MicroVision Inc (MVIS) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the MicroVision fourth quarter and full year 2025 financial and operating results conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 MicroVision 2025 年第四季及全年財務與營運績效電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給德魯·馬克姆主持。請繼續。

Thank you, Paul. Good afternoon. I'm here today with our Chief Executive Officer, Glen DeVos; and our Interim Chief Financial Officer, Steve Hrynewich. Following their prepared remarks, we will open the call to questions.

謝謝你，保羅。午安.今天我與執行長格倫·德沃斯和臨時財務長史蒂夫·赫里內維奇一起出席了會議。在他們發言結束後，我們將開放提問環節。

Please note that some of the information you will hear in today's discussion will include forward-looking statements, including, but not limited to, strategic plans, acquisition benefits and risks expectations regarding customer engagement and product deliveries, go-to-market strategies, product performance and pricing, market landscape and opportunities cash flow forecasts, liquidity and the impacts of recent financing activities, availability of funds and access to capital, expected revenue, operating expenses and cash balances, as well as statements containing words like believe, expect, plan and other similar expressions. These statements are not guarantees of future performance. Actual results could materially differ from the future results implied or expressed in the forward-looking statements.

請注意，您在今天的討論中將聽到的一些資訊將包含前瞻性陳述，包括但不限於戰略計劃、收購收益和風險預期、客戶參與和產品交付、市場進入策略、產品性能和定價、市場格局和機會、現金流量預測、流動性和近期融資活動的影響、資金可用性和資本獲取、預期收入、營運費用和現金餘額，以及包含「相信計畫」、「相信計畫」、「預期」等陳述、類似計畫」、「相信計畫」、「相信計畫」、「相信計畫」、「相信計畫」、「相信計畫」、「相信」、「相信」、「相信」、「相信」、「類似計畫」、「類似計畫」、「類似計畫」、「類似計畫」的類似說法。這些聲明並不構成對未來業績的保證。實際結果可能與前瞻性聲明中暗示或表達的未來結果有重大差異。

We encourage you to review our SEC filings, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q. These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update this information.

我們鼓勵您查閱我們向美國證券交易委員會提交的文件，包括我們最近提交的 10-K 表格年度報告和 10-Q 表格季度報告。這些文件描述了可能導致我們的實際結果與前瞻性聲明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，除法律要求外，我們不承擔更新此資訊的義務。

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 8-K dated and submitted to the SEC today, both of which can be found on our corporate website at ir.microvision.com under the SEC Filings tab. This conference call will be available for audio replay on the Investor Relations section of our website at www.microvision.com.

此外，我們將在本次電話會議上介紹一些財務指標，這些指標將根據美國證券交易委員會（SEC）的G條例被視為非公認會計準則（non-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調節表，以及本次電話會議上介紹的所有財務數據，請參閱我們今天向美國證券交易委員會提交的新聞稿和8-K表格，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回放可在我們網站 www.microvision.com 的投資者關係部分收聽。

Now I would like to turn the call over to Glen DeVos, our Chief Executive Officer. Glen?

現在我想把電話交給我們的執行長格倫·德沃斯。格倫？

Thanks, Drew. We have a lot to cover, and I want to start today's call by sharing our view of the significant changes we see happening in the broader LiDAR market, what we call LiDAR 2.0 and how we are building MicroVision to lead in this new era. When I reflect on the last 10 years or so in our industry, what we refer to as LiDAR 1.0, it was clearly a technology race. Companies operated with a Silicon Valley mindset putting hardware first chasing best-in-class specs. The prevailing thought was that the best technology but wins and that the volume would drive down costs, which would in turn lead to mass adoption.

謝謝你，德魯。我們有很多內容要討論，我想先分享我們對更廣泛的光達市場正在發生的重大變化的看法，我們稱之為雷射雷達 2.0，以及我們如何打造 MicroVision 以引領這個新時代。回顧過去十年左右我們產業的發展歷程，也就是我們所謂的 LiDAR 1.0 時代，很明顯這是一場技術競賽。這些公司秉持矽谷式的思維模式，將硬體放在首位，追求一流的規格。當時普遍認為，最好的技術將會勝出，而規模的擴大將降低成本，進而導致大規模採用。

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

這種心態的問題在於，它與行業實際運作方式相反。漫長的開發前期和採購週期，加上不確定的產量，導致收入脆弱、消耗速度快，並最終導致了該領域的整合。MicroVision 將 LiDAR 2.0 定義為一種創新技術，而非技術驅動，而是為我們的 OEM 客戶創造價值。關鍵不在於用最令人印象深刻的單一感測器贏得勝利，而是在現實世界的平台上實現可擴展的部署，從而推動長期成長和利潤。目前，雷射雷達1.0向光達2.0的過渡正在進行中。

Looking across our industry, incumbents will face significant challenges in navigating this shift, for example, Hardware-centric players have impressive technology but the wrong economics, embracing a mindset of volume will fix price, while also failing to leverage the value that software can deliver. Automotive only players have deep focus, but the single-threaded revenue creates risk when faced with program delays, low option take rates or tightening budgets. Industrial players have revenue prospects in the short term, but the current electromechanical sensor architectures with their associated high cost structures are vulnerable to the emerging high-performance solid-state sensors with their significant lower cost basis.

縱觀整個產業，現有企業在應對這一轉變時將面臨重大挑戰，例如，以硬體為中心的企業擁有令人印象深刻的技術，但經濟效益卻不盡如人意，他們秉持著「量大定勝天」的思維模式，卻未能充分利用軟體所能帶來的價值。專注於汽車領域的企業雖然目標明確，但單一的收入來源在面臨專案延期、選配率低或預算緊縮時會帶來風險。工業企業短期內有收入前景，但目前機電感測器架構及其相關的高成本結構很容易受到新興的高性能固態感測器的衝擊，因為固態感測器的成本要低得多。

These challenges require a fundamentally different approach and success in LiDAR 2.0 will come to companies that can excel in 4 key areas: these include: first, having a scalable product portfolio that enables participation in diversified end markets, enabling robust revenue streams and achieving scale across the business, taking an open approach to software that both drive down hardware costs while also enabling our customers to more effectively manage their applications and systems.

這些挑戰需要一種截然不同的方法，而 LiDAR 2.0 的成功將屬於那些能夠在以下 4 個關鍵領域表現卓越的公司：首先，擁有可擴展的產品組合，能夠參與多元化的終端市場，從而實現穩健的收入來源並在整個業務中實現規模化；其次，採取開放的軟體方法，既能降低硬體成本，又能使我們的客戶更有效地管理他們的應用程式和系統。

Hitting the right price point with a hyper-focused design-to-cost approach that enables our OEM customers to unlock value in their end markets and embracing automotive-grade execution coupled with fiscal discipline. The new MicroVision has been built to lead in this LiDAR 2.0 era. So why are we feeling so confident certainly because we have the following capabilities. First, we have the right portfolio through the acquisition of Luminar and Scantinel, MicroVision now has the most complete and robust LiDAR technology portfolio.

我們採用高度聚焦成本的設計方法，精準掌握價格點，使我們的 OEM 客戶能夠在終端市場釋放價值，並秉持汽車級執行標準和財務紀律。全新的MicroVision旨在引領LiDAR 2.0時代。那麼，我們為什麼如此自信呢？當然是因為我們具備以下能力。首先，透過收購 Luminar 和 Scantinel，我們擁有了合適的投資組合，MicroVision 現在擁有最完整、最強大的雷射雷達技術組合。

MicroVision's MOVIA L sensors offer compact, cost-effective short-range dollar stage sensing with applications in all of our end markets. We are now seeing the anticipated interest in MOVIA S following its launch at IAA last September with multiple customer trials for industrial and automotive applications. Our Iris and halo sensors acquired from Luminar offer long-range sensing for high-speed use, and it's a perfect fit for automotive and security and defense. Our 15 50 nanometer FMCW sensor acquired from Scantinel provides ultra long-range sensing with initial applications in automotive and security and defense.

MicroVision 的 MOVIA L 感測器提供緊湊、經濟高效的短距離美元級感測，可應用於我們所有的終端市場。自去年 9 月在 IAA 展會上推出 MOVIA S 以來，我們現在已經看到了人們對該產品的預期興趣，並且已經有多家客戶針對工業和汽車應用進行了試用。我們從 Luminar 收購的虹膜和光環感測器可實現遠距離感測，適用於高速應用，非常適合汽車、安防和國防領域。我們從 Scantinel 公司採購的 15 50 奈米 FMCW 感測器可實現超遠距離感測，初步應用領域包括汽車、安全和國防。

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

Mosaic 和 Sentinel 這兩款軟體產品結合後，現在能夠提供從晶片到點雲再到感知的完整端到端功能，並具備先進的基於人工智慧的功能，我們的客戶可以利用我們的開放軟體框架輕鬆地整合和配置這些功能。憑藉這項產品組合，MicroVision 現在擁有了一套可擴展的硬體和軟體解決方案，能夠為汽車、工業以及安全和國防市場提供服務。

I want to take a moment though to highlight the emerging needs in the security and defense sector that are of increasing importance to MicroVision. We completed our proof-of-concept phase for our drone and ground-based autonomy platforms in Q4 of last year, and we are now working closely with our defense advisory board members as part of our business development and customer engagement phase.

