MicroVision (MVIS) Q4 2025 Earnings Transcript

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DATE

Wednesday, March 4, 2026 at 4:30 p.m. ET

Call participants

• Chief Executive Officer — Glen DeVos
• Interim Chief Financial Officer — Steve Horeniewicz

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Takeaways

• Total revenue -- $200,000, down from $1.7 million in the prior-year quarter, reflecting the completion of a last-time buy for a legacy agricultural customer.
• Full-year revenue -- $1.2 million, compared to $4.7 million in the prior year, with the decline attributed to delivery of Abbeos sensors under previous contracts.
• Q4 operating expenses -- $25.3 million, including $13.4 million of asset impairment and $1.5 million of depreciation and amortization, offset by a $1.5 million share-based compensation credit due to PSU forfeiture from an executive departure.
• Cash-based Q4 operating expenses -- $11.9 million, up $900,000 sequentially from Q3, primarily due to the addition of the aerial systems team for security and defense.
• Full-year operating expenses -- $65.5 million, with $13.4 million in non-cash asset impairment, $5.8 million in depreciation and amortization, and $700,000 in share-based compensation; cash-based expenses were $45.5 million, representing a $14.4 million (24%) year-over-year decline, mostly from reduced purchased services and headcount actions.
• Cash used in operations -- $15.4 million in Q4 and $58.7 million for the year, reflecting a $9.8 million (14%) year-over-year decrease, primarily from lowered operating expenses.
• Capital expenditures -- $200,000 in Q4 and $700,000 for the year, each higher year over year due to tooling equipment for upcoming Movia S production.
• Non-cash charges -- $29.4 million in Q4, with $16 million classified as cost of revenue (primarily for inventory and commitments related to Movia L) and $13.4 million in operating expenses tied to perception software and MAVEN equipment.
• Anticipated 2026 restructuring charges -- Estimated $8 million-$12 million in asset impairment and $1 million-$2 million for restructuring, related to consolidation of operations in Orlando.
• Liquidity -- Ended Q4 with $74.8 million in cash, cash equivalents, and investment securities, plus $43 million available under an at-the-market facility.
• Post-year financing -- Issued two senior secured convertible notes totaling $43 million; $19.5 million used for existing principal repayment with remaining proceeds for general operations.
• 2026 revenue guidance -- $10 million-$15 million, driven primarily by industrial sector sales and legacy Luminar automotive contracts.
• 2026 cash use guidance -- Cash used in operations plus capital expenditures expected at $65 million-$70 million, with the increase due to the Scantinol and Luminar acquisitions and an expanded aerial systems team.
• Customer pipeline -- Approximately 30 new customer relationships added from the Luminar acquisition, significantly expanding the opportunity set.
• Product launch milestone -- Movia S industrial sensor scheduled for commercial launch in October, with anticipated Q4 revenue contribution and multi-customer trial activity underway.
• Commercial progress -- Product shipments to the largest automotive and commercial vehicle customers since the Luminar acquisition; ongoing normalization and restart of paused contracts and purchase orders.
• Software and hardware portfolio -- Integration of Mosaic and Sentinel software platforms, as well as new Iris, Halo, and 1550-nanometer FMCW sensors via acquisition, yielding full-stack offerings for automotive, industrial, and security and defense applications.
• Operational realignment -- Engineering, manufacturing, and supply chain operations being consolidated to Orlando to realize acquisition synergies and increase efficiency.
• Segmental revenue mix -- 2026 revenue mainly from industrial, with the remainder in automotive; automotive segment growth anticipated to scale from 2029-2031.
• Margin commentary -- Management stated, "we definitely should be positive" on gross margins for 2026, with further detail pending ongoing cost evaluations.

Risks

• Explicit asset impairment and adverse purchase commitment charges totaling $29.4 million in Q4, with a further $8 million-$12 million in asset impairment and $1 million-$2 million in restructuring anticipated for 2026.
• Revenue decline is directly attributed to the loss of a legacy contract, as noted by the CFO, who explained, "The decline from both 2024 periods is a result of a last-time buy on a contract with an agricultural equipment customer."
• Automotive RFQs and RFIs face extended timelines. Management stated, "we have seen some program cancellations or those offerings being suspended," and highlighted that discussions are in year three for some prospects.
• Guidance for increased 2026 operational cash use and capital expenditures reflects the higher cost structure following recent acquisitions.

Summary

MicroVision (NASDAQ:MVIS) executed a strategic shift to a multi-segment approach through the Luminar and Scantinol acquisitions, expanding its hardware and software portfolio to serve automotive, industrial, and security and defense markets. Management confirmed that commercial shipments have resumed for both legacy and acquired product lines, including deliveries to major customers and repeat orders in the security and defense sector. The company is prioritizing industrial sector customers for near-term revenue acceleration and expects positive gross margins in the upcoming year, subject to finalized cost structure assessments. Operational consolidation into the Orlando facility is intended to realize acquisition synergies and improve efficiency, while new financing and available facilities support liquidity for ongoing execution and restructuring. The customer engagement pipeline has grown substantially through acquisition, positioning MicroVision for long-term growth, particularly in automotive applications from 2029 onward.

