MICROVISION, INC. Q3 FY2024 earnings call

• Industrial segment: Strong opportunity for ARR with core products having integrated LIDAR and perception software, starting with MOVIA L and safety-rated sensor, with future product roadmap expansion.
• Strategic sales: Engaged in 7 RFQs with automotive OEMs for passenger vehicles, confident in integrated hardware/software solution as differentiator.
• Financials: Q3 revenue $0.2M, OpEx ~$15M including non-cash charges, cash used in operating activities $14.1M, reduced cash burn. Balance sheet bolstered by convertible note financing, total liquidity $234M, new OpEx run rate $48M-$50M in 2025.
• Convertible note: $75M two-year facility, first tranche $45M funded, $30M available, 0% interest, conversion price $1.596.

Revenue for the third quarter was $0.2 million. This was lower than expected due to an existing customer pushing out sensor deliveries. The industrial segment is a key opportunity for establishing annual recurring revenue, with products like MOVIA L and safety-rated sensors. Automotive segment has 7 RFQs in flight. Revenue contribution details weren't extensively broken down beyond these segments.

• Expected Q4 revenue from LIDAR sensor sales to automotive and non-automotive customers, and NRE for customization projects.
• 2025 OpEx expected to be $48M-$50M.
• Anticipated ramp in industrial revenue starting mid-2025, with volume-dependent revenue recognition.

• Actual results may differ from forward-looking statements.
• Delayed OEM adoption and production timelines for automotive projects.
• Uncertainty in market landscape and competitive dynamics affecting revenue and margins.

Q: Do ASPs need to change for market movement and what's the unit TAM for 2025?

A: ASPs could be $1000-$2000, volumes could be 10,000-30,000 units in 2025.

Q: How many players are in the non-automotive customer space?

A: Customers are categorized in tranches based on volume, with multiple customers in different tranches from AMR, warehouse, heavy equipment, etc.

Q: What steps to attract analyst coverage and institutional investors?

A: Convertible financing has improved visibility, attracting financial institutions, and execution-focused strategy bolsters confidence among investors