MicroVision, Inc.

Good day and welcome to the Microvision First Quarter 2022 Financial and Operating Results Conference Call. Please note this event is being recorded. At this time, all participants will be in listening mode. Should you need assistance, please signal conference specialists by pressing the star key followed by zero. At the end of today's presentation, there will be an opportunity to ask questions via 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. You may submit online questions at any time today using the Q&A button on the webcast. Analysts who publish research may ask questions on the phone line. For analysts to ask a question on the phone line, please press star then one on your telephone keypad. To withdraw your question, please press star then two. Again, please note that this event is being recorded. I would now like to turn the conference over to Drew Markham. Please go ahead.

Thank you, Anthony. 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 the 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. Sumit?

Thank you, Drew, and good afternoon, everyone. I'm excited to provide you with an update on our recent quarter, along with a look ahead to the back half of 2022. I'm thrilled to talk about our performance from the last quarter on our execution, momentum, and leadership role in solutions for highway pilot systems. The progress we have made over the past three months has laid important foundations which set us up for continued progress towards our 2022 goals and beyond. First, we are executing on the go-to-market strategy outlined in January and remain on track. We remain committed to partnering with OEMs and securing directed by agreements with their tier ones to provide the technology that will enable their ADAS systems which unlock new highway safety features. We understand that OEMs are under pressure to deliver new generation safety and driving experiences that will help them differentiate their products in the market that's being disrupted by consumer expectations for safety and autopilot features. Our integrated hardware and software solution will allow them to deliver advanced highway pilot safety features. Microvision would retain the LiDAR hardware and edge perception software ownership while allowing them to retain control over the driving experience to differentiate their brand. We are getting aligned with their valuation schedules. Our LiDAR sensor hardware is built entirely on technology and materials that OEMs and Tier 1 suppliers already know, understand, and trust, making it easy to incorporate into their supply chain and with predictable cost to start serious production with auto-grade quality of our optoelectronic products. Our business model is built on partnering with OEMs and supporting them as LiDAR-based ADAS solutions are deployed across their fleets With our demo vehicles in US and Germany ready by end of June, we expect to start strategic sales in the back half of the year. Second, we're building momentum. The last few months have included some important milestones in our go-to-market plan. We completed, as planned, an important round of track testing in March in Detroit, Michigan. Over the course of several days, we simulated several real-life driving scenarios at highway speeds. This is an important step towards commercializing our solution as it starts to demonstrate to OEMs the superior capabilities and benefits of the Microvision hardware and software. Through these tests, our engineering team was able to gather important ground truth data that will help us refine our software solution for the respective OEM audiences. In the future, we expect to demonstrate our demo vehicles operating in full drive by wire mode and to autonomously maneuver such high-speed driving scenarios. This is a big milestone for our team, and I'm very proud of their achievements. During this phase of testing, we continue to develop new software features that showcase our product to be at the next level beyond our competition. With our solution, we can detect wet road surfaces that could lead to hydroplaning conditions at full frame rate. Developing new features like this that enable detection of changing road conditions at high speeds will help develop better and safer ADAS systems. This is well beyond slower sensor fusion classification software our competitors are talking about. This is next level feature set that none of our competitors have shown. The important thing to take away from this track testing is that delivering LiDAR data suited to high-speed highway driving scenarios is fundamentally different than city driving conditions. We understand better than most that success at highway scenarios means seeing further ahead at high resolution, painting a clearer picture of what is and isn't drivable, and enabling faster reaction times. Through this testing, we are demonstrating to OEMs that our solution is best suited to their needs that we surpassed their already high standards and we are in a class of our own compared to our competitors. With this momentum, we expect sample sales to start in second half of this year and our path to OEM acceptance remains on track. Last, we are positioned to take leadership role in this space. Over the last three months, we have been investing time and energy into how we communicated our value to OEMs. We have been confident for a long time that we have the right combination of hardware, software, and business model that will enable automakers to develop next generation ADAS features. Microvision will remain committed to enabling OEM success and paving the way for new high speed highway ADAS experiences. That is our focus. Looking ahead at the balance of 2022, I couldn't be more thrilled. The recent track testing of our solution is just one in a series of important milestones that will bring us closer to securing OEM partnerships. We will be completing additional testing in June timeframe that puts our solution to additional highway speed, highway driving scenarios. We have existing plans for our product and form factors that will allow us to deliver on OEM's needs for flexibility. We will continue to work towards guiding and shaping new standards for what LIDAR-based ADAS solutions will need to deliver to enable the next wave of highway safety experiences. Before I hand the call over to Anubhav to go over the results and projections in more detail, I want to close by reiterating that Microvision is continuing to innovate every day. We're executing on a go-to-market strategy. We're building momentum on securing OEM partnerships, learning and evolving The way we communicate our differentiated value to OEMs and other stakeholders that are committed to improving highway driving safety just as we are. Thank you. Now over to Anubhav.