- Earnings call transcript Q3 2022

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Operator

Good day. And welcome to the MicroVision Third Quarter 2022 Financial and Operating Results Conference Call. At this time, all participants are in listen-only mode. [Operator Instructions] At the end of today’s presentation, there will be an opportunity to ask questions via a chat line. [Operator Instructions] Please also note this event is being recorded. to conference like Markham. to now would turn over the Drew I go Please ahead.

Drew Markham

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

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

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

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

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

Sumit Sharma

you, joining us QX strategy. represents Thank milestones thank go-to-market progress for quarter a MicroVision. critical our of everyone, another on of afternoon, Drew. Good includes This in you and at delivering tremendous number today.

is positioned offers XXXX As in we expectations that this call. approach I a MicroVision the highlighting better their this in for that in and more XXXX, topic and a and than complete of start ever position software in leadership the solution and beyond. cover quarter RFQs hardware end I important planned calendar detail of will the requirements us OEMs accomplishments in would like by three into put have heading to later exceeds XXXX.

importance developing cannot samples new of by not than Tier First, process on us. achieving X compliance X be expertise and more beam overstated. to the critical a Xs. we and sell is Class OEMs which on our to beginning and commitment delivered compliance milestone, to Class laser years MicroVision so compliance is Class in products has experience X of the XX scanning, based

AEC news by cost-effective and our the the system Controls a combining functional be our criteria, key solutions LiDAR, are to to Emissions one will taken by to ADAS unit safety well-received set automotive our the was that while further solution engineering We to superior offer safety X nodes have Thanks as MicroVision experience OEMs. standards. standards view to Class patented Automatic at out meeting achieve develop a numerous in and of meets performance. We incredible a by system that it and performance safety an their to to to technology our OEMs. the safety volume shipped and amount innovative our differentiators enhance safety. the can laser patented of make also safety X compliance that only LiDAR to This commitment product are we Class shows This pixel-by-pixel first XXX-nanometer OEMs in how the proud laser level system, technology offering approach

in the major that the power I expected Tier unlocks X is begin XXX-nanometer Redmond key programs. they milestone, a a within second partner in can being evaluate a will achieving customers. all non-automotive samples elaborate call. XXXX. This with in proud the Nuremberg company. of this very achievement our step sample RFQs and towards start cost for of power environments, also our a as next-generation half towards high The by safety Class developing to These the of high milestone. X quarter selected sales their allow test as benefits own the first solution and look made in products, for their means and of big this we start potentially sample to OEMs OEMs on to to of the later automakers structures our Our am the continue I samples The is QX channels. lasers will deliveries for delivering paved important the without way achieving first XXXX-nanometer sales technology teams for

remarks. revenue this from new cover of opportunity these prepared his expect potential initiatives We starting next year. will during sources Anubhav

to technology with our to-date nearly in Europe. relationships RFQs program across X,XXX has XXXX. feedback to promote Finally, kilometers upcoming gather been our our These traveling have accomplishments allowed us to their one of to milestones OEMs and big align meaningful

of DR, phase puts next OEM receive participate requirements future track are LiDAR. sensor, key best samples the LiDAR the We have RFQs cost-competitive like now MicroVision reviewed meets any focus and our to a low-profile, in for XXXX would is best-in-class. high-resolution in costs A-sample. dynamic as these current and for to well compete and RFQs. our that performance, the range that to-date RFQs. and MAVIN technology, positions in our and OEMs we in are with To development We and how in us continue on our This its introduced looking I size positioned are to hardware validation leadership us features position simply, it requiring XXXX OEMs to exceeds about move beyond put talking in or to and all the

the a is footprint such First, without terms profile planned aperture roofline we the importance allows more can Low interface two understand low lowest There low and effectively is design looking utmost of combines metal it The an is the slim LiDAR. requirements how object-level offers power mere into of profile our design. bump-outs. solution. thin. This the Only the MicroVision’s that sensor. and strictly A-sample that for a no window. small ugly flexibility for ready ASIC be Plus, system market power a will for it MAVIN a mounted of with for these profile designed competition with OEMs XX-millimeter-tall are in flexibility. together sensor from profile and in mounting because in where with incredibly is low attributes low provide offers car’s a desired result sheet now integrated