• Management described the current state as "a transformative time for MicroVision," highlighting integrated U.S. and German operational capabilities as a differentiator.
• MicroVision attributed its $14.4 million decline in annual operating expenses to prior-year headcount reductions and active cost management.
• Leadership emphasized that market adoption, particularly in automotive, depends on the ability to "drive the cost of short-range and long-range LiDAR sensors down to the point where the OEMs can afford to put them on the cars."
• The security and defense sector was identified as an increasing focal point, with management referencing proof-of-concept completions and "repeat orders continuing in 2026" in this end market.
• The product portfolio now encompasses 905 to 1550 nanometer sensors, offering time-of-flight, FMCW architectures, and both solid-state and MEMS scanning technologies for a range of applications.

Industry glossary

• LiDAR 2.0: A term used by management to describe the industry's shift from a technology-centric model to value-focused deployments emphasizing software, scalability, and cross-segment applications.
• FMCW: Frequency modulated continuous wave; a LiDAR sensing architecture that provides high-resolution, long-range detection and immunity to interference, prized in automotive and defense applications.
• RFQ / RFI: Request for Quotation / Request for Information; formal procurement stages used by automotive OEMs in evaluating and selecting suppliers for new technology implementation.
• ASP: Average selling price; referenced in the context of higher margins available in the security and defense segment compared to industrial and automotive verticals.

Full Conference Call Transcript

Glen DeVos, and our interim Chief Financial Officer, Steve Horeniewicz. Following their prepared remarks, 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, strategic plans, acquisition benefits and risks, expectations regarding customer engagement and product deliveries, go-to-market strategies, product performance and pricing, market landscape and opportunities, cash flow forecasts, liquidity and the impacts of recent financing activities, availability of funds and access to capital, expected revenue, operating expenses and cash balances, 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 materially differ 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-Ks, 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 8-Ks dated and submitted to the SEC today, both of which can be found on our corporate website at ir.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. I will now turn the call over to Glen DeVos, our Chief Executive Officer.

Glen DeVos: Thanks, Drew. We have a lot to cover, and I want to start today's call by sharing our view of the significant changes we see happening in the broader LiDAR market—what we call LiDAR 2.0—and how we are building MicroVision, Inc. to lead in this new era. When I reflect on the last ten years or so in our industry, what we refer to as LiDAR 1.0, it was clearly a technology race. Companies operated with a Silicon Valley mindset, putting hardware first, chasing best-in-class specs. The prevailing thought was that the best technology would lead to wins, that the volume would drive down costs which would in turn lead to mass adoption.

The challenge with this startup mentality is that it was at odds with the realities of how the industry operates. Long predevelopment and sourcing cycles followed by uncertain volumes—a recipe for fragile revenue and heavy burn rates—and has led to consolidation in the space. What MicroVision, Inc. defines as LiDAR 2.0 is not driven by technology, but rather by providing value to our OEM customers. It is not about winning with a single most impressive sensor, but rather it is about achieving scalable deployments across real-world platforms that drive long-term growth and margins. The transition from LiDAR 1.0 to 2.0 is now underway. Looking across our industry, incumbents will face significant challenges in navigating this shift.

For example, hardware-centric players have impressive technology, but the wrong economics, embracing a mindset of “volume will fix price,” while also failing to leverage the value that software can deliver. Automotive-only players have deep focus, but their single-threaded revenue creates risk when faced with program delays, low option take rates, or timing budgets. Industrial players have revenue prospects in the short term, but the current electromechanical sensor architectures with their associated high cost structures are vulnerable to the emerging high-performance solid-state sensors with their significantly lower cost basis. These challenges require a fundamentally different approach, and success in LiDAR 2.0 will come to companies that can excel in four key areas.

These include, first, having a scalable product portfolio that enables participation in diversified end markets, enabling robust revenue streams and achieving scale across the business. Taking an open approach to software that both drives down hardware costs while also enabling our customers to more effectively manage their applications and systems. Hitting the right price point with a hyper-focused design-to-cost approach that enables our OEM customers to unlock value in their end markets. And embracing automotive-grade execution coupled with fiscal discipline. The new MicroVision, Inc. has been built to lead in this LiDAR 2.0 era. So why are we feeling so confident? It is really because we have the following capabilities. First, we have the right portfolio.

Through the acquisition of Luminar and Scantinol, MicroVision, Inc. now has the most complete, robust LiDAR technology portfolio. MicroVision, Inc.'s Movias sensors offer compact, cost-effective short-range solid-state sensing with applications in all of our end markets. We are now seeing the anticipated interest in Muvia S following its launch at IAA last September, with multiple customer trials for industrial and automotive applications. Our Iris and Halo sensors, acquired from Luminar, offer long-range sensing for high-speed use— it is a perfect fit for automotive and security and defense. Our 1550-nanometer FMCW sensor, acquired from Scantinel, provides ultra-long-range sensing with initial applications in automotive and security and defense.

The combined software products, Mosaic and Sentinel, now provide a complete end-to-end capability from silicon to point cloud to perception with advanced AI-based features, which can easily be integrated and configured by our customers leveraging our open software framework. With this product portfolio, MicroVision, Inc. is now equipped with the solutions to serve the automotive, the industrial, and the security and defense markets with a scalable set of hardware and software solutions. I want to take a moment, though, to highlight the emerging needs in the security and defense sector are of increasing importance to MicroVision, Inc.

We completed our proof-of-concept phase for our drone and ground-based autonomy platforms in Q4 of last year, and we are now working closely with our defense advisory board members as part of our business development and customer engagement phase. With our drone-based Movia Air and our newly acquired Iris and Halo products, we have the right products at the right time to enable real-time drone-based mapping and perception as well as ground-based autonomy. The ongoing shipments of Muvia L to a European customer was an important start for us in this space and validates the need for these applications to use robust solid-state solutions.

