MicroVision Inc (MVIS) 2022 Q4 法說會逐字稿

Good day and welcome to the MicroVision Fourth Quarter and Full Year 2022 Financial Operating Results and Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 MicroVision 第四季度和 2022 年全年財務運營結果和電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Drew Markham. Please go ahead.

我現在想將會議轉交給 Drew Markham。請繼續。

Thank you, MJ. I'm pleased to be joined today by our CEO, Sumit Sharma; and our CFO, Anubhav Verma. Following their prepared remarks, 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 our acquisition synergies, product development and performance, comparisons to our competitors, market opportunity, product sales and future demand, business and strategic opportunities, customer and partner engagement, projections of future operations and financial results, availability of funds as well as statements containing words like potential, 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.

謝謝你，喬丹。我很高興今天有我們的首席執行官 Sumit Sharma 加入；以及我們的首席財務官 Anubhav Verma。在他們準備好的發言之後，我們將開始提問。請注意，您將在今天的討論中聽到的一些信息將包括前瞻性陳述，包括但不限於關於我們的收購協同效應、產品開發和性能、與競爭對手的比較、市場機會、產品銷售和未來需求、業務和戰略機會、客戶和合作夥伴參與、未來運營和財務結果的預測、資金可用性以及包含潛在、相信、期望、計劃和其他類似表達等詞語的陳述。這些陳述不是對未來表現的保證。實際結果可能與前瞻性陳述中暗示或表達的未來結果存在重大差異。

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 8-K 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.

我們鼓勵您查看我們向 SEC 提交的文件，包括我們最近提交的 10-K 表格年度報告和 10-Q 表格季度報告。這些文件描述了可能導致我們的實際結果與我們的前瞻性陳述中暗示或表達的結果存在重大差異的風險因素。所有前瞻性陳述均於本次電話會議之日作出，除法律要求外，我們不承擔更新此信息的義務。此外，我們將在本次電話會議上提出某些財務措施，根據美國證券交易委員會的 G 條例，這些措施將被視為非 GAAP。為了將每項非 GAAP 財務措施與最直接可比的 GAAP 財務措施以及所有財務數據進行核對在本次電話會議上介紹的信息，請參閱我們的新聞稿和我們今天提交給美國證券交易委員會的日期為 8-K 的表格中包含的信息，這兩者都可以在我們的公司網站 ir.microvision.com 上的美國證券交易委員會文件下找到標籤。本次電話會議將在我們網站 www.microvision.com 的投資者關係部分提供音頻重播。

Now I'd like to turn the call over to our CEO, Sumit Sharma. Sumit?

現在我想把電話轉給我們的首席執行官 Sumit Sharma。提交？

Thank you, Drew, and welcome everyone to this review of our 2022 fourth quarter and full year results. 2022 was an exciting and eventful year for MicroVision and I expect 2023 to be an even more pivotal year in our journey. I would like to update you on 3 areas: first, our product portfolio; second, our momentum for partnerships and revenue; and third, our competitive outlook. First, let's dive into our product portfolio for 2023. 2022 was the most important year in MicroVision's history. With relentless execution, our team matured our MAVIN product to align to automotive OEM expectations for high volume RFQs happening in 2023. We also executed on our strategy to become a full spectrum ADAS solutions company by joining forces with Ibeo Automotive and acquiring assets. The combination of MAVIN and our balance sheet puts the combined company in the best position to help realize the true potential of the Ibeo team.

謝謝德魯，歡迎大家來回顧我們 2022 年第四季度和全年的業績。 2022 年對 MicroVision 來說是激動人心且多事的一年，我預計 2023 年將是我們旅程中更加關鍵的一年。我想向您介紹 3 個方面的最新情況：首先，我們的產品組合；第二，我們在合作夥伴關係和收入方面的勢頭；第三，我們的競爭前景。首先，讓我們深入了解 2023 年的產品組合。2022 年是 MicroVision 歷史上最重要的一年。通過堅持不懈的執行，我們的團隊使我們的 MAVIN 產品變得成熟，以符合汽車 OEM 對 2023 年發生的大量 RFQ 的期望。我們還執行了我們的戰略，通過與 Ibeo Automotive 聯手並收購資產，成為一家全方位 ADAS 解決方案公司。 MAVIN 與我們資產負債表的結合使合併後的公司處於最佳位置，有助於實現 Ibeo 團隊的真正潛力。

Let me start with MAVIN update. For long-range lidar, MAVIN meets and exceeds OEM expectations for seamless roofline integration for high speed highway pilot. Nobody is offering a mature product with the size, performance or cost to challenge MAVIN best-in-class status. Let's just put any speculation to rest. Roofline integration is the dominant requirement across RFQ for long-range lidar for 2023. While our competition is starting to redesign cycles to deliver on size, cost and performance; we are ready with the product now that goes to production over the next several years. Programs announced by competitors years ago are still not shipping either from their own factories or their Tier-1 partners in any meaningful volumes. As I look at the RFQ inflight across Europe, North America and Asia; we are engaged in multiple RFI, RFQ opportunities with outlook for more than 20 million long and short-range lidars by the end of this decade.

讓我從 MAVIN 更新開始。對於遠程激光雷達，MAVIN 達到並超過了 OEM 對高速公路飛行員無縫車頂線集成的期望。沒有人提供尺寸、性能或成本足以挑戰 MAVIN 同類最佳地位的成熟產品。讓我們擱置任何猜測。車頂線集成是 2023 年遠程激光雷達 RFQ 的主要要求。雖然我們的競爭對手開始重新設計週期以提供尺寸、成本和性能；我們現在已經準備好在未來幾年投入生產的產品。競爭對手多年前宣布的計劃仍然沒有從他們自己的工廠或他們的一級合作夥伴那裡出貨，數量不多。當我查看歐洲、北美和亞洲的 RFQ 時；我們參與了多個 RFI、RFQ 機會，預計到本十年末將有超過 2000 萬個長程和短程激光雷達。

These opportunities while massive represent less than 10% of the entire fleet expected to ship globally by the end of decade with a lidar. OEMs are publicly embracing lidar as the future of ADAS. Automotive OEMs in Europe, North America and Asia are looking for a long-range lidar that is ready for roofline integration as well as a cost competitive solution for short-range lidar. MicroVision is the only company that will offer both. The current cycle is significantly higher in volume than the early small volume partnerships announced to-date by all OEMs combined. None of the current partnerships are exclusive as evident in the multiple solutions being announced yearly by OEMs. This current high volume opportunity is just the level of big price we have developed our sensor for. With billions of dollars of revenue potential, the review of technology and partnerships takes a long time; but I'm confident that things will start converging in 2023 for a 2026 production readiness for long-range lidar and 2025 for short-range lidar.

這些機會雖然巨大，但僅佔預計到本十年末在全球範圍內使用激光雷達運輸的整個船隊的不到 10%。原始設備製造商公開接受激光雷達作為 ADAS 的未來。歐洲、北美和亞洲的汽車原始設備製造商正在尋找可用於車頂線集成的遠程激光雷達，以及具有成本競爭力的短程激光雷達解決方案。 MicroVision 是唯一一家同時提供這兩種服務的公司。當前週期的數量明顯高於迄今為止所有原始設備製造商宣布的早期小批量合作夥伴關係的總和。從 OEM 每年宣布的多種解決方案中可以明顯看出，當前的合作夥伴關係都不是排他性的。當前的大批量機會正是我們開發傳感器的高價格水平。擁有數十億美元的收入潛力，技術和合作夥伴關係的審查需要很長時間；但我相信，事情將在 2023 年開始融合，2026 年遠程激光雷達的生產準備就緒，2025 年短程激光雷達的生產準備就緒。

We have the right products and experienced team in U.S. and Germany to deliver not only the technology, but also strong industrialization know-how with Tier-1 manufacturing partners. As we look forward to 2023, here are the key objectives we expect to achieve: full year revenue in the range of $10 million to $15 million for our expanded product line portfolio, a design win for lidar product with automotive OEM, start of non-automotive sales with sequential flash lidar, partnership with automotive OEM for the sale of auto-annotation software and customization, demonstrate a scalable drive by wire solution for high speed L3 and L4 safety in November 2023. With our teams now working as a single company, I believe 1 plus 1 equals 5. MicroVision is the only company to offer multiple lidar technology nodes with software for automotive and non-automotive markets.

我們在美國和德國擁有合適的產品和經驗豐富的團隊，不僅可以提供技術，還可以與一級製造合作夥伴一起提供強大的工業化專業知識。展望 2023 年，以下是我們預計要實現的主要目標：我們擴大的產品線組合的全年收入在 1000 萬至 1500 萬美元之間，贏得汽車 OEM 激光雷達產品的設計，開始非使用順序閃光激光雷達的汽車銷售，與汽車 OEM 合作銷售自動註釋軟件和定制，在 2023 年 11 月展示了用於高速 L3 和 L4 安全的可擴展線控驅動解決方案。我們的團隊現在作為一家公司工作，我相信 1 加 1 等於 5。MicroVision 是唯一一家為汽車和非汽車市場提供多個激光雷達技術節點和軟件的公司。

I want to repeat that. MicroVision is the only company that will offer both long-range lidar that is ready for roofline integration as well as a cost competitive short-range lidar. I expect us to generate revenues from 5 sources moving forward. First source of revenue, long-range lidar with MAVIN. In MAVIN and the mature perception software as a 1-box solution, we have the ideal product for high speed highway pilot. This product is in review for multiple RFI, RFQ currently inflight. Immediately after we acquired Ibeo assets in January, we updated our technology demos to highlight the significant advantage that 1-box solution represents with detection ranges of 300 meters for MAVIN. This is the most important opportunity for recurring revenue and we believe that we are clearly ahead of our competition technology. I expect 2023 to be an exciting year of partnerships for this product.

