MicroVision (MVIS) 7 Nov 242024 Q3 Earnings call transcript

Good afternoon, and welcome to the MicroVision Third Quarter 2024 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, Mike. afternoon. Good with Sharma; today Anubhav our CEO, Verma. our here and Sumit CFO, I'm

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

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

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

Now call to I to like would over CEO, turn our Sharma. the Sumit Sumit?

long-term quarter and Drew, our I and you, would to investors. proposition customers Thank providing everyone, for to industrial value our on our update review XXXX for start like third proposition this on our our to of value welcome, an engagements by opportunities, view our results.

sales component update I you still our the this believe Second, we is believe flight on why of an strategic will in long the and important disruption I proposition with and will provide value X term. RFQs I

for recurring Industrial their software complexity in. tranches need by and establish domain annual them ECU, them us strong stream. opportunity the Sales for with smart controllers, time which with interfaces, software potential our software cost a volume dive There and into in eliminating We to will to and help intermediate strongest costs adds ramp differentiator LiDAR reduce revenue for the interface LiDAR to overload integration custom same will us perception system big The represents them provide perception development. tends Let's should in ARR. and allow are establish integrated at This each allow in which software multiple for customers differentiated this with up. take classified to their that solution segment with multiple and individual segment the to space Core and fully products space. board LiDAR hardware low this will remain power. running will offer software we have on strong customers a directly

followed by L as L For start and safety-rated shortly to expect sensor. our hardware we our the MOVIA MOVIA with segment, product Industrial primary

strategy map years, portfolio, annual of recurring best future, establish ramp product on to so product the we that our the to revenues our will based is baseline part opportunity Over expected a larger road segment LiDAR all opportunities and margins This MOVIA decade. following expand later along go-to-market the the the add provide additional and for differentiation sensors the solution. perception localization automotive software revenue to in from of strong expect represents on derivative favorable in software specific the and part we expanding to this

for safety. our for opportunity in our hardware LiDARX RFQs expect passenger I opportunities. believe strategic key software with space. and also I engaged long-term for X best solution this technology sales for differentiator will product with for LX+ vehicles the Let's about vehicles. be We our high-volume LX remain talk and OEM OEMs passenger integrated remains automotive automotive

strongly Our perception and onboard are MAVIN sophistication the be point of selling the space to the vehicles. level size OEM, MOVIA software. we will in dominant and L win this about this focusing space, future. the for need with in primarily the To OEM remains to we in space engagement future think to to winning partner OEMs cost product multiple unique I The potentially power, OEM remain technology projects this on be confident future. passenger that in in competitive multiple

as keep would as so. received questions from not scaling ASPs today list large cost them. would our of financials. talk Anubhav remain and flash scanning range I'm continue to MEMS brief that in about a cost term, competitive. and we I Companies I with silicon the our realign OEMs we for X,XXX-plus need competitive. needs lowest been our individual to Long with As sequential with call OEMs to their custom cost shareholders, and like Anubhav? the their to system LiDAR over We to patiently my address technologies with the work adoption going and built be to technology. now have will the do narrative again. turn to All for product remarks prepared main engaged strategies, to patiently be like

a what update. as quarterly accomplished with Sumit. company have Thanks, last the since pleased I'm we

We and the at as term. in this convertible later short nonautomotive have revenue of company with and purposes general from of with a from this A, market all capital opportunities. the the LiDAR is facility breakeven. cash the terms perception of raise of $XX only is This industrial, industrial ran market visibility note XXXX bolstering and have economies at for institutions medium given process in focus serial deliver burn lines facility. to The near-term partner believe vote until use strong cash in scale, sheets in growth further term critical revenue successfully as us improved Securing and by: partnerships streams one automotive some revenue the production industrial signals happen financial through partner. position capital institutional streamlined the for reduced to multiple select size sheet we With won't sheet revenue proceeds a pursuing B, invest cash MicroVision's comes corporate reinforce the long very decade. round significantly a strong the time items lead strategic convertible time on that The the a runway reflective fixed which technology. to for in of profile space. our received material confidence into the channels to the also note long-term competitive last strong an companies on investors a we positioned lowest significant The of to be cash and MicroVision's standing are note credit will from extended this expected we XXXX. balance have flow our our This time burn, procuring of with balance achieve be convertible is to burn. and the X-year the We a convertible of and note emerge company's raise to financial million future.

