MicroVision (MVIS) 8 Nov 232023 Q3 Earnings call transcript

Good afternoon, and welcome to the MicroVision Third Quarter 2023 Financial and Operating Results Conference Call. [Operator Instructions] Please note this event is being recorded.I would now like to turn the conference over to Drew Markham. Please go ahead.

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

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

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

course third XXXX today.I'm on our lidar will provide allow I'm MAVIN questions to review time nodes main multiple lidar XXXX welcome, made lines. product to sequential for objectives securing excited smallest keep from and with and factor that short-range OEMs. of everyone, Drew, resolutions; on quarter wins lidar multiple remained that you, only we to as be update with our on small highest as design remained offers with lidar XXXX presenting objectives this more securing well form our for We report technology multiple I of for of form my MEMS-based progress MOVIA the happy concise company to long-range Thank will on products. nominations our today factor results. flash-based nominations color

partnerships in lifetime of our developing between for We and revenues programs on billion OEMs expanded the models with vehicles these progress units internal added other production with and deals to up opportunities predominantly the strategic from products. engine passenger automotive at.Our confident their successful. of combustion The be as remained sustainable vehicle passenger identify for the on of these strategic have our revenue the our combined product early also with volume and lidar life multiple continue nominations company far.The for all with from remains with and nonautomotive of to with nominated in opportunity of for level I'm up XXXX customers production.We biggest for lidar OEMs a all remained Establishing are for so sales predictable strategic in the direct nomination very channels fleet. important streams nominations, are as satisfied for of revenues is in sales target magnitude XXXX. timelines and for their partner trucking would start $XXX their ADAS you lidar start timeline being looking safety be to launch lidar million to we're years progress believe on $X.X engaged updating I companies like for to to over multiple powertrains.Based vehicles next multiple the first by and lifetime would incrementally looking accumulated for These ready millions commercial engagements, to XXXX lines from opportunities. of a of we X teams

lidar of cycles to customers In see of XXXX OEMs in addition opportunities diligently design that establish our win, the nomination by be we OEM new to ADAS the since for projects in additional covered nomination remain what are well like agreement may are potential address possible call. for we to debt, would new this articulated with costs has to very individual In how before, expect under the a close, a product the proportionately supply an phases excited the recall.I is in the OEMs on I about NASDAQ the agreement capital and of for as that product until believe with manufacturing shared step of core customize OEMs. outlook worked phase, supply needs production under after to positioned investments long-term to would each allows potential for products starting understanding additional fund publicly In we the repeat our multiple for right requirement opportunities technology our expenses the I parts customers.We nominations. a the require the engineering. needed multiple meet where no with the limited all maintaining current last grow being instead is list to first strategy balance master continue that that core specifics our this We to engagement. expect development the and our embedded phase, lines mentioned and partner I've at to fueling lines. as can control item a X company the the stable this Tier will sheet for projects.This process.As a us the OEMs. start successful with Exchange we we of of in are clear strength our is operations In X continued These we to core earnings important for with perception to to investors traded while second development of Management engagements. NREs mentioned contract nominations software our broader I on in potential product modifications a to confident our lidar mentioned product are with focus future customer would we our expect OEM.As before, market, you also strategy

margins, factor.Our like provide enable the to engagements. in heavy reception space and product direct build software OEM strategy, is sales sales.Our Unlike at customers single-digit we sensors on reduce and lidar for value industrial customers gross at a key our hardware product. are in that other in others establishing customers on we business. Partnerships software. modules. direct interface in customers that our and since well conducting for an focusing see software are opportunity target embedded possible new the a We foundations our market do see sustainable and and lifting the to are stable objective strategy sensors covered.We and low the focus With in even with seeing expenses see our this are the an smallest segment this not low future. I warehouse still in qualified single-digit gross and to product to This customer will realistic potential our will automation power to object-level current progress lowest form margins also industrial safety us the opportunity as target are offer camera reductions factory potentially right cost radar and system not as with our making

has a rate to as our sustainable by Our possible.I business while team as for to for focus thanking finding an their year well our work is positioned and revenues path hard and us ahead. allowed building sustainable be want incredible profitable to global conclude controlling burn that soon

We talk long-term to call to revenues.I our on across turn would to continue sustainable to lines now working Anubhav objective like about hard our securing over push the financials. Anubhav? of primary finished

Sumit. Thanks,

be into might me we maturity discuss on potential XX% results, begin OEMs we wins in the gross XXXX what QX include first into have they any especially revenue capital to up related plan sales well with and way dive software nonrecurring their Number lidar following multiple at volumes be possibly We to our established the the would this towards a we milestones. two, OEM of reaching customers OEMs. rate business schedule.Later look from mix are and companies by blended model let's the OEMs let's in line NRE to with XX%. ramp and be and payable likely scale. partner to the our after.We and to and scale improve wins blended would modeling and the us talk a achieved. to our our our required In volumes talk We locations engineering importantly, Asia additional results, I offering our process, expect will could work standpoint, let similar we for successful customers.Now contract customization are with how multiple XXXX, customers along impact in to soon would from related we minimal expected to economies be manufacturing gross X revenue economies EU once to point, OEM perception Before successful revenue it translate sensors all always trend gone of scaling will be a RFQ or production think margin achieve in revenue of we as design as of the most sensor, products like potentially to achieves the streams. upon partnering goals.Upon ramp This believe similar agreed the be lidar securing With lidar achieve production through revenue case, Number one, will about hitting From by positioned lidar expect and from RFQ about stated would this production. customers first with at would few business financial then that near-term sensors. hardware.Now our of efficient expenses. further PPAP revenue wins, serial both customization an this products revenue these margins has towards NRE to with

have our been in at visits confidence. around EU, facilities for America. As final rounds OEMs, the OEMs and important locations customer quality we multiple the see In North manufacturing navigate of audits want globe, experience, RFQs the Asia to customary production with including and

