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- **$200/$300 ASP Target**: MOVIA S sensors aim to disrupt the lidar market with ultra-low cost points, enabling satellite architectures for automotive and industrial applications.
- **Scantinel FMCW Integration**: Acquisition of Scantinel's 1550-nm technology positions MicroVision as a leader in ultra-long-range lidar, complementing existing time-of-flight products.
- **Defense and Industrial Growth**: Drone-based lidar solutions and LCAS systems are expected to generate revenue in 2026, with defense demonstrations in Q1 2026.
- **Financial Resilience**: $99.5 million cash balance and disciplined spending ensure a 2027 financial runway, supporting strategic initiatives.
- **Competitive Differentiation**: Open software framework and cost leadership enable differentiation from competitors, with a focus on automotive-grade reliability.

**【CEO Summary Section】**
- **Strategic Focus on Cost Reduction**: Glen DeVos emphasized the need to transition from electromechanical to solid-state lidar systems to achieve mass adoption. The company's MOVIA S sensor, launched in Q4 2026, targets a $200 ASP for short-range and $300 for long-range sensors, significantly lower than competitors.
- **Tri-Lidar Architecture**: The satellite sensor approach, similar to radar and camera systems, enables cost-effective deployment across automotive, industrial, and defense markets. MOVIA S's open software framework allows customers to integrate their perception algorithms, accelerating development cycles.
- **Scantinel Acquisition**: The acquisition of Scantinel Photonics' 1550-nm FMCW technology complements MicroVision's 905/940-nm time-of-flight portfolio, positioning the company to address ultra-long-range lidar needs for commercial vehicles and defense applications.
- **Defense and Industrial Growth**: The Aerial Systems team in Virginia is developing drone-based lidar solutions for real-time mapping and navigation. Defense engagements are expected to demonstrate proof-of-concept by Q1 2026, with revenue potential in 2027.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Revenue was $0.2 million, driven by industrial and automotive sales. R&D and SG&A expenses totaled $12 million, including one-time costs for CEO transition and inventory buildup. Cash burn was $16.5 million, with $99.5 million in cash and access to $76.2 million in credit facilities.
- **Scantinel Integration**: The acquisition is expected to add $1.5-$2 million in quarterly expenses, but the long-term goal is to industrialize FMCW technology for automotive-grade sensors at competitive ASPs.
- **Balance Sheet Strength**: The company is well-capitalized with a financial runway extending into 2027, supported by $30 million in net proceeds from an ATM program and undrawn convertible notes.

**【Q&A Highlights】**
- **FMCW Cost Targets**: Glen DeVos confirmed that Scantinel's FMCW technology will be priced similarly to MOVIA S, enabling cost-effective long-range solutions for commercial vehicles. The goal is to reduce FMCW costs to automotive-grade levels by 2028-2029.
- **Sensor Placement**: Sensors mounted behind windshields offer advantages in cleaning systems and field of view but require miniaturization to compete with roof-mounted alternatives.
- **RFQ Progress**: Automotive RFQs are delayed due to OEM platform redefinitions, but industrial and defense engagements are advancing. The $30-50 million pipeline for MOVIA L is expected to transition to MOVIA S in 2026.
- **Defense Timing**: Defense revenue is anticipated to emerge in 2027, starting with non-recurring engineering costs and transitioning to product sales by 2028.
- **Competitive Positioning**: MicroVision's open software framework and cost leadership differentiate it from Chinese competitors, while financial discipline ensures profitability at target ASPs.

MicroVision, Inc. (MVIS) Q3 2025 Earnings Call Transcript

- **Industrial Breakthrough**: Retrofittable lidar solutions set to generate H2 2025 revenue, targeting AGV/AMR fleets with cost-effective safety upgrades.
- **Defense Innovation**: Autonomous drone demonstrator planned for early 2026, showcasing multimodal sensor fusion for defense missions.
- **Financial Strength**: $91.4M cash, extended runway to 2027, and institutional trading volumes doubling, signaling investor confidence.
- **Strategic Expansion**: Automotive lidar architecture redefined for cost competitiveness, with 2028+ production targets.


