Good morning, and welcome to Ouster's L3 Chip Release and New Product Launch. All lines have been placed on mute to prevent any background noise. After today's presentation and remarks, there will be an opportunity to ask questions. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. The call today is being recorded and a replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call. Before beginning the presentation, the team will play a brief video. Today, Ouster is launching our new Rev7 OS series sensors powered by the all-new L3 chip. With the L3, we are delivering the largest performance upgrade that any lidar company has ever delivered to an existing product line. With last year's L2X chip, we doubled the data output of the sensors. Today, we are increasing the light sensitivity of our sensors by 10x. Rev7 is an incredible product and I cannot wait to share the impact these sensors are already having with our early customers. The L3 chip is our demonstration of exactly what digital technology is capable of. The L3 is the first lidar chip to feature a backside illuminated SPAD detector, the most advanced semiconductor imaging technology available today. The silicon packs immense processing power with 125 million transistors on a chip and a maximum computational power of 21.47 gigaops, bringing the most advanced digital signal processing and features we've ever offered. The L3 is now capable of counting and processing approximately 10 trillion photons and producing up to 5.2 million data points every second. Rev7 is the first time that any lidar company has doubled the range of an existing product. This is a huge achievement. On a 10% reflective target, such as a person dressed in black clothing, our short range OS0 sensors can now see up to 30 meters. Our mid-range OS1 can see up to 90 meters, and our long-range OS2s can see dark objects up to 200 meters away with a maximum range of over 400 meters. In combination with the 10x improvement in sensitivity, our Rev7 sensors increase the precision and accuracy of our point clouds. The clean, crisp point clouds produced by the Rev7 are exactly what our surveying and mapping customers are looking for to create archival quality 3D maps and digital twins. In combination with the 10x improvement in sensitivity, the precision improvements in Rev7 make it easier for customers to map thin objects like power lines and fences, and improve the performance of perception algorithms to classify drivable space, pedestrians, signage, and help customers with centimeter level navigation, such as autonomously hitching a trailer to a truck. Not only have we made improvements to our existing lineup, but today our product line is expanding. I'm excited to introduce the fourth sensor in Ouster's Rev7 lineup, the OS Dome. The OS Dome is powered by the same L3 chip and contains all the benefits of the Rev7 architecture, but introduces a fundamentally new hemispherical field of view. Our customers will now be able to cover wider areas with a single sensor, simplifying installations and reducing their system complexity. The Rev7 sensors feature many more improvements, including to the mechanical and electrical systems for enhanced reliability in harsh environments. With the new componentry, we've extended the thermal operating envelope of our Rev7 sensors by 10 degrees Celsius, reduced their power draw, and doubled their resistance to shock and vibration. All Rev7 sensors feature approximately 95% automotive-grade components, feature an upgraded FPGA from our partner Xilinx, and offer an option for 1000BASE-T1 automotive Ethernet. With the new automotive-grade FPGA, the Rev7 sensors have 4x the computational power for enhanced digital signal processing. There is no change to the footprint or the height of the sensor or to the structure of the data output. This means customers are able to quickly integrate our new sensors without system redesigns. Each sensor undergoes a series of industry-leading operational endurance tests for shock, vibration, and water ingress, as well as hot and cold power temperature cycling. Thanks to this, our sensors are rated IP68/IP69K, power wash approved, and functional when immersed in up to 1 m in water. They're tested to up to 100 Gs of mechanical shock and designed for cold weather performance with operating temperatures down to minus 40 degrees Fahrenheit. They're tested for up to 30,000 hours of continuous operation with an average product lifespan of over 100,000 hours. Digital lidar is the future of the lidar industry, and the radical improvement of Rev7 sensors powered by the L3 is making that future a reality today. Ouster now offers the highest performance suite of short, medium, and long-range sensors in the market. I want to thank the entire Ouster team and all of our customers around the world for helping us to get to this point. We're focused on building a safer, more efficient, and more sustainable world. Today, we've taken a giant step towards accomplishing that with Rev7. I'd now like to turn the conference over to Sarah Ewing, Director of Investor