MicroVision Inc (MVIS) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the MicroVision second-quarter 2024 financial and operating results conference call. (Operator instructions) Please note this event is being recorded.

下午好，歡迎參加 MicroVision 2024 年第二季財務與經營績效電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給德魯·馬卡姆。請繼續。

Thank you, Tom. Good afternoon. I'm here today with 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 today will include forward-looking statements, including, but not limited to, statements regarding our customer and partner engagement, market landscape, opportunity and program volume and timing, product development and performance, comparisons to our competitors, product sales and future demand, business and strategic opportunities, projections of future operations and financial results, availability of funds, as well as statements containing words like intend, believe, expect, plan and other similar expressions.

謝謝你，湯姆。午安.今天我和我們的執行長 Sumit Sharma 一起來到這裡；以及我們的財務長 Anubhav Verma。在他們發表完準備好的發言後，我們將開始提問。請注意，您今天聽到的一些資訊將包括前瞻性陳述，包括但不限於有關我們的客戶和合作夥伴參與、市場格局、機會和計劃數量和時間、產品開發和性能、與競爭對手的比較、產品銷售和未來需求、業務和戰略機會、未來運營和財務結果預測、資金可用性，以及包含意圖、相信、期望、計劃和其他類似表達的陳述。

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. We encourage you to review our SEC filings, including our most recently filed annual report on Form 10-K and our 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.

這些聲明並不能保證未來的表現。實際結果可能與前瞻性陳述中暗示或表達的未來結果有重大差異。我們鼓勵您查看我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最近提交的 10-K 表年度報告和 10-Q 表季度報告。這些文件描述了可能導致我們的實際結果與前瞻性陳述中暗示或表達的結果有重大差異的風險因素。

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.

所有前瞻性陳述均截至本次電話會議之日作出，除法律要求外，我們不承擔更新此資訊的義務。此外，我們將在本次電話會議上提出某些財務指標，根據美國證券交易委員會的 G 條例，這些指標將被視為非公認會計準則 (non-GAAP)。

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 call will be available for audio replay on the Investor Relations section of our website.

有關每項非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對賬，以及本次電話會議上提供的所有財務數據，請參閱我們的新聞稿和今天提交給美國證券交易委員會 (SEC) 的 8-K 表格中包含的信息，這兩份文件均可在我們公司網站 ir.microvision.com 的“SEC 文件”選項卡下找到。本次電話會議的音訊重播可在我們網站的投資者關係部分進行。

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

現在我想將電話轉給我們的執行長蘇米特夏爾馬 (Sumit Sharma)。薩米特？

Thank you, Drew, and welcome, everyone, to this review of our second quarter 2024 results. I would like to start by updating you on our automotive OEM engagement for RFQs and new potential customer development explorations.

謝謝您，德魯，歡迎大家參加我們 2024 年第二季業績的回顧。首先，我想向您介紹我們在汽車 OEM 領域參與 RFQ 和新潛在客戶開發探索的情況。

Second, I will update you on our progress and sales opportunities for industrial segments. And finally, I will update you on the market outlook on what we're seeing ahead of us.

其次，我將向您介紹我們在工業領域的進展和銷售機會。最後，我將向大家介紹我們對未來市場前景的展望。

Let's dive in. The best long term opportunity for our technology in our company remains with the automotive OEMs focusing on ADAS Level 3 and Level 2 plus features for passenger vehicles. We remain engaged in seven RFQs with automotive OEM for passenger vehicles.

讓我們開始吧。我們公司技術的最佳長期機會仍然是專注於乘用車 ADAS 3 級和 2 級以上功能的汽車原始設備製造商。我們仍在與汽車原始設備製造商進行七項乘用車的 RFQ 洽談。

Mavin and Movia are engaged in all conversations. The pace for reviews and decisions remain with the OEMs. Starter production for these high volume programs are targeted towards the end of this decade, so decisions are pushing out into later this year. We are cautiously optimistic about these targets to decisions, but remain aggressively engaged.

Mavin 和 Movia 參與了所有對話。審查和決策的步伐仍由 OEM 決定。這些大批量專案的起動器生產計劃在本世紀末完成，因此決策將推遲到今年稍後。我們對這些目標和決策持謹慎樂觀的態度，但仍積極參與。

A new area of engagement has opened up with multiple OEMs across Europe and US. OEMs are engaging with us to investigate the opportunity for a more strategic hardware and software exploration in developing a more customized MAVIN and MOVIA S-design for L3 products. We are actively working on this as it represents near term revenue opportunities as well as delivering a more custom sensor for their B sample needs for RFQs.

與歐洲和美國的多家原始設備製造商合作開闢了一個新的領域。原始設備製造商 (OEM) 正在與我們合作，探討更具策略性的硬體和軟體探索機會，為 L3 產品開發更客製化的 MAVIN 和 MOVIA S-design。我們正在積極致力於此，因為它代表著近期的收入機會，同時也為他們的 RFQ 的 B 樣本需求提供了更客製化的感測器。

We are working on exploring integration of MAVIN behind Windshield, as well as a new 180-degree field of view MOVIA sensor that would integrate into a car body with small bumps resuming the current camera module pumps.

我們正在探索將 MAVIN 整合到擋風玻璃後面，以及將新的 180 度視野 MOVIA 感測器整合到車身中，並透過小凸起恢復當前的攝影機模組泵。

These are exciting opportunities, and I see them as potentially a faster path to RFQ decisions. Some of these engagements are for RFQs that are targeted for 2025. I'm sure investors are wondering why we continue to stay in the race and what evidence do we have that we will win.

這些都是令人興奮的機會，我認為它們可能是更快的 RFQ 決策途徑。其中一些約定是針對 2025 年的 RFQ。我確信投資者想知道為什麼我們繼續參與競爭以及我們有什麼證據表明我們會贏。

I will offer this. Our products are exactly what OEMs are looking for. We are a couple of years behind, we were a couple of years behind to get to the valuation point because we did not have the capital to invest heavily early. But with our acquisition journey, we are all caught up. The MOVIA products series was developed by our Germany team for a German OEM after they delivered the ScholarOne sensor to this OEM.

我會提供這個。我們的產品正是 OEM 所尋找的。我們落後了幾年，我們落後了幾年才達到估值點，因為我們沒有足夠的資金在早期進行大量投資。但隨著我們的收購之旅，我們都趕上了。MOVIA 產品系列是我們的德國團隊在向德國 OEM 廠商交付 ScholarOne 感測器後為其開發的。

Our MAVIN sensor was developed on our MEMS technology based on all the specifications OEMs required and to be at cost targets. We are aggressively working with OEMs on adoption. We are in a cycle where OEMs have slowed down in their programs. We are at the same evaluation level as our competition. In the meantime, our competition has really faltered.

我們的 MAVIN 感測器基於我們的 MEMS 技術開發，符合 OEM 所需的所有規格並達到成本目標。我們正在積極與 OEM 合作，推動其採用。我們正處於原始設備製造商 (OEM) 計劃放緩的周期。我們與競爭對手處於相同的評估水準。同時，我們的競爭確實已經失敗了。

One of them is focused on 1,550 nanometer, which is inherently the most expensive high power technology and is taking billions to get to this point and will cost billions to get the cost down to OEM targets. None of their partnerships have materialized to volume production.

其中之一專注於 1,550 奈米，這本質上是最昂貴的高功率技術，需要花費數十億美元才能達到這一水平，並且還需要花費數十億美元才能將成本降低到 OEM 目標。他們的合作均未實現量產。

Our other main competition in 95 nanometer launched, a first generation product that ended up costing the Tier 1 more than $240 million in losses to bring to market and has been abandoned and they're starting with a new technology node for second generation are no further along.

我們在 95 奈米領域推出的另一個主要競爭對手是第一代產品，該產品最終導致一級供應商損失超過 2.4 億美元以將其推向市場，因此被放棄，他們正在從新的技術節點開始進行第二代產品的研發，但並未取得進一步進展。

Combined, these companies have spent billions of dollars to capture the market, and they're not dominant because they did not deliver any product or have the technology. This is our competition. There is demand from OEM and it may look like we are behind in the race, but we're not.

這些公司總共花費了數十億美元來佔領市場，但由於沒有提供任何產品或擁有相關技術，因此並未佔據主導地位。這是我們的競爭。由於存在來自 OEM 的需求，我們可能看起來在競爭中落後了，但事實並非如此。

In EU and North American markets, we have no competition from the Chinese later companies since Western Lidar are not being adopted in China and Chinese Lidars are not being adopted in the West due to the closed software background. So, I totally understand the frustration, but we need to be focused and patient as things are clearing up, but inferior products, spend billions and marketing should not be the reason to fall out of the race. Best products will always win.

在歐盟和北美市場，我們沒有來自中國後來者的競爭，因為西方的光達在中國沒有被採用，而中國的光達由於封閉的軟體背景也沒有在西方被採用。所以，我完全理解這種沮喪，但我們需要集中精力並保持耐心，因為事情正在好轉，劣質產品、數十億美元的花費和行銷不應該成為退出競爭的原因。最好的產品永遠會贏。

We are spending moderately compared to all our competition and remain competitive as they further falter. We will be there as a stable company with the technology to deliver. We are in a race and may not be first yet, but have the strongest team and product portfolio. We must be resilient and see the race through.

與所有競爭對手相比，我們的支出較為適中，並且在他們進一步衰退時仍保持競爭力。我們將作為一家擁有技術實力的穩定公司存在。我們正在進行一場競賽，也許不是第一，但我們擁有最強大的團隊和產品組合。我們必須堅韌不拔，堅持完成比賽。

Meaningful partnerships are up for grabs in the very near future, but revenues from these partnerships are still four years away as OEM production cycles are long. The solution to their revenue problem lies with our industrial strategy.

有意義的合作關係在不久的將來就會出現，但由於 OEM 生產週期很長，因此從這些合作關係中獲得收入仍需要四年時間。解決他們的收入問題在於我們的產業戰略。

Now let's move to update our industrial sales opportunities and progress we've made there. Sales in the Industrial segment are important as we expect they may bridge the gap from now till automotive OEM revenues come alive later in this decade. We have made good progress on this in identifying segments that will support these opportunities.

現在讓我們來更新我們的工業銷售機會和我們在那裡的進展。工業領域的銷售很重要，因為我們預計它們可以彌補從現在到本世紀後期汽車 OEM 收入出現的差距。我們在確定支持這些機會的細分市場方面取得了良好的進展。

We have been working on developing partnerships in the heavy industrial market segment that has the potential for sale of an estimated 10,000 to 30,000 units per year starting next year. This segment would leverage our currently available MOVIA L sensor and include a modified version of our perception software for this specific segment.

我們一直致力於在重工業市場領域發展合作夥伴關係，從明年開始，該領域每年的銷售潛力估計為 10,000 至 30,000 台。此部分將利用我們目前可用的 MOVIA L 感測器，並包含針對此特定部分的感知軟體的修改版本。

Again, our product is well suited for the space in which humans work in proximity with heavy equipment operated by humans. These machines are now planned to integrate ADAS features developed for automotive in their industrial environment. Our advantage here is speed to market with an automotive qualified product for the industrial market with a big library of software to enable our potential customers.

再次，我們的產品非常適合人類在靠近人類操作的重型設備的地方工作的空間。這些機器現在計劃在其工業環境中集成為汽車開發的 ADAS 功能。我們的優勢在於能夠快速將符合汽車標準的產品推向工業市場，並擁有龐大的軟體庫來滿足我們潛在客戶的需求。

The mature software we have to offer integration and the small solid state 3D Lidar is exciting for the industry. We are going aggressively after this market segment. We are forecasting meaningful revenues from this segment starting 2025.

我們提供的成熟軟體整合和小型固態 3D 雷射雷達讓業界興奮不已。我們正積極進軍這個細分市場。我們預測從 2025 年開始該領域將會帶來可觀的收入。

Again, I'm sure investors are wondering why we continue to stay in the race with industrial and what evidence do we have that we will win? I will offer you this. The grandfather in the industrial Lidar market is (inaudible). No one has come close to their annual revenue stream. They do this with effectively aligned scanner with up to four lines. Today, we have a 3D sensor with much higher resolution and better cost in addition to perception software we will offer to our customers. We can disrupt this market and take a sizable chunk, which we intend to.

