Hello everyone again, and thank you for joining this next session of our Auto Tech and AI conference. Today with us we have the pleasure of having the CFO of Luminar, Tom Fennimore, joined by the new Head of IR, Aileen Smith. A quick background and obviously, you know, Tom could put more in his own words, but Luminar, founded by Austin Russell in actually 2012. Luminar is a pioneer in automotive grade 1550 nm LiDAR for use in advanced driver assistance systems in autonomous driving. Luminar's LiDAR is actually built from the chip up and strikes to add another degree of resolution and accuracy that other systems, you know, aren't yet able to offer. To this point, their LiDAR is planned on 20+ production vehicle models, including Volvo, Mercedes, Polestar and SAIC as they begin to implement the solution on higher end vehicles before, you know, launching to more a mass market, which we'll hear about. They also came to market via SPAC in 2020. Tom's been the CFO since 2020. And before that he was co-head of the industrials and automotive group at Jefferies, as well as head of automotive at Goldman Sachs. Tom, thank you so much for joining us today. You know, Luminar has been a staple of this sort of conference going back for many, many years, even when we were doing it live in Menlo. We'll get back to there sometime soon. Maybe you could just give an overview, a little bit, just a quick history for the generalists about the company and really what you're focused on for the next couple of years of the future as Luminar goes from sort of production wins to obviously ramping into a high number of vehicles. Yeah. Chris, thank you for the introduction, and it's great to be back at this conference. I think you did a good job talking a little bit about Luminar's history. We were founded in 2012 by Austin Russell, who's our Co-founder and CEO. He's one of these Silicon Valley stories where drop out of college, start the company. His expertise is really in optics and lasers, which is the core of our technology. The core of Luminar is LiDAR. For those that aren't familiar with it, as I describe it to my two young boys, we effectively shoot lasers out of cars to significantly improve their safety and ultimately enable autonomy. On top of that LiDAR, which is the foundation of everything we do, we're also in the software business and really trying to build around and monetize the ecosystem that our LiDAR enables, whether that's on the software, both the perception side, as well as other features of it, 3D mapping, insurance, etc. Austin designed this LiDAR, as he says, from the chips up. We didn't buy off-the-shelf components, and we'll talk a little bit more about that, I'm sure, during the Q&A. We operate at a wavelength that very few other LiDAR companies do. It's very difficult to do that. There are prohibitive cost barriers that we've kind of cracked, but what it allows us to do is effectively put 13 times more photons in the environment, which allows us to see further. We believe we have the best long-range LiDAR out there in the business. We are already in series production with SAIC Motor over in China. So we kind of, you know, crossed that barrier in terms of proving that we can actually make these. And we're in the process of ramping up where we're going to be standard on the Volvo EX90, which they plan to launch and sell early next year. We also have wins with Mercedes-Benz, Daimler Truck, Nissan, Pony.ai. We're working with Airbus on helicopters, we're also working with a lot of other technology companies which are leader in the vehicle space, such as NVIDIA, Mobileye and Qualcomm. This isn't a science project. We've already proven that we can put these on vehicles. We have real customer wins. As I like to say, what we're focused on here is execution. For us, we have the business wins in place. We have the cash on our balance sheet plus a cushion to get us to profitability. We now have the team in place for us to go out and execute. It's a matter of just bringing that all together. Continue to win new business from our OEM customers, both existing and new. We're very confident that that's gonna continue to happen. Ultimately, our goal here, and this is mission-driven, and it's part of Austin's 100-year strategy, is we wanna save a lot of lives. We ultimately wanna work with our OEM partners to build the uncrashable car. If we're successful doing that, we think we can save 100 million lives over the next 100 years by reducing vehicle accidents. We think, once autonomy is here, we can save 100 trillion hours through productivity of not, you know, making the human drive the vehicle and then giving them flexibility to not do that during scenarios, certain scenarios. That's an overview of Luminar. That's great, Tom, and for those of you on the line, you can pull up the YouTube videos and the stories. I mean, I feel like Tom, for, you know, multiple CESes, obviously ADAS, you know, can reduce 30%, 40%, 50% of crashes. That's 1 million lives lost, you know, globally, per year. You know, Luminar was also making the point that not all ADAS is created equal, right? You sort of the Gen 1 of ADAS doesn't work in all light conditions. You know, it doesn't work maybe sometimes for pedestrians or children. You know, that 13 times more photons and the resolution, you know, that's what it's going to. You know, higher levels of ADAS. Tom, would love to talk a little bit about the launch partner, Volvo, because obviously it's not Volvo, it's Volvo, Geely as well. Could you talk about the, just the history of the timeline? 