MicroVision (MVIS) 25 Feb 222021 Q4 Earnings call transcript

Good day, everyone, and welcome to the MicroVision Fourth Quarter and Full Year 2021 Financial and Operating Results Conference Call. [Operator Instructions]. At this time, I'd like to turn the conference over to Drew Markham. Please go ahead.

Thank you, Jamie. be CFO, by Anubhav to Sharma; CEO, pleased our and Verma. am joined our today Sumit I

Actual from on XX-K our materially could that in SEC materially results describe as forward-looking update the statements and financial strategic we of the statements. no product implied of made Following of our their implied information availability opportunities, market expressions. and our or review prepared including, and guarantees forward-looking product These XX-Q. information. results recently actual encourage to today's potential questions. development, demand, not remarks, will most risk opportunity, sales but All well reports differ filed this projections we will filings, note these and factors future discussion performance, other statements filings some open future Form our to not that testing or limited you of are of and partner regarding report words believe, as future funds obligation business to operations are containing as quarterly differ forward-looking expressed in and required like results, and forward-looking competitors, We of the engagement, similar on and Form including results statements call, expects, by could except this include you'll date statements. expressed law, statements cause future to our performance. undertake to, in Please customer hear from as statements, the our annual those These potential, call to comparisons plans

will under Regulation on will the we addition, that financial G. measures considered non-GAAP call present be SEC's In this certain

of be call at information all replay our financial both the corporate release under non-GAAP the financial for directly to on SEC please the which conference in our can well X-K each data ir.microvision.com for be as comparable the website dated SEC our GAAP Form of website refer Investor and most of on to to will today, presented audio at in financial available included our call, www.microvision.com. This submitted and press the tab. measure, as section this reconciliations found the For Relations on Filings measure

the Now like Sumit over to I would to turn call Sharma.

Thank and was you, XXXX an everyone, review welcome, fourth and this MicroVision's our full in history. Drew, year XXXX results. to incredible quarter year of

Our evidence Munich. August, our technology commercial September and major to core Tier and same our the showcases advancements X X announcement, sample, real-world OEM on revenue XXXX in AR win-win over enjoy their aligning best-in-class disclosed of applications. validation and team our for timelines that we MicroVision focused completed announced military has time, solidified is our started continued a OEM engagements cost A With significant truly a the as industry. our program in while competition, . and of the being with which at we foundation that products last we for We the beyond. and for market competitive a

the another strongest X on update our I to company's in XXXX expect with incredible topics. balance year the sheet to you be and ended journey also We like would our in I year history.

competitive technology momentum; outlook. our our third, go-to-market and First, second, our platform;

to our scenarios. their testing, in versus we reduce is that creating system ADAS output in Germany In other and LiDAR why we we this QX, believe and market. will our give differentiate will with algorithms overall come Tier of to clusters system track hardware us to delivering clearly into complete We extension To a dynamic of LiDAR to continue advancing with to pilot LiDAR test our of software expect edge Class capabilities between new X sample partners. and costs. our true certification QX, cost important of free ADAS expect ready we best-in-class and By we OEM put a and to an for competitive expect highway other advantage velocities, intellectual X adoption. companies LiDAR. OEMs external significantly on all product it a ADAS of year, the technology very for solution. integrated we a sales strategic the that and from would perception start we and software vehicles property new performance be with obstacle the test test solution This This prove enable a over simply, solution for OEM a solution expect our space facilities dynamic associated introduction deploy focus platform to U.S. our solution and QX, solution at product. Demonstrating QX, pilot In every be simplify believe architecture high-speed QX will our will highway

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estimate billion sensor the MicroVision that conservative XXXX, the turn We sensor billion with to once a partnership of by we're corresponding of and their gradually ASP by to summarizes slide units, billion to between adoption XXX Let's these our and $X XX% for XX% with the XXX to OEMs EBITDA for rise fleets. included numbers are cumulative on these through X. from assuming the share arrived to at be potentially could to LiDAR to can be our the $X Both in of $X billion number $X revenue profile secure of the for able market start cumulative Slide depending be estimates. OEMs. every unit instead This

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in as of risks cost now. as Let's is OEMs related the cost to important expected the is MicroVision OEM costs be driven talk expected to the partnerships driver deliver the to most is scaling scale be of production for largest be of partnerships headcount about expected by business resources. The to engineering by the no associated with the number number revenue expected that are and MicroVision. believe to assumed We