再次，我相信投資者想知道為什麼我們繼續與工業競爭，以及我們有什麼證據表明我們會贏？我會給你這個。工業光達市場的祖父是（聽不清楚）。沒有人能接近他們的年收入流。他們使用最多四條線的有效對齊掃描器來實現這一點。今天，除了將向客戶提供感知軟體之外，我們還擁有更高解析度、成本更低的 3D 感測器。我們可以顛覆這個市場，並佔據相當大的份額，這也是我們想要做的。

The Lidar world is general facing headwinds, but it is a race for the more established and reliable markets in EU and North America. We must have resilience to make it through. We have the best products by far with our near IR technologies. I'm going to keep my prepared remarks brief today as we have received a large list of questions from our shareholders, and I would like to address that as the main narrative.

光達領域普遍面臨阻力，但這是一場爭奪歐盟和北美更成熟、更可靠的市場的競賽。我們必須有韌性才能度過難關。迄今為止，我們憑藉近紅外線技術擁有最好的產品。由於我們收到了股東提出的大量問題，因此我今天將簡短地講解我準備好的發言，我想主要談談這些問題。

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

現在我想將電話轉給 Anubhav，討論一下我們的財務狀況。阿努巴夫？

Thanks, Sumit. Auto OEMs, Tier 1s and ADAS companies in the US and EU continue to experience some market pressure, driven primarily by stiff competition in terms of both technological innovation, as well as cost from Chinese players. Second, not being able to generate return on investments made in the last several years due to weaker than originally anticipated demand for EV and slower adoption of autonomy levels.

謝謝，Sumit。美國和歐盟的汽車原始設備製造商、一級供應商和 ADAS 公司繼續面臨一些市場壓力，主要原因是來自中國企業在技術創新和成本方面的激烈競爭。其次，由於電動車需求低於最初預期以及自動駕駛水平的採用速度較慢，過去幾年的投資無法獲得回報。

The OEMs in US and EU continue to be under pressure to produce vehicles with advanced ADAS features powered by multimodal sensors, including vision, Lidar and radar based systems to improve safety and phatonomy in order to compete with their counterparts. But given the cost pressure and macroeconomic climate, OEMs are expecting downstream Lidar suppliers to, A, bear the cost in the initial years, even when the volumes are low at the start of the production, and secondly, have diversified revenue streams from nonautomotive to sustain the company during the multiyear ramp-up phase for automotive OEMs.

美國和歐盟的原始設備製造商繼續面臨生產配備先進 ADAS 功能的車輛的壓力，這些功能由多模式感測器驅動，包括視覺、光達和基於雷達的系統，以提高安全性和光子學，從而與同行競爭。但考慮到成本壓力和宏觀經濟環境，OEM 預計下游雷射雷達供應商將：A，在最初幾年承擔成本，即使在生產開始時產量較低時也是如此；其次，擁有來自非汽車領域的多元化收入來源，以在汽車 OEM 的多年增長階段維持公司運營。

This is primarily the reason why Lidar companies are under pressure from investors and markets, especially Lidar companies that have announced nomination wins or serial production awards from OEMs. The current business challenge for all Lidar players is to accept low volume, low revenue projects from auto customers in the near term and tap into other industries for the revenue needed to sustain these initial years to emerge as one of the few standing Lidar companies.

這主要是因為光達公司面臨來自投資者和市場的壓力，尤其是那些宣布獲得OEM廠商提名或批量生產獎項的光達公司。目前所有光達廠商面臨的商業挑戰是，在短期內接受汽車客戶的小批量、低收入項目，並進軍其他行業，獲取維持最初幾年所需的收入，從而成為少數幾家屹立不倒的光達公司之一。

We believe that some of our peers have untenable capital structure, as well as unsustainable business model, coupled with excessive OpEx run rate of over $300 million a year. There is a huge demand for Lidar in the second half of this decade, which is being driven by the global competition and marketplace.

我們認為，我們的一些同行擁有難以維持的資本結構和不可持續的商業模式，再加上每年超過 3 億美元的過高營運成本。受全球競爭和市場推動，本世紀下半葉對光達的需求龐大。

However, only a few companies who are fiscally disciplined will be able to withstand this low point in the cycle and come out the other side. We believe MicroVision is very well positioned to capture this demand and remain one of the few standing Lidar companies due to the following four factors, number one, as Sumit described, we have the most relevant and strategic product portfolio with products able to solve the complex, technological problems at attractive price points for customers.

然而，只有少數財務紀律嚴明的公司才能夠經受住週期的這一低谷並走出困境。我們相信，MicroVision 完全有能力滿足這一需求，並將繼續成為少數幾家屹立不倒的光達公司之一，這得益於以下四個因素：第一，正如 Sumit 所描述的，我們擁有最相關、最具戰略性的產品組合，這些產品能夠以對客戶有吸引力的價格解決複雜的技術問題。

Number two, we're focused on our efforts on big volume passenger car projects from OEMs, making the right selection is very important for us. We want to commit resources for large volume OEM projects as that will be the best use of our capital.

第二，我們專注於原始設備製造商的大批量乘用車項目，做出正確的選擇對我們來說非常重要。我們希望為大批量 OEM 專案投入資源，因為這將是我們資本的最佳利用方式。

Number three, we have extended our runway and further streamlined our cash burn. We reduced our OpEx in Q2 to now focus on MAVIN and MOVIA with perception software inside. This was a strategic move to conserve resources for these products and terminate all expenses and projects related to Mosaic and sensor fusion.

第三，我們延長了跑道並進一步精簡了現金消耗。我們在第二季減少了營運支出，現在專注於內建感知軟體的 MAVIN 和 MOVIA。這是一項策略性舉措，旨在為這些產品節省資源並終止與 Mosaic 和感測器融合相關的所有費用和項目。

And number four, in the short to medium term, we have to pursue significant revenue streams and partnerships from nonautomotive industrial channels with shorter sales cycles, such as the heavy equipment vertical to reduce the dependence on low volumes in the automotive in the initial years. This is very essential as all seal production revenue will be material only with the economies of scale, which won't happen until later this decade.

第四，在短期到中期內，我們必須從銷售週期較短的非汽車工業管道尋求重要的收入來源和合作夥伴關係，例如重型設備垂直行業，以減少最初幾年對汽車低銷量的依賴。這是非常重要的，因為所有海豹生產收入只有在規模經濟的情況下才會實現，而這要到本世紀末才會發生。

Now let's review our Q2 financial performance. For the second quarter, we recorded revenue of $1.9 million, slightly ahead of expectations. Revenue in the second quarter was primarily attributable to the sale of our sensors to a leading agricultural equipment company for industrial applications. Most of the revenue in Q2 was from nonautomotive customers. This is in line with our strategy to focus on revenue streams from nonautomotive customers, while revenue from automotive customers ramps up.

現在讓我們回顧一下第二季的財務表現。第二季度，我們的營收為 190 萬美元，略高於預期。第二季的收入主要歸因於我們向一家領先的農業設備公司出售用於工業應用的傳感器。第二季的大部分收入來自非汽車客戶。這符合我們的策略，即專注於非汽車客戶的收入來源，同時增加來自汽車客戶的收入。

From a gross margin profile standpoint, on an adjusted basis after adding back the amortization of the acquired intangibles, the gross margin was approximately 39%. We continue to differentiate ourselves significantly from our peers who either have upside down negative gross margins or near zero margins. This demonstrates our unique business model, and we believe this will further entrench us as one of the last standing American Lidar company focused on the US and EU markets.

從毛利率狀況來看，在加上所收購無形資產的攤銷後，調整後的毛利率約為 39%。我們繼續與那些毛利率為負或接近零的同行保持顯著差異。這展示了我們獨特的商業模式，我們相信這將進一步鞏固我們作為最後一家專注於美國和歐盟市場的美國雷射雷達公司之一的地位。

Now let's talk about our expenses. Our expenses have trended down since Q1, primarily due to the reductions in force, we implemented to focus the company on MAVIN and MOVIA driven by perception software offerings, and away from Mosaic and sensor fusion. We had approximately $22 million of R&D and SG&A expenses in the second quarter.

現在我們來談談我們的開支。自第一季以來，我們的費用呈下降趨勢，主要是由於裁員，我們實施了裁員，將公司重點放在由感知軟體產品驅動的 MAVIN 和 MOVIA 上，而不是 Mosaic 和感測器融合上。我們第二季的研發和銷售、一般及行政費用約為 2,200 萬美元。

Now this includes, number one, $3.2 million of onetime nonrecurring restructuring charges, including severance, et cetera. Number two, $3.4 million of noncash charges related to stock based compensation expense, and number three, $1.4 million of noncash charges related to D&A.

現在，這包括第一項 320 萬美元的一次性非經常性重組費用，包括遣散費等。第二，與股票薪酬費用相關的非現金費用為 340 萬美元；第三，與 D&A 相關的非現金費用為 140 萬美元。

After normalizing for these charges, our new OpEx run rate, including R&D and SG&A is now $55 million to $60 million per year. These actions were taken in line with our business strategy to focus on near term and long term revenue generating opportunities, which are in the auto and industrial markets.

在將這些費用標準化之後，我們的新營運支出運行率（包括研發和銷售、一般及行政費用）現在為每年 5,500 萬至 6,000 萬美元。這些舉措符合我們的業務策略，即專注於汽車和工業市場的短期和長期創收機會。

For the second quarter, $18.6 million cash was used in operating activities, which is in line with our previously communicated expectations. We expect this number to come down by 20% to 25% on a run rate basis once all the restructuring charges have been paid out in the third quarter.

第二季度，經營活動使用了 1,860 萬美元現金，符合我們先前傳達的預期。我們預計，一旦第三季所有重組費用支付完畢，這一數字將按運行率下降 20% 至 25%。

In second quarter, we incurred a noncash impairment charge on our Mosaic software asset acquired as part of the (inaudible) acquisition. Please keep in mind this is a onetime noncash charge to impair the carrying value of the software asset acquired from (inaudible). We impaired this asset as we decided to strategically conserve the cash to focus on perception software driven products, which are MAVIN and MOVIA for the auto and industrial customers.

在第二季度，我們在（聽不清楚）收購中獲得的 Mosaic 軟體資產產生了非現金減損費用。請記住，這是一次性非現金費用，用於損害從（聽不清楚）。我們對該資產進行了減值，因為我們決定策略性地保留現金，以專注於感知軟體驅動的產品，即針對汽車和工業客戶的 MAVIN 和 MOVIA。

The perception software asset, which has the highest carrying value remains a key differentiator and has significant competitive advantage for our products, both MAVIN and MOVIA. To remind our investors, we continue to show financial discipline with our cash burn being within our expectations and on a healthy trajectory, including extended runway. As expected, second quarter CapEx was $0.2 million.

感知軟體資產具有最高的帳面價值，仍然是關鍵的區別因素，並且對我們的產品（MAVIN 和 MOVIA）具有顯著的競爭優勢。提醒我們的投資者，我們將繼續表現出財務紀律，我們的現金消耗符合我們的預期，並且處於健康的軌道上，包括延長跑道。如預期，第二季的資本支出為 20 萬美元。

Our balance sheet as of June 30, 2024, we have made all payments including the last payment for the (inaudible) acquisition. Our total liquidity was $179 million as of June 30, including $57 million of cash and cash equivalents and investment securities, and $123 million availability under the current ATM facility with Deutsche Bank, Misuho and Craig Hallum.

