Well, I hope everybody enjoyed the video. Similar to last quarter, in the spirit of continuously improving our shareholder outreach, we will 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 the 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, everyone. You guys hear me okay? We can hear you, Austin. All right. Thumbs up. Thanks. Cool. All right. We're live from the Gores office, which is a great partner of ours and board member with Alec, and with that, we can just get rolling. Thanks, everyone, for checking out the video. Again, thank you, Trey, and welcome everyone to our quarterly business update. This is certainly a monumental quarter for Luminar with a bunch of different things converging at the same time. To name really the 5 things that are happening here is number one, you know, achieving starter production with Iris. You know, a huge convergence over the past 10 years leading up to that. at the same time, 2, the debut of SAIC's Rising Auto R7 in China, which is really the first vehicle of its kind from the largest automaker in China. 3, Volvo's vision for standard safety with Luminar is materializing with the unveiling of the EX90 now one week from today on November ninth. 4, Polestar's next generation vehicle, the Polestar 3, was introduced a couple of weeks ago, and it's successfully launching with Luminar available to order on vehicles beginning in Q2 next year. 5, we remain on track to meet or beat each of our 4 key company level 2022 milestones following our guidance raised last quarter, and of course, that includes our financials. Despite a strong backdrop of broader industry skepticism and macroeconomic headwinds, among other things, we're delivering. We're breaking out of the pack of moonshot R&D efforts and into the first autonomous company that's delivering this capability into production consumer vehicles. Our success to date can be attributed really to three simple things at the end of the day. You know, one is our winning rock-solid strategy. Two is the breakthrough technology that we've developed from the chip level up. Three, of course, is relentless execution. From the start, you know, Luminar's strategy has always been focused on partnering, you know, with the automotive industry to be able to deliver the foundation for next-generation safety and autonomy. As many of you know, it takes years' worth of work in advance with automakers prior to production to make it possible. We're now at that inflection point with our first SOP. We can jump into a little bit more detail on that for the first instance. We also have a slide deck available with a few different graphics that we can share and is available as well for you guys online on our IR website. You can see that, okay. SAIC, you know, as you heard in the video, SAIC is the number one Chinese automaker in the world's largest auto market and is now launching the Luminar in the series production vehicles in China, starting with the R7. The R7 is the first flagship vehicle from SAIC's new smart electric brand, Rising Auto. Our tech helps power what they call their Rising Pilot intelligent driving program to enable advanced safety features and automated driving capabilities. This follows Rising Auto's high speed testing across China, encompassing more than 400,000 km to start out. Tom will be going off into four different key company level 2022 milestones. I'm gonna hand it off. The first of four was being ready for series production by year-end. Here we are at the beginning of November, and we're now both in series production and launching with our first major automaker. We've successfully proven that we can achieve, you know, all these major commercial wins and won the rest of the landscape altogether. Now, critically, we're proving that we can deliver. With that, I wanna take the opportunity to thank the entire Luminar team and our production partners at this very special moment in time as a decade of innovating, prototyping, developing and industrializing convergence. I mentioned this in the video that it's tough to describe in words just how much has gone into making this possible, and it couldn't be more true. We're just getting started. Now it's all about being able to successfully scale to higher volumes with our automaker partners, and we're well on our way. With that, next up is Volvo, and then we'll talk about Polestar. And what you guys had seen and what you see here too, by the way, is the final production integration, you know, up on there with the Volvo For Life, which is kind of a cool little additive there. As we successfully continue to prove ourselves to the major automakers, they are becoming more and more convinced that the path to autonomy and next generation safety will be paved by Luminar. Volvo was, of course, the first or among the first to reach this conclusion. As you saw in the video, you know, Volvo views Luminar to really be the symbol for the automotive safety in the 21st century, just as the invention of the seat belts was to the twentieth century. This will be key to enabling their journey towards zero collisions in the introduction of unsupervised autonomous driving. That's why they're going all in to standardize Luminar on the new EX90, and you get a sneak peek in today's video to see the final production Luminar integration, as you can see on the screen here, and they'll be fully unveiling the EX90 on November ninth. Next up, Polestar. For those that don't know, you know, Polestar is effectively become the largest new EV company in the Western world and is also backed by Volvo. Just a few weeks ago, Polestar introduced the Polestar 3, calling Luminar the cherry on top and spotlighting the critical role we play in helping enable advanced safety and autonomy. Polestar announced that customers can pre-order the Polestar 3 with Luminar starting in Q2 of the subsequent year here. In conclusion, our vision of saving lives and powering autonomy is coming to fruition. What seemed like big audacious bets just a few years ago around building auto-grade product for consumer vehicles, you know, safety and highway autonomy versus urban autonomous robotaxis is now happening and becoming a reality. In a world of overpromising and under-delivering for autonomous vehicles, we aim to be the standout that under-promises, over-delivers, and will help make this industry happen and into the hands of consumers. I think today is evidence of exactly that. With that, we'll hand it over to our CFO, Tom, for