We will be publicly showcasing our capabilities over the course of the next months as we ramp up our efforts in this important market. Our production technology, our U.S. and German footprint, as well as our U.S. manufacturing capability position MicroVision, Inc. to be a leader in the security and defense space. Now in addition to our portfolio, MicroVision, Inc.'s use of software is a clear differentiator. The new MicroVision, Inc. shifts our center of gravity from hardware bragging rights to software that lowers cost and expands capability. Our focus on advanced software-centric signal processing through the full stack continues to enable MicroVision, Inc. to drive down the cost of the sensor hardware.

This strategy follows a very similar blueprint to what we did in vision and radar where the move to software-defined sensors was a key step in achieving cost levels that drove mass adoption, achieving scale for these technologies. LiDAR will follow the same path, but we are making it happen much faster. Additionally, our open software framework completely changes how our customers can utilize and leverage the capability of our sensors. It gives them full control of their system development and integration, opening up new value-creation opportunities for them. And finally, we are accelerating revenue. The new MicroVision, Inc. is converting existing commercial demand and customer relationships into shipped product and revenue. And this is happening now.

Following the Luminar acquisition, our top priority has been to restart those commercial relationships and contracts, where I am meeting personally with our Iris and Halo customers. In the first month since the acquisition, we have already shipped Iris units as we transfer contracts and POs and reestablish commercial relationships and production schedules. The customer feedback has been very positive, with strong interest in MicroVision, Inc.'s post-acquisition combined product roadmap where we can be a total solution provider to them. The Luminar acquisition also significantly expands our market access by bringing approximately 30 new customer relationships and many more incremental prospects to MicroVision, Inc. It also enables us to offer new sensor solutions to existing MicroVision, Inc. customers.

This cross-pollination is further accelerating our commercial traction. Additionally, we began shipments of Muvia L in December to an EU security and defense OEM, with repeat orders continuing in 2026. As I talked about earlier, we are very pleased with the momentum in this segment; we see opportunities to expand near-term revenue. And then finally, as I mentioned, Muvia S continues to gain interest and traction with multiple customer engagements, and we remain on track for our Q4 Movia S industrial launch. We could not be more excited about Movia S, as it is truly the right product at the right price and at the right time.

We are also confident that our operations can support this accelerated revenue, but we know that the proof is in the execution. The new MicroVision, Inc. is guided by experienced leaders with proven reputations in the automotive industry. With automotive-grade DNA and a collaborative approach to partnering with customers, the company is poised to meet commitments, milestones, and deliveries. Now to reiterate my remarks from last week's fireside chat, I want to be very clear about our thinking regarding our recent Luminar and Scantonal acquisitions and the critical role they play in enabling MicroVision, Inc. to lead the LiDAR 2.0 era. First, they round out our strategy of offering the right product at the right price.

By integrating these assets with MicroVision, Inc.'s, we now offer the most comprehensive and robust LiDAR portfolio in the industry. We expanded our ability to serve different industries, use cases, and price points. Not only will this open up immediate revenue streams in automotive, industrial, security and defense, it will also make our business more resilient and diversified. Second, the acquisitions accelerate revenue. In particular, the Luminar acquisition brought active commercial programs and established customer relationships that pulled forward our timeline to scale. We have made significant progress in resetting these commercial relationships, as I mentioned earlier, and are now shipping products to multiple customers.

This approach accelerates MicroVision, Inc.'s path to revenue compared to achieving this organically, which would have taken much longer. And third, these acquisitions have added depth to the talented MicroVision, Inc. team with expertise in hardware, software, and advanced perception, all with proven experience navigating automotive requirements and manufacturing at scale. This has enabled us to make the recently announced decision to consolidate our Redmond engineering, manufacturing, and supply chain management operations into our Orlando site. This marks a key step in realizing the synergies we identified as part of the acquisitions as well as improving our overall operating efficiency.

Orlando will be our U.S.-based manufacturing site for our full lineup of products which is serving the security and defense sector and will be critical for that sector. It will also complement our ongoing high-volume contract manufacturing strategy. In summary, we did not acquire Luminar or Scantinel to simply grow bigger. We acquired them to move faster. We have also continued building out our executive leadership team with proven credibility across the markets we serve, including automotive. Executives like Fabio Laura, who is leading our operations, supply chain management, and quality, as well as Greg Scharnbrough, who joined us in November as our Vice President of Global Engineering.

What I have shared with you today serves as the basis for the new MicroVision, Inc. and how we will lead in the era of LiDAR 2.0. It is a strong and clear blueprint to guide the company, and these steps are already well underway. I will now turn the call over to Steve to review our GAAP fourth quarter and full year financial performance. Thank you, Glen.

Steve Horeniewicz: For fourth quarter revenue, we reported $200,000, primarily driven by hardware sales in the industrial sector. This compares to $1,700,000 of revenue during the same period in 2024. On a full-year basis, we reported $1,200,000 of revenue in 2025, as compared to $4,700,000 in 2024. The decline from both 2024 periods is a result of a last-time buy on a contract with an agricultural equipment customer to deliver legacy Abbeos sensors. Total operating expenses for the fourth quarter of 2025 were $25,300,000.

This includes non-cash charges of $13,400,000 related to asset impairment, and $1,500,000 of depreciation and amortization, and is offset by a net credit of $1,500,000 of share-based compensation, primarily due to the forfeiture of PSUs from an executive departure in December. Adjusting for these non-cash items, our cash-based operating expenses totaled $11,900,000. Compared to the previous quarter, including a one-time $1,200,000 cash severance payment in the third quarter, our operating expenses were $900,000 higher than Q3 and in line with our expectations. The increase is primarily related to the addition of our aerial systems team to bolster our competitiveness in the security and defense sector as we announced in November.