截至 2024 年 6 月 30 日的資產負債表，我們已支付所有款項，包括（聽不清楚）收購的最後一筆款項。截至 6 月 30 日，我們的總流動資金為 1.79 億美元，其中包括 5,700 萬美元的現金、現金等價物和投資證券，以及德意志銀行、Misuho 和 Craig Hallum 現有 ATM 設施下的 1.23 億美元可用資金。

With the new ongoing OpEx run rate of $55 million to $60 million, we believe we have sufficient liquidity, along with our ATM facility to have an adequate runway. MicroVision continues to stand out and beat competitors in terms of maintaining a clean capital structure and one of the lowest cash burns in the industry with a highly talented pool of approximately 160 engineers in the US and Germany.

隨著新的持續營運支出運行率達到 5500 萬美元至 6000 萬美元，我們相信我們擁有足夠的流動性，加上我們的 ATM 設施，可以擁有足夠的跑道。MicroVision 在美國和德國擁有約 160 名工程師組成的高素質人才隊伍，繼續在保持清晰的資本結構和業內最低的現金消耗方面脫穎而出，擊敗競爭對手。

We sold approximately 5 million shares for net proceeds of $5 million under the current ATM facility in the second quarter. With a new cash burn rate and given our cash on hand, we are well situated to deliver to our customers. For the rest of 2024, we believe we're on track for $8 million to $10 million revenue from the following revenue streams.

我們在第二季根據目前的 ATM 機制出售了約 500 萬股股票，淨收益為 500 萬美元。有了新的現金消耗率和手邊的現金，我們就能更好地向客戶提供服務。對於 2024 年剩餘時間，我們相信我們預計從以下收入來源獲得 800 萬至 1000 萬美元的收入。

Number one, revenue related to the sales of Lidar sensors to both automotive OEM and nonautomotive customers. Number two, direct sales channels that include sale of our hardware and software to nonautomotive customers that include forklifts, warehouse automation robots, agricultural and mining equipment companies. Number three, NRE or onetime development fee for customization projects for customers in both automotive and industrial.

第一，收入與向汽車 OEM 和非汽車客戶銷售光達感測器有關。第二，直銷通路包括向非汽車客戶銷售我們的硬體和軟體，包括堆高機、倉庫自動化機器人、農業和採礦設備公司。第三，針對汽車和工業客戶客製化專案的NRE或一次性開發費用。

From a cash burn standpoint, our new annual OpEx, including R&D and SG&A is expected to be between $55 million to $60 million per year. We believe we have all the necessary engineering resources to deliver on our existing and anticipated customer projects. To summarize, we're really excited about 2024 and beyond.

從現金消耗的角度來看，我們新的年度營運支出（包括研發和銷售、一般及行政費用）預計在每年 5,500 萬至 6,000 萬美元之間。我們相信，我們擁有所有必要的工程資源來完成我們現有和預期的客戶專案。總而言之，我們對 2024 年及以後的未來充滿期待。

Operator, I would now like to open the line for questions.

接線員，我現在想開始回答問題。

At this time, we are conducting a question and answer session. (Operator instructions)

目前，我們正在進行問答環節。（操作員指示）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgeral

Hey, guys, this is Anand on for Andres. Thanks for taking our questions and congrats on the quarter. I was was wondering, is there may be some sort of time line you might be able to give us on an OEM win? I know this was talked about. And is there something we could think about maybe for the second half of this year? Or is there something for next year? I mean, none of us have a good foresight into (technical difficulty) , but any color would help?

嘿，大家好，我是 Anand，代替 Andres 上場。感謝您回答我們的問題，並祝賀本季取得的成績。我想知道，您能否為我們提供關於 OEM 勝利的某種時間表？我知道有人討論過這件事。我們是否可以考慮一下今年下半年的事情？或是明年有什麼安排嗎？我的意思是，我們都無法很好地預見（技術難度），但任何顏色都有幫助嗎？

I think, thank you for the question. And if I was to just go by what the OEM shared with us, it's a second half decision. But as I said, right, we're cautiously optimistic because, as you know, their launch cycles are in SOP startup production in 2028.

我想，謝謝你的提問。如果我只是按照 OEM 與我們分享的資訊來看，這是一個下半年的決定。但正如我所說，我們持謹慎樂觀的態度，因為如你所知，他們的發布週期是在 2028 年的 SOP 啟動生產中。

So, delays could happen. And so far, there's lots of things changing within the OEMs themselves and their strategies. And most of the delays are not related to us. So, we're hopeful and cautious about what they're saying, and that's what we're sharing that second half of this year is what they have indicated.

因此，可能會發生延誤。到目前為止，OEM 本身及其策略已經發生了許多變化。而且大多數延誤與我們無關。因此，我們對他們所說的話充滿希望和謹慎，這就是我們所分享的，今年下半年就是他們所暗示的。

Got you. And I guess with respect to the seven RFQs, is there, are there any of them that you wanted to highlight that you're excited about or if there's something that you could potentially highlight to investors as a catalyst for the company maybe this year or early next year?

明白了。我想，關於這七份 RFQ，您是否想要強調其中哪一份讓您感到興奮，或者您可以向投資者強調哪一份可以作為公司在今年或明年年初發展的催化劑？

I think the, what I find interesting is all of them, first of all, are for passenger vehicles. If I think about seven of them, right, are we would I say that there are two or four of them that we cover. Yes, it's the ones that are the highest volume and where the integration gives MAVIN, which has got the lowest profile, the biggest advantage. So of course, those we care about. So, if you're going to spend this much, and you have to wait for more years for big revenues, they should be big enough. That's great.

我認為有趣的是，首先，它們都是用於乘用車的。如果我考慮其中的七個，那麼，我們會說我們涵蓋了其中的兩個或四個。是的，這些是數量最多的，並且集成為最低調的 MAVIN 帶來了最大的優勢。當然，我們關心的是那些。所以，如果你要花這麼多錢，而且你必須等待更多年才能獲得大筆收入，那麼這些收入應該就夠多了。那太棒了。

Out of the seven, some of them are for models that are smaller, they have integrated in a headline, and it's kind of like a small volume part of it. So, they're all equal, right? I think we want to win all of them, right? But there are certain of them that are high volume that, of course, we put a lot of effort into.

在這七種中，有些適用於較小的型號，它們整合在標題中，有點像它的小音量部分。那麼，他們都是平等的，對嗎？我想我們想贏得所有比賽，對嗎？但其中有一些數量很大，當然，我們投入了很多精力。

Got you. Appreciate the color. And I guess switching gears, maybe a question for Anubhav, a little bit on liquidity. I think you had on your presentation about $60 million in cash and you've got the ATM as well. I was wondering how you're thinking about your cash burn and your runway for the next, for the rest of the year?

明白了。欣賞色彩。我想換個話題，也許我想問 Anubhav 一個關於流動性的問題。我認為您在演示中提到了大約 6000 萬美元的現金，而且您還有 ATM。我想知道您如何考慮明年以及今年剩餘時間的現金消耗和發展計劃？

Yes. Thanks, Anand. So, the way I think the reductions that we did in the second quarter are actually very strategic because they have brought down our OpEx. And as I mentioned, right now, our run rate OpEx, including R&D and SG&A is between $55 million and $60 million. So, as it is, we already have a year worth of cash.

是的。謝謝，阿南德。因此，我認為我們在第二季採取的削減措施實際上非常具有戰略意義，因為它們降低了我們的營運支出。正如我所提到的，目前，我們的營運支出（包括研發和銷售、一般及行政費用）在 5500 萬美元到 6000 萬美元之間。因此，事實上我們已經擁有了一年的現金。

And obviously, we have the ATM on top of that to tap into accordingly as the market opportunity presents itself. So, we feel pretty comfortable in terms of having the resources to meet our capital needs for the next 12 to 18 months.

顯然，隨著市場機會的出現，我們還有 ATM 可以充分利用。因此，我們對擁有滿足未來 12 至 18 個月資本需求的資源感到非常放心。

Got you. Sounds good. That's very helpful. Appreciate the color. (inaudible) on the quarter. That's it for me. I'm happy to pass it on.

明白了。聽起來不錯。這非常有幫助。欣賞色彩。 （聽不清楚）在本季。對我來說就是這樣。我很樂意將它傳遞下去。

Thanks, Anand.

謝謝，阿南德。

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

謝謝。現在我將把這通電話轉回給 Anubhav Verma，讓他閱讀透過網路直播提交的問題。謝謝。

Thanks, Tom. Okay. All right. So ,the first question is, I'm a newish investor and started following the company and Lidar space only recently a few years ago. I'm still confused by what everybody says about the 95 nanometer product versus the 1,550. Help me understand why you're going to win, and I should stay invested in the stock?

謝謝，湯姆。好的。好的。所以，第一個問題是，我是一名新投資者，幾年前才開始關注這家公司和光達領域。我仍然對大家所說的 95 奈米產品與 1,550 奈米產品的區別感到困惑。幫我理解為什麼你會贏，以及我為什麼應該繼續投資該股票？

I'll take that one. Thank you for the question. It's actually a very, very good question. It's about the right time to talk about it because a lot of things are coming to a head. So just a little bit context, just your newish in the space or perhaps you've done this research, but I'm just going to repeat it for some that may not.

我要那個。謝謝你的提問。這其實是一個非常非常好的問題。現在正是談論這個問題的最佳時機，因為很多事情都到了緊要關頭。所以只需要提供一點背景信息，您可能是這個領域的新手，或者您可能已經做過這方面的研究，但我只是想為一些可能沒有做過研究的人重複一下。

So, if you think about this whole purpose of 95 nanometer 1,550, what benefits in one versus the other, right, depending on the audience, they'll say different things. But here are the facts. The only automotive Lidar that a shift in volume was by (inaudible) everybody knows this.

因此，如果您考慮 95 奈米 1,550 的整個用途，其中一個相對於另一個有什麼好處，對吧，根據受眾的不同，他們會說不同的話。但事實是這樣的。唯一一款音量改變的汽車光達是（聽不清楚），每個人都知道這一點。

Scholar 1 done about the (inaudible) here in Hamburg and Scholar 2 was following by them. It's the only thing that's shipping volume. Let's be clear about that. That's 95-nanometer, fully qualified with the laser that the automotive customers know the cost structure, they know the performance, they know everything about it.

學者 1 在漢堡完成了（聽不清楚）研究，學者 2 也緊跟著。這是唯一具有運輸量的東西。讓我們明確這一點。這是 95 奈米，完全符合雷射標準，汽車客戶了解其成本結構，了解其性能，了解其一切。

What they care about is the steering mechanism, which is where we come with MEMS, where we can do a wide field of view and far into low resolution, whereas others spend a piece of glass called a Prism, right? 1,550 nanometer certainly can do a lot. You can do a continuous wave Lidar with that. You can get a velocity. You can do that kind of flight ladder with that, like somebody else does, right?

他們關心的是轉向機制，這就是我們採用 MEMS 的地方，我們可以實現寬視野和低分辨率，而其他人則使用一塊稱為棱鏡的玻璃，對嗎？1,550 奈米當然可以發揮很大作用。您可以用它製作連續波光達。你可以得到一個速度。您可以像其他人一樣用它製作那種飛行梯，對嗎？

And there are other reasons to do it because they want to have higher sensitivity on the detector. But the overall system is much more expensive. So, if you think about the structure that we have, the architecture that we have with our 95 nanometer laser and our MEMS and electronics, it is the lowest cost, lowest form factor system and low power, whereas the 1,550 is significantly more power regardless of what people say.

這樣做還有其他原因，因為他們希望提高探測器的靈敏度。但整個系統的成本要高得多。因此，如果您考慮我們的結構，我們的 95 奈米雷射、MEMS 和電子設備的架構，它的成本最低、外形尺寸最小、功耗最低，而無論人們怎麼說，1,550 的功率都明顯更高。

On top of that, the material physics that's over there and 1,550 requires billions of dollars investment to bring it down to the level what a laser diode cost us right now. So, you can imagine you're going into an industry that wants to sell them the millions and they're not known for paying premiums. They pay premiums on software, they don't get premium on hardware.

