MicroVision (MVIS) 28 Jul 222022 Q2 Earnings call transcript

Good day, and welcome to the MicroVision Second Quarter 2020 Financial and Operating Results Conference Call. [Operator Instructions] At this time, all participants are in a listen-only mode. At the end of today's presentation, there will be an opportunity to ask questions via a chat line. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Drew Markham. ahead. go Please,

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

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

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

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

Now, over Sumit I’d turn to like to Sumit? the Sharma. call

Thank you, Drew. and and QX to would progress into like during welcome Good to July. I afternoon, in this update our everyone, cover areas. made three on

that we quarter First, the accomplished July. into I and all will discuss second through

Xs. talk on look update an our Tier about being I finally, is and our how Second, XXXX what will by And progress may OEMs received like.

Let's dive right in.

was quarter our the history. one This of eventful in most company's

level our this competitor to put heating it of has a the team company completed also were range specific win of a delivered of team all on our MAVIN particular only work Furthermore, by as include start line based for were place, serial the allows previously we successfully OEM. OEMs tailor In OEMs unachievable for our to automated that in great This target our able MicroVision. up. the engagements. to The solutions. hard is as we in line, design, would features, customer of product, not is big potential needs engagements future point LiDAR our limitations and product incorporate features use our able additional Our support OEM flexibility an of enhanced supported important dynamic pilot last their one, base but case. to was tailored as viewed production This the

this later higher given the a been OEMs this game I allows solutions, about DR, is MAVIN performance low with. have my represents us that Prospective current LiDAR, all elaborate than latency. high resolution at in a range remarks. significantly dynamic will changer. and deliver Our have working ranges at It this bit customers feedback more LiDAR

is Our in achievement. production in the way future. automation team pilot for line. This paves our for This the supporting serial also important achieved an success completing production

some not adequate strategy line providing design, also on but quantity, four years, only LiDAR forced scale are up OEMs deliver and our capability to With a OEMs While agreements by our in to pilot they This position choose feedback zero be set XXXX, not or still to production produced are production but that other MicroVision in the our future. arrived in positive because market. to low-quality for three automation hardware is announced manufacturers zero low volumes. very past can being as products for are over leader, have being production between at orders been the on

these points Class achieving timing. our puts in remains QX. our sample starting of second half with place, This track in team X OEM objective again, meet us on on by With important and line sales expectations certification to

demonstrated our complete the reliability. track expectations, serve We will on solid We with remain customizations have product to complete combined have OEM to a company from ASICs fifth and exceeds automation best that and a production. that OEM go pedigree of line individual history generation pilot to

would OEMs from can of last update These the have and program with pleased individual we continued and meet quarter, indicated The Throughout feedback customized on to understand invest OEMs. needs. like to in the provide OEMs capability are our to and the be of it second solution. an I helping strength time have is area we're technology resources maturity they our the how their receiving

quote, best date. a positive is and the that have We to seen have including feedback, product MAVIN comment they LiDAR received I

selling enables just to the not As their enable strategy the high-speed They to as that controllers. with new demos. and witnessed low-profile are windshield, This to flexible build it on seamlessly future our opportunity data or OEMs solution responding the software of to could beyond. provides complementing also features interested and in their they very features. them. OEMs also live domain safety speaks our behind the quality LX business options, partnering deployment the provide are point Basic cloud such behind anticipated, that are grail during design more we of model OEMs, that

Looking XXXX, ahead are half track the to on Class back we X achieve to of certification.

the on is team. products not beam XX-plus Class centered years MicroVision technology, process scanning Given of laser to new certification developing expertise X our

have safe LiDAR that mind, process sensor this We to like housing in technologies operation ensure our with virtual safety protective our incorporating We Class navigated developed before. proprietary X standards.

in the We've deliveries. sample and third in-hand. OEMs Xs this meeting to For objective Tier started support of quarter, We are is Xs sample focused the for on to believe OEMs requirements we and well Tier sales QX QX also sales.

