Financial Data and Key Metrics Changes - The company reported revenue of $32.6 million for the first quarter of 2025, with a gross margin of 41%, which includes a patent royalty of $1.5 million [5][16] - Gross margin increased by 1,200 basis points year over year, reflecting higher revenues and a favorable product mix [16] - The balance sheet remains strong with $171 million in cash and equivalents and zero debt [6][18] Business Line Data and Key Metrics Changes - The industrial vertical was the largest contributor to revenue, followed by automotive, with significant deals in warehouse autonomy and robotaxi applications [16] - The company shipped approximately 4,700 sensors in the first quarter, indicating robust demand across various sectors [16] Market Data and Key Metrics Changes - The company expanded its relationship with Lazze Pico in the smart infrastructure vertical, signing its largest contract for software attached sales in Europe [6] - In the automotive sector, the company was selected by a global OEM's mobility subsidiary to supply sensors for autonomous vehicle development [7] Company Strategy and Development Direction - The company is focused on three strategic priorities for 2025: scaling the software attached business, transforming the product portfolio, and executing towards profitability [8][13] - The product portfolio is being transformed with new hardware and enhanced software capabilities, aiming to double the addressable market [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of physical AI and the adoption of LiDAR technology, noting that advancements in AI are making systems more capable and affordable [68] - The geopolitical and macroeconomic environment remains fluid, but the company does not expect tariffs to significantly impact its business [19][72] Other Important Information - The company announced the appointment of Ken Gianella as Chief Financial Officer, effective May 19, 2025 [13] - The company achieved a major milestone in collaboration with NVIDIA for its AI model, which has been trained on over 4 million labeled objects [12] Q&A Session Questions and Answers Question: On gross margins and software contribution - The company is pleased with its margin performance, trending towards the higher end of its 35% to 40% range, and will provide more clarity on software contributions when significant [24][27] Question: About new products and TAM expansion - The upcoming product releases are expected to be transformational, potentially doubling the addressable market, with positive signals from key customers [30][31] Question: Testing process with new customers - The company engages in ongoing testing with customers, which helps build long-term relationships and accelerates production orders [35][37] Question: LiDAR adoption speed - The company believes LiDAR adoption is tracking to its long-term model, with positive trends in the field of autonomy and physical AI [68] Question: Impact of tariffs on customers - There has been minimal disruption due to tariffs, and the overall trend towards automation remains strong [71][72] Question: Competitive dynamics in the market - The company has not seen consistent efforts from competitors to develop solutions in non-automotive markets, maintaining its position as a leading player [76][77]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $8 million or $0.46 per share in Q1 2025, an improvement from a GAAP net loss of $8.5 million or $0.93 per share in Q4 2024, primarily due to a non-cash adjustment related to lease liabilities [27][28] - Non-GAAP net loss was $5.8 million or $0.33 per share in Q1 2025, compared to a non-GAAP net loss of $6.3 million or $0.69 per share in the prior quarter [28] - Cash burn for Q1 2025 was $8 million, which included $3.1 million of one-time payroll expenses, with expectations for a normalized run rate of about $5 million per quarter moving forward [25][29] Business Line Data and Key Metrics Changes - The Apollo LiDAR solution has reached a critical milestone with the first units produced, marking a significant step towards high-volume production [6][13] - The company is in the final testing and validation stage of integration with NVIDIA DRIVE, which is expected to enhance customer engagement and sales opportunities [7][18] Market Data and Key Metrics Changes - The company has successfully raised $24 million over the past fourteen months, including $13 million in Q1 2025, which reflects strong market enthusiasm for its technology [22][12] - The total addressable market (TAM) for intelligent transportation systems (ITS) alone is estimated at $20 billion, indicating substantial growth potential beyond the automotive sector [58] Company Strategy and Development Direction - The company has pivoted its strategy to focus on the automotive sector, developing a single high-quality product for Advanced