除此之外，那裡的材料物理學需要 1,550 億美元的投資才能將其成本降低到目前雷射二極體的成本水準。因此，你可以想像你進入了一個想要向他們出售數百萬美元的行業，而他們並不以支付溢價而聞名。他們為軟體支付了溢價，但沒有為硬體獲得溢價。

So, you're best off listening to the OEM seeing where they're going, and there is a very nice laser that's been qualified, that's already there. So, we chose to build our architecture around it because we know a lot about that laser. And so does the OEM base and the only competitor that's ever shipped anything.

因此，您最好聽取 OEM 的意見，了解他們的發展方向，並且已經有一個經過認證的非常好的雷射。因此，我們選擇圍繞它來建立我們的架構，因為我們對該雷射非常了解。OEM 基地和唯一運送過產品的競爭對手也是如此。

So I think that's the key thing to walk away on. A Lidar system with a 95 nanometer laser can be made ISA. I mean this is, there's a whole body that does a testing for that, right? There's standards written for that. There's no doubt. And the only company that's ever shipped Lidar in volume into automotive is 95. So I think in general, I believe 95 nanometer is the right choice for the automotive space for high volume production long term.

所以我認為這是關鍵。具有 95 奈米雷射的光達系統可以製成 ISA。我的意思是，有一個完整的機構對此進行測試，對嗎？有為此制定的標準。毫無疑問。唯一一家批量向汽車市場提供雷射雷達的公司是 95。因此我認為，總的來說，我相信 95 奈米是汽車領域長期大量生產的正確選擇。

You have to run this product for a decade. So, you want to have the most stable system that does not keep requiring hundreds of millions dollars of investment to have new laser sources to be developed, new sensing to developed and new age to be developed. So that's what we believe, that's where we've invested. And clearly, if you look at what the OEMs respond to is that 95 nanometer technology node.

你必須運行這個產品十年。因此，您希望擁有最穩定的系統，而不需要花費數億美元投資來開發新的雷射光源、新的感測技術和新時代。這就是我們的信念，也是我們的投資目標。顯然，如果你看看 OEM 的反應，你會發現是 95 奈米技術節點。

Thanks, Sumit. Let's take a second question. So, I understand that no deals that OEMs have been announced unlike some of the competition. I am a believer in the company and management and trust that they walked away from some deals as they were not high volume.

謝謝，Sumit。我們來回答第二個問題。因此，我了解到與一些競爭對手不同，OEM 尚未宣布任何交易。我相信該公司及其管理層，並相信他們放棄一些交易是因為交易量不夠大。

I also understand the focus to bring in near term revenue from the industrial markets. What has the management done since April 1, 2024, to increase the adoption of Lidar? How can I evaluate the progress that's being made in this direction?

我也理解從工業市場獲取短期收入的重點。自 2024 年 4 月 1 日以來，管理階層採取了哪些措施來增加雷射雷達的採用率？我如何評估在這個方向上的進展？

I'll take that. That's a good question, and I'll answer it in two sections. One is going to be, of course, our industrial space. The other is going to be on the automotive side. So, on the industrial space, what we've done, we've been doing consistently, right? But since you're saying April 1, we're focusing on key accounts, meaning that we have identified a market segment.

我會接受的。這是個好問題，我將分成兩部分來回答。其中一個當然是我們的工業空間。另一個是汽車方面。那麼，在工業領域，我們所做的就是我們一直在做的事情，對嗎？但既然您說的是 4 月 1 日，那麼我們的重點就是重點客戶，這意味著我們已經確定了一個細分市場。

We know the top people in there in that space, I would say that represent 70% of the market share for their product in that space, and we're engaged with them directly. So, we aggressively work with them on key strategic accounts.

我們認識該領域的頂尖人才，我想說他們佔據了該領域其產品 70% 的市場份額，我們直接與他們合作。因此，我們積極與他們合作，開發關鍵策略客戶。

So instead of thinking about industrial sales is sounding like onesies, twosies here and there like some other what competitors do. That requires a huge OpEx. We're focusing our treasure on our engineers and a very small effective sales team that targets these key customers. And for them, we are customizing our products, so to speak with the software to demonstrate to them how we can really solve the problem. So, we're not really selling them on Lidar. We're selling them a solution. And software discussion, I can tell you this because I've been to all the key customers myself with my team.

因此，不要認為工業銷售聽起來像其他競爭對手所做的那樣，到處都是連身衣和兩件衣服。這需要龐大的營運支出。我們將精力集中在我們的工程師和一支規模很小、有效率的銷售團隊身上，以這些關鍵客戶為目標。對他們來說，我們正在客製化我們的產品，也就是說用軟體向他們展示我們如何真正解決問題。所以，我們實際上並沒有在光達上銷售它們。我們正在向他們出售解決方案。關於軟體討論，我可以告訴你這一點，因為我和我的團隊親自拜訪過所有主要客戶。

They are pretty deep into it. Like what really compels them to move forward is the software. Imagine you are in a heavy industry space where you have humans operating machines that can hurt other humans, slow speeds moving around. And volumes in the annual range or something somewhere between 10,000 to 30,000, if you can imagine, because they would be able to put them into new products going forward, but also retrofit it to other equipment they've sold over the years because some of the requistments last more than a decade.

他們對此已經非常深入了。真正推動他們前進的是軟體。想像一下，你身處在重工業領域，那裡的人類操作著可能傷害其他人的機器，機器移動速度很慢。如果你能想像的話，年產量在 10,000 到 30,000 之間，因為他們不僅能夠將它們投入到未來的新產品中，而且還能將其改裝到多年來銷售的其他設備上，因為有些需求已經持續了十多年。

So they have an installed base. So when you think about these volumes, it's pretty compelling. And somebody actually told me this statistic recently that about 100 people, actually going by Board members told me this, about 100 people die here in this space. So, think about it.

因此他們有一個安裝基礎。因此，當你考慮這些卷時，它是非常引人注目的。最近有人告訴我一個統計數據，大約有 100 人，實際上是董事會成員告訴我的，大約有 100 人死於這個地方。所以，想想吧。

A person dies in this space once every three days. This is a problem they want to solve. This is our (inaudible) and of course, we can think about injury as well. So, this is a real problem to solve. And what compels them is not just the lidar, lidar, lidar, lidar. That's there. Absolutely, that's the piece of hardware. But it's the software that was created for the automotive OEM, which we call the perception software and features like automatic emergency braking or ACC and others, right?

每三天就會有一個人在這個空間裡死去。這是他們想要解決的問題。這是我們的（聽不清楚），當然，我們也可以考慮傷害。所以，這是一個真正需要解決的問題。而迫使他們這麼做的不僅僅是光達、光達、光達、光達。就在那裡。絕對如此，這就是硬體。但它是為汽車 OEM 創建的軟體，我們稱之為感知軟體，具有自動緊急煞車或 ACC 等功能，對嗎？

Free space, that allows them to do things in their field of view automatically from our Lidar. So, they don't have to write a huge months code or spend a lot of money developing code on top of the Lidar that could take years. I think some of the videos that we have published recently about this, we've been very active about that.

自由空間，使它們能夠透過我們的光達自動在它們的視野範圍內進行操作。因此，他們不必花費數月時間編寫大量程式碼，也不必花費大量資金在光達上開發可能耗時數年的程式碼。我認為我們最近發布的一些有關此問題的影片表明我們對此非常積極。

Our team works on it. We collect some videos. Those are actually part from real demonstrations that we published there. But it kind of shows you the kind of environment you're working in. And I imagine that's happening a 20 hour shift per day, 7 days a week, just in America by itself, right, and then imagine it America and parts of Europe and parts of Asia. So, it's a big market. There's a big problem, and that's we're focused on. And the way we're turning that over is focusing on key accounts, not instead of casting a wide net.

我們的團隊正在致力於此。我們收集了一些影片。這些實際上是我們在那裡發布的真實演示的一部分。但它能向你展示你所處的工作環境。我想像這種情況每天會發生 20 小時，每週 7 天，僅在美國是這樣，對吧，然後想像一下美國和歐洲部分地區以及亞洲部分地區的情況。所以，這是一個很大的市場。有一個大問題，這就是我們所關注的。我們扭轉這一局面的方法是專注於關鍵客戶，而不是廣泛撒網。

On the automotive OEMs, after what happened in Q1, it really was not a surprise, but we'll talk a little bit more about it if we have to. But just in general, right, we chose to engage more directly, we personally also with the OEMs that we are in the RFQs and trying to figure out from them or their executive teams of where this is all headed.

對於汽車原始設備製造商來說，在第一季發生的事情之後，這確實並不令人意外，但如果有必要，我們會進一步談論它。但總的來說，我們選擇更直接地接觸，我們個人也與我們在 RFQ 中的 OEM 接觸，並試圖從他們或他們的執行團隊中弄清楚這一切的發展方向。

So, we're more intimately connected. What's come out of this is that RFQs are kind of like generic, right? That's how you think about like it's an RFQ. But what they're really looking for is something a little bit deeper. And I mean the best way to describe it is what they're looking for is a more of a deeper collaboration with somebody special, in more of a white box approach.

因此，我們的聯繫更加緊密。由此得出的結論是，RFQ 有點像是通用的，對嗎？這就是您所認為的 RFQ。但他們真正在尋找的是更深層的東西。我的意思是，最好的描述方式是，他們尋求的是與某個特別的人進行更深入的合作，採用一種白盒方法。

So effectively, we would work in a collaborative manner because there's things that we can do in our hardware that would enable them and give them an advantage, reducing the cost of their system and it would not be that incredibly expensive to develop. But on top of that is the perception software we have that allows them to have an advantage. Now this is kind of a tricky thing, right? That's IP, but we want to make sure that we actually control our IP going forward and the value that it creates for investors, but we also need a partnership.

因此，我們會以協作的方式有效地開展工作，因為我們可以在硬體上做一些事情，這些事情將為他們提供支援並為他們帶來優勢，從而降低他們的系統成本，並且開發成本不會那麼高。但最重要的是，我們擁有的感知軟體可以讓他們佔優勢。現在這有點棘手，對吧？這是智慧財產權，但我們希望確保我們能夠真正控制我們的智慧財產權以及它為投資者創造的價值，但我們也需要合作關係。

So, I think you have to look deeper. You have to, when they open up and say, you know what, we want to explore a white box approach with you. And of course, this has just happened in the last quarter. We're involved in that to make sure that we support them as they need to explore what their product would be.

所以，我認為你必須看得更深入。當他們敞開心扉說，你知道嗎，我們想和你一起探索一種白盒方法。當然，這在上個季度剛剛發生。我們參與其中是為了確保在他們需要探索他們的產品時能夠為他們提供支援。

Software is such a big deal now that no one team can develop all the software. If you think about in ICE engine, ignition control. That's not done by (inaudible). They probably go to Bosch or somebody else that does the ignition control. So, all that software is their IP. So ultimately, the space is going to go back to that.

軟體現在如此重要，以至於沒有一個團隊可以開發所有的軟體。如果您考慮內燃機，點火控制。這不是（聽不清楚）。他們可能會去找博世或其他負責點火控制的公司。因此，所有軟體都是他們的 IP。所以最終，空間將會回到那個狀態。

So, our perception software is valid. It's very, very valuable. The hardware installed base is what this perception is going to enable, and OEMs starting to look at it as a more customizable feature that suited for them. I think that's what we're focusing ourselves and that's what we're giving ourselves confidence that we are really competitive, still competitive in this space.

所以，我們的感知軟體是有效的。這非常非常有價值。這種看法將要實現的是硬體安裝基礎，而 OEM 開始將其視為適合他們的更可自訂的功能。我認為這就是我們關注的重點，這也是我們給自己信心的原因，我們相信我們在這個領域確實具有競爭力，並且仍然具有競爭力。

Thanks, Sumit. Next question is seeing the Hassai news this week has us started to feel worried. SI is announcing new design wins with GM, Ford and Prominent European automotive brand and announcing that it has secured design wins with 18 OEMs and Tier 1 suppliers globally covering approximately 70 vehicle models as of Q1.