Our and our MAVIN property a I am about what implemented it, am excited of how serial engineering could than Redmond about and and LX Xs. positioned excited we are OEMs production ADAS Once with expect the solutions where intellectual be product support to I sales this more in decade. for pilot future. means the I for a we're Tier for supporting centerpiece strong very line in future. will LX DR

will to As in our ADAS demonstrate our highway drive-by-wire into XXXX, product a invest LiDAR software. move based we hardware continue demo innovation. on and We we to intend system execution and high-speed pilot

radar, up software and We on to expect this running together Edge will our ultrasonics platform, MicroVision fully demo on the proprietary two camera car. MicroVision LiDAR our with computing integrate sensors,

technology driving summarize company. sensor technology a to enable like decades high-tech, we the therapy be LiDAR MicroVision will for and how high-growth to to would ADAS I are required autonomous Finally, positioning as safety LiDAR and mass camera apparent come. is OEMs, future. in current of with adoption of expected. meetings confident With module radar products, a I The in and is feel this limitations my

videos We in publishing. asking are ahead of the our competition we're with far the LiDAR hardware

we expect LiDAR technology, With of ADAS the enable to offerings to autonomous advanced driving. our and help our software expand safety

company our expand hardware a will company. solutions to demonstrations and software XXXX Our full

Before MicroVision for review the acknowledge I hard invite work. quarter Anubhav I results to and to want thank and their second the team projections,

next aggressive Thank excited partnerships. and in Anubhav. to Over I'm achieve set path of objectives to and proud the progress what OEM make, we XXXX continue and XXXX. about you I'm continue on you. We the to towards is

Thanks, Sumit.

windshield. As point believe options power ADAS one all systems long-range actions are product in key to the to number advantages; that at The dynamic latency quarter Sumit The XXXX. this what We earlier, with MAVIN and OEM the view MicroVision following accomplished cabin sound safety at to low brings optimizes for output a XXX-nanometer inside make and one, while decisions behind that of take high place short, pleased of of enables improved speeds. the medium flexible discussed our the road LiDAR The split-second times. XX sensors, really deployment together profile, all ensuring hertz have the provide two enables offers launch second ahead. it product cloud the OEMs, the LiDAR combined OEMs into we with we

inevitably and MicroVision built is lower materials cost structure. to supply sourceable with Second, chains, hardware known had a OEM scalable,

positive the feedback our We the demo excited are fitted for and cars product. with about meetings very received the

X driving for our we some as year, up second and remain this track half scenarios well. we achieve infrastructure lines highway Additionally, We testing sales Class production of to production also on our R&D start certification ramp and as we completed sample some pilot in expanded the complicated more to as outlined.

the into strategy section the to discuss our like jump financial the of I go-to-market performance that same. company, would next before Now, remains recap to the I

could primarily cars corresponding the their product, for through cumulative price of a them. included and units EBITDA in we once between points Using $X the believe $X we're partnerships secure to Xs billion to to our Tier and estimated to produced number profile for market billion billion with work be to be still the $X $X continue billion opportunity their to production and of OEMs series needs our able sensor We with the to MicroVision with be the fleets. to XXXX, suit revenue OEMs

the XXXX. Microsoft We current in from update. second $XXX,XXX recognized the revenue quarter in Now discuss of let's performance royalty quarterly

As signing XXXX, revenue no a for the of with their directly units as Microsoft. Please revenue recognition in Microsoft executed is at of and by product. produced tied April our to $XX was of to note this we for received reminder, AR attributable that, an in in technology the million revenue cash XXXX. the using XXXX is payment display this upfront This contract contract received in number

left XX, provided the an QX remainder XXXX, Microsoft, for unapplied $X.X by reduced million June expectations our the Based the of on contract year. of we shipments on we As liability. have have

reiterate, XXXX. against now revenue note our for the the the liability result, all cash with Microsoft. in no approximately in impact recognize recognized quarter second the As related that expect To lower to or a in position upfront million from $X.X was and cash please as contract we payment to operations year has received XXXX this of Microsoft on revenue revenue

from revenue to strategic second the these during sales half we sale plan we expect limited number moment, coming revenue LiDAR the At sensors a back LiDAR this Tier to of automotive of do we the not Xs sell and significant to Now sensors. as of for LiDAR discussed, OEMs year.