at dependent attractive. capital to High having $XX matures starting million XXXX, of compare commercial January facility cost the effective share of stock monthly their goes are XX, is the aligned The S-X This on is near-term common for stock $X.X stock on October XX% after principal, shareholders. which the into a million available We which $X.XX. price to XXXX, price price value how into at discount due The will factors, economic to is premium. $XX the get cash the April against date the principal the finance for the aggregate believe other X, of capital This and they of be conversion business than goes on X, Trail's makes $X.XX trajectory, as higher with million. the a to price with that X, company industry price the subject free the April of the converted of and lead the We converted plus until repay initial limitations. is the million the up notes at cost or of $X.XX. be shares be $XX monthly statement stock a other XX% at registration price all does XXXX, will approximately prior effective. facility that drawdowns could $X generation. convertible to the convertible the closing first The momentum to the incentives option into $XX from put X% on sees range the the and with The the XXXX, to to at coupon could close riding require fixed and $XX when believe million The to registration with date $X.XX on cheaper will this from of price thereby million, statement ranges tranche XXXX, price certain on company if converted to $X.X notes this which and quite tranche growth ways X, million a lender upside as wins up convert $XX or October shares the to the to interest S-X funded to million a into future was is remainder coming million overall us flow this notes

financial Now let's performance. review our QX

came in than because we of sensors from performance. OpEx an QX For of equipment $X.X expected leading pushed QX. was while out the revenue lower its company we're our delivery than lower out our reported existing This pleased our standpoint, sale expectations of revenue delayed the revenues agriculture as the revenue customer schedule. quarter their third to delivery million. expectations, third From This from pushed an with expense quarter, was our sensors

we and to related amortization. and stock-based This noncash quarter, of $X.X in R&D to third approximately charges of million noncash the charges related $XX compensation includes For depreciation million $X.X million had SG&A and expense expenses.

the due by since third-party MOVIA the to down QX, OEMs mind the MAVIN activities, in think have of down right with we primarily was of QX line automotive operating the came some $XX programs to and further helps in now lines, million our third cash production our $XX is the expectations, fixed believe in to regarding fusion. structure trended the for the XX% in will to expectations. expenses contractors revenue the sensor in from related We XXXX. of focus to the with In time next rate communicated annual work. used automotive and the have For be dates is scale start We force away line and scale term. response sequentially decided quarter-over-quarter. cost the The run R&D Keeping faster implemented in and industrial automotive which on our in to quarter, production new near our start current our expenses million with in to operating MOSAIK to of related used from $XX.X move cash SG&A down view previously we their the ASIC on reductions company million and company that and streamlining activities projects dependence year

up will some we time ASIC the at these resume XXXX. programs for of see automotive We revenue the momentum when in right building

As expected, QX CapEx was expectations. with X, our in line

balance let's sheet. about Now our talk

million has result X number significantly a recently the total following $XX after cash one, Post financing, components: bolstered $XXX commitment at-the-market and of and liquidity announced facility Mizuho its $XX the convertible X/XX the convertible of company as the tranche Bank, as note million $XXX.X Deutsche the the current of to $XX the convertible by note. with of Number a our now million number three, of note million balance million and proceeds of total the cash availability capital cash net first of We equivalents remaining ATM have Craig-Hallum. under sheet from led giving facility. the financing. effect two, under

are be we believe the rates. rate From the including $XX approvals. the of OpEx next the lowest a of some to OEM million, would further achieve $XX into in have like sale QX related third XXXX to we're I and automotive to revenue on did million is expected customization liquidity The for $XX $X With quarter. is million SG&A sell components projects positions its customer onetime two, summarize, in the come and and all profile. in XXXX to the questions. expected for faster the standpoint, $XX path one, of expected automotive, continues under burn cash the our year. revenue to beyond. breakeven Since for rate not nonautomotive $XXX leading to annual We customers; stand number from: cash $XX for million MicroVision out NRE run current peers. of marketplace, sensors the to and year. open our We facility company industrial. in having is streams Operator, recognition this revenue track [indiscernible] the really R&D the ongoing excited new number or now million to on cash with extended about and we're new customers OpEx, of line development we This LiDAR to believe flow NRE, be further to To million subject one and runway revenue as to million fee our than current both burn ATM

WestPark from Casey [Operator with Capital. Our first Instructions] question comes Ryan

I few questions. had a

a might XX,XXX previous you think talked from anything, being market. you about happy in on you're TAM market get of the available or guidance but X the the And you levels, to maybe be, the XXXX? I reasonable But unit second the what Do like think questions. units have not is, question about could ASPs industrial to the focusing sizing just in for to is let's XXXX. comments, change of talk current be everyone part what can say? XX,XXX moving opportunity you in think I

ASPs in described. lower particular the ASP software the So look, And these than are would we be would volume not ranges the that we obviously, industrial typically, $X,XXX from targeting is that an ASP driven the which, by that the looking believe are range by because primarily the the the range. offering for, customers standpoint, for customers -- the is we ASP if you to that $X,XXX in that do get looking But volumes this application. be are for way,

range few retrofit also looking The second a part the of for inventory. your question have fleets, is their the or we sensors volumes case which are new be of and could again be robots to these new range. for their vehicles could their which customers The roll existing because into a

XX,XXX the the number described reasonably in we year. So believe that next you would do XX,XXX range between to be that for units

