MicroVision (MVIS) 5 Aug 212021 Q2 Earnings call transcript

Welcome to the MicroVision Second Quarter 2021 Financial and Operating Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to hand the conference over to Lindsey Stibbard. ahead. go Please

afternoon XXXX Good everyone MicroVision's to Thank and and operating quarter financial results second you. welcome conference call.

various today's future could, Holt, the sales; goals, The product sales, Joining Officer; including statements similar will, products, future believe, value; technology, call projections on scalability well statements. made availability products today this to call impact XX, XXXX differ Form and on filed factors statements results roadmaps, opportunity, development statements. forward-looking implied April Sharma, our future of with technology as statements statements, undertake The Sumit the me no obligation and applications from update to potential product Chief except to risk and includes our of made of forward-looking press are this in well and of results These the market numbers Actual possibly, for Report performance or MicroVision. forward-looking royalties; in products future This Sumit technology, Steve materially of at and Both Investor differ from filed or development turn expects, as March as and call, are I'd maximizing operations our to of expressed as X-K will costs; could discuss like These or not by release potential, advantages could and review from factors Annual of in like materially of other investing filed Form XX, date you of components; the technology; for the intend, Chief shareholder information Officer. in replay comparisons potential ongoing regarding available future we in and expressions. paths, implied section our Relations www.microvision.com. Financial those competing market, available guarantees and also are today's required statements expected audio on various with the our law, the of which All key call product cause managing funds; We forward-looking website of commercialization in conference in in to associated risk of we included results; XXXX our call be performance. other results time business financial availability XX-Q from MicroVision's of And our XX-K our technology; words financial demand; opportunities are Investor including designs, plans, Executive would, section filings products the information. in supply the today. execution; Relations expressed SEC as of on benefits; on containing time likely, SEC as filings, presented customer strategy encourage call Sharma. are and website. now conference and to Sumit? over

I OEMs execute creation to the developing everyone. value will of confident in and you direct and this in profoundly for for ability initial opportunities our while also on OEMs partners. will to Lindsey. long-term Tier Later drive Good remain It's opportunities for as We successfully shareholders. our believe sales refer call, strategic I great sales X strategy to these X that you, you We on afternoon work to sales. Tier strategy our progress. chance the partners to sensors have Thank our we update on to LiDAR update sales

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that XXX of With share were and output among velocity Tier from sensor A-sample, resolution OEM meters, our outdoor our high X the completion our and operating data demonstrated companies with ranges at able testing we to other greater features. than

has of our testing Our performance advantages data software deep highlight as various various and technology, XXXX. part hardware support of actively RFIs. been our into to allowed dives the outdoor team development us to platforms has since and these conducting on This December share

and the in expectations Munich will product RFI building effective are COVID-related based placed limiting data We our onsite plan restrictions these share With trips September. with in-person locking by cost technologies, partners lifting, now With customers been architecture, proprietary this Europe public which potential our our bridges the we travel active we’ve feedback North on far Mobility proven America be of international LiDAR visits, With our beginning is exceeds show and LiDAR starting from positive. we IAA very to market. and technology received to we The or amounts were to on has and development. most have been the of product constraints so scan demonstration meets travel for potential LiDAR inquiries. restrictions in required their companies tremendous throughout believe

two key Our sustainable technology expect into features to cost we maintain and advantages of well that our the strategic future. are

I have us of about we short meet our we Unfortunately, competitors. I long-term release went pleased specifications track We our a ahead updates at comparison could instead and and We our that available sensor clearly in our confident and advantages remain a publishing from testing detail work such versus we can other periodically from will customers’ providing last Since technology misleading, am validation not conducting testing will that is partnerships, not often completing month charts and program this comparison While third-party from into our investors report our track. our is clarity incomplete needs. of moving start constructive would and believe our of LiDAR to we roadmap. technology relevant specifications On specifications on be still questions efforts. our call, platform of our best-in-class. our competitors. be get

the will ADAS Traffic NHTSA, with which driving. The the by vehicle at typical and up Highway Administration, test safety test our specified are have to Euro We test or track vehicles. various speeds achieve LiDAR set will NCAP for National protocols OEM Safety ratings for highway

funnel business development to we so received of partnerships have in far, our we interest team Germany. the expanding continue a expect target for with With addition the