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this, of EBITDA of a resemble is As the expected software that company. a to of the typical result company profile quite

to that about I billion. quantify billion these are future. assumptions may forecasts, should corresponding the are assumptions, look through note figures you the really Please you MicroVision guidelines excited these XXXX. are we not to and these success estimated help while With $X why for to what EBITDA be we illustrative general like $X help These hope understand

market. and are in We out MicroVision's the most LiDAR solution core truly to transforming technology the advanced make prolific there

the Number and believe very and software the let's two, And Now resolution space by clusters build that at ASIC at LiDAR outperforms recap and ways product Slide custom versus sensor provides edge computing X significant X to move X lastly, Number highway on that view obstacles. high capabilities LiDAR pilot competition. software dynamic with latency following on low perception the the in advantages. the cost and our proprietary powered free we hardware one, range.

company in shows scale the OEMs to Slides the vehicle, on technology. we're just a the growth Xs. of X and as gave XX positioning Tier Moving be and how the that LiDAR business with investing and you peek X which test we fitted our into LiDAR Slide efforts will with our

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I second to the wanted financial I cover: XXXX discuss let's and topic Now earlier mentioned XXXX outlook. highlights that

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XX, $X.X of had contract million As December applied we the against liability. XXXX,

liability million the During XXXX, December customer. ended the this we year $X.X with XX, against applied contract

For the winds for be year be Microsoft that anticipate the $X.X revenue contract we there remaining revenue million another liability recognized XXXX, outlook this will down. as to

to compensation, XXXX the compensation. Tier was cash $X.X and Backing stock-based half in the the $XX.X expense in in direct compared by was products. the development basis last moment, due adding more our The sensors. units to up R&D the higher compared million the plan was $XX expenses $X.X primarily noncash significant million million also not Xs in driven sensor In of year. some was support XXXX. from primarily spend $X.X do LiDAR of sale a sell the R&D revenue and addition, year. R&D to to OEMs At out Xs stock-based direct investment of XXXX. our There on to these million increase effort cash Tier totaled strategic the OEMs to million sales materials for this our of second the ramp expect resources and engineering LiDAR we to cost during with This we

For $XX increases expense, labor year cash R&D slightly a implemented by nonexecutive driven cash the expect the higher the the be increase local this we across in board markets. R&D to on million the than in to R&D inflation-based XXXX outlook with be XXXX. in on will the already to An payroll our of basis employees compete U.S.

necessary to up with add plan engineering our efforts Additionally, as resources OEMs. to we ramp also

We SG&A compared stock-based as and noncash employees upside An our to to stock-based XXXX. policies. expect the pipeline $X.X $X.X compensation $XX.X in growth year. million the motivate expense invest of following primarily increase company's employees It higher awards component was in to million may that as share company. talent there important for expense. the $X.X incentivize we to totaled be the our was to due million in last XXXX The as compared million new

consulting investment higher professional development and for costs. firms accelerate to SG&A insurance our efforts reason was increased business and Another in business higher

fourth the expense $X.X was SG&A quarter For XXXX, of million.

quarter, and $X.X ramp professional executive development to efforts we invested our million and marketing and over other business also efforts. consulting in activities this During engaging firms promote expand to up firms,

translates SG&A compensation quarter the year after million for from QX XXXX. cash into was of $XX million $X.X backing the out SG&A, for million, $XX Additionally, million to stock-based full the that $X.X

as was product SG&A, activities infrastructure and million both for our XXXX mainly cash operating In to for our investments in the Higher used several development HX initiatives and PP&E, almost discussed, will upgrade U.S. including in investments year addition and in in development the to $XX.X doubled cash $X.X business increased be was LiDAR for above the XXXX. R&D as the investing the activities was by we to in XXXX growth Cash headcount R&D additions driven for and IT in used i.e., the million. CapEx Germany. CapEx

be XXXX XXXX. to lower We expect compared as requirements CapEx to in

have cash to company, burn whose burn using to and Xx our peers than cash we the our that to our ours. for execute positions our sought disciplined described is I XXXX us outlook compared I Based a rate always about to on strategic current this well As objectives. be very liquidity, feel just X

the on strategic the ATM the million value Now net advantage let X used then update mainly remains ATM shares, an taking shareholder $XX was raised you first XXXX, creation. give company very facility. issuing on program The In company me in and of focused our the the of half million strengthening back equity sheet. of and proceeds when XXXX strong markets the balance

including During XXXX, there including executed were shares stock the markets, finished liquidity prices. the We that our cash the of most as position. securities under of second no experienced broader program equivalents $XXX weakness that the overall ATM million, of the were strong a us equity year investment of cash and in gives half sales LiDAR with peers

well liquidity that Given our believe Sumit to of that current the invest and talked we initiatives I levels, growth in about. we some have positioned are