我想重複一遍。 MicroVision 是唯一一家同時提供可用於車頂線集成的遠程激光雷達和具有成本競爭力的短程激光雷達的公司。我希望我們今後能從 5 個來源產生收入。第一個收入來源，與 MAVIN 的遠程激光雷達。在 MAVIN 和成熟的感知軟件作為 1-box 解決方案中，我們擁有高速高速公路領航員的理想產品。該產品正在接受多個 RFI 的審查，目前正在進行 RFQ。在 1 月份收購 Ibeo 資產後，我們立即更新了技術演示，以強調單盒解決方案所代表的 MAVIN 檢測範圍為 300 米的顯著優勢。這是獲得經常性收入的最重要機會，我們相信我們明顯領先於我們的競爭技術。我預計 2023 年將是該產品合作夥伴關係激動人心的一年。

In the current RFQ cycle, recurring revenues for this product is likely to start arriving in 2026, 2027 based on several OEM programs. I can't emphasize enough how well we are positioned with MAVIN with current RFQ. Second source of revenue would be from flash lidar industrial sales. Our acquisition of Ibeo assets included their sequential flash-based sensor developed for automotive standards. We expect to bring to market an industrial product based on this lidar to address various channels with a more cost competitive industrial solution. We believe this is a substantial near-term market that can start revenue cycles faster and allow us to offer a competitive performance and price for the industrial market. This flash sensor has a fully developed custom ASIC, which makes this cost competitive and ready for scale. We expect non-automotive sales to start in 2023 and grow significantly from there.

在當前的 RFQ 週期中，根據多個 OEM 計劃，該產品的經常性收入可能會在 2026 年、2027 年開始到賬。我不能足夠強調我們在當前 RFQ 中與 MAVIN 的定位。第二個收入來源將來自閃光激光雷達工業銷售。我們對 Ibeo 資產的收購包括他們為汽車標准開發的基於順序閃存的傳感器。我們期望將基於該激光雷達的工業產品推向市場，以更具成本競爭力的工業解決方案解決各種渠道問題。我們相信這是一個巨大的短期市場，可以更快地啟動收入周期，並使我們能夠為工業市場提供具有競爭力的性能和價格。該閃存傳感器具有完全開發的定制 ASIC，這使得該成本具有競爭力並準備好進行擴展。我們預計非汽車銷售將從 2023 年開始，並從那時起顯著增長。

Third source of revenue, automotive short-range lidar. With the current ASIC development for flash sensor, we expect to offer a 180-degree field of view short-range lidar sensor in a compact format for RFQ for multiple automotive OEMs in 2023. Long term this product would have higher volume than MAVIN at a lower ASP. I expect this product to run an existing manufacturing line with some customization. Several OEMs on multiple continents have RFQ opportunities in 2023 for this product. I'm very excited about this lidar product and the revenue opportunities made possible with our asset acquisition. With these 2 technology nodes, we cover the full spectrum of sensors in RFQs we're currently seeing. We are truly a 1-stop shop for OEM's lidar sensor needs. We can provide them the right sensor for each problem with an experienced team that has a history of delivering with manufacturing partners that OEMs prefer.

第三個收入來源，汽車短程激光雷達。隨著目前閃光傳感器 ASIC 的發展，我們預計將在 2023 年為多家汽車原始設備製造商提供緊湊型 180 度視野短程激光雷達傳感器以供詢價。從長遠來看，該產品的銷量將高於 MAVIN降低平均售價。我希望該產品能夠在現有的生產線上進行一些定制。 2023 年，多個大洲的幾家 OEM 都有針對該產品的 RFQ 機會。我對這款激光雷達產品以及我們的資產收購帶來的收入機會感到非常興奮。通過這 2 個技術節點，我們涵蓋了我們目前看到的 RFQ 中的所有傳感器。我們是真正的 OEM 激光雷達傳感器需求的一站式商店。我們可以通過經驗豐富的團隊為他們提供針對每個問題的正確傳感器，該團隊擁有與 OEM 偏愛的製造合作夥伴一起交付產品的歷史。

Fourth source of revenue comes from validation software suite acquired as part of the asset purchase. OEMs and Tier-1s spend hundreds of millions of dollars annually validating various sensors in their vehicles. Real life driving data is required to validate each product. Our validation software suite, which includes auto-annotation, helps reduce OEMs' development costs versus using manual annotation. There are 2 important strategic advantages for this product. First, it lets us connect with OEM on their need for validation in customizing the software, which informs us of perception features that will be required well in advance of our competition. Second, we generate revenue through sale of software and our direct contact with OEM teams on upcoming programs. This is an important product line and we expect to generate meaningful revenue for us annually. This source of potential revenue will be our drive by wire software and silicon product in the future.

第四個收入來源來自作為資產購買的一部分獲得的驗證軟件套件。原始設備製造商和一級供應商每年花費數億美元來驗證其車輛中的各種傳感器。需要真實的駕駛數據來驗證每個產品。我們的驗證軟件套件包括自動註釋，與使用手動註釋相比，有助於降低 OEM 的開發成本。該產品有 2 個重要的戰略優勢。首先，它讓我們與原始設備製造商聯繫，了解他們在定制軟件時對驗證的需求，這讓我們了解了在競爭之前需要的感知功能。其次，我們通過銷售軟件和就即將推出的項目與 OEM 團隊直接聯繫來產生收入。這是一個重要的產品線，我們希望每年為我們帶來可觀的收入。這一潛在收入來源將成為我們未來的有線軟件和矽產品的驅動力。

MAVIN also unlocks huge potential for the drive by wire sensor fusion software developed in Hamburg. I expect us to demonstrate a scalable solution for L3 and L4 in November 2023. This is beyond the rudimentary low speed demonstrations being made by our competition. The advantage of this solution is to offer a sensor fusion chip in the future that would fuse 2 MAVIN lidars and an array of radars to enable safety at the lowest cost. This will open opportunities with OEMs that have not heavily invested in ADAS technologies and help advance their adoption of MAVIN, another connection point with OEM that will expand our revenue from products and services while advancing MAVIN sales. With these 5 product lines, we are truly a unique company. Our expansive product portfolio and derisked revenue outlook represents a new model for the lidar industry. Our near and midterm revenue outlook is strong and growing.

MAVIN 還釋放了在漢堡開發的線控傳感器融合軟件驅動的巨大潛力。我希望我們能在 2023 年 11 月展示 L3 和 L4 的可擴展解決方案。這超出了我們的競爭對手所做的基本低速演示。該解決方案的優勢在於，未來可以提供傳感器融合芯片，融合 2 個 MAVIN 激光雷達和一系列雷達，以最低的成本實現安全。這將為尚未大量投資 ADAS 技術的原始設備製造商帶來機會，並幫助推動他們採用 MAVIN，這是與 OEM 的另一個連接點，將擴大我們的產品和服務收入，同時促進 MAVIN 銷售。憑藉這 5 條產品線，我們確實是一家獨一無二的公司。我們廣泛的產品組合和低風險的收入前景代表了激光雷達行業的新模式。我們的近期和中期收入前景強勁且不斷增長。

Now I would like to provide an update on our market momentum. The size of the opportunities I've described would be in the billions of dollars for this decade. This requires a lot of reviews of our technology, manufacturability, cost and value chain partnerships. It is a process every bidder needs to go through. Advantage we have is our technology is ready now and meets the size, performance and costs expected from such large projects. In 2023 RFQs from multiple OEMs around the globe for both long- and short-range lidar are underway. To successfully execute on these opportunities, we plan to partner with an automotive Tier-1 manufacturing suitable for such projects. We inherited the Ibeo partnership with a flash-based sensor. We continue to explore potential partnership with our MAVIN product to consolidate and share economies of scale and other advantages.

現在我想提供有關我們市場勢頭的最新信息。我所描述的機會規模將在這十年達到數十億美元。這需要對我們的技術、可製造性、成本和價值鏈合作夥伴關係進行大量審查。這是每個投標人都需要經歷的過程。我們的優勢是我們的技術現在已經準備就緒，可以滿足此類大型項目預期的規模、性能和成本。 2023 年，來自全球多家 OEM 的遠程和短程激光雷達的 RFQ 正在進行中。為了成功抓住這些機會，我們計劃與適合此類項目的汽車一級製造商合作。我們通過基於閃光燈的傳感器繼承了 Ibeo 合作夥伴關係。我們繼續探索與我們的 MAVIN 產品的潛在合作夥伴關係，以鞏固和分享規模經濟和其他優勢。

Finally, I would like to update you on our competitive outlook. There's a wide range of questions or concerns we get from investors that I would like to set the record straight. To understand the landscape, we need common context. Our main competitors have announced early deals with OEMs. This is true, but they haven't delivered any real volume to market even after nearly 5 years of industrialization. Many went public through a de-SPAC process that is not as rigorous or scrutinized as a conventional IPO. These companies use unconventional communication tactics to the market including terms like order book and backlog and other non-GAAP metrics without appropriate 8-K filings or required reconciliations. The reality is that they take small projects for [crocking] and other development/testing projects with OEM and spin them as a broad agreement. All this while their ASP is in the $1,000 range and experienced Tier-1s are not able to scale their technology.