quarter $X.X to salary this higher expense year. was as $X.X terms same million stock-based last out is to employees $X.X compared compared of totaled expense to The $X.X the $X.X driven R&D stock-based R&D last in in year. included to higher $X.X compared compensation US to primarily expenses, increase as last labor totaled second quarter quarter, million inflation-based the last the same this Backing insurance non-executive the cash period million of non-cash and and expense the increased in compensation headcount, year. were expenses. was million higher by and prices increased of expenses due $X.XX cap the stock $X.X non-cash to second XXXX quarter market SG&A million costs salary In to due for quarter stock-based million R&D $X.X to million of in expense the SG&A year higher in $X.X the compared compared in and headcount expense cash million $X.X million, period year. non-direct out last million in second last expenses million and respectively, to cash million to expense business respectively, higher Backing second last year $X.X compared year. lower year. as higher benefits compensation R&D due adjustments The in the all due

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

was component achieving to Cash the towards used out invest laid important march in second motivate quarter the operating pipeline activities company. an XXXX objectives the the the we our we growth to talent to as our use stock-based and As employees performance our million. in of for upside XXXX, we we for share in awards continue incentivize of employees, $X.X

discipline. very it pleased this Sequentially, last right are came financial with our burn by XX% backed expectations, along was our We I number, quarter. strong cash as reduced as by outlined

of one it was driven global QX cash burn in testing believe the volatile conditions, med retrofitting macroeconomic business. our XXXX CapEx lowest track the in by build higher, XX% quarter production as one-time remains cars of support, LiDAR of was to and in down. $X.X million, development the industry, second steadily Our sequentially we which we the of our sensor line. required was is and investments pilot primarily test our the

in million exercise any of cash between used XXXX. to using as half second for to employees. second of incentivize to do of $XX be expect operating compensation We and XXXX discipline not the approximately stock-based and the non-cash $XX in prudent million continue half investing we expect activities significant CapEx We

be incentives leave expect will that Redmond We for existing our improvements financed by primarily new tenant locations premises. in to our

the be this some We between and cash us million, of a significant amount be securities, liquidity gives position sufficient the cash differences the the equivalents which cash burden finished timing of including investment quarter. with quarter to While expect we and spent the company. cash there received, at end not do a of $XX may

capture the have maturities within yield to XXXX. As be Hence, investment we form bills end one-year in XXXX rates months up have at the position with to million from $XX treasury some of of the million of in gone interest market. XX liquidity the at the shifted end December ticked securities $XX to our June the from year-to-date have period,

I burn current about company, Based given we be very our compared our Xx the our very outlook, and whose Xx a execute always peers As cash well cash ranges our have to sought the current burn are objectives. rate liquidity, to to feel to current burn, XXXX we rate positioned disciplined our on cash environments. macroeconomic strategic using especially

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

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

are We facility to a in expect especially ATM drive XXXX. planning our a fund tool that growth this to use plans, as flexible wire we by

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

forward and work the MicroVision from our may hardware business summarize so help for further one, this in superior Xs, Tier software. themes see commercialization capabilities solution testing the our investors. us continued Number to that me benefits and confident Let call of and we're technology to towards OEMs and our and to the they look demonstration of

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

Thank you, from Our Cantor Instructions] Sheppard question Anubhav. [Operator Fitzgerald. Andres go will ahead. come first Please with

Hi. Can hear Good afternoon. okay? you me,

can. we Yes,

questions. on of with like Wonderful. Thank and this start past a couple congratulations all maybe macro you. afternoon I'd accomplishments to of quarter. Good the

on environment, you any, business? what rate to interest do rising the anticipate the Given impact, that have if

Andres. So let me take this question,

liquidity have an some if yield we So the shifted at securities of to. time, anything, on obviously, gives it this only investment us position our that extra

fairly quarters. to next very and confident well positioned we four on strength, navigate balance six rates based the our are we to our So are burn cash sheet

it. Got

helpful. shortages very continued that And supply with in do That's of following to have maybe bottlenecks, any up sort anticipate the impact? you Okay.

do Not any right chains. effects why of with shortages feel any impact not supply we are now that's our we because, some confident direct obviously, chain have obviously, hence, where of supply from OEMs. expect the we do we And because from not these these with engagement

you do timing maybe on to That's sense the the the to great to regards to ATM capital us know, it? kind how hear. of As raise or not is market it. give to use any And now be program, you Got anticipate in best. you able right would

And share? you anything around that just so, thoughts that could I'm any wondering

Yes.

used So, operating programs And think are. it like we have of given offer activities. we where I given the was$X.X maybe flexibility, ATM can And approximately said, in and just I numbers just right? quarter tie with $XX here, some us million. million I second So cash up