謝謝，Sumit。下一個問題是，看到本週的八齋新聞，我們開始感到擔憂。SI 宣布贏得通用汽車、福特和著名歐洲汽車品牌的新設計訂單，並宣布截至第一季度，已贏得全球 18 家原始設備製造商 (OEM) 和一級供應商的設計訂單，涵蓋約 70 種車型。

The company also holds mass production agreements with 6 of the top 10 Fortune 500 automakers. We know that Sumit has never said that he's targeting the Chinese market, but it leaves us concern as to what the future holds for MicroVision if we do not get a similar announcement.

該公司還與財富 500 強汽車製造商中的 10 家簽訂了量產協議。我們知道 Sumit 從未說過他瞄準的是中國市場，但如果我們沒有收到類似的公告，我們就會擔心 MicroVision 的未來會是什麼樣子。

Let me take this question and give you a financial perspective of this. I think we have seen Chinese later companies clocking almost over $250 million in annual revenue, selling over 220,000 Lidars every year. Yet the US markets and the investors do not give them any credit. They are trading, just barely over their cash value, which I think is a very important testament and a telling sign that the US markets and investors do not have the confidence or the comfort in their business model.

讓我來回答這個問題，並從財務角度告訴你。我想我們已經看到中國後來的公司年收入幾乎超過 2.5 億美元，每年銷售超過 22 萬台光達。但美國市場和投資者並不給予他們任何信任。他們的交易額僅略高於其現金價值，我認為這是一個非常重要的證明，也是一個明顯的跡象，表明美國市場和投資者對他們的商業模式沒有信心或安慰。

And remember, this is not the first time that this has happened. This is a very important area because governments are getting involved, and all the US and EU, OEMs are in the middle of it. As we said, we are a few days ago, the US Commerce Department came out with an article to propose to bar Chinese software and autonomous vehicles in the US.

請記住，這不是第一次發生這種事。這是一個非常重要的領域，因為各國政府都參與其中，而所有美國和歐盟的原始設備製造商都處於其中。正如我們所說，幾天前，美國商務部發表了一篇文章，提議禁止中國軟體和自動駕駛汽車在美國銷售。

Now that is a very significant shift for everybody who had been using Chinese Lidar in the US and EU or so far. So, data privacy is a very clearly, a very important concern. And I feel that this is why there's going to be a barrier between the US and Chinese, where obviously we cannot go sell in China and the Chinese Lidar will not be able to be successful in the US market, just given the transparency and given where the political climate is.

對於迄今為止在美國和歐盟使用中國雷射雷達的所有人來說，這是一個非常重大的轉變。因此，資料隱私顯然是一個非常重要的關注點。我覺得這就是為什麼美國和中國之間會存在障礙，顯然我們不能在中國銷售，而中國的雷射雷達也無法在美國市場取得成功，考慮到透明度和政治氣候。

Now having said all that, I think it is becoming beyond clear doubt that there is a Lidar market here in the US and EU, and that demand can only be fulfilled by American Lidar companies which are headquartered in the US.

現在說了這麼多，我認為毫無疑問，美國和歐盟存在光達市場，而且只有總部位於美國的美國光達公司才能滿足這一需求。

Let me take the next question. I understand that the company is trying to capture market share in the industrial space, where Ulster is deeply entrenched. How does MicroVision plan to capture market share?

我來回答下一個問題。據我了解，該公司正試圖佔領阿爾斯特已深耕的工業領域的市場份額。MicroVision 計劃如何佔領市場份額？

Let me take that. All right. I think think about the industrial space, I think you have to cast your vision bigger. There's a much bigger market than one Lidar company whose revenues people follow. And I think I mentioned names today, if you think about, if you really want to understand the market, think about Sick Ag, that one company by itself is the majority of the Lidar market in the industrial space. They sell a line sensor, right? And effectively, it's not a 3D sensor, it's like an effectively 2D sensor and one version as got four lines and maybe eight line version.

讓我來接手吧。好的。我認為，考慮到工業領域，你必須將視野放得更大。人們關注的光達公司的收入遠不止一家，還有更大的市場。我想我今天提到的名字，如果你想想，如果你真的想了解市場，想想 Sick Ag，這家公司本身就佔據了工業領域雷射雷達市場的絕大部分。他們賣的是線感應器，對嗎？實際上，它不是 3D 感測器，它就像一個有效的 2D 感測器，一個版本有四條線，也許有八條線版本。

Whereas our smallest product that we make right in our MOVIA L, they got like 80 lines. And that MAVIN product, we've got like 500 lines. So, these are vertical lines of scans. So, you can imagine the amount of resolution we can get. So, in the MOVIA sensor, MOVIA sensor ready now. But the real differentiator is, if you think about an integrator, somebody in the industrial space, they got a Lidar, but what do they do with it?

而我們在 MOVIA L 中製造的最小產品則有 80 條線。而那個 MAVIN 產品，我們有大約 500 條生產線。這些是垂直掃描線。所以，你可以想像我們可以得到多少解析度。因此，在 MOVIA 感測器中，MOVIA 感測器現在已經準備好了。但真正的區別在於，如果你考慮一個整合商，工業領域的某個人，他們有一個雷射雷達，但他們用它做什麼？

They had to write a bunch of code for the point cloud to enable them. In the case of stake, they have these like zone detection that they can get them warning and the vehicle has to take some action. That's not real perception. That's just some zones just trickling off yellow green light.

他們必須為點雲編寫大量程式碼來實現它們。在發生事故的情況下，他們有區域檢測之類的裝置，可以發出警告，然後車輛必須採取一些行動。這不是真實的看法。那隻是一些散發著黃綠色光芒的區域。

But what we can do is we can provide them all the software to the level where we can actually instruct these heavy industrial vehicles to stop or to slow down or to, like, for example, two of them are going to one in front is carrying a heavier loan and is moving slower. The one behind is coming at a higher speed and the operator does not notice instead of we're ending or slamming on the brakes and their taylload goes and hurt somebody else that the vehicle automatically starts following the speed of the one in front. I think about that. That's no different than ACC, adaptive cruise control that some of the cars that most of us cars have ACC nowadays.

但我們能做的是，我們可以為他們提供所有軟體，以便我們能夠真正指示這些重型工業車輛停下來或減速，或者，例如，其中兩輛正在行駛，而前面一輛載有較重的貸款，行駛速度較慢。後面的車速更快，駕駛沒有註意到，而是停車或猛踩煞車，導致車輛拋錨並傷到他人，車輛自動開始跟隨前面的車速行駛。我考慮一下。這與 ACC（自適應巡航控制）沒有什麼不同，現在我們的大多數汽車都配備了 ACC。

So, you can imagine that in the industrial space, you have somebody that, by their own vision that their expectation is like EUR850 million a year of revenue from the Lidar space, okay? So, it's a big market and that's just one player, and there's others actually. And they have actually a much bigger market that they're planning to go after, okay?

所以，你可以想像，在工業領域，有人根據他們自己的願景，期望每年從光達領域獲得 8.5 億歐元的收入，好嗎？所以，這是一個很大的市場，這只是一個參與者，實際上還有其他參與者。他們實際上有一個更大的市場值得進軍，對嗎？

For us, that is it to focus on that market, take some of the key segments, places that we have an advantage, where our software is a differentiator where we can get a partner up and running quicker. We would license the software to them. They would have to buy the hardware. And through that deal, we enable them to actually have content because we may have been an industry where there's a wall that China market is different.

對我們來說，重點關注市場，佔據一些關鍵的細分市場，我們有優勢的領域，我們的軟體具有差異化優勢，我們可以讓合作夥伴更快地啟動和運行。我們會將軟體授權給他們。他們必須購買硬體。透過這筆交易，我們使他們能夠真正擁有內容，因為我們可能是一個存在中國市場差異的障礙的行業。

The US and European market is different where Chinese will not be coming in, but they compete in the space, the vehicles, the heavy industrial vehicles that they make, they compete sign the Chinese. And so therefore, and the Chinese vehicles are cheaper. But if they give a higher level of safety as part of their product, they'll be able to compete.

美國和歐洲市場有所不同，中國不會進入，但他們在航太、車輛、他們製造的重型工業車輛方面競爭，他們與中國競爭。因此，中國汽車更便宜。但如果他們的產品具有更高水準的安全性，他們就能夠參與競爭。

And again, this is not something that I read in to market before. I've actually visited the customers and talk to the leadership and this is the biggest concern. And I asked them, one of the three problems you wanted to solve for you as soon as possible, so we can partner. And the number one is, can you actually give us something like enable them with our software in kind of some intimate partnership.

再說一次，這不是我之前在市場上讀到的東西。我實際上已經拜訪過客戶並與領導層進行了交談，這是最令人擔憂的問題。我問他們，你們想盡快解決的三個問題之一，以便我們能夠合作。第一個問題是，您能否真正為我們提供一些東西，例如透過我們的軟體為他們提供某種密切的合作關係。

So again, that's how we're looking at it. That's how we intend to capture the market, which is we have an asset. It is not impinging upon our capability to go after the really big market called automotive Lidar and software in the future. But if you can enable a partner right now and get embedded and we can bridge the gap from today till that revenue starts, then we should leverage what we have.

所以，我們再次這樣看待它。這就是我們打算佔領市場的方式，這就是我們的資產。這不會影響我們未來進軍汽車光達和軟體這一真正大市場的能力。但是，如果您現在就可以啟用合作夥伴並嵌入其中，並且我們可以從今天開始彌合差距直到開始獲得收入，那麼我們就應該利用我們所擁有的。

Thanks, Sumit. We do have a question from the dial in line right now from Kevin Garrigan, WestPark Capital.

謝謝，Sumit。我們現在確實接到了 WestPark Capital 的 Kevin Garrigan 撥打電話提出的問題。

Yes, hi, all. Thanks for letting me ask a couple questions. Ask a couple of questions. I hope on late, I apologize if you may have answered some of these already. But we've started to see robotaxis (inaudible) vehicles kind of make a comeback over the last few months. I'd say you have Tesla talking about it, Uber making their fleet. The seven RFQs that you're in. Are any of those for L4, are they all kind of geared more towards (inaudible)

是的，大家好。感謝您允許我問幾個問題。問幾個問題。我希望你回答得晚一些，如果你可能已經回答了其中一些問題，我深表歉意。但在過去幾個月裡，我們開始看到自動駕駛計程車（聽不清楚）車輛捲土重來。我想說特斯拉正在談論它，Uber 正在組建他們的車隊。您參與的七項 RFQ。這些是針對 L4 的嗎？它們是否都更適合（聽不清楚）

All the RFPs we're in are for L3 and L2 plus.

我們參與的所有 RFP 均針對 L3 和 L2 plus。

Okay. Perfect. And then, Sumit, you kind of answered this a little bit on, as part of the last question, but I know you're not looking to go into the Chinese market. But just with the recent talks of the US looking to ban Chinese automotive software, have you seen an increase in engagements with Chinese OEMs, where they're looking to just use all non-Chinese suppliers for the European or US markets?

好的。完美的。然後，Sumit，你對最後一個問題做了一些回答，但我知道你並不打算進入中國市場。但是，隨著最近美國談論禁止中國汽車軟體，您是否看到與中國原始設備製造商的合作增加，他們是否希望將所有非中國供應商用於歐洲或美國市場？

I'm not really sure I can definitively or with authority say that, right? I mean you hear things, right? But I don't think it's probably appropriate for me to just talk about the rumor that I've heard for some place, right? What I can clearly tell you is I've been to OEMs, multiple OEMs, and they've said that these are OEMs in US and Europe, have clearly said that their management decision is that moving forward, they're not going to entertain any Chinese supply chain even in your Lidar.

我不太確定我是否可以明確或權威地說出這一點，對嗎？我的意思是你聽到了一些聲音，對吧？但我覺得只談論我聽到的某個地方的傳聞可能不太合適，對嗎？我可以清楚地告訴你的是，我去過多家原始設備製造商，他們說這些都是美國和歐洲的原始設備製造商，他們明確表示，他們的管理決策是，展望未來，他們不會考慮任何中國供應鏈，即使是在你們的雷射雷達中。

So, they want to know, yes, great that you're an American German company, but what key components are, where they're coming from, they want to lay your value chain. So, it's to the point where we cannot even use some of the key components that go inside our Lidar to come from the Chinese supply chain.