time perfect looking models. designed at for meticulous the what Our future is this OEMs and arriving hardware is are

range, XX features. that extremely to at X.XX-degree high are at level Next, it speeds. cloud high vertical ranges unmatched. quality of is XXX-plus-meter angular detect resolutions to OEMs MicroVision longer and object objects This the our small in resolution interface hertz possible road translates line. at streaming core software makes These expect with point surfaces The

are raw No range or OEMs pixel-by-pixel other none. unaltered to resolution With The range the solution testament through a in have are shared by proprietary achieve resolution long LiDAR to and comes are X current able any and close. fall desire. second summer competitor Class Our this. clouds we solutions, our and production promised we to point late

resolution data other frame may raw MicroVision actionable clearest, other ahead. LiDAR. augment fusion uses that We of videos to pure their While techniques OEMs authenticity most super live gas picture be demos. the the this competitors during in data, sensor XXX% or road LiDAR low offer appreciate sharing are rate

supply with established lower cost. of is materials, exotic challenges. and supply it structure, no solution reiterated against is supply guards importance and the OEM a our scalable, have chain with cost and today. means chain Next, build hardware in with chains sourceable OEMs MAVIN materials supports already an known This

important Finally, approach MicroVision in timely scalable safety object level for with perception OEMs built capability ASIC another their is ground solution up custom new criteria and mind. in gives approach Only XXXX and in software features RFQs. This be from running a will on way. efficient a this an to the them differentiated building

performance lower MicroVision confident the LiDAR allowing that happening of is custom -- in and delivers pipelined that’s entire parallel. fully than reliable, the for cost the ever for control have am means unlocks ASIC is more in massive to Our secure and beyond. been systems ever system high I I positioned in in operate XXXX real-time. success solutions all This that opportunities

As look ahead for timeline. manufacturing targeted several on technology on based From capabilities. the This focus we to have and are acquisition customer acquisition XXXX, OEM several customer and to I for focused is their areas we advance XXXX. our continuing RFQs first standpoint, half

am positions outlined establishing call, expect analog new and milestones, success. digital our record XXXX, business for we focused to manufacturing customers. lines As us automated today’s prepare OEM and achieve for majority to that delivering a as ASIC that and number I well have our launching, model OEM us production solutions confident technology scale technology, on of well our will as closer partnering the track I to In new up including of

power mere Our To of achieving sensor engineering. LiDAR just this today, is in optics with truly design a and To less put a the millimeters. of this management feat breathtakingly already digital Apple for I our window team this. face XX-millimeter the context, watch XX is applaud pass hardware into XX-millimeter aperture an is thin systems than height.

more of will our to reduce making of overall even compact the by today. even introduction the hardware is With further the it MAVIN ASIC, footprint be already we than able

sum I’d handing to up Before to key call Anubhav, these thoughts. the over like

to for RFQs sensor the best-in-class offer ready We in OEM XXXX. continue expected

are programs and the sensors low-power visibility into roofline. mounting have customer We allow multiple low-profile along to required where

expand offer balance with continue we strong a LiDAR This XX per position offer expenses, are object second the hertz. execute. Again, can sheet enables greater interface. only will strong small like operational at disciplined points and to a We in level we that remain object XX to and detection this, and company features than key million

experience is LiDAR strongly to positioned prepared While MicroVision consolidation I months in expect customers. and deliver to the ahead, the space will

for top shipping Our LiDAR to partner to MicroVision to become The trusted with pedigree in an demand are to from multiple years OEMs with single a from customer OEM. A-samples real being customers agreements, a multiple of for This development safety. is flow a our of -enabled instead a demand automotive safety delivering ADAS on has pioneer captive real And tier programs demand. unmatched that of ebbs now. OEM positioned is market and

will quarters, today. contender. in to opportunity than happen now expect remain and coming I strong realignment in financial a Anubhav our performance. hand never have am sector been confident sheet the but call future with balance Some to discuss us more the this strong over to Anubhav? ahead, in MicroVision’s I like I I’d to