不過，我想藉此機會強調安全和國防領域正在湧現的新需求，這些需求對 MicroVision 來說越來越重要。去年第四季度，我們完成了無人機和地面自主平台的概念驗證階段，現在，作為業務發展和客戶參與階段的一部分，我們正在與國防顧問委員會成員密切合作。

With our drone-based MOVIA Air and our newly acquired Iris and Halo products, we have the right products at the right time to enable real-time drone-based mapping and perception as well as ground-based autonomy. The ongoing shipments of MOVIA L to a European customer was an important start for us in this space and validates the need for these applications to use robust solid-state solutions. We will be publicly showcasing our capabilities over the course of the next months as we ramp up our efforts in this important market.

憑藉我們基於無人機的 MOVIA Air 以及我們新收購的 Iris 和 Halo 產品，我們擁有了在正確的時間推出的正確產品，可以實現基於無人機的即時測繪和感知以及地面自主控制。持續向歐洲客戶交付 MOVIA L 是我們在這個領域的重要開端，也驗證了這些應用需要使用可靠的固態解決方案。在接下來的幾個月裡，我們將逐步公開展示我們在這重要市場上的實力，並加大投入。

Our production technology, our US and German footprint as well as our US manufacturing capability position MicroVision to be a leader in the security and defense space. Now in addition to our portfolio, MicroVision's use of software is a clear differentiator. The new MicroVision shifts our center of gravity from hardware bragging rights to software that lowers cost and expands capability.

我們的生產技術、我們在美國和德國的業務佈局以及我們在美國的生產能力，使 MicroVision 成為安全和國防領域的領導者。除了我們的產品組合之外，MicroVision 在軟體方面的應用也是一個明顯的差異化優勢。全新的 MicroVision 將我們的重心從硬體的炫耀轉移到降低成本和擴充功能的軟體。

Our focus on advanced software-centric signal processing the full stack continues to enable MicroVision to drive down the cost of the sensor hardware. This strategy follows a very similar blueprint to what we did in vision and radar for the move to software-defined sensors was a key step in achieving cost levels that drove mass adoption and achieving scale for these technologies. We will follow the same path, but we are making it happen much faster.

我們專注於先進的以軟體為中心的訊號處理全端技術，這使得 MicroVision 能夠持續降低感測器硬體的成本。這項策略與我們在視覺和雷達領域所做的非常相似，向軟體定義感測器的過渡是實現成本水準的關鍵一步，從而推動了這些技術的普及和規模化應用。我們將遵循同樣的路徑，但我們會加快實現這一目標的速度。

Additionally, our open software framework completely changes how our customers can utilize and leverage the capability of our sensors. It gives them full control of their system development and integration opening up new value creation opportunities for them. And finally, we're accelerating revenue. The new MicroVision is inverting existing commercial demand and customer relationships and to shift product and revenue. And this is happening now.

此外，我們的開放式軟體框架徹底改變了客戶使用和發揮我們感測器功能的方式。這使他們能夠完全掌控自己的系統開發和集成，從而為他們開闢新的價值創造機會。最後，我們正在加速提高營收。新的 MicroVision 正在顛覆現有的商業需求和客戶關係，並轉變產品和收入模式。而這一切現在正在發生。

Following the Luminar acquisition. Our top priority has been to restart those commercial relationships and contracts were meeting personally with our Iris and Halo customers. In the first month since the acquisition, we've already shipped Iris units as we transfer contracts and POs and reestablish commercial relationships and the production schedules.

在 Luminar 被收購後。我們的首要任務是重啟與 Iris 和 Halo 客戶的商業關係和合同，並親自與他們會面。收購後的第一個月，隨著合約和採購訂單的轉移以及商業關係和生產計劃的重建，我們已經開始發貨 Iris 設備。

The customer feedback has been very positive, with strong interest in MicroVision's most acquisition combined product road map where we can be a total solution provider to them. Luminar acquisition also significantly expands our market access by bringing approximately 30 new customer relationships and many more incremental prospects to MicroVision. It also enables us to offer new sensor solutions to existing MicroVision customers. This cross-pollination is further accelerating our commercial traction. Additionally, we began shipments of MOVIA L in December to an EU security and defense OEM with repeat orders continuing in 2026.

客戶回饋非常積極，他們對 MicroVision 的收購合併產品路線圖表現出濃厚的興趣，我們可以成為他們的整體解決方案提供者。收購 Luminar 也大大擴展了我們的市場准入，為 MicroVision 帶來了約 30 個新的客戶關係和更多潛在客戶。它還使我們能夠為現有的 MicroVision 客戶提供新的感測器解決方案。這種交叉融合進一步加速了我們的商業發展。此外，我們於 12 月開始向一家歐盟安全和國防 OEM 廠商交付 MOVIA L，並於 2026 年繼續收到重複訂單。

As I talked about earlier, we are very pleased with the momentum in this segment where we see opportunities to expand near-term revenue. And then finally, as I mean, MOVIA S continues to gain interest and traction with multiple customer engagements and we remain on track for our Q4 MOVIA S industrial launch. We did not be more excited about MOVIA S as it is truly the product at the right price and at the right time.

正如我之前提到的，我們對該領域的成長勢頭非常滿意，我們看到了近期擴大收入的機會。最後，我的意思是，MOVIA S 透過與多家客戶的互動，持續獲得關注和認可，我們仍按計劃在第四季度推出 MOVIA S 工業產品。我們對 MOVIA S 的推出感到非常興奮，因為它確實是一款價格合適、時機適當的產品。

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

我們也相信我們的營運能夠支撐這種加速成長的收入，但我們也知道，最終結果還要看執行情況。新MicroVision由經驗豐富的領導者帶領，在汽車行業擁有良好的聲譽，具備汽車級基因，並採取協作的方式與客戶合作，公司已準備好履行承諾、完成里程碑並交付產品。現在，我想重申我上週爐邊談話中的觀點，我想非常清楚地說明我們最近對 Luminar 和 Scantinel 的收購，以及它們在使 MicroVision 能夠引領 LiDAR 2.0 時代方面所發揮的關鍵作用。首先，它們完善了我們以合適的價格提供合適產品的策略。

By integrating these audits with MicroVision, we now offer the most comprehensive and robust live portfolio in the industry. We expanded our ability to serve different industries, use cases and price points. Not only will this open up immediate revenue streams in automotive, industrial and security and defense that will also make our business more resilient and diversified.

透過將這些審核與 MicroVision 集成，我們現在可以提供業界最全面、最強大的即時產品組合。我們擴大了服務不同產業、應用場景和價格點的能力。這不僅將立即在汽車、工業、安全和國防領域開闢收入來源，還將使我們的業務更具韌性和多元化。

Second, the acquisitions accelerate revenue. In particular, the Luminar acquisition brought active commercial programs and established customer relationships that pull forward our time line to scale. We've made significant projects in resetting these commercial relationships. And as I mentioned earlier, are now shifting products to multiple customers. This approach accelerates MicroVision's path to revenue compared to achieving this organically which would have taken much longer.

其次，收購可以加速營收成長。特別是，收購 Luminar 帶來了積極的商業計劃和已建立的客戶關係，這加快了我們擴大規模的時間表。我們在重塑這些商業關係方面取得了顯著進展。正如我之前提到的，現在正在將產品轉移給多個客戶。與自然成長相比，這種方法可以加快 MicroVision 實現獲利的進程，而自然成長則需要更長的時間。

And third, these acquisitions have added depth to the talented MicroVision team with expertise in hardware, software and advanced perception, all with proven experience in navigating automotive requirements and manufacturing at scale.

第三，這些收購為才華橫溢的 MicroVision 團隊增添了深度，使其在硬體、軟體和先進感知方面擁有豐富的專業知識，並且在應對汽車行業的需求和大規模生產方面都擁有豐富的經驗。

This has enabled us to make the recently announced decision to consolidate our Redmond engineering, manufacturing and supply chain management operations into our Orlando site. This marks a key step in realizing the synergies we identified as part of the acquisitions as well as improving our overall operating efficiency. Orlando will be our US-based manufacturing site for our full line of products, which is serving the security and defense sector and will be critical for that sector. It will also complement our ongoing high-volume contract manufacturing strategy. In summary, we didn't acquire Luminar for Scantinel to simply grow bigger. We acquired them to move faster. We have also continued building out our executive leadership team with proven credibility across the markets we serve, including automotive.