So comfortable a offered compared the a their significant -- to of obviously, who is of offers raised of to which obviously programs more amounts ATM position. or peers, We us this some which gives IPOs. during tool as use flexibility, a us very capital

believe is use strategically be So, opportunity. the sort do last when this have be And offers illustrated facility I didn't this. the ATM and didn't XX market the as this strategic to think used because only we tool that's to obviously, we months, – we need what of in

sort perspective stands how balance So program of today the for sheet hopefully, that you of view ATM the the company. gives and where strength a we

a sell Yes. begin opportunity little me revenues Thank That's there it's or great you. Thank No, this I starting the question in verticals? last examples to ramp XXXX some is maybe to nonautomotive soon the even you're expectation pursuing ramping XXXX, think bit Is for absolutely. year. maybe very in up for maybe those still an or up maybe And you. strategic one is, insightful.

answer Yes, one. this let me

So I think…

ahead. Go

think we talked So Anders, I before. about this

purchased a line, turn to line. to going that's we think and pilot steel production I this

to other markets, going we're or needs at in we any course, developing devices to and since Our the extra OEM and as fulfill -- now looking But that to options are going this industrial potential are next we different channels for Tier intention requirements. we're sales course, line, also, X have speak. of sell pipelines development year, and these we on have is capacity starting we sample once of other year, those the

Got you. pass I again I'll it. Thank quarter, all much. on you have. Congrats Thank the very it on. That's

Thanks.

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

Thanks, Matt.

question of market a sequential for levels other peers. SPAC just financial ourselves as we by directly significantly publicly is executed activities, fabless comfortable question us our you other cash The and to operating with of to when chips ATM traditional LiDAR a as fundamentally business the the question cash raise LiDAR one cash million the is one navigated in are all what of focused times as I'm probably is annual bill raised sectors over significant burn needed response weakness all MicroVision be to valuation has chip for our of economic providers. markets affected $X.X plans to successfully respective the by are capital support the part pride again, the do decades all-time So to IPO And used public and $XX company fabs second cycles million to in on So listed past how given broader cash going guess, capital necessary driven in not as and IPOs. model. remaining year that around peers million few rate. think normal their We in have we our our towards chips has and feel With industry our bill? I discipline. with rate their you about gives $XX ample the three their The the the bill the flexibility competitors equivalents, chips reiterate continued impacted QX, going two ATM, not amounts addressing in sector the company at our lowest public And next SPAC having our ATM? another in MicroVision of five feel come in a we're the times highs. down Hence, of burn some by companies Microsoft have We conservative a points. is, decline from quite in being the works program was which from of operating in XX% about unlike peers. the

supply However, it semiconductor chips signed and the get a if in chain. chip the certainly law, bill the will does into house the stress reduce production and boost passed in

Tier you. I think in bode players this should one's us. the all the for and Sumit, Xs for ecosystem, well automotive this OEMs, including

You track or the on use in Class I potential achieve needed Is said to public that customers? certification third certification you're Class I to quarter. in LiDAR with

question. is This a good

just and So remarks my a from go bit comments little to there. let just me back prepared elaborate

our have year in XX-plus a We technology. history

last ground on the into safety product builds team up. Our from every

our there. all So Class that's demos things of very and our always I both very our the that actually that implementing the has great team VP confidence been demo well actually protective go implemented. are into making I. to present Since units from job these and the are BD phase, most safe, in sure are part ground are the of the for right. on are -- features a the actually, very, done of important virtual I'm us a representative, representatives company culture doing we're I standards And when our is are housing customers safety going unit fully incredibly going in are The of proud Class for built conformed it. we demos. meaning present a Class of we there, demos and OEMs demonstrate MicroVision of or can I myself demo say We've a require cases, like with that

right? created, in that's full outside the when you think to approval, to as whatever part to you And that's explained, get demo, actually certification, foundational to the sales, you have certification as that's go LIDAR But So have was out. that When what about I I other Class they've So or certification testing third-party, FDA Is right, gap to Class have allows. of do. question full the move certification essentially, I and a done. regulation is, just the use public, needed the be that have all have that's for think QX? features happen, to then final Once for RTL, and to it we selling that full sample has you will the everything to in, out, everything is into start comes are whereas I locked that very, buy. very comfortable the and customers submit conformance your point, a taking locked and OEMs it, other will to is have no certified you samples, do that Class there's confidential to company at Tier not because course. as they those Xs needed they they their testing I will build a discuss representative, piece you

to I us, to history new same just kind in kind LiDAR or any go of has you of time, representative has the full think through to process. have company laser And So, we operating the certainly safe this not product, like XX-nanometer company certification. sell done to to to with laser of a But full have or mode anything demo deal in a with have implemented the available. have any in product, feature full is every the

well hand. with and objective comfortable very we're in I So, process have this we think this

Thanks Sumit.

