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| Drew Markham | executive |
| Sumit Sharma | executive |
| Anubhav Verma | executive |
| Andres Sheppard-Slinger | analyst |
| Kevin Garrigan | analyst |
Good afternoon, and welcome to the MicroVision First Quarter 2024 Financial and Operation Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Ms. Drew Markham. Please go ahead.
Thank you. here Anubhav our Verma. be and Sumit to CFO, our pleased today CEO, with Sharma, I'm
information operations strategic sales words results, could will and guarantees Following development Regulation future results that the forward-looking be the implied on obligation to plan, volume, the differ information.In not risk Actual as SEC most could future business results including are differ our statements All partner as note expressions. of projections our product our not well the or engagement, in will encourage under XX-K cause like containing or statements call will to future prepared our those present factors expressed materially limited similar quarterly These expressed undertake review G. expects, annual financial made Form we SEC's and except and to of in on addition, hear you statements. statements filings implied to call, their actual call opportunities, materially remarks, our describe filings, XX-Q. on this opportunity considered as competitors' questions.Please to measures and These required performance and believes, and funds, of that this we and we forward-looking filed forward-looking law, to, this from statements by market availability some date comparisons recently other no customer that performance. update results including, financial the landscape, forward-looking certain of statements.We are from of report Form demand, reports non-GAAP product as intends, the statements, include will regarding open you'll but today and of program and
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Thank you. with Cantor Fitzgerald. Our from question Sheppard coming is [Operator Instructions] Andres first
with maybe think XX. win expected announce by to mentioned you quarter, OEMs. Okay, an start I had to wonderful. March I you Sumit, Last OEM contract want
delayed Was award what I guess lost to trying have was this of happened might So particular a guess, can you timeline the the kind contract? help what understand contract competitor, happened with Just understand I us or to there. further?
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to anything were. to have market view then, So, not like call where And happen mutual right? else, we're could just -- of clearly most the our confident, we right, when to we discussing, and agreement. stated the expectations have give we a earnings it were You we're happen, our realistic investors and to reach
see. I
OEM your follow-up some to there. that, think some I helpful competitors I on guess won contracts appreciate. by of out Okay. That's I now, context. have
Aeva have Luminar You I with BMW, think Innoviz with Polestar, think I Daimler. with
some about for $XX I these for $XXX with revenues gross Innoviz XX% are year. of for million margin. the pace year. on this year in on is million the in think revenue revenue for And producing pace material Ouster
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share try up that right, come them and with we that tend have sustainable. path like I think So, we that's all a to with with everything information, to
that that year? win? of contract Is half yeah, The is, sort just a be Is you expect that's might part us may question be second this -- of able the none I last of us to that but something but timeline might helpful. the guess Yeah, ahead. some ball, in year? of go is Obviously, something next a as give have crystal there you --
the and but that Andres, that what That's my I'm Tier-Xs told we Tier-Xs are timelines have go told, anomaly business. we've the OEM XXXX, certain certain, this, within being what that in is kind so when have discounting This for this, go of tell that saying moving multiple OEM, to be the yeah, to it yeah, multiple telling company, they and people that when an that decision I cautious the models XXXX, within large can't expect yet some is that to huge we one deal is a do I for a To about their sometime fact brands have these cautious it's But it, they making that but, personally, that made. that expect by decisions again, start know prepared just have The they volumes. for OEMs they for just did they're at big decision, we're in have them, anything, and look they decision the give part I market. because move if keep going most agreement of But says, in will how I'm not their enough, expectation QX to expectations within never to like those sometime because looking in because to are cautious they're not even have make QX, right? We we of current their out, they're an I'm just I make these in something configurations they we're those multiple with the are say clear traditional fast ongoing all there. to we key not us. to remarks, don't be points report in group, us yeah, things us to to that going before they're come here being Well, going when the still I'm course, out is decisions business.So, at like been right?So, to right?
