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- **Strategic Pivot to Defense**: Shifting focus to high-margin aerospace/defense markets amid automotive delays, with LSI Photonics generating $18M in 2025 revenue.\n- **Cost-Cutting Measures**: 25% workforce reduction and supply chain alignment to conserve cash ($74M ending Q3).\n- **Automotive Challenges**: Volvo program paused, Mercedes development halted, and Nissan partnership on track.\n- **Next-Gen Development**: Maintaining engineering efforts for Halo architecture despite strategic shifts.\n- **Financial Health**: Sequential revenue growth to $18.7M, but free cash flow remains negative at -$48.5M.

**【CEO Opening Remarks】**
- **Capital Structure Challenges**: Entered forbearance agreements with secured noteholders, paused equity financing programs, and evaluating proposals for asset or company sale.\n- **Strategic Shift**: Transitioning focus from automotive to high-margin non-automotive markets (e.g., aerospace, defense) due to automotive program delays (e.g., Volvo, Mercedes).\n- **LSI Photonics Growth**: LSI represents ~33% of revenue, with $18M year-to-date and multiyear defense/aerospace contracts.\n- **Cost Reductions**: 25% workforce reduction by year-end, aligning supply chain with lower automotive volumes.\n- **Automotive Program Updates**:\n  - **Volvo**: Paused production commitments due to unfavorable economics; ongoing dialogue.\n  - **Mercedes**: No further development activity under current contract.\n  - **Nissan**: On track with hardware/software milestones.\n\n**【CFO Financial Commentary】**
- **Q3 2025 Results**:\n  - Revenue: $18.7M (20% sequential growth, 21% YoY).\n  - Gross Loss: -$8.1M (GAAP), -$7.3M (non-GAAP).\n  - OpEx: $66.6M (GAAP), $43M (non-GAAP, 29% YoY decline).\n  - Cash: $74M (flat vs. prior quarter).\n  - Free Cash Flow: -$48.5M (vs. -$58.4M YoY).\n- **Key Drivers**:\n  - Sequential revenue growth from 5,400 Iris sensors shipped to Volvo.\n  - Non-GAAP OpEx decline driven by R&D cost reductions.\n\n**【Q&A Highlights】**\n- **Strategic Direction**:\n  - Maintaining engineering resources for next-gen Halo architecture.\n  - LSI's defense/industrial photonics portfolio attracting strategic interest.\n- **Platform Partnerships**:\n  - Ongoing engagement with platform providers like NVIDIA, though no updates on collaborations.\n  - Focus on LSI's chip-scale photonics for aerospace/defense applications.\n

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