'Cause it's multiple platforms. You know, you seem to be involved very heavily with everything that's coming out of Sweden on the, that development team for them. Maybe just indication for the ability for Volvo to grow. This is a very important launch, but then the ability, you know, as the EX90 goes down to the EX60, etc. Just maybe we'll start with Volvo. Sure. We've been working with Volvo now for several years, and they are our initial customer that we won. You have to put in the most effort to win your first customer, particularly in the OEM space. This is a very important decision for an OEM. Not only is this technology new that they're putting on the vehicle, but it's very important. Volvo has said publicly that this is gonna significantly improve the safety of their vehicles, reduce collisions, severe collisions by up to 20%, which we believe is a conservative number, and ultimately they want to enable Level 4 highway autonomy. You know, the impact that this technology has on the vehicle is very important, and it's something that Volvo takes very seriously because their brand is synonymous with safety. In addition, when Volvo initially made the decision to work with us, back in 2020, we were a young company, right? We were still in that startup phase. In the OEM business, when you enter into a relationship with a supplier, it is a very long-term marriage. You typically have a three-year development phase after the business is awarded, where you're setting up the production line, getting the tooling and all the automation equipment in place. You're doing the engineering work to prepare your product for series production and go through all the testing and validation. Not only that, our LiDAR goes on Volvo's vehicle. They marry it with the sensor suite, their software team, you know, is basically building the software algorithms around that. That's a three-year phase. Production, actual series production can last for 5-7 years, and then you have to be around for years after that for aftermarket support. The OEMs, they wanna, you know, they wanna work with suppliers that they know are gonna be around for at least 10+ years, and they do their due diligence for younger companies like Luminar before they enter into important agreements like that. Our initial win with Volvo was we were gonna be an option on their next generation flagship SUV, the EX90. As we continued to execute and they got more comfortable with us, they upgraded us from an option to standard. That means the consumer doesn't have to proactively select the trim package to use Luminar LiDAR. It's gonna be on every vehicle that they sold. They've given us additional platforms like the Volvo Excellence, which they announced earlier this year. They've said publicly that ultimately they wanna make us standard on every vehicle that they make. You know, just a quick footnote on that. When we talk about our forward-looking order book, which we disclose, we don't include every vehicle that Volvo makes in that order book. We only had the EX90 and the specific vehicle programs that we award. We tried to build that up on a conservative basis. You know, as long as we continue to execute, we're very confident that we're gonna get a lot more business from Volvo and other members of what I would call the broader Volvo family. Polestar, as well as, other members of the Geely brand. That's great. That is a perfect way to be conservative with the booking. We can start to track when the launches of the, you know, the lower vehicles, the EX60 and so forth are coming, and we can sort of work backwards to, you know, to timings when that would be more relevant for bookings. It's super helpful. Maybe, Tom, I think I know the answer to this. You know, recently the EX90 platform that you just discussed, the market talked about a 3-4 month delay from Q4 into Q1 of next year. I know you reiterated your guidance for the year. Could you just touch on the details of the, how that's the case? How you incorporate, you know, some of the, the launch cadence into, you know, what you consider in your, in your production guidance. It's, it's just a, it's another relevant point I think where you guys have been conservative in how you model the timing of productions. I just wanted to, give you a chance to talk about that. Yep. When we built up our guidance, not only for 2023, but the other medium and longer term guidance that we shared at Luminar Day earlier this year, we tried to be conservative in doing that. You know, launching any vehicle program in the OEM space is difficult and, you know, there tends to be delays as opposed to accelerations of timelines. Look, we're, you know, for us, it's very important