Relations. Please go ahead. Thank you. I'm joined today by Ouster's Chief Executive Officer, Angus Pacala, and Chief Financial Officer, Anna Brunelle. Before we begin the prepared remarks, I'd first like to remind everyone that during the course of this conference call, Ouster's management will discuss forecasts, targets, and other forward-looking statements regarding potential future customer orders and Ouster's business outlook that are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. While these statements represent management's expected future results and performance, Ouster's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from current expectations that we may share with you today. In addition, you should consider the important risk factors and other disclosures that may affect Ouster's future results, as described in its most recent annual report on Form 10-K and its other filings with the SEC. Except as required by law, rule, or regulation, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this webcast. I'd now like to turn the call over to Angus. Thank you all for joining us today, and I hope you enjoyed the video. I've been waiting all year to reveal our groundbreaking L3 chip, and with it, our upgraded Rev7 sensors, including our all-new hemispheric sensor, the OS Dome. To encourage the adoption of LiDAR at mass scale, sensors must be both performant and affordable. Digital LiDAR achieves both and is a critical technology to usher in the era of autonomy, from our roads and cities to nearly every part of the global supply chain. Our focus on digital semiconductor design continues to set Ouster apart in the LiDAR industry. Digital products align with the exponential performance path of Moore's Law to steamroll analog technologies. They dominate in both price and performance, and the LiDAR industry is no exception. Ouster's new, fully custom and proprietary L3 system on chip builds on years of innovation here. The L3 chip brings backside illumination technology to the high-performance lidar industry for the very first time, a technology which has already revolutionized the digital camera industry. With 10x the photon sensitivity of the L2X and 125 million transistors on the chip, our L3-powered Rev7 sensors provide massive performance gains in range, resolution, and precision, and new features to offer to our over 600 customers. The benefits of Rev7 will resonate far beyond our current customer base, increasing our overall competitiveness across markets, opening up new opportunities, and cementing our position as an industry leader. Rev7 more than doubles our collective serviceable attainable market, or SOM, primarily driven by new opportunities for longer range and mapping applications. This is our largest expansion in SOM since first entering the market and a game changer in our ability to win an expanded set of deals. Our Rev6 sensors, powered by the L2X chip, provided the market with an incredible combination of size, weight, performance, and reliability. The L3-powered Rev7 takes that all to another level. With the Rev7, we offer the highest performing family of sensors on the market, with incredible range, precision, and accuracy across the entire OS lineup. Our OS0 now delivers 1.5x more range and 6x higher resolution than our competitors. Our OS1 delivers 2x more range and 4x higher resolution than our competitors. Our OS2 not only achieves greater than 200 meters range on 10% reflective objects but now has a maximum range of over 400 meters. With the extended range of Rev7, we're unlocking an all-new category of long-range and higher speed use cases, essential for many Robotaxi, shuttle, bus, and truck operators. The Rev7 OS2 opens up the unique ability to track vehicles and objects beyond a quarter mile in all directions. The 10x signal improvement of the L3 also improves nearer range detection. Automotive and industrial customers alike can expect incredible detection performance on challenging objects such as tires, black cars, cables, fencing, or forks on a forklift. This also makes Rev7 an excellent fit for mapping applications, where the combination of longer range, high point density, and upgraded precision are based on direct feedback from this customer set. There's the OS Dome. With the OS Dome, we have a new competitive edge in deals. In the industrial vertical, the OS Dome's hemispherical field of view delivers greater vertical visibility to autonomous mobile robots operating in warehouses, ensuring customers are able to detect objects directly above or below their vehicles. We expect this new offering to speed expansion into the estimated $15 billion warehouse automation market. Within the smart infrastructure vertical, the OS Dome is designed to meet the unique requirements of the security and crowd analytics sub-markets currently dominated by digital and thermal cameras. $32 billion are spent each year on security camera hardware alone. The OS Dome offers the ability to cover a wide area with accurate 3D object classification and tracking while preserving privacy to augment or replace existing