最後，我想向您介紹我們的競爭前景。我們從投資者那裡得到了各種各樣的問題或擔憂，我想澄清一下。要了解景觀，我們需要共同的背景。我們的主要競爭對手已宣布與原始設備製造商達成早期交易。這是事實，但即使經過將近 5 年的工業化，他們也沒有向市場交付任何實際數量。許多公司通過去 SPAC 流程上市，該流程不像傳統 IPO 那樣嚴格或受到審查。這些公司使用非常規的市場溝通策略，包括訂單簿和積壓等術語以及其他非 GAAP 指標，而沒有適當的 8-K 文件或所需的對賬。現實情況是，他們將小型項目用於 [crocking] 和其他與 OEM 的開發/測試項目，並將它們作為一個廣泛的協議。所有這一切都是在他們的 ASP 處於 1,000 美元範圍內並且經驗豐富的一級供應商無法擴展其技術的情況下進行的。

Regulatory bodies like the SEC have already begun to scrutinize and have recently demanded explanation to these communications and disclosures to 1 such competitor. In response, the competitor admitted to the SEC that their technology has not shown viability yet and contracts are not guaranteed. These communications with SEC are public and can be easily obtained from the filings. They cause a lot of market confusion with extensive marketing events and press releases without filing related contracts with the SEC that are material and valuable. I expect right before IA in Munich this September, there will be a similar push with announcements but again no 8-K filings. Their strategy is to fake it till you make it. These companies are well capitalized compared to us, but have not secured any big contracts that would align with the financial models they have stated publicly.

美國證券交易委員會等監管機構已經開始審查並最近要求對這些通信進行解釋並向 1 個這樣的競爭對手披露。作為回應，該競爭對手向美國證券交易委員會承認，他們的技術尚未顯示出可行性，並且無法保證合同。這些與 SEC 的通信是公開的，可以很容易地從文件中獲得。他們在沒有向美國證券交易委員會提交重要且有價值的相關合同的情況下，通過廣泛的營銷活動和新聞稿引起了很多市場混亂。我預計就在今年 9 月的慕尼黑 IA 之前，將會有類似的公告推動，但同樣沒有 8-K 申請。他們的策略是偽造它直到你成功。與我們相比，這些公司資本充足，但尚未獲得任何符合他們公開聲明的財務模型的大合同。

Another sign that these so-called announced design wins, which seem to have material value for the marketing events, did not include any associated contracts filed with the SEC in the form of 8-Ks. These young companies raise huge amounts of capital from the market and have really set a bad precedent by immediately turning around and use the cash to launch stock buybacks without positive cash flow as well as buying $80 million mansions in Pacific Palisades. All of us have seen this game of fake it till you make it before. However, these are the rules of our free market and it is important context to have. In contrast, MicroVision is a more disciplined company. Our advantage is in the decades of experience innovating and maturing our technology and our strength is the clarity we endeavor to provide to the market. I am confident about our path forward and the success our technology should generate. I'm humbled by our investors and their confidence in our company and the tools they have provided us to achieve success.

另一個跡象表明，這些所謂的已宣佈設計勝利似乎對營銷活動具有實質價值，但不包括以 8-Ks 形式向美國證券交易委員會提交的任何相關合同。這些年輕的公司從市場上籌集了大量資金，並在沒有正現金流的情況下立即轉身用現金進行股票回購，並在 Pacific Palisades 購買了價值 8000 萬美元的豪宅，這確實開了一個壞先例。我們所有人都見過這種假裝遊戲，直到你成功為止。但是，這些是我們自由市場的規則，並且具有重要的背景。相比之下，MicroVision 是一家更有紀律的公司。我們的優勢在於數十年的技術創新和成熟經驗，而我們的優勢在於我們努力為市場提供的清晰度。我對我們前進的道路以及我們的技術應該帶來的成功充滿信心。我對我們的投資者及其對我們公司的信心以及他們為我們取得成功提供的工具感到謙卑。

We are up against companies that are capitalized well, but they do not have our technology or our path to success. Operating as a disciplined company in our execution and expenses is the ultimate act of defiance against immature companies that are well capitalized, but are in significantly weaker position than MicroVision with OEM. I want to conclude my prepared remarks by reiterating a few key points. First, 2022 was a very important and productive year for MicroVision delivering on our strategy, groundbreaking technology and relentless execution while providing clarity to investors. Second, we are gearing up for a pivotal year where we transition the business from technology development to partnerships and revenue focus. And finally, as a disciplined company that executes and delivers to what we communicate to the market, we expect 2023 to be an epic year in MicroVision's history. I want to conclude by saying how proud I am of our global team in allowing us to be well positioned for an incredible 2023 and beyond.

我們面對的是資本充足的公司，但他們沒有我們的技術或我們的成功之路。在我們的執行和費用方面作為一家紀律嚴明的公司運營是對資本充足但與 OEM 的 MicroVision 相比處於明顯弱勢地位的不成熟公司的最終蔑視行為。我想通過重申幾個關鍵點來結束我準備好的發言。首先，對於 MicroVision 來說，2022 年是非常重要且富有成效的一年，它實現了我們的戰略、突破性的技術和不懈的執行，同時為投資者提供了清晰的信息。其次，我們正在為關鍵的一年做準備，我們將業務從技術開發轉向合作夥伴關係和收入重點。最後，作為一家執行和交付我們向市場傳達的內容的紀律嚴明的公司，我們預計 2023 年將成為 MicroVision 歷史上史詩般的一年。最後，我想說我為我們的全球團隊感到自豪，因為我們能夠為令人難以置信的 2023 年及以後做好準備。

I would like now to turn the call over to Anubhav to talk about our financials. Anubhav?

我現在想把電話轉給 Anubhav 來談談我們的財務狀況。阿努巴夫？

Thanks, Sumit. 2022 has indeed been a transformational year for us. Not only did we take a giant leap forward with the launch of MAVIN for our customers last year, but we also announced the combination with Ibeo. This deal further positions us well to become 1 of the most experienced lidar hardware and software companies in the market. I'm pleased to report that we achieved all the milestones we had laid out in 2022. Also, we continue to show tremendous financial discipline as a mature public company with Q4 2022 net cash used in operating activities of only $8.4 million. This equates to an annualized net cash used in operating activities of under $34 million on a run rate basis, which is slightly better than our guidance of $40 million. As a mature public company, we will continue to differentiate ourselves from our competitors through financial discipline, transparency and guiding to metrics that we believe are realistic and achievable.

謝謝，蘇米特。 2022 年對我們來說確實是轉型的一年。去年，我們不僅為客戶推出了 MAVIN，實現了巨大的飛躍，而且還宣布了與 Ibeo 的合併。這筆交易進一步使我們成為市場上最有經驗的激光雷達硬件和軟件公司之一。我很高興地報告，我們實現了我們在 2022 年制定的所有里程碑。此外，作為一家成熟的上市公司，我們繼續表現出嚴格的財務紀律，2022 年第四季度用於經營活動的淨現金僅為 840 萬美元。這相當於按運行率計算，用於經營活動的年化淨現金低於 3400 萬美元，略好於我們 4000 萬美元的指導。作為一家成熟的上市公司，我們將繼續通過財務紀律、透明度和指導我們認為現實和可實現的指標來使自己與競爭對手區分開來。

Before we talk about full year '22 financial results in a bit more detail, I would like to discuss how the Ibeo acquisition significantly accelerates our trajectory and transforms our roadmap into the future with new products and access to new customers. Based on our current suite of products and visibility, we will be providing our financial outlook for 1 year out that is 2023. Additionally, I will be providing several details and inputs to help investors quantify the impact of the Ibeo acquisition and model the business through the end of this decade. The Ibeo acquisition is indeed an inflection point for MicroVision. Our teams worked round the clock to close the acquisition much sooner than our expectations. We are very pleased and excited about the 250 employees in Hamburg and Detroit who became a part of our 100-plus team based in Redmond and Nurnberg on January 31, 2023.

在我們更詳細地討論 22 年全年財務業績之前，我想討論一下收購 Ibeo 如何顯著加快我們的發展軌跡，並通過新產品和接觸新客戶將我們的路線圖轉變為未來。根據我們目前的產品組合和知名度，我們將提供 2023 年 1 年的財務展望。此外，我將提供一些細節和輸入，以幫助投資者量化 Ibeo 收購的影響，並通過以下方式對業務進行建模這十年結束。對 Ibeo 的收購確實是 MicroVision 的一個轉折點。我們的團隊夜以繼日地工作，比我們的預期更快地完成了收購。我們對漢堡和底特律的 250 名員工感到非常高興和興奮，他們於 2023 年 1 月 31 日成為我們位於雷德蒙德和紐倫堡的 100 多人團隊的一員。

Operationally, our teams have already demonstrated that seamless integration of MAVIN with Ibeo's perception software paving the path to future integration in our custom ASIC. We now have strengthened our position as a formidable lidar hardware and software company with 350 employees, a very strong talent pool of hardware and software engineers spread across 4 offices in the U.S. and Germany. This acquisition now positions us as the only lidar company in the market able to offer such an extensive product portfolio to a broad range of industries. Number one, our biggest market focus continues to be in ADAS. With the addition of perception software, we are better positioned than ever to compete for design wins this year. Number two, our anticipated revenue stream is now expanded with revenue-ready products like the short-range flash-based sensor for non-automotive customers in a large market comprising industrial, smart infrastructure and robotic applications.