這使得我們能夠做出最近宣布的決定，將我們在雷德蒙德的工程、製造和供應鏈管理業務整合到我們在奧蘭多的工廠。這標誌著我們在實現收購過程中確定的協同效應以及提高整體營運效率方面邁出了關鍵一步。奧蘭多將成為我們在美國的生產基地，生產我們全系列產品，服務於安全和國防領域，並將對該領域至關重要。這也將與我們正在進行的大批量合約製造策略形成互補。總而言之，我們收購 Luminar 並非只為了讓 Scantinel 擴大規模。我們收購它們是為了加快發展速度。我們也不斷擴充我們的高階主管領導團隊，這些主管在我們所服務的市場（包括汽車產業）中都擁有良好的信譽。

Executives like Fabio Laura, who's leading our operations, supply chain management and quality as well as Greg Scharenbroch, who will join -- who joined us in November as our Vice President of Global Engineering. What I've shared with you today serves as the basis for the new MicroVision strategy and how we will lead in the area of LiDAR 2.0. It's a strong and clear blueprint to guide the company and these steps are already well underway.

像 Fabio Laura 這樣的高階主管，他負責我們的營運、供應鏈管理和質量，還有 Greg Scharenbroch，他將於 11 月加入我們，擔任全球工程副總裁。我今天與大家分享的內容構成了MicroVision新策略的基礎，以及我們將如何在LiDAR 2.0領域引領潮流。這是一份清晰而強有力的藍圖，將指導公司的發展，而這些步驟已經在順利進行中。

I would now like to invite Steve to review our GAAP fourth quarter and full year financial performance.

現在我想邀請史蒂夫審查我們按美國通用會計準則 (GAAP) 計算的第四季度和全年財務業績。

Thank you, Glen. For fourth quarter revenue, we reported $0.2 million primarily driven by hardware sales in the industrial sector. This compares to $1.7 million of revenue during the same period in 2024. On a full year basis, we reported $1.2 million of revenue in 2025 as compared to $4.7 million in 2024. The decline from both 2024 periods is a result of a last time buy on a contract with an agricultural equipment customer to deliver legacy Ibeo sensors.

謝謝你，格倫。第四季營收為 20 萬美元，主要得益於工業領域的硬體銷售。相較之下，2024 年同期營收為 170 萬美元。以全年計算，我們報告 2025 年的收入為 120 萬美元，而 2024 年的收入為 470 萬美元。2024 年兩個時期的下降是由於與農業設備客戶簽訂的最後一次合同，用於交付舊款 Ibeo 感測器。

Total operating expenses for the fourth quarter of 2025 to $25.3 million. This includes noncash charges of $13.4 million related to asset impairment, and $1.5 million of depreciation and amortization and offset by a net credit of $1.5 million of share-based compensation, primarily due to the forfeiture of PSUs from an executive departure in December. Adjusting for these noncash items, our cash-based operating expenses totaled [$11.9 million]. Compared to the previous quarter, including a onetime $1.2 million cash severance payment in the third quarter. Our operating expenses were $0.9 million higher than Q3 and in line with our expectations.

2025 年第四季總營運支出為 2,530 萬美元。這包括與資產減損相關的 1,340 萬美元非現金支出，以及 150 萬美元的折舊和攤銷，並被 150 萬美元的股份支付淨收益抵消，這主要是由於 12 月份高管離職導致 PSU 被沒收。剔除這些非現金項目後，我們的現金營運費用總計為[1190萬美元]與上一季相比，第三季包括一次性支付的 120 萬美元現金遣散費。我們的營運支出比第三季高出 90 萬美元，符合我們的預期。

The increase is primarily related to the addition of our Aerial Systems team to bolster our competitiveness in the security and defense sector as we announced in November. On a full year basis for 2025, our total operating expenses were $65.5 million, which includes noncash charges of $13.4 million related to asset impairment, $5.8 million of depreciation and amortization, and $0.7 million of share-based compensation.

此次成長主要與我們在 11 月宣布的，為增強我們在安全和國防領域的競爭力而新增的空中系統團隊有關。2025 年全年，我們的總營運支出為 6,550 萬美元，其中包括與資產減損相關的 1,340 萬美元非現金支出、580 萬美元折舊和攤提以及 70 萬美元股份支付費用。

Adjusting for these noncash items, our cash-based operating expenses were $45.5 million. As compared to full year 2024, our operating expenses declined $14.4 million or 24%, primarily driven by reduced purchase services and actions taken in 2024 to reduce head count and rightsize our business. This year-over-year decline in operating expense is a demonstration of our account management focus and cash-conscious mindset. Cash used in operations for the fourth quarter was $15.4 million.

扣除這些非現金項目後，我們的現金營運支出為 4,550 萬美元。與 2024 年全年相比，我們的營運支出減少了 1,440 萬美元，降幅達 24%，這主要是由於採購服務減少以及 2024 年採取的裁員和調整業務規模的措施所致。營運費用較去年同期下降，反映了我們對客戶管理的重視和對現金流的關注。第四季經營活動所用現金為1540萬美元。

This compared to $15.1 million in the fourth quarter of 2024. On a full year basis, cash used in operations for 2025 was $58.7 million as compared with 2024 at $68.5 million. The year-over-year decrease of $9.8 million or 14% was primarily driven by our intentional reduction of operating expenses. Capital expenditures for the fourth quarter were in line with expectations at $0.2 million. This compares to $0.1 million during the same period in 2024. On a full year basis, capital expenditures were $0.7 million in 2025 and $0.4 million in 2024.

相比之下，2024 年第四季為 1,510 萬美元。以全年計算，2025 年營運所用現金為 5,870 萬美元，而 2024 年為 6,850 萬美元。與去年同期相比減少了 980 萬美元，降幅達 14%，這主要是由於我們有意削減了營運費用。第四季資本支出符合預期，為 20 萬美元。相較之下，2024 年同期為 10 萬美元。以全年計算，2025 年資本支出為 70 萬美元，2024 年為 40 萬美元。

For both periods, the year over year increase is primarily attributed to purchases of tooling equipment needed for the production of MOVIA S sensors scheduled to start in early Q4 of this year. In the fourth quarter, we incurred $29.4 million of noncash asset impairment and adverse purchase commitment charges, of which $16 million is accounted for as cost of revenue because it relates to inventory and commitments of our short-range MOVIA L sensor. The remainder of $13.4 million is accounted for as operating expense, primarily attributed to perception software and equipment for our long-range Maven sensor.

這兩個時期的同比增長主要歸因於購買了生產 MOVIA S 感測器所需的工具設備，該感測器計劃於今年第四季初開始生產。第四季度，我們產生了 2,940 萬美元的非現金資產減損和不利採購承諾費用，其中 1,600 萬美元計入營業成本，因為它與我們的短程 MOVIA L 感測器的庫存和承諾有關。剩餘的 1,340 萬美元計入營運費用，主要用於我們遠端 Maven 感測器的感知軟體和設備。

The write-down of MOVIA L, Maven and Perception software results from a multi-factored analysis, including the progress of our next-generation short-range solution and the market readiness of the long-range solution that we recently acquired. With the recent announcement of our consolidation of operations from Redmond into our new Orlando facility, we are currently evaluating the impact to the 2026 financial statements and anticipate asset impairment charges of $8 million to $12 million related to our Redmond office and operating lease as well as people-related restructuring charges of $1 million to $2 million.

對 MOVIA L、Maven 和 Perception 軟體的減記是多因素分析的結果，包括我們下一代短程解決方案的進展以及我們最近收購的遠端解決方案的市場準備。隨著我們最近宣布將雷德蒙德的業務整合到我們在奧蘭多的新工廠，我們目前正在評估這對 2026 年財務報表的影響，並預計與雷德蒙德辦公室和經營租賃相關的資產減值費用為 800 萬至 1200 萬美元，以及與人員相關的重組費用為 100 萬至 200 萬美元。

On our balance sheet, at the end of the fourth quarter, we finished with $74.8 million in cash, cash equivalents and investment securities. We all have $43 million available under the current ATM facility. Subsequent to the end of 2025, we issued two new senior secured convertible notes in the aggregate principal amount of $43 million. The new notes will be used to repay the current outstanding principal balance and interest of $19.5 million on a current note with the remaining available for general operations. The new notes are redeemable in cash, or shares of the company's common stock.

根據我們的資產負債表，截至第四季末，我們擁有現金、現金等價物和投資證券共 7,480 萬美元。我們每個人在目前的自動櫃員機機制下都有 4,300 萬美元可用資金。2025 年底之後，我們發行了兩筆新的優先擔保可轉換票據，總本金為 4,300 萬美元。新發行的債券將用於償還目前未償還本金餘額和利息 1,950 萬美元，剩餘部分可用於一般營運。新發行的債券可以兌換成現金，或兌換成公司普通股。

With our strong leadership, depth and breadth of our product portfolio, financial discipline through operational cost management and capital raise activities we are well situated to deliver our cost-efficient products that meet performance standards to our customers and capitalize on the significant revenue opportunities that the automotive, industrial and security and defense sectors have to offer. With our recent acquisitions, the lighter history is consolidating into a handful of key players. MicroVision is well positioned to lead the light industry in these three verticals and offers a significant opportunity for shareholder value creation.