所以，他們想知道，是的，很好，你是一家美國德國公司，但是關鍵部件是什麼，它們來自哪裡，他們想鋪設你的價值鏈。因此，我們甚至無法使用來自中國供應鏈的雷射雷達內部的一些關鍵零件。

So, I know that doesn't answer your question, but I'm telling you the gravity of what is happening right now in this space, where EV cars and the fully ADAS and autonomy for the future, these are seeing as key technological areas that European Union and American companies, they want to own North American OEMs on our own, and China has got its own firewall that they have created for themselves, right? So that's probably the better way to ask that question.

所以，我知道這並沒有回答你的問題，但我要告訴你現在這個領域正在發生的事情的嚴重性，電動車、完整的 ADAS 和未來的自動駕駛，這些被視為關鍵技術領域，歐盟和美國公司希望自己擁有北美的原始設備製造商，而中國有自己創建的防火牆，對嗎？所以這可能是提出這個問題的更好方式。

Yes, got it. Okay. That makes sense. Thank you.

是的，明白了。好的。這很有道理。謝謝。

Thanks, Kevin. The next question is, I've been a long term shareholder in the company, and all I've heard is from the management that our products are best in class, and yet there have been no deals that have been announced. I've also heard the management point out the shortcomings of other Lidar players. I don't want to hear about other players. I want to understand how MicroVision will win, help me become a believer.

謝謝，凱文。下一個問題是，我一直是該公司的長期股東，我從管理層聽到的只是我們的產品是同類產品中最好的，但尚未宣布任何交易。我還聽到管理層指出其他光達廠商的缺點。我不想聽到有關其他球員的消息。我想了解 MicroVision 將如何獲勝，幫助我成為其信徒。

I'll take that. I think that's a fair question. To be honest with you, that's a very fair question. I'm a shareholder in the company also, by the way, right? And not just the shares that (inaudible) right, not just the shares that the company has signed me as part of my employment, but I'm a shareholder in the company.

我會接受的。我認為這是一個合理的問題。說實話，這是一個非常公平的問題。順便說一下，我也是該公司的股東，對嗎？而且不僅僅是那些（聽不清楚）對的股份，不僅僅是公司作為我的工作的一部分簽給我的股份，而且我是公司的股東。

So that's a great question. I clearly am a believer. So let me convince you why you need to be believer. I think before you can pick upon a winner, like where you want to put your money, think about the space, think about what's happening.

這是一個很好的問題。我顯然是一個信徒。那麼讓我來說服你為什麼你需要成為信徒。我認為在你選擇贏家之前，例如你想把錢投在哪裡，先考慮一下空間，想想正在發生的事情。

There's clearly, like if governments are getting involved, if later companies are not the source information, but the OEMs are that tells you there's a market that's developing that's going to be around for decades because there's some sort of major transformation, major disruption is happening in transportation, right?

顯然，如果政府參與其中，如果後續公司不是資訊來源，而是原始設備製造商，那就告訴你，有一個正在發展的市場將存在幾十年，因為交通運輸領域正在發生某種重大轉變、重大變革，對吧？

So, if you think about disruption, the industry is got to get disrupted, and it's been trying to get itself disrupted for five years. And it's going to take another five years, I guess, right? But it's big enough that there is just a lot of people involved, where governments are involved now, right? So that's, believe it or not good news. That tells you there's an opportunity here. And the opportunity is that the current players, which is a typical Tier 1s, they do not have a leg up on anything.

所以，如果你考慮顛覆，這個產業必然會被顛覆，而且五年來它一直在試圖顛覆自己。我想這還需要五年時間，對吧？但它已經夠大了，有很多人參與其中，現在政府也參與其中了，對嗎？不管你信不信，這都是個好消息。這說明這裡存在機會。機會在於，目前的玩家是典型的一級玩家，他們在任何事情上都沒有優勢。

So, the true value of their shares is already to where it is. This new space that it breaks up where new revenues will come in and there'll be great opportunity to sell software with higher margin is becoming open. So that's, keep in mind, there's a market segment opening up a massive marketing segment opening up that will last for decades and there'll be players.

因此，他們的股票的真實價值已經達到了這個水平。它打破的這個新空間正在逐漸開放，新的收入將湧入其中，並且將有巨大的機會以更高的利潤率銷售軟體。所以，請記住，有一個細分市場正在開放，一個巨大的行銷細分市場正在開放，這將持續數十年，並且會有參與者。

And the current big Tier 1s that you think about, none of them have the technology, okay? And one of them that a partner with another Lidar company admit it, (inaudible) admitted that lost $0.25 billion trying to industrialize that. So, there's evidence that people are playing with real money in this space and somebody is going to win, okay?

而您想到的當前大型一級供應商都沒有這項技術，好嗎？其中一位與另一家雷射雷達公司合作的人士承認，（聽不清楚）在試圖實現其工業化的過程中損失了 2.5 億美元。所以，有證據顯示人們在這個領域玩的是真錢遊戲，而且有人會贏，好嗎？

Why am I believer? Yes, we're a little company, right? We don't have 1,000 employees, but that's not what you need. Right now, we're in the phase where we need to go develop the product and get some partnerships done. All right. And those partnerships are going to be for revenue, but you know what, it's not going to be, everybody talks to me about dilution and shareholder value, trust me, I live that every day and lose a lot of sleep over that. I can assure you that. I think about that all the time, all of us do, right?

我為什麼是信徒？是的，我們是一家小公司，對嗎？我們沒有 1,000 名員工，但這不是您所需要的。目前，我們正處於需要開發產品和建立合作關係的階段。好的。這些合作關係是為了收入，但你知道嗎，它不會，每個人都跟我談論稀釋和股東價值，相信我，我每天都過著這樣的生活，並為此失眠很多。我可以向你保證。我一直在思考這個問題，我們所有人都是這麼想的，對吧？

But you have this big opportunity. And on top of that, you have a company that seems to have a lot of things ready and it's saying the logical thing where it's not going to cost billions of dollars to capture the market. That's ridiculous. There's no billions of dollars as a public company that you can raise just to capture the market because the market size to recover that billions of dollars is going to take you like three decades. So that doesn't make any sense.

但你有這個巨大的機會。除此之外，這家公司似乎已經做好了很多準備，而且它說的合乎邏輯的話是，它不需要花費數十億美元來佔領市場。這太荒謬了。作為一家上市公司，你不可能籌集數十億美元只是為了佔領市場，因為要收回這數十億美元的市場規模需要三十年的時間。所以這沒有任何意義。

So we've done everything right. We've spent kind of trickle along least amount of what makes business sense, and we have the goods. We have the technology. Some of you have come and seen it, right? But think about just your judgment, right? I think you walk up for something, you walk through a car, they need to buy some day.

所以我們所做的一切都是正確的。我們花費了最少量的商業意義的資金，並且得到了貨物。我們擁有這項技術。你們有些人已經來看過了，對吧？但想想你的判斷，對嗎？我認為你走上前去買某樣東西，你走過一輛車，他們有一天需要買它。

Are you ever going to buy with a big (inaudible) the roof. It does not matter you investor. You have to buy a car for your family, you want this ADAS feature. You're going to want it people look nice because it's still a $50,000, $70,000 vehicle in the future.

您是否會購買有大（聽不清楚）屋頂的房子？這對投資者來說並不重要。你要為你的家人買一輛車，你想要這個ADAS功能。你會希望它看起來很漂亮，因為它將來仍然是一輛價值 50,000 美元、70,000 美元的汽車。

So therefore, it's going to be important. Well, what sensor? Well, I don't think you buy the car for the sensor, you buy it because it's embedded, the software is there, and you drive the car, but has to look beautiful. Well so far, out of all the companies out there, there's only one that actually has a product that can actually do that achieved at us, which is us in the MAVIN product.

因此，這將非常重要。那麼，什麼感測器？嗯，我認為你買車不是為了感測器，而是因為它是嵌入式的，有軟體，你可以駕駛汽車，但必須看起來很漂亮。嗯，到目前為止，在所有公司中，只有一家公司的產品能夠真正實現我們的目標，那就是我們的 MAVIN 產品。

And we're taking the product that the team here in Germany had created, the MOVIA product, which is the MOVIA L, which clearly cannot fit into the car, cannot get integrated into the car in the most beautiful manner, and we're actually investing in it to miniaturize that further. Once that's done, you could actually provide Lidar hardware and your software running on if you'll have a platform where your own software runs, you have an opportunity to go into that market.

我們採用德國團隊創造的產品，即 MOVIA 產品，即 MOVIA L，它顯然無法安裝到汽車上，無法以最美觀的方式整合到汽車中，我們實際上正在對其進行投資，以進一步使其小型化。一旦完成，您實際上可以提供光達硬體和運行您的軟體，如果您擁有一個可以運行您自己的軟體的平台，您就有機會進入該市場。

So, you have this big opportunity that the OEMs are going after that is going to be enabled by Lidar. I know there's one OEM out that says, no Lidar. I think that's okay. We'll find out, where it all ends up. But companies, there's one company here, of course, in Germany that has actually delivered an operational L3 car. I mean it is at 37 miles per hour, right, but it is fully qualified.

因此，您擁有這個巨大的機會，原始設備製造商 (OEM) 正在追求這個機會，而這個機會將由雷射雷達實現。我知道有一家 OEM 說，沒有光達。我認為沒關係。我們會發現這一切的結局。但是公司，當然，德國有一家公司實際上已經交付了一輛可運行的 L3 汽車。我的意思是它的速度是每小時 37 英里，對吧，但它完全合格。

So that tells you that a company that has delivered all the innovation in automotive for more than 100 years, take the Lidar, and they're continuously looking for the better Lidar that goes to their next generation product quality.

所以這告訴你，一家在汽車領域擁有 100 多年創新經驗的公司，採用光達，並且不斷尋找更好的光達，以滿足其下一代產品品質。

So therefore, you know the space is there. There's lots of money to be made there. There's a disruption. None of the big Tier 1s that are had the position that any of us investors could buy into and extract any kind of real value. They're not in it. Some of the technology companies that are there. One of these, more than one, I guess, right, but I would say us, one of us will rise and capture it all for aggressive, we're smart about how we step-by-step plan or ascent.

因此，你知道空間就在那裡。那裡可以賺很多錢。有混亂。沒有一家大型一級公司擁有我們投資者可以購買並獲得任何實際價值的地位。他們不在其中。那裡的一些科技公司。我想，其中一個，不止一個，對的，但我想說我們，我們中的一個會崛起，並積極地佔領這一切，我們很聰明，知道如何一步一步地計劃或攀登。

So, I'm clearly a believer, and I hope you are as well because think about not just the MicroVision, that's great. And I really want you to think about MicroVision. I'm glad you're investor. But I really want you to think about also is the space. What's really happening in the space and where the opportunity is.

所以，我顯然是一個信徒，我希望你也一樣，因為考慮的不僅僅是 MicroVision，這很棒。我真的希望你能考慮一下 MicroVision。我很高興你是投資者。但我真正希望你考慮的也是空間。這個領域到底發生了什麼，機會在哪裡。

And the opportunity is MicroVision creates a product. We create a solution, but the problem exists somewhere else and the problem can be verified and you can see how much money people are spending on it that kind of tells you the kind of revenues you can get in the near future. So that's really my piece as to why we should all be believers in the company.

而機會就是 MicroVision 創造了一種產品。我們創建了一個解決方案，但問題存在於其他地方，並且可以驗證該問題，您可以看到人們在這個問題上花了多少錢，這可以告訴您在不久的將來可以獲得什麼樣的收入。這就是我的觀點，說明為什麼我們都應該相信這家公司。

And Sumit, if I can add one more thing because I think, and while we talk about our peers, I don't think we're trying to slam our peers or I think we're just trying to point out the obvious because talking about the peers is an important aspect because none of the Lidar companies have in the US have steady-state revenues, right?