Anubhav Verma

date, LiDAR Thanks, this have scenarios. laid the earlier of integrated investors, in Sumit. complex with year. To I for am we out had milestones highway all testing and driving pilot our pleased U.S. track Germany highway with this software to the for of achieved the both our perception report remind as that solution feature we

market, Class our Xs further our As MAVIN streamlined OEMs These Sumit and to safety to Tier fourth believe OEMs, capability sales on we in achievements which integration, X helped highlighting OEMs adopted low solution, The factors product achieved with sample in along us positions be has begin a a of and pixel-by-pixel the is upcoming well by highway roofline form the pilot latency well to compete standards. two the the engagement compliance, with because their the described the product positions one industry RFQs. quarter. continued us in earlier, first of most for we

Microsoft, there quarter. customer, to were QX the Now, third performance. current no communicated our units in let’s us Revenue, discuss delivered financial that our

stated QX. of recognition units delivered is by have previously, recognized we the As in our directly tied Microsoft. revenue Hence, to no number was revenue

AR As product, in our attributable is the a executed using their in X. this XXXX, with for to contract reminder, Microsoft technology revenue display HoloLens April

based our an $X.X by of left this to We September have last customer. unapplied XX, quarter on revenue we liability. information million As provided contract gave the balance guidance on us

its However, at of there third quarter, end to customer forecast available. the us communicated the is the no statement revised that and

our Please XXXX. had provided in this $X.X compared This an at million be of The was in effect cash compensation XXXX expectations contract totaled stock-based for continues million million, stock-based SG&A year. signing that payment $X.X as quarter being The of that higher was apply been note our as benefits, increase third received the revenue date efficient and to totaled we prior year. in salary expiration compared benefits. higher recognized past line million higher Expenses, the in this revenue expenses $XX due prepayment. R&D to Microsoft in was quarters by with the with higher as with expense million received an expenses, non-direct terms compensation driven agreement our an last this million and expenses. several of one $X year, for and salary no Our and I only December to most primarily upfront $X primarily has non-cash with and cash quarters of the last was burn in against increase had quarter. call. $X.X our non-cash labor to royalty

to operating business employees continue invest million I in pipeline We our the activities marketing our motivate $X in efforts. share an in company. of we the pleased to and non-cash to upside third stock-based The used quarter. for is as the growth talent compensation accelerate component with invest development important efforts cash increased and the very am the our

MicroVision these was headcount As burn stood this weaker described and a discipline. guidance. burn out and in competitors in sequentially our quarters, all times This I healthy maintaining our rate sheet. macroeconomic and other of conditions, with line has beat strong strong in balance financial of terms a uncertainty previous In demonstrates number down with

spend positions now our financial to believe initiatives. of and we rightsizing as We aggressively headcount in to gradually have this well year. the a the was been as now driven model that prudently in which discipline we who most have announce model. We establishing new investing into facility business competition following by the quarter and the tenant not us XXXX of of the sustainable scale towards at march third build-outs CapEx million, $X.X end the was moving are improvements our

go with will move to in larger existing cash leave While capabilities facilities the QX and is CapEx to we our expected financing be XXXX, with this new labs neutral move mostly to are up as manufacturing incentives burden this a and investment with be in do line quarter not We continuing million, of rigor, in finished with discipline company. the Again, premises. a liquidity the we to securities. our $XX expect move significant cash including

one-year up the December yield As the added interest in end bills treasury some our up year-to-date rates million market short-dated period, million have at gone at end ticked have to $XX securities the from capture have investment the of of hence from to September. we and $XX

we an we future at Microsoft, visibility do into ahead, when but will time, do. point Looking this provide not we in if revenue and have from update

direct OEMs quarter. sale and Tier core from the the not recognize from in of fourth to our direct revenue do of significant the sensors. regarding samples At we Now these LiDAR sale we of moment, the revenue expect LiDAR from Xs revenues sales, expect area some focus, automotive to