Driver Assistance Systems (ADAS) while maintaining flexibility for adjacent markets [8][11] - A capital-light model has been adopted, significantly reducing operating expenses by 75% and headcount by nearly 60%, which positions the company for sustainable growth [9][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties and adapt to industry changes, emphasizing a culture of operational discipline and innovation [10][19] - The company is optimistic about future growth opportunities, particularly in the automotive and non-automotive sectors, as it continues to engage with OEMs and expand into international markets [12][19] Other Important Information - The company resolved a lease dispute, reducing potential cash liability exposure from $6.4 million to $1.4 million, which is expected to provide a solid foundation for future operations [22][48] - The Apollo sensor's software-defined capabilities allow for rapid modifications, enabling the company to engage with various customers across different markets without significant increases in spending [17][56] Q&A Session Summary Question: Clarification on the real estate litigation timing - The lease liability was adjusted in Q1, with actual cash payout expected in Q2 [35] Question: Cash burn trend for the rest of the year - A normalized run rate is expected to be about $5 million per quarter, with Q2 anticipated to be slightly higher due to lease settlement liabilities [38] Question: Integration with NVIDIA and its impact on manufacturing scaling - The integration process is in the final testing phase, which will open up NVIDIA's ecosystem for scaling conversations with OEMs [42] Question: Inventory levels and manufacturing scaling timing - The company has sufficient inventory for anticipated short-term demand, with some ramp expected this year [45] Question: Market size comparison between automotive and non-automotive sectors - The automotive market is vast with 90 million vehicles sold annually, while non-automotive markets also present significant opportunities, particularly in ITS [58]

Good afternoon and welcome to the MicroVision fourth quarter and full year 2024 financial and operating results conference call. At this time, all participants are in a listen-only mode. At the end of today's presentation, there will be an opportunity to ask questions via a chat line. statements regarding our business, product, and go-to-market strategies, customer and partner engagement, cash, liquidity, and the impacts of our recent financing activities, market landscape, opportunities, and program volume ...

Financial Data and Key Metrics Changes - For Q4 2024, the company reported revenue of $1.7 million, up from $500,000 year-over-year, primarily driven by industrial vertical customers [26][27] - The company experienced a cash burn that remains one of the lowest in the marketplace, with a cash balance of $75 million at year-end [24][29] - The company has extended its cash runway into 2026 following two rounds of investments totaling over $90 million [24][30] Business Line Data and Key Metrics Changes - The company is focusing on automotive OEM programs with seven RFQs and several custom development proposals, while also engaging in industrial opportunities such as Automated Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs) [6][9] - The total addressable market (TAM) for industrial applications is lower than automotive but offers faster revenue potential from multi-year programs [12][21] Market Data and Key Metrics Changes - The company is actively pursuing opportunities in the defense sector, anticipating increased defense spending under the current administration [15][21] - The competitive landscape includes challenges from Chinese automotive OEMs, which are driving U.S. and European OEMs to expedite their ADAS and EV initiatives [21] Company Strategy and Development Direction - The company aims to expand its near-term revenue opportunities in industrial and defense sectors while adapting to evolving timelines in the automotive industry [21][24] - The new CTO, Glenn De Vos, emphasizes the importance of delivering a complete perception system and advanced features suitable for various markets, including automotive and defense [20][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that automotive OEMs are adjusting their product launch timelines, which has affected revenue expectations [10][21] - The company remains optimistic about its engagements in the industrial sector and expects to see significant revenue from these partnerships in the near future [12][32] Other Important Information - The company has secured production commitments from its manufacturing partner, ZedF, to meet anticipated demand in the industrial vertical [50] - The company plans to maintain a disciplined cost management approach while focusing on operational excellence [23][24] Q&A