MicroVision Inc (MVIS) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the MicroVision fourth-quarter and full-year 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 年第四季和全年財務和營運績效電話會議。（操作員指示）請注意，此事件正在記錄中。

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

現在我將會議交給德魯·馬卡姆。請繼續。

Thank you, John. Good afternoon. I am here today with our Chief Executive Officer, Sumit Sharma; and our Chief Financial Officer, Anubhav Verma. And also, I'm very happy to welcome to the call our incoming Chief Technology Officer, Glen Devos. Following their prepared remarks, we will open the call to questions.

謝謝你，約翰。午安.今天我和我們的執行長蘇米特夏爾馬 (Sumit Sharma) 一起來到這裡；以及我們的財務長 Anubhav Verma。此外，我非常高興地歡迎我們新任技術長 Glen Devos 參加電話會議。在他們發表完準備好的發言後，我們將開始提問。

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 business, product, and go-to-market strategies, customer and partner engagement, cash, liquidity and the impacts of our recent financing activities, market landscape, opportunities and program volumes and timing, development and performance of our products and solutions, product sales and future demand, projections of future operations, cash flow and financial results, availability of funds, as well as statements containing words like believe, expect, plan, and other similar expressions.

請注意，您在今天的討論中會聽到的一些信息將包括前瞻性陳述，包括但不限於有關我們的業務、產品和市場進入策略、客戶和合作夥伴參與、現金、流動性以及我們最近融資活動的影響、市場格局、機會和計劃量和時間、我們的產品和解決方案的開發和性能、產品銷售和未來的資金期望、未來的預測、預測和資金預期的預測可用性。

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 quarterly reports on Forms 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.

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的 SEC 文件，包括我們最近提交的 10-K 表年度報告和 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前瞻性陳述中暗示或表達的結果有重大差異的風險因素。所有前瞻性陳述均截至本次電話會議之日做出，除非法律要求，否則我們不承擔更新該資訊的義務。

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 10-K -- sorry 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 also be available for audio replay on the investor relations section of our website.

此外，我們將在本次電話會議上提供某些財務指標，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 (GAAP)。有關每項非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對賬，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 10-K 表格（抱歉，是今天提交給美國證券交易委員會的 8-K 表格）中包含的信息，這兩份表格都可以在我們公司網站 ir.micro.com 的“SEC”本次電話會議的音訊重播也將在我們網站的投資者關係部分提供。

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 fourth quarter 2024 results.

謝謝你，德魯，歡迎大家回顧我們 2024 年第四季的業績。

I would like to start by providing an update on our customer engagements for automotive and industrial opportunities we've been working on through 2024. Additionally, I will give an outlook on new engagements in 2025 for potential automotive, industrial, and military opportunities. Still a very exciting time for our technology.

首先，我想介紹一下我們一直致力於在 2024 年實現的汽車和工業領域客戶合作的最新情況。此外，我將展望2025年在汽車、工業和軍事領域的潛在新機會。對於我們的技術來說這仍然是一個非常令人興奮的時刻。

First, I would like to begin with our engagements with automotive RFQs and industrial opportunities. There are four areas that our technology engagement has focused on through 2024. We focus on automotive OEM programs with seven RFQs and a few custom development proposals.

首先，我想先談談我們在汽車 RFQ 和產業機會方面的合作。到 2024 年，我們的技術投入將重點放在四個領域。我們專注於汽車 OEM 項目，有 7 個 RFQ 和一些客製化開發提案。

In the industrial space, we focused on three areas, automated guided vehicles, AGVs, and autonomous mobile robots, AMRs. These platforms typically operate in a geofence environment, require low power perception software, integrated solutions, embedded localization, among other features.

在工業領域，我們專注於三個領域，自動導引車（AGV）和自主移動機器人（AMR）。這些平台通常在地理圍欄環境中運行，需要低功耗感知軟體、整合解決方案、嵌入式定位等功能。

And number two, collaborative robots. These robots share the environment with humans and operate in a semi-structured environment with humans in charge and again require integrated perception software on the sensor. Number three, mobile autonomous vehicles. These include commercial vehicles for industrial and military applications with multimodal sensor suites.

第二，協作機器人。這些機器人與人類共享環境，在人類負責的半結構化環境中運行，並且再次需要感測器上整合感知軟體。第三，移動自動駕駛汽車。其中包括配備多模式感測器套件的工業和軍事應用商用車輛。

We remain engaged in seven RFQs for automotive programs and make incremental progress. Automotive OEMs are still adjusting to their new timelines for product launch. It is abundantly evident that LIDAR is an integral part of the sensor suite required to deliver a reliable ADAS experience. What all of us are adjusting to is their updated timelines to launch decisions for their platforms.

我們仍在參與七個汽車項目的 RFQ，並取得了逐步的進展。汽車原始設備製造商仍在適應新的產品發佈時間表。顯而易見的是，LIDAR 是提供可靠 ADAS 體驗所需感測器套件的組成部分。我們所有人都在適應他們針對其平台發布決策的最新時間表。

We continue to explore opportunities for customized development with our OEM engagements. With ripples in expected future trading conditions for OEMs and their product timelines, we have remained actively close to them in their process. Their plans for future models of EV and ADAS are taking a parallel priority to their near-term goals of fielding models with traditional power trains that launch faster and in affordable price points.

我們將繼續探索透過 OEM 合作進行客製化開發的機會。隨著原始設備製造商 (OEM) 未來貿易條件及其產品時間表的預期變化，我們一直積極關注他們的進程。他們對未來電動車和 ADAS 車型的計劃與他們的近期目標一致，即推出採用傳統動力傳動系統的車型，這些車型的推出速度更快，而且價格更實惠。

In the AGV and AMR space, we made progress on multiple engagements through 2024 with our MOVIA L with integrated perception application software. This gave us the confidence to enter into an agreement with our partner ZF to increase our production capacity.

在 AGV 和 AMR 領域，我們利用整合感知應用軟體的 MOVIA L 在 2024 年之前的多項合作中取得了進展。這使我們有信心與合作夥伴ZF達成協議，以提高我們的生產能力。

Basically, we are offering a sub 8-watt sensor which has our perception and application software on board the sensor and talks directly to the customer's controllers. This is an advanced solution which is frictionless to our customers to integrate. We continue to make great progress in this space and expect these engagements will lead to commercial wins for us.

基本上，我們提供一個低於 8 瓦的感測器，該感測器上裝有我們的感知和應用軟體，可以直接與客戶的控制器對話。這是一個先進的解決方案，我們的客戶可以輕鬆整合。我們在此領域繼續取得巨大進展，並期望這些合作將為我們帶來商業利益。

There are more than 20 well-established companies for this segment that already have their products implemented and are actively looking to upgrade their platforms that LIDAR implemented in industrial ADAS software. The TAM for this segment is lower than automotive, but we have much faster line of sight to significant revenues for multi-year programs from hardware and software solutions. I am very excited about our multiple engagements in this segment.

該領域已有 20 多家知名公司推出了自己的產品，並積極尋求升級其在工業 ADAS 軟體中採用 LIDAR 的平台。該領域的 TAM 低於汽車領域，但我們可以更快地從硬體和軟體解決方案中獲得多年期專案的可觀收入。我對我們在這個領域的多次合作感到非常興奮。

In 2024, we delivered software integrated solutions to multiple potential collaborative robot partners as well. These evaluations are in flight. This is a slower moving segment for evaluation and large commercial agreements. With the current potential ripple of the international trade, we expect large scale decisions to be more fluid in 2025. We continue supporting and developing strong partnerships. In this segment, we again expect to have lower TAMs but higher margins. This is a segment we watched through 2025 to add layers of recurring revenues.

2024年，我們也向多個潛在的協作機器人合作夥伴提供了軟體整合解決方案。這些評估正在進行中。對於評估和大型商業協議來說，這是一個進展較慢的階段。隨著當前國際貿易的潛在波動，我們預計 2025 年的大規模決策將更加靈活。我們將繼續支持和發展強有力的合作關係。在這個領域，我們再次預期 TAM 會較低但利潤率會較高。這是我們關注到 2025 年的一個領域，旨在增加經常性收入。

Another segment we started engagement in 2024 was mobile autonomous robots in military and commercial vehicles with our LIDAR products. The larger opportunities in this segment is for long term partnerships where we could enable our potential customers with our mature perception software and advance their multimodal platform development.

我們在 2024 年開始涉足的另一個領域是搭載我們雷射雷達產品的軍用和商用車輛中的移動自主機器人。這一領域的更大機會在於長期合作夥伴關係，我們可以為我們的潛在客戶提供我們成熟的感知軟體，並推進他們的多模式平台開發。

This is an important area for partnerships we expect to develop. This allows us to showcase the breadth of our technology in enabling autonomous driving and ADAS outside the traditional automotive OEMs. These partnerships will certainly come with revenue and the broader play is to show that we are already accompanied with parts that are more valuable than what I see reflected in our market capitalization.

這是我們期望發展合作的重要領域。這使我們能夠展示在傳統汽車 OEM 之外實現自動駕駛和 ADAS 的技術廣度。這些合作肯定會帶來收入，而更廣泛的意義在於表明我們已經擁有了比我們所看到的市值所反映的更有價值的部分。

This year, we have already started working on expanding our partnership opportunities. The world is changing. A new era of opportunity for our advanced technology is military applications has appeared. With expansion expected in defense spending under the current administration and lots of realignment happening with this sector, our mature technologies and augmented reality to space systems, as well as perceptive LIDAR solutions, will be promoted for defense programs. I would say that it is early times and we are actively working on pursuing all opportunities.

今年我們已經開始致力於擴大合作機會。世界正在改變。我們的先進技術在軍事應用方面的新機會時代已經出現。隨著本屆政府預計國防開支將增加以及該領域正在進行的大量調整，我們成熟的技術和增強現實空間系統以及感知雷射雷達解決方案將在國防計劃中得到推廣。我想說，現在還為時過早，我們正在積極努力尋求一切機會。

As investors will recall, for over 30 years, MicroVision has delivered technology for various military programs. The company was founded for this segment. We have participated in programs for US Army, virtual copilot program for high resolution full color helmet mounted display. Two, US Military General Dynamics Mounted Warrior program with helmet mounted display for armored vehicle use. Number three, US Army aviation and missile command program for Boeing for binocular helmet mounted display for Comanche helicopter. Four, US Air Force full color head mounted display for Air Force eyewear. Five, US Military Battle Command Battle Lab for head-mounted display.

