MicroVision Inc (MVIS) 2026 Q1 法說會逐字稿

And good afternoon, ladies and gentlemen, and thank you for your patience. Your conference will begin shortly. And once again, thank you for your patience. Your conference will begin shortly.

各位女士、先生，下午好，感謝各位耐心等候。您的電話會議即將開始。再次感謝各位的耐心等候。您的電話會議即將開始。

Good afternoon, and welcome to the MicroVision first quarter 2026 financial and operating results conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 MicroVision 2026 年第一季財務與營運成果電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想將會議交給 Drew Markham。請開始。

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

謝謝你，Matthew。各位下午好。今天與我一同出席的有我們的執行長 Glen DeVos，以及臨時財務長 Steve Hrynewich。在我們的準備發言之後，我們將開放提問。

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 integration synergies, 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，您在今天討論中聽到的部分資訊將包含前瞻性陳述，包括但不限於：策略計畫、併購效益與整合綜效、對客戶互動與產品交付的預期、上市策略、產品效能與定價、市場格局與機會、現金流預測、流動性，以及近期融資活動的影響、資金可得性與資本取得、預期營收、營運費用與現金餘額；以及包含「相信」、「預期」、「計畫」及其他類似用語的陳述。這些陳述並非對未來績效的保證。實際結果可能與前瞻性陳述所暗示或表達的未來結果存在重大差異。

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

我們鼓勵您查閱我們向 SEC 提交的文件，包括我們最近提交的 Form 10-K 年度報告與 Form 10-Q 季度報告。這些文件描述了可能導致我們實際結果與前瞻性陳述所暗示或表達者存在重大差異的風險因素。所有前瞻性陳述均以本次電話會議日期為準，除法律要求外，我們不承擔更新此等資訊的任何義務。

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.

此外，我們將在本次電話會議中呈現若干依 SEC《Regulation G》被視為非 GAAP 的財務衡量指標。關於各項非 GAAP 財務衡量指標與最直接可比 GAAP 財務衡量指標之調節表，以及本次電話會議所呈現的所有財務資料，請參閱我們的新聞稿，以及我們今日提交並呈報 SEC 的 Form 8-K 中所載資訊；上述文件均可於我們公司網站 ir.microvision.com 的「SEC Filings」分頁中查閱。本次電話會議的音訊重播將可於我們網站的投資人關係專區取得。

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

現在我想把電話會議交給我們的執行長 Glen DeVos。Glen？

Thanks, Drew. Last quarter, we introduced our vision for what we call LiDAR 2.0, and we outlined how the new MicroVision was being built to lead this next era of the LiDAR industry.

謝謝，Drew。上一季，我們提出了我們所稱的 LiDAR 2.0 願景，並概述全新的 MicroVision 如何打造以引領 LiDAR 產業的下一個時代。

Today, I want to provide you with an update. In short, our strategy is working. Over the first quarter, we made significant progress integrating these technologies, teams, operations and customer relationships acquired through Luminar and Scantinel.

今天，我想向各位提供最新進展。簡而言之，我們的策略正在奏效。在第一季期間，我們在整合透過 Luminar 與 Scantinel 取得的技術、團隊、營運與客戶關係方面取得了顯著進展。

What we have today is one MicroVision organization. At the same time, we have successfully restarted key Luminar commercial programs, we've resumed shipments across multiple customer engagements, continue receiving repeat orders from existing customers, and expanded work with prospective customers across industrial, security and defense, and automotive applications, our three key end markets.

我們現在擁有的是一個 MicroVision 組織。同時，我們已成功重啟 Luminar 的關鍵商業專案，並在多項客戶合作中恢復出貨，持續收到既有客戶的重複訂單，且在工業、安防與國防，以及車用應用等三大核心終端市場，擴大與潛在客戶的合作。

Importantly, this progress gives us increased confidence in both the operational direction of the company and the commercial opportunities that lie ahead of us through the balance of 2026. First quarter revenue represents the start of commercial traction. We believe that our operational foundation work completed during Q1 now positions MicroVision for accelerating momentum as we move through the year.