Let with the about for our for high respect are call update two, billion to positions position a build this, to we to all track profile. key to working it XXXX excited in open business line billion looking current X our EBITDA points. highway in towards, cash the the a with growth like well our liquidity looking future peers. I we're forward next us lastly, technology this questions. the strategic cumulative $X would and quarter. that seeing number outlook to And partnerships in With that we're investors Number three, help targeted me us could through business burn model confident we're that $X the themes XXXX and our the summarize settings execute in from the test in one, Number

[Operator Instructions].

Our Andres first is Fitzgerald. from Sheppard Cantor from question

What that highway be can Class well? I'm Congrats some it's look is, and wondering, on we testing whether give things that are or track determine will going meaningful it's for on the pilot the going quarter. not you a us My question can X more little and feature to well certification. color

start I'll part first. think second with the I

of part I think XX Class technology. been We've years. this at more for X our is core something that's than

an full we're to and in as in the develop our sales to foundational the actually filed OEMs site, process, have the very to the space not we significant IP qualification To support of external X and using test the a Class to Anubhav -- product to view to XXX-nanometer have that actually a execute done LiDAR Xs, As an works party, for is expecting in automotive just go do dynamic in to on. and our laser, some self-certification Tier patents systems, one is we strategic external but sales strategic for happen preparation that mentioned. product I third-party it. enable pieces go and team get What

Class thing a market So outside to go to to of process, the is third-party course, we're happens. X episodic through And complete. QX in updated go self-certification is through where going the going keep as just everybody when an we the certification the lab, we're

about the of part your question, I think first track testing. The

So scenarios to and is Level be scenarios there hour on wait. of gather long most system. to have keep solved whatever a and There's that are. you at a set make track Xs is them challenging focused time of to to Tier to team -- is a to of work We've incredibly OEMs period critical testing finish the done lot that kilometers no X data per are our from a XXX testing

pilot, highway pilot For a highway truly system. high-speed

be software highway feel important they seeing is software work most want really for solution, will morning, and that differentiate pilot. to starting of is -- plan focus, to I they're have that And work we to of are actually LiDAR be as beyond a expect continue we foundation they tranche interesting So done fact, a that the the they that know. ongoing But always a they by that, matter testing. what have there's But X our hardware a.m. that things from going work June, expecting. of because for solution to that what this is

your So that I answers hope question.

very one That's quick may. it if helpful. I does. follow-up, Yes, Maybe

past, today, the maybe of color partnerships? bit what is maybe alluded little the Regarding us your In OEMs. wondering, can relationships which kind strategy. go-to-market you one, a and expand to the little with X give pillars. But the main a direct you've explained the you've And the more I'm about -- partnerships? more be what some and the going are ultimately will other those partnerships do partnerships? What the specifically, are that a doing silicon on securing X, you you lot those things Tier And pursue X you're think of to lead to to

Okay.

So the the are to first. form going second again, enables that's because is They to the who silicon partnerships important with. answer are ones I'll that the part partner and needed. it Ultimately, to peep Tier product integrated we're OEMs, that going software have in the OEM Xs whatever you The how are Tier provide and that directly have figured sensor effectively would play where implementing, would out established. to to be domain with to controller whatever and in would is have a -- stacks plug picks stack to your All X goes and the us, be our it. at the software

that's have that So OEM. internal system. R&D the step necessarily not the and are you do technology that . Tier The solutions can go want important very a Xs to see. to personally plays it's and silicon making OEM bring do and it's promoting it's because to domain a that controller, tell I to important. not the anybody have X with important, best they nice all a your And they Partnering actually implemented the partnerships system Level it is fluid that directly absolutely

enable see therefore, path. to So their want best OEMs solutions out technology there the to

marketing that partner the Tier benefit X that will OEMs to wants. how the a silicon So go from But they decision to -- what compared some start OEMs controller, want ultimately, where path happens nice and that actually fruit with product the with bears identify go-to-market always buy are in Xs will they it -- agreement domain OEM secure direct the to course, with to our of for a for essentially Tier -- solution as way technology themselves themselves is what's to play said, actually parallel, could going the sure providing when or the domain we parallel directed for a we're we're we seeing will be but directly they towards that to strategy it. partnerships, And best sort and differentiated solution when there of we've and create the as make everybody the else. doing

And and ladies to turn webcast. I'll read the now call the gentlemen, questions submitted to Anubhav back over through Verma

Thank you, Jamie.