投資者會記得，30 多年來，MicroVision 一直為各種軍事項目提供技術。該公司正是為此領域而成立的。我們曾參與美國陸軍的高解析度全彩頭盔顯示器虛擬副駕駛專案。二、美國軍方通用動力公司的「騎乘勇士」計劃，為裝甲車輛配備頭盔顯示器。第三名是美國陸軍航空兵和飛彈指揮部為波音公司提供科曼奇直升機的雙眼頭盔顯示器專案。四、美國空軍用於空軍眼鏡的全彩頭戴式顯示器。五、美國軍事作戰指揮部戰鬥實驗室專用頭戴式顯示器。

And most recently, we were part of the HoloLens product developed for the military. We are very strong in this area and expect to bring a military advisor that will help us partner with larger companies in space for a partnership. I expect to talk about this more as these opportunities continue to develop.

最近，我們參與了為軍方開發的 HoloLens 產品。我們在這一領域非常強大，並希望引進一位軍事顧問，幫助我們與太空領域的大型公司建立合作關係。隨著這些機會的不斷發展，我希望能更多地談論這個問題。

I'm going to keep my prepared remarks brief today, as we received a large list of questions from our shareholders. And I would like to address that as the main narrative. I would like to now turn the call to Glen Devos, our new CTO. I'm excited that Glen has joined MicroVision to advance our product solutions and help us grow to provide more advanced software and hardware integrated solutions for automotive and industrial market segments.

由於我們收到了股東們的大量問題，今天我將簡短地發表我準備好的演講。我想就此作為主要論述。現在我想把電話轉給我們新任技術長 Glen Devos。我很高興 Glen 加入 MicroVision，推進我們的產品解決方案，並幫助我們成長，為汽車和工業細分市場提供更先進的軟體和硬體整合解決方案。

Glen and I have had a chance to get to know each other over the past six months and it has been great to mutually share the excitement for MicroVision. Glen?

在過去的六個月裡，格倫和我有機會互相了解，很高興能夠共同分享對 MicroVision 的興奮之情。格倫？

Thank you, Sumit. I appreciate the introduction. I'd like to start by saying how excited I am to be with you today and to be joining the MicroVision leadership team as their CTO. Over the course of my career at GE, Delphi, and then Aptiv, I've had the opportunity to both lead significant global technology development as well as to manage high growth automotive business units.

謝謝你，Sumit。我很感謝你的介紹。首先，我非常高興今天能和大家在一起，並加入 MicroVision 領導團隊擔任技術長。在通用電氣、德爾福和安波福的職業生涯中，我有機會領導重要的全球技術開發並管理高成長汽車業務部門。

As Aptiv’s CTO, I led the development of smart vehicle architecture and our advanced autonomous mobility technology, which incorporated radar, vision, and lidar as part of our advanced perception system, which powered the 2015 launch of the Las Vegas robotaxi fleet during CES that year, as well as our cross-country autonomous drive that occurred in April of 2015.

作為 Aptiv 的首席技術官，我領導了智慧汽車架構和先進自動駕駛技術的開發，該技術將雷達、視覺和雷射雷達作為我們先進感知系統的一部分，為 2015 年 CES 期間拉斯維加斯機器人計程車車隊的推出以及 2015 年 4 月的跨國自動駕駛提供了支援。

As president of the Advanced Safety and User Experience business unit, I managed the introduction of global large-scale ADAS programs for our leading OEM customers, resulting in the accelerated growth of that business unit into a multi-billion-dollar business with annual bookings in excess of $5 billion. I understand what it takes to identify, industrialize, and then successfully commercialize these disruptive technologies.

作為高級安全和用戶體驗業務部門的總裁，我負責為我們的主要 OEM 客戶引入全球大型 ADAS 項目，從而使該業務部門加速增長為價值數十億美元的業務，年訂單量超過 50 億美元。我知道如何識別、工業化並成功商業化這些顛覆性技術。

And this is exactly why I'm joining the MicroVision team. Building on MicroVision's proven technology portfolio, I believe that we are perfectly positioned to not only successfully commercialize our current LIDAR products within the automotive market, but also able to extend and deliver the complete perception system, as well as a rich set of features suitable for the industrial, defense, and commercial vehicle markets.

這正是我加入 MicroVision 團隊的原因。基於 MicroVision 成熟的技術組合，我相信我們不僅有能力在汽車市場成功商業​​化我們現有的光達產品，而且還能夠擴展和提供完整的感知系統以及適合工業、國防和商用車市場的豐富功能。

Now, to successfully capitalize on these opportunities, we have an important year ahead where we will be showcasing the complete MicroVision industrial, autonomous and advanced driver safety platform, which will utilize multimodal perception with a scalable software defined set of advanced features. Now, while these adjacent markets represent important near-term opportunities, we remain committed to the autonomous ADAS and the autonomous applications within the automotive space.

現在，為了成功利用這些機會，我們面臨重要的一年，我們將展示完整的 MicroVision 工業、自動和高級駕駛安全平台，該平台將利用多模式感知和可擴展的軟體定義的高級功能集。現在，雖然這些相鄰市場代表著重要的近期機遇，但我們仍然致力於自動 ADAS 和汽車領域內的自動應用。

MicroVision's technology will be a key enabler to unlocking additional L2 Plus and L3 features for our OEM customers. MAVIN, MOVIA-S, and MOSAIK are the right products at the right time for the automotive market. As I mentioned earlier, I couldn't be more excited about joining the MicroVision team and being part of this journey.

MicroVision 的技術將成為為我們的 OEM 客戶解鎖更多 L2 Plus 和 L3 功能的關鍵推動因素。MAVIN、MOVIA-S 和 MOSAIK 是汽車市場的適時產品。正如我之前提到的，我非常高興加入 MicroVision 團隊並成為這趟旅程的一部分。

Thank you, and I'll now turn it over to Anubhav to talk about our financials. Anubhav?

謝謝，現在我會把主題交給 Anubhav 來談談我們的財務狀況。阿努巴夫？

Thanks, Glen. We took many transformational steps in 2024 to adapt to the dynamic nature of the industry, including the macroeconomic conditions and geopolitical factors. The three notable achievements of the company are, number one, expanded near-term revenue opportunities in the industrial and defense sectors as timelines continue to evolve in the automotive industry.

謝謝，格倫。2024 年，我們採取了許多轉型舉措，以適應產業的動態性質，包括宏觀經濟條件和地緣政治因素。該公司的三大顯著成就是：第一，隨著汽車產業時間表的不斷發展，工業和國防部門的近期收入機會不斷擴大。

Fierce automotive OEM competition from China, both in terms of price and features, continue to drive US and European automotive OEMs to quickly find a way to progress their ADAS and EV initiatives. While this means revenues at scale from this industry are delayed, the certainty of LIDAR adoption, especially given its success in China, has never been higher.

來自中國的汽車原始設備製造商在價格和功能方面展開了激烈的競爭，這繼續推動美國和歐洲的汽車原始設備製造商快速尋找推進其 ADAS 和 EV 計劃的方法。雖然這意味著該行業的大規模收入將被推遲，但雷射雷達的採用的確定性從未如此高，特別是考慮到它在中國的成功。

To adapt to the changing landscape, we successfully positioned the company to focus on near-term revenue from industrial verticals with a focus on AMR, AGV in the warehouse and factory automation space, and also co-bots or collaborative robots. The revenue potential is immediate and significant given the need to reduce the cost in this industry.

為了適應不斷變化的情況，我們成功地將公司定位為專注於工業垂直領域的近期收入，重點關注 AMR、倉庫和工廠自動化領域的 AGV 以及協作機器人。鑑於該行業需要降低成本，其收入潛力是直接且龐大的。

In addition, we're now actively pursuing opportunities in the defense vertical, especially given the focus of the Trump administration to prioritize defense spending on cutting-edge technologies by leveraging our existing technologies and products in the AR and the VR space.

此外，我們現在正在積極尋求國防垂直領域的機會，特別是考慮到川普政府的重點是利用我們在 AR 和 VR 領域的現有技術和產品，優先將國防開支用於尖端技術。

Number two, disciplined cost management and added a world-class leadership team. We adjusted the workforce last year to focus on resources on near-term revenue opportunities. While the entire market executed several rounds of restructuring to conserve cash, our cash burn continues to be one of the lowest in the marketplace.

第二，嚴格成本管理，並組成世界級的領導團隊。我們去年調整了勞動力，將資源集中在近期的收入機會。雖然整個市場進行了幾輪重組以節省現金，但我們的現金消耗仍然是市場上最低的之一。

Also, in line with our focus on operational excellence, we are thrilled that Glen has joined us. His experience, energy, and perspective will help usher in transformational advancements in our solutions and go-to-market as we prioritize the expansion of our end markets, including industrial and defense.

此外，為了符合我們對卓越營運的關注，我們很高興 Glen 加入我們。我們優先考慮擴大包括工業和國防在內的終端市場，他的經驗、活力和視角將有助於推動我們的解決方案和市場進入的變革性進步。

Number three, strengthen our balance sheet with two rounds of investments from a strategic financial partner. With the raised capital and a further streamlined cash burn, we extended our cash runway into 2026. With near-term revenue opportunities and our expansion in the industrial and defense sectors, we believe we have improved our timelines to achieve cash flow breakeven.

第三，透過策略性金融合作夥伴的兩輪投資來加強我們的資產負債表。透過籌集資金並進一步精簡現金消耗，我們將現金跑道延長至 2026 年。憑藉近期的收入機會以及我們在工業和國防部門的擴張，我們相信我們已經改善了實現現金流收支平衡的時間表。

This is the first time in the history of the company that one single investor has committed to invest an aggregate of over $90 million of capital. This $90 million includes a $75 million convertible facility entered into in October 2024, and then a subsequent $17 million common equity transaction executed in February 2025. We believe these back-to-back financing transactions signal a strong boat of confidence. This has also been reflected in the MicroVision trading volumes that are significantly higher, three, four times of the historical levels, driven by both institutional and retail.

這是該公司史上首次單一投資者承諾投資總額超過9,000萬美元的資本。這 9,000 萬美元包括 2024 年 10 月簽訂的 7,500 萬美元可轉換貸款，以及 2025 年 2 月執行的後續 1700 萬美元普通股交易。我們相信，這些背靠背的融資交易顯示信心強勁。這也反映在 MicroVision 的交易量大幅上升，達到歷史水準的三到四倍，這在機構和零售的推動下尤其明顯。

If I can summarize this, securing an institutional financial partner to make an over $90 million commitment signals a strong vote of confidence in MicroVision's future. Last fall, we ran a competitive process to select institutions for a capital raise and received term sheets from multiple quality institutional investors that reinforce the market perception of MicroVision's technology.