Session Summary Question: How much of the $1.7 million revenue in Q4 was from commercial shipments versus R&D work? - The revenue was primarily derived from the sale of sensors to multiple customers, with minimal NRE expected to be pushed to 2025 [34][35] Question: Are the defense opportunities related to ground-based or aerial objects? - The focus is on ground-based applications, with the company working with partners in the military space [37][39] Question: What is the competitive nature of the commercial opportunities? - The company competes against various players but emphasizes its unique capabilities and the value of being a domestic supplier [41][43] Question: Can you clarify the $30 million to $50 million demand from ZedF? - This figure represents anticipated demand over the next 12 to 18 months, with secured production commitments to ensure supply [50] Question: What are the realistic timelines for RFQs converting into revenue? - The timelines for RFQs are elongating due to technical evaluations and the complexity of decisions within OEMs [54][56] Question: How does MicroVision plan to compete with FMCW LiDAR technology? - The company believes that while FMCW technology is gaining traction, it faces significant cost barriers and that its time-of-flight technology remains competitive [90][89]

Financial Data and Key Metrics Changes - Revenue for the year 2024 was $9.1 million, driven by increased sensor shipments to automotive and industrial customers, including the Daimler Truck program [36] - Full year non-GAAP operating loss was $123.2 million, consistent with the plan to keep it flat from the prior year [36] - Aeva ended the year with total available liquidity of $237 million, which includes $112 million in cash and cash equivalents and $125 million in undrawn facilities [37][38] - For 2025, the company targets revenue growth to be in the range of $15 million to $18 million, representing an increase of approximately 70% to 100% year-over-year [39] Business Line Data and Key Metrics Changes - Aeva has achieved significant milestones with its products, including the launch of the Atlas Ultra product, which offers three times the resolution and a wider field of view compared to previous models [22] - The company is seeing increased momentum in industrial robotics and factory automation, with a target to increase industrial sensor shipments by nearly 1,000% in 2025 [26][55] Market Data and Key Metrics Changes - Aeva is positioned in a $10 billion-plus market opportunity in industrial robotics and factory automation, with partnerships with industry leaders like Nikon and SICK AG [26][51] - The company has secured a development program with a global top 10 passenger OEM, which is expected to lead to a large-scale production program later this year [15][17] Company Strategy and Development Direction - Aeva aims to drive the adoption and commercialization of FMCW technology while maintaining strong financial discipline [31] - The company plans to complete its automated and automotive-qualified production line with a capacity for over 100,000 units annually [34] - Aeva is focused on expanding its presence in both automotive and industrial sectors, leveraging its unique FMCW technology [33][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute on its objectives and capitalize on the growing momentum around FMCW technology [35] - The company anticipates record revenues for 2025, with a focus on reducing operating expenses by approximately 10% to 20% year-over-year [34][41] Other Important Information - Aeva's Atlas Ultra product is designed to meet OEM requirements for Level 3 and higher speed applications, showcasing the company's commitment to innovation in the LiDAR space [22][23] - The company has made significant progress in its partnership with Daimler Truck, with plans for production to start in 2026 [20][21] Q&A Session Summary Question: Can you talk about initial targets outside of metrology and the cycle time for design wins? - Management highlighted the excitement around opportunities in robotics and factory automation, indicating a significant market potential [50][55] Question: Can you provide an update on manufacturing progress? - Management confirmed that they are focused on increasing manufacturing capacity to meet growing demand, with a target of 100,000 units per year [58][59] Question: How does the operating expense reduction apply to large programs like the Daimler Truck program? - Management indicated that significant development work has been completed, and they are now focused on scaling production while reducing costs [66][69] Question: What is the expected contribution timeline for the OEM program? - Management stated that the target for the Atlas Ultra start of production is 2027, with expectations for production ramp to follow [78] Question: How does the company feel about its current cash position? - Management expressed confidence in their liquidity, stating that they have a multiyear runway to support production and growth [81][82] Question: What is the general area of the top 10 OEM's headquarters and their operational geographies? - Management confirmed that the OEM is a well-known global brand with significant vehicle production, indicating a large opportunity for collaboration [88][90]