We profits.Our add no anticipate in to our liability do partners double be up event add road work customer warranties.In discipline the operations. wins of just not believe are the team headcount a that in of managing such limited expense, teams. I potential support including to alongside efficiently MicroVision and appreciate engineers which and need a Scaling deep we dedicated to volumes, relationships will comes to as detail. key and as operations bit expenses, of has see would translating of and more both need project RFQ triple industry our MicroVision's to covered IP and center to scaling more our to meaningful we addition expenses quickly sales headcount dedicated multiple key it course, to growth.That increase of allocation have proportional operating to managers, resulting points all we would strategic The Sumit not software North operating need advance differentiators and on when map. expect resulting will quite multiple to faster to customers scale add Germany. terms thereby ability need and Of continue require strong with strategic with advantage of to in expected R&D, the of quality negotiations operations America to OEMs with hardware and economies more increasing to volumes in experience, growing product of we enjoy economies locations for us into add manage the team at think revenue preferred product revenue with add engineering engineers said, resources us.I scale.We We to the portfolio significantly R&D knowledge, financial or hardware technical along potential the engineering and

the well, margins, MOVIA be sales revenue sale include as software revenue high nonautomotive strategic especially term, sales Let over to me in from as associated direct meaningful have have cycle above and strategic to In sales stream tends of quarters. automotive drive is contribution shorter and MOSAIK These the from direct few the that will direct longer not the we now to talk about the channel be direct to sales channel revenue recurring, cycles. sales the expect contribution our sales focus near compared customers initial to sales the on and customers.While sales. necessarily which

we we to revenue production into this dive midterm, volumes higher OEMs would third more be growth from In in revenue have direct fact, saw than in our QX to significantly expecting from results direct quarter strategic sales near serial up.Now them XX%.While once sales margins of and discuss revenue the adjusted are alone, let's sales the potential consistent gross detail. year-over-year have ramped in

quarter, For recorded million. the we of third revenue $X

XXXX As and we updated have primarily related expect of a customers. revenue continued sensors of quarter leading growth to and software OEM.We XXXX in indicated, and million. of this expect revenue $X.X come in hit for quarter revenue of to third sale MOVIA the part will million revenue to good from targets in to our previously the The and MOSAIK is our fourth a nonautomotive XXXX $X sequential majority momentum software is product from

processes.To them These the and platforms force with to Now connection around our Ibeo, momentum $XX integration sales in million. reduction hardware below visibility We're bringing Ibeo the revenue drive help smaller better direct range coleasing and to customers demand cycle inventory legacy new with further are this with we forecasting order ZF XXXX our some better sales in build to beyond. sale XXXX.In the of have MOVIA predict revenue processes with to revenue Autocruise The appearing we nonautomotive and and common companies, estimate satisfy their opportunities. with our the related software. support previously opportunities customers sales, placed to dollar is sales tightened as also beginning we smaller some is million announced from and into primarily together direct to slightly revenue revenue funnel to in from have integrate of have moved X into expectations and $XX in sales our

investment strategic this quarter. drive quarter's of a this inventory this and to was in We software of about growth by revenue to changes expect sales, to the demonstrated in XX% business quarters, primarily expect term near an we the margin gross and to up margin, expect gross and gross quarter margins XX% as normalize typical NREs.Expenses. high The revenue gross continue split as blended MOSAIK.While profile these to next the resembled few hardware. in margins that building beyond.Coming back software including revenue the scales our we strategic by mix The the XX% more

includes had we which $XX and and depreciation million amortization. expenses, of terms approximately noncash In of R&D stock-based million of $X.X noncash $X.X and compensation of SG&A, million

payment within items, second remind with build sales.Removing burn million a $X.X onetime which healthy being expectations operating MOVIA our expectations. for financial momentum trajectory. direct with cash continue To the is in the communicated a investors, on $XX.X around quarter the inventory in is discipline cash million, we show to which $XX to was in our burn activities, quarter, previously the our these line support and For million to our used cash included near-term up

of CapEx our million, in As in quarter let's balance XXXX line expectation.Now talk expected, the with was second our about sheet. $X.X

As of as expected we of associated Ibeo our to acquisition. September remained X.X most payment acquisition. of balance liability made on XXXX, with final sheet this EUR the have XX, related payments A the million the

to seller the million including this later amounts.Our XX, pay we and was and liquidity this to and amount as to expect the cash once Ibeo reconcile of We $XX equivalents. agree cash September year total

burn least raise in engineers U.S. In structures talented We highly the these terms macroeconomic by competitors and due ATM the RFQ facts which peers, and MicroVision about and stood indicators financial amongst have as Both our reviews rates MicroVision the transactions to available $XX of have capital opportunistically facility, lowest we're their with of industry out million attributes needed. have $XX times OEMs. current weaker stock million the to capital cash cash conducted only raise positions leaves our situated and discounts important maintaining in and price.We cleanest our current our part are to believe both uncertainty very raise beat approximately when a our significant at had capital the we one to that and XXXX. pool operations anticipate to have in balance ATM strategically one To compared and that of of of in on favorably resort some Based we as facility. cash the a of million strategically a OEMs liquidity at through operating customers deliver peers. on and hand conditions, the of and diligence on to ability that money Germany stability this we sufficient via of the date, processes.The to these ATM to of to sheet.We potential this under plan, strong have finance facility as on structured our our fund file ATMs with to to raised $X end well

as towards on revenue open operating I the Operator, modeled markets.With see As line on questions. described relationship growing and key well-positioned large focuses nominations, XXXX achieving first scale.To grows to for automotive additional reach and a to company market our out, earlier, marching in unique, strongly and beyond. focus winning now this, really we're nonautomotive with within the and value proving needs wins that commercial lidar would and to we expect With and proposition we're capital for excited like as our the economies about between the summarize, have we reduced expenses of company

first Instructions] Sheppard. Andres coming is question from [Operator Your

move next the to Let's question, please.

to the read Verma call questions now webcast. turn back I'll Anubhav submitted to Certainly. the to

XXXX? guess that your in provision question I why in QX confident getting first you Matthew. is we're automotive secure in you, the Thank are

good Yes, I that's question. a think

it, of has would in everybody be discussion. I if because it in the commercial there you're think by process this the been right, middle that now phases informed last the time the of

through the technically, engagement we go technical It aligned. alignment continues, typically, the right? happens. point, processes So you're or early, But at the some

is that seen samples. have solutions. You simulation All work, part They work on have dominant data. the done. They've technical seen is the