總結一下，獲得機構金融合作夥伴做出超過 9,000 萬美元的承諾表明了對 MicroVision 未來的強烈信心。去年秋天，我們進行了一項競爭程序來選擇融資機構，並從多家優質機構投資者那裡獲得了條款清單，這強化了市場對 MicroVision 技術的認知。

As a result of this, we have achieved a strong market cap, bypassing several of our peers. We remain one of the highest valued US-based LIDAR companies with high average daily trading volume with elevated levels of institutional trading. These are all reflective of MicroVision's market position and strong staying power with low cash burn and high revenue potential from automotive, industrial, and defense sectors.

由此，我們超越了幾家同行，並實現了強大的市值。我們仍然是美國估值最高的光達公司之一，日均交易量較高，機構交易水準較高。這些都反映了 MicroVision 的市場地位和強大的持久力，其現金消耗低，並在汽車、工業和國防領域具有高收入潛力。

Now, let's review our Q4 financial performance. For the fourth quarter revenue, we reported $1.7 million. After backing out the one-time Microsoft revenue in Q4 last year, the revenue grew from $0.5 million to $1.7 million year-over-year, primarily driven by customers in the industrial vertical. While we did see momentum in industrial verticals, the Q4 revenue came short of our expectations as one customer delayed its decision to 2025, though we remain significantly engaged.

現在，讓我們回顧一下我們第四季度的財務表現。我們報告的第四季收入為 170 萬美元。去年第四季扣除微軟一次性收入後，營收年增從 50 萬美元至 170 萬美元，主要得益於工業垂直領域的客戶推動。雖然我們確實看到了垂直工業領域的發展勢頭，但由於一位客戶將其決定推遲到 2025 年，因此第四季度的收入未能達到我們的預期，儘管我們仍然積極參與。

On the expenses side, our fourth quarter 2024 expenses were in line with our expectations. For Q4, we had $14.7 million of R&D and SG&A expenses. These include $2 million of non-cash charges related to stock-based compensation expense and $1.7 million in non-cash charges related to D&A. Backing out these non-cash charges, our R&D and SG&A expenses were only $11 million in the quarter.

在費用方面，我們 2024 年第四季的支出符合我們的預期。第四季度，我們的研發和銷售、一般及行政開支為 1,470 萬美元。其中包括與股票薪酬費用相關的 200 萬美元非現金費用和與 D&A 相關的 170 萬美元非現金費用。除去這些非現金費用，我們本季的研發和銷售、一般及行政費用僅為 1,100 萬美元。

In line with our expectations, our expenses have trended down sequentially since the first quarter of 2024, primarily due to the reductions in force we implemented to focus the company on MAVIN and MOVIA products and away from MOSAIK and Sensor Fusion in response to the automotive projects being pushed to the right.

與我們的預期一致，自 2024 年第一季以來，我們的費用呈環比下降趨勢，這主要是由於我們實施了裁員，將公司重點放在 MAVIN 和 MOVIA 產品上，而將重點從 MOSAIK 和 Sensor Fusion 上移開，以應對汽車項目被推向右翼的情況。

We believe our workforce and expenses are well positioned to execute on the current business strategy. The current engineering talent pool is sufficient to remain engaged with the automotive OEMs and simultaneously scale faster with industrial and defense revenue opportunities in near term. We believe that the go-forwards annual run rate of our R&D and SG&A expenses will be $48 million to $50 million for 2025. Q4 CapEx was $0.1 million, in line with our expectations.

我們相信，我們的員工和費用足以執行當前的業務策略。目前的工程人才庫足以繼續與汽車原始設備製造商合作，同時在短期內透過工業和國防收入機會更快地擴大規模。我們相信，到 2025 年，我們的研發和銷售、一般及行政費用的預期年運行率將達到 4,800 萬至 5,000 萬美元。Q4 資本支出為 10 萬美元，符合我們的預期。

Let's talk about our balance sheet. We finished the year with $75 million in cash and cash equivalents. We're pleased with how our relationship with High Trail has developed over the last six months. In February this year, we raised another round of equity investment from them. Subsequent to these financings, the company now has access to a total of $235 million as of December 31, 2024, with the following four components.

讓我們來談談我們的資產負債表。我們今年的現金和現金等價物總額為 7,500 萬美元。我們對過去六個月與 High Trail 的關係的發展感到非常滿意。今年二月，我們又從他們那裡進行了另一輪股權投資。在這些融資之後，截至 2024 年 12 月 31 日，該公司現在可獲得總計 2.35 億美元的資金，包括以下四個部分。

Number one, the cash and cash equivalents of $75 million. Number two, $114 million availability under our current ATM facility. Number three, $30 million of undrawn capital under the convertible notes facility. And lastly, the $17 million of new equity capital from High Trail. In addition to the equity capital raised in February, High Trail also converted over 20% of their note into common stock.

第一，現金和現金等價物為7500萬美元。第二，我們目前的 ATM 設施下有 1.14 億美元的可用資金。第三，可轉換票據融資項下尚未動用資本為 3,000 萬美元。最後，還有來自 High Trail 的 1,700 萬美元新股本。除了 2 月籌集的股本外，High Trail 還將超過 20% 的票據轉換為普通股。

In addition, the June to August redemption payments on those notes were deferred. We're pleased to have found a strategic partner whose confidence in MicroVision's future has motivated an alignment of economic interests in step with our management team, employees, and other shareholders. This makes the overall cost of capital for the convertible quite attractive.

此外，這些票據的六月至八月的贖回付款也被推遲。我們很高興找到了一個策略夥伴，他對 MicroVision 的未來充滿信心，並推動我們與管理團隊、員工和其他股東的經濟利益保持一致。這使得可轉換債券的整體資本成本相當有吸引力。

We believe that the benefits to the company spurred by the investment significantly outweigh the cost. We sold about $9 million worth of common stock under the current ATM in the fourth quarter. We have $114 million available. On the convertible note, we have approximately $33 million outstanding that could convert at a fixed price of $1.59. The $30 million second tranche remains undrawn and available for future drawdowns, subject to certain limitations.

我們相信，該項投資為公司帶來的收益遠遠超過其成本。我們在第四季根據現有 ATM 出售了價值約 900 萬美元的普通股。我們有1.14億美元可用。就可轉換票據而言，我們有大約 3,300 萬美元的未償還金額，可以以 1.59 美元的固定價格轉換。 3000 萬美元的第二筆款項仍未提取，可供未來提取，但受到某些限制。

Now let's talk about 2025 targets. We have already secured production commitments from our manufacturing partner at ZS to fulfill the anticipated demand from the customer projects we remain deeply engaged in. We expect this demand to be in the $30 million to $50 million range just from this vertical only over the next 12 to 18 months.

現在我們來談談2025年的目標。我們已經從 ZS 的製造合作夥伴處獲得了生產承諾，以滿足我們持續深度參與的客戶專案的預期需求。我們預計，僅在未來 12 到 18 個月內，這一垂直領域的需求就將達到 3,000 萬到 5,000 萬美元。

As we expand our TAM into defense and other related areas and work together with Glen to expand our solutions and accelerate our go-to-market strategy, we will provide more color on financial and business milestones for 2025 and 2026 in the upcoming events.

隨著我們將 TAM 擴展到國防和其他相關領域，並與 Glen 合作擴展我們的解決方案並加速我們的市場進入策略，我們將在即將到來的活動中為 2025 年和 2026 年的財務和業務里程碑提供更多細節。

To summarize, we're really excited about 2025 and beyond as MicroVision drives forward with, A, significantly higher TAMs, including defense and industrial. B, expansive and broadening solution advancements. C, a solid balance sheet with superior trading metrics. And lastly, a well-experienced team to execute the strategy.

總而言之，我們對 2025 年及以後的發展感到非常興奮，因為 MicroVision 將以顯著更高的 TAM 向前發展，包括國防和工業領域。B、廣泛且不斷拓展的解決方案進步。C、穩健的資產負債表和卓越的交易指標。最後，擁有一支經驗豐富的團隊來執行該策略。

With this, John, I would now like to open the line for questions.

約翰，現在我想開始回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Casey Ryan, West Park Capital.

凱西瑞安（Casey Ryan），West Park Capital。

Good afternoon, everybody. Thank you for the exciting update. I was curious if we could start with the discussion of the $1.7 million in revenue in the quarter. How much of that would we characterize as sort of commercial shipments versus, say, NREs or some sort of R&D work done in conjunction with partners?

大家下午好。感謝您提供令人興奮的更新。我很好奇，我們是否可以先討論本季 170 萬美元的營收。其中有多少我們可以定義為商業出貨，有多少是 NRE 或與合作夥伴共同完成的某種研發工作？

Hi, Casey, thank you for your question. This is Anubhav here. The $1.7 million in the fourth quarter was primarily the revenue derived from the sale of sensors to our customers. There is very minimal NRE in this. The NRE that we were expecting to get in Q4, we expect that to be pushed out in 2025 because of the customer decision.

你好，凱西，謝謝你的提問。我是 Anubhav。第四季的 170 萬美元主要來自於向客戶銷售感測器的收入。其中的 NRE 非常少。我們原本預計在第四季獲得的 NRE，由於客戶的決定，預計會延後到 2025 年。

Okay, terrific. And would you describe the $1.7 million, whatever portion was sort of commercial, was that sort of to a single customer or maybe potentially to multiple customers? Because that would be exciting if it were.

好的，太棒了。您能否描述這 170 萬美元，無論這部分是否具有商業性質，是針對單一客戶還是可能針對多個客戶？因為如果真是這樣的話那將會非常令人興奮。

Correct, so it was to multiple customers, not just one, because I think here I would like to differentiate, however, the number of customers that comprise this $1.7 million is less than 10, because our strategy has always been to pursue high volume industrial customers, because that significantly drives the higher ROI, because we have to -- we can get those revenue without inflating our SG&A expenses.

正確，所以這是針對多個客戶，而不僅僅是一個，因為我想在這裡我想區分一下，但是，構成這 170 萬美元的客戶數量不到 10 個，因為我們的策略一直是追求大批量工業客戶，因為這顯著推動了更高的投資回報率，因為我們必須 - 我們可以獲得這些收入而不會增加我們的 SG&A 費用。

And that has been the motto of the company to go after industrial customers with significantly higher volume estimates to either retrofit their existing robots or for new robots that are going to be deployed in the future.