our quarterly report on our four key milestones in Q3 financials. All right. Thank you, Austin. Let's start by reviewing our progress towards the four key 2022 milestones we laid out at the beginning of the year. Our first milestone was to achieve series production readiness by year-end. I'm proud to say the team achieved this milestone by reaching SOP or start of production when we recently launched with SAIC. Our advanced manufacturing team and production partners are now focused on the next phase of industrialization as we prepare for scale and additional upcoming launches. This includes the construction of our new highly automated manufacturing line and larger higher volume facility in Mexico for launch in the second half of next year. Our second milestone is to achieve the beta milestone for our software suite by year-end. Our team continues to develop and deliver software leveraging our Iris LiDAR as the foundation, while at the same time making great strides developing and refining full stack software capabilities, including proactive safety and other ADAS and autonomous features. We will publicly demonstrate the beta version of our Sentinel software functionalities at CES in January. Our third milestone is to grow our major commercial win total by 60% year-over-year, up from 40% at the beginning of the year, or 5 new wins this year. During the quarter, we signed a major commercial agreement with a new non-OEM customer. We will talk more about this new win and the financial benefit at our upcoming Luminar Day. At our year-end update call, we will tally up announced and any unannounced wins, and we remain on track to meet this milestone for the year. Finally, we remain on track to achieve 60% year-over-year growth in our forward-looking order book based on the commercial momentum we are experienced with both new and existing customers. Let's review our financial highlights for Q3. Revenue for the quarter was $12.8 million, up 60% year-over-year, and coming in ahead of expectations due to accelerated timing of new customer contracts. We achieved sequential organic growth in both of our segments during the quarter. For Q3, we reported a gross loss of $10.1 million and COGS of $22.9 million on a non-GAAP basis. The majority of our COGS expense was from R&D expenses associated with program development revenue, inventory reserves, and fixed overhead. As stated previously, these factors inflate our reported COGS and gross loss at this stage and are not indicative of volume production unit economics. Our Q3 cash spend was $52.5 million. Cash spend was down slightly sequentially from Q2 and in line with our expectations. We ended the quarter with $553 million in cash and marketable securities. As I mentioned last quarter, this liquidity position leaves Luminar with sufficient capital plus a healthy cushion to reach positive cash flow and profitability. We will update investors at our upcoming Luminar Day on our path and timeline to profitability. We are affirming our previously raised full year revenue guidance range of $40 million-$45 million. Our Q3 revenue outperformance was largely due to accelerating timing of new customer contracts executed in Q3 instead of the expected Q4. As a result, we expect Q4 revenue to be in the range of $11 million-$13 million. 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. Consistent with our comments from last quarter, we expect our non-GAAP EPS loss to increase sequentially next quarter and be in the low $0.20 range for Q4 as we continue to invest in our business in a disciplined manner to prepare for series production. One final note. As I mentioned earlier, we are planning to host a Luminar Day in Orlando covering our technology, roadmap, and long-term financials in February. Stay tuned for the exact date. To conclude, I would like to thank the broader Luminar team for another great quarter and the incredible effort in achieving SOP. With that, I will hand it over 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, the first question is, when will Luminar turn profitable? Trey, as I mentioned, we're gonna cover that in more detail at our Luminar Day in February, you know, and going through the credible path and timeline we have to achieve it. You know, the good news is that we have the business in hand, as well as the cash on hand, plus a healthy cushion to get there. We're gonna talk more about that in February at Luminar Day. Thanks, Tom. The second question was really about scalable production in our factory, and would that be possible by, you know, the end of 2022? The question said Rochester, but I think they really meant kind of Monterrey. Yeah. Kind of walk through maybe the, you know, industrialization path and kind of how that's working, you know, through the end of 2022 through 2023. Yeah. Well, I think maybe some quick context. I think, as far as I understand, the Say portal was closed yesterday before everything that we just announced, today as well. I imagine- That's true. This was probably answered and with flying colors. Yeah, we're already in series production, leveraging our partners, and everything from our subsidiaries, like from the chip level up all the way through our partners in Thailand and Monterrey, Mexico, where the final assembly is done. That's already happening as it stands today. If there's other audio here in the room, we can mute it. Yeah. Then we talked about, you know, both Austin and Tom have talked about, you know, the second half of 2023, you know, moving to the more automated kind of dedicated facility. Yeah. Right? Just for a point of clarity, because I know that Rochester was in the question that came up on the Say platform, there is a firm up in Upstate New York, hence the Rochester, that is actually building most of our automation equipment for series production. Right. We actually just went through the initial validation of that equipment. That equipment will then be shipped down to this new dedicated facility that we're building out in Monterrey, Mexico. The plan is for that equipment and that facility to be up and running in the second half of this year. In the meantime, our contract manufacturing partner, Celestica, has their own existing facility right down the street from that new facility in Monterrey, Mexico, where they're currently building our Iris units that are going to SAIC and our other customers. I just wanna kinda clear up. I know sometimes we get a little confusion, but yeah, everything