OEMs continued along, engagement However, expect provide revenues fourth next of we results February as quarter on further to fiscal part with some year year. color XXXX in XXXX our our as move

non-recurring revenue solution, and will LiDAR combination Our engineering Xs. hardware and of software Tier and expectations XXXX comprise revenue streams, OEMs with sales, including our a projects

in with are XXXX burn cash reaffirming for the the guidance operating be in operating the our million fourth expect of half to quarter In of Hence, terms of we of second to line quarter. expenses, we third XXXX. activities million expenses $XX for of $XX cash used

reiterating to the by close to themes. key few a Before I questions, want line open we

rigor strong mature to First, truly our commitments as financial strategy the makes and and company our stand MicroVision on of deliver apart discipline from our public create our peers, business. scalable we a our execute

as macroeconomic have spending one Second, peers the positioned the believe aggressive our LiDAR the cash have balance We industry sheet, our in practices us maintained a environment. leaders will having category. burn metrics, that current financial including in struggle impressive the lowest the strong in of automotive and

these from to billion strong secure XXXX of to Tier have could a on on able market for our ASP $X are prioritizes DNA cumulative we revenue we for build annual business finally, This -- $X of our upon OEMs. positioned fleets. between the once estimated be assumptions And $X $X momentum we execute model business We for production included growing get being to to business believe burn rate EBITDA committed can on the the the in assumptions corresponds XX% with objectives. the based LiDAR as billion. we to by using the MicroVision where Based our share solution, number billion to depending and depending the profile engagement $XXX to opportunity well sensor market liquidity, OEMs. partnerships an to on Third, number a cumulative their cash we MicroVision our strategic with adoption remains and disciplined units OEMs our billion through of and current lucrative. of the XX%, All our the series in more be are of Xs company scale opportunity are with to

internally of positioned to continue times the we of times to ratio cash headcount which LiDAR market companies X is to positioned financial to industry and some most standpoint to well position mature Another is significantly the as stability, questions. on Sumit on well like from MicroVision X is best high like technology poised and market win metric, is as in now business for consolidators, only other of the struggle latest burn, strength price become to LiDAR cash the one our a companies this, cap our not simply, balance. approach, I but would metric and the to it the with the solution, are the we cash, to offering strategy. one higher of put With of reported our Using the discussed, ours open of most track as thanks to this valuable OEM To line execute the and falter. RFQs -- disciplined and

Operator

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

Andres Sheppard

revenue. the Hey, is Anubhav. milestones. you. guess, again to and first Sumit. am hear terms the I Hey, wondering I question on all of Congrats Great quarter in

can should about have know I but thinking QX? particularly how a should the don’t kind Now, be that ramp Thanks. sense QX, given sample we in QX, guide of you up of a give expect you we begun, us sales larger

Anubhav Verma

Andres. Thanks,

Let that question. me take

in So want two QX -- break I this parts. to into question

products. the MAVIN is revenue So first new our from

So so to sample made we we this have revenue in expect some sales, quarter. recognize

However, significant number. this I mentioned, be won’t a as

As we our streams would ramp meaningful have revenue from of the up engagements, we samples. sale in of coming XXXX

we would product The have universities labs, MAVIN would second the X we the certified product. -- non-recurring working streams And obviously, engineering accelerating customizations to stream would our can whoever in research fleets. we their as with be where we expand OEMs they and or into direct buying or projects our need for the is on included sales OEMs, whatever be be sample interested would product would that be Class in is

we in of the QX be would the and this from So three revenue expect LiDAR next year. automotive streams that

to point, reported we the and send this do as Microsoft market a our not and when of Now, will revenue, obviously, at and reduce of They to quarter, we that they that forecast the end could stream week, models it’s in I also the earlier, my our think, and we as year. contract at I obviously and beyond back They from of revenue this on came forecast a and as for for forecast, remarks. simply we shipments. late report mode. get last revenue, but us QX touched given prepared autopilot MEMS added have then At obviously, be in us volumes the Microsoft of factory next volume had liability. base this shipped convey and forecast zero to the

question. hopefully So your covers that

Andres Sheppard

so I call, had about million And follow-up year. maybe you Yeah. a does. Thanks, Anubhav. closer No. revenues quick to I previous think that, just the the and guess in $X.X for something mentioned the It on in

quarter expecting this Microsoft. what not Now, given obviously, -- were revenues you for were the

look or So at a should this as less we reduction framework should just foresee $X.X million a given in that that? bit little we than still quarter, the maybe