Financial Data and Key Metrics Changes - Revenue for the year 2024 was $9.1 million, reflecting growth in sensor shipments to automotive and industrial customers, including the Daimler Truck program [36] - Full year non-GAAP operating loss was $123.2 million, consistent with the plan to keep it flat from the prior year [36] - Aeva ended the year with total available liquidity of $237 million, which includes $112 million in cash and cash equivalents and $125 million in undrawn facilities [37][38] - For 2025, Aeva targets revenue growth to be in the range of $15 million to $18 million, representing an increase of approximately 70% to 100% year-over-year [39] Business Line Data and Key Metrics Changes - Aeva has achieved significant milestones with its products, including the launch of the Atlas Ultra product, which offers three times the resolution and a wider field of view compared to previous models [22] - The company is seeing increased momentum in industrial robotics and factory automation, with a target to increase industrial sensor shipments by nearly 1,000% in 2025 [26][54] Market Data and Key Metrics Changes - Aeva is positioned in a $10 billion-plus market opportunity in industrial robotics and factory automation, with partnerships with industry leaders like Nikon and SICK AG [26][51] - The company has secured a development program with a global top 10 passenger OEM, which is expected to lead to a large-scale production program later this year [15][17] Company Strategy and Development Direction - Aeva aims to drive the adoption and commercialization of FMCW technology while maintaining strong financial discipline [31] - The company plans to complete its automated and automotive-qualified production line with a capacity for over 100,000 units annually [34] - Aeva is focused on expanding its presence in industrial robotics and factory automation, leveraging its unique FMCW technology [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Aeva's position to capitalize on growing momentum around FMCW technology and the strong interest from global OEMs [35] - The company anticipates record revenues for 2025, with a focus on reducing operating expenses by approximately 10% to 20% year-over-year [41] Other Important Information - Aeva's Atlas Ultra product is designed to meet OEM requirements for Level 3 and higher speed applications, showcasing the company's technological advancements [22] - The company has made significant progress with Daimler Truck, having delivered on all milestones for the program in 2024 [19] Q&A Session Summary Question: Can you talk about initial targets outside of metrology and the cycle time for design wins? - Management highlighted the excitement around opportunities in robotics and factory automation, with a significant market potential of over $10 billion annually [51][54] Question: Can you provide an update on manufacturing progress? - Management confirmed that they are focused on increasing manufacturing capacity to meet growing demand, with a target of 100,000 units per year [58][59] Question: How does the operating expense reduction apply to large programs like the Daimler Truck program? - Management indicated that substantial completion of product development allows for reduced spending, with a focus on scaling production [66][69] Question: What is the expected contribution timeline for the top 10 OEM program? - Management stated that the target for the Atlas Ultra start of production is 2027, with expectations for production ramp to follow [78] Question: How does the company feel about its current cash position? - Management expressed confidence in their liquidity, stating that they have a multiyear runway to support production and growth [82] Question: What is the general area of the top 10 OEM's operations? - Management confirmed that the OEM is a well-known global brand with significant vehicle production, indicating a massive opportunity for collaboration [88][90]