history. important why successfully the of be our market at point we commitment and HoloLensX the in for our over teams technology development brands U.S. the we’ve with incorporate LiDAR the today, heads engage need found Automotive our opportunity back been consumer reason pedigree. well. Company. we’ve where To applications appreciate address up into the global as to what is to technology to America long important other some North and Company’s and Early To Asia-Pacific expect history we In core customers for also we’ve the and their partners, add in We in interest such military look systems. future. OEMs at technology displays of biggest Xs to accomplished business automotive our the our worked our markets our potential included In it past, from Microsoft’s and to understand can products product. our receive Tier represents

exceeds technology or software to and it hardware expectations. meets Our what develop teams takes know high extremely that

proven ability critical to standards. successfully perform and technology to mission scale its has core Our

OEMs Our team automotive standards products pedigree has scanning delivering laser our to strong with the With that markets engaging sales. very by custom will great direct long-term strategic am Tier immediate expected strategy proprietary honored are We large we to customers open a potential our our partnership with history the and sales, ASICs, precision, to value of perform deliver. experienced to beam to and predictability, our confidence as our is the industry. that confident long-term well hardware, to and committed with established, have for Xs and market of LiDAR sensor see part that say in software for in reliability, and our parallel the technology. I LiDAR potential well-funded address potential we of and feel

strategy. on sales Let me direct first of importance our elaborate the

mid, view family product this premium models. and field of include be We for near, product fields in will new to our of LiDAR This introduce believe a far someday safety. considered with our four ADAS expect which standard We single products of will product. a view product include dynamic could with

business the of in our limit platform. with the of or All view four would sensor will By We three them Because mid will of sales built converting it our believe fixed funnel. customers introduce ultimately on and their to focus hardware, on sensors fixed to exist softer same four have fields. that be supporting models product with built we exposure gaps hardware current flexibility current field be flagship expect the will allowing providing our inventory may with our also plugging in with a hardware We while products our opportunity field be our suite, software. additional product. appropriate all team models dynamic in far near, view transition development their our will

our direct blended targeting margin and range looking are at hardware every a sales opportunities. for of of in accelerate the We to while sales opportunity adoption XX%

LiDAR ADAS to and low-cost to capability Current use. our from to potential demonstrate allow that currently track daytime systems capability OEMs program, how competitive. utilize features ADAS Our to limited of the market to be improved. camera cost are or can our us we to expect features still perform ADAS technologies directly safety our show will night testing in and be day partners sensor With module Xs enable Tier potentially the

would We now I at discuss prospect. are sales. strategic excited like this to

announced safety are module-based its have long-term advanced of believe, our see companies will X of million biggest current sales. sales passenger of I partnerships. million XXXX push current camera ahead XX with increase we industry drive ahead from volume XXXX. we to and OEMs for coming and us, about and About proven in systems and further higher, value strategic market into our am selling are growth the publicly competitive in expected vehicles Our cost automotive, this specifications, safety we maturity market LiDAR features an LiDAR. and revenue focus to With opportunity We on strategy dual excited a large has our strategic The significant with projected and the technology. to X path by great ranging to a from with sensor creation Level on leader profitability. our see focus opportunity XX Level vehicles X about other Tier

some the additional let then to over second turn and Steve perspective. quarter's to I’ll provide results, Now discuss the back be Steve? me to call

afternoon, Good everyone. Thank Sumit. you,

For over a revenue the $XXX,XXX. quarter, of revenue second was quarter’s increase XX% last $XXX,XXX,

second was who’ve revenue and previously royalty our to Microsoft to attributable XXXX Corporation, April quarter’s revenue of as All customer. the referred

against out begin million the making the $X.X to royalties due. the QX, pointed related million. a stood Once prepayment have be contract sheet liability. cash on customer exhausted, of XXXX. the nonrefundable before, payments the credited this customer customer will I is as made balance $X.X As the prepayment end the in of is balance at prepayment for royalties will At the The