that is currently going on and expected to go on and you know, why the Rochester location came up in the question. That highly automated line that we're building that can do, you know, 250,000 units per year is going into this new dedicated facility that we're constructing that could provide for very high volume, that's also down the road in Monterrey, Mexico. That's how it's all coming together and how we can ramp up successfully, not just with SAIC, but also with, you know, Volvo and Polestar and other automakers. Great. Thanks for clarifying that, guys. The third question from Say, and then we'll go to the analyst questions. What is the future outlook for LiDAR technology in the automotive sector? Elon Musk comments that their vehicles will eventually rely on camera technology, and most recently has talked about disabling ultrasonic sensors in their vehicles. Right. Yeah. I think obviously more and more so as we see you know, continued adoption throughout the rest of the industry of LiDAR for you know, pretty much everyone, that just proves the case more and more so. Obviously, we've gone out and been a little bit more outspoken with the state of affairs, which is not, by the way, like, just a Tesla problem. It's an everything problem in terms of the safety of where cars are today and where they need to be able to get to to be able to ultimately save the lives that we need to. I think the whole notion still stands that you know, trying to solve some fully autonomous problem, even with LiDAR that makes it orders of magnitude easier, like 100x-1,000x easier, is already almost impossible in the immediate term, much less trying to make it that much harder on yourself. Yes, there is some theoretical world where it could be done. The reality is that you know, no software or hardware exists or comes remotely close to meeting anywhere near human standards. Then, of course, the question is that if even if you could meet the human standards or even you could do something, why wouldn't you want it to be 10x or 100x safer beyond that? That's, of course, the whole question where LiDAR has come into play and why we see this rapid adoption, and why automakers are so heavily doubling down on this technology for, by all means. When it comes down to it, cameras are gonna continue to have their place. We're partnered with companies like Mobileye, for example, and NVIDIA. Like, Mobileye's whole business is based around the camera system and that side of it. And if there's any company that would be incentivized to do only camera for everything, it would be that. Which, by the way, congratulations to them on their IPO as well, just earlier here last week. Yeah, no, it's been good. I think, you know. Don't take it from us, take it from all the other major automakers and all the experts in the field that say the same thing, and obviously are proving exactly that. Thanks, Austin. Thanks to everyone who submitted Say questions. We're gonna continue to use this as a platform to increase shareholder engagement with us. With that, let's get to the analyst questions that are online. The first one is gonna be from Emmanuel Rosner at Deutsche Bank. Go ahead, Emmanuel, with your question. Thank you so much. Congrats, I guess, on you know, starting production of the LiDAR for the SAIC. Now that you are in production, can you share maybe a little bit more color around you know, expected timing to ramp up? What could these volumes eventually look like, and I guess by when? Maybe confidence level into how this could translate into either additional models or just additional brands within the portfolio. Emmanuel, for this year, you know, because we're entering SOP towards the end of the year, I wouldn't expect a significant increase in revenue. When you look at when it's really gonna scale up, and you're really gonna start to see, you know, real significant increases in revenue and volume, it's gonna be when that new dedicated facility comes online, in the second half of the year. You know, we're initially launching on an R7. This is a new vehicle platform for SAIC. This is, I would call it, a premium EV that they're introducing to the market, particularly to compete against the Tesla Model Y and the Model 3. They have a similar price point. You know, it was important to them, and part of the strategy in terms of how to compete was to put cutting-edge technology on that, hence the reason why they selected us. We're initially going on as an option. You know, we'll see how those take rates turn out relative to our forecast, but the initial signs so far have been positive. You know, when it comes to exactly what that's gonna translate into revenue next year, not only for this launch but the others that we're planning, we're gonna discuss that in more detail during our year-end call as well as at Luminar Day. Can you maybe just talk about the scope of the agreement? Are you know, specced in a multiple model, or is it just- Right now we're specced into the R7. We're specced in there as an option, and that gives us growth opportunities with that customer, not only in terms of you know, increasing the take rate and hopefully eventually moving to standardizations, but also potential new vehicle programs. Nothing discussed now, but needless to say, you know, we don't consider mission accomplished with all the business we can go out there and win at SAIC. Okay. Tom I would say, by the way, just as important as new companies there too. Like, there's so much business growth that we have, like I said, within OEMs that, you know, given that we've already won, you know, huge chunk of the overall landscape here too, is that, you know, even just riding the current growth of where we're able to, that's where we see such a huge growth factor and where a lot of the order book growth, for example, the forward-looking order book even comes from, even independent of what we're also winning on top of it, so. Okay. Tom, I've seen you were very, you know, careful to say, look, the losses or the cost of goods still doesn't represent sort of the run rate, sort of like unit economics. I guess, you know, when would we see sort of like more like the run rate unit economics? Is it when you launch sort of like the next facility, then it sort of makes more sense, or do you need to reach a specific level of volume, you know, to sort of start approaching this? Yeah. You know, I think, Emmanuel, it's really getting that new facility, that new dedicated facility