**【CEO Summary Section】**
- **Automotive Market**: Launched new RFQs with a cost-competitive architecture targeting 2028+ production. Introduced MOVIA S and MAVIN lidars with wide field of view, low power, and competitive costs. Emphasized OEM partnerships for scalable solutions.
- **Industrial Vertical**: Advanced AGV/AMR solutions with retrofittable lidar and LCAS software for existing fleets. MOVIA L production ramping with ZF in France. Targeting 2.5x higher resolution than 2D lidars for safety sensors.
- **Defense Sector**: Developing autonomous swarming drones for real-time mapping and mission execution. Focused on multimodal sensor fusion and perception software for maritime, airborne, and terrestrial platforms. Seeking prime contractor partnerships.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: Revenue $0.15M (industrial-driven), R&D/SG&A expenses $14.1M (44% YoY decline). Cash balance $91.4M, with $76.5M ATM and $30M undrawn convertible notes.
- **Capital Strategy**: Raised $35M via ATM, extending runway to 2027. Debt payments starting Sept 2025 to be covered by cash or stock. Institutional interest surged, doubling trading volumes.

**【Q&A Highlights】**
- **Industrial Pipeline**: Expected H2 2025 revenue from retrofittable solutions. MOVIA S safety sensors for AGVs/AMRs to launch in coming years. Multiple RFQs in evaluation phase.
- **Defense Strategy**: Autonomous drone demonstrator planned for early 2026. Focus on mission-specific projects with primes, leveraging existing lidar and software assets.
- **Financial Dilution**: No pivot from lidar; expanding with same resources. Defense investments minimal, targeting partnerships to avoid OpEx surge. Debt payments to be cash-funded with option for equity.
- **Military Revenue**: Early 2026 drone demo to attract defense contracts. Revenue timing dependent on partnerships, with strategic value exceeding short-term gains.


MicroVision, Inc. (MVIS) Q2 2025 Earnings Call Transcript

- **Industrial Momentum**: $0.6M Q1 revenue from Mobia L sensors; ZF production partner mitigates China tariffs. 
- **Defense Expansion**: Advisory Board formed to pursue military LiDAR deals; early-stage drone projects with DoD.
- **Financial Strength**: $69M cash + $113M ATM; 45% YoY expense reduction to $11M/quarter.
- **2025 Outlook**: $30-50M revenue target via industrial/defense wins; no FY guidance.
- **Share Request**: 200M new shares to support defense contracts; $90M investor backing signals confidence.

**【CEO Summary Section】**
- **Industrial Market Progress**: Q1 revenue of $0.6M driven by Mobia L sensor sales in AGV/AMR space. ZF production partner in France ensures minimal China tariff exposure. 
- **Defense Expansion**: Launched Defense Advisory Board to pursue military LiDAR opportunities with primes. Early-stage engagement on drone and land vehicle projects with Department of Defense.
- **Automotive Strategy**: 7 active RFQs with OEMs, focusing on custom development agreements rather than high-volume production. Targeting 2028 model year programs with 180° Mobia S sensor.
- **Financial Position**: $69M cash runway extended to 2026. Non-GAAP R&D/SG&A expenses reduced 45% YoY to $11M/quarter. Line of sight to $30-50M revenue over 12-18 months.

**【CFO Financial Commentary】**
- **Q1 2025 Results**: 
  - Revenue: $0.6M (100% industrial)
  - Expenses: $14.1M (including $1.9M stock comp, $1.4M depreciation)
  - Cash: $69M + $113.4M ATM facility
- **Balance Sheet Strength**: Undrawn $30M convertible note at $1.59/share. Strategic partner alignment with economic interests.
- **2025 Outlook**: No FY guidance, but focus on industrial and defense wins. Mobia L production expansion contingent on customer demand.

**【Q&A Highlights】**
- **Industrial Sales Growth**: Less than 10 active industrial customers. Revenue pace driven by end-customer deployment timelines for cost reduction. 
- **Defense Strategy**: Seeking ED&T (engineering, design, testing) contracts rather than equity investments. Early-stage discussions with multiple defense primes.
- **Capacity Expansion**: No current Mobia L capacity expansion. Additional production sites contingent on winning >$500K sensor volume projects.
- **Share Authorization**: 200M new shares requested to support defense contracts and maintain institutional investor confidence. $90M investor commitment signals stakeholder alignment.

MicroVision (MVIS)-12 May 25-2025 Q1 Earnings call transcript

- **Industrial momentum**: Q4 revenue up 240% YoY, ZF production scale for $30-50M 2025 industrial pipeline.
- **Defense diversification**: Leveraging AR/VR legacy to expand into multimodal sensor defense programs.
- **Cash runway**: $75M cash + $114M ATM access, extended to 2026 via $90M High Trail financing.
- **Technology edge**: Sub-8W power, onboard perception, multimodal integration vs. FMCW alternatives.