Now, few cloud, I questions, next the them. all point I'm going so summarize about think, to are

the cloud simulated? coming posted on LiDAR So, or from recently let's most think, is quality I is it see, the straight the website point

is There is a we exact the just drive. streaming. There just beautiful. that which is the overlay. an is released make It to LiDAR. The it Nuremberg It more question. cloud Drive, recently, good directly is is was no stimulated no post-processing it This from data point about

that's and about that, they think is customer witnessing if saw. you If what a sitting

is of the because in post kind much cloud and is our exactly coming easier does, bugs is see It's see what's why post than and this no and point very, little people I team advanced to out here that's even and mathematics them There's we to very pudding. it just some background else. understanding I still it can more that. our are with how what to fixing, high-end you really there anybody for to in or is that So, but start actually still impressive, proof exactly wanted wanted DSP

up that in recently I an you this like example detection about talking was pedestrian if think for somebody, of safety. often comes think I just cycles, about with quite

some in And so that road you think could happened front it see, us. the the I clearly them on heavily. of cyclists video, there see you just can were in

You details. can see all the

actually segment that drive imagine easy it to drivable. not You can that, things and -- identify tag how becomes cluster them and

even it's So, how very, a runs. best it it not this well to the see be. actually is will And very important

course, lot is, good. team of of the bugs and at device, point a they are keep bugs more, fixing learn and to it's darn based based conditions, that it And they perfecting find test continuing Our they pretty learn, it. the to the more environmental on on the

I think the is think, talk like can if also others. comment, I versus what is this about talking I about

it's of looking nothing this that post-processed. heavily point doing. this we raw. So, there's the post-processing by just other pretty is at no and is reason clouds, seen is mean what I'm its proud of folks, I believe, -- course, clear because we're What I've the so from far

that's what, a that's guys with posting when the that. games look are it's our that would point tell a you like. figure beautiful, customers low characteristics configurations. will from of and see latency. the no I high website point are And look a but see -- the we resolution cloud. noise can different and our that latency playing doing they there's what but fact certain simulated can go who's you let from streams, And coming that at So, data they you there that everybody's these fact that real the out are high no going that's are at There's density, cloud, And cloud to look resolution, point you

can it. the describe way Ours best is pure. I That's

Thanks Sumit.

questions, let again, few next summarize the it. think me I So,

there is from prior And product? I think data with new the new a specs? MAVIN broadly, how is different to going be sheet

is static There products called you if to back I of going think now, three had different to flexibility IAA what's lot was Munich us everybody. needs. when which Actually, it that in higher And the is LiDAR, But is Absolutely. XXXX, from we show, customer we specifications. to that more talked and the back the about, were then announced And MAVIN happened. we products. address always dynamically were that's MAVIN exactly we four the course, much go gave a attention September the which take believe

far customer which just the that versus as white in just we talked product, the of one are cover performance a as is specific a new there. The we other. in differentiate them If a listed have resolution the is sample, field we case somebody okay, those long-range you summarized call year, MAVIN the were we a the last has all what three the are LiDAR, in And is cases, sheet, the that which is not the our a So data wants product, we provide AX about is the there last static sheet as see. know the that. let's it, it LiDAR, value included. data which that difference is, body. it's of that but single significant announced resolution as In year. is that the black And you product, And is wants view

we them single they three a in can product whereas, all could for the with AX well, the different that. So features as that of all allows are of higher exactly velocity, components, some imagine, in simplified the can you the are wants, resolution experiment and inside the But somebody and all slightly a -- product almost fields if these with make separate components to bodies are staple give view other as the two us same. housing

hearing. gives have us of we needs the all platform. flexible all flexibility a address And, course, this So we're that the to

to development a of a deviation these instead common then the rather that entire same and which customer again, directly to don't that wants a if one them what course, in the a is, firmware they on us, higher want, sort where years some see wait if development make decision. some it, other. it's wants lower cases, than experiment for phase, higher in field, the any low with corners having and middle. have products live some example, hardware, of pulsing, comes with power So of but to Whatever want see one in for product environment, in of wanted common with wanted to the is they risk with common of, for smart they we region, in product. slight their They us with but our and exciting in development And the a redesign working take the asymmetry much they sample specify can resolution in the do to in this,