So list we've got of a questions.

run just me them. let So through

first give question. to feel you to And us cash sense level So you let the ATM what as of is, continue me The necessary the support question can open? keep a business? that is why to answer

activities As remarks $XX.X in operating earlier, I spent our CapEx million in described in my cash was and $X.X million XXXX.

for be additional XXXX, development business pursue to plus and be $XX investment million to And For to expense $XX the some efforts. for XXXX, we cash SG&A higher expect this cash R&D XXXX. basis than basis marketing -- million

value. with the on half and view very of than raised sought disciplined to ATM were be always of the cash broader a balance when $XXX million, for stock We shareholder first high is in strategic creating have ATM program XXXX the We LiDAR very Now focused we market. competitors. our prices

program then. We have not used the since

you're threshold well. or a there time to And expect target maybe on However, line the in revenue our mind? have we I'll you way. opportunities the reach or frame availability sort to income is breakeven? operating flexibility level that question level? revenue EBITDA Or the breakeven is, of see expecting ATM do a you interesting question next growth gives expecting as us a of you're The required and when target active when reach take this come

build earlier then core will will production samples of of the $X into deals. and expect development you resemble through model doubles June framework XXXX, and EBITDA billion company, in and take strategic and by pursue $X expect $X track a testing for to the quickly walked like our we single translate the through Sumit, for commences, a pursuing meanwhile, cumulatively MicroVision. we soon revenue business how billion I hence revenue production As sensor my once billion remarks, to through software to the In $X as billion to the commences, XXXX? can would from sales EBITDA What to company's to OEMs as that?

actually track scenarios I in some on think is that to previously have working is as I think to mentioned, -- expect going track. I test a we the team just test on, is testing the what validating

comes do Additional in that along and OEMs we will other Germany in testing parties, U.S. as from the and that

-- a proof of front create data, can tracks. we course, additional preferred that not able ground scenarios at why testing X really to will body up track ended, highway So it's follow demonstrate some testing, work, from with specific of can their features it's our support open targeted X test targeted we Level directly. Level have and so it's hardware achieve But they testing then, pilot can that or are towards but test potentially we

is the next Sumit, about ADAS question market? How you thinking well. are OEMs for as

best performance, diesel in this the be are And clearly So development coming . very of to to that engaged. just and tent vehicles. kind of present company there mean around. of talking coming that are They're the business at is to active. describe being a to combustion proposition down, for starts team. selling not focused them I value same But fortunate That's have EV market the becoming they in the opportunity solution the than teams very that why it are timeline big their your of at that technology, to the they're ADAS the are sort like up. stated as we going If see they're have the was very ahead can or activity OEM recognize with responsive the vehicles vehicle. important. future a looking the sure. done vehicles active vehicles the to internal start is of as for And therefore, competitive terms and prototype going a best and clear, see pretty publicly as cost engaged it all ADAS actually any very engine battery technology you A And they interest way are with very think seeing rally production is marketing. looking what's and actually All be very, not vehicle sunset powertrain pole I pretty is very be they're has seriousness technologies main looking point sitting Their on the they because said bring that they that from a to well, and understanding are in they that's as is the level right? looking for meetings monumental, an towards is ADAS of a way that teams I to in is actually and going lot broader the kind I'm our shifting. safety more the This once-in-a-generation vehicle wave. out, of is for the it the next redefine mobility. us

lines. vehicles wave So the market, the current the understanding are true of on I on product is but wave next more multiple and just production focused decisions, believe, out trying

is stage in XX you in RFIs, OEMs question in of where where terms are have having with quantify recent And next you also you're The top OEMs Xs? discussions Please any do terms Can Tier those you advancement? Tier of RFQs? that of are Xs and and you. And for conversations? share

Okay.