Sumit，如果我可以再補充一點，因為我認為，當我們談論我們的同行時，我不認為我們試圖抨擊我們的同行，或者我認為我們只是想指出一個顯而易見的事實，因為談論同行是一個重要的方面，因為在美國，沒有一家激光雷達公司有穩定的收入，對吧？

And I think it's very important what Sumit described to have a business model that is sustainable and a capital structure that is tenable, right? How can a company burn through $80 million in a quarter with about a revenue that doesn't even match up. And again, they talk about the gaps, the gross profits widening next quarter. That tells you that this is a cash gusting business.

我認為，正如蘇米特所描述的，擁有一個可持續的商業模式和可維持的資本結構非常重要，對嗎？一家公司怎麼可能在一個季度內就燒掉 8,000 萬美元，而收入卻還遠遠不夠？他們再次談論差距，以及下個季度毛利的擴大。這說明這是一筆現金流充裕的生意。

And I think that's why the market will be penalizing them. And I think the reason why I'm bringing this up is because all it's saying to us is the market will decimate companies, which are not being thoughtful. And I think the whole idea is, if you are being careful, if you are being prudent, you're going to be one of the few guys who would be able to capture this demand because the demand clearly exists out here.

我認為這就是市場懲罰他們的原因。我認為我之所以提起這一點，是因為它告訴我們，市場將會摧毀那些沒有深思熟慮的公司。我認為整個想法是，如果你小心謹慎，你就會成為少數能夠抓住這種需求的人之一，因為這種需求顯然存在。

And I think that's the reason why we're trying to not slam, but point out the very obvious facts about the business model. And I think it's not about us tooting our phones, but really pointing out what else exists out there in the market and how a smart investor will look at investing in a Lidar company.

我認為這就是為什麼我們不去批評，而是指出有關該商業模式的非常明顯的事實。我認為，這並不是吹噓我們的手機，而是真正指出市場上還存在什麼，以及聰明的投資者將如何看待對雷射雷達公司的投資。

Let's take the next question. How many FTEs are on staff and what are they primarily spending their time doing, specifically, we have program managers, salespeople, operations people, engineers who are currently cost centers of the company without any meaningful revenue or partnerships to keep them occupied.

我們來回答下一個問題。有多少全職員工，他們主要在做什麼，具體來說，我們有專案經理、銷售人員、營運人員、工程師，他們目前是公司的成本中心，沒有任何有意義的收入或合作夥伴關係來讓他們忙碌。

Let me take that question, actually. So, we have 160 engineers post the reductions that we carried out in the second quarter in both US and Germany working on these products. So, you have to understand that these projects are very demanding. It's not like the work that's after the award. We have to be engaged with the customers, defining the RFQ, responding to the RFQ working with their engineers to understand their technical requirements, to understand the problems they've had with previous Lidar suppliers that they have used in the past.

實際上，讓我來回答這個問題。因此，在第二季度進行裁員之後，我們在美國和德國共有 160 名工程師負責這些產品的研發。所以，你必須明白這些項目的要求非常高。這不像是獲獎之後的作品。我們必須與客戶接觸，定義 RFQ，與他們的工程師一起回應 RFQ，了解他們的技術要求，了解他們過去使用過的雷射雷達供應商所遇到的問題。

So, they are getting smarter, and I think that's why these engineers are required to be constantly working with the customers' engineers. And obviously, the work will start, the majority of the work will start afterwards. But I think a lot of the leg work has to be done in order for the customers to overcome their business and technological problems.

所以，他們變得越來越聰明，我認為這就是為什麼這些工程師需要不斷與客戶的工程師合作。顯然，工作將會開始，大部分工作將隨後開始。但我認為為了讓客戶克服他們的業務和技術問題，還有很多工作要做。

So, this is where we are using our resources. And that's just for automotive. The same thing is applicable for the industrial customers as Sumit described because we are essentially using our perception software for solving their ADAS problems and their ADAS problems is their robots or their heavy equipment moving at against speeds that are not as fast as 80 miles, but still that can cause significant damage to either human life or the things that they are carrying. So, I think that's where our resources are concentrated and focused on getting these customers.

所以，這就是我們利用資源的地方。這只是針對汽車而言的。正如 Sumit 所描述的，同樣的事情也適用於工業客戶，因為我們基本上使用我們的感知軟體來解決他們的 ADAS 問題，而他們的 ADAS 問題是他們的機器人或重型設備的移動速度雖然不到 80 英里，但仍然會對人類生命或他們攜帶的物品造成重大損害。所以，我認為我們的資源就集中在這裡，專注於獲取這些客戶。

Let's take the next question. Is MicroVision continuing to explore strategic options, either a takeover or strategic partnerships, dilution overhang with little revenues and cash burn appears to be restricting sustainable share price movement. What is the progress that's been made here?

我們來回答下一個問題。MicroVision 是否會繼續探索策略選擇，無論是收購還是策略合作夥伴關係，收入少和現金消耗大的稀釋似乎正在限制可持續的股價走勢。這裡取得了什麼進展？

Let me take that question. So, look, we are a public company and actually one of the cleanest public companies. We do not, we are not a leaseback, as you can imagine, as some of these other companies falter and start disappearing off the map. Our value inherently rises just because of the bad decision and the bad business model the others have created.

讓我來回答這個問題。所以，你看，我們是一家上市公司，其實也是最廉潔的上市公司之一。我們不做回租業務，正如您所想像的，因為其他一些公司正在走向衰敗並開始從地圖上消失。我們的價值本身就因為其他人的錯誤決策和糟糕的商業模式而上升。

And obviously, I cannot comment on what are some of the live discussions that are going on. But I think we would always be making strategic choices like we did with (inaudible) to make sure that we are creating value. And again, the goal is very simple, to have to have a business model that survives the uncertainty and the ability to capture the demand when it shows up later this (inaudible).

顯然，我無法對正在進行的一些現場討論發表評論。但我認為我們總是會做出策略選擇，就像我們對（聽不清楚）所做的那樣，以確保我們創造價值。再說一次，目標很簡單，就是要有一個能夠經得起不確定性考驗的商業模式，並且能夠在未來幾年內抓住需求。（聽不清楚）。

So, I think it's very important to build a sound business model. And hence, that's why all the discussions around acquisitions and partnerships, we do that in, as part of our corporate development efforts on a regular basis. But like I said, our goal is to build a company that is here to survive and thrive and actually capture the demand that exists out there.

所以，我認為建立完善的商業模式非常重要。因此，這就是為什麼我們會定期進行有關收購和合作的所有討論，作為我們企業發展工作的一部分。但就像我說的，我們的目標是建立一家能夠生存和發展並真正滿足現有需求的公司。

Let's take the next question. What were the reasons, Sumit's contract was extended as CEO. This is not meant to be a snarky question, but rather a genuine question that would allow to address the topic that is on many shareholders' minds. Why have on above Andrew also received additional performance incentive stock awards?

我們來回答下一個問題。原因是什麼？ Sumit 的 CEO 合約延長了。這不是一個尖刻的問題，而是一個真誠的問題，可以解答許多股東關心的話題。為什麼上​​述安德魯還獲得了額外的績效激勵股票獎勵？

Sumit, I'll let you take that. Okay. Yes. Thank you for the question. I think I expected to add this one. So, listen, I think we are committed to the company. I think about our Board. It's not like we just award ourselves. This is an independent Board, independent comp committee that reviewed it. I mean I'm encouraged that they believe that we are the right people to actually take the ship all the way through the tough storms and to some safe harbors. And I think we're very thankful that they acknowledge that it was important to have some retention value in the company.

薩米特，我讓你拿著它。好的。是的。謝謝你的提問。我想我希望添加這個。所以，聽著，我認為我們對公司是忠誠的。我想到我們的董事會。這並不是說我們只是給自己頒獎。這是一個獨立的董事會，獨立的委員會對其進行了審查。我的意思是，我很高興他們相信我們是合適的人選，能夠帶領這艘船渡過艱難的風暴，到達安全的港灣。我認為我們非常感謝他們承認在公司保留一定的價值非常重要。

Look, we're not having equity in the company. We're always, all of us giving cash. So, I know like everybody believes as the shareholders always believe that, well, you know what, why, why, why, right? But having equity in the company actually motivates people because there's a reason to build more, and that's what we're going to continue doing it.

你看，我們沒有該公司的股權。我們總是在捐現金。所以，我知道就像每個人都相信股東總是相信的那樣，嗯，你知道嗎，為什麼，為什麼，為什麼，對吧？但擁有公司股權實際上會激勵人們，因為他們有理由創造更多，而這正是我們將繼續做的事情。

So, but keep in mind that, this is our Board and our comp committee evaluating the situation and realizing the team that they want to go forward with because they engage with us day to day, right? They engage with us every month and every quarter, and they know what's going on within the company, how we're performing, all the things we're going through to make sure that we make the right choices at the right time and not miss a single beat. So, I think certainly want to thank them for acknowledging our contribution to the date.

所以，但請記住，這是我們的董事會和我們的薪酬委員會對情況的評估，並了解他們想要繼續前進的團隊，因為他們每天都與我們互動，對嗎？他們每個月、每季都會與我們互動，他們了解公司內部的情況、我們的表現以及我們正在經歷的所有事情，以確保我們在正確的時間做出正確的選擇，不錯過任何一個細節。所以，我想當然要感謝他們對我們這次約會貢獻的認可。

Thanks, Sumit. Do you have any comments about the recent buyout of Cepton by Koito? And do you think more companies will consolidate directly under Tier 1s versus partnering?

謝謝，Sumit。您對 Koito 最近收購 Cepton 有何評論？您是否認為會有更多的公司直接與一級供應商合併，而不是透過合作？

I think that was a very unique one. I think that was kind of accounts a long time ago. I think where they've ended up, I think we'll just see in the future where Koito is able to deliver a product and how prominent they are. But I think in my experience, and I think I started in my prepared remarks, of course, I talked about one Tier 1 that lost nearly $0.25 billion.

我認為那是一個非常獨特的經驗。我認為那是很久以前的事了。我認為他們最終會走向何方，我想我們將來會看到 Koito 能夠提供什麼樣的產品以及他們有多突出。但我認為，根據我的經驗，而且我認為我在準備好的發言中當然談到了一家損失近 2.5 億美元的一級銀行。

So, you can imagine they have no desire to do anything. I know for a fact as when we've spoken to them, they said, there's no appetite in the company. Any VP brings this stuff is going to get fired, okay? So, all Tier 1s are going through like, if you just read in the US and in Germany, what the Tier 1s are doing, right? Even in Japan, actually, there's like, they're shutting down programs and for the first time in decades, right?

所以，你可以想像他們不想做任何事。我知道這是事實，因為當我們與他們交談時，他們說公司對此沒有興趣。任何副總裁帶來這些東西都會被解僱，懂嗎？因此，所有一級供應商都在經歷類似的事情，如果你讀過美國和德國的情況，你就會知道一級供應商在做什麼，對嗎？實際上，即使在日本，他們也正在關閉一些項目，這是幾十年來的第一次，對嗎？

They had something like 17,000 people getting laid off in some of these companies that have hundreds of thousand employees. So, they're going through a transformation as well. If their business is going to change as the (inaudible) extends, but still a portion of it becomes into EV towards the end of the decade.

一些擁有數十萬名員工的公司大約有 17,000 人被解僱。所以，他們也正在經歷轉變。如果他們的業務隨著（聽不清楚）的擴展而發生變化，但到本世紀末，其中一部分仍將轉變為電動車。

So, (inaudible) been long for a long time, but we all know that, but the business model is changing. So, is there going to be opportunities for things like that? I mean who knows, right? Anybody that's got capital if they see a big market and they are a believer and the share price is right, why not, right?

所以，（聽不清楚）已經很久了，但我們都知道，商業模式正在改變。那麼，是否存在這樣的機會呢？我的意思是誰知道呢，對吧？如果任何有資本的人看到一個大市場，並且他們有信心並且股價合適，那為什麼不呢，對吧？

Our job is to execute on everything we say, create value. And if the share price reflects that, and there's a premium on that in the market, great. And that's what most investors believe in is what the company is doing, what the management is doing and what evidence they're showing?