Anubhav Verma

at told autopilot. not this Microsoft do think that has and I what us have on for QX So said, they I a like are point forecast we

So we data report them from we and units revenue. the simply get -- that back report data as we volume

the received on to point, volume -- have given the you into changed will that’s be $X.X has had this the was communication. any do the not number referring time at visibility we I and we QX and think what forecast based hence the So latest are million hence, why last

Andres Sheppard

it. Got

Okay. clarifying. No. That’s for Thanks helpful.

track In both the compliance be terms year just obviously, should achieving milestones, milestones, on also Class on right, the congratulations you remainder and the the we highway the call focusing folks of next of what on what year? X of testing the are remind so for us for completing pilot. and on Can next

Sumit Sharma

-- Anubhav. I that take think will I one,

for are going timeline XXXX first their It’s timeframe. folks are have think the own not remainder right, be evaluating that targeted I but going they and of Anubhav as are we are to talked year, OEMs A-sample start to primarily but they have are mentioned, I for RFQs just with. samples in They towards limited. have solid, process think, a our which they are building that for sales we out half the about, RFQ,

here in of the scale, a to of we priority course as -- make about seconds access we are little samples our bit we few course getting those makes them It a having samples that Redmond going getting them. in to easier handful balance it much and can ready now is of and because talk here. So them

as focus to will award, are you an that announce discuss As is as primary to the going can be. achieving not course If we our them, market. milestone milestone there’s imagine, there’s next we these year, far can of but a RFQs right, and

call along, can we and on process. things to earnings will update the But it’s can a clarity if we on long-drawn-out So any allowed as are as going you imagine, give we process. right, are actually how the go if right, we

technology very pretty I through the to that And go the are am with just to company, You roadmap, have get manufacturability process. through become confident and to comfortable we the we going have it.

As track. market other can milestones far actually as that

As we ASICs I of delivered mentioned in on -- of our early down going several is have years as sort line, and programs on, going digital get early these would there start volume get mentioned to started. ASIC analog the parallel. have If any kind to to

those So as for intend the with we more ASICs into happening get more to we definitely, what and visibility are. advise those clarity market, of what’s RFQ, milestones

So have an right launch wants our We inside that’s our customer, ASIC offset development first, case after potential continuing is, our intend ASIC that. that classical put ASIC the to path to is and analog the OEM for in on the the probably custom just some digital a reason now always ASIC. for feature And them.

are and open actually that’s of are so that that, we We that that. do aware done before and part have happy we we have made our to to wheelhouse, them certainly

going lag some between So be to that. there’s

previously. course, have and automated of shown to that milestone, big we off is about we talked line transfer other we going are The have our pictures

are how hardware we Does We Andres? ultimately how for because are maintaining it scales, going but level that’s increase control to footprint technology manufacturing this establish of going sales again to answer of with pilot the entire line still question, your that their to monetize technology. the a the comfort

Andres Sheppard

Thanks, securing Yeah. are guidance No. two -- with very by you Absolutely. is, a thorough and which partnerships XXXX. it. Sumit. more cumulative reaffirming Appreciate OEMs quick guidance, insightful. That’s follow-up includes Maybe there than

my we announcement? question do is, the guess OEM I when earliest that think what’s -- see So an you could partnership

Sumit Sharma

their and expect hard timeline will -- think specific comment, design that start, If based the I idea. more really I time but based can their level give comfort had specific. sometime and a you will think to I be process I they But it is time win on on in I be to some summer. nomination make general a would for me process we that a that’s

I you can now think give without too right much. best that’s I the So divulging

Andres Sheppard

Got it.

you. Thank ATM question if So, obviously, my you needs, Maybe that in may, capital facility. I of terms Okay. your have $XX right? last million

Although issuing be wondering not that these as dilute preferable at I am will shareholders. levels, might shares

my is, opportunities, to do guess the perhaps, question the pure so raising you offering of going into any future? capital foresee pursue market sort other And a debt I in

Anubhav Verma

Yeah.