that we're ready to go at the end of the year for Volvo, as well for other potential customers. You know, we can't control when our customers are gonna be ready. We can control to make sure that we're ready on the timelines they want us to be, and that's what we are for Volvo. The other thing I would say there is we kind of did something that was a little unconventional in the guidance we gave at Luminar Day, which is when we passed that 1 million unit mark, we kind of gave a range in that 2026-2027 timeframe. The reason we did that is we're working on over 20 vehicle line programs and launches at this time. We know that all of them are not gonna go perfectly and, you know, ultimately there may be slippage for whatever reason. Once again, we're gonna do everything on the Luminar side to make sure that we're not the cause for that slippage, and so far, that's the case. We're also mindful that these are very complex systems that our OEMs are putting on the vehicle, and they need everything ready to go. If everything goes according to plan, you know, we'll hit that 1 million unit mark in the 2026 timeframe. If, you know, there's some slippage, it'll probably be, you know, more in the 2027 timeframe. Perfect. That's a good segue. You know, my next question was around momentum and new business awards. You've talked about 2026, 2027, which essentially is those customers you're working with now, so you know, those awards happen over the next 12 months. To your point, then there's the 2 - 3 years delay. That's the automotive cycle. One of the things we try to do on the investor side, and it's not always incorrect on ADAS, is we kind of think about who's paired with who. Like, where would we see Luminar and what type of vehicles when it comes to different perception systems? When we try to do that with Luminar, we see that particularly on camera perception, you know, you work across the different players. You know, you work with Mobileye on Mobileye Drive in robo applications. You've mentioned you work with Qualcomm and NVIDIA camera perceptions on other ADAS. That seems pretty unique to Luminar, where there's typically some version of a pair. Maybe you could talk about when you're in these RFPs, you know, what is Luminar bringing on top of sort of camera perception, because it seems universal that you are working with a slate of obviously different OEMs and different perception Tier 1s and Tier 2s. Yep. A few questions embedded there and let me take it kind of one by one. One, we try to be the Switzerland of the automotive industry. We want the ability to work with everybody. We don't wanna be exclusive with any one party. Look, each OEM is gonna make its own decision in terms of which software platform they're gonna use, which compute they're gonna use, and we wanna be in a position that we can work with everybody because each OEM is gonna make their own unique solution. Two, what helps when you have the best technology in the industry is that people wanna work with you, right? Not only do you need to be willing to work with everybody wants to be willing to work with you. I think that that is an acknowledgement that our tech out there is the best, or one of the best in the industry. It also helps us in terms of winning new business. As you said, the more people that you're aligned with, the more systems, the more at-bats you get. That is very helpful. Look, I'd say that there's two decisions that OEMs need to make when they select this. One is, do they wanna use a LiDAR? Two, which LiDAR do they wanna use? Let's take those one by one. You can build a L2 or maybe even L2+ or however many pluses you wanna add to it system camera only. The issue is that sensor is ultimately a two-dimensional sensor, and you are estimating, not necessarily with the highest degree of accuracy, where the objects are in your environment. Part of the reason, and I think you referenced some of the demos that we've done, is because these camera systems are ultimately estimating, where the objects are, they're unable to prevent many collisions. They're ultimately designed to try to mitigate them, slow up the car, they're ultimately not avoiding it. What we've done, and we do this with our customers, and you've seen it with some of our demos, we'll take off the, you know, you know, cars that are available on the street today, drive them at dummies, and the systems in there, do not prevent the collision, even at traveling at relatively low speeds. What a LiDAR enables is you are doing real-time, 3D mapping of the environment around you, and you ultimately know where every object is and its precise location, and that gives the system a lot more confidence to stop when it needs to stop, but also avoid those false positives, which can create a miserable driving experience. That's the benefit of LiDAR when it comes to ADAS. Now, why then Luminar? Once again, going back to our technology, we're putting 13 times more photons out into the environment, so we're doing better real-time mapping. More importantly, we see the furthest with the highest degree of resolution. Because we're operating at that 1550 