MicroVision, Inc.

Good afternoon, and welcome to the Microvision Second 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 publish research may ask questions on the phone line. For analysts to ask a question on the phone line, please press star and one. Please note, this event is being recorded. I would now like to turn the conference over to Drew Markham. Please go ahead.

Thank you, Paul. 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'll hear in today's discussion will include forward-looking statements, including but not limited to statements regarding status of commercial engagement, business, products, 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, development projects, performance of our products and solutions, product sales and future demand, projections of future operations and cash flow, availability of funds and conditions for capital raising, 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 8K dated and submitted to the SEC today, both of which can be found on our corporate website. 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, our Chief Executive Officer. Sumit.

Thank you, Drew, and hello, everyone. Welcome to our second quarter 2025 results review. I'll start by updating you on our progress with commercial agreements in the automotive and industrial markets, followed by what we expect from our military engagements, and finally refreshing everyone with our vision and mission. Since our last update, our level of engagement with automotive OEMs has increased with multiple reformulated RFQs. A new architecture, which Glenn will introduce at IAA in September in Munich, is instrumental to this. It provides OEMs with a wider operational design domain while making solutions cost competitive for larger volume adoption. For the past five years, latter companies have proposed solutions with no mass market adoption by OEMs and limited revenues. The new RFUs target form factors that can be integrated into automotive design with low power and competitive technology cost for economy of scale. Our new Movia S and Maven offer the widest field of view, delivering what we believe is the most cost-competitive performance for dynamic view LiDAR. Key features include small object detection at range, the widest system field of view, the lower system power, and cost-competitive mesh with scaled silicon technologies. To succeed in this space, our go-to-market strategy remains steadfast. We are focusing on OEMs with mass market product plans. Even with production targeted for 2028 and beyond, it is crucial for us to win in this segment with a scalable product. Cost-competitive and scalable LiDAR products developed for automotive will also empower us in industrial and defense segment with higher sensor fusion and perception software sales. We plan to elaborate on this further in September at IAA Munich. In our industrial vertical, we are in the final stages of several engagements with ongoing evaluations. This segment is also very important to us. The proposed solutions include our LiDAR hardware integrated with advanced software features like the LiDAR Collision Avoidance System, LCAS, directly from the LiDAR sensor. We have multiple opportunities with these products and with industrial customers. To advance our sales opportunities in the automated guided machines autonomous mobile robot segment, we also introduce an aftermarket product with our LiDAR and LCAS software that can be retrofitted into existing forklift fleets. This product makes adoption of our LiDAR and software far more frictionless for our potential customers. I've been on the road with our sales team for this product and have been pleased by the reception. The mass market product for this segment will be a Movia S safety sensor, which we plan to introduce in the coming years. In industrial space, 2D mechanical lidars that are safety qualified currently hold the highest volume and revenue opportunity. Though perception software developed with these sensors is extremely limited. To dominate this segment, we expect to forge future partnerships with AGV AMR companies looking to evolve past 2D LiDAR safety sensors to our 3D safety sensor with onboard perception. We are targeting our solid-state MOVIA S LiDAR for this product line. With resolutions more than 2.5 times higher than current products, a smaller form factor, and integrated LCAS and safety sensor options, I believe This will be a very successful product line and will allow us to establish reliable annual recurring revenues in this vertical. Our current focus is on finalizing commercial partnerships in this segment. The defense vertical presents a significant opportunity for us to collaborate with existing prime contractors and to serve as a primary technology provider for a comprehensive hardware and sensor fusion product. The defense market demands dual use technologies and cost effective systems for land based aerial and maritime autonomous platforms. Each of these platforms requires high performance, highly reliable LIDAR, seamlessly sensor fusion software, and a perception software layer that extracts insights from the localization mapping to enable full autonomy. These systems must be capable of operating in GPS denied environments without extensive AI training data. This is the forefront of autonomy and our products and technologies can significantly impact the segment. Developing and demonstrating our technology in the military space will further create opportunities in the future for us in automotive and industrial to bring advanced technologies built on top of our LIDAR for years to come. In the first half of next year, we plan to publicly demonstrate an autonomous swarming drone system This system will be capable of creating detailed maps of regions and communicating these maps in real time, allowing other autonomous drones to execute a wide range of missions. The core sensor fusion and atomic software we are developing will facilitate partnerships in aerial, maritime, and terrestrial domains. This drone technology demonstrator will be crucial in advancing our collaborations. Our go-to-market strategy for the defense sector will center on developing advanced LiDAR sensors and sensor fusion technology that delivers the highest level of actionable perception software. We target partnering with established prime defense contractors, and these partnerships may lead to further opportunities for joint ventures that can accelerate our revenue growth. Our company's vision is to accelerate the global adoption of autonomous technologies across all segments. Our mission is to partner and develop the most advanced LiDAR sensors integrated with edge perception software for the automotive segment, enable the industrial segment with advanced robotics software and our LiDARs, and empower the military segment with autonomous software with multi-mode sensor integration. I will keep my remarks brief today to allow time for questions from our shareholders, which I would like to prioritize. I'd like to turn the call over to Anubhav now. Anubhav?