憑藉我們強大的領導力、豐富的產品組合、透過營運成本管理和融資活動實現的財務紀律，我們完全有能力向客戶提供符合性能標準的高性價比產品，並充分利用汽車、工業、安全和國防領域提供的巨大收入機會。隨著我們最近的收購，輕型歷史正在整合為少數幾個關鍵企業。MicroVision 在這三個垂直領域擁有引領照明產業的良好地位，並為股東創造巨大價值提供了重要機會。

I would now like to pass it back to Glen for closing remarks.

現在我想把發言權交還給格倫，讓他做總結發言。

Thanks, Steve. This is a transformational time for MicroVision. Today, we've talked about the vision for a new MicroVision, a company built to lead in the new era of LiDAR 2.0. We shared how our strategy allows us to create value for customers in new markets and the steps we're taking to deliver the right portfolio with the right performance at the right price. We've also begun to demonstrate concrete steps as a testament to our focus on execution, shipping products against existing orders and prudent financial management.

謝謝你，史蒂夫。對MicroVision而言，這是一個變革的時代。今天，我們討論了MicroVision的新願景，一家旨在引領LiDAR 2.0新時代的公司。我們分享了我們的策略如何使我們能夠在新市場為客戶創造價值，以及我們正在採取哪些措施來提供性能合適、價格合理的合適產品組合。我們也開始採取具體措施，以證明我們注重執行、按現有訂單發貨以及審慎的財務管理。

Turning now to guidance for calendar year 2026. We expect revenue to be in the range of $10 million to $15 million. This is based on our analysis completed to date of both prior MicroVision outlook going into 2026 as well as the now continuing Luminar revenue streams. This is a positive reflection of our ability to retain and convert iron Luminar contracts to ongoing Microvision revenue. We expect cash use in operations plus CapEx to be in the range of $65 million to $70 million for the full year, which reflects a modest increase over 2025 due primarily to the acquisitions of Scantinel, Luminar as well as the addition of our Virginia-based aerial systems team. These additions have dramatically expanded our market access but with thoughtful and disciplined management of our cash burn.

現在轉向 2026 年曆年的展望。我們預計營收將在 1,000 萬美元至 1,500 萬美元之間。這是基於我們迄今為止對 MicroVision 先前對 2026 年的展望以及 Luminar 目前持續的收入來源的分析得出的結論。這積極地反映了我們有能力保留 Luminar 鐵合約並將其轉化為 Microvision 的持續收入。我們預計全年營運現金使用量加上資本支出將在 6,500 萬美元至 7,000 萬美元之間，這比 2025 年略有增長，主要原因是收購了 Scantinel、Luminar 以及增加了我們位於維吉尼亞州的空中系統團隊。這些新增項目極大地拓展了我們的市場准入，但我們對現金消耗進行了深思熟慮和嚴謹的管理。

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

總而言之，隨著我們邁入 LiDAR 2.0 時代，我非常有信心我們的產品能夠引領這項變革。我們擁有合適的產品組合和產品線，可以進入多個終端市場。我們以合適的價格提供合適的性能——我們擁有能夠達到汽車級標準的管理和工程團隊，並且我們擁有財務紀律，以確保我們能夠繼續獲得資金和融資，從而實現我們的成長計劃。我們的使命很明確。我們的團隊目標一致，致力於為客戶和股東創造價值。我對新型 MicroVision 和 LiDAR 2.0 的未來發展道路感到興奮。

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

謝謝，現在開始接受提問。

(Operator Instructions)

（操作說明）

Jason Kolbert, Boral Capital.

Jason Kolbert，博拉資本。

Thanks for the guidance, $10 million to $15 million, that's for this year. How does that break between the automotive and industrial segment? And what kind of margins are we talking about on that revenue?

感謝您的指導，今年的預算是 1000 萬到 1500 萬美元。汽車產業和工業領域之間的差異是什麼？那麼，這些收入的利潤率是多少呢？

Steve, you want to take that one?

史蒂夫，你想接那個嗎？

So the breakdown of our revenue is mostly in the industrial space with the balance being in the automotive side. That's kind of where our key customers are that we brought over from the Luminar side, and that's the key customers that we're currently working with right now, developing those relationships, which is going to help us achieve our guidance in terms of our revenue situation. From a margin perspective, our margins definitely should be positive. We're still working on what that cost is going to be just based on the cost that we're going to be getting as we're getting that cost evaluated as we're doing the PPA right now, but we do definitely see our margins to be positive this year.

因此，我們的收入主要來自工業領域，其餘則來自汽車領域。這就是我們從 Luminar 帶來的重點客戶所在之處，也是我們目前正在與之合作、發展關係的重點客戶，這將有助於我們實現收入的預期目標。從利潤率的角度來看，我們的利潤率絕對應該是正的。我們仍在根據我們目前正在進行購電協議 (PPA) 評估的成本來確定最終成本，但我們確實認為今年的利潤率將是正的。

And going forward beyond 2026. So what I'm trying to understand is how these two segments grow and what's the market potential in automotive, what's the market potential and everything else, the industrial.

以及展望2026年以後。所以我想了解的是這兩個細分市場是如何成長的，以及汽車產業的市場潛力，工業領域的市場潛力等等。

I think what we're seeing as we move forward into the future as we get towards the end of the decade, we definitely see our growing in the automotive space, most likely that won't be till towards the end of the decade '28, '29, and that's where all of the automotive companies are developing their LiDAR strategies, their ADAS strategies, and they will implement LiDAR into their platforms. So we are in process of a number of RFQs as we speak right now to support those activities. So we see the automotive kind of towards the end of the decade and that's going to form a big portion of our business.

我認為，隨著我們邁向未來，臨近十年末，我們肯定會看到汽車領域的成長，這很可能要到2028年、2029年才會實現，屆時所有汽車公司都將製定他們的雷射雷達戰略、ADAS戰略，並將雷射雷達應用到他們的平台中。因此，我們目前正在進行多項詢價工作，以支持這些活動。因此，我們預計汽車產業將在本十年末期佔據我們業務的很大一部分。

Our bridge between now and then is primarily going to be in the industrial base, as Glen talked about in his pre remarks, we have a number of customers that were being worth right now. The other piece is going to be on the defense and security side. So we've got some products that we're going to have readily available mid this year for salable units to those potential customers. As Glen mentioned, we do see some growth in that area. We see that kind of moving forward into the future, that's going to kind of again -- but the industrial and the defense side is going to be a bridge as we progress into the automotive side, which will begin towards the end of the decade.

從現在到那時，我們的橋樑主要將建立在工業基礎之上，正如格倫在開場白中提到的那樣，我們現在有很多客戶都很有價值。另一部分將涉及國防和安全方面。因此，我們有一些產品將在今年年中隨時可以向潛在客戶銷售。正如格倫提到的那樣，我們確實看到這方面有所增長。我們看到這種向前發展的方向，未來還會繼續下去——但工業和國防領域將成為我們向汽車領域邁進的橋樑，而汽車領域將在本世紀末開始發展。

Yeah. Just to add some content to that. For auto, as Steve said, that's going to be later in the decade, the RFIs and the RFQs that we're talking about now are targeted for the '29, '30 start of ramping. So if you think about auto, that's where you start seeing volumes and really more meaningfully in the '31 time frame. Now that has scale.

是的。補充一些內容。正如史蒂夫所說，汽車產業要到十年後才會開始，我們現在討論的 RFI 和 RFQ 的目標是 2029 年、2030 年開始量產。所以，如果你考慮汽車產業，你就會開始看到銷量，而且在 2031 年左右的時間裡，銷量會更加顯著地成長。現在它有了規模。

So that's the big fan. We have basically a multibillion dollar TAM and significant opportunities. Industrial for us, we'll see some sales this year really movies is our big industrial products. So as we launched in October, back half of the year or the back quarter of the year, we expect MOVIA S sales to start driving and then strong growth through 2027. So as those orders come in or -- and preorders come in over the course of this year, we'll be able to give an accurate projection of what that growth looks like in '27.

這就是那台大風扇。我們擁有數十億美元的潛在市場規模和巨大的發展機會。對我們來說，工業領域今年的銷售確實會有所成長，而電影是我們的主要工業產品。因此，由於我們在 10 月推出，我們預計 MOVIA S 的銷售量將在今年下半年或下個季度開始推動，並在 2027 年實現強勁增長。因此，隨著今年訂單或預購訂單的陸續到來，我們將能夠準確預測 2027 年的成長情況。

And then security and defense, this is an area that is still -- it's still very nascent, but we actually are very optimistic about it. There's a lot of focus now drones and what can be done with drones in terms of autonomy, providing basically mapping real-time mapping in conflicted areas and also extending perception for ground-based vehicles as we look at ground-based vehicle autonomy. And that's one where we'll be sizing those markets for us. but we're confident that's very interesting to us for 2 reasons. One, we think it has significant sustainable growth, but it's also -- it has higher ASPs and sale prices than, say, industrial and certainly auto. So it's a great opportunity for us to commercialize and monetize the IP we have there, whether it's Iris and halo or it's MOVIA S, monetize that in that market at very attractive ASPs.