coming online in the second half of the year up and running. You know, I think it needs to be up and running for a few quarters to kind of really get everything running smoothly, get the scale, you know, hitting our BOM targets. You know, while we hit SOP, you know, there's still work to do in terms of improving yields, improving efficiencies, right? Step one is to kinda make these things, and then step two is to make these things in scale. You know, I think we gotta get those things up and running. I think we got a little bit of scale before you start seeing what this business is gonna look like on a unit economics basis. Yeah. At the end of the day, it's you know, there's the equation of a certain amount of fixed overhead that you have, right? You know, so then there's an intersection point from a volume standpoint as you scale up there too. I think that point is really exactly when the new facility comes online, when you can achieve those volumes there too. I think starting off at Luminar Day there too, we're gonna get you know, and when the facility comes online, we probably get into a little bit more detail or at least you know, I'm talking with the finance team. How do we get more detailed metrics around you know, the specific unit economics and other kinds of things in terms of things that we can do. Thanks, Emmanuel. Appreciate it. Thank you. The next question comes from Mark Delaney at Goldman Sachs. Yes. Good afternoon. Thank you very much for taking the questions, and congratulations on getting to the start of serious production. My first question was on that expansion potential within customers, and I think it's one of the big opportunities you guys have highlighted in some of the past calls and discussing again today. Maybe you'd elaborate a bit more on that and talk about what do you think some of these OEMs would want to see before deciding to put your products on more of their vehicles, right? I mean, you're on a model with SAIC, you know, Volvo. I mean, do you think they wanna see vehicles on road and kinda see how that goes for some period of time? Perhaps could they come and place orders to put your products on more vehicles more quickly than that? Yeah. I think, Mark, it varies by customer. You know, getting your foot in the door with these, you know, with the initial win with each of the customers tends to be the most difficult task. As we talked about in the past, and you look at Volvo, we started off as an option on their most premium vehicle, the EX90, then you kind of move to standardization, then you kind of move on to the other vehicle platforms. Step one, you gotta get in the door. Step two, you gotta execute, right? You gotta do what you promise and deliver to the customer what you promised. Once you start building up that credibility with that customer, building up the confidence, they have the faith to give you more business. It needs to align with their specific platform development schedule. When you introduce this new technology, you either do it at the start of a new platform or at a mid-cycle refresh. You have to align the timing of all that. Those are the three things that usually need to go in there to win new you know vehicle programs at these customers. It's something we're really gaining a lot of momentum on, where we showed some early signs of success. You know, I think you're gonna see more signs of that at some point in the future here from Luminar. That's helpful. Thanks. The second question is just how to think qualitatively about the direction of cash spend. You know, understand. Yeah. The guidance for this year. Again, as you think about next year, right, you've got the dedicated facility. You're starting to support higher volume ramps and margins, you know, for any company in the early parts of a ramp are gonna be pretty low. So, you know, should investors be anticipating some more material step function increase in cash expenses? Yeah. in 2023? Or maybe there's some other, you know, offsets to that. Thanks. I don't think you're gonna see, you know, a step function increase. I think Q4 this year is gonna look a lot like Q2 and Q3. Some of these development program revenue, the cash payments associated with those, tend to happen at the end of the year, whether that's December or January, is probably gonna be the biggest contributor to what Q4 is gonna look like. I think, you know, ultimately it's gonna look like Q2 and Q3. Ultimately, once we get to that ramp up in scale in the second half of the year when the new facility comes online, I think that's when you're gonna start to see some real improvements as opposed to step function increases in what our current cash spend rate is. I mean, look, Yeah, go ahead. Yeah. Thanks, Mark. Appreciate it. Next question is gonna come from Samik Chatterjee at JP Morgan. Hey, thanks. Thanks for taking my questions, guys, and congrats on the series production start here. I guess I want to start off with software and you are reiterating the target to get to a beta version by the end of this year, but maybe help me think through or sort of the roadmap from there on. Like, what are the key metrics you're trying to improve to drive higher confidence to get that software from where you're maybe showing us the improvements that CES demo, automaker signing off and saying, "Okay, highway autonomy is good to go on the road." Like, what are those key sort of portions of the software stack you're really trying to improve in terms of metrics? Any insights there would be helpful to get us more confident about that eventually getting a larger sort of relevance with the automaker customers as well. I have a follow-up later. Thank you. I'd say the most important part with all of that too is, you know, you start off with the LiDAR, right? That's the foundation of everything. That's our unique advantage. You know, the most fundamental question, like, why are you doing software? Because you have that advantage. You can develop it closely with the sensor, and it can enable automakers that don't have that. Our objective is to make them as successful as possible. What we found is that, you know, automakers can be good at developing certain parts of the software stack. Automakers are not great at developing many parts of the software stack, and that's where they have to rely on partners like us or other players like NVIDIA and Mobileye and other sorts of this world to be able to help support. When it comes down to it, I think, the