MicroVision, Inc.

Good afternoon and welcome to the Microvision First Quarter 2025 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 their viewing screen. Analysts who wish to publish research may ask questions on the phone line. For analysts who ask questions 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, Operator. Good afternoon. I'm here today with our Chief Executive Officer, Sumit Sharma, and our Chief Financial Officer, Anubhav Verma. Following their prepared remarks, our Chief Technology Officer, Glenn DeVos, will join us and we will open the call to questions. Please note that some of the information you will hear in today's discussion will include forward-looking statements including, but not limited to, statements regarding status of commercial engagements, business, product, and go-to-market strategies, level of customer and partner engagement, cash, liquidity, and the impacts of recent financing activities, market landscape and opportunities, program volumes and timing, project developments, performance of our products and solutions, product sales and future demand, projections of future operations, cash flow and financial results, availability of funds and conditions for capital raising, as well as statements containing words like believe, expect, plan, or 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, 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 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 Chief Executive Officer, Sumit Sharma. Sumit?

Thank you, Drew, and welcome everyone to this review of our first quarter 2025 results. I want to thank everyone for joining today's call. I will provide an update on the progress we have made towards commercial agreements in automotive and industrial markets, as well as expansion towards the military market with our existing products. I will also provide context about our already announced investor day event being hosted in Redmond. First, I would like to begin our update in engagements with automotive RFQ opportunities. We remain engaged in seven RFQs for automotive programs and make incremental progress. This has been really slow going because of OEM's focus shifting to their global plans. Lots of ebbs and flows we continue to deal with. On one hand, it is clear to us that the current global rebalancing of trade is expected to have a huge refocus on automotive OEMs resources on the supply chain issues. Advanced ADAS rollout is expected to be delayed with only very low volume LIDAR integration so far. On the other hand, we are engaged in new upcoming RFQ and custom development opportunities. We continue to support these potential customers with patience, with the quickest path to on-ramp for any type of project. In previous years, we focused on winning programs targeted for production with several years of customization in play. These deals could be described as the ones our competitors signed. In each agreement, the challenge we faced was not our technology or capability, rather than the state of our balance sheet would always cause OEMs to pause.