'XX. like million bled $X that maybe bit of something like million in calendar the a and into I call, in out be like could that but the just on sounds a that I also are opportunity feel range? think the that of $XX maybe the maybe does to $X.X it shifted And pacing right XQ nonautomotive had 'XX, think from guys opportunity, little point revenues quarter But thinking that $X I referenced inventories nonautomotive sort you at million. million maybe

within quarters consume, opportunity terms could X the what about in this customer of something us tell guess? inventory does So or X I

have at or to revenue you Because right comes capital picked to this inventory to to the up rate a give hesitant typically, at are think And for prepare the raise on customer because bit time, the balance this also Casey, that's right? think, I we is build cetera. commitments sort service I'm why dependent of ramp run I to actually beginning for quarterly ends is metric a sheet. the you on this et will going on next in sites, deploy the happening the be year. because what to multiple customer

But obviously would delivered that only customer. believe revenue a do that the recognition revenue I that From standpoint, when be obviously the dependent are is the I customers. for the the right year something at on the So total revenue described to we sensors next which But numbers with again, happening case. driven maybe way sounds to really to said, builds I is number up. look the mid-XXXX typically XXXX the maybe QX by about ramp the when the like customers this in recognize ramp

we're the in of Sort space. the one that about it's mentioned you that and customer talking [indiscernible]

us automotive. of is you is a segment. players you're there's thinking X who opportunity like customer? are ask serving Or I'm your look like me all opportunity this a customers XX of and there where going about outside asking for potentially how size, type customer? just many And be is who big within to market to in a How duopoly Let investors look that type it similar the multi-customer

Let me take that.

think So you million that in than to The our Think $X tranche more sales right? think this $XXX,XXX, about automotive customers when tranches. annually. OEMs. general, MicroVision less need top primarily about just is opportunity, I think in is let's about strategic This than

customers there's them. bunch XXX,XXX. is, there, would less let's potential customers annually continue in next you in on a on of the X that not there. XX,XXX, you first than In is segments to hands. get aggregate goes And they than there's big. list bigger. per less The does #X Tranche a sensors big XX,XXX again, as year. have tranche. can X,XXX, something as that But and probably varying customers than a more of the more than So in. say, have work that amount I can tranche there, bunch The we working count number say, of But it of customers

all now. you Then that, to start X XXX, and X,XXX, group than X more than there's about like of like come XXX. in again, But probably tranche than is, instead of above something X X up getting like But XX% to below they maybe more less hands course, of than category, like now or into course, a aggregate people. to they massive you them. needed hands, add this them tranche and the are will So of last of the And if less up, bigger. XX%

safety-rated about like MOVIA about example, with we standard engage it like So have they all where we think different you in how we is them software. different L think When for needs. put this as different with comes places. And sensor, some customers, the

but can that's qualified, be imagine, need very So you many customers go allows that revenues and would probably that to so of we tranche, don't those lot very, quickly. address you get team. and to standard going software lower engineers than it, quite to it's up customize to running to Because them the more as with would you salespeople get to need, a end up you because big we as

need there's to is opportunity say would we developed can and we've incorporate all things hard that The upsell software. here's need. So happens to have interfaces we it the below. the they allows down the pricing. map software where tranche different product part the standard product where and and a the customer is something interesting they to middle a And you us pretty And that the buy all work

content exactly the So to it, But the the of is really extract value part from us hardware product. the same. allows software

we you have breakeven And that's have kind annual to growth. of I customers, there, how visibility but sales them our rate of is to get we quite some how respectable X is in do at run tranches thinking a customers, -- of So look target to would a lot we future there XX like mean industrial instead with you customers, have any force, from about itself, by of first. in because it like get have to

on wondering guess and understand today. investors But about it ability like for when might And many last have people orders? terms I I'm other the around there I any the you production? side you the their question something, be is, how outpace support fulfilling of issues capacity products, orders produce? if are to I understand expected be or about understand not could sensors it's you those what the in just issue but of what's house multiple to helpful sometimes what flexibility an talking would

be will no concern operations. There about

qualified shift, I'll it units, about acquired through developed capacity that current out, up. and about think -- were that that's our you by line if the single that a many think we units is average But it year. I ramp if about shipping can think was so we on actually a you BO certainly automotive you transaction. the XX,XXX production can for

quality fully very kind industrial, of if we it can it's qualified capacity. of can At be entire kind needed mean to But So high up I the be. player PPAP run for those would if a very a work. volumes, much volumes it these line, faster it we fill significant

we've believe production and talked is with so MOVIA line. production that on that on cover put. The product runs as line, And everything other L hardware differentiation mentioned, we So the about The that firmware this the product the runs I capacity. can that software that remains gets we far, the same. that there's no

can high-mix run lot except you there. having without to a that software in to product low-volume, configuration do has a of So the management do

flexibility us get it decent So a ramp the address rate. multiple customers to to and gives