stuff that we're showing at CES is gonna be the next version and iteration from a even better performance from what was seen last year with the alpha version going to the beta version. But also continuing to develop different vectors of the product as well as we continue to expand that. That we'll be going into more detail on at CES, and we'll be showing off there. Some exciting stuff up ahead. That said, more generally, we're already working with automakers on parts of the software stack today that's supporting the ability to actually deliver at the end of the day and make it useful. On top of that, I think the focus has really been on automakers that have some sense of software or already have software partners or something to that effect today. The reality is that most automakers, at the end of the day, don't have a clear software strategy or plan or ability to develop it. That's why we're also making the bet of not just doing some of the foundational software, but even some of the full stack software as well, to enable proactive safety and highway autonomy capabilities as part of an all-inclusive package. That's where you really start to see that take off in the second half of this decade. It's easy trying to think about different layers of content that scale up to make it successful from both a LiDAR standpoint. Because effectively, without software, the LiDAR is just a box, right? You know, there's no way that you could even deliver a LiDAR system to the majority of the major automakers at the end of the day if you didn't have software as well. That's where how we think about it all tied in together. Okay. Just for the second one, if I can just sort of ask you about the competitive landscape here. We've seen, I think, just you highlighted your cash position, but we've also seen certain LiDAR companies sort of go bankrupt in the sort of, from what we can see from press reports. Are you starting to see some narrowing of the field already in terms of sort of concentrations from automakers, some automakers starting to sort of change track in terms of which companies they're evaluating? Any sort of changes that you're seeing yet or sort of more of that to come? Thanks for taking the questions. Yeah. Samik, I think we're in the early stages of a re-rationalization not only of the LiDAR industry, but I think the broader autonomy landscape. I think, as you mentioned, there's been some bankruptcies and restructuring of some LiDAR companies recently. We, you know, there's also been some kind of bailout financings. Look, we also monitor, you know, the cash levels and kind of the cash burn rates, and we know that our OEM customers are doing that as well because it takes anywhere between two or three years between when you win a piece of business and the development work you need to do just to get the series production. When you win that piece of business and you need to do the investments in engineering, in the manufacturing and buying all the equipment. We know it firsthand. We're doing it in multiple ways now. It's expensive, and that cash burn rate tends to go up. These OEMs wanna make sure that if they're making a long-term commitment, that that company is gonna be around to deliver on that. Luckily for Luminar and the strength of that balance sheet, we easily address those questions. Then in the broader autonomous landscape, I think you see it. There's been a lot of public announcements recently of some of these larger autonomous software companies having struggles from either the parents not willing to fund them anymore to even getting caught up in some of the geopolitical tensions out there. We're in a It's a tough environment out there. You know, Luminar is getting caught up in a lot of this macro storm that we're withstanding. On a relative basis, you know, we have a pretty strong storm shelter, and we're gonna survive. You know, we're in a very good shape to survive this relative to the other players in the industry. Yeah. I think that the most important thing, though, too, is that just at the fundamental level, people can mix up terms of, like, when it comes to, like, these autonomous vehicle companies out there, that when people associate autonomy, and they're like, "Oh, it's not happening. Nothing's here," all this stuff and all this skepticism. It's really around the robotaxi, like, you know, Waymo, Cruise, Argo AI, Aurora, Zoox, Motional, like, all those companies you kind of bucket into there. Like, that's a completely different kind of problem than what we're solving here and what we're going into. Obviously, I think today ultimately evidences that by us actually making our way into series production. It's not some huge $100,000 roof rack full of sensors. It's something that could actually making its way into consumers' hands and feasible for a production consumer car. That's the fundamental distinction. Also, not spending $1 billion a year helps. That or more, $2 billion a year. But that said, I think that's only gonna continue to happen. In terms of the consolidation, I'd be surprised if most of the companies out there were surviving given the macro headwinds that basically makes it impossible to raise money in this kind of environment. That said, I think while we don't... I think we haven't considered any, like, M&A opportunities or other stuff as a result for, like, with consolidation for anyone's technology or anything like that too. I think, you know, from a broader standpoint there too, there's no question that there are certain kinds of things from a team standpoint or other things that, you know, there is a silver lining to some of these things where you can pick out some of the best people that are basically on the market for free and at the same time, like, certain types, certain little hidden gems, you know, within each of these things that can be useful along the way. We'll be taking full advantage of those. Okay. No. Thank you. Thanks, Samik. Next question comes from Joshua Buchalter at Cowen. Hey, Josh, you're on mute. Thanks, guys, for taking my question, and congrats on getting the series production. I'm sure it's gonna be very rewarding for you guys. I wanted to follow up on Samik's question on software. You know, I think we've seen some of the auto OEMs struggle with their internal software development and then some on the other side, some compute players investing more and more heavily in autonomous software. What I'm trying to better understand is where does