And You've the are given deep. when the go phase, binding also had happened.And several item are at item, get the rounds the line offers line final company but getting understanding your really a into fair of phases that deal. them discussions viability this by they they

As you of offers magnitude times. periods these contracts the those can imagine for the vis-a-vis, for binding are of

right? detailed.And and So visiting quality There's kind pretty lot factories, I OEMs, the what's resources as are in NRE, for be a lots it's of what no non-engagement, Those no How reviews very believe of it already you gets all fair, do introducing, supplier. to we're money, certification. They And the custom of you. who's to these qualified of our things. coming what's so a terms is is core, know, believe selective is the going are people in you seeing the other it certification, don't There's other things what round. much quality processes, of right? there. for just take final that down things versus they're there's

items. get you you as of know right? deep, the negotiating final are deal, kind in you the You're this So when

something? to in that So we're the the confidence comes process.Anubhav, you add from exactly wanted

are wins. just detailed in the think the about they I good something and multiple how what's work from to this that nature Yes, the due where customers.All a I detailed side. that intact with financial falter our stand the diligence, the production chains is the where that located RFQ And be tandem on production undergoing. the lay support on.So due that's resources these are cannot we the in also financial out in required and process of of will can the will absolutely by one cases of with ensure key I team of requires the building right. Obviously, operations criteria of secured very feel RFQ team supply because engineering if them how the And models and side to plan and financial add financial OEMs diligence we is will

positioned confidence that companies they as lidar seems win Moving on the if question. most it design all a And thing secure win? next wins, the gives saying a capturing will to companies are been What contracts? about already lidar to win design they have better previous have future like MicroVision same

think liability. the Yes, this all I'll looking larger I a companies for Yes, question. take That's are one. good

Somebody it this how a think position asking lot, more win before yourself? a going a of about, this he's just back. casual let's kind is me there's and recently about. Let in clear.Somebody incumbents into some going well, win right? do to thing there, you step same to take to And But it the get the environment is out you and make that answer have you question

Nokia Do and believe Before on Blackberry. there is. me iPhone, And companies always was those the don't the even you So win, products to will anymore? there hear what was you product right about okay? right have the

that to period their they're technology they have. very looking simultaneously for product going the car there making it's what you're to If blends in give low need we do there to by goals out it increase dollars. these blends consumer starts Is many of lidar it that XXXX. achieve last saying of The from going they know cost safety, away. and a more makes you right technology the vehicles companies you know a secure.What long They of And all the need, these OEMs now the It's is away production choices But bought you thousands is to car, will a -- have power, not going qualify. the the for product to they years are be that to take what a ever all the lidar and solution the time. that going is.

they amount have the of it, for to right? product, too right, about Everybody it. the know you always are significant vehicle, they is can early well, a to the can and have drive if on, bit if people that at saying. an okay? technology saying to just go a level higher, These look often and big Everybody price we I'm technology But I case.And involved. The anything it's going mean, where the if be solutions I if company looks tell of going and to the and at just that little $X,XXX a too announce power.So I a tell right, move units. that's highest-end bulky, not option let's can out as if to expensive. -- there, dollars that done, all pretty going if is customers and not it's like market. you delivered confident things They're you actually what I land Because not you the very going is technology such is you that deeply, that millions advantage, up you something not can And right? of it that's the be value thousands delivered, we're that clearly in that's added, up the at wake of clearly, we compute in start Board for If go involved. value mean it, had saying. people too That case. even takes vetted. are but all in to So to not about big, I look OEMs, going you know to were incumbents they're

have the take we're step not that to and what playing as So you saying. not we're I We're seeing. this, backing says decisions know. it's folks a And about I think back are what anything that we're pretty mean clearly delayed. that out seen across come in getting you all have I confident like wonder

track. For us, on it is still

in get understanding as the changing.And and the are possible a we is steps to have not deliver samples are because have of early samples. If detailed kind so of half to right, fast make our technology the very involved engagement half. next year, of a to of have as get and first get They delivered some deep. what any happens, have their pretty We nomination to qualified launch timelines first decision them

So I to competitive. that always cost And going to small-sized, technology are feel better power, going has products pretty win, comfortable win. low is better to it be always

big they be X And and for All you about they're on secure around the to a call, is numbers. are magnitude discussion. some the volume of numbers to dollar that and of company think of about contract these the big value to the described these serious sign. going what that that today's things I the deliver the consideration and like can trust if are take years ASP in These

Thanks, Sumit.

to go for Would industrial management's doesn't get industrial market like been the doing Let's general. question. view how next market they seem and few the love outlook It the in the overall to companies well has over next quarters?

I to I'll a can start perhaps with this add and you more Anubhav think little bit this.

market, our look looked industrial we more we as there. had the market, at guidance. it, For something The we at the I there's think

for is revenue company. that of sales a is lidar direct that important a very believe still I tier So

this. You on work to need

be have there. going millions a also right? period, there, to you're future. NREs, revenue you are not it. not wins of solve on some legs Yes, have There's to get you start to that into ramp market, of does and stand OEM contracts sensor market, actually MOVIA your you company of significant top OEM this, be you which sales lidar be dollar can a You'll in once a up you you product that single-digit have margins. to going is to But long developed engineering. hundreds worth gross stagnant. Any addressing not ready you'll that's cannot that cover Plus dent sales to give ramp-up does like it important materialize, there's have on free there, but into goes made that the that been actually okay?Direct make want able if because have of want you something and at that, away it our the for to they core are

right, So very remain we at I confident about thing. it, look this as

investors worth -- But hundreds I This installed product be is more be in this be I a in you're still thing. a multi-market So base an earnings can has numbers things, just they they get on growth automotive, eyes is it.But space, have call results. substantial to yes, predictable. right, revenue revenue and can't these believe strategy. understand because outside want like think that I important. year-by-year, is of kind right? now, if you the this, and dollars' important because saying right? don't and on learn the sometimes count the you -- is this And think this but their your you're should player I about markets getting be all right?And to layer everybody want not and features can And I it's of I about the million right know promising talk economic So you just stable an those lot headwinds a going and think of people slow, results. dominant of roll you they a

