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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

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