So let that take question. me

Andres, pointed out, and think our has $XX as balance I is So, $X our burn million I million. sheet cash

it’s standpoint. that obviously runway from nine of than more quarters So

will stated that when the obviously, and So, we tool as have historically as we be to using needed. ATM program capital raise strategic a

So obviously that strategy still remains.

from move would I so, obviously cost that’s LiDAR whole to regarding industry that industry looking capital Now debt, we a cheaper a as think to something of be towards standpoint. that do because obviously, would this like

cost themselves, and of have we into into shareholder alternatives as be create the and of the day, these we or value as because well, at company. looking present when end opportunities would for to want lowest capital tapping So the the

Andres Sheppard

on quarter on. the and again. Thanks it all guys. again Congrats appreciate Thanks, That’s I pass will Really Wonderful. it. questions. my

Anubhav Verma

Thank you.

Sumit Sharma

you. Thank

Operator

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

Anubhav Verma

Thanks, what and Group similarly a late? right, selecting about have Chad. company partner is, their brands Stellantis’ announcement to first All Chariot is for we recent too I the MicroVision so some think for the does the selection, of question say have

Sumit Sharma

All right. that. take will I

Anubhav Verma

Yeah. take Sumit, that. do to want you

Sumit Sharma

take will I Yeah. that.

great question. a that’s So

recently often, quite get I is in this think airport. Seattle I most

think little today. me we this bit answered kind So before, I deeper let just have but get a of highlight and this

platform is do search or have actually they selected data public go you you across will it, if applicable where just all guarantee what there’s So and single no platforms. understand a software

you software imagine, size different vehicle can unified all of under that or classes platforms platform software for not are a their of OEM and one. vehicle, every have they they As different

As to company. endeavored got that a you years, mean, fired can imagine, they have recently but several CEO in from do that I

umbrella, big those in context the just that all different the of kind under own they software -- So platforms. all brands, puts have their brands

So so it’s straightforward. not

I what they earnings think, other the their allow I on market. Now, say and to to call want say describe people will

I to these I be about plain if they know other all are bit think it, cannot These about straight at right, you simple things. mentioned right? a And least our Chariot. the pretty of about is about am me. shareholders it. well, you I going and -- disputed, Stellantis little course, and the data, to and tend be public cute facts think as not be

and for. I mounting, like ugly say so roofline front somewhat without that ground sensors any mounted, can a if resolution You clearly looking location And simple. roofline I they the think it to profile. blended There’s range, challenges that these that what been taxi-looking big when you what requires kind about they low And make a and extremely latency, face into are like the tall. high nice-looking of high this looking highway is high-speed a I room, in be be low bump-outs one have other very body profile are into mounting, only plain announced, think about of for tell that means, car publicly vehicle. pilot, presents can are they is the profile it next is the have the a you personally, a high can very, at for lower generation of the lot

their so product, new need. they mature that’s So Every year been if OEMs mature done even need. they they far, think a about have it, right, you their anything

come often. think year cycles so every that happen every or There’s RFQ new So about that requirements in. when you

in is took longer little lot features we but our So the we product, the have of everything. to baked we of benefit ahead develop a a have bit

of anything else, in what’s they this high are this the complained resolution? go. your demo pick large The It’s question, want there, there. can at we pipeline this resolution. that’s about to there’s than that It’s is often have is kind we the hertz, so sample. that the saying, can they they sample They one lot they down They they see So anybody this significantly data we how person else can I has like they want. all get it’s drive, but out ready amazing. and XX are of amazed higher If if a the there. great And talk resolution But doing They of innovation about quite have are always that course, is the anything. right? that can sit not and cars, yeah,

the long I question, about When think round and hearing low is high right? everything that think power. has are about answer question, resolution range out sensor and roofline-mounted to a like that to low-profile we this you

blurb, like the written I like think our much for product. that’s of pretty kind a tagline