至於安全和國防領域，這仍然是一個起步階段，但我們對此非常樂觀。現在人們非常關注無人機以及無人機在自主性方面可以做些什麼，基本上可以在衝突地區提供即時測繪，並且隨著我們研究地面車輛的自主性，還可以擴展地面車輛的感知能力。我們會對這些市場進行規模評估。但我們相信，出於兩個原因，這對我們來說非常有趣。首先，我們認為它具有顯著的可持續成長，但同時，它的平均售價和銷售價格也高於工業產品，當然也高於汽車產品。因此，這對我們來說是一個絕佳的機會，可以將我們在那裡的知識產權商業化和變現，無論是 Iris 和 Halo 還是 MOVIA S，都可以在該市場以極具吸引力的平均售價實現盈利。

And just my last question is on the sales and marketing line. It just seems like of the line, right? You're spending a lot of money there. What is that money actually being spent on?

我的最後一個問題是關於銷售和行銷方面的。感覺就像是這條線，對吧？你在那裡花了很多錢。這些錢究竟花在哪裡了？

So sales and marketing line -- sorry, go ahead.

所以銷售和行銷部門——抱歉，請繼續。

No. Well, why don't you complete your thoughts, Steve, and then I'll end my part.

不。史蒂夫，你先把你的想法說完，然後我再結束我的部分。

Yeah. I think most of our sales and marketing line as of right now, we're kind of building our team up. We now have a team that's on a global basis with bringing over the Luminar team. So we've got a strong team that's going to help us drive forward this revenue opportunity. And we have an office in a couple of different locations that we're trying to continue with that team moving forward.

是的。我認為目前我們的大部分銷售和行銷團隊都在建設中。我們現在擁有一支全球化的團隊，Luminar 團隊也加入我們。因此，我們擁有一支強大的團隊，他們將幫助我們推進這項營收機會。我們在幾個不同的地方設有辦事處，我們正努力讓這些團隊繼續向前發展。

And Glen, do you want to pass it on?

格倫，你想把它傳承下去嗎？

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

是的。加入 MicroVision 至今已經快一年了。自從我擔任執行長以來，我一直優先考慮的事情之一就是擁有非常強大的銷售和行銷能力。我們擁有先進的技術。但是，如果你想在汽車行業競爭，如果你把重點放在工業、安全和國防領域，那麼你的商業組織中就必須有合適的人，他們了解銷售流程，尊重客戶，並且能夠真正做到這一點。

And so we've been growing that organically prior to the Luminar acquisition and -- and part of that was what we did with the Defense Advisory Board to help us understand and develop our strategy for security and defense. Part of it was bringing on some additional talent over the course of the year. And then hear more recently expanding that team with the -- with onboarding of the Luminar sales team, and it's really -- we're now -- we now have just a very capable sales and marketing team that can take the portfolio we have and really bring that to market. So I could be happier with the team that we have. It's an investment that we needed to make if we were going to grow the business and accelerate the business growth. And -- but that's the reason why it is what it is.

因此，在收購 Luminar 之前，我們一直在有機地發展壯大——其中一部分是我們與國防顧問委員會合作，幫助我們了解和製定安全和國防戰略。部分原因是在這一年引進了一些額外的優秀人才。最近，隨著 Luminar 銷售團隊的加入，我們進一步擴充了團隊，現在我們擁有了一支非常有能力的銷售和行銷團隊，能夠將我們現有的產品組合真正推向市場。所以，我對我們現有的團隊感到更滿意。如果我們想要發展業務、加速業務成長，就必須進行這項投資。而——正因如此，它才會是現在的樣子。

Casey Ryan, WestPark Capital.

Casey Ryan，WestPark Capital。

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

Glen，Steve，更新很棒。所以我的第一個問題是，我想，這與 Scantinel 的收購和 FMCW 技術有點關係。這項技術是否引起了國防領域的廣泛關注？聽起來這或許是它音域的關鍵所在？我知道它歷來都是以卡車運輸為目標，但這是否讓您覺得，與其它產品線相比，使用 FMCW 進行國防領域開發對您來說是一個更大的機會？或者說，是不是因為我知道國防領域有很多應用，所以所有產品線都在考慮多種用途？

Yeah, great question. Scantinel, there is a significantly increased pull from the defense sector for the technology. really for two reasons. One is 15 50, which is you don't -- it's basically not visible with night vision goggles or night vision capabilities. So it's essentially invisible.

嗯，問得好。Scantinel指出，國防領域對這項技術的需求顯著增加，這主要有兩個原因。一個是 15 50，也就是說你看不到——基本上用夜視鏡或夜視設備是看不到的。所以它基本上是看不見的。

So from a standing and perception standpoint for night ops, it seems very, very attractive. And then the FMCW, and that architecture gives it all for long-range capability. And where we're seeing interest is on drone detection, long range from detection as well as other tech navigation and mapping. So when we acquired Scantinel, of course, the focus of the team really had been in the commercial vehicle market that has been the primary focus. What we're seeing now is a much -- an equally strong pull from the defense side. So still has interest in application in CV, mainly commercial vehicles. much stronger interest from defense, no question about it.

因此，從夜間行動的地位和感知角度來看，這似乎非常非常有吸引力。然後是FMCW，這種架構賦予了遠程作戰能力。我們看到大家對無人機探測、遠端探測以及其他技術導航和測繪的興趣日益濃厚。所以當我們收購 Scantinel 時，團隊的重點當然一直放在商用車市場，這始終是我們的主要關注點。我們現在看到的是──防守方同樣強烈的拉力。所以，它仍然對商用車領域的應用感興趣，主要是商用車輛。毫無疑問，國防領域的興趣更為強烈。

Kind of related to the second part of your question, we also have interest in the other products, and particularly with for security and defense and particularly, if you think about short-range LiDAR like a MOVIA S, where you can or even now doing MOVIA L with our MOVIA Air products. Those are 9 40 and 9 05, but they're very good for terrestrial land. So you're not as worried about being visible because it's a very low-cost drone that's flying around mapping away from personnel and providing real-time perception and extending that perception from those ground-based vehicles and personnel. And so we're seeing interest there relative to model products and MOVIA S products for mapping.

這與您問題的第二部分有點關係，我們也對其他產品感興趣，特別是用於安全和國防的產品，特別是如果您考慮像 MOVIA S 這樣的短程雷射雷達，或者您現在正在使用我們的 MOVIA Air 產品進行 MOVIA L 測試。它們是 9 40 和 9 05，但它們非常適合陸地。所以你不必太擔心被發現，因為它是一架成本非常低的無人機，它在遠離人員的地方飛行測繪，提供即時感知，並將這種感知擴展到地面車輛和人員。因此，我們看到人們對模型產品和 MOVIA S 地圖產品表現出了濃厚的興趣。

And then as well, Iris and Halo for basically on vehicle perception. So if you think about vehicle autonomy where vehicles want to operate at night, you want to have a 15 50 solution that you can offer again, so that vehicle isn't visible as is sending and if sensors are working. So really across all of those products, we're seeing significant interest there, both in ground-based autonomy, but also with regard to drone applications.

此外，Iris 和 Halo 基本上也用於車輛感知。因此，如果您考慮車輛自主性，車輛希望在夜間運行，您需要一個 15 50 的解決方案，以便再次提供，這樣車輛就不會被看到，因為正在發送訊息，並且感測器正在工作。因此，我們看到所有這些產品都引起了人們的極大興趣，無論是地面自主系統，還是無人機應用。

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

好的。了不起。所以，我就很好奇，當你收購 Luminar 的所有資產時會發生什麼事。我認為奧蘭多算是他們的總部所在地。這只是在問完成這項收購需要付出多少努力。您在收購過程中是否也繼承了其他一些地點，需要您負責關閉和整合這些地點？或者說，奧蘭多是你當時唯一關注的實體場地？因為我知道 Luminar 在世界各地有許多辦事處和分店？

Yeah. We really only acquired two locations, one of, as you said, the Orlando office, and they were believe their headquarters and where their engineering tech center was. And then the other is in Colorado, which was the Black Horse engineering team for their ASIC design. So those are the two offices and sites that we're maintaining we did bring over people from some of the other offices. If you think about Japan, if you think about Sweden and Germany, but we did not assume responsibility for those facilities.