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

mentioned AMR sense the where or they get ongoing XX warehousing or composition agricultural we are equipment. RFQs. such greater nonautomotive question forklift management making or heavy the equipment? a Please our for in on is the call is those applications? in seeing first So more Trying latest further warehouse interest XX for appetite heavy inroads of there conference a for solutions. and and of as Are X Or describe to primarily

is we keep motion volume. primarily, compared the but and pretty customers is them of the be, are the applications. how AMR, focus all the say sort involved high think to management applications, And automotive higher would about I therefore, right Nothing describe different need would I we these we lot but in way how in us tranches to I still robots. now out. think for and a of all mind volume warehouse other there the industrial different

that on focusing we're So first.

are performing? with main opportunities? way new cases industrial use current solving? we solving are for business they locking opportunities? these low-hanging question, How are the the these Next ratings? business these issues demos, solutions we problems in What upgrades are agreements, is from And in how what samples? are not these What MicroVision's Are product and MTBF efficiency through fruit performance NRE a to

what hard I have enough if are think technology, about -- if understand think other but problem solving? you think So of to we problem about for equipment have forklifts what the have we we and a big Is kind been there problem? a around you long of humans on them. time, going be provide kind always space, actually where in because those to to the most In OEMs to period an this application automotive work there's of safety for technology much of higher volume. all focus close proximity with it's is

everything required kind kind is kind somewhat able as getting And and capabilities automated. safety the don't field can the the of imagine, So systems they have that to of of have is nowadays. you been

So safety slow even the expected to some is level is environment where that's one of things moving an payload of in at get pace, a but safety. pretty are high those things

software levered, exact it's things the makes whatever it's when motion interacts and a controls an solution path, the the sensor their sensor create think with that that safety solution to is LiDAR these hardware directly controller. be would directly scene with and a applied about infer software benefit them need. So recognizing device, like the the whatever something adapted perception can techniques goes magically. pretty that as spaces The the is no of LiDAR but allowing that XD longer inside hardware to it same to that the sensor. to LiDAR, object perception developed it actually a for a where from they was real address mounted, hard the about looks domain were things can that you incredible controlling very XD And -- full piece The That's think stopping like automotive a be sensor. for in a developed, and

you ground a the it way the full yet falling at So aisle, up the he could actually that of rack that them. the imagine into notice is can you're even where and so top and not serious get full real jammed worse that on and or there's that could an hurt, moving it, is levered if that in he the for And can with example, as forklift does things This injury. things runs cause a user speed start misses on can something you going accident down payload operator aisle, something an hanging over. get situations bodily

XD the With of LiDAR, independent you how forklift paying. things stop this can was effectively, the all those and software, attention the much person

and and I work. were amazed of think this low saw it. working I speed But nudged full recently, it was saw brought And you to a So this to down to the and blast actually it they that our conceptually, live, demo running. actually it going on always completely about, accelerator yes, is jamming I a it's sensor next how

for from interfaces, making can the capability like in work we because commercial production for -- And what into that to or them have X They look engage. they way their the to, of you're rollout will well, give off there, do with create make of are, communication almost development asking years often. is, whatever our they And the they actually So to can confidence been we incorporate, company, just team we so every couldn't I've cannot of map. so road well course, it how rely them come about was as that interfaces how happen, case software, this demos talk many, that product be support sheet happen. lines their how time will see every these with executive many capabilities, strength samples their integrate what start this around we X find years our partner We custom going to give accident balance as upon it. for a because technology we a our to team, switchovers them this that's custom

area. that's the focus So

And if our as we QX the obviously, our this work recognition. also And the I of because, project agreements is customer. the when of actively part triggers performing just as are for that mentioned, guidance sort I add in revenue which well, NRE can we get approval, the

in believe we XXXX about way are, just with guidance. So the we line the

Next question.

industrial As way return on of understand cetera? these the autonomy both for and customers? shifting business software mining, Can own aspects technology value potential logistics, investors this investment we And what's these best talk farming, business prospective et Meaning is new how do partnerships, margins in the hardware how on warehouse the the the deals? their parse to they businesses? about in models

about about over it money If correctly. space, quite Since industrial lot have that of I'm is us a we've create to But the think hardware. the Anubhav, I the taken a to model product you transition quite acquisition, have and the we for production a so this taken year. ready we lot for going clearly spent talk to over people it's invested was can think, margins, opportunity you

a quite has invested. lot been So

like to recoup cost So there. of course, in our we would

and listen some all margins be So to them of typical I the it. that our almost or call your read of hardware margins are hardware earnings customers mean them going to expect.