your Sentinel fit into a broader stack? You know, what's the economic go-to-market strategy as it matures? Fully cognizant that it's early. Thank you. Yeah. I would say this is that I think yeah as we're seeing more and more evidence of people have had their own software divisions. They're shutting down. They're not what they think that they were. That's largely just. It's not even just a capability problem. Like you know there's the traditional notion of okay like automakers will have a hard time like hiring the best engineers and then like you need the best engineers to be able to develop it. Which there is truth to this right? You know, like, obviously as a, like a leading technology company, you know, for this industry and growth technology company, we're able to attract some of the best talent, as is seen by some of the announcements and other things that we had of the kind of people joining us, which is fantastic. But it's not even just that. It's also a strategy question as well, where most of the software divisions have just fundamentally taken the wrong strategy in the broader industry there too. That's why you see these, like, dramatic, you know, blowups and shutdowns. Because it's not like you can just, like, pivot the code, you know, to, like, go towards consumer cars in a completely different application. That's really where we've obviously been focusing the software in. You know, I think as you see more and more of these different types of companies shut down, they're literally gonna parrot exactly what we say our strategy is on the software side. You know, it ends up aligning very well, you know, with the overall approach that we've taken and have that ability. It takes time, obviously, to develop the full stack part of it, and we've continued to work our way up through different parts of that stack and, you know, expand up and out. But at the same time, I think this does two things. One is it increases the value in the ASPs, you know, when it comes to, like, the fundamental LiDAR standpoint in terms of what you can do and what you can enable. That's why I think, you know, it's probably, you know, I think it's kind of a surprise to many in terms of like the kinds of ASPs that we get already for products as it stands now, and the relative share of value that we have from an OEM standpoint, you know, going into market. Then two, is additional value adds on top of that, like option upgrade features, other kinds of things, that can help enable, additional revenue streams associated with the product and with the capabilities, in addition to, of course, the broader notion of supporting standardization of a product and capabilities from multiple automakers. Yeah, I mean, just increasing content value. I mean, I think ultimately the expectation is that it can help multiply, you know, content value and profits over the course of this decade. That's not a next year thing, but like when you look on, you know, it's ultimately my responsibility to make, you know, bets. You know, we have our next year bets, our three-year bets, our five-year bets. You know, this is kind of spans the spectrum on it's more on the, you know, middle of the decade, you know, side of when we see that inflection take off, probably a few years offset from the LiDAR. That's kinda where when you start seeing the additional revenue streams and other stuff really scaling up beyond what's additive already to supporting much higher than what you'd expect ASPs. Thanks. I appreciate all that color. That's very helpful. As my follow-up, you know, the Rising Auto and Polestar are offering the LiDAR as an optional upgrade. I'd imagine given cycle times and where we're at, getting pretty close to that launch, there's gotta be some capacity planning on your part. Mm-hmm. I guess, can you walk through, you know, what initial feedback are they getting on adoption of the LiDAR upgrade? And in particular, you know, how are they marketing it to their customers? How are they positioning it for a longer term? Because I'm sure they're incentivized just like you are to have more LiDAR on more vehicles. Thanks, guys. I would encourage you, Josh, as well as others on the call, go to the Polestar event in early October, go to what the Volvo CEO unveiled at the end of September, and listen to what they're gonna unveil in more detail next week, you know. Well, I would actually say if you go right after this. Yeah. Luminar, either Luminar website or Luminar YouTube channel there too. There's actually literally like SAIC is putting out video ads like commercial TV style like professionally produced ads that are basically for us. They're like it's actually kind of like shocking how like how much people are excited about this how much they're leaning into it. You can actually see some of that stuff. Yeah, our LiDAR is very prominent in their marketing campaigns for these new vehicles. Look, on the take rates, it's too early to tell. What we've kind of embedded in our forecast and our order backlog are very conservative assumptions. The initial data we've seen so far, and once again, very initial, not drawing any conclusion from it, suggested maybe too conservative. You know, we'll continue to monitor that and share with you guys once we have an update and are able to draw some more conclusions on it. Thanks, guys. Thanks, man. All right. Hey, for the remaining analysts, we're gonna try to get as many as we can on the call. Again, we got about 15 minutes. I'm gonna ask everybody just to do one question, and then we'll try to kinda cycle through a few folks. The next analyst is gonna be Jared Maymon from Berenberg. Yeah, thanks for taking the question, guys, and obviously congrats on hitting the production milestone. I'll ask one question, but kinda two parts. First of all, I know, right? But first of all, can you help us better understand how your forward-facing order book is calculated alongside the customer? Then, do you see any risk from take rates from macro factors that could impact light vehicle production or consumer demand trends like rising financing rates? Sure. Let me try to address your two-part question there, Jared, with one answer. I'll give you a refresher in terms of how we calculate our forward-looking order book, and we try to be conservative in terms of how we calculate it. You know, for example, for Volvo, we only have the EX90 in it. Volvo has said publicly their plan is to eventually put our LiDAR on every vehicle that they