MicroVision (MVIS) 27 Apr 222022 Q1 Earnings call transcript

Good day, everyone, and welcome to the MicroVision First Quarter 2022 Financial and Operating Results Conference Call. Please note that this event is being record. At this time, all participants will be listen-in mode. [Operator Instructions] At this time, I'd like to turn the conference over to Drew Markham. Please go ahead.

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

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 potential implied of made Following of our their implied development, availability opportunities, opportunity, expressions. and you'll or review prepared questions. and guarantees forward-looking remarks, These XX-Q. information. results recently actual encourage statements competitors, demand, statements, we product not will open most risk market sales limited All well reports differ filed this projections not performance, filings, that these and factors and discussion include other to, filings of comparisons future Form our to including, today's our or but you of are Please and partner our report words believe, as future funds, obligation business to operations are containing as quarterly differ the expressed in some required like results, future forward-looking the We of and engagement, similar on and Form including results statements call, expects, by could except this in information date statements. expressed law, statements cause future to our performance. undertake product hear regarding customer will from as forward-looking testing note annual those These potential, call to to 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 Sumit? call Sharma.

highway systems. Thank you, to you the on to ahead back everyone. quarter, XXXX have along on last an our a our beyond. recent good XXXX. foundations, execution, talk for pilot I'm momentum, and Drew, for performance continued we three our has thrilled look The and goals afternoon, months made us solutions I'm over progress about the from which provide excited quarter our and with half to with towards in past progress important update leadership role the of set up made

we First, in the OEMs securing the are on ADAS systems, agreements and remain provide committed that their on to directed track. January safety generation OEMs for safety outlined and understand in help to autopilot safety products differentiate new them that under that's their features. new market highway that features. disrupted go-to-market We partnering which remain with with driving and pressure unlock and strategy Tier deliver We executing enable expectations consumer Xs being their will technology experiences by are will by to the

perception them allowing their would advanced and retain edge software the software integrated while brand. them ownership to deliver retain over control driving LiDAR experience to hardware and features. highway allow Our safety pilot to hardware will the solution differentiate MicroVision

their with aligned We valuation are schedules. getting

and products. into it auto production cost supply of quality with easy built optoelectronic to their is technology hardware serious and trust, chain sensor with Tier and OEMs materials LiDAR know, entirely understand and our on that X to already grade incorporate predictable Our suppliers start making

them solutions expect US as start end and supporting Our business June, are fleets. our OEMs vehicles across we back their deployed model by is year. of LiDAR-based of built ready to With in with sales ADAS Germany strategic and on the demo half the partnering in

momentum. milestones completed as last some in in few building Michigan. included round plan. in track months We go-to-market important Second, have our important of March Detroit, The planned, we're testing an

we In and these our the capabilities able to to real-life our full software of simulated towards drive gather is the engineering highway tests, superior to vehicles MicroVision autonomously of team audiences. the that it Over respective ground step our mode course for by and several future, big a driving starts solution for our and at their I'm to their of milestone important proud help driving data our scenarios. maneuver days, the expect scenarios demonstrate and high-speed software. several as This This Through OEMs an wire hardware commercializing was important such us we truth OEM very demonstrate demo speeds. benefits is will refine in solution team, operating achievements. to

ADAS new wet conditions continue features be level that new Developing features rate. could product our showcase frame develop phase at surfaces this solution, we full our to growth next can software testing, to we that lead the are feature detect like of This beyond next-level With high During software of This our our beyond at to slower classification competition. hydroplaning this none talking that competitors Fusion changing have that competitors set at about. road our is enable and of speeds, is will detection develop safer Sensor shown. help systems. better conditions well

to resolution, take most ahead further highway is reaction delivering away we high-speed times. seeing are thing we LiDAR We testing suited better and a suited fundamentally track in our isn't Last, are faster track. momentum, picture take their this remains what that enabling surpassed this a means are city standards, data this our to to have and different high their painting we to as Through competitors. a to to this demonstrating that space. to testing, role own and needs from OEM this in scenarios OEMs is conditions. class our hybrid in sales at drivable and positioned scenarios the of that best is With clear year, acceptance half than solution already of path driving driving we than important that we leadership second The on of high sample at to start expect compared understand our success

months, the been Over three how and we investing time value last OEMs. have our to energy communicated into we