而這正是該公司的座右銘，即追逐那些預計產量明顯更高的工業客戶，以改造他們現有的機器人或為未來將要部署的新機器人。

Okay, terrific. That's helpful color, I think. It feels new, the mention of defense opportunities for the company, which I agree is exciting. I have two questions around that, I guess. Is it fair for us to think that those opportunities are related to say ground-based or movable objects or are they also aerial objects? I guess I'm trying to understand maybe how big the opportunity is if it's sort of multi-theater essentially?

好的，太棒了。我認為那是有用的顏色。這給人一種很新的感覺，提到了公司的防禦機會，我同意這令人興奮。我想，我對此有兩個疑問。我們可以認為這些機會與地面或可移動物體有關，或者它們也是空中物體？我想了解的是，如果它本質上是一種多影院，那麼機會到底有多大？

What -- let me take that one. I think the focus is, if you think about our core products, the core product we've been working on five years since I've been CEO is the LIDAR product with the perception and expanding that into platforms and automotive. And certainly, with the team here in Hamburg combined, we have something we can offer to people developing vehicles that are non-automotive. And it happens to be that in the military space there are multiple programs on this.

什麼——讓我來接手這個。我認為重點是，如果你考慮我們的核心產品，自我擔任執行長五年以來我們一直致力於的核心產品是具有感知功能的光達產品，並將其擴展到平台和汽車領域。當然，有了漢堡團隊的共同努力，我們可以為非汽車領域的車輛開發人員提供一些幫助。而恰巧在軍事領域有多個關於此方面的計劃。

So we engaged on that last year. So primarily that's the product we've been working on. But of course the pedigree of the company, 25 years plus before that, is of course display systems. And given the current environment, as opportunities arise, we want to make sure that all the assets of the companies are made available for potential revenue.

因此我們去年就開始著手此事。這是我們一直致力於開發的主要產品。但當然，該公司在此之前的 25 年多歷史中，一直以顯示系統為支柱。鑑於當前的環境，隨著機會的出現，我們希望確保公司的所有資產都能帶來潛在收入。

Okay, terrific.

好的，太棒了。

So nothing missile related, right? It's just ground-based and, of course, directly related to our soldiers.

所以與導彈無關，對嗎？它只是地面部隊，當然，與我們的士兵直接相關。

Okay. So, not to harp too much on it, but it is exciting. Are you sort of aligned with a sort of partner as you sort of work to sort of penetrate the defense space or are you able to go directly because of your past history and past relationships?

好的。所以，不要對此過度嘮叨，但它確實令人興奮。當您致力於打入國防領域時，您是否會與某種合作夥伴保持一致，或者您是否能夠根據您過去的歷史和關係直接進入？

We've actually never gone direct. I think if you think about the size of the company we are, we build one part of the subsystem of something larger. So we tend to work with partners that can be part of the bigger program. As I mentioned on earlier, right, we intend to bring on some military advisors to help us through the process.

我們實際上從未直接進行過。我認為，如果你考慮我們公司的規模，我們建立了更大系統的子系統的一部分。因此，我們傾向於與可以成為更大計劃一部分的合作夥伴合作。正如我之前提到的，我們打算聘請一些軍事顧問來幫助我們完成這項工作。

Okay. All right. Terrific. And then circling back, last question, sort of less than 10 but more than one sort of commercial customers in 4Q is pretty exciting. For all those opportunities, are you finding that you're competing against a lot of the names that we would think about, or are you finding that it's really maybe what MicroVision is being sought out for its unique capabilities, or what's the competitive nature of these sort of wins essentially in terms of building relationships with these customers?

好的。好的。了不起。然後回到最後一個問題，第四季少於 10 個但多於一個的商業客戶是相當令人興奮的。對於所有這些機會，您是否發現您正在與許多我們能想到的公司競爭，或者您是否發現 MicroVision 可能真的因為其獨特的功能而被尋求，或者從與這些客戶建立關係的角度來看，這些勝利的競爭性質是什麼？

The customers are -- all the customers know who the parties are. I'm not going to comment like who's in the mix. That's not appropriate for us also that’s their confidential information. But one thing that's just my general view of talking to other people with the potential of some trade barriers that may come up in the future, working with Chinese-based LIDAR companies that has ups and downs, they navigate.

顧客是－所有顧客都知道當事人是誰。我不會評論誰參與其中。這對我們來說也不合適，因為這是他們的機密資訊。但有一件事只是我在與其他人交談時的一般看法，未來可能會出現一些貿易壁壘，與中國光達公司合作會遇到起伏，他們會設法應對。

Most recently, somebody said that, yeah, having a company that is here at home that definitely gives us a warm and a fuzzy, right? So that restricts -- that limits not restricts, but that narrows down the number of companies you can compete against. But to them, you make a LIDAR, somebody else makes a different LIDAR, you have software, somebody has software, how well can you integrate?

最近，有人說，是啊，在家鄉有一家公司確實讓我們感到溫暖和舒適，對吧？因此，這限制了——這限制不是限制，而是縮小了你可以競爭的公司數量。但對他們來說，你製造了一個光達，別人也製造了一個不同的光達，你有軟體，別人也有軟體，你們能整合得有多好？

How well does your application -- how well does the application software solve our problems? Real-time, low power, they want choices, right? They don't want to lock themselves in because some of the decisions that people make are seven years programmed lifetimes. They may be smaller volume compared to automotive, but they’re pretty big decision.

您的應用程式有多好——應用軟體有多好地解決我們的問題？即時、低功耗，他們想要選擇，對嗎？他們不想把自己束縛住，因為人們所做的某些決定都是在七年的人生中被編程好的。與汽車相比，它們的體積可能較小，但卻是一個相當大的決定。

So typically there is more than one company involved and they try to, just like every situation we walk into in the automotive, they try to understand the uniqueness, but also what's really something they can count on your technology. So in our case, offering 25,000 hours' worth of life, low power, software integrated onboard, not requiring ECUs.

因此，通常會有多家公司參與，就像我們在汽車領域遇到的每種情況一樣，他們會嘗試了解獨特性，同時也會嘗試了解他們真正可以依靠你的技術的東西。因此在我們的案例中，提供 25,000 小時的使用壽命、低功耗、板載整合軟體，不需要 ECU。

Those are the kind of value proposition and unique selling points that we promote, so we remain competitive. And others will have a different unique point, but they are LIDAR companies with software, but a narrower subset of companies competing.

這些就是我們所推廣的價值主張和獨特賣點，因此我們保持了競爭力。其他公司會有不同的獨特之處，但他們是擁有軟體的雷射雷達公司，但參與競爭的公司範圍較窄。

Terrific, thank you for all that color, and I think you're painting a very positive outlook for 2025. So thank you. I'll drop off the line now.

太棒了，謝謝你帶來這麼多色彩，我認為你對 2025 年的展望非常樂觀。所以謝謝你。我現在要掛斷電話了。

Jesse Sobelson, D. Boral Capital.

傑西·索貝爾森 (Jesse Sobelson)，D. Boral Capital。

Hey, everyone, thanks for the update here. Thanks for taking our questions. The first I was just wondering on is this ZF contract. You mentioned $30 million to $50 million over 12 to 18 months. Could you provide a little bit more clarity on exactly what the deal is, potentially what kind of product you expect to deliver, and if this is an ongoing and consistent delivery contract or some type of lump sum agreement? Please.

嘿大家，感謝你們在這裡的更新。感謝您回答我們的問題。我首先想知道的是這個 ZF 合約。您提到 12 至 18 個月內籌集 3000 萬至 5000 萬美元。您能否更清楚地說明一下這筆交易到底是什麼，您希望交付什麼樣的產品，以及這是一份持續一致的交付合約還是某種類型的總價協議？請。

Go ahead, Sumit.

繼續吧，Sumit。

No, no, go ahead.

不不不，繼續說。

Okay. Jesse, I just wanted to clarify a few things. So this $30 million to $50 million is what we expect as the demand from our customers in the next 12 to 18 months. So to fulfill that demand, we have already secured production commitments from ZF, who is our manufacturing partner, to ensure that we have an uninterrupted supply to our customers because I think as Sumit described, one of the important reasons for some of these commercial discussions with industrial customers that we're engaged in, it's a priority for them to make sure a company like ours can deliver solutions at scale and predictable volume and predictable schedules.

好的。傑西，我只是想澄清一些事情。因此，我們預計未來 12 到 18 個月客戶的需求為 3,000 萬到 5,000 萬美元。因此，為了滿足這一需求，我們已經從我們的製造合作夥伴 ZF 獲得了生產承諾，以確保我們能夠不間斷地向客戶提供供應，因為我認為，正如 Sumit 所描述的，我們與一些工業客戶進行商業討論的重要原因之一是，他們優先確保像我們這樣的公司能夠按可預測的規模和時間表提供解決方案。

And hence that's why for the certainty of fulfilling that demand, we ensured that we have a locked in production commitment from ZF, so that when the demand comes and arrives, we're able to fulfill that sufficiently well.

因此，為了確保滿足這項需求，我們確保與 ZF 達成鎖定的生產承諾，這樣當需求到來時，我們就能足夠好地滿足需求。

Great. Thanks for the explanation there. I'm sorry for the mistake, but I appreciate the clarification. It's good to hear that you've been able to secure this type of production capacity for potential demand. Looking to one piece of the puzzle here that's been consistent with the business is the automotive RFQs.

偉大的。感謝您的解釋。我很抱歉犯了這個錯誤，但我感謝您的澄清。很高興聽到您能夠確保這種生產能力來滿足潛在需求。這裡尋找與業務一致的一個難題是汽車 RFQ。

You mentioned some continued engagement with several OEMs and there have been delays. It is just across the board, but could you just give us an idea on maybe some potential update on realistic timelines for these RFQs converting into revenue-generating contracts could potentially be?

您提到與幾家 OEM 持續合作但出現了延誤。這只是全面的，但您能否給我們一些關於這些 RFQ 轉換成創收合約的實際時間表的潛在更新？

Sumit, you want to talk about that?

蘇米特，你想談談這個嗎？

You broke up there for a second. Could you just repeat that for a second, please? You broke up for me.

你們在那裡分手了一秒鐘。你能再說一次嗎？你為了我分手了。

On RFQs, I'm just curious for -- in the automotive segment of the business, the industry's experienced delays, but was just curious for some potential update on when we could expect that business to be generated.