So they already something this is know. that

R&D of level for But derivative derivative happy body the In have big a cost and And rather the some was comes do we and in them upon to are it to small. work the want. We're cases, Our in done, massive. them. comes we over the with volume. some they would projects something derivative cases, pretty differentiation from that software the that commitments then are building of down projects amortize

do provide to we're software volume what software and away them when well-qualified the extra of their helping to is system capable them it is, need the have to software they cable team to take high to discipline and software because automotive the a don't big We coming a that create level goes the the an is qualification provided cost ECU Because from controller. them. from application. So domain part. to course, software of of And team very directly is be their

to being exciting it's sensor of would and us they me can gives on without solve, the have years now. advance is software somebody actually running need we we I else's existing and So get say an in problem what's opportunity. that software up deliver I right team think content that to able their here, a it them to in based and

it solution the how could favorable. I So leave like I'll margins, it. think, Anubhav, you'd And be overall to market model to to you

the about A, which their can collect them, their supply. in where deploy the logistics or the is actually and are value they the this really solutions, in more faster turn, way end pipeline if so think these the for deploy robots with companies robots helps obviously, to their distribution customers business robots at more efficiently No, revenues with can of can coming warehouse twofold. our faster, is they grow in these proposition faster typically

the I downtime, opportunity second money again when The there not which happens think because time as Sumit costs of in actually crash over these loss aspect is et inventory, cost, also to pallets mentioned, when cetera. leads it providers, or but a the for the can and cost is which of downtime, idle which just terms

secondly, to looking are solution, So our from their faster solving well, looking them which this we are solution or these extract at helping them. the the are what cost these problem reduce our our which operating robots of deploy customers helps turn in robots sort way and is of as that business is customers

into described, which Now like like visibility about XXXX once and because then have more in a guidance I perception a of asked customer. like but for then software this standard have really the are to a us, Casey to software customizing product for particular about. Sumit higher have amortizing the the detailed terms we ramp, would described, also think have margin, the given way Sumit would But margins hardware I think margin application and standard price it a it using the piece over would the of is and we

applications? let I How pursuing generating question. that think me take near-term does balance Next question. contracts revenue industrial MicroVision LiDAR with long-term high-volume, through automotive

put solves the I many OEMs and LiDAR really investment think as over this ramp have this are in we past that LiDAR company only really the given own been all in decade, adoption calls, interesting projects up question the is which very discussing low-volume the the I the have at an any of last-standing on be later part to own industry few because, requiring because problem will companies do the a company of the volumes time take and where is cycle. off until the really end LiDAR economic are their until we their believe given state their

make go high-volume capture Sumit able industrial, with is their LiDAR to invest that's sure where streams be to scale not the billions the the the visibility which OEMs of economic makes several kick because be to longevity really diversified because burn, automotive to will the Now benefit have now want helps to the through time companies they the over but survive to a point long cycles because that's able revenue until to which OEMs withstand the that cash into absence around company and confidence able for where that years. bridge reduce volume big projects only and or the described, to to strategic that also company these of of this have has dollars understand a and prudently in period can sustain come on. build itself and economies is is to going around the of time, the you in, a between that suppliers be be what order and at backlog with running get like But of they

industrial And we continue out automotive. competition the some way is we I the positioned pursuing that have described like believe to thin company factors, I well this executing that's revenues that how we're ultimately, the these company part the playing strategy ramp for decade. believe how out. wait cycles But to we economic LiDAR later execute that's and be opportunities to the in are last-standing the of the we the others, applications on industrial while to up given of because our near said, So the automotive going the short-term is to on going

MicroVision's navigating this year? contracts? in X Tier the be Are LiDAR How for Next strategy relationships still question. to RFQs automotive you industry? What do suppliers Or XXXX? of any landscape with to the awarded will high-volume secure in Xs to evolving they plan leverage Tier be is expected automotive

that. take I'll

any So awarded they And the that end in how session. question want of incorporate Tier I'll remind had think adjusting I start the into but this We're planned They're of But goes your it. our year? X. the to their at mentioned with couple would working about November they our need say I on OEMs be a this the ago first. and strategy. in also RFQs this right just weeks to to last what are we Are section now. Cautiously I Q&A when of optimistic, everybody.

and a would it if those with solution indicated in And you better open we guys “Okay, to I yes, from be it was said, immediately, provide an really, charge Tier partner that the we and and was, inventor well, we with but So would great that.†guys of And get much. OEM, you And that you directly. are meeting clearly answer a should it. no, they don't they we're like service too because an X a

exists Tier with not OEMs, paradox So the Xs. the this

OEM technologies do. by to if Tier the retrenching core with they're is collaborate any us But a just We as in technology. you as their Tier can the agreement that news, that an X will Xs, like see, follow would directed you other

going real take every LiDAR gets how So just they the about But this on my win. is up company it you and are that to on how were they issue important CEO bigger is if up, to every talk they're think it. gets LiDAR, is, looking take much But not to about projects. the

that You just to think got LiDAR, they're to you providing. got the think about solution not about the

ago, about maybe over I've little year a So investors. I talked a I'll remind so think this

when that, you very If about you rating what what's is system so together cost. Do the camera rating. you're don't product at modules, NCAP they What price. you the care about piece care you inside ECUs a X-star a To a is. and look Tier that's the certain deliver radar, a deliver affordable Xs a think OEMs vehicle, at and can and LiDAR, put technology NCAP in customer, have the

complete. the just OEMs is at latter So not the entire looking story are system.