ADAS the that and been business time will enabling high-speed develop have confident That ADAS We MicroVision paving automakers hardware, committed for to software for focus. features. to is will OEM a that highway new have experiences. we and long combination success right next-generation way remain model the of enable our

partnerships. track be just is The series to will XXXX, our recent milestones of in solution more that thrilled. bring testing couldn't of balance the at securing ahead Looking one a closer important I us OEM of

additional will We frame that additional June testing puts driving solution completing time to our highway speed, be in scenarios. highway

OEM form We deliver that and us on have existing product allow our will for factors for to needs flexibility. plans

towards solutions will to to highway will and continue next wave the safety standards to need We new experiences. shaping LiDAR deliver work of based enable guiding ADAS for what

you. go-to-market driving is and building Before communicate the are. other I differentiated I close hand momentum the are just We're way to day. OEMs Thank go We're our on and to partnerships, value our in Anubhav, that improving safety and results executing reiterating to every we that want by call over to as on committed innovate continuing MicroVision strategy. learning projections we securing highway over stakeholders evolving detail, OEM more to the to

Now Anubhav. over to

Thanks, Sumit.

As track software. we're really ongoing integrated earlier, our excited Sumit the solution discussed LiDAR about of testing with perception

LiDAR retrofitted point these new fused cloud a with radar and ultra-high Jeep resolution to density sensors including additional sensors dynamic to short Cherokee on low latency front and vehicle. MicroVision was medium by highways of demonstrate data the that from system, captured the data our scenarios of our goal captured was LiDAR with a Our mounted the day. center. on latest range drivers LiDAR We test bumper our sensor based every simulating The from XXXX

along the resolution But of parts point backseat and road tests, drivable the with cloud more accurate RalLiDAR For unique their on experience. fused along create and faster in to RADAR vehicle. with ASIC custom OEMs of that what a data data the the allowing LiDAR are would and appear test these in safety ultimately, features, the driving be laptop and it's to of along together cloud nondrivable passed the the feeds this ultra-high our purpose point ADAS, showing

term against would key discussion, this series to two, model the and the two targets once be achieved. Topic one, and I number financial medium number let of progress attributes me like the longer the performance financial Topic down in OEMs results with XXXX are production discuss QX business believe Now things. what we can milestones. the the recap

be LX+ chart manufactured now key capabilities. Let's attributes the LX recap will of number the slide on represents to one, The of XXXX X include and projected topic business. cars number the between and that

series for LX billion LX+ profile for have number to least those. LiDAR revenue the will LiDAR between estimate one vehicles once two to corresponding to cumulative billion on able at cumulative for gradual $X share our and an market of billion be assumption integrated billion an revenue secure OEMs. $XX $X through the that of of in for the the MicroVision the we of with $XXX. sensor XXXX, MicroVision cumulatively cars sensors XX% XXXX, vehicles believe billion XXXX and and and the opportunity X We the production of partnerships Assuming rise their from MicroVision require produced is Tier that of To a OEM can with EBITDA the to this average number we estimate using and units adoption fleets. estimate perception by could this be ASP. with through estimate the $X depending a revenue profile to of selling to to be as price We the used XX% through we're included $XXX Using number start opportunity software $X

initial experience the is two than hardware XX% strategy only the go-to-market from Xs and the can series and existing as one, believe of XX% will to partnerships then contributing in revenue the optoelectronic to two We devices estimates The Tier years. Our average Number OEMs. higher do streams, they total upsides. production with to that ASP quality MicroVision strike have the the Xs be especially cumulative remaining Tier revenue the auto potential big with the be attributable from software. primarily revenue revenue to the OEMs have and XXX, grade potentially from to revenue coming EBITDA supply these of come pursue

excited it make our the out the core to I View note LiDAR for We're most and this, LX+ there free while by add needed at range, that Second, with Please high edge the if forecasts, three, hardware LX market the competition sensors and the top of increases considerably. we these that highway vehicles on resolution at powered obstacles. size the following pilot just in build on space hope LX LiDAR clusters advantages; to working we proprietary technology two, and market three in not low to you software why MicroVision's are custom LiDAR and latency and the about future. and one, really versus prolific believe assumptions solution understand outperforms ASIC help are these sensor advanced LiDAR product software capabilities Dynamic number cost to Number provide on computing protection parameters. number transform

to moving on topic number Now two.