nm wavelength for our laser, there's no practical limitations on the amount of power we can put through that laser. For other wavelengths, such as 905 nm, there is. It's actually regulated by the FDA because it can do damage, including blinding the human eye. Because of that, we're able to see over 250 meters. And this isn't like a bright white object on a sunny day. This is almost in every environment, every type of object. Why 250 meters? That gives you 7 seconds of reaction time traveling at highway speeds, which is what you need to bring a vehicle to a complete stop. When the OEMs set their specs, that 250 meter is important for that reason. Not only are we putting more photons in the air, in the environment to kind of real-time map the environment in front of you, but we're seeing very far, which is ultimately gonna enable highway autonomy when you're traveling at highway-level speeds. There are other OEMs who, you know, will take an interim step. If you're not focused on traveling at highway-level speeds and you want modest improvements to an ADAS system, you can get by with a 905 LiDAR. If you wanna have that next gen system, which is ultimately gonna enable that highway autonomy and traveling at those speeds, you're gonna need our LiDAR because of the distance that we've seen. I mean, take Mercedes, for example. Mercedes is using today, a 905 LiDAR for their next gen system, which they're designing around Luminar. There's a reason why they kind of pivoted to our technology. When we look at the, you know, the new business opportunity for us, I'd really put it in three categories. It's, you know, growing with our existing customers and you kind of seen us already do that with Volvo, Polestar, and Mercedes. You know, you know, we typically awarded a small piece of business, and then once you're in there and execute, you grow. Two, it's winning new customers that really haven't chosen or selected a LiDAR supplier yet. The third is really working with those OEMs that are using a 905 supplier today, and then getting in there and talking about their product roadmaps for their next gen systems. Because if you do wanna enable the technology that Mercedes, Volvo, Nissan, and others are doing it, you need to, you know, keep up. Y ou know, we're rarely seeing commercial momentum on all three of those fronts. Tom, you definitely started reading my mind because that tips off into the next two questions. I'm gonna take them in two parts. The first is I feel like you mentioned sort of the desire for, you know, more than evolutionary. The ability to go to Level 3 through 1550. The second, where the opportunity of the market, you know, may be, which OEM. On the first one, on the Level 3, I mean, outside of Volvo, who has level, like you said, Level 3, Level 4 ambitions, we see Daimler, right? Daimler coming with a quote unquote Level 3 product as the first gen, we have all seen the limitations, right? It's work on slow speed, it's gonna have lower ODD. It's not, you know, robust that it's gonna work for all your highway needs. Then that's where Luminar comes in for the next generation. Is that a fair assessment that it fits into that third bucket of by moving from 905 to 1550, the ODD of that system, the robustness of that system goes up so that you can actually offer more practical consumer cases? True highway level. Yeah. It's the true highway level speeds. You know, the Mercedes-Benz, you know, the Germans like to drive on their autobahns, you can't really limit their, you know, their autonomy to 35 mph or 40 mph, right? Mm-hmm. They wanna go at traditional highway level speeds. That is why seeing over 250 meters is important. And that's where in our conversations, the OEMs ultimately wanna go. The more that we continue to execute and not only win new customers, but ultimately start producing these things in scale, it takes a lot of the risk off the table for the OEMs, right? They, they see other OEMs not only using us, but giving us more business. You know, the more that we go from, you know, showing them how good our technology is to actually producing these things in scale, you know, the, as you can imagine, the momentum with our OEM customers increase. You know, Chris, there's one thing I wanna kind of provide a little clarity on because I know you're using like L2, L3. Go ahead. At Luminar, we kind of simplify it a little bit because I think these, you know, different L numbers have gotten a little confusing. As I said, you now see things like L2+ and L2++. We kind of look at it as the systems that our LiDAR enables, they do one of two things. They either are assisting the driver, right, you know, helping them be better drivers, increasing the safety, or you're actually, you know, enabling autonomy. I n there, it's eyes off, you know, hands off, you know, driver is completely out of the loop- Out of the loop. D riving itself, right? When you kind of think about it, you know, it's that simple, right? Are you assisting the driver, which you're doing from everything from L0 to L2++, you know, and there's different varies of that, or is the system driving itself? What you