**【CEO Opening Remarks】**
- Automotive progress: 7 active RFQs with OEMs, delayed timelines due to industry competition and launch prioritization.
- Industrial growth: $1.7M Q4 revenue (YoY +240%) from multiple industrial customers, focused on AGVs/AMRs with ZF production capacity expansion.
- New defense opportunities: Leveraging 25+ years of AR/VR military experience, pursuing partnerships for multimodal sensor solutions in defense.

**【CTO Glen DeVos Technology Overview】**
- MAVIN/MOVIA-S/MOSAIK products positioned for L2+ ADAS and industrial autonomy.
- Differentiation: Sub-8W power, onboard perception software, multimodal sensor integration.
- Industrial focus: Immediate TAM in AGVs/AMRs, higher margins in collaborative robots, long-term defense partnerships.

**【CFO Financial Highlights】**
- Q4 2024: $1.7M revenue (vs. $0.5M YoY), $14.7M expenses (includes $3.7M non-cash charges).
- Cash runway extended to 2026 via $90M strategic financing (High Trail Capital).
- 2025 targets: $30-50M industrial revenue, $48-50M annual R&D/SG&A run rate.

**【Q&A Key Takeaways】**
- Industrial deal delays: Customer qualification timelines extended due to software integration complexity.
- Automotive competition: FMCW lidar adoption not physics-driven,ToF remains cost-effective for passenger vehicles.
- Defense strategy: Partnering with large defense contractors rather than direct government bids.
- AR/VR revival: Microsoft HoloLens 2 IP could enable collaborations if defense sector AR demand emerges.

MicroVision (MVIS)-26 Mar 25-2024 Q4 Earnings call transcript

MicroVision (MVIS)-7 Nov 24-2024 Q3 Earnings call transcript

Microvision (MVIS)-7 Aug 24-2024 Q2 Earnings call transcript

Microvision (MVIS)-9 May 24-2024 Q1 Earnings call transcript

- **Q1 2024 Milestone**: Expect to announce automotive lidar design wins with OEMs, marking transition to Tier 1 status.
- **Gross Margin Performance**: Q4 2023 gross margin of 90% driven by Microsoft contract; 2024 gross margin to normalize to 30-40% as hardware sales grow.
- **Financial Strength**: $93 million liquidity provides 1.4-year runway; no immediate need to raise capital despite $65-70 million annual cash burn.
- **Strategic Focus**: Prioritizing EU/North America passenger vehicle programs over low-volume China and Level 4 trucking opportunities.
- **Technology Differentiation**: MAVIN N/MOVIA S products offer lowest cost, smallest form factor, and embedded perception software for high-margin software licensing.

**【CEO Summary Section】**
- Engaged in 9 RFQs with OEMs for passenger car programs, targeting 2027-2028 production. MAVIN N product dominates majority of RFQs, with MOVIA S and L for short-range and industrial applications.
- Emphasized need to become a financially stable Tier 1 lidar supplier, requiring demonstration of technical maturity, manufacturing partnerships, and financial runway.
- Highlighted competitive advantages: lowest cost, smallest form factor, highest resolution, and embedded perception software for high-margin software licensing.
- MAVIN B samples with all ASICs in place expected for OEM integration later in 2024.

**【CFO Financial Commentary】**
- Q4 2023 revenue: $5.1 million (FY2023: $7.3 million), driven by final Microsoft contract payout ($4.6 million) and direct sales.
- Adjusted gross margin: 90% for Q4, 80% for FY2023, reflecting software-centric business model.
- Cash burn: $65-70 million annually, with $93 million liquidity (including $74 million cash and $19 million ATM availability) providing 1.4-year runway.
- 2024 outlook: $8-10 million revenue from backlog, RFQ wins, and industrial sensor deals; gross margin expected to normalize to 30-40% as hardware mix increases.

**【Q&A Highlights】**
- **OEM Partnerships**: Reaffirmed expectation to announce nominations in Q1 2024, focusing on EU and North America. China's Level 3 legalization seen as low-volume, non-strategic.
- **Gross Margin Trajectory**: Q4 2023 gross margin anomaly due to Microsoft contract; 2024 gross margin to normalize as hardware sales scale.
- **Financial Discipline**: No plans to issue shares in 2024; ATM facility provides flexibility to raise capital strategically.
- **Trucking Market**: Supporting Level 4 autonomy projects but prioritizing high-volume automotive opportunities.
- **IATF 16949 Certification**: Will pursue as needed for Tier 1 status, timing dependent on RFQ wins.

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