$XXX,XXX current in performance quarterly first in the on update recognized XXXX. the We discuss the Microsoft of royalty from update revenue quarter milestones. Let's and

in Please in XXXX reminder, executed for XXXX payment as received revenue product. their technology signing in is that contract in at the April of using revenue this the we a attributable our display AR with $XX no to we XXXX. million cash contract upfront an received this note Microsoft are As

$X.XXX left As of XX, have liability. an the contract unapplied March million on XXXX, we

previously recognize with our end XXXX we As entire stated in expect the this results, against Microsoft. contract revenue to million for year year $X.X liability

year. the this expect the higher to in revenue We be remainder of

of the not addition, also OEMs sale for moment, revenue direct these to expect sensors. LiDAR of strategic plan significant sell sales year. we some during and from the sensors we second do Tier Xs this to In LiDAR half the At

compared composition million benefits and The stock-based to due non-direct for primarily of higher terms salary million non-executive in increased non-cash compared in increase labor-based employees inflation-based expenses salary last increase adjustments expenses, year. $X.X year. non-cash increased headcount driven by R&D totaled higher headcount, $X.X expenses $X.X expense, million higher and In to due as expenses. primarily the totaled expenses. was and first last higher consulting $X.X quarter to The professional payroll year and SG&A million this services compensation was to stock-based and costs the US,

We continue and accelerate our development to invest business efforts marketing to efforts.

our stock-based performance of XXXX, upside used the as motivate and the for for pipeline our achieving talent there may be to towards Cash an out to share was the incentivize laid in march $X.X first LiDAR million, burn component integrated quarter invest milestones employees, activities cars awards in and we million we important $X.X required for one-time XXXX we We by As cash This the new was the million, company. employees finished that expect of this in $XX.X primarily operating our we of our growth $XXX investments approximately impacted liquidity of quarter the in driven testing. retrofitting securities. includes CapEx with one-time capital. with working non-recurring which investment track million. payments including a the quarter in was

million treasury and added end the As up we hence, interest period, ticked some investment gone from of XXXX have scale an have $XX of be short-dated XXXX, higher as end to invest and to business the From have at burn one-year our of in securities moderately December the rates year-to-date growth market, earphone company. March. we the at to bills the capture cash up perspective, million in the we expect outlook than $XX.X

As objectives. well on Based positioned a about and burn the always as our outlook current times be using burn. to disciplined our cash three very have liquidity, to our company, our compared current cash execute whose to sought ranges we're rate to peers strategic XXXX five we

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

there broader weakness our markets, overall of XXXX, of shares most prices. half XXXX, sales in quarter executed experienced During equity the of second the no LiDAR of as as as first well the ATM were under the peers including stock program

this flexible when needed. and to facility to as expect use ATM fund our a We as plans tool growth

in remarks, prepared as the we from quarter. Number track test themes confident our conclude Now technology this looking that happening all this and complete our call testing highway investors. summarize our update business let settings to additional we're me are for forward in one,

our and business we outlook model a we're open position working well us about that billion to The profile. through our And XXXX Second, the with number could like us I with this, that $X EBITDA three, the we're future excited a business peers. towards. cumulative growth liquidity high build in help burn current XXXX strategic looking $X the are execute to to partnership With would positions regard cash questions. to line for billion

Fitzgerald. and Thank Andres is [Operator you Instructions] of question-and-answer above. Cantor time, a are we session. first from Our At question Sheppard conducting this