camera systems. We expect to see the OS Dome protecting critical infrastructures such as warehouses, data centers, commercial buildings, and residential properties, as well as analyzing pedestrian movement in high traffic venues like stadiums, shopping centers, airports, retail stores, and quick service restaurants. With each new product release, each exponential jump in digital performance, and each new customer and market we expand to, Ouster is extending an already formidable lead in the lidar industry. We're seeing incredible interest in Rev Seven from our customer base, and I can't wait to begin shipping broadly this quarter. With that, I'd like to open it up for Q&A. At this time, if you'd like to ask a question, please press star followed by the number one on your phone. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star one again. Our first question comes from Sam Peterman from Craig-Hallum Capital Group. Please go ahead. Your line is open. Hi, Angus. Thanks for taking my question. I wanted to ask on OS Dome. It's a really cool design, and I know you talked before about kind of lidar going everywhere a camera is, and this looks like it's designed to do exactly that. I guess I'm curious kind of about the go-to-market strategy with that. Is that gonna be, you know, cost competitive or close to it with camera solutions, or how do you think about where you can start to win with that product and when and why you're gonna win there? Yeah, absolutely. That's a great question. So you're absolutely right. The OS Dome is positioned to be a drop-in replacement for the fisheye cameras that you see mounted ubiquitously around infrastructure, that we navigate each and every day. What's interesting about, you know, that $32 billion that's spent every year in security hardware alone is that there's a lot of stratification in pricing. There's a high end, a mid-range, and a low-end range to that market. We are squarely in the mix with our pricing. The cost structure that we have with the OS Dome is the same cost structure we've established with digital lidar, which is really much more aligned with digital camera technology than with historically analog lidar technology. Yeah, absolutely we're gonna be very competitive with pricing, and the product attributes are gonna be this fantastic drop-in replacement for many camera systems. Okay. Thanks for that. I wanted to ask just broadly with this new chip, I guess kind of a two-part question. Can you talk a little bit about what backside illumination is and what that lets you do, and I guess where that drives improvements and then also, kind of how power levels compare on this new chip with your old chip? I think that's something that, you know, customers had been looking for, I think was a little bit of a lighter power draw. I'm curious how the new set of products stacks up on that as well. Yeah. The latter question first. We've made a significant improvement in power draw. We haven't released the exact number for the chip. The chip is more power efficient. It's allowed a 10 degrees Celsius temperature improvement to the entire sensor lineup. That's the end effect for customers, and that brings us well in line with any other lidar offering. It's a really good number, 70 degrees Celsius upper operating range. In terms of backside illuminated technology, backside illuminated refers to a 3D die-stacking technology. It's actually a two-wafer semiconductor chip where you bond two micron-level wafers together, where the top wafer is the photosensitive layer and the bottom wafer is the digital logic layer. This is the technology that is operating in any modern smartphone. It has for about the last 5 years. It's what's brought around the incredible photosensitivity that's allowed for low light imaging in camera phones, for example. That same photon sensitivity is what allows a digital lidar to see twice as far with better precision, with better accuracy, and all with lower power draw while consuming less laser power to do so. It's a really incredible technology at this micron level, a 3D die-stacking technology where you're bonding two silicon wafers together that's allowing for this higher photosensitivity and thus higher performance in the product. Gotcha. Okay, thanks for that description. Last one, just real quick, you showed the FPGA that you're using from Xilinx. I guess, have you thought about, as part of your roadmap to doing your own ASIC and designing something like that yourself, or is that not really part of the roadmap at this point? No, that's a great question. You know, there absolutely is a progression for this technology where we'll have products that have a custom ASIC eventually. That is. This is one of the we chose to kind of show a little more detail around that because A, it's an important part of the system today that customers are interested in. But B, it also shows that there's still significant headroom for additional consolidation. I'd remind everyone that we are, you know, our cost structure is second to none in this industry. We have the only positive gross margins