specifically, like in we've specifically our now. company and a you're think a The Germany but right in U.S. Union, on, OEMs in the that U.S. I'm to focused a name, going name on. don't big, So focused we're I European That's and I pretty universe, pretty is Germany said, as top the that think strong focus

I As that. at XXXX if evaluating the in hardcore and you early work it mentioned I was RFQs that think I far decision we're can as suppose, where I QX, our is meantime, I XXXX, actual look the previous call now starts said the And what they're solutions. in think right in we in doing are, what in

from for data, actually the what going manufacturing, the strategy track before of. be all are to it, in kind be silicon our testing evaluations the product, uniqueness what's you towards competitive, homework a can going what the partner, middle like of is what we we those sort start about who's So of are to going we decision do cost is

but that the be can things publicly. I U.S., rather that you OEMs as expansion to Germany plans to I call, And that so closer we think in we've of this names think imagine are but general, are the I'm at to there. mention course, far concerned, just not said our say And in going in

the universe. that's So

as XXXX is also next XXXX. question industry well? be for right for soon now understanding or The the for making LiDAR on your production you. sense OEMs My Is that in the is that decisions years will

Yes.

the So support have to are numbers far, to have that the in that is our deck I we think volume we vehicles wave production-ready the of that and corporate high beyond. like XXXX think like so next I data that compared

modeling what out But is As now. out know, decision are years the for XXXX. right, it Anubhav we're right there mentioned, timelines to you model

take of the an Will not to LiDAR world buy in module is We're Sumit, marketing sensor part is, a to the where architecture? has for strategy secure and discussed run our production our NVIDIA? already commercialized within solution on agreement. OEMs. part going Qualcomm our become will broader you. important seeking Xs? model. X of to perceptions. OEM desire the camera Tier Or as business a platforms model. solution, control to fit is during this of X solution the product of MicroVision the what This our of our our it. and looking question that LiDAR because I'll product solution we Once why Tier our to do broader will next non-LiDAR will be advantage go-to-market displace other competitive Tier is question. the one a is risks product of is like directed build appropriate to becomes another to your ADAS or X chip there the a the piece to We're not as next ADAS This that's sale directly discussions, to Tier the and is the costs supplying final We're assume secured, So OEMs OEM's the requirement software

also corporate the in think I put out. deck we that's

more about Our -- that be that's there. me let clear slide X and

will controller on And velocities the domain point and free do within of cloud effectively will will software clustering, features, be digital streaming generation, planning course, but world that custom model SoC within our space other And actually and the Our take maneuvering, obstacle to silicon have NXP, Intel, course. right? which silicon our the the can versus will software run LiDAR. will OEMs on big stack. system, our the system. software They're it of name is will Those within and NVIDIA, of course, it, The companies are But our [indiscernible] controller, Xs like that. TI, you on potentially focus domain within SoC, going own. and our Tier there's our run the Qualcomm, our

a and in to take confident next the and Is MicroVision be revenue one. be is very investing investing space we LiDAR in in technology? our at actively We're or question. automotive potential actively strategy. non-LiDAR pursuing that billion about will attractive space We I'll $XX most the pursuing feel this LiDAR the opportunity good the the This believe time, monetizable. continues

as AR value significant our well. However, in we is vertical there believe

to ready with and balance aware products always We share If OEMs AR focused So being potential more our as support disclosed, needed. ready work and attractive take we and trading We volumes, growth. question earlier they your customers on This verticals stand is take players at no strategic support as of an shareholder capabilities or we extra we spent U.S. $XXX I'll to does on value. development double of what an to and transactions and of next have the company. as being is I our any is marketing last than XX/XX as to increased Board teams through a the almost While have company potential our previously spend? as moment, potential strategic closely on go the XX the engage identify to where when a in opportunities along. headcount February a Where my XXXX as as But year. with average capabilities? when as alternatives? there maximizing remarks their expanding side of in it agreements on Global at We're discussed growth AR we're other have to us process commitments cash can high of support million that Germany cash daily question growth your and in of and currently customers And in is into public market, unlock What are highlighted well. next in well. So valuations. focus appropriate and address software and take to come March about focus engineering, transaction. specific our well, people market, and business ready we stand there to to next hardware. I'll we -- opportunity to were phase XXXX. tap products our to be is the remains the potential as you as

MicroVision. So future why about very excited the feel of that's I

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