You ahead. may go now

the Hey, you Can guys. Good okay? afternoon, quarter. hear and on me congrats

Yes, Andres. you. Thank

give OEMs in and on if ASIC. some what my were most cost us that one go it MicroVision's with from structure? it Thank feedback or to meetings Wonderful. the with maybe them I long Was the your in And A you. I'm what from Is the the custom to two history wanted on stood can questions it few was with them? you've the Is back most out LiDAR? predictable that experience provided end. resonated your to hoping selling I just proprietary opinion. the you in biggest software past wondering points particularly, the Germany. clarity

present those was for I because meetings. impression, my you give I'll most of

then is partnerships. resolution the you they piece cost the looking set think also range, perception specifically, And if that technology of was overall if it and back, size fields. course, been think history pedigree. There's exciting a you in the take they reliability, may other of to and That's on very feature has ASIC. range, structures main I like, technology deployed like of The in they're right? compelling. all It's step that it. about need, delivers what a history a implemented history for on And look successful what the there velocity software is at

a those the that a pedigree that's years things company of ago. a The not couple combined, being pants, by case. not very foundational one, technology exist So a a did compelling all fly there's

years We of have XX history.

products We into history and went sophisticated and OEMs working globally have delivering that delivered production. having product with

of compliments was lot So, always of a that and gets respect. a lot

Got it ATM sense have this right? And give it. a million to you us is sense very currently your on year. available. Can to it little peers about mentioned So, No, that's a helpful. either Can in a $XXX hasn't of used industry. differentiator and bit expect you of expand the been give next little year? maybe about you this you or kind -- you program, any you And use and you the talked gives to since same flexibility, of how going us kind June -- year last forward, this

Yes.

thank Andres. So you,

we $XXX facility, And used us So flexible of see our positions if we it last us respect about which so facility the of to and of which million year, yes, it obviously a firepower competition, access when which $XX the million this with remaining. half went gives SPAC. about tool, some as to kind well through of needed, is

to So sufficient our all permitted market. liquidity now, to when the -- very use expect as use are as balance facility will by and needed, handle requirements, way needed our right and levels is we are I this we and this investment think the well cash to only facility because plan when

this fund the overall So we facility this the of very growth our sure even think in I plans. use we to to because why year because and and drive quarter, the equity half markets, reason shareholder goal our make and that's didn't second use we is facility in -- value this last judiciously weakness saw

Maybe on strategy. super one That's Anubhav. Thanks, as well. helpful

is is non-automobile any vehicles TAM, automobile thoughts electric particularly some other of This that up alluded I'm levels of about But we automobile addressable the maybe massive, peers as to. verticals. verticals. the in something wondering market And I'm primary as market. the other for industry have that targeting into any move continue autonomy. the wondering, potentially is total the of obviously, again, I adoption your and of understand some into the the these also But just expanding there consideration particularly quite is So,

the think what in and said have we consistent. it's still I past

you're that applications, Direct our have is what as smart our strategic about cities. to talking sensors seeding different strategy. with general sales, for sales We deliveries focused a from drones to more which the we're on market go-to-market

getting our thing explore we ADAS, company those to make But product about, of on I certainly, available with out talking be think that's is like the already and a market take look different way. focus other But hardware as going once from the doing Chinese samples no and this to made sales the make intend they're at at you we're a all margins So of now pretty available, our those is to we our kind establish of secure kind a have now, available, the to first not establish deeply, ourselves cheaper, if available, expansions right hardware first to right the that right? by lot from are it's line. footstep people in actually pressure the -- the once course, are the segments. looked is cost all I resources, that of there. like market lucrative, sure

big those segments this as a tell other can market of segment as They're I So company. as as not is. anywhere dominated near what by are like handful you big

providing shareholders. are in competitor LiDAR you at magnitude value we're Some with we software. create company And opportunities decade, But that dominating different a segments, know. providing and applications. orders right? them reason to more compared Germany. to quality than compelling the for more what have of is some simpler we're certainly, for with expand perception us that into than a to If there's low what that for next there's of them So a space they're our specs point, are as providing, are been They in for

Of that. we're do to going course,

of me Obviously, can with Thanks. as one but Maybe us been this supply visibility last appreciate most is, That's chain? isn't MicroVision, for this you companies, the -- very give on, into a there supply everything a pandemic. has thorough. one result little I specific of disruptions right, bit it. to going

that that see of mitigate improving? Is persist? And can just any something what us of of you you so visibility to some hopefully I'm you to kind that? something those that that you're give And Is to are disruptions? into that doing wondering, the that things some try expect

as like our discussed the the supply we team, that materials you operations forward. I I we've job, secure may MCUs need the with risk supply of MEMS, that -- ahead the up. material have those we we objectives have for far were rest, the coming components components, team and XXXX wafer to profile. up, But detailed supply a and problems our our well secured to and possible I already our path as The think did our as really that adequate all be chain tooled good FPGAs question meet secured of We've XXXX. as think the that for done everything far are asking, other