On a full-year basis for 2025, our total operating expenses were $65,500,000, which includes non-cash charges of $13,400,000 related to asset impairment, $5,800,000 of depreciation and amortization, and $700,000 of share-based compensation. Adjusting for these non-cash items, our cash-based operating expenses were $45,500,000. As compared to full-year 2024, our operating expenses declined $14,400,000, or 24%, primarily driven by reduced purchased services and actions taken in 2024 to reduce headcount and rightsize our business. This year-over-year decline in operating expense is a demonstration of our cost management focus and cash-conscious mindset. Cash used in operations for the fourth quarter was $15,400,000. This compared to $15,100,000 in 2024.

On a full-year basis, cash used in operations for 2025 was $58,700,000, as compared with 2024 at $68,500,000. The year-over-year decrease of $9,800,000, or 14%, was primarily driven by our intentional reduction of operating expenses. Capital expenditures for the fourth quarter were in line with expectations at $200,000. This compares to $100,000 during the same period in 2024. On a full-year basis, capital expenditures were $700,000 in 2025 and $400,000 in 2024. For both periods, the year-over-year increase is primarily attributed to purchases of tooling equipment needed for the production of Movia S sensors scheduled to start in early Q4 of this year.

In the fourth quarter, we incurred $29,400,000 of non-cash asset impairment and adverse purchase commitment charges, of which $16,000,000 is accounted for as cost of revenue because it relates to inventory and commitments of our short-range MoviL sensor. The remainder of $13,400,000 is accounted for as operating expense, primarily attributed to perception software and equipment for our long-range MAVEN sensor. The write-down of Movia L, MAVEN, and perception software results from a multi-factored analysis including the progress of our next-generation short-range solution and the market readiness of the long-range solution that we recently acquired.

With the recent announcement of our consolidation of operations from Redmond into our new Orlando facility, we are currently evaluating the impact to the 2026 financial statements and anticipate asset impairment charges of $8,000,000 to $12,000,000 related to our Redmond office and operating lease as well as people-related restructuring charges of $1,000,000 to $2,000,000. On our balance sheet, at the end of the fourth quarter, we finished with $74,800,000 in cash, cash equivalents, and investment securities. We also have $43,000,000 available under the current ATM facility. Subsequent to the end of 2025, we issued two new senior secured convertible notes in the aggregate principal amount of $43,000,000.

The new notes will be used to repay the current outstanding principal balance and interest of $19,500,000 on a current note, with the remaining available for general operations. The new notes are redeemable in cash, or shares of the company's common stock. With our strong leadership, depth and breadth of our product portfolio, financial discipline through operational cost management, and capital raise activities, we are well situated to deliver our cost-efficient products that meet performance standards to our customers and capitalize on the significant revenue opportunities that the automotive, industrial, and security and defense sectors have to offer. With our recent acquisitions, the LiDAR industry is consolidating into a handful of key players.

MicroVision, Inc. is well positioned to lead the LiDAR industry in these three verticals and offers a significant opportunity for shareholder value creation. I would now like to pass it back to Glen for closing remarks.

Glen DeVos: Thanks, Steve. This is a transformational time for MicroVision, Inc. Today, we have talked about the vision for a new MicroVision, Inc., a company built to lead in the new era of LiDAR 2.0. We have shared how our strategy allows us to create value for customers in new markets and the steps we are taking to deliver the right portfolio with the right performance at the right price. We have also begun to demonstrate concrete steps as a testament to our focus on execution, shipping products against existing orders, and prudent financial management. Turning now to guidance for calendar year 2026. We expect revenue to be in the range of $10,000,000 to $15,000,000.

This is based on our analysis completed to date of both prior MicroVision, Inc. outlook going into 2026 as well as the now-continuing Luminar revenue streams. This is a positive reflection of our ability to retain and convert prior Luminar contracts to ongoing MicroVision, Inc. revenue. We expect cash used in operations plus CapEx to be in the range of $65,000,000 to $70,000,000 for the full year, which reflects a modest increase over 2025 due primarily to the acquisitions of Scantinol and Luminar as well as the addition of our Virginia-based aerial systems team. These additions have dramatically expanded our market access with thoughtful and disciplined management of our cash burn.

In summary, as we move into LiDAR 2.0, I am very confident that MicroVision, Inc. is positioned to lead this transition. We have the right portfolio and products to access multiple end markets. We are delivering the right performance at the right price. We have the management and engineering teams to deliver at automotive grade. And we have the financial discipline to ensure that we will continue to have access to capital and financing to achieve our growth plans. Our mission is clear. Our team is aligned. We are focused on creating value for customers and shareholders. I am excited about the path that lies ahead for the new MicroVision, Inc. and LiDAR 2.0.

Thank you, and we will now open the call for questions.

Operator: Thank you. At this time, we are conducting a question and answer session. Investors can submit their questions within the meeting webcast by typing them into the Q&A button on the right side of your viewing screen. Analysts who publish research may ask questions on the phone line. A confirmation tone will indicate your line is in the question queue. And one moment, please, while we poll for questions. And the first question is coming from Jason Colbert from Borrow Capital. Jason, your line is live.