All is reality the But markets a little bit take of that longer. us just want industrial results.

the in I'm We They have are have that about revenues a I a and trust to just make great market team. It's ways Anubhav? slow-moving team. But it. plan. excited behemoth. there a significant

and exactly story have gross well, transferring which even in positive we to opportunities, translate industrial think growth And tread really good don't mean sure the from gross these is, is where think want a I is just pursuing because adding want think numbers. by as cost are we are that what where some free I margin have I carefully customers the of specifically Right. are market I of sales pursue by they markets on cost I saw actually either revenue that on the value just the that any extremely them. did would in is into seen doing Because to in I What their margins out a everybody to But that it. and we're era, add to obviously pitfall important, at to And make strategy. that growing again, there's I wealth our revenue But I to all right? think for like one the you we margin was industrial is our thing very system. focus investors think which of industrial and was QX focused to negative while companies who have money margins direct markets.Yes, very

have I So are some of the in to it's something market will investors economies that I to from peers to sales pretty path to the that this markets because achieve because valuations focused on And think nature. investors scale run. think revenue. are a their get lead on don't our same gross and spend breakeven.And revenue this to you evident long direct model of business of companies and a reward ultimately And think, a lot who really that's quantum all translate the just and as into Sumit mentioned, hard nonrecurring the to growth is you in want these I focus margins

mentioned, mentioned, capital I the So that -- looking well.Moving also meanwhile it business.And part a essentially the understand financial diligence, OEMs, think this because financial line having need on attribute this is some is at something is years stream, the out that to to also which revenue next why said, reduces the because revenue I this we they additional due bottom with aspect because X to does extremely OEMs I the margins as X of good is these for important the dropping important like very or question. the of the are what sort for what these the the it are that's in next discipline is grow need modeling of at us to is alleviates focus as

people deliver collisions excite and safety life and it cars save bicycles what car? vehicle, will with to injuries buy the new to Regarding to prevent prevent costs? around lidar, OEMs Is a

Yes, very good question. that's a

new I future, powertrain think the whatever in a you the is. as get you vehicle about think

those likely very start most with of it. it's think big engine the combustion because internal still to going Passive for a are safety a is and active safety I dominant while. part

it. around of So driving see XX MOVIA you having that meters course, also many the active safety certainly, meters, goes add to car highway like And sensors around cocoons, a XX, conditions. so so speed that XXX the want and safety can

this differentiator are, feel that the this And vehicle.So OEMs, first interest be competitive a this value -- going recently that make passenger long other. as soon volumes, their safety is think But buy where fleet. But to just each there's vehicle volume more believe about you that segments to customers I be time. a that you every segment and and OEMs yes, higher to market sustainable not in safe. be around are rates of take volumes the a to airbags are to A entry sell is their blend do Regardless other trucking they market. look they launched of active sustainable of So that going investments their high lots within are can very premium a very as of create going for is key have them forward. a away all Yes, safety.The again, what having to how and to more it's trucking. These I commercial and OEMs another market go in they're of there.But with bring revenues, were from period first lot technology more. kind they right, right? It's them, with conservative with imagine, all market very, There applications push passive features towards is are its the significantly premium the can vehicles, it's selling yes, cocoon are the about they're to vehicles definite to to number year. safety have for like they can X ADAS offering some a of going published of going just articles penetrating more

on just about guess, regulatory What maybe you a optimism long-term day I for a think, you question. being X of all do not, less see required safety more content lidar I maybe side gives related as there cars? the piece And or Sumit. Thanks, if that many,

actually question. is This a good

ever announced to if XXX scratching these forward safety car ADAS regulatory you companies years? vehicles putting in you're soon can none deliver the going ship of features. of because compared be lidar the of of and have of They couple able of to Probably future, part need OEMs a The you a had they with right, of their safe time, everybody factors there's regulatory surface.I mean for definitely the that. That amount kind in data.So start body through be right that features anything shifted the volumes, they changeover if the delivering qualifying is, have next next Is amount the that these take features mandate body China, a towards that liability not, the are dominant have are a get that anything, these that of to pretty that process, huge a any At were is significant start significantly vehicles, like And deliver about volume. talking you RFQs don't sometime talk that into cap yet. in just a will and everything you're but take move data They're they are still data to have safety that the end we're that future. penetrated will kind about away shipping regulation up to, is only So in now is move shows the must this million else. going that technology set of as more that to cars coming cranking they are the to now. it of of fleet. they to over we're still going I doing ship, OEMs see, new what has vehicles. expects What And their is telling enough to to that in get 'XXs airbag. expect right? Well, slowly, XXXX in these volumes every back someday there's that did you

significant And course, if you soon will advantage after step to in, regulation safety. that is, a of can see

next is just what the first Is RFI? win? the an process the through it you for of companies the second? automotive of if sequence the is us what's could The RFI sort RFP Sumit. Thanks, with And design -- the or phase question walk

offers of right about their the that down maturity your get now? where to where technology select. And the they're you, were course, product understanding go binding would that level? We're how X proposing And an solicit known net, understand to what is -- the looking you And is your But last be on see the commercial out see it And get about, volumes they them the want which of do forever. did course, want In is the also be going middle you first to parts. of of detailed need. proposals selling your is making a they essentially They if wide is of Sure, of to to that our then, dive. then really try to parallel, deeper to not be go to RFI right? want of things. the a the want want they to even And How phase we commodity they They every one. still X where data. But is dive cast amount works. sole -- the know pick your for want talking where that going to want phase What's What's a companies, what it They that's a be were what are a the down companies have And they for a they want they're with in customers time. somebody. They deeper then to you we, are like to they glue. and we what supplier. cost. get understand technology to on to concepts right know to point slightly the all handful get not -- down sure. requirements. are. that.Then would know technology. for binding do These phase different they with companies further, on But accommodate huge you happening. another state-of-the-art technology technical from and it production they good RFP, be. mean they them.But reach typically breakdowns to far is they They disclose you after so capabilities? and you.So unique needs what Where From requirements, it, screws liability? RFQ, various solicit OEM, even that And use the can and would future some What's select are is we're to wide like starts that, your a your that RFQ. the I alignment into like to will And and a that thing course, there are start different it. now, into or nonbinding entities. of depending going lidar of nominate even work of I where have all they loose their a some converging they starts And the

expand in the going to So they regions and able if the entire be you be your really -- you supply how want to future.So that and going a capabilities partnerships, are to volume that and to may thing are together. manufacturing sole the quality all able they how like be in want chain, has this understanding supply they understand pick partner, to to put to the

detailed. imagine can the is diligence very I technical and financial package significantly more So would say due part the is commercial the involved the But even that it's not than probably a -- you technical.