they're through working valuation So the takes do. so they can what what long as of

think to So complicated, coming where my think just lot comes It car is happen at us. well, and threat and the what sell piece X this interested interested no to about going There imaging quite to of that's Look, question, vantage to LX and ask near a the a solving. a I'll each volumes the take, a that. of level can they take, Anybody nowhere Tier that's do you thing adopted, from hokey. What how that is the incorporate integrate get acceptable is it's or radar what to is what's this LX+ from of is incorporate. plus in people there? gives always about to want LiDAR So is OEMs passenger that's is okay? one the cost, where OEM vehicle, and no in lower trying you hard common. my features that are is into imaging are you that. actually not problems this trade-off in those LiDAR people, talking it's in an a rather very point they them of hardware could LX, antennas a large just to There's of completely One LiDAR, $X,XXX is performance radar not give $X,XXX,

at other play. And Xs. work play things we OEM with the an the rollout just ourselves But can in automated at how X,XXX-plus to be very an the up, it focus with about should has the fully at And know are we problems these that space, could that's some about to to this work anybody. That's what scale you So investors LiDAR is will a how when they if the for be there's the put in. OEM is comes for order in Tier that line, product, place choice going to point, And play. to think forces the to Everything very, is that silicon, for how make. want We'll all beyond cost scale we scale solve large a able them inventories but wafers. happen. down, economy assemble that's how dice need we think

that anticipate based negotiation model will cycle, you your in on it's at the their automotive of XXXX, us near that LiDAR development knowledge but give time We the this on do time line selecting For line, future? OEMs partnerships estimate product best year the understand be your moment.

think for I OEM is of cycle an development typically, any X kind automotive years.

done of to they quality lot validate have testing, meaning take B-samples do they point have cloud a those they of this is And then and about the So the can works. they the perception they drive that need. what have as cars the these we where they the car and that period middleware, time have lengthy make is to what validation entire we a our in enough LiDAR That into just roads set but that That build that goes so selection. to and the they has that the really providing is the XXXX to that happens is coming, the expectations XXXX work meets sure have the forth have that it. they the all world do collect else, the data right LiDAR, of make is there, not Then the solution, part ending, exceeds by and all sensors they is different they're been somebody over by final develop software to and get from time us can system plug to them. product, want solution around

a So OEM's from a take vantage of point, cycle. yes, that years, about the the is will but X.X products majority X, validation

quality. So closely image we to to get final that ASIC, work final final very RTL,

will is what by could a their we And the cloud how own in comes And of go and see to doing schedules their point do is down and they if planning. lines final time OEM develop. the and much every now, time have of variant they software can it validation develop a the different part when much that's has is So feature, need stable to dictated things their slightly are to place. how it manufacturing right how what show they be

which differentiate a technology perspective position. We in to advantage MicroVision current financial What from How the players? into MicroVision's seems landscape competitors key the strong see to you convert competitive industry? this does company do other solutions How the is your on place LiDAR intend in model business facing challenges, profitability? and

possible start good great a core. I'm somebody How to excited What scaling. certain is going and about you to And that to by something. have to because where replication mass profitability? the a start you actually replicate volume The was we may knock really that's XX,XXX year, asked have XX,XXX, getting from to And is can in, comes convert scaling. question like bottom Casey are do get intend we the only that's have to maybe start with units with been products the as designed I understanding, to

wafer. MOVIA lot it about a I think beam steer MAVIN, about Our MAVIN, shipped a think There's with differentiation don't to I of the prisms. Microsoft, wafer. I can all we the think about know. in is MEMS about Sony. think mirror, done more quite future units when of MOVIA have We much electromagnetics, about we've to we of but volume for guys I think mean L, as about L, terms electrostatic which actually have to I I think don't did that. do thousands mirrors. you is scale. MEMS We hundreds robust. of To And

side down flash scaled. mean, the just silicon. other that. is of the So it the product, also scale MOVIA comes to amount product, we sequential can know of can And be on we course, that I the

lasers, How We point out side would you landscape? So steer is Everybody on a How combined. laser it? wavelength do actually automotive at is talking, all scale VCSELs they for thing the how is. do to get that #X using? actually think their steering. are me, Then the there there And else they that's competitive the I the look about XX-nanometer the what lasers, they there beam? other like use and that's

OEM XX-nanometer, Other cost going sub-$X,XXX and to hundreds So dollars, they space of They're about for the huge industrial again, like be can very space. doing are really how automotive that there. an clear this scaled. are a not is that in people get to for

$XX,XXX and sensor charge of about can't X, market X, X, a scaling. niche $X, in think there. There's You per kind

