. Great. I'll take the order book and then do you wanna take the new plant? Yeah. Okay, great. Itay, when we look at the order book, growth rate, we're increasing it from 40%-60%. As a reminder, that's where we expect it to be, at the end of this year. We started the year at $2.1 billion, and we're expecting at least 60% of that growth there. You know, that's coming from, I would say both, new customers, you know, both, kind of ones that we've kind of talked about earlier this year, as well as whatever other ones, you know, which could happen by the end of the year. But it's also coming from, existing customers that we're working with and giving us, new volume, that they want us to be prepared for, as well as new vehicle programs. By the end of this year, I'm sure we can talk about that in more detail, but that growth is coming from both of those sources. You know, the CapEx for this new plant, you know, a lot of that is baked into the guidance we have already. You know, I think most of the, you know, the cost to build out that plant, putting clean room, stuff like that, as well as the automation equipment that line is going to go into, a lot of that is baked into our spend for this year. That's baked into the guidance we've given, and some, maybe some of that spills into 2023, but I think a lot of it's gonna be this year. I think it's fair to say that this is not a huge surprise, totally out of nowhere, that you know the customers are gonna want increased, you know, volume from this. You know, they've been talking in theory about it for quite some time, but we're seeing more and more of it materialize, you know, at the table. That's why, you know, we're pulling the trigger to really accelerate this and get that dedicated facility with this. As I said, you know, fortunately, this is not something that's like a, you know, an automotive factory that requires or like a car factory that requires, you know, billions of dollars of investment. It really is years' worth of work from our advanced manufacturing team that we started investing in, you know, back in, really 2017 was really when we started scaling that up. Of all the work that they've done around automation process and all this stuff, and now actually seeing it materialize, not just with the primarily manual work that happens with our manufacturing partners now, but in a fully automated or mostly automated line, that's where we can really get a huge capacity. From there on out with the, you know, capacity, the build capacity up to 250K per year, it's linearly scalable as well. We can continue to install additional lines to support additional capacity in Mexico or beyond. That's an important one, as part of that whole side of the game. As I said, you know, it is very challenging to get to an industrialized product, but it's also in parallel challenging to scale it and be able to prepare for scale. Like I said, this stuff takes years worth of work that it didn't totally come out of nowhere, so to say. The increased demand was the trigger to do that, those additional investments. Terrific. That's all very helpful. Thank you. Thanks, Itay. The next question is gonna come from Josh Buchalter at Cowen. Hey, guys. Congrats on the results, and thanks for taking my question. The first one I wanted to ask about the manufacturing facility as well. I think in the video you mentioned a quarter million units when it at the end of total capacity. Is that sort of what we should be thinking for when it comes online in during 2024 or is that a more ambitious target? Then, for my follow-up, you know, I think you've given the $100 BOM cost for 1 million units. Right now, obviously, we have pretty tough data points on getting what your margins will be when you enter series production at the end of the year. Should we think of it sort of as a linear ramp, or is it more catalyst driven to get to the BOM cost from things like integrating Freedom Photonics onto your next generation LiDAR and their laser diode? Thank you. I mean, I think the number one part of all of this is that, you know, kind of as Tom was talking about, and this is right now there's a significant amount of R&D related expenses that get amortized into COGS as well as factory overhead that's effectively there when it's not in series production that still has to be attributed to units, hence why it's not really impossible to kind of read into it today. I think Tom can probably speak more about the BOM roadmap, but I think it's fair to say that we've publicly said that a $500 target, you know, for Iris, and then ultimately, for what's ahead and beyond and when you get to the, you know, a 1 million+ unit, like basically seven-figure volumes per year, that's where the long-term BOM target remains at $100. We're still tracking ultimately to the $500 and then over the longer term with the really high volumes towards that $100 as well. There's a lot of work that still has to continue to get done, but the key catalysts are obviously starts with the design of the basically single laser, single receiver-based architecture. Of the fact that we don't have a huge array of components that are required that are extremely expensive, and that's part of the driver in getting the core component cost down, which we've really focused on. Then the commodities and the other parts of it really ultimately lower in cost as a function of volume. That's the key to enabling. It's a combination of multiple factors there too that leads up to it. You know, like I said, not an easy one, but we've been tracking