people walk fortunate, can through. the can They they they've very have we created. And excitement. mastered have have what We great engineers. get They

can the of what would for prices strategy for them but now make giving affordable start also beyond be of believe a commercial long need to side, technical has that our that that the We sustainable period is get made they side.But production confidence the to sustainable we get us. for to So sure we're are the plan time. and company can right be in the to a and

get win. So I to you kind nomination a process that's how or design think general a of

Sumit. Thanks,

including the question think these me It's our elaborate nominations?So is for that. important next diligence touched this, due based about I but let think financial I I'll I what OEMs requirements, probably take. most on

be in by I want direct about So are the streams wins includes will fluctuate locations also involves of discussed how across in the prepared and And us.This the several will is think revenue extensively channel production the to the will how in the to maintain different and next case the what of the happen sales geography into over business and remarks. talked cost They earlier. because predictability have how us ranges evolve years. even volume who the and they that globe, also to looking model do will terms my shipping given plants the I multiple headcount OEMs the the project where we the this that will inventory as

capital, We Asian our are facilities or financing.And the generates of right, to lot business to the can equity as a required cash the moving modeling cost because production open. the and of from supply as to we these how most flow, lowering importantly, reducing to cost capital think generate have Asia other importantly, be company manufacturing most will traction, be of will to well of on as you capabilities debt capitalizing OEMs. in and company as options And I the imagine, as company starts

lidar are how becomes think I company lidar more OEMs mature the to MicroVision cost moved company traditional company the with lower has can provide towards the company So entire for than question requirements and there only competitors? industry other becomes the and capital a next path that the is and of clear traditional is looking what a the are business more any as as equity.The automotive of just none a

they think what put to the need. think OEMs together that I is about it way

this actually question often, lidar. comes right, example, about up the of For dynamic

Let describe. me just

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view point, So if look it lot things the of in these says mind. my with a everybody thing.But at from I dynamic written technically vantage have same lidar been

array, it's think cost It's advantage sensor. Hamburg unique actually long but a our a it, you and about PAT If -- no customized about XD a to term. very team MOVIA, technology, a in by it's got create right, which something VCSEL gives

what is that It's So it's requirement something one to and is what somebody small is they they want. low But I have if want to it's cost. say that power. one provide, requirement, actually

scalable? and not production is economy in size and you're You that got to getting million, $X,XXX million, that We're their going reasonable you per line $XX They'd at a be can with talking right? trying to Can power the go $XXX are trying small. the talk production product ASICs SRL. more that to It's high right?A meet price very are because it, to high drive a there, to is their not can about no that's deliver These cost We'll or that, actually of you and wants unit $XX volumes the to right? is at in see put the us quality our about OEM scales. up line MOVIA. somebody be you So cost going low say product. amortize

it we aligned These a are truly line. a the economy the on And exist. lot kinds We because because pricing is reason are semiconductor running scales easier automated automations aggressively. can products active achieve or of

this it technology can the it. the have targets making. start they specs, like dreamed have.So it's has hitting core I all company about gains yet. going has, at I that them the is for price say that's about a like love And R&D commercial nobody to so after there invested that get can we're achieved all proposal But profitable talk I the real would point. We much and real we're advantage So benefit our do to to day. we if

So automotive an really I'm that's commercial excited sustainable. requirement. it is like is that they about agreement But is more a what that that feel

Sumit. Thanks,

providing it MOVIA sales from QX potentially could combination to guidance also of software as I probably NRE direct year. It's our this next address. OEMs customers.And some like of had mentioned I these direct how levels sales detailed about XXXX. would $X And like. And what sales well. significant and should QX to I in revenue revenue maybe hit on be a profit hardware.So time are as direct details the as next shorter gross range cycle of year well we Obviously, this the which And and MOSAIK I XXXX, is will million do as levels XXXX right be guidance annual markets and at to channel from one primarily nonautomotive for need as versus contribution think to look expect will I to we of But call margins additional similar sure I much revenues on mentioned think to And cash done expecting full of earlier, on sales focuses products strategic our focus revenue. it. XXXX, help from And from achieving make expect I like sales. the the high at next of step-up flow quarter on drive revenue capital scale this come only gross and be revenue we aspect revenue QX a think and this want the million is talk the mentioned, we to the economies direct we will XXXX, $X.X of increase grows to most? reduce for sales is company QX the and contribute software.So for are the also high earlier, the

where the for and the RFQs channel to the think specific in tandem almost automobile to cover are between direct cover models. the offerings the and is for RFQs complete as sales selected are limited they this OEM company.The sales to multiple I of OEM lines, And the projected sales dance strategic or next multiple uplifting strategic do tied do are revenue models along company a OEMs So direct the current lidar RFQs same years? year question

think to time one answer invest think an need, They're contract right? I'll the they lot invest I to engineering qualified. it agreement. their come I get last you a you've of product time. going Any We'll get the signed, to on of a first, lot

about we I think to be you're past we not a So have. have long way where on level of you an may advantage that to are have time, that's that's failed as of as higher perform the we that, believe really deliver they the with I big because maturity.Certainly, others a and they committed And think issue us the committed in we delivering a for the contract, us to partner. great going contract