custom on half course, going thing that that Of big is second our focus shortly forward and moving in ASIC. the to the beyond we're

kind that, very that small there. but also, we because we of too are along the of our chain volume that the supply issues sales for year. items and about, too the lost middle a been because we're in with engagement that any our risk So, may be out with happening product we end squeeze they next start right, further and And relieving to to secure of strategic you're right? have go now, of we in we this a expand get of in have beyond maturity the So, further the units right to expect supply talking small, as year, customers, handful careful

the Anubhav and Wonderful. Thank Thank Sumit it much, again you. so answering on you And quarter. all I'll on. for congrats my questions. pass

you. Thank

Andres. you, Thank

Verma to the through read over now Thank Anubhav to you. will webcast. questions call turn I this submitted back

Thanks Emily.

getting things. could the roof two is, it there test more The you in we're vehicle of video provide are color the appears on track test assembly the recently first released via question units, LiDAR provide mounted unit, expect final Can on or current represent units of more down further? Also, to you do size shrink on heat color do that? these you they're the the them

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Our what dynamic check engineers a put have interference. Anubhav They or specific can can a multiple They LiDAR LiDARs. in for the described can have range. midrange a video. and short They could

So, you're on ground lots to testing of different versions the product. doing of

all that create. to creating You're data need the you

one CPK recall, we the what everything If a understand characterizing majority were Munich that year things the you what of they that variances, can make set. and the we the view. in static company we we working four the data that understand on in them September three is announced of our to we and we just is demonstrate last And team the say those customers, adequately products, dynamic towards things to we view our data the LiDARs them and Show, characterize our sure sheet to is deliver, was with

think terms. So, it that in I think, about

I the that. as about little the was think far I a question described heating, As by

we've about this talked I think before.

at we high time, in when to be demo moving summer car into it, created is cool want that's structure velocities, Our weather you're power. significantly drive current at the there, And different to that speed. it this FPGA-based, been not hot important higher product but may which go is the

to So, it's and thermal a may to just that the worry across about us creating not do variable that have of platform come effects testing allows it.

couple you see is current the for what And the which once over it. you goes our final is ASIC the there a of question to transition Now, away, is I FPGA course, think of -- setup this is size years. we of have like our But digital next just this just FPGA. hardware,

will some to the as significantly ASIC the OEMs, you with have to way I will But size expect, more think mounting engage we we some their of they device little testing. also when mount smaller. get device the the go for customized

is just bottom the of needs. that their is testing. need whatever inside comment they needs and to everything accommodate same for their And expect we to So housing top XX%, the XX% change for exactly to

right to we significantly see what future, lower NASA. So the you go than there now once

the you, Sumit. like X to team for connect also ground tooth and software further the I is for think add, think Thank refine And I which units also just I'd using our LiDAR reason algorithm as powerful data is to make to well. the more

another that's X LiDAR are units reason why right. we All So using there.

you driven or was Second the the controlling in clarify the footage it track the driving human question and is, can test car by being what software.

Okay.

lesser please you Can peak provide a than sneak appears on prior as the it the at quality laptop observed and the that images in comments on of quality the investors images of many and CES the website?

This good question. is a

good. actually like road so is now, the the this where rubber this is hits So

if it, is level X been lower, driver we've ADAS. the heard in always control. and on ADAS focused you've about So for

showing we're there system So response there right? right the to the happen, reduced. with with all about of our intervene course, domain controller So, ground and data, only how to fusion doing, that we're is sensor what and seeing the when something within safety catastrophic be is, proof now tends you're

So you could have that you even driver can is driver a but safe, make safer. that