關於 RFQ，我只是好奇——在汽車業務領域，該行業經歷了延遲，但我只是好奇我們何時可以預期該業務產生的一些潛在更新。

Yeah, I think in general, the RFQs, the timeline for their startup production is moving out. So, the technical evaluation goes on. And to be honest, even on the OEM side, there's a churn, as you can, we all read the news. They have churned. Tier-1s have churned, but the programs by themselves, right, are seeing some elongation in their timelines.

是的，我認為總體而言，RFQ 和啟動生產的時間表正在推遲。因此，技術評估仍在繼續。老實說，即使在 OEM 方面，也存在客戶流失，正如你所見，我們都讀過新聞。他們已經攪亂了。一級項目已經發生了變化，但這些項目本身的時間表正在延長。

So as RFQs go in, technically lots is known, new items come out always like how about this, how about that, but the decision is not clear when it's going to get made, right? They're not driving towards a decision as fast as they were in previous years. And that's at least our experience, right? And I know like, we feel that a lot of questions from our investors, you're best in class, how is it that you're not winning?

因此，隨著 RFQ 的進入，從技術上講，很多東西都是已知的，總是有新的項目出現，例如這個怎麼樣，那個怎麼樣，但何時做出決定卻不清楚，對嗎？他們沒有像前幾年那樣快速地做出決定。這至少是我們的經驗，對吧？而且我知道，我們的投資人提出了很多問題，例如，你是同類中最好的，為什麼你沒有贏？

Part of it is, there's a process that you're part of, and you have to go through it to get to the commercial side of it. So technical reviews go in. You want to get to the green part, technically green, but then you have the commercial side of it. It would be very hard for me or anybody else to predict when those timelines are and if those programs are actually going to go to fruition.

部分原因是，您參與了一個過程，您必須經歷這個過程才能進入商業領域。因此需要進行技術評審。你想要達到綠色部分，從技術上來說，是綠色的，但你還要考慮它的商業面。對於我或其他任何人來說，都很難預測這些時間表何時實現以及這些計劃是否真正會實現。

One could get an award, but that does not mean it goes to SOP. So lots of variables, right? So I guess everybody wants to win, do the press release, stock goes up, and it's great. But nobody can actually talk about, is that actually going to go into production or not and where that program is.

人們可以獲得獎勵，但這並不意味著他們會獲得 SOP。那麼有很多變量，對吧？所以我想每個人都想贏，發布新聞稿，股票上漲，這很棒。但實際上沒有人能夠談論它是否真的會投入生產以及該計劃在哪裡。

And I would argue that a lot of our competition has announced wins, but it's really hard for them to say where they will be in the long term, that those programs are going to actually be maintained. So, we're in a different stage. We made a bigger bet, which is to reduce everything in size and go for passenger vehicles early on. We started incorporating the perception software by bringing on the team here in Hamburg. And bigger contracts would take longer, in my opinion.

我想說，我們的許多競爭對手都已宣布獲勝，但他們很難說出他們的長期發展前景，這些項目是否能真正維持下去。所以，我們處於不同的階段。我們下了更大的賭注，那就是縮小一切的尺寸，儘早推出乘用車。我們開始透過引入漢堡的團隊來整合感知軟體。我認為，簽訂更大的合約需要更長的時間。

Sure, understood. It's a developing process with these guys. And I think it's just across the industry. I guess lastly, I'm just kind of curious, but I've been in some discussion here -- sure, go on.

當然，明白了。這些都是正在發展的過程。我認為這存在於整個行業。我想最後，我只是有點好奇，但我在這裡已經參與了一些討論——當然，繼續吧。

If I can interrupt, right? We have a new CTO who comes from this space. He's probably got far more experience than I do. So perhaps, Glen, you can give a little color of what you're -- we talk about this a lot. I think we should be candid about what we think, right?

如果我可以打斷的話，可以嗎？我們有一位來自這個領域的新任首席技術長。他可能比我擁有更多的經驗。所以，格倫，也許你可以稍微介紹一下你的情況——我們經常談論這個問題。我認為我們應該坦誠地表達我們的想法，對嗎？

Yeah, I mean, it's a good question. And I think what you're seeing now is a period where there's a lot of reformulations within the OEM community about exactly what their higher content ADAS and Level 2+ and Level 3 systems are going to be. I think we've seen a couple of consistencies in that and that LIDAR is clearly a part of that. So as you talk about Level 2++ to Level 3, LIDAR is part of the perception system, which is great for us.

是的，我的意思是，這是一個好問題。我認為您現在看到的是 OEM 社群內部對更高內容 ADAS 以及 2 級以上和 3 級系統的具體內容進行大量重新制定的時期。我認為我們已經看到了其中的幾個一致性，而 LIDAR 顯然是其中的一部分。所以當你談到 2++ 級到 3 級時，光達是感知系統的一部分，這對我們來說非常有益。

But it's very clear after that kind of first generation of Level 3 systems came out and really underperformed in the market, many were just simply not, were not adopted to the extent that the OEMs wanted. There's been somewhat of a, like I said, a reformulation of what are those strategies, but, and that's the process they're going through now.

但很明顯，第一代 3 級系統問世後，在市場上表現不佳，許多系統根本沒有被採用，沒有達到 OEM 所希望的程度。正如我所說，對於這些策略的重新表述有些不同，但這就是他們現在正在經歷的過程。

And so there's some exploratory work that they're doing as well as trying to figure out what's the right formula, what's the right value prop for their customers. But it's clearly coming. I don't think there's any debate about that. Where those systems have seen success, with some of the OEMs, it's been good. So I think you're going to see that developing, that's certainly going to happen. LIDAR will be a part of that solution. And so we're supporting them and staying very engaged with that process and able to, hopefully able to accelerate their adoption.

因此，他們正在進行一些探索性工作，同時試圖找出正確的公式是什麼，什麼是適合客戶的價值主張。但它顯然即將到來。我認為對此沒有什麼爭議。對於一些 OEM 來說，這些系統已經取得了成功，並且效果良好。所以我認為你會看到這種發展，這肯定會發生。LIDAR 將成為該解決方案的一部分。因此，我們為他們提供支持，並積極參與這項進程，希望能加速他們的採用。

Great, thanks for the detail there. You know what, one last one for me and I can jump back in the queue. It sounds as if MicroVision does have some something of a focus on potentially expanding its percepts and solutions. So would you say there are any strategic opportunities to accelerate growth through acquisition and potentially in complementary technologies either with sensor fusions or some type of software?

太好了，謝謝你的詳細說明。你知道嗎，對我來說，最後一個就可以回到隊列了。聽起來 MicroVision 確實在某些方面專注於潛在地擴展其感知和解決方案。那麼您是否認為，透過收購以及在感測器融合或某種軟體等互補技術方面，存在著加速成長的策略機會？

And then just to follow up, are you actively evaluating potential M&A opportunities and how would you go about doing so?

然後，只是為了跟進，您是否正在積極評估潛在的併購機會，以及您將如何進行？

Let me start with that, just to establish what we've done already. With our acquisition of the Ibeo team several years ago, I believe, and I think it's part of the reason why Glen has actually taken a big look at it and he wanted to join, the perception core is probably pretty mature. It is actually very, very mature. It was developed for Audi years ago in very close collaboration with them. It's at a very high level of maturity.

讓我從這一點開始，只是為了確定我們已經做了什麼。我相信，幾年前我們收購了 Ibeo 團隊，這也是 Glen 認真考慮並希望加入的原因之一，其感知核心可能已經相當成熟。它實際上非常非常成熟。它是多年前與奧迪密切合作開發的。它的成熟度已經非常高了。

And on top of that, we're very quickly able to build out different application software to support different customers. But it was for LIDAR specific. I think what Glen mentioned just now, and I think I don't want the subtlety to be lost, there's a whole space of multimodal. Those are just words, but it's like radar, camera, LIDAR. There's a group of sensors in combination and software that will get to the high level.

最重要的是，我們能夠非常快速地建立不同的應用軟體來支援不同的客戶。但它是專門針對光達的。我認為正如格倫剛才提到的，我不想失去微妙之處，這是一個多模式的整體空間。這些只是文字，但它就像雷達、攝影機、光達一樣。有一組感測器和軟體的組合將達到高水準。

So I think your question is about M&A. I'm just giving you context that we have quite a lot of things built out. The best thing would be for cheap and efficiently if we can build more out internally. But like any company in this space, right, yeah, if there's an opportunity, our focus right now is to get revenue, to get partnerships, to get to a path where everybody feels that it's somewhat sustainable. And growth comes different ways.

所以我認為您的問題是關於併購的。我只是向你提供背景信息，我們已經建造了很多東西。如果我們能夠在內部建立更多的東西，那麼最好的結果將是既便宜又有效率。但就像這個領域的任何公司一樣，是的，如果有機會，我們現在的重點是獲取收入，獲得合作夥伴關係，走上一條讓每個人都覺得可持續的道路。且成長的方式多種多樣。

So certainly we want to home grow everything, it'll be cheaper and be faster. But if the right opportunity comes along, I think everybody would want to become a stronger company, especially if that allows you to get customer support. If you can actually get a program done faster, of course you would work on that, right? So I think everything is up on the table always, but generally we have something very valuable built out already.

所以我們當然希望一切都能在自己家裡種植，這樣比較便宜，速度也更快。但如果出現了合適的機會，我認為每個人都想成為更強大的公司，特別是如果這能讓你獲得客戶支援的話。如果你實際上可以更快地完成一個程序，你當然會努力去做，對嗎？所以我認為所有事情都擺在桌面上，但總的來說，我們已經建立了一些非常有價值的東西。

And I think, Jesse, if I could just add, recapping what Sumit was describing. The strategy of the company is to truly become the ADAS solution provider for the industrial commercial vehicle space as well. So, I think the idea is to build a full solution to be offered to these customers and that's what we're looking to get to either organically or inorganically.

傑西，我想，如果我可以補充一下，重述一下蘇米特所描述的內容。該公司的策略是真正成為工業商用車領域的 ADAS 解決方案提供者。所以，我認為我們的想法是建立一個完整的解決方案來提供給這些客戶，這就是我們希望透過有機或無機的方式實現的目標。

Great, I appreciate the details. Thanks for taking the questions and thanks for the time.

太棒了，我很欣賞這些細節。感謝您回答這些問題，也感謝您抽出時間。

Thank you.

謝謝。

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

現在，我將把這個電話轉回給 Anubhav Verma，讓他閱讀透過網路廣播提交的問題。謝謝。

Thanks, John. Right, so the first question we have is, Sumit, what are the factors that delayed the signing of this industrial deal?