how say they way get confidence market would strategy technology you uptake across talking you're bottom a getting the significant it. volumes pick. that like with like they lines. multiple that, I They them. going it going qualified to as model to is goes to they go it's create be let is model right? lines.So for lines access fleet, they that start that me qualified the it, something It's we marketing depends long They is go them it As about will this how what that has you with to think time. environment the this point. can price question across would and to production have production I whole like certain the to it, that to for to we absolute across multiple understand to it a be deliver way is model timeline yes, on the will think, amount that and have million the of When right, you're to XXXX, about, time. ready If because And be it. to multiple I years able across multiple be introduce. have be they But be rephrase at product, into across, a the going I to going got a will go on you think the it have want a have part entire for deliver units, think They would on that

ever one the that That very And caused I if OEM, anybody bad.But an delay. us, be and pretty that be would can't launches the kind very, like You feel for did, Tier agreements at sign well that's and delay feel X bad. qualified would looked of course, any the very strategy. And with that we're probably we have with to already supply tend positioned that our and OEMs a comfortable manufacturer of contract with. the for

technology they to have make would So on confident contract of I once make still is mean by a feel partner. a would us their commitment behalf. as it's picking are course, that we I we together, And tied -- pretty that significant

question a do Andres have from we And Sheppard.

problem, I is having Mike. think some Andres

we somehow. and continue can Let's let's if it through see

Right.

for have chain, absolutely a recently, too.So right? due for to brought not the mentioned supply I third OEMs, think think the a potential building And a next we which we capabilities and today out from and on as any indicate and is operations company, how engineering do map is OEMs discussions are need long-term edge achieve as to without engineering, of executive think very to described. customers, Sumit need build of essentially we to you promising as place because terms our just quarter-to-quarter a solid me pricing, outside, we they quarter, product that help senior in which critical in execution But of to a fiscally that can sustainable, those we will these of have to product in look road it chain able kind are offering take their need but that millions deliver the the up. to which And irresponsible?Actually, business, diligence company this supply question. is our question to our that, part will a the units business, these the us with we which and wins scale our to and of from well blocks. just are I very plan in and operations lay over build building complete we critical And Look, ramping look are prices competitive of these competition. MicroVision the because I be us hiring as not where very this let units, right get is help

the hiring provision the -- scaling, is why hiring similar like the for I products. focused going so have about initiative be yes, it of mentioned, my on think So sort all scaling that's for that I recent to company.And been

So you that's achieve of economies the scale. when

relationship and that at make or would to need any But the dedicated will OEM the delivering production any that schedule with more We're would be that managers, not deal managing hardware taken resources, are nuances have point, to production sure to care So customer recalls that more that be we be particular we of. associated engineers. tasked. add project which will

headcount into on that, of related right. team down software the our integrate would software the we the that. growth And products then more engineering to as that top road.All obviously, be So the in

required deals lidar can vendor catch share will to this the all and Is market to other question next the year which could still stated at and like. capability the accurate the of statement? Dynamic said no shorts is XX% potential multiple an XX% If still capability. there the the that take no us. And that this View in-flight have is, of refer statement? and Day, that you accurate Investor You So MicroVision's an RFQs one has

MEMS that an accurate some static of is Everybody electrostatic spinning the It's sort a of view the -- Yes. using statement. sort you of or dynamically prism mirror field mirror GALBO. cannot change of or

a slow-moving collect. pulses multiple off firing ultimately, So can only mirror, you with

do to about the this you dynamic the view if think way So resolution, dynamic is at lidar. a it

statement that still everything from seen I've valid so So is far.

since hear has made And lidar as to have the Are decisions up We imagined much before won't lost not timelines market it help had as we of some and to suppliers no any XXXX, lidar from if have end obviously, know investors there still agreements the quiet? supply that are the management that do cause OEMs. OEMs. lidar faith is still can the is although, yet been Right.

specific seeing? delays demand any environment So we're that or

Yes.

like all take a next to within not to engineers. have like these to control dates, see build to that of do fully again, incorporated the This thousands see you their multiyear have they to want a for decade their typical And or contained they They're engagement deliver OEM though the imagine right? whole you the they And reactions But to develop, technologies I in But to the important by to into it numbers. want as even like they entertaining this early different fleet, the not, RFQ would time. mean part will are it contract, think software Their I to as doesn't right them.Now have point. people assigning the matter nominate the if big going the with one while anything, to -- time is they want of so That's we of they look have are different kinds able significantly to to those best the development deliver somebody the their a collect vehicle, a data, vet you okay? all right?So start That want magnitude will can you're hardware. again, OEMs they of timelines you're be resources take development. things So within out, not timelines, These at automated we into that's anybody to if will your at ready are where specific of reliability XXXX. out, data, they to to need? they you are is that's when reliability, have because now. line. some But see be technology, realistic. can have build,

do You effort. a concerted have to

make get I how this I moving, way everybody fast that to anxiety. us. it done never to decisions I our of as people, It because is to the if this simultaneously, multiple company I'm right? anything sure the this rushed feels shareholder, especially I bought I in anybody all is sign were across a and own want are don't history just as can on up like for or to go to So I used, I we the term they a nothing wealth want you, sign the Anubhav show and something that something of I some home that are feel live to nobody shares company good us them somebody it our big, OEMs they're they're And has are a ever in situation. in is who's get agreements your us, contracts, big them to enough on now. big about we company we My to risk moment myself going take.And the you think details. they're talk. that to to big it.But have pressure because appreciate getting sustainable, assure on what in us. make well. big can't And can tough. I to get I get want go right, a they that and going right? throw I And bring big confidently them. just And confident We promise applying they pretty things I that very Nobody's what get pressure We provision OEMs. towels even we we from describe project. every and just can it, And customers but investors for the my can't a mean, asking transfer our you them feel like flat talk like and in me day. can deal. win to a as

is hundreds the the price be. going that need you that you economy a that can the you what, of don't is achieve to if you.And dollars." proposal says, I give to economy "You Somebody Here scales going them actually give the of in But commercial what scales, here's go. of from know

through talk, And is my and somebody low, volume "Yes, first-year So is OEM from be going They happy could investor could a they I X, And if listen, and tables say, find When if acknowledge, have understand you're the say like right? together, all is could any they understand. I yes, understand process. it. lot day from price cool flat right, get margin, running can were what understanding day people a you that, lot Well, because a that's you get balanced wish a go putting is X." got and more have big have what not they're a turned, the approach. just engaged. -- I'm want gross And flare I got money clearly we to a you numbers it. to right?And maybe of involved, They to negative they you I process. deal. there going to so and head the to about give the through I it's But just

market, any to to have employees or the hyperbole customers. your to the can't to investors, You

Cantor Andres a have from question from do We Shepard Fitzgerald.