produce. We don't have all the vehicles of Volvo in our order book. We don't assume some probability in our order book that we're gonna get the non-EX90 business. We only have the EX90 in there. Same thing with SAIC, right? They, the only thing that's in there, is a very conservative take rate assumption for the R7. We're not assuming standardization of the R7. We're assuming zero of any other business at SAIC. Nissan has said publicly that this system that we're jointly developing with them is something they're gonna deploy on virtually every vehicle that they make at the end of this decade. Nissan makes 4 million vehicles. At the end of last year, we had zero in there for Nissan. We take a very conservative approach of what we put in there. You know, any delays in platforms, you know, because of the, you know, the current challenging environment we're in, that won't have a material impact on the order book because we typically do it over the life of the platform. If somebody is 3-6 months late in launching a platform, you know, they're still gonna keep it running for 5, 7 years or however long it's going to be. You know, the take rates, once again, we're very conservative on the take rates that we assume therefore it's an option. We typically take a haircut to what our customers indicate to us, to even what IHS is indicating to us. You know, I know others in the industry have their own methodology for calculating order books, which are different than ours. You know, we kinda did a back of the envelope calculation of what our order book would be if we kinda used others in the industry's definitions, and we were getting the numbers in the $15 billion-$20 billion range. Now, look, that's not our official order book. You know, we're gonna update it, what it is at the end of the year. We calculate it once a year, but it's very conservative, much more conservative than what's out, you know, what others in the industry use. Got it. Thanks, Tom, and appreciate taking the question. Looking forward to seeing you guys at CES 2023. Thanks. Take care. The next question is gonna be from Itay Michaeli at Citi. Great. Thanks. Hi, everybody. I'll stick to one question. Just hoping we could talk about the business funnel. I know you'll do the formal update at the end of the year, but maybe give us a bit of a flavor on what you're seeing on the RFQ, RFI environment. Anything changing with the macro or some of the wins you've had? Is that creating more of a domino effect where you're seeing maybe increased activity? Maybe give us a little bit of a preview there at a high level. Look, Itay, what I would say is, you know, we're still on track to reach our goals that we set out at the beginning of the year and then increased during the last quarter. I think in general, things are, you know, going according to our expectations. You know, I would say there have been some OEMs who've said, you know, "Hey, look, we were gonna send out this, you know, the RFQ at the end of this year." Some of that's turning into, like, early next year, just, you know, given everything going on in the world. Having said all that, there are other situations where we're actually seeing acceleration, whether that's a new customer or existing customer, you know, an acceleration trying to get our technology on their vehicles sooner or maybe even taking you know, customer where you have business and maybe deploying that a little faster than expected. You know, I would say, you know, people have also been, you know, talking about software, but I would say there's also other avenues we have to kind of monetize the ecosystem that our LiDAR can create, and we'll be talking more about those at Luminar Day. We're seeing some traction there as well. I think overall, you know, on average, everything is going according to plan, but, you know, I would say certain customers are pushing back a little as other customers are kind of accelerating. I think it's fair to say that, like, for anyone that was on, you know, sort of what we call, it's really like fishing expeditions of things that, like, they're not really serious about doing something, then you're probably gonna think twice around, you know, investing billions of dollars, you know, more immediately. Anyone who's serious about this is doubling down, accelerating, you know, other stuff or, you know, doing things earlier than what we said we were gonna do. We're signing, I mean, heck, even the contracts, you know, for what we have for this quarter and for everything that's accelerating that led to some of the results. All these other fronts are moving full speed ahead. People are doubling down. People are expanding the opportunities there with the OEMs in terms of what we have for the existing ones, and then some. I think it's more of. There's already a lot of players there too at the table, and that's why I think what you're gonna see is more of the consolidation, but not with, like, automakers selling cars with these features and wanting to equip their cars with this kind of next generation technology. More of the, like, what the macroeconomic headwinds are forcing, like, isn't really for our customer base. It's more of, like, the moonshot R&D projects of, "Hey, does it really make sense for us to keep investing $1 billion+, you know, per year into something that may or may not actually come to fruition?" I think that's where we're gonna see the bulk of it there too, and that's again, you know, not to be confused with the kind of, you know, product, commercial deals, landscape, autonomy, the kind of stuff that, and safety that we're doing. Perfect. That's all very helpful. Thank you. Thanks, Itay. Next, question's gonna be from David Kelley at Jefferies. Hey, good afternoon, guys. Just a quick one for me and a follow-up. On the Rising Auto R7 specifically. Any color you can give us on how the Luminar LiDAR option's going to be priced into that vehicle? You can go to their website now to take a look. It's an option. It's an option, David. The US dollar equivalent from memory is somewhere in the mid- to high $2,000 range. You can actually go if you're Chinese proficient, actually go to the website. Yeah, it's in Chinese. You can kind of verify yourself. I was about to say, 'cause it's, like, in Chinese. Yeah. It's not actually easy to get to, you know. Yeah. No, I get it. Exactly. Basically they're priced at it. I mean, the point is that you know, there's pretty significant value that's attributable