MicroVision, Inc.

Good afternoon and welcome to the Microvision fourth quarter and full year 2024 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 QA button on the left side of their 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. A confirmation tone will indicate your line is in the question queue. Please note, this event is being recorded. I will now turn the conference over to Drew Markham. Please go ahead.

Thank you, John. Good afternoon. I am here today with our Chief Executive Officer, Sumit Sharma, and our Chief Financial Officer, Anubhav Verma. And also, I'm very happy to welcome to the call our incoming Chief Technology Officer, Glenn DeVos. 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 business, product, and go-to-market strategies, customer and partner engagements, cash, liquidity, and the impacts of our recent financing activities, market landscape, opportunities, and program volumes and timing, development and performance of our products and solutions, product sales and future demand, projections of future operations, cash flow, and financial results, availability of funds, as well as statements containing words like 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 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 10K, sorry, 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 also 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 fourth quarter 2024 results. I would like to start by providing an update on our customer engagements for automotive and industrial opportunities we've been working on through 2024. Additionally, I will give an outlook on new engagements in 2025 for potential automotive, industrial and military opportunities. Still a very exciting time for our technology. First, I would like to begin with our engagements with automotive RFQs and industrial opportunities. There are four areas that our technology engagement has focused on through 2024. We focus on automotive OEM programs with seven RFQs and a few custom development proposals. In the industrial space, we focused on three areas, automated guided vehicles, AGVs, and autonomous mobile robots, AMRs. These platforms typically operate in a geofence environment, require low power perception software, integrated solutions, embedded localization, among other features. And number two, collaborative robots. These robots share the environment with humans and operate in a semi-structured environment with humans in charge, and again, require integrated perception software on the sensor. Number three, mobile autonomous vehicles. These include commercial vehicles for industrial and military applications with multimodal sensor suites. We remain engaged in seven RFQs for automotive programs and make incremental progress. Automotive OEMs are still adjusting to their new timelines for product launch. It is abundantly evident that LiDAR is an integral part of the sensor suite required to deliver a reliable ADAS experience. What all of us are adjusting to is their updated timelines to launch decisions for their platforms. We continue to explore opportunities for customized development with our OEM engagements. With Ripple's unexpected future trading conditions for OEMs and their product timelines, we have remained actively close to them in their process. Their plans for future models of EV and ADAS are taking a parallel priority to their near-term goals of fielding models with traditional powertrains that launch faster and in affordable price points. In the AGV and AMR space, we made progress on multiple engagements through 2024 with Amovia L with integrated perception and application software. This gave us the confidence to enter into an agreement with our partner, ZF, to increase our production capacity. Basically, we are offering a sub-8-watt sensor, which has our perception and application software onboard the sensor and talks directly to the customer's controllers. This is an advanced solution which is frictionless to our customers to integrate.