在操作上，我們的團隊已經證明 MAVIN 與 Ibeo 的感知軟件的無縫集成為未來集成到我們的定制 ASIC 中鋪平了道路。我們現在已經鞏固了我們作為一家擁有 350 名員工的強大激光雷達硬件和軟件公司的地位，一個非常強大的硬件和軟件工程師人才庫分佈在美國和德國的 4 個辦事處。現在，此次收購使我們成為市場上唯一一家能夠為廣泛的行業提供如此廣泛的產品組合的激光雷達公司。第一，我們最大的市場重點仍然是 ADAS。隨著感知軟件的加入，我們比以往任何時候都更有能力在今年爭奪設計勝利。第二，我們預期的收入來源現在通過收入就緒的產品得到擴展，例如面向包括工業、智能基礎設施和機器人應用在內的大型市場中的非汽車客戶的基於短程閃存的傳感器。

And third, high margin revenue from auto-annotation software providing validation of sensors for OEMs and Tier-1s. Our IP portfolio is strong and deep and now consists of an impressive 735 patents, more than any of our peers. We also now have over 50 years of combined experience developing technologies that our current lidar solutions are built on, which is far more than our very young lidar peers in the market. I'm very pleased to continue demonstrating our financial rigor and discipline, strategically deploying capital to execute this opportunistic transaction to acquire Ibeo for a purchase price of EUR15 million. This investment brought us an experienced and highly talented team of engineers, targeted customer relationships and a broad product portfolio. In fact we're now benefiting from the past R&D investments done by Ibeo of over EUR200 million deployed over several years.

第三，為 OEM 和一級供應商提供傳感器驗證的自動註釋軟件帶來的高利潤收入。我們的知識產權組合強大而深厚，現在包含令人印象深刻的 735 項專利，比我們的任何同行都多。我們現在還擁有超過 50 年的技術開發經驗，我們當前的激光雷達解決方案正是基於這些經驗，這遠遠超過市場上我們非常年輕的激光雷達同行。我很高興繼續展示我們的財務嚴謹性和紀律性，戰略性地部署資本來執行這項機會主義交易，以 1500 萬歐元的收購價格收購 Ibeo。這項投資為我們帶來了一支經驗豐富、才華橫溢的工程師團隊、有針對性的客戶關係和廣泛的產品組合。事實上，我們現在正受益於 Ibeo 過去幾年部署的超過 2 億歐元的研發投資。

This considerably reduces our go to market timeline and allows us to leverage these products to generate high margin revenue for the go-forward company. Our updated investor presentation on the MicroVision website includes helpful information about us and our markets. Now let us talk about how the size of the market we compete in now has significantly increased due to this transformational deal. Let's talk about the biggest market, which is the ADAS market. We're now seeing that OEMs may be looking for a comprehensive lidar sensor panel with vendors providing both long range for high speed highway pilot and multiple short range for 360-degree view. L2+ is expected to require 1 long-range lidar and 2 short-range lidars per vehicle while L3+ is expected to require 2 long-range lidars and 4 short-range lidars per vehicle. While we continue to hear ASPs from our peers at around $1,000, our design in ASIC enables us to price our lidar at $500 depending on volumes greater than 10 million units.

這大大縮短了我們進入市場的時間，並使我們能夠利用這些產品為前瞻性公司創造高利潤收入。我們在 MicroVision 網站上更新的投資者介紹包括有關我們和我們市場的有用信息。現在讓我們談談我們現在參與競爭的市場規模是如何由於這項轉型交易而顯著增加的。先說最大的市場，就是ADAS市場。我們現在看到，原始設備製造商可能正在尋找一種全面的激光雷達傳感器面板，供應商既可以為高速高速公路飛行員提供長距離，也可以為 360 度視角提供多個短距離。 L2+ 預計每輛車需要 1 個遠程激光雷達和 2 個短程激光雷達，而 L3+ 預計每輛車需要 2 個遠程激光雷達和 4 個短程激光雷達。雖然我們不斷聽到同行的平均售價在 1,000 美元左右，但我們的 ASIC 設計使我們能夠將激光雷達定價為 500 美元，具體取決於超過 1000 萬台的銷量。

We believe short-range lidars will have an ASP of about $200 and we believe it will have larger volumes than long-range lidars. If we simply use this ASP estimates applied to the projected number of vehicles expected to come out of production, we estimate that the total lidar market will generate at least $82 billion of cumulative potential revenue through 2030 for the entire market. We have seen our competitors talk about a TAM of $150 billion by 2030. While we believe that a big market may be possible, our estimates are based on a more rational and a mathematical model. Please note that we have not even considered any revenue coming from the L4 and L5 capabilities, which we plan to access or tap into with our sensor fusion chip that would fuse 2 MAVIN lidars and an array of radars to enable safety at lowest cost to enable L3, L4 features down the road.

我們認為短程激光雷達的平均售價約為 200 美元，而且我們相信它的銷量將大於遠程激光雷達。如果我們簡單地將此 ASP 估計值應用於預計停產的車輛數量，我們估計整個激光雷達市場到 2030 年將為整個市場產生至少 820 億美元的累計潛在收入。我們已經看到我們的競爭對手談論到 2030 年 TAM 將達到 1500 億美元。雖然我們相信一個大市場是可能的，但我們的估計是基於更理性的數學模型。請注意，我們甚至沒有考慮來自 L4 和 L5 功能的任何收入，我們計劃使用我們的傳感器融合芯片訪問或利用這些功能，該芯片將融合 2 個 MAVIN 激光雷達和一系列雷達，以最低成本實現安全L3、L4 功能在路上。

In the near term, we are highly focused on the monetization of the L2, L3 opportunities with strategic investments in the technology to enable L4 features towards the later half of the decade. The non-automotive market: while we have seen a variety of estimates from our peers and reputable business consulting firms, we have estimated on a similar basis the cumulative revenue potential through 2030 to size the total non-automotive market. For industrials, we expect this market to be at $2.5 billion in 2025, expected to grow at an estimated 20% CAGR. If we sum up the total by every year through 2030, we estimate that the total sales in the industrial market will be a cumulative $32 billion by 2030 for the entire market. Extending the same math to non-automotive smart infrastructure subsegment, we expect this market to be at $2.8 billion in 2025 and grow at 30% CAGR. If we sum up the total by every year through 2030, we estimate the total sales in this market will be a cumulative of $46 billion by 2030.

在短期內，我們高度關注 L2、L3 機會的貨幣化，並通過對該技術的戰略投資來實現 L4 功能到本世紀後半葉。非汽車市場：雖然我們看到了來自同行和知名商業諮詢公司的各種估計，但我們在類似的基礎上估計了到 2030 年的累計收入潛力，以衡量整個非汽車市場的規模。對於工業，我們預計該市場到 2025 年將達到 25 億美元，預計將以 20% 的複合年增長率增長。如果我們將到 2030 年的每一年的總額相加，我們估計到 2030 年整個市場的工業市場總銷售額將累計達到 320 億美元。將相同的數學方法擴展到非汽車智能基礎設施細分市場，我們預計該市場到 2025 年將達到 28 億美元，並以 30% 的複合年增長率增長。如果我們總結到 2030 年的每一年的總數，我們估計到 2030 年這個市場的總銷售額將累計達到 460 億美元。

And lastly for robotics, we expect this market to be at $1.8 billion in 2025 and grow at a 50% CAGR and if we sum up, the total sales in this will be cumulative $37 billion by 2030. Now adding all these 3 subverticals within the non-automotive market, we expect the total cumulative revenue potential or size of the market to be at $115 billion. Let's talk about the third market, which is the validation and auto-annotation software. Let me spend the time talking about what this is. This is a specialized market with not a lot of players competing. As a reminder, this software provides ground truth data generation to reference against the sensors OEMs are trying to validate. The key advantage of our validation software platform is that it enables sensor suite including MicroVision lidars and third-party lidar to process and detect surrounding 360 degrees. A modular approach to enable different sensor setups and enable any use case setup. And lastly, parallel processing due to cloud-based architecture.

最後，對於機器人技術，我們預計該市場到 2025 年將達到 18 億美元，並以 50% 的複合年增長率增長，如果我們總結一下，到 2030 年，該市場的總銷售額將累計達到 370 億美元。現在將所有這 3 個子垂直領域添加到非汽車市場，我們預計總累計收入潛力或市場規模為 1150 億美元。再來說說第三個市場，就是驗證和自動標註軟件。讓我花時間談談這是什麼。這是一個專業化的市場，競爭者不多。提醒一下，該軟件提供地面實況數據生成，以參考原始設備製造商正在嘗試驗證的傳感器。我們驗證軟件平台的主要優勢在於，它使包括 MicroVision 激光雷達和第三方激光雷達在內的傳感器套件能夠處理和檢測周圍 360 度。一種模塊化方法，可啟用不同的傳感器設置並啟用任何用例設置。最後，由於基於雲的架構，並行處理。

While it is hard to estimate the TAM for this software, we estimate that we may be able to conservatively generate $200 million to $300 million in revenue through 2030. We believe the demand for this software will increase in the upcoming quarters as OEMs strive to validate more and more sensors. Now let's distill down to what it means for us as a company and our business outlook. Our 2023 financial objectives, we expect revenue of $10 million to $15 million. As described, this revenue will include MAVIN sales to OEMs, flash-based sensor sales to non-automotive customers and reference software sales to OEMs and Tier-1 validation partners. We expect a high gross margin as a large portion of this revenue relates to software solutions. From an expense standpoint, we expect the net cash used in operations to be between USD50 million and USD55 million, which is the net effect of the cash coming from incoming revenue and our increased cash OpEx due to the acquisition.