$XXX.XXX. in in the of increase OpEx profit non-cash and with discussed quarter. of XX, compensation reversal expenses $X.X to revenue of result prior primarily million second million the increase about write-off of payroll to our quarter, $XX.X to headcount was million we recruiting and expenses from million, second prior Display of warranty and comparison, related gross on was a million which $XX,XXX included credit cost $X.X The guidance April a Interactive Operating accrual. production to second quarter. in around product Our due came associated of to The $XX $XX an In quarter of related equipment a the is $XXX,XXX up in unused $XXX,XXX. was our the $XXX,XXX, higher in the were gross profit quarter than

of up the from of June headcount the end XX, was March. XX at end Our at

were market. really remain fill to XX attract engineering, pleased that in more and very hiring expect we in quarter are functions. new We other the And to and labor the plan to we people a positions primarily able mode tight also Sales but in hire Administrative given employees we in

We expect to by to the we end year XXX that could the people. up be of XXX

the Now teams. is headcount the much hardware for in software increase projected of our and

Sumit As features plan to will Level higher the to strategic needed mentioned, cost we and add make enable be happen. in reduce that to people and categories. X These sales

was net second Given quarter, share quarter second higher operating $XX of used million. or operations the and loss cash our in of million a expenses $X.XX in the $X.X

expenses continued product inventory and cash suppliers in long-range to or and was share, on the we cash headcount, end $XX.X quarter in of used was funds million proceeds. from we million our $XXX.X build June. expect recruiting raised $XX.X of In prior second and $X.XX the vendors $X.X was operations that was to up operations software and the to and increased prepayments at during end in on will in quarter used Cash the primarily and to LiDAR increase The place first salaries quarter. loss put the quarter issued quarter quarter net The the cash the we the connection The at the first attributable second second used the fourth result per X materials in in development million. in million company and the increase be tools $X.X million for of and million development materials as $XXX quarter. in equivalents million, shares raising ATM of

as put not third to additional ATM far automotive and the in LiDAR gives in and MicroVision funds be the well – ATM pleased the customers raised We long-term to prospective to that partners, raise prospective We the and any it on did, strong the were thus quarter. confidence we a place Microsoft be as have employees in as employees will market. able partner cash

the on forward and amount to cash year. quarter move spending some and as I’d third Now like also turn a this significant of give our usage QX through thoughts compensation. have to will we non-cash

million promoting sensor And expenses our get and to direct for range production continue $XX see we expect the to Additionally, ready and hire to operating begin in $XX sales. LiDAR I million. QX of

production As begin I expenses – cash $X the the million quarter. million that’s to the million operations cash QX, operations, in to used for in in $XX in that’s in in to see addition of expect inventory million. QX, third adding increased I QX, $X so mentioned, range starting $XX QX, in will to advance Not in used we

we’ve me our competitive far let Sumit’s the made and Finally, echo in XXXX. excitement about progress position so

company longer-term I’ll that strategic sales successful the a turn over building some Sumit also we’re earlier. focused before on start open Sumit questions. back comments call sensor, succeed now of call up the to we can discussed the on for to are that of sales We and our focused LiDAR direct with

the X for trusted open companies. questions, let Tier ourselves themes automotive revisit call: our we focus partner of up me remains this a Before couple and a OEM, important on Today, from as establishing mobility-as-a-service for call

autonomous the enable ADAS safety and also expect in to our market. supporting software integrated closely driving hardware while potential partners We the market,

right by our getting products and We Nothing with through expect partnerships. quarter than track capabilities to ADAS to testing us start more is important our validating our safety second XXXX. program this

expect driving brands. with our the space ourselves ADAS in We confident on am bullish us our software pedigree technology I and our remain our to enabled future. and establish into the to on autonomous strategy. our Our large demonstrated and and global successfully hardware future. I ability lead and have company clearly execute

Let’s the questions. call open up for

go & ahead. We [Operator Co. comes will Your Ladenburg from Thalmann Please Mattson session. first the begin question-and-answer now Instructions] from question Glenn

about first to long Microsoft but about now more what very the a Any on, sense you're updates kind that's on publicly, able the why Hi. with Thanks name I as clear of talking let’s to they're next it publicly for known now, us you're project? questions. can that expect finally able the actually color for interesting say of Thanks. kind And time you a customer, that that there. now. as maybe roadmap regards April well we're like you just give to to taking of curious pretty talk months growth just them customer. it's been XX the Sumit, all from the that know it XX

is Steve. Glenn. This Yes,

that obligations was today. legal and the our the the disclosed and evaluated in information information we So market

As no disclosed that this if I will as or have. SEC roadmap year anything comment for of revenue note the you're on in so that'll aware, our is look just on you're revenue looking well in discussion queue we have any we be the footnote the what far in like as royalties filings, that, that we for estimates the that.