need to layer on top of that is the domain. The domain for autonomy, the least complicated for that to solve is the highway part of it. I'm gonna dramatically oversimplify here. When you're on the highway, if you stay in your lane and you don't hit anything in front of you're generally fine, right? I know it's a lot more complicated but that. You know, stay in your lane, don't hit anything in front of you. The challenge is that you need that long-range sensor to know if there's anything in front of you for up to 250 meters. Once you get the sensor in place, solving the highway autonomy issue from a software perspective is a lot less complicated than solving it for the city. Because in the city, you're gonna have kids running out in the street, you're gonna have, you know, bicyclists, you're gonna have dogs, or you're gonna have a lot more other stuff that is coming at you in an unpredictable way. That, you know, the software algorithm that you need for that is a lot more complex to solve. On the highway, you know, it's easier. That's why you see folks like Volvo focusing on it as well as Mercedes. You can call that L3, you can call it L4, whatever you want, but is the system driving itself? That's what our technology enables by being able to see 250 meters +. Tom, I completely appreciate the clarification and, you know, that I guess what we always are curious about, and it gets to the robustness of, and of the resolution of 1550 is Daimler in that out of the loop, however you want to define hands off, eyes off, will they be willing to take the liability? 'Cause ultimately, once you take the driver out of the loop, who is in the loop? It's the machine, and that's where the liability would fall. But obviously, that's when they need the most important sensors if they ever wanna increase that ODD. Appreciate that clarification. The second one, actually I could see already some questions coming in about geography. If we think about that third bucket, and I'll even use the second bucket of new LiDAR and the change from 905 nm, we see a lot of early adoption for highway assist programs, whatever again, whatever we wanna call that. They are using 905 nm in China. Now, because of the price of the cars, my question is, do you still see China as a huge opportunity in the middle, sort of the mass market, your BYD level? Or are you mostly for now, while the price of the system comes down, seeing the opportunities in the upper end of the, of the Chinese market? 'Cause it seems universal that from an advanced ADAS perspective, that China seems to be leading, then Europe, and then maybe the, you know, the U.S. after that. Well, China's definitely putting the... If you actually look year to date, China's sold a lot of vehicles with LiDAR on them. you know, we just got done spending two weeks over there. As soon as the travel restrictions were lifted, we headed over there because, as you said, we're seeing a ton of business opportunity. W e initially launched with SAIC in terms of putting our LiDAR on the vehicles. that market has really changed a lot over the last few years, and you have these very successful EV startups, for lack of a better word, like XPeng or Li Auto or NIO. one of the ways that they try to differentiate themselves to a very tech-savvy Chinese consumer is by putting the latest technology on their vehicles, of which LiDAR is one. Sometimes that can go too extreme. While we were over there are certain OEMs who, you know, put 4 or 5 LiDARs on the vehicle for no other reasons than saying, "Hey, look, my car is better because there's 4 or 5 on them." There was one OEM who was working with another LiDAR provider where they actually have a hole in their car, that they're selling today because the LiDAR wasn't ready, and it was something that they're gonna do an aftermarket installation. I think there was this big rush to get LiDARs on the vehicles to, increase your technology brand, but I'm not too sure that the software was necessarily ready to go to get the maximum benefit on it. You know, now you're kind of seeing an EV price war, started by Tesla, and you're seeing some of the pressure that's having on that. I think it's making them revisit their LiDAR strategy, which is actually good for us. Instead of putting 4 or 5 or however many LiDARs on the vehicle, if you put 1 Luminar LiDAR on there with the right software-enabled package, you're gonna get that significantly better ADAS system as well as that highway autonomy potential that we talked about. Having said all that, I would say, you know, over the next, you know, call it, you know, ±2 years, where our price point is today for our LiDAR was in that ±$1,000 range. We are focusing on that high end of the local market. Remember, half of the Chinese market today is foreign brands. We're naturally gonna be there and need to be there because Volvo, Mercedes-Benz, Nissan, Polestar, all those customers, China are big, important markets for them, and sometimes the biggest. We need to be there. Right now our strategy for the local players is to focus on the high-end ones, but we're also revisiting our product strategy after