obviously to this. I think that you know, that kind of you know, there's obviously different calculations of what we can do in terms of price relative to the take rate, and there's some curve associated with that. I think there's a sweet spot where you can get huge adoption and still have huge value. We have to remember, this is even on this isn't like some like crazy super high-end vehicle too. This is like a you know. It's a Tesla Model Y competitor. Mid-range, you know, lower range unit type. Yeah, exactly. Yeah, no, it's cool to see it get out there already. Okay, perfect. That's what I thought. Thank you. Thanks, David. Thanks, David. The next question's from Richard Shannon at Craig-Hallum. Sorry for getting off mute there. Austin, maybe just a question on technology. Your Freedom Photonics acquisition from earlier this year kind of alludes to a next generation hardware. If you can talk about the timing and urgency of wanting to make that, and to what degree does that present any risks for, you know, follow-on wins, you know, with a change in hardware? Just kind of get perspective on that as well, please. Thanks. Yeah. I think there's different parts of each of these things there, too. When you look at some of the vertical integration that we've done, whether it's with Black Forest Engineering, OptoGration, or more recently, Freedom, which by the way, we'll take an opportunity to talk about the bigger picture strategy with all of this come Luminar Day, in the first quarter of next year. I would say that each of these has a key element of a few different things. One is accelerating technology development that was already on our existing roadmap and partnership with them. Two is with regards to supply chain security. Then three is with regards to defensibility and just basically having total ownership over the respective companies and continuing to build that moat all around in there too. I think in the case of Freedom, for example, you know, just as we were able to get the cost of the receiver down to just like single-digit dollars between Black Forest Engineering and OptoGration and everything. The laser itself was also. There's some just amazing technology in that Freedom has had in this specific type of laser that they've been building out. Like I said, we'll get into more details on the technical aspect of all of this. This is where there's already cost down opportunities that can be implemented. If you take a look at kind of the five-year view, there's stuff that we're already doing today that's getting integrated. Then there's stuff that gets implemented for next generations of products, and that's where you continue to see that exponential benefit when it comes to not just a performance standpoint, but even an economic standpoint as well, as we vertically integrate across the board. Which we think is gonna be fundamentally required to produce any kind of viable product that can achieve the ultimate place that we wanna get to and at the ultimate cost that we wanna get to. We've shared that very long-term roadmap for, you know, extreme profitability at the end of the day. Great. Thanks, Austin. Thanks, Richard. The next question comes from Kevin Cassidy at Rosenblatt. Yeah. Thanks for letting me ask the question, and congratulations. Now that you're in series production or starting the series production, can you talk about your cycle times and, you know, what kind of improvements do you expect you'll see as you go to your new factory in the second half of 2023? Yeah. Yeah, you know, Kevin, as I mentioned earlier in this call, step one is you know, figuring out how to make these with the right technology, meaning the right specs and the right quality where our customers focus to put them on the consumer vehicle. That's the most difficult step. That's something that we recently achieved with SAIC. You know, we now we're focusing on improving those metrics that you talked about, the yields, the efficiencies, et cetera. I think the most important one and that we're really gonna start focusing on is when that new dedicated facility is up and running in the second half of the year. You know, we still have some work to do there to you know, make those improvements to the efficiencies. The team is making great progress in terms of tackling that and getting to where we need to be. Yeah. To answer specifically, I mean, that basically ends up translating into cycle times that are measured in, you know, minutes, not like hours or anything, right? Mm-hmm. You know, that's where obviously there's a ramp through all this stuff, and then you know you take it one step at a time you know with each of these. We need to get to that capacity to be able to ultimately meet all of the needs for the multiple OEMs and vehicle models that we're launching with. The other part of it is, it's not just about the increased capacity, it's also about automation. We're constantly automating more and more. We made this early bet on having an advanced manufacturing team and capability as part of you know Luminar starting six years ago. You know, since then, we really worked on refining how you can build and assemble all these different aspects of what goes into the LiDAR and, you know, building that into automated capabilities. Everything from, you know, the component level, to alignment of the system, to calibration, to all of that stuff that's very, very tough. You know, like I said, it's one thing having a technology, you know, it's another thing proving out that it can truly meet all the performance needs. A completely different thing, actually being able to industrialize and manufacture. That's something that obviously is a proud moment today, but there's a lot more left to do. Great. Thanks. Congratulations again. Thanks, Kevin. Take one final question from Kevin Garrigan at WestPark Capital. Or we're gonna end the call. Kevin. So thanks everybody for participating in the call. We look forward to talking to you on the next quarter call, and also look forward to everybody joining at Luminar Day when we do that in Q1. If you're in CES, also let us know if you're going to CES. Thank you. Yeah. We'll see you guys soon. It'll be awesome. I think you may be able to, whether it's at Luminar Day or CES, should be able to see the SAIC car live and in the flesh as well. It'll be awesome. I look forward to seeing you guys. Thanks again for joining on and tuning in, and we'll see you soon. Thanks. Thanks, everyone. Yeah, Kevin.