to it. I don't know if you wanna add any more color on. Yeah. what I'm talking about. Yeah. Josh, just to add a little bit more color to what Austin said, and then to answer your question. You know, we're not gonna give any specific volume guidance for 2024 at this time, but I think it's fair to say that we're building this plan and installing capacity so that when we kind of reach that 2024 timeframe, that plant has a pretty healthy utilization rate. The $500 BOM target, you know, as we talked about on the call, that dedicated facility. We're bringing that online in the second half of the year. In the first full year of production there, you know, that's gonna be, you know, critical to getting us to that $500 BOM target. The team continues to make very good progress, even in the challenge environment that we're facing, to get to that target. There's still some work to do, but I'm confident that the team is ultimately gonna get in that area, for that period that we discussed. The $100 target, as you said, that's kind of, you know, in the future. You know, it's gonna require that super scale, you know, million-plus units that you referenced, as well as introducing, you know, some other things on the technology front that we'll talk about, at some point in the future. You know, for those core components that we have, particularly with the recent acquisitions that they have, those help a lot to get us to that longer term target of $100. Exactly. The key is the bets that we make today, you know, these are the things that end up paying off like a few years from now, ultimately. Like, these are bolder things like the, you know, vertical integration on components, you know, that gets the cost down to all the different aspects from a technology standpoint. But yeah, I think that was well said on all fronts. No, I very much appreciate all the detail and congrats on executing a tough backdrop, guys. Thanks, Josh. All right, the next question comes from Mark Delaney at Goldman Sachs. Good afternoon. Thank you for taking the questions. First was on supply chain. Hoping to better understand to what extent it's having any impact on Luminar. When you reiterated the view you're ready to be in series production at the end of the year. When you think about the rate at which you can ramp and the magnitude at which you can ramp, are there any impacts given some of the supply chain constraints that you're seeing? Yeah. Yeah, great question, Mark. You know, this is something that we monitor on a daily basis, not only for our supply this year, but as well as supply for next year as we reach series production. You know, as we've talked about before, we have the supply base in place. We're ramping them up. You know, right now we don't foresee any significant challenges for either this year or next year, but, you know, it's not easy out there. You know, Cheryl Zula, who runs our supply chain, does you know a very good job of finding the parts that we need and making sure that we don't run out of them. You know, we'll, you know, this year there are some expediting fees we need to pay or some premium freight to make sure that we get the parts there on time. But I wouldn't say that any of those charges now are material to our financial or to our financials. You know, we're hoping that they won't be next year as we reach series production. Yeah. I think it's fair to say that, but you know, for some of the hardest to achieve, most specialized components there too, I mean, we have those vertically integrated now at this stage, you know. That was one of the key drivers as well behind you know what we have Black Forest Engineering and OptoGration, Freedom Photonics and other parts that are critical. Yes, it's ultimately that ramp would be more manufacturing capacity limited than supply chain limited, hence the you know build out now of the dedicated facility so that we can scale that up even further with the increased demand. One more from me, please, if I could. You know, to Tom, you pointed out the strong balance sheet the company has, and you're not gonna hold back on investment. You did allude to trying to be a little bit more prudent with your spending, given the capital markets environment we're in. I don't know if you'd elaborate more on what sorts of things you may be trying to be a little bit more constrained on in terms of spending. I don't know, perhaps buybacks is something you've already done some. Is that an area we should be expecting you to cut back or anything else we should be thinking of as you trying to be thoughtful with your expenses given the current environment? Thank you. Yeah. Mark, I think the words I used were continue to be disciplined. You know, we've been disciplined and try to maintain that startup mentality. As I said, whenever we approve any major spend here at the company, our largest 30% shareholder is in the room. So we kinda have that mentality as we have approached our spend. Look, we're not making any significant cutbacks. I know other companies are here, and we're gonna continue to make the investments we make, but also do it and maintain that disciplined spending that we have. You know, the $81 million that we've spent so far, that's completed our share repurchase authorization. You know, it's up to our board if that's something that they wanna replenish here in the future. The existing authorization, we did complete that during the quarter. Yeah. It's tempting to just have a scenario where you just use all the cash just to give it the craziness of the market