是的。我們實際上只收購了兩個地點，其中一個正如你所說，是奧蘭多辦事處，他們相信那裡是他們的總部和工程技術中心所在地。另一家公司位於科羅拉多州，是 Black Horse 公司的工程團隊，負責他們的 ASIC 設計。所以，我們維護的就是這兩個辦公室和站點，我們從其他一些辦公室調來了人員。想想日本，想想瑞典和德國，但我們並沒有承擔這些設施的責任。

So we're not having to deal with closing down legal entities or closing down offices around the world. And so Orlando, Colorado, those are offices that we have and we're going to keep. And then as we mentioned earlier, we'll consolidate operations in Orlando.

因此，我們不必處理關閉法律實體或關閉世界各地辦事處的問題。所以，我們在科羅拉多州奧蘭多設有辦事處，我們將繼續保留這些辦事處。然後，正如我們之前提到的，我們將把業務整合到奧蘭多。

Yeah. Okay. Terrific. That's great color. And then last question, I think, for me. And maybe this is all too many new products and too many opportunities at one time. But I think we're seeing some I don't know if it's a desire or sort of a road map of combining centers, right, cameras with LiDAR and maybe radar, some of these new radar applications. But does that change the way you go to market at all? Do you want to partner with somebody? Or is that all kind of too far in the future to worry about today? How do you see sort of all those sensors coming together at some point in some applications?

是的。好的。了不起。顏色真好看。最後一個問題，我想，對我來說。或許，一次推出這麼多新產品和機會確實太多了。但我認為我們正在看到一些，我不知道這是一種願望還是某種路線圖，即將中心、攝影機與光達以及雷達（可能是雷達）結合起來，這些新的雷達應用。但這會改變你進入市場的方式嗎？你想和別人合作嗎？或者說，這些事情都太遙遠了，現在擔心還太早？您認為這些感測器最終會如何組合在一起，應用於某些實際應用？

Yeah. To your point, it really depends on the application. It's interesting in automotive. We went through a period where we thought, hey, combining sensor modalities would be really a great way to package sensors in the car, and then we immediately brought them all back apart because it gave us more flexibility in where you can mount the sensors and how you mount them and then actually sourcing those sensors, you combine sensors, you end up actually restricting that. So there are some applications where combine sensor like LiDAR and camera.

是的。你說得對，這確實取決於具體應用場景。這在汽車產業很有意思。我們曾有一段時間認為，將感測器模式組合起來，對於在汽車中封裝感測器來說，確實是一個很好的方法。但隨後我們又立即將它們全部拆開，因為這樣可以讓我們更靈活地選擇感測器的安裝位置和安裝方式。然而，實際上，當你組合感測器時，你最終會限制感測器的採購。所以有些應用會將光達和攝影機等感測器結合起來使用。

For instance, that's what we do with our MOVIA Air products where we have LiDAR as well as a resolution camera that we then use that in the sensors. So when we provide the map data coming out of the drone, it has fused vision as well as better. But right now, that tends to be more of how the OEM wants to package those sensors on their platforms. And we can do it as a stand-alone sensor. We're happy to work with others in a combined sensor configuration.

例如，我們的 MOVIA Air 產品就是這麼做的，它配備了光達和高解析度攝影機，然後我們將其用於感測器中。因此，當我們提供無人機傳回的地圖資料時，它不僅融合了視覺訊息，而且效果更好。但就目前而言，這更多是原始設備製造商 (OEM) 希望在其平台上封裝這些感測器的方式。我們可以將其作為獨立感測器來實現。我們樂於與其他廠商合作，採用組合感測器配置。

We just recently had some discussions around those lines this week as well. But as of right now, our feeling is we'll develop a great LiDAR sensor that can be flexible in terms of how it's integrated how it's mounted, whether that's in a combined fashion or as a stand-alone LiDAR sense?

我們本周也圍繞著這些問題進行了一些討論。但就目前而言，我們的想法是開發一款出色的光達感測器，它在整合方式和安裝方式方面都非常靈活，無論是組合式還是獨立式光達感測器。

Terrific. That's actually a great perspective. It's a great update, and it looks like it's going to be an exciting 2026.

了不起。這確實是一個很好的視角。這是一次很棒的更新，看來2026年將會是令人興奮的一年。

I will now turn this call back over to Steve Hrynewich to read questions submitted through the webcast or in advance of the call. Steve?

現在我將把電話轉回給史蒂夫·赫里內維奇，讓他宣讀透過網路直播或電話會議之前提交的問題。史蒂夫？

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

謝謝接線生。好的。我們的第一個問題是——關於您給出的 1000 萬至 1500 萬美元的收入預期，您對實現這一目標有多大信心？

Yeah. Let me take that, Steve, and then I'd ask you to add any further comments from year-end. So that revenue is a combination of sales of our long-range and our short range products, and it's really across all three end markets. We've already been shipping into critical customers that came with that Luminar acquisition, and we really expect that to continue. In addition, the commercial uptake of the short-range MOVIA S is actually ahead of our expectations.

是的。史蒂夫，讓我來回答這個問題，然後我想請你補充年底的其他意見。因此，該收入是我們遠端產品和近程產品的銷售額的總和，實際上涵蓋了所有三個終端市場。我們已經開始向收購 Luminar 後獲得的關鍵客戶發貨，我們預計這種情況會持續下去。此外，短程 MOVIA S 的商業化應用實際上超出了我們的預期。

We believe that was going to be a great product the interest and the pull we're seeing on that validates that. And now it's up to us to launch that on time and at volume. We believe we have, however, a clear line of sight to other opportunities and that combination of what we know today, what we're seeing, that gives us a great deal of confidence with that guidance.

我們相信那將會是一款很棒的產品，我們看到的人們對它的興趣和需求也證實了這一點。現在就看我們能否按時按量推出這款產品了。然而，我們相信我們已經清楚地看到了其他機遇，而我們今天所了解的和所看到的，這些都給了我們很大的信心。

Now as we continue to work through what were the Luminar customer engagements and those contracts and production schedules, we believe there are additional opportunities there that we can include. But we still have to work through that process. We were basically what about five, six weeks into it. And so through a lot of it, but not through all of it yet. And we believe that there will be additional opportunities for us.

現在，隨著我們繼續梳理 Luminar 的客戶互動情況、合約和生產計劃，我們相信其中還有更多我們可以納入的機會。但我們仍然需要完成這個過程。當時大概已經進行了五、六週了。所以，他經歷了很多，但還沒有經歷全部。我們相信未來還會有更多機會。

I think just to add to that, as Glen mentioned, we're looking at production of our MOVIA S short range center in quarter four of this year. We have lots of customer traction, lots of interest from our customers. So we are definitely expecting to see revenue with that product coming in the fourth quarter this year.

我想補充一點，正如 Glen 所提到的，我們計劃在今年第四季開始生產 MOVIA S 短程中心。我們獲得了大量的客戶關注，客戶對我們產品表現出了濃厚的興趣。因此，我們預計該產品將在今年第四季帶來收入。

Yeah.

是的。

Okay. Second question, how many customers are you engaging with, including your recent acquisitions?

好的。第二個問題，您目前與多少客戶互動，包括您最近收購的客戶？

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

Luminar 的客戶群的加入，大大增加了我們的商機管道，而且在所有三個垂直領域都是如此。他們基本上為我們帶來了大約 30 位新客戶。在這個客戶群中，還蘊藏著更多的機會和潛在客戶。正如我之前提到的，Luminar 銷售團隊及其商業團隊的加入，是此次收購帶來的巨大好處，因為——他們不僅帶來了合同，還帶來了人脈關係，以及對終端市場和客戶的了解。

So it isn't just a matter of the formality of acquiring a contractor, taking over a PO, we also now have the individuals with MicroVision who understand and have a history with those contracts, the history with those customers and a deep understanding of those customers' needs and how we can then basically bring our solutions to them. So that's why that's been such a benefit.

所以，這不僅僅是收購承包商、接管採購訂單的形式問題，我們現在還有 MicroVision 的人員，他們了解這些合同，了解這些客戶，並且對這些客戶的需求有深刻的理解，以及我們如何為他們提供解決方案。所以這就是它帶來的好處。

Along with same lines, another question, what is the state of the Luminar customer relationships of Volvo, Nissan, Caterpillar, have you delivered to any of these brands yet? Are these critical to achieving your 2026 guidance?

同樣地，還有一個問題，Luminar 與沃爾沃、日產、卡特彼勒的客戶關係狀況如何？你們是否已經向這些品牌交付過產品？這些對於實現您2026年的目標至關重要嗎？

Yeah, it's a great question, actually. And well, it's not appropriate to comment on individual customers, it is fair to say that every Luminar customer is engaged with us. And I mentioned, this is in part due to the fact that we have a sales team that knows them, that's maintain contact and that we're continuing those dialogues. By normalizing and restarting those past relationships, as you can imagine, when you go -- when a supplier goes into bankruptcy, that generally speaking, puts a pause on the relationship, it's disruptive. Well, we're now normalizing those relationships and having discussions, not just around the active POs or the near-term needs but also discussions regarding ongoing development we're not going to comment on how individual customers drive guidance. Subsequent to closing, we have shipped to the largest customers in automotive and commercial vehicles. So that product and that associated revenue is flowing as we speak.