雖然很難估計該軟件的 TAM，但我們估計到 2030 年我們可以保守地產生 2 億至 3 億美元的收入。我們相信，隨著 OEM 努力驗證，在未來幾個季度對該軟件的需求將會增加越來越多的傳感器。現在讓我們歸結為這對我們公司和我們的業務前景意味著什麼。我們 2023 年的財務目標，我們預計收入為 1000 萬至 1500 萬美元。如前所述，該收入將包括向原始設備製造商銷售 MAVIN、向非汽車客戶銷售基於閃存的傳感器以及向原始設備製造商和一級驗證合作夥伴銷售參考軟件。我們預計毛利率很高，因為該收入的很大一部分與軟件解決方案有關。從支出的角度來看，我們預計運營中使用的淨現金在 5000 萬美元至 5500 萬美元之間，這是來自收入的現金和因收購而增加的現金運營支出的淨影響。

While there may be some cost synergies available between the 2 companies, including IT and some consolidation opportunities, our focus is on accelerating revenue for 2023. While we do not provide long-term guidance, the following measures of success can help investors build a model for MicroVision. We are increasing our internal target to $3.5 billion to $5 billion cumulative revenue potential through 2030, up from the $2 billion to $4 billion, primarily due to the increased opportunities and the markets I described earlier. For automotive, we expect to sell more short-range flash-based sensors at $200 per piece. This brings incremental revenue stream on top of the MAVIN. For non-automotive, we expect that we will be able to capture 1% to 2% of the total market size of $115 billion translating into $1 billion or $2 billion in revenue for us. For the validation business, as we described, we expect to capture $200 million to $300 million revenue through 2030.

雖然兩家公司之間可能存在一些成本協同效應，包括 IT 和一些整合機會，但我們的重點是加快 2023 年的收入。雖然我們不提供長期指導，但以下成功衡量標準可以幫助投資者建立模型對於微視。我們將內部目標從 20 億至 40 億美元提高到 2030 年的 35 億至 50 億美元的累計收入潛力，這主要是由於我之前描述的機會和市場增加。對於汽車，我們預計將以每件 200 美元的價格銷售更多基於閃光燈的短距離傳感器。這在 MAVIN 之上帶來了增量收入流。對於非汽車，我們預計我們將能夠佔據 1150 億美元總市場規模的 1% 至 2%，這將為我們帶來 10 億美元或 20 億美元的收入。正如我們所描述的，對於驗證業務，我們預計到 2030 年將獲得 2 億至 3 億美元的收入。

Adding these incremental revenues on top of our core product, we expect on the conservative side an addition of $1.5 billion more revenue compared to our prior estimates of market opportunity. This higher revenue should correspondingly translate into incremental EBITDA potential as well. I'm very pleased that an investment of [15 million] as a purchase price for Ibeo assets can potentially yield $1.5 billion entire revenue opportunity through 2030. Now let's discuss Q4 and FY '22 results. For the fourth quarter, Microsoft communicated to us that there were no units delivered in that quarter. As we have stated previously, our revenue recognition is directly tied to the number of units delivered by Microsoft hence no revenue was recognized in Q4. As a reminder, this revenue is attributable to the contract executed in April 2017 with Microsoft for using our technology in their AR display products HoloLens 2.

將這些增量收入添加到我們的核心產品之上，與我們之前對市場機會的估計相比，我們預計在保守方面會增加 15 億美元的收入。這種更高的收入也應相應地轉化為增量 EBITDA 潛力。我很高興投資 [1500 萬] 作為 Ibeo 資產的購買價格，到 2030 年可能會產生 15 億美元的全部收入機會。現在讓我們討論第四季度和 22 財年的結果。對於第四季度，微軟告知我們該季度沒有交付任何產品。正如我們之前所說，我們的收入確認與微軟交付的單位數量直接相關，因此第四季度沒有確認收入。提醒一下，這一收入歸因於 2017 年 4 月與微軟簽訂的合同，在他們的 AR 顯示產品 HoloLens 2 中使用我們的技術。

As of December 30, we have an unapplied $4.6 million balance left on this contract liability. Our agreement with Microsoft continues to be in effect with an expiration date of December 2023. Please note that no cash has been received for this royalty revenue in the last several quarters as we received an upfront cash payment of $10 million at the contract signing in 2017 and apply recognized revenue against that prepayment. We had shipped some lidar samples to customers in Q4 2022 as we previously announced. We did not bill or recognize revenue for these shipments as we shifted our focus to the acquisition of the Ibeo assets, which would allow us to ship an integrated product with perception software as part of it. Please note that these sample sales are intended to be sold to the OEMs with the clear objective to demonstrate our capabilities so that we put our best foot forward for the upcoming RFIs and RFQs.

截至 12 月 30 日，我們在該合同負債上還有 460 萬美元的未動用餘額。我們與微軟的協議繼續有效，到期日為 2023 年 12 月。請注意，由於我們在 2017 年簽訂合同時收到了 1000 萬美元的預付款，因此過去幾個季度沒有收到這筆特許權使用費收入的現金並將確認的收入用於該預付款項。正如我們之前宣布的那樣，我們已在 2022 年第四季度向客戶運送了一些激光雷達樣品。我們沒有為這些出貨量計費或確認收入，因為我們將重點轉移到收購 Ibeo 資產上，這將使我們能夠出貨帶有感知軟件的集成產品作為其中的一部分。請注意，這些樣品銷售旨在出售給原始設備製造商，其明確目標是展示我們的能力，以便我們為即將到來的 RFI 和 RFQ 盡最大努力。

Hence, we decided to pause the sample sales for the fourth quarter to instead wait and supply OEM customers with an integrated solution with Ibeo perception software. The shipped samples in Q4 were thus deemed to be a part of our test and evaluation program. Expenses: in terms of expenses, this was 1 of our most efficient quarters with our cash burn being only $8.4 million per quarter. This was in line with our expectations as I had provided in our prior call. Q4 R&D expenses totaled $7.6 million compared to $6.5 million last year. The increase was primarily driven by higher salary benefits, noncash stock-based compensation and higher nondirect labor expenses. SG&A expense totaled $6.4 million in the fourth quarter this year as compared to $6.6 million last year. The decrease was primarily due to higher noncash stock-based compensation, higher salary and benefits offset by higher marketing and consulting expenses last year.

因此，我們決定暫停第四季度的樣品銷售，轉而等待並為 OEM 客戶提供帶有 Ibeo 感知軟件的集成解決方案。因此，第四季度發貨的樣品被視為我們測試和評估計劃的一部分。費用：就費用而言，這是我們效率最高的季度之一，每季度的現金消耗僅為 840 萬美元。正如我在之前的電話會議中提供的那樣，這符合我們的期望。第四季度研發費用總計 760 萬美元，而去年同期為 650 萬美元。增長的主要原因是更高的工資福利、非現金股票薪酬和更高的非直接人工費用。今年第四季度的 SG&A 費用總計 640 萬美元，而去年為 660 萬美元。下降的主要原因是去年更高的非現金股票薪酬、更高的薪水和福利被更高的營銷和諮詢費用所抵消。

For the full year, I'm very pleased that the $38 million cash used in operating activities was well in line with our guidance. The annualized fourth quarter net cash used in operating activities came in just under $34 million. This demonstrates our strong financial discipline. In these times of uncertainty and weaker macroeconomic conditions, MicroVision stood out and beat competitors in terms of maintaining a healthy burn rate and headcount with a strong balance sheet. We have been prudently investing and not following the spend aggressively modeled as most of our peers who now have to announce some headcount initiatives. As expected, CapEx in the fourth quarter of 2022 was $2.3 million, which was driven by build outs and tenant improvements in the new facility that we moved into at the beginning of this year. We expect to recover this investment through the contractual incentive payment agreed to be paid to us by the incoming tenant in our previous building.

對於全年，我很高興運營活動中使用的 3800 萬美元現金完全符合我們的指導。用於經營活動的第四季度年化淨現金略低於 3400 萬美元。這表明我們有很強的財務紀律。在這些充滿不確定性和宏觀經濟狀況疲軟的時期，MicroVision 在保持健康的消耗率和員工人數以及強大的資產負債表方面脫穎而出並擊敗了競爭對手。我們一直在謹慎投資，而不是像大多數同行一樣積極地遵循支出模式，他們現在必須宣布一些員工人數計劃。正如預期的那樣，2022 年第四季度的資本支出為 230 萬美元，這是由我們今年年初搬入的新設施的擴建和租戶改善推動的。我們希望通過我們之前大樓的新租戶同意支付給我們的合同獎勵金來收回這項投資。

Going forward in 2023, we expect CapEx to settle back to its original levels. Now let's talk about our cash position. As discussed during our Ibeo acquisition call in December last year, we took advantage of the ATM facility to finance the Ibeo acquisition. In 2022, we utilized our ATM program for net proceeds of $14 million as presented in our cash flow statement. In January 2023 we raised an additional $12.5 million under this program. Hence, we raised a total of $26.5 million from the beginning of 2022 to today. With this, we now have approximately $42 million, $43 million currently available under this ATM program. As of January 31, 2023 we have already made a payment of EUR10 million towards the purchase price of EUR15 million per the asset purchase agreement. After making those payments, we had approximately $78 million in liquidity including investment securities at the end of January 31, 2023.