Jason Colbert: Thank you. Thanks for the guidance, $10,000,000 to $15,000,000—that is for this year. How does that break between the automotive and industrial segments? And what kind of margins are we talking about on that revenue?

Glen DeVos: If you, you want to take that one?

Steve Horeniewicz: So the breakdown of our revenue is mostly in the industrial space with the balance being in the automotive side. That is kind of where our key customers are that we brought over from the Luminar side. That is the key customers that we are currently working with right now. Developing those relationships, which is going to help us achieve our guidance in terms of our revenue situation. From a margin perspective, our margins, we definitely should be positive.

We are still working on what cost is going to be just based on the cost that we are going to be getting as we are getting that cost evaluated, as we are doing the PPA right now, but we do definitely see our margins to be positive this year. And going forward beyond 2026, what I am trying to understand is how these two segments grow and what is the market potential in automotive? What is the market potential in everything else, the industrial? I think what we are seeing as we move forward into the future, as we get towards the end of the decade, we definitely see our revenue growing in the automotive space.

Most likely, that will not be till towards end of the decade ’28–’29, and that is where all of the automotive companies are developing their LiDAR strategies, their ADAS strategies, and they will implement LiDAR into their platforms. So we are in process of a number of RFQs as we speak right now to support those activities. So we see the automotive kind of towards the end of the decade, and that is going to form a big portion of our business. Our bridge between now and then is primarily going to be in the industrial space as Glen talked about in his pre-remarks. We have a number of customers that we are working with right now.

Then the other piece is going to be on the defense and security side. So we have got some products that we are going to have readily available mid this year for saleable units to those potential customers. As Glen mentioned, we do see some growth in that area. We see that kind of moving forward into the future. That is going to kind of, again, put the industrial and the defense side as our bridge as we progress into the automotive side, which should begin towards the end of the decade. Yeah. I am not sure. Add to that?

Glen DeVos: Yeah. And just to add some content to that. For auto, as you said, that is going to be later in the decade. The RFI and the RFQs that we are talking about now are, you know, targeted for the ’29–’30 start of ramping. So if you think about auto, that is where you start seeing volumes and really more meaningfully in the ’30–’31 time frame. Now that is at scale. So that is the big TAM where you have basically multi-billion-dollar TAM and significant opportunities. Industrial for us—we will see some sales this year. But, really, Movia S is our big industrial product.

So as we launch in October, back half of the year—or the back quarter of the year—we expect Movia S sales to start driving and then strong growth through 2027. So as those orders come in, and preorders come in over the course of this year, we will be able to give an accurate projection of what that growth looks like in 2027. And then security and defense, this is an area that is still—it is still very nascent. But we actually are very optimistic about it.

There is a lot of focus now on drones and what can be done with drones in terms of, you know, autonomy, providing basically mapping, real-time mapping, in conflicted areas, and also extending perception for ground-based vehicles as we look at ground-based vehicle autonomy. And that is one where we will be sizing those markets for us, but we are confident that is very interesting to us for two reasons. One, we think it has significant sustainable growth. But it also has higher ASPs and sale prices than, say, industrial and certainly auto.

So it is a great opportunity for us to commercialize and monetize the IP we have there—whether it is Iris and Halo or it is Movias—monetize that in that market at very attractive ASPs.

Jason Colbert: Thank you. And just my last question is on the sales and marketing line. It just seems like a big line, right? Spending a lot of money there. What is that money actually being spent on?

Steve Horeniewicz: So the sales and marketing line—sorry. Go ahead.

Glen DeVos: No. Well, why do you not complete your thoughts, Steve, and then I will add. I will add my color.

Steve Horeniewicz: I think most of our sales and marketing line, as of right now, we are kind of building our team up. We now have a team that is on a global basis with bringing over the Luminar team. So we have got a strong team that is going to help us drive forward this revenue opportunity. And, you know, we have an office in a couple different locations that we are trying to continue with that team moving forward. And Glen, you want to pass it on? Yeah.

Glen DeVos: The who is joining MicroVision, Inc.—this is, it has almost been a year now. One of the things that I have been prioritizing, and certainly since taking over as CEO, is having just a very strong sales and marketing capability. We have great technology. But if you are going to compete in automotive, if you are going to compete in industrial, and then security and defense, you have to have the right people in the commercial organization that understand the sales motion, have the respect of the customers, and can really deliver that.

And so, you know, we have been growing that organically prior to the Luminar acquisition, and, you know, part of that was what we did with the defense advisory board to help us understand and develop our strategy for security and defense. Part of it was bringing on some additional talent over the course of the year. And then here more recently, expanding that team with the onboarding of the Luminar sales team, and it is really—we now have a just a very capable sales and marketing team that can take the portfolio we have and really bring that to market.

Steve Horeniewicz: So I could not be happier with the team that we have—

Glen DeVos: It is an adjustment that we needed to make if we were going to grow the business and accelerate the business growth. But that is the reason why it is what it is.

Operator: Thank you so much. Thank you. And the next question will be from Casey Ryan from Westpark Capital.

Casey Ryan: Thank you. Glen, Steve, great update. So my first question is, I guess, this is sort of related to Scantinel acquisition and the FMCW technology. Is that technology getting a lot of interest from defense? It sounds like maybe that is kind of a key thing with its range. I know it has historically been targeted trucking, but is that helping you sort of think defense is a bigger opportunity for you, in particular, you know, using FMCW versus some of the other product lines, or is it all the product lines are being considered for multiple? Because I know there are so many applications in the defense space.

