MicroVision, Inc.

Good afternoon and welcome to the Microvision Second Quarter 2023 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. Investors can submit their questions within the meeting webcast by typing them into the Q&A button on the left 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, please press star 1 during that time. Please note, this event is being recorded. I would now like to turn the conference over to Drew Markham. Please go ahead.

Thank you. I'm 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 customer and partner engagement, product development and performance, comparisons to our competitors, market opportunity, product sales and future demand, business and strategic opportunities, 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 our quarterly reports on Forms 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 our CEO, Sumit Sharma.

Thank you, Drew, and welcome everyone to this review of our second quarter 2023 results. We're very pleased with the accomplishments of our team during the second quarter towards our annual and multi-year goals. I'm happy to report that the strategic changes we initiated in Q1, completion of our acquisition, and plan integration proceed smoothly. With our combined global team and expanded LiDAR and software portfolio, we can address the needs of our OEM customers with a wider range of solutions. I would like to elaborate on this a bit later. We continue developing our revenue streams for strategic and other channels, and I'm very happy with the progress we've made so far. The biggest opportunity for the company remains in strategic partnerships with automotive OEMs for our LiDAR products. First, I would like to start by updating you on our progress on RFIs and RFQs. We remain engaged in multiple RFQs with multiple OEMs that are expected to be nominated in 2023. We are the only LiDAR company that offers multiple technology nodes from highest resolution, smallest form factor, long range LiDAR and our MEMS-based MAVEN, as well as a small form factor short-range sequential flash-based Movia LiDAR product lines. Our teams remain engaged with multiple OEMs who are looking to identify their next LiDAR partner for expanded ADAS safety for their passenger vehicles and commercial trucking product lines to be nominated in 2023. The combined lifetime volume of all the programs up for nomination in 2023 are for millions of units. This of course is the most exciting part. We have the right products that are targeted to supply ADAS safety for high volume passenger vehicles and commercial trucking. We remain very excited about where we are in the nomination process. In case of a program win, we expect two phases for the engagements. In the first phase, we expect to customize our core technology to the specifics of each OEM's needs under a development agreement. And in the second phase, we expect to supply parts as the ADAS Tier 1 with our contract manufacturing partner under a master supply agreement with each OEM.