dislocation, just buy back. That said, you know, there's a balance on this. I'd say, yeah, it's the reality is that our plans and strategy and everything is effectively unchanged, you know, when it. Are we continuing to be disciplined or maybe even being more disciplined now? Yeah, absolutely. I think that's just a prudent thing to do, you know, more generally, you know, but even particularly in this market. Like I said, we have more than enough cash to be able to get to where we need to go and have more than enough runway and even ultimately, you know, like I said, getting towards profitability with this. It's still important to take that discipline. Thanks a lot, Mark. Next question is from David Kelley at Jefferies. Good afternoon, guys, and thanks for taking my questions. You know, maybe starting with the commercial pipeline, you upped your outlook to essentially five major commercial wins for the year. I believe you have the two, you know, Nissan and Mercedes year to date. Maybe if you can update us on where we are in that process and maybe what's driving the increased conviction into the step up into the back half of the year here. David, we have two that we've already publicly announced for this year, which were Mercedes-Benz, Nissan. When we kinda look at the existing pipeline that we have, we're very confident that we're gonna get at least another three that we can announce by the end of the year. The conversations we're having with our customers, both the new and existing, are going very well from our perspective. Yeah. One important point as well on this too, and I think this is a key distinction, is that what effectively every OEM will do is that when you talk about—I mean, people can talk about whatever they want ultimately, you know, when something is announced, but the reality is that OEMs will start with, you know, a single program, usually with you as an option, on this. Then as you prove yourself out, as you execute, as you do anything there, that was where we saw really for the first time us being standardized, you know, on, for example, the Volvo flagship vehicle. What I think is particularly interesting, though, is that there's still so much opportunity, not even just for the new customers. There's actually, you know, even with the existing customers, like even with no new customers at all, you know, we can achieve already our, you know, multi-billion-dollar, you know, revenue and EBITDA targets, in by the end of the decade with just the existing customers by just equipping more programs on the vehicle side. That's part of the interesting part, and that's where there's just as much of a focus of how can you get additional like go from one program that's kind of a key launch program to multiple programs. Those wins can actually be just as valuable, if not even more valuable than a new OEM, because effectively, a lot of times it starts on a lower volume and then it goes into higher volume. It depends on the OEM with something, but it's sort of the, you start with the gateway, obviously working with the OEM in the first place is very Challenging, but as you prove yourself, that's an important one, and that's one that we're gonna continue to be focused on as well. Okay. Got it. Thank you. Then maybe just touching on a few of the hires you've had in the last few weeks. You know, how should we think about potential go forward build out, you know, areas of opportunity for you? Then maybe how we should think about the cost impact and modeling impact of some potential additional hires. Yeah. You know, David, when you look over the last 12-18 months, we've you know, significantly increased the size of our workforce. That's not only been in quantity, but you know, the quality of talent we've been able to attract at Luminar has increased as well. I think you see that represented by some of the new hires that we've made. We're gonna continue to hire and grow and increase not only the quantity, but probably focusing you know, a little bit more on the quality, particularly in this environment where a lot of other companies are gonna be slowing back their hiring plans. We view this as an opportunity to go out and really hire high-quality talent. You know, we're probably not gonna, you know, double the size of the company over the next 12-18 months again, because I think we have a lot of the resources in place, but there are still areas of our business that we're gonna be investing in and growing. Once again, you know, I think the focus is gonna shift to making sure we bring in the quality as opposed to quantity at this point. Though both will increase. Thanks a lot, David. Thanks, guys. I think it's fair to say that, like, once you reach a certain level, it starts to scale nonlinearly with program wins and other stuff there too, when we talk about these major program wins. It's very. You need a certain sufficient level to get there in the first place. You know, we've talked before, it takes on the order of, you know, we've had to invest half a billion dollars to get to, like, an industrialized, you know, product that can actually go into series production, even following the technology of everything that it takes. But beyond that, it's very incremental in terms of what's required beyond that. That, that's where you see a huge scaling effect of this and where we can have the massive R&D leverage from what we've already put into the business and the company today. Thanks. All right, the next question comes from Emmanuel Rosner at Deutsche Bank. Thank you very much. First, I was