Ouster, Inc.

Hello and welcome to Ouster's second quarter 2022 earnings conference call. 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, again press star one. 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. I'd now like to turn the conference over to Sarah Ewing, Director of Investor Relations. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Thank you for joining us for our 2022 second quarter earnings call. I'm joined today by Alster's Chief Executive Officer, Angus Bacala, and Chief Financial Officer, Ana Brunel. Before we begin the prepared remarks, we would like to remind you that Alster issued a press release announcing its second quarter financial results shortly after market closed today. The company also published an investor presentation, which is available on the investor relations section of Alster.com. I'd also like to remind everyone that during the course of this conference call, Alster's management will discuss forecasts, targets and other forward-looking statements regarding the company including statements from its press release potential future customer orders and shipments near and long-term revenue opportunities strategic customer agreements market share trends ability to recognize the benefits of cost savings initiatives future products anticipated product releases technological advancements and commercial paths potential future market opportunities customer traction and the company's business outlook and 2022 financial guidance and trajectory 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, Alster'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 to any risks highlighted during this call, you should consider the important risk factors and other disclosures that may affect OUTSER's future results as described in its most recent annual report on Form 10-K and other reports the company files or furnishes to 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 call. Lastly, information discussed on this call concerning the company's industry, competitive position, and the markets in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the company's internal research and are based on reasonable assumptions and computations. made upon reviewing such data and its experience in and knowledge of such industry and markets. By definition, assumptions are subject to uncertainty and risk, which could cause results to differ materially from those expressed in the estimates. During this call, we may discuss certain non-GAAP financial measures, which exclude the effects of events and transactions we consider to be outside our core operations. These non-GAAP measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with GAAP. For reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please refer to today's press release. I would now like to turn the call over to our Chief Executive Officer, Angus McCalla.

Thank you, Sarah. Good afternoon, everyone, and thank you for joining us today. We continued our momentum in the second quarter of 2022, recording our second highest quarterly revenue of $10.3 million. We delivered 40% year-over-year revenue growth, grew our pipeline by 90 new customers, locked in additional design wins, increased our number of signed multi-year strategic customer agreements by eight, and advanced our traction with automakers driven by strong demand for our solid-state digital flash A sample sensors. With 2,020 sensors shipped in the quarter, we have now shipped almost 14,000 sensors to customers around the world. Ouster's ability to deliver performance, cost-efficient digital ladder sensors to customers spanning a diverse set of industries is a key differentiator that is driving year-over-year growth despite the current macro environment. That said, it's clear that our top-line growth has been impacted by market uncertainties that have slowed customers' ramp rates. As a result, we are revising our full-year 2022 revenue guidance to $40 to $55 million and reducing costs in the second half of the year to match our growth. These actions are coupled with previously announced financing efforts to further strengthen our cash position Economic headwinds may be impacting our top-line growth, but they are not impacting our competitiveness, our product roadmap, or expectations for long-term growth. Our differentiated technology, backed by a leading cost structure and our diversification across markets, positions Alster to benefit from the immense global investments in automation. This, in combination with the most exciting string of upcoming product releases in Alster's history, gives us confidence that we will continue to win deals in head-to-head competition, capture market share, and maintain our long-term growth trajectory. I'll now turn it over to our CFO, Ana Brunel, who will provide an update on our second quarter performance and expectations for the remainder of the year.