years that going start So, information have what four a production, and given. on to they'll we're to focus we're
appreciate for one I last one No, That's helpful. Anubhav. Maybe it. that. Got
is would would this win Like can point, you the that? foresee from I us of kind you maybe ramp recognition contract that taking in of Thank terms how you. guess, that at remind in year an what assuming for contract revenues So, revenue OEM up contract announced some how do timeframe maybe just the place? and be like
Right. the because right, question industrialization let needs of complications this passenger the the to the ecosystem, and because described as Andres, back to because I competition The other lot comes ramping whatever partly of the your of there's from OEM prior which is, discounting is way about product think, are done the within from clearly I -- think the as Sumit I what think volume. a that saying, be think then I maybe me well, sort think, go I markets
any of of locations.So, be, sensors then across are said, going the that logical the into in the again, gradually of the then and ramp the the the OEM again, have with up the out will the volumes been to volumes in OEMs -- past. hit volumes the cadence NRE revenue contract first NRE obviously, So what multiple have as I revenues coming would revenue cars come that the markets. burned we RFQs -- it out like And have the beginning, been with expected the part
the time and the time enough making between there's ramp volume that they -- are sure now that So, up. volume this
have simple the wrong context the about LiDAR we there, I revenue, bunch why to all a think facing. So, long the to companies will and cover all a my to you're both cash onwards, beyond the navigate of period when are map LiDAR signing guidance also enough result deals, And XXXX, that as XXXX companies trickled the Sumit for in of here And you answer right? hoping I answer, that important I puts across that's may of LiDAR navigate I'm that's have in.And as really us, problem so fall maybe as is because these stopping the of for highlight, to most major this be stated business not just that point programs that very years XXXX, kicks and all volume companies this not are successfully, but again cash revenue mentioned.So, off LiDAR very is short but the companies problem why of this not as is of a well just giving talking us XXXX which seeing the direct most MicroVision, I have think the that to OEMs a burn are also that up remarks think that revenues well we're burn. disproportionate because when that's of would the but business
I detailed super that. helpful. appreciate and That's it. Got
I'll you on that's so Congrats it Thank much. the pass Okay, for quarter. me. on. it
Capital. is Garrigan Kevin from question next with Our coming WestPark
Yeah.
automotive that all seven other in vehicle are RFQs Just or customers trucking now seven to just out, you start are there RFQs there, passenger OEMs? in the mentioned,
seven All vehicle. are passenger
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industry expecting of software. others the pushed developing the And their MOSAIK either are sensor being like you kind are from or second out? own with of supply in here creating any revenues partnerships So, it kind automotive part, agreements kind validation of seems
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if $XXX million. give them require validation. the you more really vehicle, they're these they that team million. just on, very what cost software really, be validate all specific sensors, go were going we a RFQs you into about high and very level. is of think that told than contract MOSAIK We a to an I would just just one thing specific you're The In we're can like that requirements when about to it's $XXX KPIs. I saying, And mean had mean like going working example, OEM some this to
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it. Got Yeah.
NHTSA just it I think heard -- kind that I'd hear guys and of And ruling then color. you what recent your Okay. for what appreciate kind it love other guys' thoughts mean last speaking we've companies question, to means on LiDAR braking few LiDAR? about a for the automatic from it systems. emergency of
has Yeah. view personal My been automatic braking a is, in emergency Europe quite lot.
Now it's have starting More to become will it. the cars board. more regulation and across
part clearly a that. other of feature I with part talk long-range XXX have But car get LiDAR, -- of a had to just they will that kind it. level a that's key want LiDAR, about part one right, your We're of mean, are of of camera done, sensor are radar. saying that LiDAR LiDAR mass safe, the to the Tier-Xs OEMs right, long other has limited LiDAR do in been if reliable, across of want these what the don't are And part features all it about play that's as need to you of all features within that can the you you OEM a technology." that and is that it.Most LiDAR adoption, shown Some "Hey, think course, modules going board, for say, and that it. with we There term. and of be
to don't safety. of that You provides have have level subsystem another that
stack. safety, features also develop While suite on active doing part be this maneuvering just you're of OEMs would the that active the these would sensor's
happens, part required high highway adoption will right, because has that got product more does it. safety as by just So, -- more piloting. the be It than features actual opportunity, highway speed of regulation there's now more
can it. to long-term LiDAR, that It's good more of something that's NCAP.So, because very, economy product it's for be And more, same about it units product the going it. in intimate time. like big about the volumes coming the it's as capability timeline, it's news very the are So, of to an scale start imagine, natural to requirements you the talk surprisingly of it you at for now right and makes meet for needed the XXXX-XXXX as it's and more in good millions
clear, there to software So, LiDAR, the operate at can naturally LiDAR. automatic other really other support with high-speed the incorporate the stream. going speed, data those in and But So, getting lower well in ever to braking all want work kind in and LiDAR you've much other believe technologies we around actually the is we if so them, features, technologies. that OEMs it with do but make stream, data what those driving worked aids the If highway LiDAR, develop much to that do are plus have speeds But easier we it of higher be evaluate if OEMs that they you've been safety technologies as engineers very them LiDAR I perception active yeah, been features LiDAR They with more around. are they're that it. there.And support features right? LiDAR easier can emergency than of strongly