2024 Highlights and Achievements - Aeva was awarded a global top 10 passenger OEM development program[11] - The company is on track with the Daimler Truck production program[13] - Aeva's Atlas Ultra features industry-first integration[14] - Aeva is experiencing growing traction across industrial and security sectors[15, 16] 2025 Objectives - Aeva aims to secure two additional production program wins in auto and industrial sectors, in addition to the global top 10 passenger OEM[46] - The company plans to release the final Atlas version, including the C-sample[47] - Aeva intends to accelerate robotics & automation expansion, targeting at least 1000%+ growth in industrial precision sensor shipments[48] - Aeva plans to complete a manufacturing production line with at least 100,000 units/year capacity[48] 2024 Financial Results and 2025 Outlook - Aeva's full year 2024 revenue was $9.1 million[55] - The company's non-GAAP operating loss for 2024 was ($123.2) million[55] - Aeva had $237 million of cash and facility as of December 31, 2024[56] - Aeva projects revenue in the range of $15 million - $18 million for 2025, representing approximately 70%-100% year-over-year growth[60, 63]

Financial Data and Key Metrics Changes - In 2024, the company achieved record net revenues of RMB2 billion (USD285 million), marking the highest in the global LiDAR industry [39] - Shipments exceeded 500,000 units in 2024, more than doubling the total from 2023, with December alone setting an industry record of 100,000 monthly shipments [39] - The company reported a full-year non-GAAP net profit of RMB14 million (USD1.9 million), a significant improvement from a non-GAAP net loss of RMB241 million (USD34 million) in 2023 [41] - The blended gross margin for Q4 2024 was 39%, down from the previous quarter due to a shift in product mix [40] Business Line Data and Key Metrics Changes - The company shipped over 20,000 units to its robotics business in December 2024, indicating significant growth in this sector [40] - For 2025, the company projects total shipments of 1.2 million to 1.5 million units, with nearly 200,000 units expected to come from high-margin robotic LiDAR [8][9] - The ATX LiDAR, priced at approximately $200, is anticipated to contribute significantly to total shipments in 2025, with expectations of high adoption rates among OEMs [44][45] Market Data and Key Metrics Changes - The adoption of ADAS in China is projected to grow from 8% in 2023 to 70% by 2030, indicating a transformative decade ahead for the industry [10] - LiDAR integration in EVs in China is expected to surge from 8% in 2023 to 20% in 2025 and then to 56% by 2030 [13] - The company has secured design wins for 120 vehicle models across 22 OEMs worldwide, including 9 out of the top 10 largest automakers by market cap in China [28] Company Strategy and Development Direction - The company aims to solidify its leadership in the LiDAR market by focusing on the growing demand for ADAS and robotics applications [6][29] - The strategy includes launching new production lines in Q1 2025, with an expected annualized production capacity of 2 million units by the end of the year [29] - The company is committed to lowering barriers to LiDAR adoption and driving technological equality, with a focus on cost-effective solutions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving GAAP profitability of RMB200 million to RMB350 million in 2025, with non-GAAP profits projected to soar to RMB350 million to RMB500 million [50] - The company anticipates a strong year in 2025, driven by increased demand from both ADAS and robotics sectors [42] - Management highlighted the importance of maintaining a healthy gross margin of around 40% while continuing to invest in R&D [49][65] Other Important Information - The company has deepened collaborations with major clients such as BYD and Great Wall Motors, which are ramping up their strategic upgrades in intelligent driving technologies [24][25] - The JT Mini LiDAR is being positioned as a leading product in the robotics market, with significant orders expected in 2025 [31][46] Q&A Session Summary Question: Guidance for 2025 and quarterly volume trajectory - Management provided revenue guidance of RMB520 million to RMB540 million for Q1 2025, with expectations of approximately 200,000 units shipped [55][56] - The ATX is expected to have an annual price decline, while gross profit margins are anticipated to remain close to 40% [58][59] Question: Long-term potential of the robotics LiDAR market - Management indicated that the robotics market could be several times larger than the passenger vehicle business, with high margins expected to persist [71][76] Question: Further cost reduction and technology advancements - Management noted limited room for further cost reductions on the ATX platform, emphasizing the importance of maintaining product reliability and performance [94][95] Question: ADAS LiDAR adoption in overseas markets - Management clarified that LiDAR is applicable to both EV and ICE vehicles, and the company is optimistic about growth prospects in overseas markets [130] Question: Long-term competitive landscape of ADAS LiDAR market - Management acknowledged that while exclusivity with OEMs is not guaranteed, the company's performance leadership and cost competitiveness are key advantages [140][141]