If I'm in. kick has about tranches talking imagine the those you about, up layers, think those to higher economy you scale go, the

their can value do competitive have as So because that what to our they will going everybody an competitive scale so them for very they're in points whereas to and high more is enable struggle with at we price sales a and like will have application, I price is lot job it. piece faster, actually, advantage are others to

revenue more burn for revenue large as cash this needed cash industry gets quantum flow by time that's financial industry breakeven is the strategy closer. quickly what will mature company the way end as each And be the keep breakeven. think now positive. volumes burn at that get get take And looking to and they just running automotive every support revenue X important to looking XX% a before as about And to is And way flow us making be have the advantage in happening become with because investor the think an a gross low important everybody think assuming investors revenue survives think, is recap if command that your this ultimately I convert corner which company time well sure this at get shop think we the for to or looking up because I how off. there institutions and you flow and all can I because have now streams scarcity at lean be LiDAR to think is all should the that just to going any I to I as cash cash burn multiplying premium. The because long-standing potential will gets company's I the LiDAR as process, well turn be to diversifying the what especially until cash almost this the to is because margin, premium, well And the your taken is cash or will is companies and flow companies breakeven. would is that LiDAR think closer institutional I LiDAR very

development discuss lines you on Can solutions? MicroVision's customizations request OEMs cost? typically types customizations these question. Next the for of and are implications What of LiDAR time the

vehicle, work the you interface. So the language. it, with up. OEM middle got think about Every different let's start own its how Every has from language, it customization starts real got if things together talk. its interfaces own The custom significant automotive be and software There's right amount get development in plug and has them to in of to is get for this qualified. those done a And them. all

OEM an think wanted that So else. and customization talking a we're a the reusable pay about they and only is earlier if of portion do None there the we year, NRE. you lot work of for this to of about was anybody

of So customization million challenging anyway. they $XX million of $XX pay for could and software you any reuse where want work anywhere it. that's only million have to you $X worth to And the can't

the get done you at they and So price. have piece then way you find to amortize a that to

example, points Not security and is per and to that's we part that anything, for said, you stack big quite a it like, that And longest to their has for going A a I much up the MAVIN go cloud, talk that the lot but hardware there. MicroVision beautiful to million have because we have a safety people because it. So time, of second. able lot on XX.X There's be on the to customization to when wants every not to lot point There's work there's have customer system. do perception, work through. quite you to product on of directly of beautiful have that.

But interest, resolution, save upper of and internal there's size, So same mounting I even their because holes some scanning lower there. really in only the most in brackets left software upper of everything doing, to customized perhaps middleware. they’ve the pointing to higher often want quadrants, them XX% the configuration of difference get that's upper of a lower up But and if customization. get cloud customization, X in and very hardware them in everything, in -- in that maybe power. say that's it's connectors got little firmware region we're is of point that's And there. XX% done side, in they Again, would software course, want sky right allows that they and, really for any, much but the the the the

company MAVIN of simpler much competitive game the requested no revolved seems this of And the feature how a now to it have around advantage Dynamic changer. make the thesis View, to OEMs be longer and

So outlast any MAVIN that the LiDAR what of is keeps left superior and making product?

actually the point the you a in nothing you're take Dynamic Listen, and looking fill if you out View it possible. if in different view at, know can actually as at as what look LiDAR, fields densely there cloud there's of the that

So it establishes a very physics. limitation edge of of

can't fire pulses. You more

We begin uniquely a That's pulses. encoded unique to with. gigabit, have feature multi-pulses to multi --

it. work mean see LiDAR have volition. I But handle just -- can't OEMs it own done. what we So Dynamic View that here, said great, our they we to we right the want had I high-density our all decided develop would was Ultimately, been the that thought mean but always different thing the OEMs these software to we develop. on that's didn't

more time. And just it. pixels. the at we period were mean very of their display seen But and it. of would do fixed good So prefer pixels. We longest a we're team a it's side, I we developed for fixed data on pixels. their We've fixed amount company can massive

So that fixed the seen dense up, they videos really look you the those that latest we demos well put and pixels, are and done really also. may have

to they gets we're actually achieve. to it down the specs, put able in also what So

It point scaling. number So cost. very it the actually go to high-quality what's It's a the a flow That's Well, power remains. as predictable is and the they that differentiation? profile, cloud. cost differentiation is growing still one,

they get into as for have, future amount To as in they're and of the about they product, they that is performance. the compelling. get MAVIN even very prices So think significant able be that's a asking target to what the

value differentiator. think I We the say always Dynamic call like this. are people can to to investors our actually scaling they But for I it's on don't LiDAR. sometimes We maintain So big do silicon, customers a the cost would them. the technical our demonstrated capability on

shop their LiDAR we If shop can it. a have one-stop ever application, teams do it. can it needed We that special that be for