questions Thank submitted you. now I over will read the webcast. Thank to call Verma you. this back through Anubhav turn to
company from how a February to further decision first Do adapting expectations since is is, to the why are RFQ you add XX? the there lack pipeline? making of there MicroVision to timeline? any question these delays the been the And So, of And in RFQ expect changes? communication has
expect last We the MOVIA RFQ pipeline. line the answer and to Yes, first. one engage. of I'll RFQs MAVIN couple for to a add of to starting to both we're Well, do sights have that we already
to I OEM on, plans.As we question, globally earnings the they early support flying to with were had developing call. the as mentioned what's start our them. very in XX, the asked far since February Our stages early going And working their delay actively is go engaged, like the team be when as as Andres we
-- just the -- things And till are going imagine, very the if silent where transcript, know offering, You confusing really read have you you times. like on. was back it that what's they go stay -- they're is can was it and to it you very,
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release just clear I it, about one was So, think was their come made give And the I think out, because do with most to It's -- it us me changing you that really was different earnings sense it of perhaps really that press own or with that because was some -- just to it short up is talk is every within, product go strategy week call small time be, not OEM color right?" ask it this the in much give call be They live, their like, and on about to clear. wanted "Hey, a and me what but the to it for can't comment. a color don't regions. change, right? to could honest you, -- could it's figure that going pretty this us strategy get
year in for are far the if them statement this years lowering take last ahead accommodate Does company would OEMs the MicroVision Investor or more to high, reiterated and is, hold catch they Day, that The the are to their keeping of And question Retail competition it at true? is standard next still it up. very choice suppliers? still the bar it does,
we asking believe it. all to big you really Yeah. have don't of kind What's talking the do, how brought what median, would that as ahead. What's nothing We're want believe been meet calibration, new it. of have, middle us can MAVIN look Whereas, things an sure for yeah, at that you your into of structure? as these a bell anything certainly we it's firmware, about they do I the Whereas performance? to example. part our as So, -- and I It's you give be is, -- curve that saying, your But make development have exceptions. your RFQs, size resolution, it new mean, dumb exceed of of, course, requirements to These right? the is meet. requires of anymore, always the brought towards it. right? to this? meet If in nothing an I the Right? everybody but I at mean.We're they When not ASIC, down to there's compete to so it, can do mean, was new imagine, size? that others sure right, towards you is just us What's one the else, cost have development. that there they're we in range it's I incumbent, have there's said, with that you some true, deal. like have best-in-class, It new things power, I'll far seven and of that for that some to that and to because specs RFQs actual the part for, you base so solutions we're want that that. like, towards have range, is advantageous been we make are, specifications exceptions get that has XXX% end MAVIN us that right, and case we've we to the of of into But thrown things not we else, in
be right, clears see requirement, and you your humble. the So, spec that it's well.So, we incumbent, clear was can have this gap that meet competition because can to the that that original has do again, it we created was the sometimes that us our like that, to as for we
them. with customer. are They work You the
slightly to to that's if do rewrite very, work actually I stand companies can ever in was very can they something going been example, how for to that's software specific but You if take be. on test MAVIN, we going of advantage a like It's people to a develop LiDAR software, if to mean, want give offers for it's course, their they static support of a software, one they whatever the their have software to period advantage, need eases a have because up yeah, have that.So, huge the the be before a written for their best we that field But a so that. path But integration, far else us of huge time. to would to right, advantage, would the them is, time We dynamics it. that and because that has don't they static actually view strategy it time -- do said realize differently. want to they single with long, going about long, we of what long something redesign very
right? it. We if would futuristic invest there we you exceed no from have.So, the I right "Are we I -- to power need. therefore, your OEM I got done. size, to There's far exceeds now, I this So, recently that structure. somebody structures. everything what I that that about we have I B-sample. need But that, then said, your question was you a met meet there's cost meeting, want MAVIN, mentioned in this in time what clearly it's meet monostatic think may a moment And want product LiDAR, volume have I I performance, long meet at can developing ago, finish you get guys that?" for industrialization our can for
there's for to much to right? started. We that's We're test automation can redesign enter samples We get the a placed which in. going that's I at for get some do. pushback. moment, new to going get the not we're going that because from And And need the have the basis it be reliability didn't for no you,
believe the still valid. made totally that's is saying have I statement I reservation in that. So, no
the So, maybe over its Investor about me a market given position windshield?So, and year can behind Day, publicized you slimmer and handle new Luminar to technical market later units does let since feel perspective MicroVision Innoviz get the the have how both perspective. fit
is break down a is jargon, game raised to is, the but revenue what the announcements stock price, these complicated than be in these are response destruction is the when was I are of the the numbers cap -- market right? since in years this for right? awards, that if LiDAR think the are they about value because I how trading it day navigate reacting are -- these question markets -- market of that companies I think is simply for billion the it's and your financial signed before played and markets is this response Cantor market I to that's is the said is they the means evident I for my at way I I awards.And also mismatched. time speaking giving the predicting don't going to the discounting can to $X any value the think before markets themselves, of And lot end -- credit are which lower awards, do think the anything to awards have how in that's to simply the you publicity, up can the As if right? that What being described costs of these your announced