我們的工作是執行我們所說的一切，創造價值。如果股價反映了這一點，並且市場上存在溢價，那就太好了。大多數投資者相信的是公司在做什麼、管理層在做什麼以及他們展示了什麼證據？

But you can imagine if somebody believes that long term there's bigger value than what the share price represents, that could happen at any time, right? So is it Tier 1? Is it somebody else? We're a public company, right? So, as you can imagine, that's always on the table.

但你可以想像，如果有人相信長期來看其價值大於股價所代表的價值，那麼這種情況隨時都可能發生，對嗎？那麼它是第 1 層嗎？是其他人嗎？我們是一家上市公司，對嗎？因此，正如你所想像的，這始終是可以考慮的。

Thanks, Sumit. The next question, to be broadly honest, the takeaways on the last call were that management didn't understand the business environment, questionably put all legion basket and now lacks leverage after losing that OEM deal. Ask yourself how can we square these issues with the investors and our share price has been greatly impacted by these actions.

謝謝，Sumit。下一個問題是，坦白說，上次通話的要點是管理層不了解商業環境，可疑地把所有軍團都投入了進去，並且在失去 OEM 交易後缺乏影響力。問問自己，我們如何與投資人解決這些問題，而我們的股價已經受到這些行動的巨大影響。

Yes. I'll take that one. So, I was very intimate in that deal, right? So, and I think I always, I think, get lots of private notes of encouragement from some of you, but also that you were not so excited about the tone at the last call and how we talked about it, right? So, let's just talk about it clarity. If we had enough cash balance, if we had alternative revenues everything was done, everything was fine. We were, Anubhav and I were involved in this since November. It was all about the financial longevity of the company.

是的。我要那個。所以，我對那筆交易非常投入，對嗎？所以，我認為我總是從你們中的一些人那裡得到很多私人的鼓勵，但你們對上次通話時的語氣以及我們談論它的方式並不那麼興奮，對嗎？因此，我們只討論它的清晰度。如果我們有足夠的現金餘額，如果我們有其他收入，那麼一切都會順利，一切都會好起來。我和 Anubhav 從 11 月就開始參與此事了。這一切都與公司的財務壽命有關。

This is the truth, right? So I think like, I think it's a fair question, right? But I think there's some context missing because it was not that we were caught flat-footed. It's not that we were not engaged that the judgment was impaired because something that's large I can transform the company, right? It was not just me by myself with a couple of people involved.

這是事實吧？所以我認為這是一個公平的問題，對吧？但我認為缺少了一些背景資訊，因為我們並沒有措手不及。並不是說我們沒有參與，因為一些大事我可以改變公司，所以判斷力受到了損害，對嗎？不只是我一個人，還有幾個人參與。

The Board was involved. Everybody was involved, everybody knew what was going on. But at some point, if somebody keeps moving the goalpost. And the goalpost is, we have a very good standing with them. That's, I mean we think highly of them, they think highly of us. I think it's all good. But it did not make the deal to not make sense, where we would have all the risks, and if on their side, they were software delays in development, years could be added to the program. We will be sitting there idle with all this investment, making all this money and no repeat be coming in.

董事會參與其中。每個人都參與其中，每​​個人都知道發生了什麼事。但在某些時候，如果有人不斷改變目標。我們的目標是，我們與他們保持著良好的關係。也就是說，我們高度評價他們，他們也高度評價我們。我認為一切都很好。但這並不意味著這筆交易毫無意義，因為我們將承擔所有風險，而如果他們一方出現軟體開發延遲，那麼該計劃可能會延長數年時間。我們將會無所事事地投入這些資金，賺這些錢，但卻不會有任何回報。

So, I'm not sure who posted this question, but I'm sure some of the investors on the call today, remember the April 2017 contract. Imagine that contract, but even with more significant burden, where we would have to have a massive OpEx to support their program, very little input from them and all the risks that they can delay the program unilaterally on because of their side of it, nothing to do with us, right?

因此，我不確定是誰提出了這個問題，但我確信今天參加電話會議的一些投資者還記得 2017 年 4 月的合約。想像一下那個合同，但即使負擔更重，我們也必須有大量的運營支出來支持他們的計劃，而他們投入很少，而且他們可能會因為他們的緣故單方面推遲計劃，這與我們無關，對嗎？

And we had to be cautious because if we had done that right now, today, whatever, how were you grading our performance right now. I'm not really sure with the cash we have. We won't going to raise, what is happening in the market right now. We would be around it.

我們必須謹慎，因為如果我們現在就這樣做，不管今天，你現在會如何評價我們的表現。我不太確定我們有多少現金。我們不會提高目前市場的情況。我們會圍繞著它。

So, we have to take a critical decision. And we were very casual about it. And we parted at good terms. We just let to know that we are certainly able to do anything, but we're going to need some financial support. And if their programs cannot support that because they're concerned about their own time lines, certainly thank them for being so upfront with us is like, there's some risk with that. We have to make a critical decision.

所以，我們必須做出一個關鍵的決定。我們對此非常隨意。我們和平地分手了。我們只是想讓大家知道，當然可以做任何事情，但我們需要一些財務支持。如果他們的計劃因為擔心自己的時間表而無法支持這一點，那麼我們當然要感謝他們如此坦率地告訴我們，這樣做確實存在一些風險。我們必須做出一個關鍵的決定。

So, I would not say that we were surprised by. We put our exit basket. We were in nine RFQs, One of them kind of just melted away because they are redoing their product strategy. So, I think the automotive OEMs will always be a big chunk of our attention, because long term, that's the biggest revenue opportunity for the company, real growth and an opportunity to sell lots of software features, okay?

所以，我不會說我們對此感到驚訝。我們把出口籃子放好。我們參加了九次 RFQ，其中一次有點失敗了，因為他們正在重新制定產品策略。所以，我認為汽車原始設備製造商將永遠是我們關注的重點，因為從長遠來看，這是公司最大的收入機會、真正的成長機會以及銷售大量軟體功能的機會，好嗎？

So, I think we did okay there, but I think it was the right decision. It was the right decision because it would have handicapped us towards anything else that we could ever do. Because if you take a program like that with very little opportunity in the future, and all your people are working on that.

所以，我認為我們做得還不錯，但我認為這是正確的決定。這是正確的決定，因為它會阻礙我們做任何其他事情。因為如果你採取這樣的一個項目，未來的機會就會非常少，而且你所有的人都在致力於這個項目。

Every one of these calls will be boring because I cannot talk about other customers we can afford to bring another 100 to 150 engineers to work on a different program. So it was that kind of thing, right? And as I said in the call, for the right partner for the right program, let's say there was a 1 million unit order potential for that.

每一次這樣的電話會議都會很無聊，因為我無法談論其他客戶，我們有能力再招募 100 到 150 名工程師來負責不同的專案。原來是那樣的事啊？正如我在電話中所說的那樣，對於合適的合作夥伴和合適的項目，假設有 100 萬個單位的訂單潛力。

That's a risk worth taking, right, convincing them. But the same things that we learned from there, like balance sheet, future revenues to build in the company, you can make all the right choices, they know you can be run for a decade. It's not just a promissory note that I write. They have to know it, they have to see it, they have to believe it that we're going to be run for more than a decade.

說服他們是值得冒的風險。但我們從那裡學到的東西是一樣的，例如資產負債表、公司未來的收入，你可以做出所有正確的選擇，他們知道你可以經營十年。我寫的不只是一張期票。他們必須知道這一點，他們必須看到這一點，他們必須相信這一點，我們將持續執政十多年。

Thanks, Sumit. I'll take one last question. Will MicroVision provide additional videos and press releases updates outside of quarterly results conference call. It would be nice if these were provided up-to-date information and reassured between quarterly calls that we are on the right path in the future if this was happening. Being kept in the dark doesn't help one bit.

謝謝，Sumit。我再回答最後一個問題。MicroVision 是否會在季度業績電話會議之外提供更多影片和新聞稿更新。如果能提供最新資訊並在季度電話會議之間保證我們在未來走在正確的道路上，那就太好了。被蒙在鼓裡沒有任何幫助。

Let me take this question. And I think, again, this is not an attempt to slam others because, but I think context has to be important here. I think we are trying to establish how do we run a traditional company, where the company has communicated on a regular cadence with the markets and informing the market about wins, contracts and awards that are significant to the company's future.

讓我來回答這個問題。我認為，這並不是試圖批評他人，但我認為背景在這裡很重要。我認為我們正在嘗試確定如何經營傳統公司，該公司定期與市場溝通，並向市場通報對公司未來具有重要意義的勝利、合約和獎勵。

I think we have gone past beyond those days, where people are posting selfies, people are posting trivial updates. And I think it's reflective in the stock price. People can have giant mega media events, but, and maybe that's what's leading up to the $80 million cash burn, which is, again, going back to the discipline, right?

我認為我們已經走過了那些人們發布自拍照、發布瑣碎更新的日子。我認為這反映在股價上。人們可以舉辦大型媒體活動，但是，也許這就是導致 8000 萬美元現金消耗的原因，這又回到了紀律問題上，對吧？

Because if you don't use the cash judiciously, clearly, that's not going to help. And clearly, that's what the markets are dictating or telling all the Lidar companies that none of these publicities tons are going to get you anything.

因為如果你不明智地使用現金，顯然這是沒有幫助的。顯然，這就是市場所決定的，或者說告訴所有光達公司，這些宣傳都不會為你帶來任何好處。

So, I think that's why it's important to understand the context of why we're being, we are setting the record for how, and I think you probably have heard Sumit and I talked about that we had predicted this long ago that the markets will be L2 and SD and not full autonomy long ago, right? And I think we have been really right about forecasting where the nature of this industry is going to be and I think this is yet another moment in time where we are, again, stating the same fact that you have to run, you have to have a traditional cadence, you have to run this company like a traditional business, so that you are going to be one of the few guys standing when the demand comes.

所以，我認為這就是為什麼了解我們為什麼會這樣、為什麼我們會創下紀錄很重要，我想你可能已經聽過 Sumit 和我談論過，我們很久以前就預測過，市場將是 L2 和 SD，而不是完全自主，對吧？我認為，我們對這個行業未來性質的預測非常正確，而且我認為這是另一個時刻，我們再次重申同樣的事實：你必須經營，你必須有一個傳統的節奏，你必須像經營傳統企業一樣經營這家公司，這樣，當需求到來時，你就會成為少數幾個能夠站穩腳跟的人之一。

And that's why we're sticking to our schedules, we are sticking to our cadence. And if and when the awards or events that are material to the company during the quarter, we would be announcing them and having investor events. But until then, we really don't see the use of cash and our time to do these media and publicity events on social media and even in-person event because, again, I don't understand how companies can sustain this amount of cash burn in, which is what's being driven by the markets.

這就是我們堅持我們的時間表、堅持我們的節奏的原因。如果本季有對公司重要的獎項或事件，我們就會宣布並舉辦投資者活動。但在那之前，我們真的看不到現金和時間被用來在社群媒體上進行這些媒體和宣傳活動，甚至是面對面的活動，因為我不明白公司如何能夠維持如此大量的現金消耗，而這正是市場驅動的。

All right. I think we have run quite fastly hour. I again, thank everybody on the call and being patient with us. I think I'm hopeful that you've got the theme of the call and as to why we feel very confident about the future and how we believe that MicroVision is positioned to be successful, one of the few successful Lidar companies to capture this demand. And again, I thank you all the investors for joining this call.

好的。我認為我們已經跑得相當快了。我再次感謝電話中的每一位並感謝他們的耐心。我希望您已經了解了本次電話會議的主題，以及我們為何對未來充滿信心，以及我們如何相信 MicroVision 能夠取得成功，它是少數幾家成功抓住這一需求的雷射雷達公司之一。我再次感謝所有投資人參加本次電話會議。

Thank you, everyone.

謝謝大家。

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。各方均可斷開連接並度過美好的一天。