MicroVision, Inc.

Good day, everyone, and welcome to the Microvision fourth quarter and full year 2021 financial and operating results conference call. If you should need assistance during today's conference, you may press star and then zero using a touchtone telephone to signal the operator. 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. Investors can submit their questions within the meeting webcast by typing them into the Q&A button on the right side of your viewing screen. Analysts who publish research may ask questions on the phone line. For analysts to ask questions on the phone line, you may press star and then one using a touchtone telephone. Please note that today's event is being recorded. At this time, I'd like to turn the conference over to Drew Markham. Please go ahead.

Thank you, Jamie. I am pleased to be joined today by our CEO, Sumit Sharma, and our CFO, Anubhav Verma. Following their prepared remarks, we will open the call to questions. Please note that some of the information you'll hear in today's discussion will include forward-looking statements, including but not limited to statements regarding our product development, testing, and performance, comparisons to our competitors, market opportunity, potential product sales and future demand, business and strategic opportunities, customer and partner engagement, projections of future operations and financial results, availability of funds, as well as statements containing words like potential, believe, expect, plans, and other similar expressions. These statements are not guarantees of future performance. Actual results could differ materially from the future results implied or expressed in these forward-looking statements. We encourage you to review our SEC filings, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q. These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call and, except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non-GAAP under the SEC's Regulation G. For reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure, as well as for all the financial data presented on this call, please refer to the information included in our press release and in our Form 8K dated and submitted to the SEC today, both of which can be found on our corporate website at ir.microvision.com under the SEC Filings tab. This conference call will be available for audio replay on the investor relations section of our website at www.microvision.com. Now, I would like to turn the call over to Sumit Sharma.

Thank you, Drew, and welcome everyone to this review of our 2021 fourth quarter and full year results. 2021 was an incredible year in Microvision's history. Our team completed our best-in-class A-sample, which is the foundation of our four products we announced in September in Munich. With that announcement, we solidified our OEM and Tier 1 engagements and started aligning to the program timelines for 2025 and beyond. We enjoy continued validation of our core technology and revenue with a major OEM as we disclosed last August, focused on AR market for commercial and military applications. Microvision has real-world evidence that showcases our significant advancements over the competition while being cost competitive at the same time. Truly a win-win for the industry. We also ended the year with the strongest balance sheet in our company's history. I expect 2022 to be another incredible year in our journey, and I would like to update you on three topics. First, our technology platform, second, our go-to-market momentum, and third, our competitive outlook. We continue advancing our technology platform with the introduction of our Edge Perception software on our DynamicView LiDAR product. This is a very important extension of our intellectual property that we believe will give our ADAPT solution an advantage over every other solution. By creating algorithms that would output obstacle versus free space clusters with associated velocities, we expect our solution to enable OEMs to significantly simplify their overall system architecture and reduce costs. This year, in Q2, we expect to deploy LiDAR test vehicles in US and Germany for track testing high-speed highway pilot test scenarios. In Q3, we expect to complete Class 1 certification with external test facilities of our DynamicView LiDAR. In Q4, we expect to start strategic sample sales of this integrated hardware and software product to OEM and Tier 1 partners. Demonstrating a solution for a true highway pilot system at a competitive cost will clearly differentiate us from all other LiDAR companies and prove why we believe we will be delivering a best-in-class ADAS solution to the market. To put it simply, between Q2 and Q4, the performance and capabilities of our ADAS solution will come into focus and be ready for OEM adoption. Now I would like to provide an update on our go-to-market momentum. We remain focused on promoting our solution directly to OEMs. The market has heard a lot of things about so-called partnerships between OEMs and other LiDAR companies. As we understand, these partnerships do not represent any purchase commitment for production in 2025 and beyond. We believe being an incumbent in the LiDAR sensor market does not offer an advantage if the solution that is proposed would have a vehicle resembling taxis with big notches in body styling or odd-looking cutouts in the front grille design. The location in the grille reduces advantages of a LiDAR sensor. OEMs and tier ones continue to seek solutions that will solve L3 problems at an acceptable cost. Cars have always been about style, beauty, and technology. Our low profile sensor with its capability to enable highway pilot is setting a high bar for our competitors. We are focusing on developing our solution for OEMs needed rather than hype. Our company is the only one that has delivered to a global OEM a key product with actual experience scaling for cost and reliability. So far, OEMs and Tier 1s have provided positive feedback on our architecture and path. OEMs are very engaged in the ADAS market. They articulated to us the monumental shift in mobility that they are focusing on, what technologies they need, and how the path to success is still wide open. The recent multi-billion dollar transaction in the market for an ADAS company is indicative of the once-in-a-generation opportunity this represents for OEMs and Microvision. I am confident that our go-to-market strategy remains sound and that we are positioned to capitalize on the growth in demand for ADAS solutions from OEMs. Finally, I would like to update you on our competitive outlook. We have had the opportunity to present our technology to OEMs and Tier 1s and talk about our sustainable strategic advantages. We have learned through these conversations that the most important thing to every OEM is the ability to deliver a high-cost competitive solution for L3 and L2 Plus with the most advanced features for ensuring safety. I can say with confidence that for every OEM meeting we have attended, The specifications of our sensor exceeded their requirements and the specifications offered by any other LiDAR company. With our technology, OEMs do not need to choose between high resolution at long range or high resolution in near field. This is unique to our technology. Our DynamicView LiDAR gives the highest resolution at range and the near field simultaneously. Our technology has additional advantages like low latency output, with lateral and axial velocities, all within a single system. No other LiDAR company can provide all the specifications in a single sensor. Therefore, we feel confident that none of the partnerships for other LiDAR companies are set in stone. Additionally, OEMs will also get our edge process point cloud, which is segmented for obstacle versus free space clusters. Our hardware is also built with standard components that are scaled and are not exotic. This is a charm of our technology and IP. We utilize automotive qualified cost competitive components. With the addition of our MEMS modules, digital and analog ASIC, and software, can deliver the highest performance at the most cost competitive levels. So far, our competition does not meet the cost, size, or performance needed to achieve high-speed highway pilot features that OEMs are focused on. We continue to maintain a strong competitive edge. I want to conclude my portion of the remarks by reiterating a few key points. One, 2021 was a very important and successful year for Microvision in the delivery of our innovation with OEM and Tier 1 engagements, real-world validation of our LIDAR, and our very strong balance sheet. Two, we are gearing up for important highway safety test track work in second quarter of this year that will showcase exactly what our technology is capable of doing. We look forward to sharing this with you in the future. Three, we are very focused on our go-to-market strategy, making the necessary investment in talent, sales, and marketing to showcase our technology to OEMs and spotlight just how significant our competitive differentiators are in the market. I want to conclude today by saying how proud I am of our team for delivering throughout 2021 and allowing us to position well for the incredible 2022 and beyond. I would like to now turn the call over to Anubhav to talk about our financials.