謝謝，約翰。好的，所以我們的第一個問題是，蘇米特，哪些因素導致了這項產業協議的簽署被推遲？

If you think about industrial customers, they really don't get much attention and much love from a lot of the bigger companies. You can go to a lidar company, buy what's off the shelf, try to integrate it, you work through all that to a certain level, which means you'd have to have a software team. So it gets to a certain level of adoption. Yes, you could do that.

如果你考慮工業客戶，他們其實並沒有得到很多大公司太多的關注和關懷。你可以去一家光達公司，購買現成的產品，試著將其整合起來，將所有這些工作做到一定程度，這意味著你必須有一個軟體團隊。因此它達到了一定的採用程度。是的，你可以這麼做。

What we did was we had a very unique thing. So our team has the perception not running on a big NVIDIA platform. We actually have this high-level perception running inside our sensor on our SoC. And this is actually a very, very big advantage because for that small power, it's not just the lidar, it's the lidar with the perception running. So when you have that much software you're providing, all the interfaces are provided, you have to collaborate with the customer. It's their application. Can they sell more product and their platform can go faster, much more adoption with their customers with this new technology.

我們做的是極為獨特的事。因此，我們的團隊認為不應該在大型 NVIDIA 平台上運作。我們的 SoC 上的感測器內部實際上運行著這種高級感知。這實際上是一個非常非常大的優勢，因為對於那麼小的功率，它不僅僅是光達，而是具有感知運行的光達。因此，當您提供那麼多軟體時，所有介面都已提供，您必須與客戶合作。這是他們的應用程式。利用這項新技術，他們能否銷售更多產品，他們的平台能否發展得更快，能否被更多客戶所接受。

So there's a period of time they want to qualify. They wanna make sure that we're bringing hardware, which to be frank with you, some of them don't even understand how do we do this? How does the sensor model work? Where does the noise go? Why does the point cloud look so clean? They understand how to test lidar, but they don't understand how it really works.

因此他們希望用一段時間來獲得資格。他們想確保我們帶來硬件，坦率地說，他們中的一些人甚至不明白我們是如何做到這一點的？感測器模型如何運作？噪音去哪了？為什麼點雲看起來這麼乾淨？他們知道如何測試光達，但不明白它究竟是如何運作的。

And then on top of that, the software is doing things that everybody acknowledges that looks great. I mean, you got everything on board here. You can do ground plan. You can do this. You can do this. All those things are ready to go now. And the application layer.

最重要的是，該軟體所做的工作得到了大家的認可，看起來很棒。我的意思是，你把所有東西都準備好了。你可以做平面規劃。你可以做到。你可以做到。現在所有一切就緒了。以及應用層。

So just their own qualification part of it takes longer. And I think that is the bigger one. That the qualification timeline that we were tracking to, that they were tracking to saying, hey, this is how long it's going to take us, they have far exceeded that, right? Because you just get deeper and deeper into it because the decisions are bigger. These are not like small projects for hundreds of units. Whenever you do thousands of units, right? I mean, think about automotive is like hundreds of thousands of units. So you go through a huge amount of qualification step.

因此，僅他們自己的資格認證部分就需要更長的時間。我認為這才是最重要的。我們正在跟踪的資格時間表，他們也在跟踪，說，嘿，這是我們要花費的時間，他們已經遠遠超出了那個時間，對吧？因為你會越來越深入地了解它，因為需要做出更大的決策。這些不像是幾百個單位的小項目。無論何時你都會做數千個單位，對嗎？我的意思是，想想汽車就像有數十萬輛一樣。所以你要經歷大量的資格認證步驟。

So orders of magnitude less, but again, they're getting features that were available in the automotive space, in the industrial space. So they're finally seeing some love from different companies and we're bringing in mature technology that runs for 25,000 hours' worth of life. Imagine, in industrial space, you're making something that was really designed robustly. And software that can, essentially they would never have to develop any software, so they have to rely upon us. So that's what takes the most time is the full-blown qualification part of it.

因此數量級要小一些，但是他們仍然獲得了汽車領域和工業領域中可用的功能。因此，他們最終看到了來自不同公司的青睞，我們也引進了使用壽命長達 25,000 小時的成熟技術。想像一下，在工業領域，你正在製造一些設計非常堅固的東西。對於可以做到這一點的軟體，他們基本上永遠不需要開發任何軟體，所以他們必須依賴我們。因此，最耗時的部分是全面的資格認證部分。

Thanks, Sumit. The next question is, can you comment on the recent deal announcements by several other lidar companies with global OEMs? If MicroVision had the best sensor with the lowest price point, why did the company not win these RFQs? Is it too late for MicroVision? How does MicroVision plan to differentiate itself from competing effectively against these competitors including the Chinese lidar players?

謝謝，Sumit。下一個問題是，您能否評論一下其他幾家光達公司最近與全球 OEM 達成的交易公告？如果 MicroVision 擁有最好的感測器且價格最低，為什麼該公司沒有贏得這些 RFQ？MicroVision 是否太晚了？MicroVision 計劃如何與包括中國光達廠商在內的眾多競爭對手脫穎而出，實現有效競爭？

Yeah, I'm going to answer one part of it, which is to give context, and then I'm going to actually have Glen add more to it. He's going to give a more broader perspective. I think like, the question always comes up. You have this best in class. Like people have asked me, I think it was at the investor event a couple of years ago, what's best in class? And I think it's still not clear to everybody what's really awesome about our technology.

是的，我將回答其中的一部分，即提供背景信息，然後我將讓格倫補充更多內容。他將提供更廣闊的視角。我認為，這個問題總是會出現。你是班上最優秀的。就像人們曾經問過我一樣，我想那是在幾年前的投資人活動上，什麼是最好的？我認為大家仍然不清楚我們的技術到底有什麼了不起的地方。

People ask the question about FMCW versus time of flight at a base level it's going to be in a car. It has to be low power. It has to be small. It has to have lots and lots of features. They need to see small object detection at 150 meters or higher, or all the different attributes they need to see, and you have to go create data. So this is, things that I've already shared in the past. And on top of that they want to make sure that the industrialization is to a level where it's fully automated, you can deliver it. And you know the features are, kind of set.

人們會問 FMCW 與飛行時間之間的比較問題，基礎層面上它將應用於汽車。它必須是低功耗的。它必須很小。它必須具有很多很多的功能。他們需要看到 150 公尺或更高處的微小物體檢測，或者他們需要看到的所有不同屬性，然後您必須去建立資料。這就是我過去已經分享過的內容。最重要的是，他們希望確保工業化達到完全自動化的水平，並能夠實現它。而且您知道這些功能都是固定的。

Then on top of that is financial health of the company, how many years of runway. So I think from a technical standpoint we get to the green very quickly. And when it comes to the health of the company and the strength, why does (inaudible) above work so hard to find great investors that, shows them that, yeah, we can actually support ourselves and that is a lower risk. So you have to try to get through that.

除此之外，還有公司的財務健康狀況，以及公司的營運年資。因此我認為從技術角度來說我們能夠非常快速地到達果嶺。而當談到公司的健康和實力時，為什麼（聽不清楚）上面的人如此努力地尋找優秀的投資者，向他們表明，是的，我們實際上可以養活自己，而且風險較低。所以你必須努力克服這項困難。

So best in class in technology as an engineer, of course you want to be excited about that your company has the best technology. But a decision is beyond just technical part of it. It is, I mean a lot of the commercial industrialization part of it over a long period of time.

因此，作為一名擁有一流技術的工程師，您當然希望為您的公司擁有最好的技術而感到興奮。但決策並不只涉及技術部分。是的，我的意思是，其中很大一部分是長期的商業工業化部分。

Others are announcing it, so I think I'm going to turn over to Glen because we recently had a very interesting conversation about some announcements. We're not going to talk about anybody specific, that's their confidential data. We're just going to talk about in general, how we don't get nervous, why this is still early times for this technology. Glen?

其他人也在宣布這一消息，所以我想我要把發言權交給格倫，因為我們最近就一些公告進行了非常有趣的對話。我們不會談論任何特定人，這是他們的機密數據。我們只是要整體談論我們如何不感到緊張，以及為什麼這項技術還處於早期階段。格倫？

Yeah, thanks, Sumit. I think to build on Sumit's comments, I mean, you, as I said earlier, you are seeing this continued commitment to using lidar for these advanced systems. So Level 2++, Level 3 systems, which is great. I think you're seeing some announcements as people kind of solidify maybe part of what they're trying to do across their portfolio. Not uncommon, but you're really not seeing yet concrete plants or broad adoption.

是的，謝謝，Sumit。我認為，基於 Sumit 的評論，我的意思是，正如我之前所說，您看到了在這些先進系統中使用雷射雷達的持續承諾。所以是 2++ 級，3 級系統，這很棒。我認為你會看到一些公告，因為人們正在鞏固他們試圖在其投資組合中做的部分工作。這並不罕見，但你還沒有真正看到具體的工廠或廣泛的採用。

And so, over the last probably 10 years, we've seen this occur on a regular basis. So for us, it's a matter of making sure that we're focused on the right customers, the right opportunities within those customers that really will bring volume and not just chasing engagement announcements.

因此，在過去大概 10 年裡，我們經常看到這種情況發生。因此對我們來說，關鍵是要確保我們專注於正確的客戶，以及這些客戶中真正能夠帶來銷售的正確機會，而不僅僅是追逐訂婚公告。

So as Sumit said, at this point, not really concerned with what's been announced so far. It's again, a lot yet to play out there. And I think when we look at what we have with MAVIN, what we look at, what we have with MOVIA and MOVIA as coming, these are going to be the right products that as the OEMs really solidify their broader plans.

因此，正如蘇米特 (Sumit) 所說，目前，我們並不真正關心迄今為止宣布的內容。再次，還有很多事情尚未完成。我認為，當我們回顧 MAVIN 所擁有的產品、我們所展望的產品、MOVIA 所擁有的產品以及即將推出的 MOVIA 時，這些將是正確的產品，因為 OEM 可以藉此真正鞏固其更廣泛的計劃。

I think we're coming in at just the right time, not too early and really when they're ready to start moving on larger programs. And I think you'll see more of this, but the announcements in the coming months, I'm sure, but it's really not going to take us off our focus. So, at this point, not really overly concerned with it.

我認為我們介入的時機恰到好處，不太早，而且他們確實已經準備好開始實施更大的計畫。我想你會看到更多這樣的消息，但我確信未來幾個月內將會發佈公告，但這並不會讓我們偏離我們的重點。因此，就目前而言，我們並不需要太擔心這一點。

Thanks, Glen. Next question. Do you think the NHTSA's requirement for the US automatic emergency braking rule due by 2028 is unrealistic? When is the latest date an OEM would need to sign a series production deal to ensure their cars were meeting this requirement for 2028? And can MicroVision lidar sensors enable OEMs to meet this?