hoping to ask you if you could share a few more details about a couple of the agreements and partnerships you've already announced. First of all, the partnership with Mercedes-Benz, anything you could share in terms of timing, volume, platform, since we're more than, you know, halfway through the year. Then also, anything in terms of the arrangement on your collaboration with ECARX in China, what can you share? What can you share with us? Sure. I'll take the ECARX one first, Emmanuel. For those that don't know what ECARX is, who ECARX is, you know, ECARX is part of the broader Geely family, and we at Luminar view them as really the technology supplier and the technology gateway to the broader Geely family of brands, particularly those that have more of a China-centric focus. As you know, we're already working with certain brands that are a member of the broader Geely family, i.e. Volvo, as well as Polestar, which are more international focused brands. When we look at our China business, you know, not only do we have SAIC and Pony.ai, but we view the opportunity to work, given our preexisting relationships with some of the brands within Geely, with the broader Geely family in China. In order to, you know, I would say do that in the most optimal way, partnering with ECARX to take our technology, integrate it with ECARX's technology and deploy it to the broader family of the broader Geely family of vehicles. That's the purpose of our strategic partnership with ECARX. In order to kind of, you know, take that strategic partnership and add an economic element to it, we invested $15 million, or we will invest $15 million in them as part of their going public process. We're planning to do that with our stock, so think of it more as kind of like a cross-shareholder or cross-shareholder ownership between the two companies to do so. But we're doing it because we think there's gonna be a very productive strategic partnership from the two of us working together. Do you wanna take the Mercedes-Benz side? Yeah. I think I can certainly say that, you know, I mentioned a little bit about Mercedes-Benz before there too, but as you know, we announced the partnership actually just earlier this year. I don't think that, you know, there's anything fundamental that we can share other than, you know, it's continuing to progress and we have a great relationship with those guys. I mean, I think the key is that this is for their next generation, you know, vehicle platform and launch. You know, you guys may be familiar with Mercedes-Benz. You know, to date, they have their current platform that they're looking to achieve, you know, Level 3 autonomy and just a little bit incrementally better safety with the Valeo platform there with the LiDAR on the vehicle. This is where we really come in to provide the next generation beyond that, so that you can be able to enable proactive safety and highway autonomy type capabilities that's there. Going beyond just kind of more basic Traffic Jam Pilot type capabilities on the vehicle. That's ultimately, you know, what we're enabling. You know, we're moving full speed ahead. You know, working with folks like Mercedes, they have the, you know, highest standards in a very intense and very strict capacity as part of this than probably anyone in the industry, and they're the pinnacle of that. The collaboration is great, and it's really helping on all sides to really drive take them to the next level and also take Luminar to the next level for that matter as well. Thanks, Ted. That's great color and actually a great segue also for my next question, which is a little bit about, you know, capability and the competitive environment. I think in the quarter, we've also seen a fairly major other European OEM allocate some pretty large sort of LiDAR business to, you know, another LiDAR player. I wanted to know if you could provide a bit of color around, I guess, why not Luminar. Not that I would assume that you would be a monopoly, but is it were they looking for different capabilities? Was it the price? Like any color you can give us in terms of where sort of like, you know, where are they going and why or why not you could have been a good fit. Yeah. I think that this is actually, you know, funnily enough, this is actually not too dissimilar from what Otto was just describing there, too. Like in the Mercedes case, you have the initial vehicle program where that's focused on Traffic Jam Pilot type scenarios for a vehicle model and then, you know, take it from there on out. I'll say this, is that you actually don't need Luminar level capabilities, you know, to be on a vehicle or on a model or on anything to be able to achieve, you know, a lower speed Traffic Jam Pilot type capability that's on the vehicle. Really, where we come into play is when you talk about next generation proactive safety, highway autonomy, and improving those capabilities on the vehicle, kind of like, you know, what Mercedes-Benz, Volvo, SAIC, Polestar, Daimler Truck, you know, like those guys are doing. But I think what's interesting here is that, you know, even cases like that, you know, we're all for it. Actually, I think it's a data point that people are willing to have LiDAR on the vehicle, like in that case, the 905 example, or on a model, even for just the Traffic Jam Pilot type use case, you know, in terms of that kind of capability. So that makes it, yeah, it makes it interesting. Obviously we continue to be able to look forward to focusing on what we do best. I think, you know, what you'll see is that