X+ Level seeing, drive-by-wire big So X Level wire the the kind as to expect call time. your In that good ADAS, ADAS go definitely But for for appropriate it's look because going on it we which still and to to X, market X. solution that, are is the current need focused of I X+ to but well sure X, in effectively news focused. demonstrate demonstrates think demonstrate drive think a a our companies solution, comes all future, Level at eventually We're customers. about about satisfies Level mentioned course, future you're the we beyond actually I very Level This the of us support. also the testing their investors also on, that make and and same which X. its so and eventually for market Level to our Level and the And that positive that can is solution, also want that hardware they are can talks also starting ADAS when that same today, by hardware

like many that multiple are is The think this actually from called I showing which So people the even doesn't like me things the the possible, saying look quality there's live what's from when and other question. in resolution. again. is right? frames about super like of same, in remind all are other the they're -- well, points cloud other what this companies, parts But those anomaly too LiDAR point per -- I we're a is, of that to forget watching I second. that the is beyond is are question think like has there there video question an is think there one, If pictures What tool been left seeing visualization XX don't

So on that seeing that amount you're space XXX-plus for is is pretty impressive. anybody resolution like curves. example, unbelievable resolution and we're a It's going say of around of ranges -- the meters, that's kind at vehicle, this impressive extremely getting of in will

on the no you go to buildings trees test The side, on like the other side. thing track a is, there's when no this, there's

away. time, guardrails You off far most have and you things really space into the being fired are is a highway, really, of open and the have LIDAR

So, so anything happened open It happening. except where their shows think about that was around you're talking there nothing kind is there is vehicles. it of emerging piece within that the up in highway range, of just scene, an I the that was theme and of

high range hard. high of have sure So, is resolution, at worked resolution we're thesis range. the that the we I worked The number make has our product. and extremely points extremely hard resolution about, key to We've for team think the talking range

So, a feature the that have met. any talked we don't have no? I they're things think it from miss to Did think doubt be about I I Anubhav? I that got set, going I all, anything

the materials is, behind are you I will if challenges, any, Right? The windshield next think LIDAR main No, it the got windshield, putting required be the of that? all. question what for special

this this about is Thomas one. also quite And a talked important I an lot. Yes,

it because reason still will and behind a sensor most in to windshield want X, the want ideal a the Tier if be an the is We it's this headlamp, there. being to it by place So really likely right have to it want they decide is in believe, OEM with the windshield. resolution they we or believe that the determined grill they and that, right up behind strong going a end it's for they where

film once Now accommodated. the in going go course, most pieces have But LIDAR, blocking. people are be the need as light happens, of is laser middle two a through glass, and of glass. course. windshields that can the windshield And polymer that's know, they of to to

variant So its of a out. to cars with have a this. new cut available, are us, that not notch has special be of existing windshield is they course, created This to

we're time, right the but at any location agnostic right that. with location. We is, OEM So, I can the think decide in where will go

size the rated temperature. small, high for low. Our is power is is Everything

based right? MEMS-based and would there. be it's There's So, the big that feel of out that that accommodate is some noise galvo places. thing. course, different very can all inside a like cabin, which other we bearing need winding no the is we pretty technology, we quiet, requirements and being Therefore, systems the in motors will confident within all we benefit our the are surfaces audible the of of But with cabin,

show windshield from them have show benefit makes the problem, the them for they there, the most sense data, of their to what you with So it. decide OEMs, the will fleet. really And work

solution marketed competitors compares have some LiDAR dimension. question is Summit. to next comment this? LiDAR XD, how MicroVision's Thanks, The on is solution you where the the velocity as fourth other Can of their instant

Yes.

do not branding I three You is need need just all of one. all and velocity, what's high important need aside, you them, very resolution right? you range, think

call So have OEMs They're the sensors. they doppler instantaneous it this have when requirements velocity, people meet set thing that forth. effect, is FMCW-based but the already does not resolution using

of to So, one it's have the or out three not out of good enough three. two

You a to have to have those be three valuable all of sensor.

and do we look is, something velocity that being instantaneous. We different frames identified, been So have velocity. is has at it once and instantaneous the benefit tracked is we that

quickly we're things also. takes their instantaneous maybe their frame, very to tracking So after several velocity when But really velocity, come right? the consistently, frames into pinpoint it like that,

actually velocity. benefit. does outflow a big our So sensor That's

can tangential radial they velocity, velocity benefit whereas both we do that and velocity. we can only, other they axial whole miss The have that and forget people axial only do component have sensors is a effect of doppler

useful. not vector, that vector. it's components know know components. to have to and big of you those off, of know somebody as if two the to So you know vector need is the both going It more cutting useful is I'm the knowing sideways, like to you

our that team better velocity every way very it is be eye somebody So the It to the velocity, doing And I've that this has it, like right, done. just role how time understand presented time, every of BD presented get we're has confident. I'm you of satisfaction way.