是的，這確實是個好問題。嗯，評論個別客戶並不合適，但可以肯定地說，每位 Luminar 客戶都與我們保持著良好的互動。我之前提到過，這部分原因在於我們有一個了解他們的銷售團隊，他們與他們保持聯繫，我們正在繼續進行這些對話。正如你所想，當供應商破產時，一般來說，這會暫停合作關係，造成破壞，而要恢復和重啟過去的合作關係則需要重新考慮。我們現在正在規範這些關係並進行討論，不僅圍繞活躍的採購訂單或近期需求，還圍繞正在進行的開發進行討論，我們不會評論個別客戶如何推動指導。交易完成後，我們已向汽車和商用車領域最大的客戶出貨。所以，這款產品及其相關收入正源源不絕地流入市場。

Okay? Next question is, how did Luminar impact MicroVision's path to revenue and commercialization?

好的？下一個問題是，Luminar 對 MicroVision 的營收和商業化進程產生了怎樣的影響？

So to put a very concisely, Luminar accelerates our revenue it brings with it. That acquisition brings with it active commercial programs, establish customer relationships that really pull forward our path to scale significantly. So we are actively engaged with the Luminar customer base and normalizing and starting those relationships. And as I mentioned earlier, converting those paused POs and contracts over to active shipments as well as the discussions regarding ongoing development. Now one of the other benefits, though, is we've been able to take -- with the Luminar customer base, we've been able to bring their products into aluminum products into our existing MicroVision customer base as well as the MicroVision products into that existing Luminar customer base.

簡而言之，Luminar 加速了我們收入的成長。此次收購帶來了積極的商業計劃，建立了客戶關係，這真正推動了我們實現規模化發展的道路。因此，我們正在積極與 Luminar 的客戶群互動，並規範和建立這些關係。正如我之前提到的，將暫停的採購訂單和合約轉換為有效的發貨，以及有關正在進行的開發的討論。不過，另一個好處是，我們能夠利用 Luminar 的客戶群，將他們的鋁製品引入我們現有的 MicroVision 客戶群，同時也將 MicroVision 的產品引入我們現有的 Luminar 客戶群。

So that cross-pollination we talked about in the earlier in the meeting, that really helps us accelerate that traction because it means that MicroVision can be a single one-stop shop provider for their LiDAR production needs. We provide short-range, long-range, wide field of view, narrow field review, we can provide the complete LiDAR solutions to them, which it's important from a purchasing standpoint. It's also important from a technology standpoint, because that means harmonizing and integrating all of those sensors becomes much similar. They don't have to try to integrate short-range sensor from one supplier with a long-range sensor from another they -- we can do all of that for them. So it's really an exciting development that we're able to cross-pollinate across the different customer bases.

因此，我們在會議早些時候討論的交叉整合，確實有助於我們加快發展步伐，因為這意味著 MicroVision 可以成為滿足其 LiDAR 生產需求的一站式供應商。我們提供短程、遠程、廣角、窄角的光達偵測，我們可以為他們提供完整的光達解決方案，這對於採購而言非常重要。從技術角度來看，這也很重要，因為這意味著協調和整合所有這些感測器將變得非常相似。他們不必嘗試將一個供應商的短程感測器與另一個供應商的長程感測器整合在一起——我們可以為他們做這一切。因此，我們能夠將不同的客戶群進行交叉融合，這確實是一個令人興奮的進展。

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

而且我認為，補充一點，此次收購的關鍵部分之一是，再次強調，要儘早實現收入目標。因此，從長遠來看，Halo 產品面向未來推出將會為我們帶來更快的體驗。所以，目前我們的銷售業績已經非常接近可以提供給客戶的水平了。團隊正在著手處理此事。這將再次加快我們實現長期解決方案的收入。

Okay.

好的。

Yeah, great point, Steve.

沒錯，史蒂夫說得很有道理。

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

下一個問題是，您之前發布的多個詢價單的情況如何？

Yeah, that's another great question. We continue to actively engage with those customers. And what's interesting is that -- I mean, this has been going on for some period of time, and we now have a more diversified product portfolio to offer, especially with our recent acquisitions. So different product offerings for them. But we're seeing an interesting behavior with regard to those RFQs and those RFIs, I mean, normally, when you talk about the automotive passenger car market, an ROI is followed by an RFQ, the RFI is used to kind of understand the market, understand the supply base, selected technologies, the RFU comes kind of narrow that down with pricing and the specifics and then a production award typically would follow that. And that's usually management in a short period of time, not two plus or three years.

是的，這又是一個很好的問題。我們將繼續積極與這些客戶保持聯繫。有趣的是——我的意思是，這種情況已經持續了一段時間，我們現在擁有更多元化的產品組合，尤其是在我們最近進行收購之後。因此，他們可以選擇不同的產品。但我們發現，在這些詢價單 (RFQ) 和資訊徵詢書 (RFI) 方面，出現了一個有趣的現象。我的意思是，通常情況下，在汽車乘用車市場，投資回報率 (ROI) 之後會發布詢價單 (RFQ)，資訊徵詢書 (RFI) 用於了解市場、了解供應基礎、選定的技術，而補充詢價單 (RFU) 則會縮小範圍，確定價格和具體細節，然後通常會在此基礎上授予生產合約。而且這通常是指在較短時間內所取得的管理成就，而不是兩三年。

So what we're seeing right now in that automotive, in particular, the North America and European passenger car market, the OEMs are clearly reformulating their level free value proppant offerings. And this is doing no small part to the cost systems and really the limited initial value that the features offer to their end customers. At the end of the day, the end customer is simply not willing to pay 6,000 to 9,000 more for an L3 and certainly not the L3 that they're currently offering. So we've seen some program cancellations or those offerings being suspended.

所以我們現在在汽車產業，特別是北美和歐洲乘用車市場看到的是，汽車製造商顯然正在重新制定其無級價值支撐產品。而這在很大程度上影響了成本體系，也降低了這些功能為最終用戶提供的有限初始價值。歸根結底，最終客戶根本不願意為 L3 產品多支付 6000 到 9000 美元，更不願意為目前他們提供的 L3 產品多支付 6000 到 9000 美元。所以我們看到一些項目被取消或暫停。

And I think what it highlights to me is why our focus on cost is so important because we need to be able to drive the cost of short-range and long-range LiDAR sensors down to the point where the OEMs can afford to put them on the cars, it can enable Level 2+ or Level 3 features that the OEMs can then offer at a price point that their consumers find attracted but they still have healthy margins. So it's -- we're still involved in those RFPs and RFQs. In some cases, the discussions now are in year three. But I think, again, it just reflect and emphasizes the fact we have to be driving the cost of these sensors down to where the OEMs and really, really be able to put it on the vehicle and drive value both for them and the end consumer.

我認為這凸顯了我們為何如此重視成本，因為我們需要將短程和遠程雷射雷達感測器的成本降低到汽車製造商能夠負擔得起的水平，這樣才能實現 L2+ 或 L3 功能，汽車製造商隨後可以以消費者感興趣的價格提供這些功能，同時還能保持健康的利潤率。所以——我們仍然參與那些招標和詢價。在某些情況下，這些討論已經進行了三年。但我認為，這再次反映並強調了這樣一個事實：我們必須降低這些感測器的成本，使原始設備製造商能夠真正地將其安裝在車輛上，從而為他們和最終消費者創造價值。

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

好的。結合您目前擁有的技術以及收購的技術，是什麼使您的整體技術組合與眾不同？

Well, I think a couple of things to that. First, we have a, as I mentioned, a really broad portfolio. We have 9 05, 15 50. We have short range and long range time of flight, FMCW, solid-state scanning with polygons on MEMS. What that means and why that's important is we can bring the right solution for any given application in any of the end markets that we're serving.

嗯，我覺得有幾點要考慮。首先，正如我之前提到的，我們的投資組合非常廣泛。我們有 9 05，15 50。我們有短程和長程飛行時間、FMCW、固態掃描以及基於 MEMS 的多邊形。這意味著，對於我們所服務的任何終端市場中的任何特定應用，我們都能提供合適的解決方案，這一點非常重要。

And additionally, our approach combines that strong hardware performance with an open software framework. And so instead of offering a closed system, we enable the OEMs and the partners to integrate faster, customize, functionality and basically identify new ways of monetizing advanced features on our sensors, and that openness and that open supper framework reduces the integration complexity shortening their development time lines and reducing costs, helping customers work on concept to deployment faster. And then finally, as a US and German-based company with US-based manufacturing, we can bring that complete product portfolio to the security and defense market, which is a significant differentiator for us.