effectively all or nearly all of the kinds of, you know, scenario setups that we have are roofline integrated, you know, for enabling those capabilities. Effectively, when you see, you know, kinds of bumper type of integrations for these different vehicle programs there too, that's more suited towards the Traffic Jam Pilot type use cases as well, that will work for lower speed applications for this. That maybe adds a little bit of color from that side of it, from what we see from a market perspective there too, with its kind of that next level deeper. The more Traffic Jam Pilot stuff out there, you know, that's great, more value assigned to LiDAR more generally. That's very helpful. Thank you. Thanks, Emmanuel. The next question comes from Srini Pajjuri at SMBC Nikko. Hi, guys. Thanks for taking my questions and, congratulations on a solid quarter and outlook. First a clarification for Tom. Tom, on the Celestica facility that you talked about, does this accelerate your cost downs in the next couple of years, I guess? And also, once you get to that volume of 250,000 units, what sort of gross margin should we be thinking about? Yeah. Srini, a good question. You know, what I would say is, you know, as we kind of get into that second half of 2023, when that facility comes online, and more importantly, 2024, having that increased scale and having that automation line is gonna help us on the cost side. You know, between now and then, not only do we need to launch production for the initial series production orders at Celestica's existing facility, we also have to, you know, concurrently spend to build out that plant. It's gonna bring some elevated costs until we really, you know, get that up and running there. You know, with the gross margin, once that new dedicated facility is kinda up and running, we get into that first full year of series production, that's where we kinda get to some of the targets that we've talked about in the past, that $500 BOM and then getting that, you know, contribution cost to that $100 range. You know, you combine that with that $1,000, you know, ASP that we're, you know, gonna be at initially for series production, plus or minus, you know, that can kind of give you some elements of where we'd be from the gross margin or at least contribution margin side. Okay, great. Thank you. Austin, just to follow up to your previous answer on Mercedes, but my broader question is about, you know, some of these new designs that you have, to what extent these are hardware specific versus, you know, hardware and software, especially for your Sentinel solution. It's interesting to hear that you mentioned Mercedes, and you talked about potentially highway autonomy, and there is a major chip supplier out there who also claims to have a design win with the revenue-sharing agreement, you know, supposedly they're supplying the entire system to Mercedes. I'm just confused here as to what your role is versus what their role is. If you can clarify that'll be very helpful. Yeah. Absolutely. Just for sake of clarity there too, that is correct in that case, you know, for the NVIDIA example, we actually have a partnership with NVIDIA as part of working on that stack that they're then on the software side providing it. When we talk about enabling certain kinds of capabilities, you know, there's different levels of enablement. You know, it takes a certain level of hardware capability to enable what you wanna do, and then there's the software on top of that. In terms of what we built the LiDAR for and the performance of the LiDAR and everything for the very long-range and capabilities, it's so that highway autonomy can be enabled. That's kind of part of the fundamental distinction with the system in the first place there too, is that very long range, performance resolution at range, like all these different things, while also, you know, being economical to go into a series production vehicle. That's the distinction there. You know, like I said, we've actually, you have no problem saying this at all, it's all public now, you know, we've been collaborating closely with NVIDIA as selected as part of their DRIVE Hyperion platform, in terms of gotten that design win there, got the design win in Mercedes-Benz. Mercedes-Benz gave the design win for building that part of the that software stack for the highway autonomy to NVIDIA to use their chips. It's all actually pretty tightly integrated as part of it. It's not easy to be able to do these things, but I think the cool part is that in this case, you know, one other thing that you have to look out for is, that's a very important one, is that when you see these kinds of, when people talk about OEMs or supply chain partners, other things, who's doing the hardware and who's doing the software? 