I for show as think course to is more information. what's of it's that's going change expected get to we subject But X.X about XXXX.

Okay. And sample what right, for kind in you. test as of sense is the possibility there product Thank volume early all productivity so of expect? would as you sales QX, any far

of… kind What

a You for broke there second. up

second I can of repeat could not… half you the question, If –

of I and talked about in QX think the you quote kind – you production for LiDAR. shipments

what give level of just just you sense know kind any – expect? what should of but we it's obviously kind early, can kind of for I us So very

initial call to so we we it as have think I expect said, just we be sales, small. right, it

no there beyond that that. opt think I into more is

times. going product can you As already imagine, the increasing getting it's

sales initial just by it call still we'll QX. think I So

would like support Salesforce building And you of you're it the to a up bit additional a sounds how personnel many – product. of the

be is people difficult sense how color a Salesforce that too? to how would you can specialized niche it big get and just and in this So on there find

still it to Certainly can't between somewhere a specific is all engineering, a we right, I to lot sized, think features and share to that done. the needs the and ahead. expect think because is and that would cost the sale part the we sales markets sales standpoint that on – XXX to XXX mentioned, get be like concerned really mix about bigger think I as Steve And it the in the be as have direct see that. we and strategic a standpoint. appropriately the and we improvements But to is really depends team about of there of from like but a people, of invested reductions

we're – have – we'll have we as size we right, going so So understand some variable roll and but thoughts, of more out we're to incorporate.

where on sense the cash And can of balances, support need year so? us necessary sheet? last a the So to cash balance level investors gone ATM, obviously what the business, tremendously on think or the feel on terms Okay. to you you think the be you should you in as is that give cash over up of

Yes. giving prospective would raise don't we million remaining, a this the XX suppliers it's and any of have the do and is on to, employees. the and plans like to ATM. of roughly customers the for but confidence lot to Part time. to reason, specific that's reason the We'd like employees ATM We the that at

very it's So been early.

Okay. QX? you I process what see missed be thought might've Did that. would in

it on on minus volatility and really ballpark, the day less to in tough be price X The on was a the it kind brand predictive, stock matters stock the of the than give thinking to it with is difficult specific plus projection is I what it of – I be QX. million to makes is I'm that predict. in that's expect of but didn't that. it our what volatility or

Okay. guys. me. All that's right. for it Thanks Great,

from Capital Your next ahead. Group. Richard question Shannon from comes Please go Craig-Hallum

Hey thanks and specs use understand here. each great of have about that my help taking you one on three guess us discuss specs Well, cases or can split first the force family premium or four can a then two of Any be you driving them. is, guys, you one what a specifications? for That'd quantitative, for Sumit, the others I those you here. and are to questions. the One range single LiDAR products, way relative the expect then of hear. behind Maybe talked

Hi, that's a question. great

bunch range partners can want they've range that perhaps they lacking flash-based for you LiDAR on all don't over of only, as but yet, capability it. they different long they're system, in and may have imagine, the because So a to be completely Richard, software the a testing change a short developed

in because somebody range to one be different specific accelerate four bat, off for having sales not solution on maybe right only may ultimate longer their range to feed not wants products and highway family the you accommodate going example added the want only. force solution, does needed to So which the mid short speeds even that to range go or need, they're

and allows it mix So them match with their to specific needs.

of a us allows benefits of of the with having the of also I speeds the them connecting view, platform. ranges all speeds. it So the kinds of three to highway those you still hardware flexibility believe with our fields them allows all way single flexibility and low offering LiDAR

is, technology product think with right on in. benefits have I've need. is a risk those features allows – onto customers kind softer and of of family it be back potential and and for and we plug that any other the spoken there getting the have certain the that And same may new one at them at may the that as about our And software our the like I different hardware ecosystem. a be things that seeing But velocity, being to to then it's slightly we makes LiDAR that course low and they have would the level hardware. range very that provide to different one. would we now, single low introduction introduced all all needs, to piece no come People think on they can of single – resolution Does before, I start that specific allows and of that the benefit The allows a a But other levels made, to that of the they more feature. resolution in just there. features it sense? that us something maintain are inventory level, our need this