that trip and figuring out ways, how do we kind of maybe design a product that doesn't necessarily have all the bells and whistles for the China market, but maybe have a more appropriate cost point. Look, if you wanna put the cheapest LiDAR you can on a vehicle just to say you have a LiDAR on the vehicle for marketing purposes, that's not the business we want. The business we want are those that wanna create the safest car as well as to enable the best autonomy out there. That's perfect. Tom, one last one from me, then I know Doug is gonna focus a little bit on production. I mean, again, round numbers, when we think about that 2026, 2027 target, is it crazy to think that if we were to divide it into three buckets of China, Europe, U.S., with, I don't know, 90% of your business being auto, that it would be China, then Europe, then U.S., sort of a, I don't know, for 40/30/20- type split? Yeah, I think that that's a fair way. When you just kind of look at... What I would say is you can look at the customers that we have today, and you can look at their geographic distribution, and you're probably getting there. What I would say is because the China market is moving very quickly, the Western OEMs need to react as well. They can't lose market share with the you know, the tech-savvy Chinese consumer if they don't have LiDAR on their vehicles, right? You know, they're gonna lose business to XPeng, NIO, Li Auto, and others there. I would say what we're seeing is if you just look at the geographic volume distribution by our customers, it's probably, I would say, over the next few years gonna be more weighted to China, largely because of the demand pressures that our Western competitors are seeing over in China. Sure. Okay. Tom, I have a question for you. That's also, I would say, part of a reason why we also recently announced our second plant, and manufacturing partner, TPK, is to make sure that we can adequately serve that market. That's great. It's a perfect segue into my question here. I actually have wanted to hear a little bit about how. Hey, Doug, if you're talking, I apologize. For some reason I can't hear you. Oh. Do you wanna take this one? Isaac, can you hear me? No, no worries. Tom, I'll take it. Now I can't hear Chris. Oh, that's weird. Aileen, can you hear me? Yeah, I can hear you. Tom, do you wanna try dialing in on the phone line? Hey, Tom, can you hear us right now or no? Engineering. Because we uniquely designed each of those components and brought them in-house, it enables three things. One, it allows us to actually ramp up to series production with less risk because these were smaller suppliers that really didn't have that scale, and it gives us a little more control over that. Two, it expands our competitive moat because we own this technology and, you know, no other LiDAR company or competitor can get their hands on it. The third thing, which is something we really didn't realize till we all brought all three of them in-house, is there are a fair amount of technology synergies. As we're designing our next-gen products, bringing all three of them, and they're all, you know, advanced PhDs, founders and everything, having them sit at the same table and design the next generation LiDAR, we're seeing significant synergies there that is gonna enable even better performance, better cost, but also faster time to market. Okay. The next question is about our production ramp cost curve in auto validation grade. T he way that we discussed this at Luminar Day is really I kind of put two benchmarks out there. When do we cross that 100,000 unit production run rate, and when do we kind of cross that 1 million unit production run rate? The 100,000 unit production run rate we're gonna cross sometime next year after the Volvo launch. That is gonna be done entirely out of our Mexico plant, this new dedicated facility that we're building. That new facility, you know, it is technically producing sensors today. I would say we're kind of completing the finishing touches on the construction as well as the production validation testing. That is producing sensors, and we're looking to ramp that up to produce it at the rate that Volvo and our other customers want. The next level is that 1 million unit which we talked about, you know, that we expect to cross in 2026, 2027. What I would say is we have over 75% of that business booked today, and I would say the other 25% is from high probability business that we're in active discussions on. That is, you know, we expect to get to that level in the 2026/2027 timeframe. The exact timing will be when all of those 20+ vehicle lines actually launch. That production is gonna be a mix in Mexico, and then this new plant in China that we announced a few weeks ago. For those on the line, I'm feeding Tom the questions. Next question is AI. Do you want me to do the AI one now or the? Yeah, y eah, do the AI one first. T he one on the 2023. Okay. Let me talk a little bit about artificial intelligence, and we talked a little bit about this at Luminar Day. We are in an exclusive relationship with Scale AI, which is one of the leading AI and ML