Glen DeVos: Yeah. A great question. Scans and all, there is a significantly increased pull from the defense sector for the technology. Really for two reasons. One is 1550, which is, you know, that is basically not visible with night-vision goggles or night-vision capabilities. So it is essentially invisible. So from a scanning and perception standpoint for night ops, it is very, very attractive. And then the FMCW and that architecture gives it also long-range capability. And where we are seeing interest is on drone detection, long-range drone detection, as well as other types of navigation and mapping. So when we acquired Scantin L, of course, the focus of the team really had been in the commercial vehicle market.

That had been the primary focus. What we are seeing now is a much—you know, an equally strong pull from the defense side. So it still has interest and application in CV, namely commercial vehicles, but much stronger interest from defense. No question about it. Kind of related to the second part of your question, we also have interest in the other products, and particularly, for security and defense—and particularly if you think about short-range LiDAR, like the Movia S, where you can, or even now doing with Movia L, with our Movia Air products—those are 940 and 905, but they are very good for terrestrial mapping.

So you are not as worried about being visible because it is a low-cost drone that is flying around doing mapping away from personnel and providing real-time perception and extending that perception from those ground-based vehicles and personnel. And so we are seeing interest there relative to Movia L products and Movia S products for mapping. And then as well, Iris and Halo for basically on-vehicle perception. So if you think about vehicle autonomy where vehicles want to operate at night, you want to have a 1550 solution that you can offer, again, so that vehicle is not visible at night as it is scanning and its sensors are working.

So really across all of those products, we are seeing significant interest there—both in ground-based autonomy, but also with regard to drone applications.

Casey Ryan: Okay. Terrific. So then I was curious about, as you acquire all the Luminar assets, and I think Orlando was kind of their headquarters. And this is just asking about how much effort it is to sort of complete the acquisition. Are there additional locations that you inherited with your purchase that you are sort of responsible for closing down and consolidating? Or was Orlando kind of the only thing that was on your plate around physical locations? Because I know Luminar had lots of offices and spots around the world. Yeah.

Glen DeVos: Yeah. We really only acquired two locations. One is, as you said, the Orlando office, and they were really their headquarters and where their engineering tech center was. Then the other is in Colorado, which was the Black Horse engineering team for their ASIC design. So those are the two offices and sites that we are maintaining. We did bring over people from some of the other offices. Like, if you think about Japan, if you think about Sweden and Germany, but we did not assume responsibility for those facilities. So we are not having to deal with, you know, closing down legal entities or closing down offices around the world. And so—

Casey Ryan: Orlando—

Glen DeVos: Colorado—those are offices that we have and we are going to keep. And then, as we mentioned earlier, we will consolidate operations in Orlando.

Casey Ryan: Yeah. Okay. Terrific. That is great color. And then last question, I think—maybe this is all too many new products and too many opportunities at one time—but I think we are seeing some, I do not know if it is a desire or sort of a roadmap, of combining sensors, right? Cameras with LiDAR and maybe radar—you know, some of these new radar applications. But does that change the way you go to market at all? Do you want to partner with somebody, or is that all kind of, you know, too far in the future to worry about today? How do you see sort of all those sensors coming together at some point, you know, in some applications?

Glen DeVos: Yeah. To your point, it really depends on the application. It is interesting. In automotive, we went through a period where we thought, hey, combining sensor modalities would be really a great way to package sensors in the car. And then we immediately broke them all back apart because it gave us more flexibility where you can mount the sensors and how you mount them and actually sourcing those sensors. When you combine sensors, you end up actually restricting that.

So there are some applications where a combined sensor like LiDAR and camera—for instance, that is what we do with our Movia Air products where we have LiDAR as well as a high-resolution camera that we then fuse in the sensors—when we provide the map data coming out of the drone, it has fused vision as well as LiDAR. But, you know, right now, that tends to be more of how the OEM wants to package those sensors on their platform. And we can do it as a stand-alone sensor. We are happy to work with others in a combined configuration. Just recently had some discussions along those lines this week as well.

But as of right now, our feeling is we will develop a great LiDAR sensor that can be flexible in terms of how it is integrated, how it is mounted, whether that is in a combined fashion or as a stand-alone LiDAR sensor.

Casey Ryan: Terrific. That is actually a great perspective. Thank you. This is a great update, and it looks like it is going to be an exciting 2026. So thank you for the questions.

Glen DeVos: Yeah. Definitely.

Drew Markham: Thank you.

Operator: We will now turn this call back over to Steve Horeniewicz to read questions submitted through the webcast or in advance of the call. Steve?

Steve Horeniewicz: Thank you, operator. Okay. Our first question is, with regards to your revenue guidance of $10,000,000 to $15,000,000, how confident are you in achieving this?

Glen DeVos: Let me take that, Steve, and then I would ask you to add any further comments from your end. So that revenue is a combination of sales of our long-range and our short-range products. And it is really across all three end markets. We have already been shipping into critical customers that came with that Luminar acquisition. And we really expect that to continue. In addition, the commercial uptake of the short-range Movia S is ahead of our expectations. We believed that was going to be a great product. The interest and the pull we are seeing on that validates that. And now it is up to us to launch that on time and at volume.

We believe we have, however, clear line of sight to other opportunities and, you know, that combination of what we know today, what we are seeing, that gives us a great deal of confidence with that guidance. Now as we continue to work through, you know, what were the Luminar customer engagements and those contracts and production schedules, we believe there are additional opportunities there that we can include. But we still have to work through that process. We are basically, what, about five, six weeks into it, and so through a lot of it, but not through all of it yet. And we believe that there will be additional opportunities for us.