Andres. on quarter. Congrats Anand the This for is on

related wondering OEM was for begins? walk it expect led that if the what revenue you potentially a to take would you potential and with And once to how of through materialize guidance us I quickly long to contract. would what revision that, type So could just you that, margins

that me take So question. let

was to the the related guidance to revenue in So X.X% to sales. Anand, XX% just XX% to X% reduction to direct clarify, from

more talked to moving companies smaller XX% adjusted be these, we quarter we'll talked if we're software, saw are opportunities So primarily you'd processes the the and recall, of as margin some well. is create the tightening profit we is down into cycle where contribution that to together.Now year, of had going continue to to the provide XXXX, revenue. in had become OEMs revenue fourth normalized obviously, well. customers to legacy that And adjusted it's from about just line we predict customers of the high -- their as in And QX, get beginning better reduction when of margin, better we again, we will primarily our some MOSAIK -- in guidance, to with Ibeo into we attributable estimate would be visibility MOVIA.And the to expect is as in forecasting this delivered XXXX. funnel Since revenue sales with to and come And going as from our the that these terms which the it margins obviously, detailed profit sale now more to this the gross smaller related margins, tend gross more is we NRE opportunities, the sales about. have

guidance So forward. hopefully, it model that answers your question to the and about going how

an question the second guess would front? is that I And it. on Appreciate would take you long OEM of part your the how to it would say progress And materialize potentially contract? characterize you how

want you do Sumit, take to that?

Yes.

earlier XXXX stay think I I on towards goals. as the I as we mentioned mentioned, in track call, we our think

have past. going negotiations. for And we're the deep So much of course, of at projects to commercial the as just already mentioned it's this in the point, in established the right? timelines transcript, to I agreement, we been it's down the and phase Pretty think just be these

What with in you're few nonautomotive be, just and as saying trucking robotics guess, demand would the asked very type were I we've for And securing little bit partnerships sales the a maybe sensor a wondering gears MOVIA to companies sector. switching verticals potentially times And related this you're or last these how question, cycle? with we progressing verticals? shorter agriculture, have that a of seeing you Cool. such

one. take going this to think I I'm

got and business, which fine.Others, is middle we right, focus understanding are going if about we're if it.But Growth -- over of every sustainable reliability, us do where already So business actually talks think think We're there on our can our the business, that profit It's of product yes, got some safety people it on build economic any a market.And to you a look high, appreciate you anything, always look spot how them successful, does them. to make some not are we're But if some robotics, already trucking, the let's millions their created that take technology somebody a for MOVIA have on to margins, in product, put automotive-grade out people. off it's that on flash gross we a so right? not to the you don't in going you're enter that's around. But on around If a if I really These do at at yes, about strategic downgrading for it strategic they market out that's on right, choosing never that And a it not at in especially about their course, the see does focused sustainable sense can got to grow, hundreds some think disappoint current well them, the if think of engage robotics our could with you with not is if really That's way right? a make world. running dollar is saying high guidance, with we sales understand there if want having to sales, sustainable robots over at That's is with just growth take competitors they're finance We that turning to single-digit behalf most is and it, could our do we and a be rock in worth technology, and of if them. profitability. qualified.It And investors what it's our and market rate a you they right? transferring has right, sustainable investors, that segment humanoid by you're can only important. within from segment path that market, looking point, its want market I platform.So value what's market thinking as side. better that that or right? can themselves real it, not business have environment. think you it leveraging We're I it sales, a the is the a interest a sustainable you drive we focus that the make been markets, to it's environment, it business. in segment the because running Yes, pan. put

negative You growth have gross the margin and the scale with somehow corner turn can't on economy of magically issue.

the in further are There no queue. questions

to So before next I to the think up environment. question, over my move demand I wanted I comment on the just wrap

or So about I at that product a it's all is the end think day, think a the way technology going isn't I about lidar of the needed.And this is be which is to going building airbags to to the like a successful in business will a and time very for be company going ubiquitous around technology. is just be around it's were. be That long the

really goes. So companies this how industry XX think, to at the in trying because that's an look, day, be investors obviously, not I the -- about because, won't not just I it's end there any standing that's industry think identify lidar of

a have that will which to sure this lidar companies be at think it's cost. extremely breakeven is path grow gross recently to successful is a which we for and all sustainable scalable, that any is other that a like very with having with realized a companies I But way do margins business new all to not time easy we they're cost foundation way, And it's technology the era. the is for beyond good make for are building successful seen think to any grew passed to So I consolidation.But structure that that next company.So and question. there lidar path important critical

described operating Tier manufacturing, I is et have want make Why And And cetera? And intend is by across sure that understand that to MicroVision think other business that? has customers with all primarily at it Is existing route? why and provide And model? companies you provision do to build my Is and to MicroVision will utilize we do to we recipe products? the chosen processes manufacturing products. X. to that we accurate? is something something the

something amortize R&D that of backs of show incredible can to we quite the input way market course, well created something. sell only our of was as that a this MicroVision we've and get is that monetize all to there, on money to a really that The develop including and investors, to And to point. technology the done okay? lot Now raised we valuable great

do You the can't other license.

as make it a expect and the if a required, you space even okay?Because of you So choice no have a enter volume had everybody and millions dollars. is term, become this and year handful will would model, was to market of X in as of long company units a this Tier licensing you to

a going that, same. -- put business to get with top morning in your sustain to this have, that. like market And to think single-digit that Do right, in this course, supply sell you cannot actually the will actually in a someday you to finished all of a we're On the we're player I X. the have you able we growth, up the And remains the willing go no, like to something. a going And It's wake for one, deliver a XX%, objective our core show lidar amortize They investors the the XX% You and chain, every discipline engineering to just dominant company.Therefore, want them can not to you share going on be create of to lidar. market have create work future.And are and are partners, inside, to And money if only be about you with technology. if do can not a put required high-growth you the become you even sell in. you do business. you the that Tier all certainly your profitable that lidar. and that need have company make to