rather point, on spending they perfect we new companies depending on in that the developments saw doing because have this Recently, by any it third can I announcement to spend to at got. QX the than industrialization LiDAR don't parties in-house. think more company what So on afford they've are
this So, all have make to of happening be good can want sign -- becomes mind our back units them the cost will we model some the to do survivability making of the and the few of catch structure and valuation to is keep up going have support and off millions a or these with volumes deals what the palatable fall for we because think you the happen. make our sure why our while point that, in when in you my other I runway, business LiDAR question continue sure which of there unsustainable when companies.However, this because companies scaling these that's I that's arrive, map seen yes, is -- the players, it's even got reflective sort of to sure to
we You this just still when our happens, RFQs there expectations meets be got in. are product, of beat my all described, as in to mind, and because, that the Sumit the
Yeah. to comment out I talk would on Like for say, of to to rather stuff, And is come our other wants right? welcome have technology, here right compared would formed I a working problem and we on. this to earnings it's that has business that. that think I I love us. would the I think MicroVision, The all, like think and would talk call first is I all means, now everybody size I us that partnership day. a problem right? about me not and about what we're
from got are have samples. I far space room so this their which little and -- MOVIA it, MAVIN. they're hood? they a still started about as lasers and what's So, actually under in semiconductor Photoshop, now MEMS, long who's with everybody prism separate Others talks wafer, talk they're right? about at comes guys going talk look a with and when so and talking was second.If these it, away wafer, a problem in from MEMS the What win technologies get in for Some and are moving. CAD to is steering has glass don't Those and a it in what that, about of rotating our still then doing everybody that next business galvo box, it's them coming going But win, to and walk is into you term. you coming technology? I'll can a a generation.So, too a down, the we the went the have galvo all know hard, are and like, back to hands As like our the I me let is technology, where
the what's the like, then time. galvo. I it's because wins, to At have. like companies right? term, and have simplest focus support, you really are you It's of in for have -- those older product team like the absolutely to it.The have going a problem have market. by energies product somebody about here yeah, is de-SPAC we go you that, whatever actually And by to going year trickle, we I'm things hard open the going you market product in could strike of and right? analyst and end the think the problem day, a not as can't pretty that on, I win you go of the trickle they work probably still about the you about business anyway focus around of to day, who honest plaster deal test right, deal then the agree turn level it Now, of customer make I'm amount with real have you able But stuff. an I complicated talking Redmond But have the as and it, to all it they us with to a what talking to about what wafer about anybody And to And to win support, it to be of hearing when talking that's the energies sick is made a the have my should and company that's is, So, people and to of be move in long end people to talk a on and others. OEM talk I around on the lots announcements, the you about to bank, sitting the about it underneath sure to right? a about am different talk thing It's and an you the lots get sick they and want through talking because can, technology I'm has have at right? focus really is year, raise these were this that's OEMs, of been and money, the get when significant market talk of I it in to be technology, constraints.And We don't things and working guys to on. just with I'm up of our want to been myself do and certain you, that in done solve now company, for team we're the real saying company's Hamburg else. to about money about -- are
that runway? will envision Can the more it to detail share And company cash issue me you have provide XXXX?Let question. does take on in
So, talk here. some numbers let's
cash the end Our is $XX XXst balance March at of million.
We ATM. million under available have the $XXX
think in the opportunities the asset exact this the we bring how the resort what of brings years and want this players navigate do I cash just to opportunistically as While And to decade the at market the going raise non-dilutive I, are also that finish support demand industrial you very to our earlier, the needed, for point, it that's we're licensing sure LiDAR these our which most the of is which would of partnership and is company. this we sub emerge of in line.I within our I few handful call end I some and capital here. to is think, history I think businesses opportunities critical survive And last-standing to help to again, few market.So, the will how and mentioned -- reflective in when in forward is the than our the huge, And accelerating perceives faster quarter. the think cash cannot the described, I I you which the the to that this further work coming up strategy to share and truly something one objective execution hearing QX plans, time And bring of is support of we ingredient at think to automotive the towards have burn that the industrial to the be financially have stream in as continue and Sumit monetize we some of sustainability next for verticals waiting our cash, support. and we look be MOVIA towards to with in to couple we of our short it -- revenue. term, thank very cash, are make out because product as our financially. would in revenue we be your our only that Because that from investors you industry? August Sumit -- indicates to your one outlined, make it's prudent we because all that evident but that's is
today's ladies event. you, does gentlemen. conclude Thank This and
You thank have and disconnect a this time, may your participation. at you We for day. wonderful
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