MOVIA current time. different It for designed It's On we the our large. It's MOVIA kind side, a good trucking. was of have sensor. at

is bar or of is the degrees of fun-size as MOVIA it to this it advances And would think has thing product it I be degrees principles is the going XXX-degree I and S that it to you're future we're perception lower where snicker allows even big marketing car differentiated putting each not for can't cost. cocoon, that's at portions software it's car, tiny. -- taking them And work a seeing high-resolution it's a you to faster same do. do them. other, a you have could couple not definitely of it's even certain corner XXX already well essentially is, start that seen, been product going where the to good we into game imagine But XXX of mounted next and would And industrial. a And some and say, radar, the how incorporate space, That created, soon, in this a changer these what because something pretty like. a look to is higher going going features can to give will be automotive to be the provided volume. a to

can you not exists is else cost but you sexy variable. a if to technology than real people, So at is actually sound technology The probably metric I cost it's delivered to important can there. better think about, somebody a talk about but most cost. at may technology the our be And

it buy you that's car, help this going that which car can in to the reduce of can we is only We that. the the overall actually available one $XXX,XXX? Or car is if So differentiations a a something? go you in the incorporate So be that's that's of cost $XX,XXX system. control,

could the future, possibly potential imaging but have does How any LiDAR case, the seemed in the all these in radar during short-range most and shift CEO Mobileye comments? MOVIA's LiDAR, MAVIN the to recent such what is likely question suggest MOVIA. on for earnings eliminate company's call, next that impact need The MicroVision as view this And LiDAR may future?

like I dollars of done of dollars of have they think respect billions revenue, company cap, billions him. he's running got a of that's market

radar, the the If is that you've ever whereas it's seen would thousands, providing is And the we're an imaging pretty millions. chunky. number they of have and the large in channels number of channels in

the density pretty cost of out LiDAR, the in So and profile, at low compelling. smaller the overall the the point low it the makes size power it of

who was. this I it do think Mobileye was know also. believe don't I I

the point call it point in believe I very compelling the -- LiDARs saying are think time-of-flight really I the at and they out last got The that right? a CEO cost the was very, and is competitive. business, of LiDAR LiDARs time-of-flight

So clearly, thing imaging from LiDAR, a points nowhere providing. magnitude but that and radar is again, align less to provide you pipeline orders radar radar, could they LiDAR. not fuse a where it's done. to a can velocity we there's have And of a of a near only Velocity clusters already that these is and massive than cluster radar, high-density assign what compared velocity. LiDAR the be sees the this may are, Well, radar plenty of

be $XX. those can And cheap some of radars $XX, as as

side are on they cheaper the it. of So

pilot measurement applications on points cheap direct be quite you incorporated are a view. car, going in of applications, make And it's and the that's radars safety field or in a affordable. if a you you're cost measurement millions of of So to small a sold. do high-speed, kind to these And urban lot velocity, you done low device compelling need giving want and that can the high it want of low-velocity in really we get do But very manner. to

very it features. features for that is respectfully imaging for imaging a believe lot the same was help. of that competitive is side, is I do needed. want If by it they if believe is have inroad the the LiDAR radar can So that without radar unclear very, that I the it to And solution don't going side

steps institutional and one visibility more attract I'll amongst that MicroVision investors? increase What analyst question. to is take Let coverage me take more taking Maybe question.

on mentioned, So of up of the in visibility actually track done are in is when I given as this all investor the part record. this their board, think radar what companies like evolution the on a quite credit the the is successfully convertible term track focus a their submitted becomes peers you sight I industry have actually steady what of believe now companies on around is thrown LiDAR which what profile, performance. several I be more the as of almost attracted and we we think key. imagine observation, achieve on I transformative mature other interesting can came ended running and this thinning, improved to investee is business with revenue does I believe, we one of MicroVision's and selecting because we partner going that's a portfolio to think well. because, on and this not being numbers has clear financial their are to all just investors out -- radar sheets, part as financing, tracking crowd income is start a comes has a process described and their the I And is And big which obviously, the institutions flow strong as fixed I return I promises based very this been step very their What and very the think our bit breakeven because process, cash

and whittled out will I burn in to execution as be of have the key streams existing scarcity able the a all have command business, your customers turn going your to as and come premium revenue would mix to cash and of new path And out confidence among So of going you is revenues portfolio, supporting is sort as and even bolsters which the and no think described the of others that matter revenue be multiple company a profitability. earlier what. successfully diversification which to I what the be

earnings of transaction what in reputed success able sign single With time, vote everybody. So the the speak again appreciate of our with look next as of future for promise to partner of visibility again, do of with trust Thank a established some in is that, as such quarter, a I call. work us sector. I and just institution was this, your highlight QX to and questions including be what -- our you, you the we and community, lot a for improving think capital well. putting of a a these part that and on in already next amongst investors forward we as quite would we I thank is also company's think this you should have And we a financial of is quantum to investor confidence year this

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