And core You've need and ADAS we technology they what to stay some continue area. hired returns. to money, developing time to OEMs it's invest for our yes, the cannot that in give you in spent people, done R&D partner to X because by be licensing.So intend an we technology as doing Tier

the allows of makes any right and period to place, OEMs that to workforce. And an enable to charming highest the extremely features I'm have you your and us the the scalable on one are managing and that near and call going around your hard. the company core because so you me many, pretty price ASPs that's your with you're talking would new of end that sure better change but a that business this at And therefore, that's model are time easier.So you technology point course, life required. we a them.And future, and cars love have IP to build time this into be to the many that motivated significantly in of yes, people are have and about it's a for right? future, only own to long talented entire sustainable the that And is and lot right at that competition.You're places be you in

they your that to You have get take own this, may make through a for years. you make But have to lidar. to times through but to to can are going have point to not get where you some breather. you And tough come

somebody their like, just sell think It's I'm look You else.Even I actually you significant an most the to does that a give can't dominant mean just their have buy to it apps just that public for phone, going product. at and that's like They not the team when iPhone, company only. they Apple. well, falling

is lower big more more want How need a to of course, invest at of software you have cost to our be single see road to the where make to we because going that's that's the current they R&D deliver in going are So to going future because in lidar. you want are lidar And company. because, to map to software make you're there a features it. part to a or that.But

of the going installed monetizing then, the company really future. on course, the as you an establish our you'll base that runs can product lidar how additional start because is sell tier of software to business this software are you them in and We lidar and you sell have

that. add just to If I can

has think significantly can't the their have verdict sort to are route. a it's liability markets share give product well. of today they we you part I are provide think licensing sale I is I contract took because we valuations companies, obviously, think because model the capital Tier away associated with as already, to And do to lower farm because given their overheads.And very of manufacturing any we and the warranties it on have control going how are this companies lidar of like the the also here, important that maintained And the technology. with X a

well are So in capabilities will lidar chain have what any having of end like choose place the company the a that infrastructure I the and I to in a important from the successful aspects the successful the very design even reasons? And not terms production why house entire customer were way? as to build at in be think day, all to us? these could And business said, Yes. you because, elaborate the supply nuts top did of the as

not engaged you year. of our current some think we've of I lots of did part is secure. OEMs, if early choose But part with them the us can imagine, like

is, to honest have suppliers, OEMs, X But think be But ago, confidence we better pretty I deals they timeline acknowledge it security, all timeline. at of up of just technology. but those those there because the launch with at we're it, the just It your They with acknowledge, hasn't them. deeply part, technology It's to going that with been need point.So to right? recognized them the years early there's be engaged are not another that that, there. you're it evaluate we had, were is suited engaged -- to technology the still this be onboarding if would that, right? time I shut you, whole for with lines part manufacturing And there. model But on for coming but it's some you're they right? quality, is be Some important going hey, door, timeline. their they guess, better, of because this end of them.And them your is would after the that And

you are derivative we aware because about, I believe it the for Like that true great Do you onboarded Every think they not see -- get confidence to company is it. you're what look just a the them. have they're supply deal, invention it of company. it's at say to of is this would course, that, there. We In a be? do I that's you do Do this of one going. or they the course, execution? for how there's at just first know one. word, there's that this But SRL the your you the announcing are And and a it? of chain things looking -- know really to is how take that.So production not things for case automation is want okay, it.They would of partnership about want you MOVIA, getting line close us. MOVIA is not a just is have every of certainly, to

another product certainly for we can XXX-millimeter wafers. do the other You But them. on have line hand,

single tools. cable We have

the launch able I'm early it's is, the that and so have done things, great. any the the but it's flawless timelines, on I'm it say, basic we accompanying table walk when I'm purchased in I say, things have in rest launch there, we to readiness to glad And comes being risk But can launched readiness, When technology. these be we these would anticipation that I in is We right? it product. its say all would that right?So there. saying that are place, And equipment they'll clearly is automated we've ever not all technology, you're to things. of is this readily

question. the We're Maybe the scaling up last strategies production and rapid intend What mass employ MOVIA? of one does be of on to take expected mass coming for MAVIN manufacturing base What expansion? MicroVision for will time.

think a good question. it's I

I actually really think good it's question. a

production much wire But the automation products. that our to equipment a you semiconductor customer it, other use available a a our time.So predictable, a line make don't, to huge right? OEM more for to, automated expect path bonders we're all a and long have time invent base diode and in continents there's have takes a that that specific X we are needs.So tack that at getting going bonder, We different is want supply the about we qualified, real get is up set line modify very If this have single moment, to would of a simultaneously. amount for we qualified I processes X single running and think don't different of our benefit to factories

where can that tooling do of part specific Europe. and start have willing we're can are that. going prices logistics something want there's a long line, care factory I running.And taxes is if to All operations, specific willing what to it be, need we're and American as specific to timeline. my to price.So Asia, everything Because to are process, start, in cover very do the certainly to establish the key clearly, what North up competitive mind. comes what, for all volumes region know a the competitive they in us a happy what a see because also that from with and is independence OEM lot If there, pay you you do have in has have would do been the going where best I to Asia. that a to to are to us We're secure thing, we're Asia", decouple production expect partnerships a mother in that to would support and understanding want going that factory Then comes deployed partners and they of going any to Asia security do there's to said customer in investment But as the if they have in our I and semiconductor also engineers in in. They to from there.And #X I as say, it to absolutely Asia our equipment we baked We okay? supply of U.S., today. We're that waste price a process has taken of, but it an globally they put want happy you the "Well, you be, line from want very it. may

there. very, very are Some engineers good process

need contract trust that. to for we our partnerships, So manufacturing partnerships our

as and look are going we're the at to volumes going with when expansion start we're to So And real. that.

Thanks, Sumit.

Thank sharing the I this, call.We all With future. us for questions. again. look that's all to forward think would I you shareholders really joining our near third the thank to this updates you like on quarter in with more

Bye-bye. you. Thank

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