Financial Data and Key Metrics Changes - For the second quarter, the company reported revenues of $150,000, driven by sales in the industrial verticals [21] - R&D and SG&A expenses for the second quarter were $14.1 million, with cash expenses at $11 million after backing out non-cash charges [21] - Year-over-year, expenses have been reduced by 44%, and the company expects to sustain current spending levels through the rest of the year [21][22] - The company finished the quarter with $91.4 million in cash and cash equivalents, with additional availability under current facilities [23][25] - Average daily trading volume has more than doubled to over 5.2 million shares during the second quarter compared to 2.6 million in the same period in 2024 [26] Business Line Data and Key Metrics Changes - The automotive vertical is expected to be the primary driver for high-volume recurring business, with a focus on cost competitiveness to drive adoption [18] - In the industrial vertical, the company is finalizing several engagements and has introduced an aftermarket product that can be retrofitted into existing forklift fleets [9][10] - The defense vertical presents significant opportunities, with plans to demonstrate an autonomous swarming drone system in the first half of next year [12][13] Market Data and Key Metrics Changes - Increased trading activity and institutional interest in LiDAR and automotive technology have been noted, with blue-chip institutions focusing on these sectors [15][16] - The company is well-positioned with its manufacturing partner in France, minimizing exposure to China-based manufacturing amid dynamic global tariffs [18][19] Company Strategy and Development Direction - The company aims to accelerate the global adoption of autonomous technologies across automotive, industrial, and military segments [14] - The go-to-market strategy focuses on OEMs with mass market product plans, emphasizing scalable and cost-competitive LiDAR products [8] - Partnerships with established prime defense contractors are targeted to enhance revenue growth in the defense sector [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the engagement with automotive OEMs and the potential for increased revenue from industrial and defense sectors [6][15] - The company is focused on developing advanced LiDAR sensors and sensor fusion technology to deliver actionable perception software [13][19] - Management highlighted the importance of cost competitiveness in driving higher LiDAR adoption among OEMs [18] Other Important Information - The company has raised approximately $35 million net from the ATM during the second quarter, bolstering its balance sheet [23][25] - The recent investment commitment of over $90 million from a single investor has significantly increased trading activity and visibility among institutional investors [26][27] Q&A Session Summary Question: Can you expand on specific use cases or customer types showing traction in the industrial pipeline? - The company is targeting AGV AMRs in logistics, focusing on higher safety levels and retrofittable solutions to existing installations [31][32] - Revenue is expected to materialize in the second half of this year and continue into 2026 [35] Question: Are there any specific programs or agencies in the defense vertical that you are aiming to engage with? - The company is actively working on partnerships and expects to demonstrate drone technology in the first half of next year [36][38] Question: How do you plan to compete with existing players in the industrial sector? - The company competes on technology, offering silicon-based sensors that provide a cost advantage and are designed for harsh environments [59][60] - The full software stack accompanying the sensors allows for tailored solutions to OEM needs, enhancing competitive positioning [62] Question: What is the status of the industrial OEM evaluating your technology? - There is no delay in decision-making; customers are in various levels of evaluation regarding integration into their systems [54][56] Question: What happened to the seven RFQs mentioned previously? - The RFQs are being reformulated by OEMs, and the quality of these RFQs has improved, indicating potential for real programs and revenue [80][84]

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]