here just Maybe heard what restate I've Sumit. Okay. to I think

with expecting there, three fair where it? of be which LiDAR into those singular products range and your are they to support whole designed. the the So be in expected plugged one the one there, platforms premium a is about needs to whereas platform way around is to have a Is that think

say, dynamic sales will use yes, sale fair sell to most we dynamic the version fixed about product. a of are will well, three of for That's think the premier as likely, direct the as field view view field strategic that but

a Is may missed question Okay. correct current or validation XXXX. me to that A-Sample to B then is quarter going be as I you XXXX? Sumit, think on you XXXX, the reduction expect is forthcoming that Well, ones you sample in I it, My so here, this of you started Just us with have second or version that this helpful. you one, but is that other here? by were terminology, describe validating please And said that. there ramping that expecting understand is the the you're as help one a QX, to be to C starting might in label

going are that of right in XXXX. that is have this we sample to sample testing hardware part now, be The QX the program we sample the

that sort about. of clear what bit little be on is more a me Let

OEMs had, to design sensor So, – call to starts And with as track the by that I the right other be LiDAR XXXX that can part safety for that protocols NCAP. Euro our long from and QX over that testing the period starts actually our that Performance going ground-truth program, safety the mention the we're LiDAR, that's we starting in are be to address NHTSA, if it's I are suites itself. mentioned so from first want that obviously, testing to you of have time. some of The test scenarios – earlier opportunity, able by protocols defined of scenarios always we a – from show

kind So different a it's product. of

Level that Richard, AB think that can that's So from a always for X, be is always LiDAR there X when front the course, NHTSA as there of of be testing done. X, bigger be to X++ in X++, that And remains a someplace still Euro and those market, of is able can And you the are Level about level is a track demonstrate a collision Level addressed some features addressed. where Level we know. loan, NCAP if warning, features whole you I created, and Level we and example, new from lot believe think to want testing

That's Sumit. Okay. helpful,

more answer months but both bodies going and from to something think here talk I worldwide. briefly the were standardized me, them penetration in to for faster. referred LiDAR expecting and quick drive they which could they One, an you safety. here actually also, last topic we're are that OEM’s importance seeing to question the see perspective, do as What expecting more here up here, you jurisdictions you Your another it will of about – six brings to do, of the are ultimately What if on or various is relative here? importance the safety regulatory – over

Yes.

at I think is pass is to regulations, product really these because safety, level. a OEM that the have to And be this the good if – this ADAS to bodies, about your is really governing get think protocols test by these qualified. you able determined you question, it

things removes solve to of hardware able barriers actually that could the are demonstrate us the adoption, being So that, on. that problem early

every all will in I bodies Europe, test you and X I far have think these the think qualification may be go X, car, recently define some system one end have will controlled of a gets would things As test Germany before the read OEM every that at into it Tier I – that day, company as these think allowed, to of regulatory Level protocols meet. has a it LiDAR through to but

the path effectively. So therefore, that's

not far dominantly maybe out still have X++, Level clearly some to available timeline X to technology public But just And of there. the has yet. in legislation become X so a be I protocols is so read starting been test effectively, available no control on X, defined that the Level right not for openly but that really Level available Level far now and cases, those to available,

and I bulk the volume Level remains still So and can that's and X++ Level or – where X including well, the of in main X, may gave sub those Level levels that levels is arrive. be replace created features others number X++ Level game as XX to main than And the that the A X. approximately. other Level million other

interesting, reflective. here. for That’s Thank all Appreciate the you me. guys. questions the thoughts Okay. That's

Thanks, Rich.

the questions address to go them open try we we call. but up investors via submitted, to remarks. are the of be questions variations respond the now questions many here. basic investors same we to of will and consolidate of over in receive we the e-mail. the won't Then same prepared topics, to We'll on topic, try issue. to last the like every the were will on Many the We We to of questions the on some our XXX some answer from addressed call but through question able did

your So is, as can progress you partner update provide confidential on the supporting customer to the testing and and of external the and an first question evaluations? validation internal sensor

December, indoor hardware development we've earlier, XXXX. conducting various on testing As I been mentioned since