'Cause both of those ultimately have to succeed. I think the reality is that the substantial majority of OEMs do not. Like, they don't have software or at least a credible software path or strategy there. That's where when it comes down to it, you know, having the software capability is gonna be key to ultimately enabling the majority of the OEM landscape, so that it's not. You can design a LiDAR box into your car, but it doesn't do anything on its own. You actually have to have enabling capabilities. That's kind of what we see as part of the core capability. Now, part of a factor, though, in terms of the kind of software that we develop, we see. Well, similar to NVIDIA, you know, they develop software so they can, you know, be able to get more chips out in the world. You know, you develop software so you can get more LiDARs out in the world. I would say our software set has more of the safety focus and more focus on our proactive safety implementations, as we see that's the opportunity to start standardizing across the board. We're gonna continue to do that heavily. Yeah. You know, we've been making investments in software for some number of years now. As I mentioned with you know, CJ as part of the leadership coming on board, you know, coming from Tesla and Apple, that we're only doubling down on that. Okay, great. If I may squeeze in one more. On the topic of China, you talked about at least one incremental design win there. Can you talk about the longer term strategy here? On one hand, I think the opportunity here is pretty significant given the volumes in the domestic market. At the same time, it's a very competitive market with, I think, multiple domestic LiDAR players out there. I guess how are you differentiating there? How do you plan to compete there? Do you need to have a domestic production facility to be able to compete in the market? Yeah. You know, when we think about China and when you actually look at the Chinese market, a little over half of the market is actually from foreign brands, right? You know, it's gonna be the European, the Japanese, American brands that sell in China. Typically, for those types of programs, they tend to be global programs, especially with cutting-edge technology like ours. Call it half, you know, half of the market, a little over half of the market in China, there will be a natural pull in China from the Western OEM relationships that we currently have. You know, a little less than half, but growing, is actually local Chinese brands. You know, one of the largest ones there is SAIC Motor or SAIC, which is one of our existing customers. We wanna be successful in both ends of the segment. We have you know early success in both ends of the segments. I think in terms of seeing competition from the local Chinese LiDAR companies, that's less likely gonna be on the Western side because those are gonna be global platform decisions. You know, we're gonna see it more when we go to compete on the local brands. Our strategy for competing on the local brands is to focus more on the higher end companies that are gonna wanna put you know the you know the best tech out there. That was very helpful in us securing the SAIC win that we have. The initial program that we're going on with SAIC is gonna be the vehicle that they're going out there to compete directly against Tesla in the China market. They wanted to have the best technology on their vehicle to differentiate not only against Tesla, but some of the other upstart Chinese OEMs. In terms of, you know, the China facility, you know, that is, you know, on our LiDAR, you know, for, you know, for at some point in the future, but we're gonna wanna make sure that there is gonna be sufficient local demand there, both from the Western OEMs that are producing vehicles in China for China, as well as the local China OEMs. I think, you know, if and when we do open a facility in China, it's probably gonna be made in China for China. Yeah. I think if you take a look at exactly like even the OEMs that we have today, they're so a huge portion of their volume is in China, I mean, excluding the folks like SAIC, but you know, the answer on the LiDAR side also ties back in. Again, you know, there's you know, there's probably there are dozens of approaches of how you can build a 905 nanometer LiDAR system. There's almost a company for every single approach of what you can do. They I think that in theory could be built to enable a you know, Traffic Jam Pilot-like type capability, a la part of the discussion that we had for what was there before. The reality is that you know the real question is how you can make one is the performance for the higher level capabilities but two is an industrialized auto-grade product that you know someone like a top you know brand is ultimately gonna be able to stand behind you know standardize across the vehicles be able to have the capital support that you know also similarly like you know as we talked about it's on the order of a half a billion dollars of cash that you have to invest to be able to do that. You know many years worth of lead time to be able to get the technology to a truly industrialized state of where you can have following those investments to make that all work. Coming up with that cash, I think, is actually however difficult it was before, it's 10x more difficult, I think, in these market conditions. Which interestingly enough actually should help us on the back end there too, you know. Because we effectively have that lead. We've done a lot of those investments, and we get to take the revenue from series production programs and apply that towards, in addition to the investments we made, apply that towards future technology products as well. All that you know ties together and I think creates a pretty good scenario for us to be able to end up in a great place all around, not just the internet, not just outside of China, but even in China. Great. Thanks, guys. Thanks so much. Thanks for everybody contributing in the call today, both on the SAIC platform and on the call and joining us to listen. We look forward to talking to you next quarter. Kevin, let's go ahead and close out the call. All right. Thanks, everyone, for joining us today. That will conclude this business update. Have a great day. Thank you. Thank you.