believe I strongly and it's just they of we're spec path. we been think have on I but do for the that marketing, OEMs, the thing, a a XD right right? better Could job they is have, defining So it. made-up

them. our focus So messaging we to directly

you, competitors saying now of spot sweet Sumit. take $XXX that other adoption that range. are $XXX the actually, mass The about to What question, price in for Sumit. Thank point your some Perfect. me Let next the LiDAR the is that? question for is thoughts are LiDAR

going determined way to about the the we is economies ASP this So is scale. by of think be

together. the in will how ultimately needed we Tier this which be wafers, be manufacture So can the that or units going terms are to much obviously, which of terms to would it's X, of upon manufacturing depend put by OEM, the components driven in how to by get unit the it in by discounts many be going needed be

per we be that a in -- estimates we believe at would in that And point. our obviously come to on, and down. unit on believe, point, slightly conversations a obviously, than higher platform units taper hardware are competitors in Is of portrayed volume a of scale part the their several we this can unpredictable in the going then this be as is and up reference hardware Hyperion ticks that to the your But certified number the there's numbers. economies But stated part provider one commoditized, those And understanding based and to Hyperion picks the become hardware LiDAR question the next also believe products will the at the several on off would and the platform? be as believe and only design. up They of major of So adoption point, this only NVIDIA there But are it based is to the ultimately, this range. sole the it that platform. NVIDIA market, point, we fact, provider at higher certified number will there be how recently number beginning. single large be the this beginning. this this LiDAR only The LiDAR that are remains as as is have that executives $XXX at approaching of provider number the on potential manufacture because we that as upside they

can Yeah, in -- world the answer. is I that all the confidence That true. not was

happened, at the have the don't not answer I'm future. that not that improved, how think I in may I have they said to they that's that, have that, I sure may the this, really to because but going release -- press is be case beyond think think may moment,

Okay.

take next ahead, in a about cash think the describe you burned Let low has why the to Can case? that is others relative that Sumit. question I sector. MicroVision getting the that we're bit me is question. Go a

ahead. No. Please go Please ahead. go

the several I time. this to focused know point, think was say, on going years point to LX+ is is autonomous on we're at yes. focused are driving and I the point. solving is LX be there in I problem Look, this business we at that all at way this going but we think some Look, out

our the for monetizable investment is to to for one our that needed LX that's have after that's LX. come will exists burn the I in have strategy, of revenue capture cash -- the opportunity the over experience why and of any obviously, mentioned And decades we'll actually and in LX+ we think So immediately this well. And Sumit LX reasons and lower of some other about We much ability, field. of I the and think the pedigree, engineers the as XXX quality I two the right? patents than think have -- peers this is it's

So obviously, not need as doing capability. acquire of even other have some only do hardware peers been that have the to to we companies even

product more features more the software, in best to have think makes refine and to prove specific of we I that the already goes the to only which in also this the market team, even we on the know-how resources solution, already that and the not sort So hardware valuable the and have powerful the the OEMs. make

Yes.

think tough. long I company, a I MicroVision some and is to to comments ago, add a a And it was it, linear more right? two years history. level, I'd at it it's like pretty think couple base of had got

So about I spending good that are things yield return. we to a culture have very think like just money going on

by a by market We are funded investors. public

software is for come engineers to our we growth that to shy away we with yield advantage, If going continue we find we of us up and mentioned, And new innovation. I an it. an features. money. the Like any So from idea not fund We do respect have add them.

a million acute we the of things. for burn, history. fund So OpEx, three companies cash numbers to astronomical years it. are We're or But not of only side years less than $XXX four have that on five these having years

decades we're building have We on. two

of we're So the going benefits that's have. always one biggest to

Thank you, Sumit.

you looks I closing time. of do like guess are it out we any remarks? Sumit, have

to No, for am thank ahead... I attention what joining towards comes everybody want just company. thrilled and I'm for us I to excited. very thank the the very

disconnect, concludes may This a great and conference. have parties you. day. All today's Thank