展望 2023 年，我們預計資本支出將回到原來的水平。現在讓我們談談我們的現金狀況。正如去年 12 月我們在 Ibeo 收購電話會議上討論的那樣，我們利用 ATM 設施為 Ibeo 收購提供資金。 2022 年，我們利用 ATM 計劃獲得了 1400 萬美元的淨收益，如我們的現金流量表所示。 2023 年 1 月，我們根據該計劃額外籌集了 1250 萬美元。因此，從 2022 年初到今天，我們總共籌集了 2650 萬美元。有了這個，我們現在有大約 4200 萬美元，目前在這個 ATM 計劃下有 4300 萬美元可用。截至 2023 年 1 月 31 日，我們已經根據資產購買協議為 1500 萬歐元的購買價格支付了 1000 萬歐元。在支付這些款項後，截至 2023 年 1 月 31 日，我們擁有大約 7800 萬美元的流動資金，包括投資證券。

We plan to make the remaining payment on the acquisition of EUR5 million less the deduction in purchase price in the second quarter this year. Based on our current operating plan for 2023 and beyond, we anticipate that we have sufficient cash and liquidity to fund our operations. Now looking ahead, we're excited about 2023 as we march forward on our path to $10 million to $15 million in revenue this year from the streams we described. Our core areas of focus; revenue from automotive customers including MAVIN with perception software, lidar sales with non-recurring engineering revenues from OEMs, sales of flash-based lidar for non-automotive customers and sale of auto-annotation software for automotive OEM validation work. To summarize, we're really excited about 2023 and beyond. With our milestones and key focus on winning RFQs, we will be proving to the market our value proposition as a unique well-positioned lidar company.

我們計劃在今年第二季度支付扣除購買價格後的 500 萬歐元收購的剩餘款項。根據我們目前的 2023 年及以後的運營計劃，我們預計我們有足夠的現金和流動性來為我們的運營提供資金。現在展望未來，我們對 2023 年感到興奮，因為我們正朝著今年從我們描述的流中獲得 1000 萬至 1500 萬美元收入的道路前進。我們關注的核心領域；來自汽車客戶的收入，包括帶有感知軟件的 MAVIN、來自 OEM 的帶有非經常性工程收入的激光雷達銷售、面向非汽車客戶的基於閃存的激光雷達的銷售以及用於汽車 OEM 驗證工作的自動註釋軟件的銷售。總而言之，我們對 2023 年及以後感到非常興奮。憑藉我們的里程碑和專注於贏得 RFQ，我們將向市場證明我們作為一家獨特的、定位良好的激光雷達公司的價值主張。

I would now like to open the line for questions.

我現在想打開問題熱線。

(Operator Instructions) Our first question today comes from Andres Sheppard of Cantor Fitzgerald.

（操作員說明）我們今天的第一個問題來自 Cantor Fitzgerald 的 Andres Sheppard。

Congrats on the quarter. Anubhav, maybe you can just remind us again on your capital needs for the future. With the $83 million in liquidity currently, when do you anticipate needing additional capital?

祝賀這個季度。 Anubhav，也許你可以再次提醒我們你未來的資本需求。目前有 8300 萬美元的流動資金，您預計什麼時候需要額外資金？

So based on our current operating forecast, we think that we are well funded through the middle of next year. Obviously as you can imagine, the cash burn expected this year is $52 million to $55 million in 2023 and we are expecting incoming revenue of $10 million to $15 million. So that puts us in a very good position. And 1 thing I would like to say is obviously our cash burn per employee metric continues to remain 1 of the best in the industry. So we feel our financial discipline positions us well from a balance sheet strength standpoint.

因此，根據我們目前的運營預測，我們認為到明年年中我們的資金充足。顯然，正如您可以想像的那樣，到 2023 年，預計今年的現金消耗將達到 5200 萬至 5500 萬美元，我們預計收入將達到 1000 萬至 1500 萬美元。因此，這使我們處於非常有利的位置。我想說的一件事是，顯然我們的人均現金消耗指標仍然是業內最好的指標之一。因此，從資產負債表實力的角度來看，我們認為我們的財務紀律使我們處於有利地位。

Got it. That's very helpful. And maybe just walk us through your plans to ramp up in 2024. Is that still the case and do you see kind of those revenues gradually improving over time or just any visibility there would be helpful?

知道了。這很有幫助。也許只是向我們介紹一下您在 2024 年增加的計劃。情況仍然如此嗎，您是否看到這些收入隨著時間的推移逐漸增加，或者只是任何可見性都會有所幫助？

Yes. So 2024, we're actually very excited about it because we expect the growth from the auto-annotation software which, as I talked about, is going to be a high margin or high contribution margin revenue stream that we expect to improve in 2024 primarily because as OEMs need or try out more sensors, they need the software to validate the ground truth data against those sensors. So we expect 2024 to be even higher growth in terms of the revenue mix coming from this auto-annotation software. Now the second stream which I talked about was the sale of the sensors to the non-automotive market, which we seem to be picking up steam from as well in 2023 and 2024 as the market expands because that just gives us another revenue stream in 2024.

是的。所以 2024 年，我們實際上對此感到非常興奮，因為我們預計自動註釋軟件的增長，正如我所說，這將是一個高利潤率或高貢獻率的收入流，我們預計主要在 2024 年改善因為隨著 OEM 需要或試用更多的傳感器，他們需要軟件來驗證針對這些傳感器的地面實況數據。因此，我們預計 2024 年來自該自動註釋軟件的收入組合將實現更高的增長。現在我談到的第二個來源是向非汽車市場銷售傳感器，隨著市場的擴大，我們似乎也在 2023 年和 2024 年從中獲得動力，因為這只會在 2024 年為我們提供另一個收入來源.

Obviously this stream is not going to be the recurring revenue because this is spot sales or direct sales, which is similar to some of the non-automotive lidar business models that I think we all are familiar with. But this will certainly add more momentum and add more cash flow to the company between this year and next year as we ramp up that production. Now the other thing to note there is we already have a production line so that obviously helps us to ramp faster as the demand for some of these products grow in this year and next from that standpoint. The last stream of revenue, which I think Sumit also described, for this year and next year is going to be from the MAVIN sample sales and the 1-box solution, which we expect to happen in 2023 and 2024 coupled with some NRE revenue from the OEMs as well. So these are the 3 streams to think about between 2023 and 2024, which we expect to be even a stronger year than 2023 based on where things stand today.

顯然，這個流不會是經常性收入，因為這是現貨銷售或直接銷售，這類似於我認為我們都熟悉的一些非汽車激光雷達商業模式。但這肯定會增加更多動力，並在今年和明年之間為公司增加更多現金流，因為我們會提高產量。現在要注意的另一件事是，我們已經有了一條生產線，因此從這個角度來看，隨著今年和明年對其中一些產品的需求增長，這顯然有助於我們加快速度。我認為 Sumit 也描述了今年和明年的最後一個收入來源將來自 MAVIN 樣品銷售和單盒解決方案，我們預計這將在 2023 年和 2024 年發生，再加上一些 NRE 收入來自原始設備製造商也是如此。因此，這些是 2023 年至 2024 年之間要考慮的 3 個流，根據今天的情況，我們預計今年將比 2023 年更強勁。

Got it. And maybe just 1 last question maybe for Sumit. Can you give us an update on potential partnerships with OEMs? Any updates there when do you expect you might have a partnership materialize?

知道了。也許只有最後一個問題可能是 Sumit。您能否向我們介紹與原始設備製造商的潛在合作夥伴關係的最新信息？您預計什麼時候可以建立合作夥伴關係？那裡有任何更新嗎？

I think as I iterated through the entire call, right, 2023 is the year of convergence. I think they're all settled in, most of them have settled in and all the products that are going to need as the RFQ cycles are ongoing. Where do we end up to converge? I think it'd be pretty hard to say like we're going to sign by this date, that would be impossible like I'll give an example. There was something specific like nothing big with an OEM for the auto-annotation software that we were expecting to close for this call and for reasons because of some of the bureaucracy within the company, that delayed. That's something that I feel confident sharing that is going to happen, but you can't nail down the time. They control the momentum, let's be honest. But I feel very, very confident that for them to get -- if you look at the schedules, the multiple schedules I've looked at, they have a launch schedule and you work backwards from them.

我認為，當我重複整個電話會議時，2023 年是融合之年。我認為他們都已經安頓下來，其中大部分已經安頓下來，並且隨著 RFQ 週期的進行，所有需要的產品都已經安頓下來。我們最終會在哪裡匯合？我認為很難說我們將在這個日期之前簽署，那是不可能的，就像我舉個例子一樣。有一些具體的事情，比如自動註釋軟件的 OEM 沒有什麼大不了的，我們希望在這次電話會議中關閉，並且由於公司內部的一些官僚作風，延遲了。這是我有信心分享即將發生的事情，但你不能確定時間。老實說，他們控制著勢頭。但我非常、非常有信心讓他們得到——如果你看一下時間表，我看過的多個時間表，他們有一個啟動時間表，你可以從它們開始倒推。

The launch schedules are set all the way out they need industrialization by this day, so on and so forth. Those decisions have to get made in 2023 and these are big decisions with big volume so they look as extensive. But I feel very, very confident that 2023 is going to be a convergent path and the fortunate thing is we have a lidar that's ready. We showed it at IAA in Munich 2 years ago. The product, the housings have changed, but pretty much have stayed consistent with the hardware ready. For a while, evaluations have happened. They've seen the software running, they've seen things -- pretty much everything has gone through the technology checklist and now comes the commercialization part of it. So I feel pretty confident where our competitors are just starting off doing design and showing CAD images, we have products that they've had, that they've reviewed multiple times and so I feel pretty confident in 2023, Andres.

發射時間表一直設定到今天他們需要工業化，依此類推。這些決定必須在 2023 年做出，這些都是涉及大量的重大決定，因此它們看起來範圍很廣。但我非常、非常有信心，2023 年將成為一條融合的道路，幸運的是我們有一台準備就緒的激光雷達。我們 2 年前在慕尼黑的 IAA 上展示過它。產品、外殼發生了變化，但幾乎與硬件就緒保持一致。有一段時間，評估已經發生。他們看到了軟件的運行，他們看到了東西——幾乎所有的東西都通過了技術檢查清單，現在是商業化部分。因此，我對我們的競爭對手剛剛開始設計和展示 CAD 圖像的地方非常有信心，我們擁有他們已經擁有的產品，他們已經多次審查過，所以我對 2023 年非常有信心，安德烈斯。

I will now turn this call back over to Anubhav Verma to read questions submitted through the webcast.