– by with, folks and operated have exercising we folks has internationally the ready and been time, other for initial potential our We Class else from outdoor we is share then with. not on has maybe that in marked a features This purchase. progress, potential the is sales, progress submitted personnel and a evaluation product the has for can that It hardware and speak qualification enough not approved certain under Once accepted laser or manufacturers or present interested – data parties, than been also that manufacturer representative. product to marked that demonstrate product understand indoor of the for the to CDRH commonly sales. customer. the setting, control always objectives in Till or validation test X we with in any by CE team is is will as we a parties. speak maintained initial features U.S., engineering understood the well. is the with right, anyone and development is laser interested our Folks the proven CE qualified that they EU device. event to not cases physical developing report need the that course is and in focused manufacturing Our towards customer been and complete private understanding that The be this samples of of

shared course, So them, internationally. because we data I And of place we've restriction much that of done tremendous COVID with in non-employees restriction, said, restrictions, best right, The onsite. locally we've think – the some amounts of the I can. this is as chair, as being still

next with do the The on opening light relates reason regulatory it? more anything office have did to question the Office. that for shed to environment German and the you Can

in active regulation, most ADAS the been to of have Germany held safety mostly in Xs because Tier beyond. ADAS space, and and OEMs Europeans

As and have mentioned to made our in XXXX. in same have before, be just can same we zone language. office technology It to an time Germany active, sense have been the since responsive companies there actively promoting those we that

received be We Germany. at can the upcoming questions we about expect event? number trade show in a What shown of to this

Yes.

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want live We them steal the the make from there But videos to public we after displays We show. from. of not will and show. during thunder have will would and show demo I share course several that the

The was, ATM. the question next the question we Okay. around is had

is about and think – questions has make point the dealing to answered And again, the customers, the advantageous we that balance his asked those addressed and Glenn it. I with employees. when I here sheet think that strong when I have, cash been suppliers, ATM

as for often sensor Microsoft. that a plans for Asian line? is we asked again, planned long range asked XXXX customer is, answered was production the The in The Glenn April And LiDAR question. can when production question, big provide next long-term, report So those one or a about Redmond pilot on and next specifically, the your line on question the our progress you with we disclosed it about is the questions reason ATM. which his also

and Our line transfer was to automation, process our our Asia. pilot original restrictions plan and during to COVID develop tooling, in Redmond

restrictions the is Japanese One place. COVID this Japan. of travel plan in partners in in still Unfortunately, are

qualify to partner Redmond. travel QX tend the team All produce the is being sales to Redmond Our adapted to needs the Once second became aware automation our line We quarters. our of delivered we and to for successful our quantities for initial you transition. in this quarter, plan. in in

from before, evaluating all As expect for to to options. are we and our partner transition we there, scaling a

investing to the What now? question or Next are these in them and is other of you relates actively verticals pursuing verticals. status

LiDAR. in but is value not verticals we shared ready stand calls, We potential effort to our that and previous I that believe support focus automotive our needed, a other as in on As all is now. customer

the will work, sharing as or for we disclosed alternatives. engage currently to What in And previously strategic share alternatives? and agreements the we about data specific data. is have in mentioned test continue you As sharing question we've filings, transaction. can remarks commitments SEC been this but to about strategic prepared no have strategic in RFI, any Next responding we year, past we

we can generation fifth before question, take fab live last relates your what more the questions MEMS report the your And and you to MEMS Okay. MEMS production, partner? about

MEMS we I'm fab have partner. first our report wafers happy to our that received from

we our partner. dies devices units now. use fab are from are sales our the expect building In in fact, produced MEMS QX initial they will I

there's Beyond think that, commenting we're I any that. not than more

Okay.

the first Operator, question. We will for we're questions ready from some now investors. live take

you. Thank

ahead. Please question Bordner Investor]. from [Private next Ty comes go Your

Yes. me? Hi. you Can guys hear

Yes.

company to for Okay, in entire on the guys made QX. great. you the congratulations progress Hey, – you in

Hey, call, were think projecting changed. So of and you congrats mentioned on that. the that I end now you headcount obviously in last Steve, the by that's the year XX around

projection I XXX XXX. think is to current

increase? you comment significant can on why So that

that higher. build Level and to ADAS Yes. teams get sensor X+ our hit into my features the some opportunity some some in we remarks. need an I get prepared cost to There's tried software, the to down. And and to hardware that, do

need that's that. some we'll do there's so people the an we but to focus, really there opportunity think And