Steve Horeniewicz: I think just to add to that, as Glen mentioned, you know, we are looking at production of our Movia short-range sensor in quarter four of this year. We have lots of customer traction, lots of interest from our customers. So we are definitely expecting to see revenue with that product coming in the fourth quarter this year.

Glen DeVos: Yep.

Steve Horeniewicz: Okay. Second question. How many customers are you engaging with, including your recent acquisitions?

Glen DeVos: With the addition of Luminar's customer base, that has been a significant increase to our opportunity pipeline and really across all three verticals. And they have basically brought in incremental about 30 new customers for us to be working with. And within that customer group, many more opportunities and prospects. And, as I mentioned earlier, you know, with the onboarding of the Luminar sales and their commercial team, that was just a tremendous benefit of the acquisition because not only do they bring those contracts, they bring relationships, and they bring knowledge of those end markets, knowledge of those customers.

So it is not just a matter of the formality of acquiring a contract or taking over a PO; we also now have the individuals with MicroVision, Inc. who understand and have the history with those contracts, the history with those customers, a deep understanding of those customers’ needs and how we can then basically bring our solutions to them. So that is why that has been such a benefit.

Steve Horeniewicz: Thanks, Glen. Along those same lines, another question. What is the state of the Luminar customer relationships? Volvo, Nissan, Caterpillar. Have you delivered to any of these brands yet? Are these critical to achieving your 2026 guidance?

Glen DeVos: Yes. It is a great question. Actually. And it—well, it is not appropriate to comment on individual customers. It is fair to say that every Luminar customer is engaged with us. I mentioned this is in part due to the fact that we have a sales team that knows them, that has maintained contact, and now we are continuing those dialogues. By normalizing and restarting those paused relationships—as you can imagine, when a supplier goes into a bankruptcy, that generally speaking puts a pause on the relationship. It is disruptive. Well, we are now normalizing those relationships and having discussions not just around the, you know, active POs or the near-term needs, also discussions regarding ongoing development.

We are not going to comment on how individual customers drive guidance. Subsequent to closing, we have shipped to the largest customers in automotive and commercial vehicles. So that product and that associated revenue is flowing as we speak.

Steve Horeniewicz: Next question is, how did Luminar impact MicroVision, Inc.'s path to revenue and commercialization?

Glen DeVos: So to put it very—concisely, Luminar accelerates our revenue. It brings with it, that acquisition brings, active commercial programs and established customer relationships that really pull forward our path to scale significantly. So we are actively engaged with the Luminar customer base in normalizing and restarting those relationships. And, as I mentioned earlier, converting those paused POs and contracts over to active shipments, as well as the discussions regarding ongoing development.

Now one of the other benefits, though, is, you know, we have been able to take—and with the Luminar customer base—been able to bring their products into the Luminar products into our existing MicroVision, Inc. customer base, as well as the MicroVision, Inc. products into that existing Luminar customer base. So that cross-pollination that we talked about earlier in the meeting, that really helps us accelerate that traction because it means that MicroVision, Inc. can be a single one-stop-shop provider for their LiDAR perception needs. We can provide short-range, long-range, wide field of view, you know, narrow field of view. We can provide the complete LiDAR solution set to them, which, you know, is important from a purchasing standpoint.

It is also important from a technology standpoint because that means harmonizing and integrating all of those sensors becomes much simpler. They do not have to try to integrate a short-range sensor from one supplier with a long-range sensor from another. We can do all of that for them. So it is really, really an exciting development. We are able to cross-pollinate across the different customer bases.

Steve Horeniewicz: And I think just to add to that, one of the key parts of the acquisition is, again, bringing that revenue ahead early. So the HALO product going out into the future is going to bring us a quicker time from a long-range perspective. So that product now is getting very close to samples that we can be providing to customers. The team is working on that as we speak, and this is going to, again, hurry our revenue in terms of the long-range solution quicker.

Glen DeVos: Yeah. Great point, Steve.

Steve Horeniewicz: Next question is, what happened to the multiple RFQs that you previously announced?

Glen DeVos: Yeah. That is another great question. We continue to be actively engaged with those customers. And what is interesting is that—this has been ongoing for some period of time—we now have a more diversified product portfolio to offer, especially with our recent acquisitions. So different product offerings for them. But, you know, we are seeing an interesting behavior, you know, with regard to those RFQs and those RFIs. I mean, normally, when you talk about the automotive passenger car market, you know, an RFI is followed by an RFQ. You know, the RFI is used to kind of understand the market, understand supply base, select the technologies; the RFQ comes to narrow that down with pricing and the specifics.

And then, you know, a production award typically would follow that. And that is usually managed within a short period of time—not two or three years. So what we are seeing right now in that automotive, in particular the North American and European passenger car market, the OEMs are clearly reformulating their Level 3 value prop and offerings. And this is due in no small part to the cost of these systems and really the limited initial value that the features offer to their end customers.

You know, at the end of the day, the end customer is simply not willing to pay, you know, $6,000 to $9,000 more for an L3—and certainly not the L3 that they are currently offering. So we have seen some program cancellations or those offerings being suspended. And I think what it highlights to me is why our focus on cost is so important. Because we need to be able to drive the cost of short-range and long-range LiDAR sensors down to the point where the OEMs can afford to put them on the cars.