謝謝，格倫。下一個問題。您是否認為 NHTSA 要求美國在 2028 年之前實施自動緊急煞車規則不切實際？原始設備製造商需要簽署批量生產協議的最後日期是什麼時候，以確保他們的汽車能夠滿足 2028 年的這項要求？MicroVision 光達感測器可以幫助 OEM 滿足這項要求嗎？

Yeah, maybe I'll start and, Sumit, you can certainly add color to it. So, the ‘28, ’29 requirement by NHTSA, it is achievable, but it's going to reach OEM. If you think about an OEM, they'll have a portfolio, a number of vehicle platforms that have different levels of capability. And really one of the key focuses on the NHTSA ruling was vulnerable road users, pedestrians. So you're able to detect pedestrians up to certain speeds and make sure that AED is functioning and avoid the accident.

是的，也許我會開始，Sumit，你當然可以為它添加色彩。因此，NHTSA 的 28、29 年要求是可以實現的，但需要達到 OEM 的要求。如果你考慮 OEM，他們會有一系列具有不同能力等級的車輛平台。事實上，美國國家公路交通安全管理局 (NHTSA) 裁決的重點關注對象之一就是弱勢道路使用者—行人。因此，您能夠在一定速度內偵測到行人，並確保 AED 正常運行，從而避免事故。

So if you're an OEM, you're going to look at your fleet of vehicles and your platforms. And for some of those, it will be relatively simple to implement these changes. It may just be software. And those will tend to be the higher-end systems that have more sensors, more capability to them. For their lower-end or value segment vehicles, maybe vision-only based, A. B, it may not have that ability to discriminate pedestrians required by NHTSA. And so for those platforms, it's going to take longer.

因此，如果您是 OEM，您將關注您的車隊和平台。對其中一些來說，實施這些變革相對簡單。它可能只是軟體。這些系統往往是高階系統，擁有更多的感測器和更強大的功能。對於低端或價值段車輛，可能僅基於視覺，A.B，可能不具備 NHTSA 所要求的區分行人的能力。因此對於這些平台來說，這將需要更長的時間。

And in some cases, they may struggle, even though there was four years from the ruling, it was about a year ago that the ruling was made. They may struggle to get those platforms updated. So you're going to see -- don't -- I would expect to see some negotiating between NHTSA and the OEMs to try to stage that, so they're not disrupting their vehicle platform plans.

在某些情況下，他們可能會遇到困難，儘管從判決到現在已經過了四年時間，但判決是在大約一年前做出的。他們可能很難更新這些平台。所以你會看到——不要——我希望看到 NHTSA 和 OEM 之間進行一些談判，嘗試分階段實現這一點，這樣他們就不會擾亂他們的汽車平台計劃。

But fundamentally, the technology is there. NHTSA will continue to evolve in terms of their requirements and become more stringent. If you look at, in particular, NCAP, Euro NCAP, US NCAP, lidar can be a tremendous advantage to doing that because of its ability to discriminate, detect free space, and really determine what that object or that pedestrian is.

但從根本上來說，技術是存在的。NHTSA 的要求將繼續改進並變得更加嚴格。如果你特別關注 NCAP、歐洲 NCAP、美國 NCAP，你會發現光達在這方面有巨大的優勢，因為它能夠辨別、偵測自由空間，並真正確定那個物體或行人是什麼。

But for each OEM, it's going to be a bit of a different challenge. Generally speaking, it's doable for most of the platforms, for some they'll struggle. And I was expecting to try to negotiate with NHTSA to give them either more time on those platforms or as they try to figure out what to do to comply.

但對於每個 OEM 來說，這將是一個不同的挑戰。一般來說，對於大多數平台來說，這是可行的，但對於某些平台來說，可能會比較困難。我希望嘗試與 NHTSA 進行協商，給他們更多時間在這些平台上運行，或讓他們想辦法滿足要求。

Thanks, Glen. Next question. How does MicroVision plan to compete with FMCW lidar technology given its increasing adoption by OEMs like Aeva's recent win with the Top 10 Passenger OEM. Are there plans to transition or integrate FMCW technology into MicroVision's product portfolio to align with the trends?

謝謝，格倫。下一個問題。鑑於 FMCW 雷射雷達技術越來越多地被原始設備製造商 (例如 Aeva 最近贏得十大乘用車原始設備製造商) 所採用，MicroVision 計劃如何與 FMCW 雷射雷達技術競爭。是否有計劃將 FMCW 技術轉變或整合到 MicroVision 的產品組合中以順應趨勢？

Thank you. Sumit, if you want to start, I can certainly add my perspective to it as well.

謝謝。Sumit，如果你想開始的話，我當然也可以加入我的觀點。

Yeah, I think I'll start. I think I've talked about this in the past a little bit. At the OEMs, they'll always make the right choice, which is the lowest cost, the highest fidelity system. At the end of the day, a time of flight versus FMCW, one of the big differentiators is you go velocity, right? Well, they already have, as Glen mentioned early on, like five radar on the car. They have velocity that they are integrating into features that are pretty mature and they're shipping right now.

是的，我想我會開始。我想我以前曾經談過這個問題。在 OEM 方面，他們總是會做出正確的選擇，也就是成本最低、保真度最高的系統。歸根結底，飛行時間與 FMCW 相比，最大的區別之一就是速度，對嗎？嗯，正如格倫早些時候提到的那樣，他們已經在車上安裝了五個雷達。他們以極快的速度將已經非常成熟的功能融入其中，現在就可以出貨。

At the end of the day, the technology that drives the lasers in a time of flight, 905 nanometer versus FMCW, significantly different. There's cost barriers. In one case, tens of billions of dollars would have to be invested to make FMCW more affordable in very, very high volume. There is no other technology out there, or any demand out there that requires them to make that investment. There is no hard disk drive industry that needs these kind of lasers or anything else, right.

歸根究底，驅動飛行時間雷射的技術，905 奈米與 FMCW，有著顯著的不同。存在成本障礙。在某種情況下，需要投資數百億美元才能使FMCW在大批量下變得更加經濟實惠。目前還沒有其他技術或需求要求他們進行這樣的投資。硬碟產業不需要這種雷射或其他東西，對吧。

So therefore, I think like it's great, right. I think like, if there's more sensors in the market, people are fielding it, that's great. But in general, I think you have to look at it like, is it going to cost competitive? If you're going to put a device in the cabin behind a windshield or something like that, and it consumes tens of watts, significantly higher than a time of flight, imagine if you have 20, 25 watts, 15 to 25 watts in there, you're going to need cooling and it's not going to be fans.

因此，我認為這很棒，對吧。我認為，如果市場上有更多的感測器，人們都會使用它，那就太好了。但總體來說，我認為你必須考慮這個問題：它的成本是否具有競爭力？如果您要將一個設備放置在機艙內擋風玻璃後面或類似的地方，並且它會消耗幾十瓦的電量，明顯高於飛行時間的電量，想像一下，如果您有 20、25 瓦，15 到 25 瓦的電量，那麼您將需要冷卻，而不能使用風扇。

So there's lots of variables that go into it. I think this keeps the nervousness that our investors may feel given the fact that we have not had a commercial success with an OEM. I appreciate that. I respect that. I think it's totally warranted. But at the moment, I don't think -- the physics does not dictate that anything has changed specifically, that all of a sudden there's a paradigm shift. Mounting it on top of a truck with ample air flow, yeah, that anybody could see.

因此，這其中涉及很多變數。我認為這會讓我們的投資者感到緊張，因為我們在 OEM 方面尚未取得商業成功。我很感激。我尊重這一點。我認為這是完全有道理的。但目前，我不認為──物理學並沒有顯示任何事情已經發生了具體的變化，也沒有顯示突然間就會出現典範轉移。將它安裝在卡車頂部，讓空氣流通，是的，任何人都能看到。

Miniaturizing that for that situation, yep, anybody could see. But starting to put it into a passenger vehicle, right? I mean, they're fielding it, our competitors, they're showing it at CES and other shows, I think that's totally fair. But let's see how far the adoption goes, right? But we're going to focus on ours because we know our core technology works.

針對這種情況進行小型化，是的，任何人都可以看到。但開始把它放入乘用車中，對嗎？我的意思是，他們正在部署它，我們的競爭對手也在 CES 和其他展會上展示它，我認為這完全公平。但讓我們看看採用情況如何，對嗎？但我們將專注於我們自己的技術，因為我們知道我們的核心技術是有效的。

In the middle of a race, you don't switch shoes and say, I'm going to run a different race. Before we entered this, we had actually thought through time of flight versus FMCW. We made a conscious decision to do a time of flight because if you recall, MicroVision's core technology was not lidar. Only in 2011 we started with this. So the team at MicroVision at that point really thought about it is what made the most sense from an energy standpoint.

在比賽中途，你不會換鞋然後說「我要跑另一場比賽」。在我們進入這個領域之前，我們實際上已經考慮過飛行時間與 FMCW。我們有意識地決定進行飛行時間測試，因為如果你還記得的話，MicroVision 的核心技術不是光達。我們直到 2011 年才開始做這件事。因此，MicroVision 團隊當時認真思考了從能源角度來看什麼才是最合理的。

Glen?

格倫？

Yeah, if you think about lidar as a sensing modality, it's not going to operate alone. It's going to be combined with radar and vision. So you have camera systems as well. Radar, which is a big part of my background, you get relative velocity very accurately. So, I don't need lidar as part of a perception system to also be calculating that.

是的，如果你將光達視為一種感測方式，它就不會單獨運作。它將與雷達和視覺相結合。所以你也有攝影機系統。雷達是我背景的重要組成部分，可以非常準確地獲得相對速度。所以，我不需要將光達作為感知系統的一部分來計算。

And really, you're looking to operate each of these systems into their sweet spots. So lidar with time of flight, very proven, very robust technology. As Sumit said, lower power and power consumption is hugely important from a packaging standpoint and from a where do you place this in the vehicle standpoint means you can make it smaller.

而實際上，您希望將每個系統都操作到它們的最佳狀態。因此，具有飛行時間的光達是一種非常成熟、非常強大的技術。正如 Sumit 所說，從封裝的角度來看，降低功率和功耗非常重要，而從車輛放置位置的角度來看，這意味著您可以使其更小。

So when I think about a multimodal perception system, time-of-flight with lidar gives me exactly what I need from the lidar modality. Radar gives me relative velocity, gives me object detection in all weather conditions. Camera gives object classification information, those types of things. So each modality operating in its sweet spot, when you think about it, that's why time-of-flight, it works really well in that combined environment. So for us, I think QF is still my final way to prefer to approach.