So got we're good -- first just to we want. really their to we pretty what happy And for we're be listening are put very needs the they place. flexible customer, say in very, to very, I'm a and

the us that's all of of differences, same working they think them give with I in So environment want. the flexibility and anybody key the four

question is design How you, about platforms architecture? silicon. Qualcomm Thank view next Sumit. NVIDIA current and and for its The does MicroVision chip like

Okay.

about our has ASIC design, within some high co-located the forth, the high because current back The our think be density. signals to LIDAR, -- the tight and LiDAR. speed, hardware are So ASIC our going inside have very we analog

So that. important team it's very to for control our

the away far into So box. cannot be those other ASIC put

to control has And the is away the again, device laser cannot foundational jewels, tight be family are inside moved of the is that have very years, of have interiors because course, to so of into everything of all it. which safety software. piece for be this that X co-located ASIC, they many a Class designed digital Our

we and can to in an lock real-time put FPGA, logic, into this So it do ASIC. go we in an

are have or other it and competitors, in NVIDIA an real-time platform other do they They of high Qualcomm, logic. sorts don't extremely have software running all they power. Some that

they're features going is lowest the we a fully pretty as making meetings fifth of imagine. the pipeline, the power. And ASIC path be yes, we running running that's in, to actually to acknowledge power when It at can that immediately absolutely go discussed totally I've -- of in different So we that history been well these this the have several all high that amazed we've being ASICs, ASIC, generation they and device. we our lowest that shot as And features -- are speeds these taking. with and have you're so actually such have the you

future, not it design Meaning run, the the taking I And LiDAR second will inside but want which in or data to they be, and big those gives not cost all that serial cloud. stream software. application that have file the us a it, the will our whatever a are the design their and to production we So entire driver require application could by and customer be advantage, just product header identified, cheap. header the think will controller, goes ASIC a running The itself that, you to because where customer, are in are now that version about final point file it to could require could a inside. processor a when an only the it be point if output cloud NVIDIA, the LiDAR Qualcomm the But objects think this product processors. will processes drivable. And if those box, comes of domain and or is

built we So sort model the confident effectively, in, are very otherwise that out, pricing, of and margins a when of we target give that we've and where baked now. in was we're right

Tier next The be this me end MicroVision's one. Let take Sumit. is, question Xs? Thanks, will customers

our remains no I has it. think go-to-market and been there to changes strategy solid,

devices focused question on question Tier will always automotive Andres our to products referred OEMs of we're OEMs. grade Like, series The are optoelectronic OEMs is, Xs, we Tier for capabilities productions, need maintained, have think, to. supplied I've that While and again, form demonstrating directly be next to I both Xs. by that the and a

LiDAR be on MicroVision applications reframe me let only, for market the expansion. AR, LiDAR focused still other automotive considered or question. Is will VR So

the largest believe believe and the LiDAR, series efforts for for truly for starts. automotive We on before, become cash a business provides to LiDAR sensor only as have size to automotive total LiDAR given continue company, As automotive focus sheet the our addressable appropriate strength. applications. for us, we applications an and balance market we that once have still a we multibillion-dollar industry-leading burn current production Hence, our we stated LiDAR LiDAR the

used the to far in are demonstrates ready and ahead already that that we AR stand they to us applications. for were We if technology customers, were our technology. help this Microsoft standpoint. approach technology HoloLens in regarding Now VR MicroVision's AR/VR space a from

attractive believe after growth market very go of automotive top applications on revenue LiDAR opportunity also will we the additional to another LiDAR probably be accelerate applications. Additionally, and industrial

are to cash Next well, and again, what spend question looking that take Which cash on burn. company Sumit. is, guess, the one areas as I intend is to their extra MicroVision the does capabilities on gain. this I'll

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