It’s hard announced. product. that it again, that that’s am the state me to So, or anybody’s that they for the in documents features exist that’s intentions been say am do I not when seeing clearly and hearing, I

So timed And highway cycles RFQ and summer pilot. I MicroVision mentioned. now is high in LX ending the their perfectly I are speed starting think new for XXXX, programs, QX in as

be. to people actually to have made but on look not it I as reporting So is this, the close case I forward do as believe

Anubhav Verma

over reportedly Thanks, Sumit. The has at revenue. accepting from I tranche It’s IVAS million valued next about the take U.S. $XX of will $XXX X,XXX first contract of question. the units with Microsoft. billion Army units been this

comment continue how effect is, project. The plans on Microsoft through that that the can provides compliance. next engine, a Class year. Given in on great may expect I HoloLens with however, for based X future the next display and the IVAS is At anything this question. getting regarding the have and on X MicroVision? current point, agreement to IVAS we question we MicroVision Microsoft’s units of is or the Army affect cannot Look, am by the comment IVAS the team That’s acceptance HoloLens X

maintain be unique would achieved this MicroVision solely use and LiDAR it AEC via licensing we with advantage exploring are and licensing Can compliance with was capability So monetized or ADAS approach? methodology. patented to possibilities X competitive other in Class there cost, is this in

Sumit Sharma

will that question. I take

Anubhav Verma

want Sumit, to do you take that.

Sumit Sharma

is one. Yeah. Yeah. This Yeah. good a right. All

our selling So proprietary gives advantage in that technology a sensor. our AEC methodology us huge is

sale business we software license. have model, of and to company of multiple technology towards our monetize sensor talked as the our Our about times core is with profitability

key moat market. be this So a and stone nice extremely competitive us is in very competitive a allows that to the have

it’s all is instead compliance ASIC, unbelievable. not is software is that have feature other AEC everywhere people module a is the that’s context, understand, thing to real-time, at else, elegant a be The implementation but This inside So can the implemented future gate-level that where our this digital right? silicon running. more of

ASICs, will be so system. our ASIC, our which inside buy that So they have would to course our of drives

volumes programs very could consider be had one. future? this when license intellectually at well of and a it. and the thoughts are point, of would units these think handful an on that the to share is honest, the as on for them. in total just to at in my moat looking win And that, only this of to fair, right, the on the continue creates a wins So combined, be market to have like want design We us future some we advantage. market possible, OEM of at we I point the as the this is all we are as in we So going as were with millions substantial starting ever you nice near a volume many But annual this million hardware. competitive tens we If and licensing focusing

our a to blood very unique. expect it. This of and something our ingenuity We monetize part and effort engineer’s and on develop have took actually and we company’s lot to

Anubhav Verma

quarter. is let the filed question next negative another shelf competitor and that. will SPAC so the need to be competition, equity progress this registration can When so more MicroVision’s the is results we what financial content a companies The will exercise on quarter, and Sumit. versus capital for conveying recently the give and ATM? company of Thanks, the you how take infusions next about shareholder on me Yeah, becoming are verge competitor when other well positioned

of I think SPAC emerged or believe from very let I reiterate. MicroVision IPOs. We SPACs out as well, this with that is a addressed the companies of Andres me different slew the question so

been turned The projected. have very burn on actuals of the a the was disciplined. cash mature these saw have IPO lower capital what of had overspent I they while at other the company investors financially lot in and to public growth. and out much projected of some their hand name and think companies much than a had be been higher We valuations raised

on also advantage us fund price-to-cash positions growth. ATM to especially as the ratio discussed we an industry based tool consolidators, in metric this that my I So as and efficient use obviously prior Again, remarks.

I think time ATM XXXX. was the used June in last we

would tool the positions us mentioned the the only and opportunities I our this obviously, OEM is strategically also burn The Andres that when runway timing we well and of to themselves. two cash question designs and So, is they use the expect next Tier product this from year, X present QX in are OEMs the to this XXXX. hearing of MicroVision end OEM LiDAR stated selection happen same production decisions? discussions the that they Is have by that with? what Others

Sumit Sharma

I will take Yeah. this.