Okay.

guess in So back QX. in that known wasn't I necessarily well

of in the and a it take our about to timeframe QX. to talked we in kind work go and it developed opportunity we makes product QX forward We've roadmap all plan what and could do future would that for but as able resources QX, was that sense with. think of is what dig happening and do we we've the In think we into what been

Also you in communication filing, mentioned in provide – can Any Have QX Got an was additional it. all? you back the on for – any had you at them sharp contract that? the Okay. extending year. status with any

COVID give their Yes. to product because get I extend people difficult to period make them out was we decisions. time the a for contract mean, reason just new was and

made thought we good to was it to So been succeed. extend sense a them and they've we partner want that

you yeah. that's they're that, reason with have for the believe communicate I matter customers. So about the can extension. specifically we find Do Today, tell about fact, don't but still to anything really a them? working Yeah, I of as I

And XX Sumit, Okay. lot's a last and months. this changed you've the used XX over months, last – Sumit. for question is

position my different the back you now? then. you large like clearly you is think is off question guess used And in regards wrestling MicroVision a of feel analogy used analogy do to And mat you I I the to in So specifically, an than the now, mat. you reference, a you are companies, then, negotiating were up with a on being

company, All on kind say the always philosophically, the way right. here, of if way the I mat. you're trillion $X All you're right. best it, it I I'll can think say about not

the give give expenses most I you answer the honest That's keep to build can you. go So going, can best got you, right. value, large just and answer I

Okay. all got. Thanks. I That's

comes Please ahead. go from Mike [ph]. Wolken Your question final

Hey congratulations. about, number small or advanced automotive of other testing, and in given as internal in own would are manufacture I automotive know don't a data they investor. what for guys. them as well to, in is. sold you words, the bit being sell little talk I'm wanted but are what there's sensor their that how these Great our exactly What use these we'll own a OEMs are and road that going QX manufactured for? to We've sensors to to Are sensors mentioned small number. and an and progress excited QX. testing for? those continue be quantities you LiDAR We on internal to they able

software we sales, Tier be It's going will we're There said, there's could they quantities. sale segments. cohort different there know – these, all so needs. saying. These be people. also direct There one we have addressing a our customers segment all development. of will different to a be Tier specifically these. I could be be think, and could It are could could Mike, about as that to whole think be initial autonomous robotics. potential of small be Therefore could That not people X, be this. X. I It in driving group

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specific like, So it what we for could now. thing to hard be say use

is can test about OEM actually because Your And Tier a you question XX you they important make automotive product what big are test going an can about how validate do, for after to think you you support the X, you solve they're make believing to to when that purchase. have going they years data, or data a are that problem.

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to and that some that you do be a work for. actually wide of can initial before be product things forever, phase used enter have of range making it could So could that you

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things So right. of but variety it's done, it be going to a they've that yeah, calibrating to test they're for done, things other definitely stationary that already could moving,

it for. use they will to on pretty what hard be it'd So comment

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they of Publicly are to going what use.

they're it of to publicly, But don’t not we're know for. using Mike. We comment, certainly what course, going

for business go office he's there, seven years, Development Business And for to is credentials. Head the course, company one Luce, And in the development called CEO on been is who in of Okay. other great of company, going his which to to Germany. about going previously Dr. question Optoflux a be work has of Germany. based

represent engineering going possible director, website us? to any between is even their go connection website. our two Development the MicroVision. between connection of company with Head an He Germany to as I the see still two could interesting an there the is Business Going though for you Optoflux because managing their companies, that Optoflux and share a companies can in or of job Is partnership he’s taking into

Right.

So Thomas Luce joined MicroVision in September.

managing So there. CEO till director and still he then is

he joins once with MicroVision. to MicroVision, So going he's be

with Any between of respect companies in forward product design…. engineering, going two Okay. terms the to LRL connection

to Redmond, As are Washington that's scale we're Steve going and teams our here mentioned, right, our and software, hardware doing in be based to up. what

questions. answering for Thanks my Okay.

Pleasure.

welcome. You’re

this Thank questions There are does today's no you presentation. conference further time. the That at for today. attending for conclude

now disconnect. may You