MicroVision, Inc.

and welcome to the Microvision Second Quarter 2024 Financial and Operating Results Conference Call. Should anyone require operator assistance at any time, you may press star zero on your telephone keypad. 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 a question on the phone line, please press star 1 on your telephone keypad. Please note, this event is being recorded. I would now like to turn the conference over to Drew Markham. Please go ahead.

Thank you, Tom. Good afternoon. I'm here today with 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 today will include forward-looking statements, including, but not limited to, statements regarding our customer and partner engagement, market landscape opportunity, and program volume and timing, product development and performance, comparisons to our competitors, 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 intend, believe, expect, plan, 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 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 accept 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 call will be available for audio replay on the Investor Relations section of our website. Now, I'd like to turn the call over to our CEO, Sumit Sharma. Sumit?

Thank you, Drew, and welcome everyone to this review of our second quarter 2024 results. I would like to start by updating you on our automotive OEM engagement for RFQs and new potential customer development explorations. Second, I will update you on our progress in sales opportunities for industrial segments. And finally, I will update you on the market outlook on what we're seeing ahead of us. Let's dive in. The best long-term opportunity for technology in our company remains with the automotive OEMs focusing on ADAS Level 3 and Level 2 Plus features for passenger vehicles. We remain engaged in seven RFQs with automotive OEMs for passenger vehicles. Maven and Movia S are engaged in all conversations. The pace for reviews and decisions remain with the OEMs. Start of production for these high-volume programs are targeted towards the end of this decade, so decisions are pushing out into later this year. We are cautiously optimistic about these targets to decisions but remain aggressively engaged. A new area of engagement has opened up with multiple OEMs across Europe and U.S. OEMs are engaging with us to investigate the opportunity for a more strategic hardware and software exploration in developing a more customized Maven and Movia S design for L3 products. We are actively working on this as it represents near-term revenue opportunities as well as delivering a more custom sensor for their B-sample needs for RFQs. We are working on exploring integration of MAVEN behind Windshield, as well as a new 180-degree field-of-view MOVIUS sensor that would integrate into a car body with small bumps resembling the current camera module bumps. These are exciting opportunities, and I see them as potentially a faster path to RFQ decisions. Some of these engagements are for RFQs that are targeted for 2025. I'm sure investors are wondering why we continue to stay in the race and what evidence do we have that we will win. I will offer this. Our products are exactly what OEMs are looking for. We are a couple of years behind. We were a couple of years behind to get to the evaluation point because we did not have the capital to invest heavily early. But with our acquisition in Germany, we are all caught up. The Movia products series was developed by our Germany team for a German OEM after they delivered the Scala 1 sensor to this OEM. Our Mavis sensor was developed on our MEMS technology based on all the specifications OEMs require and to be at cost targets. We are aggressively working with OEMs on adoption. We are in a cycle where OEMs have slowed down in their programs. We are at the same evaluation level as our competition. In the meantime, our competition has really faltered. One of them is focused on 1550 nanometer, which is inherently the most expensive high-power technology and is taking billions to get to this point and will cost billions to get the cost down to OEM targets. None of their partnerships have materialized to volume production. Our other main competition in 905 nanometer launched, a first-generation product that ended up costing the Tier 1 more than $240 million in losses to bring to market and has been abandoned and they're starting with a new technology node for second generation are no further along. Combined, these companies have spent billions of dollars to capture the market and they're not dominant because they did not deliver any product or have the technology. This is our competition. There is demand from OEM and it may look like we are behind in the race, but we're not. In EU and North America markets, We have no competition from the Chinese lighter companies since Western lighter are not being adopted in China and Chinese lighters are not being adopted in the West due to the closed software background. So I totally understand the frustration, but we need to be focused and patient as things are tearing up. But inferior products spend billions and marketing should not be the reason to fall out of the race. Best products will always win. We're spending moderately compared to all our competition and remain competitive As they further falter, we will be there as the stable company with the technology to deliver. We are in a race and may not be first yet, but have the strongest team and product portfolio. We must be resilient and see the race through. Meaningful partnerships are up for grabs in the very near future, but revenues from these partnerships are still four years away as OEM production cycles are long. The solution to the revenue problem lies with our industrial strategy. Now let's move to update our industrial sales opportunities and progress we've made there. Sales in the industrial segment are important. As we expect, they may bridge the gap from now until automotive OEM revenues come alive later in this decade. We have made good progress on this in identifying segments that will support these opportunities. We have been working on developing partnerships in the heavy industrial market segment that has the potential for sales of an estimated 10 to 30,000 units per year starting next year. This segment would leverage our currently available MOVIA-L sensor and include a modified version of our perception software for this specific segment. Again, our product is well-suited for the space in which humans work in proximity with heavy equipment operated by humans. These machines are now planned to integrate ADAS features developed for automotive in their industrial environment. Our advantage here is speed to market with an automotive qualified product for the industrial market with a big library of software to enable our potential customers. The mature software we have to offer integration and the small solid-state 3D LiDAR is exciting for the industry. We are going aggressively after this market segment. We are forecasting meaningful revenues from this segment starting 2025. Again, I'm sure investors are wondering why we continue to stay in the race with industrial and what evidence do we have that we will win? I will offer you this. The grandfather in the industrial LiDAR market is SICK AG. No one has come close to their annual revenue stream. They do this with effectively a line scanner with up to four lines. Today, we have a 3D sensor with much higher resolution and better cost in addition to perception software we will offer to our customers. We can disrupt this market and take a sizable chunk, which we intend to. The LiDAR world is generally facing headwinds, but it is a race for the more established and reliable markets in EU and North America. We must have resilience to make it through. We have the best products by far with our near IR technologies. I'm going to keep my prepared remarks brief today, as we have received a large list of questions from our shareholders, and I would like to address that as the main narrative. I would like to now turn up the call to Anubhav to talk about our financials. Anubhav?