We are hearing the same thing.

in to design expect those We RFQ engage this are summer And win XXXX point. by expected QX. any decisions, at

Anubhav Verma

Thanks, Sumit.

for speeds. comments the that Luminar you appropriate assist, Do think I for jam good is next any XXX-nanometer made interesting. one is the on not have traffic that? highway LiDAR is statement but

Sumit Sharma

This is a question. good

I all, am going of off first yeah. think saying, to start I

direct things our like is address it. so be I to and you have think this want think comment about other not disciplined but that, about I a I people’s technology technology, talking to

state is because all right? I guys will But the want think important it’s actually in to Luminar me -- let today, think I I we have I important defend interest for for here think it’s that. management the So know an I no opinion. you in this facts. educated the statement I it. to my facts, all parsing

that final looking plus they for going We one that’s the What single specifically at running high-speed for low meetings high-speed been not right? are they pilot, on high a that up, about, are pilot. LiDAR highway nothing have are our resolution of everything. clearly the talking system car for but smiles see are you experience being that demo part been My showing personal highway they latency, a unclear, with pilot. range has XXX-plus-meter one, because our And OEMs speed but RFQs highway becomes these a all that

about would S-Class assist. referring so think the to the technology, are And But you the the about talking that So I I one year which far. been laser, that’s course, if based that happen a I Valeo what Mercedes ago, idea like about. are have announcements think they SCALA, is was the no upon traffic that they think was jam of commercialized XXX-nanometer really

XXX-nanometer where is on significantly higher. node making is was laser technology that that embedded nobody because comfort ago. that level time one was So decision their general, in long But with

and solution Our high to XXX-nanometer also a MEMS-based course, highway LiDAR, laser, level enable takes the will of competitive next pilot. uses it that offers speed

my I kind was So, really couldn’t head, again, when heard I shaking just of understand this it. comment, I

own lowest and think power outperforms Our LiDAR factor. suitable products and can high form of other you a course, range, significantly decide resolution, in in are profile, you as these think really I and reasonable car, what they the let low announced mentioned, roofline bump-outs have big happens. have And what market latency, in OEMs that they at about I like, a our when look of past, would products look will what the cars, not that’s those of those top on effectively, like I where buy I never one

statement not So sure am really what I is. this

our statement OEMs it’s but it’s with are pretty highway doing just that demonstrating well I they everybody, that that technology technology a clearly about -- our to we pilot, are evaluating stating there. we think high-speed are

can we enable feel that. sleek pretty we think So designs comfortable with I and

about they So that. to investors this I are am but basis not I is, factual what to analysts will on and what statement the the them sure talking leave and for question it

Anubhav Verma

on comment our validates and we I does me down you getting strategy. this recent announcement Thanks, on what think LiDAR the further next the impact can Let this shutting This it one. and Argo is one have of Look, one. Ford is, take a industry? Sumit. The Volkswagen good are

in the business commercialized think a this I but by the and are be validates over business what to go well next into value be us years. And tapping believe We profitable the to of in and And is beginning on it given market, which which that’s the we to poised strategy probably have are of through building ADAS still the positions also a path OEMs with spenders skipped. from Argo. focused LX cannot prudence, compared that as LX some always a disciplined financial positions LX financially being actually near-term. the think of future, really seeing maintained LX is and that to well the exit path us it’s will indeed combination the profitable I we why model that and would our the applications, the few

Sumit Sharma

on QX you we think With Thank February. our fourth see this, we full Thank joining in provide our We you of next I so us results as call. quarter time. for to everybody year much. you year again are out hope

Operator

and Thank All a you. great day. may disconnect care. have parties concluded. has now Take conference This

Drew Markham	Vice President, Secretary and General Counsel
Sumit Sharma	Chief Executive Officer
Anubhav Verma	Chief Financial Officer
Andres Sheppard	Cantor Fitzgerald

MicroVision (MVIS) 28 Oct 222022 Q3 Earnings call transcript