此外，我們的方法將強大的硬體性能與開放的軟體框架相結合。因此，我們不提供封閉的系統，而是讓 OEM 和合作夥伴更快地整合、客製化功能，並從根本上找到我們感測器高級功能的新貨幣化方式。這種開放性和開放的超框架降低了整合的複雜性，縮短了他們的開發時間，降低了成本，幫助客戶更快地從概念到部署。最後，作為一家總部位於美國和德國、並在美國設有生產基地的公司，我們可以將完整的產品組合帶入安全和國防市場，這對我們來說是一個重要的差異化優勢。

Okay. Good. How do you create value for customers and specifically to the automotive sector?

好的。好的。您如何為客戶創造價值，特別是為汽車產業創造價值？

Well, I can tell you, it's not to vendor with the most impressive demo that will create that value. It's the supplier that enables new use cases across the vertical -- across the verticals. And for industrial, that's the ability to enable autonomy at affordable prices as well as advanced safety systems and security and defense. We talked about it, it's applications. such as unmanned ground vehicle autonomy as well as drone-based real-time mapping and reconnisants.

我可以告訴你，真正創造價值的不是提供最精彩的簡報。它是能夠推動整個垂直產業——甚至各個垂直產業——出現新用例的供應商。對於工業領域而言，這意味著能夠以可負擔的價格實現自主化，以及先進的安全系統、保全和防禦。我們討論過它的應用，例如無人地面車輛自主行駛以及基於無人機的即時測繪和偵察。

Now for automotive, this includes enabling level-3 features and like we talk, making them affordable for the OEM and end consumer. And ultimately, Level 3 systems have just simply been too expensive and especially when you consider Level 2+ systems now coming in well below $2,000 on cost to the vehicle. So for us, it's a matter of how do we enable the OEM to successfully offer these types of products and services to their customers, but most critically to be able to do it in a way where they make and they unlock value for themselves. And so our ability to enable our customers on like value is how we will create value for them.

對於汽車產業而言，這包括啟用 L3 級功能，正如我們所說，讓 OEM 和最終消費者都能負擔得起這些功能。最終，3 級系統實在是太貴了，尤其是考慮到 2 級及以上系統現在的成本遠低於 2000 美元。因此，對我們來說，問題在於如何使 OEM 能夠成功地向其客戶提供這些類型的產品和服務，但最關鍵的是，要讓他們能夠以一種能夠為自己創造和釋放價值的方式來做到這一點。因此，我們能否為客戶提供同等價值，就是我們能否為他們創造價值的方式。

Okay. Good. Okay. Next question here is what is the future for Maven in the MEMS technology?

好的。好的。好的。下一個問題是，Maven 在 MEMS 技術領域的未來發展方向是什麼？

So when you think about Maven, really the key there is the MEMS scanning technology. That's part of Maven. And that technology is still a very important part of our total portfolio. So now with MEMS, it has some very good applications. It's great for scanning when you think about a fixed-wing drone, intertrial mapping, MEMS is a really, really excellent scanning mechanism for that later.

所以，當你想到 Maven 時，真正的關鍵在於 MEMS 掃描技術。那是Maven的一部分。這項技術仍然是我們整體產品組合中非常重要的一部分。所以現在有了MEMS技術，它有一些非常好的應用。對於固定翼無人機、試驗間測繪等應用來說，MEMS 是一種非常優秀的掃描機制，非常適合用於掃描。

And so great for scanning on drones. It's also very good for narrower field of new scanning. So if you think about automotive, when you get down to about 60 degrees of horizontal view -- field of view scanning, MEMS is a great option for doing that. And as a result, as we think about LiDAR, that's where you can get the field of view for long-range LiDAR down to around 60 degrees NIM now comes into play. So for us, MEMS, it remains a really important part of our scanning technology portfolio, and we continue to look at applications for it.

因此非常適合無人機掃描。它也非常適合進行範圍較小的全新掃描。因此，如果你考慮汽車領域，當水平視角縮小到大約 60 度時——視場掃描，MEMS 是一個很好的選擇。因此，當我們考慮光達時，你會發現遠程光達的視場角可以縮小到大約 60 度，而 NIM 技術現在就派上了用場。因此，對我們來說，MEMS 仍然是我們掃描技術組合中非常重要的一部分，我們將繼續探索它的應用。

Okay. Next question is, what's the status of the CFO hire?

好的。下一個問題是，財務長的招募進度如何？

So the CFO hire, this is ongoing. If you think about that role it's really critical that our CFO has that our new CFO would have the skill set and be able to really accelerate our success in the vision that we have laid out today. So we have to have the breadth and depth to the CFO skills along with the relevant industry experience. Now we're in a very, very favorable position in that our Executive Vice Chair, who is part of our leadership team have been a CFO for four public technology companies and that gives us tremendous capability along with what I would say is just an outstanding financial team that is just gives us a really solid basis from a financial and accounting foundation.

所以，財務長的招募工作仍在進行中。仔細想想這個角色，我們的財務長必須具備相應的技能，才能真正加速我們實現今天制定的願景，這一點至關重要。因此，我們需要財務長具備廣博而精深的技能，以及相關的產業經驗。現在我們處於非常非常有利的地位，因為我們的執行副主席是我們領導團隊的成員，他曾擔任過四家上市科技公司的首席財務官，這賦予了我們強大的能力，再加上我認為非常優秀的財務團隊，這為我們提供了非常堅實的財務和會計基礎。

And so when you combine those, that means we can take the time we need to take to find exactly the right person for that role. So we're continuing with that. We would expect that sometime here in the second quarter. but we're not in a situation where we have to reach that, which is a great place to be.

因此，將這些因素結合起來，就意味著我們可以花必要的時間，找到最適合這個職位的人選。所以我們會繼續這樣做。我們預計會在第二季的某個時候實現這個目標，但我們目前的情況並非必須達到這個目標，這當然是件好事。

Okay. All right. Let's go for -- we've got 4 minutes left, maybe one more question here. Now with the recent -- again, the recent acquisitions, obviously, the company has changed. How are you different now? And what is your competitive advantage in the marketplace?

好的。好的。咱們繼續下去──還剩4分鐘，也許還能再問一個問題。現在，隨著最近的收購——顯然，公司已經發生了變化。你現在和以前有什麼不同？你在市場上的競爭優勢是什麼？

Well, I mean, the first and foremost difference is the breadth of the portfolio. So we've significantly augmented the portfolio compared to where we were pre acquisition, in particular if we had cantonal and Luminar. So first question is portfolio. Second question is time and to revenue, as we mentioned, the, in particular, Luminar acquisition dramatically accelerated that time line to revenue and versus doing that organically as we were pre-acquisition, that under revenue and the broadening of the customer base is that we now have access to with our portfolio, that's a huge difference.

嗯，我的意思是，最主要的區別在於投資組合的廣度。因此，與收購前相比，我們的產品組合得到了顯著增強，特別是如果我們擁有 Cantonal 和 Luminar 的話。所以第一個問題是投資組合。第二個問題是時間和收入，正如我們所提到的，特別是收購 Luminar 大大加快了收入實現的進程，與收購前我們透過自身努力實現收入相比，收購後我們透過產品組合擴大了客戶群，這帶來了巨大的收入成長和客戶群擴大，這是一個巨大的差異。

And then finally, just deep on the whole, the entire team and the capabilities we have. So if you look at the depth of our knowledge, whether it's the Scantinel team and all the MicroVision team in Hamburg, it's the combined team now in Orlando with the Black force engineering team now in Colorado. When you look at that depth of engineering talent, it's just a name we have the talent to support that portfolio, to develop those trucks and to deliver on that. So it truly is, as we said at the beginning of today's call, a transformative time for MicroVision. And that's what gives me confidence that we will be very well positioned to lead in what we call LiDAR 2.0.

最後，從整體上深入分析整個團隊以及我們所擁有的能力。所以，如果你看看我們知識的深度，無論是 Scantinel 團隊和漢堡的 MicroVision 團隊，還是現在位於奧蘭多的聯合團隊，以及現在位於科羅拉多的 Black Force 工程團隊。當你看到我們擁有如此深厚的工程技術人才儲備時，你會發現我們有能力支持這些產品組合，開發這些卡車並交付產品。所以，正如我們在今天電話會議開始時所說，這對 MicroVision 來說確實是一個變革的時代。正因如此，我才有信心，我們將處於非常有利的位置，引領我們所謂的 LiDAR 2.0 時代。

Okay. Thank you Glen. Okay. That brings us to the end of our call today. I just want to thank you, everybody, for participating on our call today and your continued support of MicroVision.

好的。謝謝你，格倫。好的。今天的通話到此結束。我只想感謝各位今天參加我們的電話會議，以及你們對 MicroVision 的持續支持。

We will now close the call.

通話到此結束。

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

謝謝。今天的會議到此結束。所有參與者均可中斷連線。祝你有美好的一天。