我現在將把這個電話轉回給 Anubhav Verma，以閱讀通過網絡廣播提交的問題。

So as we look through the questions. So I think the first question is Sumit, can you please provide a succinct definition of drive by wire? Why is a drive by wire demo important to prospective OEMs and is the drive by wire demo relevant to the 2023 RFQ process?

因此，當我們查看問題時。所以我認為第一個問題是 Sumit，你能提供一個線控驅動的簡潔定義嗎？為什麼線控演示對潛在 OEM 很重要，線控演示是否與 2023 RFQ 流程相關？

The drive by wire demo, let's just talk about the terminology, okay? So if you want to think about -- you need a special license, you can't do these demos on an open road. That's number one. So if you do them in a closed track because you're demonstrating something and all the safety requirements have to be taken care of within a closed track. But there's some specific scenarios that are very heavily action prone for humans like a unprotected left turn or small object detection like a biker has fallen on the road at night time. These kind of scenarios are pretty well known and they're very, very difficult to test an autonomous ADAS Level 3 kind of phase. So forget about it as like autonomous driving. Think more about it as in can the car actually detect that obstacle, know what it is and avoid it. We use terms like not drivable, but it has to make a decision what to do.

線控驅動器演示，我們來談談術語，好嗎？所以如果你想——你需要一個特殊的許可證，你不能在開放的道路上進行這些演示。這是第一。因此，如果您因為要展示某些東西而在封閉軌道中進行這些操作，則必須在封閉軌道內處理所有安全要求。但是有一些特定場景對人類來說非常容易採取行動，例如無保護的左轉或小物體檢測（例如騎自行車的人在夜間跌倒在路上）。這些場景是眾所周知的，它們非常非常難以測試自主 ADAS 3 級階段。所以像自動駕駛一樣忘記它。多想想汽車能否真正檢測到障礙物，知道它是什麼並避開它。我們使用像 not drivable 這樣的術語，但它必須決定要做什麼。

Now try to do that at 130 kilometers per hour about little over 80 miles an hour. So drive by wire what you do is you still have a driver in the seat, but the control of the vehicle is given to the computer and the scenario is put in front of it and different variations of scenario will have to be done and then you have to avoid it. You can't just like drive through 15 and 14 times you hit it and 1 time you don't make it and show the world that video. If you're really going to do it, it's got to work and that's really what it is, right? The word drive by wire really implies that you're sitting there, the driver is -- there's a train driver sitting in the seat, but the control of the vehicle is given to the computer in a closed environment as a test to demonstrate that it can actually negotiate these kind of very complicated scenarios. That's it.

現在嘗試以每小時 130 公里（大約每小時 80 英里多一點）的速度執行此操作。所以通過線控駕駛你所做的是你仍然有一個司機坐在座位上，但是車輛的控制權交給了計算機並且場景放在它前面並且必須完成不同的場景變化然後你必須避免它。你不能只是喜歡開車通過 15 次和 14 次你擊中它而 1 次你沒有成功並向世界展示那個視頻。如果你真的打算這樣做，它就必須起作用，而且確實如此，對吧？線控驅動這個詞實際上意味著你坐在那裡，司機是——有一個火車司機坐在座位上，但是車輛的控制權是在一個封閉的環境中交給計算機作為測試來證明它實際上可以協商這些非常複雜的場景。就是這樣。

And drive by wire sometimes gets confused for autonomous driving. What I've described here is a precursor to that someday, but that's not what our focus is. That's always said safe mobility at the speed of life, we focus on the big prize, the Level 2, the Level 3 and demonstrating feature that can go to Level 4 because our technology can grow and OEMs would like to sell these products and then have 15-year lifecycle on these products. They want to do an OTA, over-the-air update, and effectively offer better features in the future. So having these kind of test platforms and demonstrating this gives an advantage. The other advantage that you could think about is some OEMs like if investors are watching all the news that goes out, some OEMs investing heavily in engineering and validation and announcing deals, video in Qualcomm and so on and so forth.

線控駕駛有時會與自動駕駛相混淆。我在這裡描述的是有一天的先驅，但這不是我們的重點。人們總是說以生活的速度安全出行，我們專注於大獎、2 級、3 級和展示可以達到 4 級的功能，因為我們的技術可以發展，原始設備製造商希望銷售這些產品，然後擁有這些產品的生命週期為 15 年。他們希望進行 OTA、無線更新，並在未來有效地提供更好的功能。因此，擁有此類測試平台並進行演示會帶來優勢。你可以想到的另一個優勢是一些原始設備製造商，比如如果投資者正在關注所有發布的新聞，一些原始設備製造商將大量投資於工程和驗證並宣布交易，高通公司的視頻等等。

They're doing all these things so they're heavily invested. But other OEMs that are not so heavily invested or their teams are not further along, these kind of demos are kind of very instrumental in letting them show the avenue you would take to get the solution. Ultimately we want to sell software, we want to sell silicon, we want to sell our lidar. But a demonstration like this enables them to show that a structure within which it could be made to work. And we're very, very fortunate we have -- I met them. I have a really great team here in Hamburg and they've done quite a lot of work in this space. I think with MAVIN, it unlocks other possibilities. So I'm kind of excited about showing off this feature with the team later on this year.

他們正在做所有這些事情，所以他們投入了大量資金。但是其他投資不多的原始設備製造商或者他們的團隊並沒有走得更遠，這類演示在某種程度上非常有助於讓他們展示您獲得解決方案的途徑。最終我們想賣軟件，我們想賣矽片，我們想賣我們的激光雷達。但是像這樣的演示使他們能夠展示可以使其工作的結構。我們非常非常幸運——我遇到了他們。我在漢堡有一支非常棒的團隊，他們在這個領域做了很多工作。我認為使用 MAVIN，它可以解鎖其他可能性。所以我很高興能在今年晚些時候與團隊一起展示這個功能。

`The next question is what are the steps forward with Ibeo specific customers and their contracts?

`下一個問題是 Ibeo 特定客戶及其合同的下一步是什麼？

Okay. I guess I'll take that. I think when the insolvency was announced last year, of course as you can imagine, has a very dramatic effect on the entire group of people that were engaged. I think it was a surprise to employees, but I'm actually certainly it was also a surprise to the market because of the partners that were there. So once we have announced, of course we've got to do everything to stabilize the core team, try to give assurances to everybody, right. But our intention of course is to try to pick up as much of that as possible. I think if you're alluding towards some of the contracts they signed in the past, of course we are in the process or already engaged with talking to those folks to try to resurrect it as the new company. And that's why I think Anubhav speaks with confidence about our growth path from the revenues we're talking about this year. As part of the asset sale after purchase, of course all those things are part of like what we have acquired. So I think they had great connection with OEMs. I think we had started off without connection with OEMs in 2019 and I think combining the 2 things together and of course putting an experienced team together and expanding it further, I think we're going to have great connections with global OEMs.

好的。我想我會接受的。我認為當去年宣布破產時，當然正如你可以想像的那樣，對整個參與的人群產生了非常戲劇性的影響。我認為這對員工來說是一個驚喜，但實際上我肯定這對市場來說也是一個驚喜，因為那裡有合作夥伴。所以一旦我們宣布，當然我們必須盡一切努力穩定核心團隊，盡量給每個人保證，對吧。但我們的意圖當然是嘗試盡可能多地獲取這些信息。我想如果你指的是他們過去簽署的一些合同，當然我們正在或已經在與這些人交談，試圖將其作為新公司復活。這就是為什麼我認為 Anubhav 從我們今年談論的收入中自信地談到我們的增長路徑。作為購買後資產出售的一部分，當然所有這些東西都是我們所獲得的東西的一部分。所以我認為他們與原始設備製造商有很好的聯繫。我認為我們在 2019 年開始時沒有與原始設備製造商建立聯繫，我認為將這兩件事結合在一起，當然還會組建一支經驗豐富的團隊並進一步擴大規模，我認為我們將與全球原始設備製造商建立良好的聯繫。

And yes, that's right, Sumit. And obviously what I would like to add to that is obviously with Ibeo's operations in the Detroit area also gives us more strength and momentum in both OEMs across both sides of the Atlantic. So we're very excited about the future.

是的，沒錯，Sumit。顯然，我想補充的是，Ibeo 在底特律地區的業務顯然也為我們在大西洋兩岸的兩個 OEM 提供了更多的力量和動力。所以我們對未來感到非常興奮。

The next question is so you have just added more engineers and is this going to have an impact on the cash burn?

下一個問題是你剛剛增加了更多的工程師，這會對現金消耗產生影響嗎？

I'll take that question. So yes, so this will be adding cash burn to our run rate of stand-alone MicroVision, which I just described was $8.4 million per quarter on a run rate basis. Now if you carefully observe the 2023 estimate, what it tells you is the net cash burn is expected to be $50 million to $55 million which is the net cash out the door, which includes the cash that's going to be coming in from the revenue stream. So if you truly observe, the total cash burn has not gone up as significantly as some of our other peers which are again burning $200 million a year as an example. Our cash burn per employee still remains 1 of the best in the industry and obviously that's why we feel very comfortable that we're well funded into the middle of next year. And any OEM programs or the customization that Sumit described, obviously we would be looking for the OEMs from the revenue streams, et cetera, to fund those development programs. Hence that's why I feel very comfortable with our balance sheet position and the new cost structure of the company, which in my mind is very scalable because obviously to have a 350-engineer team or 350 employees across U.S. and Germany gives us a very good chance to even scale up in the event of RFQ wins and design wins and which obviously we can always build from on top of here. And unlike our peers where the cash burn is significantly at a much higher level where it stands today.