right now in the public lidar industry. But there's obviously more BOM consolidation through additional silicon integration still left on our roadmap. Okay, that's great. Thanks, Angus. As a reminder to ask a question, please press star followed by the number one on your telephone keypad. Our next question comes from Kevin Cassidy from Rosenblatt. Please go ahead. Your line is open. Oh, hi. It's Kevin Cassidy from Rosenblatt. I just had a question. Congratulations on the L3. Very impressive. Will it be used for the DF series also? Thanks for the question. We're focused on Rev7 right now. What we've previously said is that the DF sensors are powered by the Chronos chip. I guess those are two different chips, L3 and Chronos. You can imagine every bit of learning that we've garnered in the last almost decade of digital design is being applied to the Chronos architecture as well. Okay, thank you. Maybe just for the OS series, as I think you said it's in production now, so as your customers have been testing it and it's qualified, so you'll be ramping into production. Does it cannibalize the previous series, the Rev6 series? It doesn't so much cannibalize as augment and open up new opportunities for us. One of the things that, you know, we've really focused on in the last year and a half since going public is building predictability with our customer base, establishing long-term contracts with our customers. Rev6 sensor customers are still Rev6 sensor customers. That product is a fantastic product, and we built a growing business off of Rev6, and we're gonna continue to be shipping that for the foreseeable future. Rev7 is a way of augmenting the product lineup, and offering a new tier of performance to the customer set that needs it. Okay, great. I guess also, you know, you've always, you do have, as you mentioned, the best gross margin in the industry. Will this enhanced gross margin also just because it's higher volumes or is there some cost reduction too? Yeah. Yeah Well, yeah, I mean, this is. Oh, you can take it, Anne. Go ahead, Angus. Well, I was just gonna say, I mean, yeah, obviously with volume we get more and more efficient on cost. Having the Rev7 sensor opening up additional markets and allowing us to grow our serviceable obtainable market faster is always good news for our cost structure. I think the real answer to your question is that because we have this very elegant architecture, you know, we don't have to rebuild products from the ground up. We're just taping out new silicon chips and dropping those into existing product lines for the most part. It's a very efficient process to allow customers access to greater and greater technology without increasing cost over time. We expect those Moore's Law, you know, performance advancements to continue over time without increasing our cost structure. Thank you for that. I'll get back in the queue. Thanks. Our next question comes from Andres Sheppard from Cantor Fitzgerald. Please go ahead. Your line is open. Hi, good morning, everyone, and congrats on the announcement today. Again, very, very impressive to echo some of my peers. I guess my question is more along the lines of manufacturing, right? Obviously, you know, a lot of industries are experiencing manufacturing constraints as a result of the disruptions in the supply chain. I know you're not providing guidance in terms of the total production, but maybe at a high level, do you foresee any issues in both the short term and medium term in terms of, you know, producing these new sensors? Any thoughts you could share there? Yeah. Yeah, I mean. This is one of the places where Ouster excels. I'll take this, Anna. This is one of the places where Ouster excels. Rev7, that seven is because this is the seventh generation of product that we've released and ramped into production in the company's history. We're a well-oiled machine operationally at this point. You know, that's another thing that sets us apart, frankly, is our ability to iterate and ship products and new product generation. We'll be able to ship this and ramp production, no problem. It's already in progress. Got it. Maybe just to follow up on that. Is there a particular point where you anticipate production to ramp up to its full capacity? Again, I know you're not guiding things, but just again, maybe at a high level, you know, do you foresee ramping up production, you know, immediately or is this more of a 2023? Oh, absolutely. Yeah. No, no, this is this quarter. We'll be fully ramped in production this quarter. Got it. Okay, great. Thanks very much. I'll pass it on. We have no further questions in queue. This does conclude our question and answer session. I'd like to turn the conference back over to Angus Pacala for any closing remarks. Well, thanks everyone for joining the call. Rev7 is a monumental achievement for the Ouster team, and it's going to be fantastic for customers, both existing and prospective. Can't wait to see what's ahead for Ouster. Thanks, and have a great day. Ladies and gentlemen, the conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.