因此，當我考慮多模態感知系統時，光達的飛行時間技術正好滿足了我對光達模態的需求。雷達可以為我提供相對速度，讓我能夠在各種天氣條件下偵測到物體。相機提供物體分類信息，那些類型的東西。因此，每種模式都在其最佳點運行，如果您仔細想想，您會發現這就是飛行時間在這種組合環境中運作良好的原因。所以對我們來說，我認為 QF 仍然是我最終選擇的途徑。

Thank you, Glen. How does the recent announcement of cooperation between Volkswagen, Valeo and Mobileye impact MicroVision as the three-parties look to cooperate to enhance driver assistance by integrating hardware and software sourcing together? What does that mean?

謝謝你，格倫。大眾、法雷奧和 Mobileye 最近宣布合作，這對 MicroVision 有何影響？三方希望透過整合硬體和軟體採購來合作增強駕駛輔助功能。這意味著什麼？

Yeah, I can speak to this. I'm very familiar with all the parties involved. The announcement that I described is branded as Surround ADAS. This is where you use a combination of six cameras, 2.8 megapixel cameras, forward and back, and then 4.3 megapixel cameras for the parking, the bird's eye view function, combined with five radar, core corner radar which tend to be more short-range and one forward-looking radar which is longer range and then all packaged together and it’s public it's running on the EyeQ6 High that Mobileye provides.

是的，我可以談一下這個。我對所有涉及的各方都非常熟悉。我所描述的公告被稱為「環繞式 ADAS」。這是將六個攝影機組合使用，280 萬像素攝像頭，用於前後，然後是 430 萬像素攝像頭用於停車，鳥瞰圖功能，結合五個雷達，核心角雷達往往是短程的，一個前視雷達範圍更大，然後全部打包在一起，公開它在 Mobileye 提供的 EyeQ6 High 上運行。

And what I would tell you is a couple things what's interesting about the announcement. One is, it kind of ends the debate relative to base level ADAS systems. If you think about the platforms that goes, that system will go on, the MQB platform. It's kind of value segment vehicle. It's the Golf, it's the smaller vehicles. And so, highly cost sensitive market. It'll have limited, it's kind of Level two functionality, not unlike what's provided today by a lot of the systems that have been launching.

我想告訴你的是該公告中一些有趣的事情。一是，它結束了有關基礎級 ADAS 系統的爭論。如果您考慮一下所使用的平台，該系統將繼續使用 MQB 平台。這是一種價值細分車輛。它是高爾夫，它是小型車。因此，這是一個對成本高度敏感的市場。它的功能有限，屬於二級功能，與目前許多已啟動的系統所提供的功能不同。

And basically, it combines radar and camera. And it kind of eliminates the debate now that, hey can you do everything with a camera? Can you do -- no. You need radar and camera to have a truly robust ADAS system. Now that sets the floor. So if you think about it, as I mentioned, that's the level you would call that a Level 2 system. It has lane assist, it has some other things that goes with it.

基本上，它結合了雷達和攝影機。現在這在某種程度上消除了爭論：你能用相機做所有事情嗎？你能做到嗎——不能。您需要雷達和攝影機才能擁有真正強大的 ADAS 系統。現在已經確定底線了。所以如果你仔細想想，正如我提到的那樣，這就是你稱之為 2 級系統的等級。它具有車道輔助功能，還有一些其他配套功能。

And so, that now sets the floor. And what that means for the broader ADAS market is that the value segment vehicles now have Level 2 systems. So you've moved up from Level 1. So content per vehicle continues to grow as it relates to the ADAS market, broadly speaking. For the OEMs, what that means is to differentiate. Now you need to be providing Level 2++ or Level 3 systems that are different and differentiated versus what I would refer to as kind of the commoditized ADAS. That's essentially the commodity level.

那麼，現在基礎已經確定了。對於更廣泛的 ADAS 市場而言，這意味著價值級車輛現在擁有 2 級系統。您已經從 1 級升級了。因此，從廣義上講，與 ADAS 市場相關的每輛車的內容持續成長。對 OEM 來說，這意味著差異化。現在，您需要提供與我所說的商品化 ADAS 不同且具有差異化的 2 級 ++ 級或 3 級系統。這本質上是商品層面。

And why that's exciting for MicroVision is that means you're now looking at having to pull in lidar and more advanced systems as part of those Level 3 offerings, not just at the very premium levels, but really at the more mainstream level of vehicles, above-value segment. And so that's where volume is, that's where you're going to get differentiation for the OEM, and that's where lidar will really enable the OEMs to deliver those systems.

而對於 MicroVision 來說，令人興奮的是，這意味著你現在必須將光達和更先進的系統作為 3 級產品的一部分，不僅是在非常高端的級別，而且實際上是在更主流的車輛級別、高於價值的領域。這就是數量所在，這就是 OEM 獲得差異化的地方，也是雷射雷達真正使 OEM 能夠提供這些系統的地方。

So when I look -- when I step back and look at those announcements, for me it's exciting because it raises content per vehicle, it raises the floor for ADAS systems within the automotive space, and it really pushes the OEMs to start incorporating more advanced features to be able to differentiate their hard vehicles.

因此，當我回顧並回顧這些公告時，我感到很興奮，因為它提高了每輛車的內容，提高了汽車領域 ADAS 系統的基礎，並且真正推動 OEM 開始加入更多先進功能，以便能夠區分他們的硬體車輛。

Thanks, Glen. Next question, if MicroVision were to see an increase in demand for AR products, when would the company communicate that to the market?

謝謝，格倫。下一個問題，如果 MicroVision 發現對 AR 產品的需求增加，公司何時會向市場傳達這個訊息？

Let me take that question. Obviously, since this is a new sector that we're looking to pursue opportunities in, any material purchase orders that come in, or any significant transaction if there is an offer made to purchase our IP and other assets related to the existing technology to our AR and VR products. So that's what we're most excited about.

請讓我來回答這個問題。顯然，由於這是我們正在尋找機會的新領域，如果有任何實質性的採購訂單或任何重大交易提出購買我們的知識產權以及與我們的 AR 和 VR 產品現有技術相關的其他資產，我們就會尋求機會。這是我們最興奮的事。

Next question, it is publicly known that Microsoft previously had a contract with MicroVision for HoloLens 2 and that the IVAS headset is based on HoloLens 2 technology. As your intellectual property was used in HoloLens 2, would other parties be interested in starting a collaboration again?

下一個問題，眾所周知，微軟之前與 MicroVision 簽訂了 HoloLens 2 合同，並且 IVAS 耳機基於 HoloLens 2 技術。由於您的智慧財產權已在 HoloLens 2 中使用，其他方是否有興趣再次展開合作？

Yeah, I think in this call, I think some investors have known this for a while, this question has come up over the last five years. We had not focused on spending our raised capital on anything but lidar. But it's in our blood. Believe it or not, I've done AR longer than I've done lidar in my own personal career. I know a lot about this space. I think as far as partnerships are concerned, we stand ready, whatever problems may exist on an existing system, I think we have the talented people in the company that we can solve them very quickly.

是的，我認為在這次電話會議中，一些投資者已經知道這一點一段時間了，這個問題在過去五年中已經出現過。我們沒有把籌集到的資金用在雷射雷達以外的任何東西上。但它已融入我們的血液。無論你是否相信，在我的個人職業生涯中，我從事 AR 的時間比從事雷射雷達的時間還要長。我對這個領域非常了解。我認為就合作夥伴關係而言，我們已經做好了準備，無論現有系統有什麼問題，我認為我們公司有人才可以迅速解決這些問題。

Developing potentially new technologies for anything next generation, certainly we can do that. And of course we have reference ideas for what we would do. On top of that, of course, what we've matured into is we're more of a systems company. So beyond just the display technology, there's other things in the headset that we can innovate on, that we can add to. If you think about some of the biggest problems that come into space is really motion sickness, right. And as you think about motion sickness, it's a hard problem to solve.

為下一代的任何事物開發潛在的新技術，我們當然可以做到。當然，我們對要做的事情有一些參考想法。當然，除此之外，我們已經成熟為系統公司。因此，除了顯示技術之外，我們還可以對耳機中的其他功能進行創新和添加。如果你想一想，進入太空的最大問題之一就是暈動病，對吧。說到暈動病，這是一個很難解決的問題。

But if you have the right eye tracking, and of course you want the entire system to be low power, you get like -- instead of talking about lidar and sensor models, you start talking about like eye boxes and color uniformity. But at the end of the day, there's a bunch of software that we believe that we have still, beyond just the display that we had done in the past, we have more to offer now.

但是如果你有正確的眼動追踪，當然你希望整個系統都是低功耗的，那麼你就不再談論光達和感測器模型，而是開始談論眼區和色彩均勻性。但最終，我們相信我們仍然擁有大量軟體，除了過去所做的展示之外，我們現在可以提供更多軟體。

And some of the perception technology that we talk about in the space of automotive, there's things that we do in there that if you were to add a very miniaturized lidar on top of the helmet and be mapping near the field, you could do a much better job overlaying the information from an AR to XR side, integrating that with some really, really fast and slick, low-cost head tracking gear that goes on an existing helmet.

我們在汽車領域討論的一些感知技術，我們在其中做的事情是，如果你在頭盔頂部添加一個非常微型的激光雷達並繪製場地附近的地圖，你可以更好地將信息從 AR 疊加到 XR 端，並將其與現有頭盔上一些非常非常快速、靈敏、低成本的頭部跟踪裝置相結合。

So we can offer more than what's there just in the display technology. So therefore I think we will collaborate and we can fix existing products and of course we can go on and actually add more value by making something next generation that was not visualized in the past.

因此，我們所能提供的不僅僅是顯示技術。因此我認為我們將進行合作，我們可以修復現有產品，當然，我們可以繼續透過製造過去未曾想像過的下一代產品來實際增加更多價值。

Thanks, Sumit. I think we have gone over the hour. We, again, thank you to all our investors for joining us on our Q4 earnings call. We look forward to talking to you, speaking with you again very soon. Thank you so much.

謝謝，Sumit。我想我們已經超過一個小時了。我們再次感謝所有投資者參加我們的第四季財報電話會議。我們期待與您交談，並很快再次與您交談。太感謝了。

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。