companies out there. We're working on a variety of things with them, but let me talk specifically about what we're working with them on and how we're using artificial intelligence. In our, what we call Proactive Safety system that we're developing, and this is where we're looking for to really develop that next generation of ADAS. What our LiDAR does is we map the environment, as I mentioned earlier, you know, in 3D level data real time, and so we know where every object is. Now the way that I would say, you kind of do the binary algorithm, it's pretty simple, right? You look at the trajectory of the vehicle. If there's an object in the way and, you know, the velocity and the distance, you look at that. "Okay, I'm gonna hit. The driver's reacted. Stop vehicle." That's kind of what I would say the traditional approach to designing these systems. What we're doing with artificial intelligence is we're trying to build in a predictive algorithm for how those objects are going to move to make the system better. If it's a parked car, you know exactly where the parked car is gonna be. If it's a parked car driving on a highway, that is relatively predictable. Once you get into a more urban environment and you have people, you have bicyclists, you have animals, though they're, you know. Their behavior is unpredictable, right? They're not gonna walk in, you know, or their distances are gonna change in predictive ways. What we're doing is we're trying to develop, we're working with Scale to develop AI algorithms to add a predictive element into our Proactive Safety module. Not only were you kind of measuring the distance and you're at this velocity, I need to stop the car, but we're trying to constantly assess how the environment in front of us is changing so we can make the system even better. Okay. What's next for Luminar? You know, look, over the next 6- 12 months, what we're focused on as a company is to keep our head down and execute. If and when we successfully launch Volvo, that's really a game changer for us. You know, as I said earlier, we believe we have the best technology in the industry, and you can look at our partners who are using our technology as validation for that statement. One of the biggest questions we get, not only from investors but also our customers is, "Okay, we get this. You know, we tested your technology, you like it. You've shown that you can actually get these on vehicles that you did with Shanghai Auto. Can you actually produce these in scale? Look, I can show you, I can take you down to Mexico, I can show you our plan, I can walk you through our supply base and do all that. Ultimately, until we do it, there's still gonna be doubt out there. A year from now, we're not only gonna continue that, the technology today, but I'm very confident we're gonna make, you know, have some exciting new next generation technologies unveiled. You know, we're gonna continue to reach that series production level where we're producing, you know, six figures of these run rates. You know, we have a great team. We're gonna have the balance sheet, you know, to get us to profitability. We're gonna be, you know, a year from now on the verge of pro-profitability with a very credible path to get to us. Today, if you're an OEM who wants to put LiDAR on their vehicle, you need to talk to us. A year from now, particularly on a relative basis when you look at some of the other LiDAR companies there that have constrained balance sheet, it's gonna be a, you know. We believe that we are gonna win more than our fair share of business as a result of being in series production, showing we can make these in high value, having the best technology, and having the staying power, the balance sheet, plus the right team to deliver. That is our plan for the next 6 - 12 months. The most critical element of it is executing, and that's what we're focusing on. We're gonna continue to win our fair share of business over the next 6- 12 months, as I said, from each of those three categories, new customers, you know, existing customers, and then, you know, customers who have already chose a LiDAR that wanna upgrade. We're gonna continue to win that. I think 6- 12 months from now, you're gonna really see a scenario develop where we're gonna win more than our fair share of market share, or continue to win even more than our fair share there. I think we are now up on time. Chris, I don't know if we're able to fix the audio issues, but I'll hand it back over to you. Thank you. Well, Tom, for those online, apology for the last five minutes of the tech issue. I think the message of Luminar and their win momentum and basically what the next year means for series production is super clear. For those on the line, if you want to learn more about Luminar, please come in to us. I'm also very willing to send, put you in contact with Aileen and Tom and the team at Luminar. For those, there was a lot of questions online. If we didn't get to all of them, again, feel free to contact us. Aileen, please mention to Tom that we say thank you and our apologies for the last 5- 10 minutes of tech. We'll get that figured out.