It can enable Level 2+ or Level 3 features that the OEMs can then offer at a price point that their consumers find attractive, but they still have healthy margins. So it is—you know, we are still involved in those RFIs and RFQs. In some cases, the discussions now are in year three. But I think, again, it just reflects and emphasizes the fact we have to be driving the cost of these sensors down to where the OEMs can really, really be able to put it on the vehicle and drive value both for them and the end consumer.

Steve Horeniewicz: Okay. With the current technology you have, plus with the acquired technology, what makes your overall portfolio—your technology—different?

Glen DeVos: Well, I think—a couple of things to that. First, we have a, as I mentioned, a really broad portfolio. We have 905 to 1550. We have short range and long range. Time-of-flight, FMCW, solid-state, and scanning with polygons or MEMS. What that means and why that is important is that we can bring the right solution for any given application in any of the end markets that we are serving. And—additionally—our approach combines that strong hardware performance with an open software framework. And, you know, instead of offering a closed system, we enable the OEMs and the partners to integrate faster, customize functionality, and basically identify new ways of monetizing advanced features on our sensors.

And that openness and that open software framework reduces the integration complexity, shortening their development timelines and reducing their cost, helping customers move from concept to deployment faster. And then finally, as a U.S. and German-based company with U.S.-based manufacturing, we can bring that complete product portfolio to the security and defense market, which is a significant differentiator for us.

Steve Horeniewicz: How do you create value for customers and specifically to the automotive sector.

Glen DeVos: Well, it is—yeah. I can tell you it is not the vendor with the most impressive demo that will create that value. It is—the supplier that enables, you know, new use cases across the verticals. And for industrial, that is the ability to enable autonomy at affordable prices, as well as in advanced safety systems. In security and defense—we talked about it—its applications such as unmanned ground vehicle autonomy as well as drone-based real-time mapping and reconnaissance. Now for automotive, this includes enabling Level 3 features and, like we talked, making them affordable for the OEM and end consumer.

And, you know, ultimately, L3 systems have just simply been too expensive, and especially when you consider Level 2+ systems now coming in well below $2,000 on cost of the vehicle. So for us, it is a matter of, you know, how do we enable the OEM to successfully offer these types of products and services to their customers, but most critically, to be able to do it in a way where they make—and they unlock—value for themselves. And so our ability to enable our customers to unlock value is how we will create value for them.

Steve Horeniewicz: Next question here is what is the future for Maven and the MEMS technology?

Glen DeVos: So—when you think about Maven, really the key there is the MEMS scanning technology. That is the heart of Maven. And that technology is still a very important part of our total portfolio. So now with MEMS, it has some very good applications. It is great for scanning when you think about a fixed-wing drone doing terrestrial mapping. MEMS is a really, really excellent scanning mechanism for that laser. And so great for scanning drones. It is also very good for narrower field-of-view scanning. So if you think about automotive, when you get down to about 60 degrees of horizontal field of view scanning, MEMS is a great option for doing that.

And, you know, as a result, as we think about tri-LiDAR—that is where you can get the field of view for long-range LiDAR down to around 60 degrees—MEMS comes into play. So for us, MEMS remains a really important part of our scanning technology portfolio. And we continue to look at applications for it.

Steve Horeniewicz: Next question is, what is the status of the CFO hire?

Glen DeVos: So the CFO hire—this is ongoing. If you think about that role, it is really critical that our CFO, that our new CFO, would have the skill set and be able to really accelerate our success in the vision that we have laid out today. So, you know, we have to have that breadth and depth to the CFO skills, you know, along with the relevant industry experience.

Now we are in a very, very favorable position in that our Executive Vice Chair, who is part of our leadership team, has been a CFO for four public technology companies, and that gives us tremendous capability along with what I would say is just an outstanding financial team that just gives us a really solid financial and accounting foundation. And so when you combine those, that means we can take the time we need to take to find exactly the right person for that role. So, you know, we are continuing with that. We would expect that sometime here in the second quarter.

But we are not in a situation where we have to rush that, which is a great place to be.

Steve Horeniewicz: Okay. Alright. Let us go for—we have got four minutes left—maybe one more question here. Now with the recent—again, the recent acquisitions—obviously, the company has changed. How are you different now, and what is your competitive advantage in the marketplace?

Glen DeVos: Well, I mean, the first and foremost difference is the breadth of the portfolio. So we have significantly augmented the portfolio compared to where we were pre-acquisition, in particular if we add Scantinol and Luminar. So—first question is portfolio. Second question is time to revenue. As we mentioned, in particular, the Luminar acquisition dramatically accelerated that timeline to revenue versus doing that organically, as we were pre-acquisition. So that time to revenue and the broadening of the customer bases that we now have access to with our portfolio—that is a huge difference. And then finally, just deepening of the whole—the entire team and the capabilities we have.

So if you look at the depth of our knowledge—whether it is the scan team in Ulm, it is the MicroVision, Inc. team in Hamburg, it is the combined team now in Orlando, it is the Black Forest engineering team in Colorado—when you look at that depth of engineering talent, it is just amazing. We have the talent to support that portfolio, to develop those products, and to deliver on that. So it truly is, as we said at the beginning of today’s call, a transformative time for MicroVision, Inc., and that is what gives me confidence that we will be very well positioned to lead in what we call LiDAR 2.0.

Steve Horeniewicz: Okay. Thank you, Glen. Okay. That brings us to the end of our call today. Just want to thank you, everybody, for participating on our call today and your continued support in MicroVision, Inc. We will now close the call.

Operator: Thank you. This concludes today's conference. All parties may disconnect, and have a great day.

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