我會回答這個問題。所以是的，所以這將增加我們獨立 MicroVision 運行率的現金消耗，我剛剛描述的是每季度 840 萬美元的運行率。現在，如果你仔細觀察 2023 年的估計，它告訴你的是淨現金消耗預計為 5000 萬至 5500 萬美元，這是流出的淨現金，其中包括將從收入流中獲得的現金.因此，如果您真正觀察到，總現金消耗並沒有像我們其他一些同行一樣顯著上升，例如每年再次消耗 2 億美元。我們每名員工的現金消耗仍然是業內最好的之一，顯然這就是為什麼我們對明年年中的資金充足感到非常放心。 Sumit 描述的任何 OEM 程序或定制，顯然我們會從收入流等中尋找 OEM 來資助這些開發程序。因此，這就是為什麼我對我們的資產負債表狀況和公司的新成本結構感到非常滿意，在我看來這是非常可擴展的，因為顯然在美國和德國擁有 350 名工程師團隊或 350 名員工給了我們一個很好的機會甚至在 RFQ 獲勝和設計獲勝的情況下擴大規模，顯然我們始終可以在此基礎上構建。與我們的同行不同，現金消耗明顯處於今天的高得多的水平。

The next question is actually regarding Luminar's recent announcements. Do you have any views around the new product launch from Luminar today and what does a 300-meter ranging facility best in the planet even mean?

下一個問題實際上是關於 Luminar 最近的公告。您對 Luminar 今天發布的新產品有什麼看法，以及這個星球上最好的 300 米測距設施意味著什麼？

Look, to be honest, right, I have not looked at it in depth. I just had a little bit before this call. Here's my impression. First of all like the 300-meter I think our teams working together demonstrated that 300 meters was our lidar without any changes, but that in addition to software improvements was able to do. An indoor facility, I think that's just money. When you drive it out in the real life, there's lots of things, lots of connotations that happen. So it could allude to anything. I think this is a question better for them like why this is such a big thing that has to be. You file a K for this, but not for anything else and that's kind of interesting to me personally. But it's just a test facility, right? I mean we can create 1 of those, but there's no need for that because when you get to those kind of distances; you want to be driving, you want to be moving around, you want to see the noise, you want to see how many multiple times you have to drive on the same scene and they need validation software, right? We sell validation software.

看，說實話，對，我沒有深入看過。在這個電話之前我剛剛有一點。這是我的印象。首先，像 300 米一樣，我認為我們的團隊合作證明 300 米是我們的激光雷達，沒有任何變化，但除了軟件改進之外，我們還可以做到。一個室內設施，我認為那隻是錢。當你在現實生活中駕駛它時，會發生很多事情，很多內涵。所以它可以暗示任何事情。我認為這對他們來說是一個更好的問題，比如為什麼這是一件必須要做的大事。您為此提交了 K，但沒有其他任何內容，這對我個人來說很有趣。但它只是一個測試設施，對吧？我的意思是我們可以創建其中的一個，但沒有必要這樣做，因為當你到達那種距離時；你想開車，你想四處走動，你想看看噪音，你想看看你必須在同一個場景中多次駕駛，他們需要驗證軟件，對吧？我們銷售驗證軟件。

We drive around and we create validation data and we really understand what's happening in every scene and what could be improved. So I'm not really sure I take that that there's any huge benefit 1 company has over the other. That's for them to explain. The brief thing that I saw about them, I think great the announcement they made and partnership that they have. Congratulate them. Look forward to some real filing with the SEC so everybody can know what it is. The product, I think a lot of people have asked me the question already like about the product that they have announced today. And again brief review that I did of it and all I saw was CAD. We've been showing products with the cover off for a while and supply chain reviews and we launched wafers and we were much further along. So I'm not really sure that -- more data is needed and I think it's for them to describe to the market and to their investors and analysts. And I think it'd be inappropriate for me to comment beyond just as an engineer saying cool, that's really cool CAD.

我們四處走動並創建驗證數據，我們真正了解每個場景中發生的事情以及可以改進的地方。所以我不太確定我是否認為一家公司比另一家公司有任何巨大的好處。那是他們要解釋的。我看到的關於他們的簡短的事情，我認為他們所做的聲明和他們擁有的合作夥伴關係很棒。祝賀他們。期待向美國證券交易委員會提交一些真實的文件，這樣每個人都可以知道它是什麼。產品，我想很多人已經問過我關於他們今天宣布的產品的問題。再次簡要回顧一下我所做的，我所看到的只是 CAD。我們已經展示了一段時間的產品和供應鏈審查，我們推出了晶圓，我們走得更遠。所以我不太確定——需要更多的數據，我認為這是他們向市場以及他們的投資者和分析師描述的。而且我認為我不適合發表評論，而只是作為一名工程師說很酷，這真的很酷 CAD。

The next question is also related to that. How does Luminar's AI engine compare to MicroVision and what's the competition there?

下一個問題也與此有關。 Luminar 的 AI 引擎與 MicroVision 相比如何？那裡的競爭對手是什麼？

I've gotten this question before several times. I don't know what that product is, I don't know any details about it. But I can describe to you what our strategy is, what makes sense and what I believe is ultimately going to win. If you could actually put these perception algorithms, and these are classical algorithms not AI-based algorithms, into the ASIC running on DSP, running without huge amounts of GPU power; the chip would be cheaper and it would actually have all the KPIs that the OEMs are looking for. One of the main reasons why I was so charmed by when I met the Ibeo team is because they had done the same exact work with the same premise and they have arrived at the same point. They are demonstrating KPIs to the OEM levels that the OEMs are also -- pretty much to the limit what the OEMs want. So effectively, their software for the Ibeo sensor was already optimized to the level that was pretty phenomenal.

這個問題我已經問過好幾次了。我不知道那個產品是什麼，我不知道它的任何細節。但我可以向你描述我們的戰略是什麼，什麼是有意義的，以及我相信什麼最終會獲勝。如果你真的可以把這些感知算法，這些是經典算法而不是基於 AI 的算法，放入運行在 DSP 上的 ASIC 中，運行時不需要大量的 GPU 能力；該芯片會更便宜，而且它實際上具有原始設備製造商正在尋找的所有 KPI。當我遇到 Ibeo 團隊時，我如此著迷的主要原因之一是因為他們在相同的前提下完成了完全相同的工作，並且他們達到了相同的點。他們正在向 OEM 級別展示 KPI，而 OEM 也一樣——幾乎達到了 OEM 想要的極限。如此有效，他們的 Ibeo 傳感器軟件已經優化到相當驚人的水平。

You add MAVIN to it, it of course now goes to much longer range, it's going to have the KPIs. So as it sits, all those features that you talked about for perception, they have the highest KPIs with the combination of 2 companies. But the real magic happens when you can put that perception feature into the ASIC, it's the cheapest version is going to be there. If customer A -- if 1 OEM says you know what, I just want the lidar and my team wants to produce -- we want to own the perception software. No problem, Chip A, 1 version of chip they can get and they can go on their way, that's perfectly fine. But there's definitely OEMs that always want their perception development teams perhaps are not that further along, then of course we can offer them software and the lidar from a different variant on the same chip. That's actually really powerful because from the lidar now you're getting object level and you're getting perception.

您將 MAVIN 添加到它，它當然現在可以達到更遠的範圍，它將具有 KPI。因此，就目前而言，您談到的所有這些功能都是為了感知，它們在 2 家公司的組合中具有最高的 KPI。但是，當您可以將這種感知功能放入 ASIC 時，真正的魔力就會發生，它是最便宜的版本。如果客戶 A——如果 1 個 OEM 說你知道什麼，我只想要激光雷達，而我的團隊想要生產——我們想擁有感知軟件。沒問題，芯片 A，他們可以獲得芯片的 1 個版本，他們可以繼續前進，這非常好。但肯定有 OEM 總是希望他們的感知開發團隊可能不會走得更遠，那麼我們當然可以為他們提供來自同一芯片上不同變體的軟件和激光雷達。這實際上非常強大，因為現在從激光雷達你可以獲得物體級別並且你正在獲得感知。

This is really, really incredibly important and the only way you do that is because they've already found the classical algorithms that can go inside the chip. This is really, really powerful. Once this adoption happens, imagine for 15 years you're making the same exact product because nobody's going to ever switch because once that's qualified, it's going to just keep turning the crank. So this is incredibly powerful. You would not require a significant amount of software every year for every model year for qualification. So the long-term trajectory of expenses for OEMs would go down and this is something that they are developing. This was 1 of the primary reasons that I felt that the team in Hamburg is somebody that we had to join forces with.

這真的非常非常重要，而你這樣做的唯一方法是因為他們已經找到了可以進入芯片內部的經典算法。這真的非常非常強大。一旦這種採用發生，想像一下 15 年來你一直在製造完全相同的產品，因為沒有人會改變，因為一旦合格，它就會繼續轉動曲柄。所以這是非常強大的。您不需要每年為每個車型年都提供大量軟件來進行資格認證。因此，OEM 的長期支出軌跡將會下降，這是他們正在開發的東西。這是我認為漢堡團隊是我們必須與之合作的主要原因之一。

We're now out of time. We really appreciate your participation in our fourth quarter earnings calls and your continued support of MicroVision. Thank you.

我們現在沒時間了。我們非常感謝您參與我們的第四季度財報電話會議以及您對 MicroVision 的持續支持。謝謝。

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

謝謝。今天的會議到此結束。各方可能會斷開連接並度過美好的一天。