重要的是，這些進展讓我們對公司營運方向以及 2026 年剩餘期間即將到來的商業機會更具信心。第一季營收代表商業動能的起點。我們相信，第一季完成的營運基礎建設工作，已使 MicroVision 在今年接下來的時間裡具備加速成長動能的條件。

That is the message I want you to take away from today's call. The new MicroVision is operationally integrated, accelerating our commercial traction and executing against the LiDAR 2.0 strategy we laid out last quarter. Before I go deeper into our progress, I want to briefly touch on why we continue to believe this transition to LiDAR 2.0 is so important.

這就是我希望各位從今天電話會議帶走的訊息。全新的 MicroVision 已在營運上完成整合，正加速取得商業進展，並執行我們在上一季所提出的 LiDAR 2.0 策略。在我更深入說明我們的進展之前，我想先簡要談談為何我們仍然相信邁向 LiDAR 2.0 的轉型如此重要。

As I shared in our last earnings call, LiDAR 1.0 was primarily defined by a technology-first mindset. Companies competed to build the most impressive stand-alone sensor, often without fully considering the economics, scalability, or operational realities key to broad deployment. But increasingly, customers are telling us something very different.

如同我在上一次法說會中分享的，LiDAR 1.0 主要由「技術優先」的思維所定義。各家公司競相打造最令人印象深刻的獨立感測器，往往未充分考量廣泛部署所需的經濟性、可擴展性或營運現實。但愈來愈多客戶告訴我們的是截然不同的需求。

Whether we're speaking with mining equipment manufacturers, industrial automation companies, defense integrators or automotive OEMs, the conversation is not centered on sensor performance alone, but on the criteria that will drive value for their businesses.

無論我們與礦業設備製造商、工業自動化公司、國防系統整合商或車廠 OEM 對談，對話焦點都不再僅是感測器效能，而是能為其業務帶來價值的評估標準。

First, lower cost is central to enabling scaling deployments; second, they're looking for mature, proven solutions they can depend on for reliability and secure production launches; and three, solutions must be easily integrated into their system architectures.

第一，降低成本是實現規模化部署的核心；第二，他們尋求成熟、經驗證且可依賴的解決方案，以確保可靠性並支援安全的量產導入；第三，解決方案必須能輕鬆整合至其系統架構中。

Customers want the right performance for the right application. They want solutions they can easily integrate into complete perception and control systems. They want flexibility through open software architectures. And they want products that are designed with cost and scalability in mind from day one.

客戶希望在正確的應用上取得恰當的效能。他們希望解決方案能輕鬆整合到完整的感知與控制系統中。他們希望透過開放式軟體架構獲得彈性。他們也希望產品從第一天起就以成本與可擴展性為設計核心。

And that's what LiDAR 2.0 is all about. We believe the industry is now evolving to the areas where MicroVision is strongest. Portfolio breadth, we now have the broadest technology portfolio in our industry. Design-to-cost engineering is not complicated, cost drives mass adoption. Open software framework giving our customers flexibility and control of their software and systems. And finally, disciplined execution across all aspects of the business.

而這正是 LiDAR 2.0 的核心精神。我們相信，產業正演進到 MicroVision 最具優勢的領域。產品組合廣度：我們現在擁有本產業最廣泛的技術產品組合。以成本為導向的設計工程並不複雜，成本驅動大規模採用。開放式軟體框架，讓客戶對其軟體與系統擁有彈性與掌控權。最後，是在業務各層面上的紀律化執行。

Today, as I stated earlier, the new MicroVision has the most comprehensive product portfolio in our industry, and this enables us to win in our three key market segments. Our MOVIA family of products provide compact solid-state short-range sensing for industrial security and defense and automotive applications.

今天，如同我先前所說，全新的 MicroVision 擁有本產業最完整的產品組合，使我們能在三大核心市場區隔中勝出。我們的 MOVIA 產品系列提供小型化、固態的短距離感測，適用於工業安防與國防，以及車用應用。

IRIS and HALO expand our capability into long-range detection based on real-world production for automotive and industrial programs, and Scantinel's FMCW platform gives us ultra-long-range sensing capabilities for automotive and security and defense.

IRIS 與 HALO 以真實世界量產為基礎，將我們的能力延伸至車用與工業專案的長距離偵測；而 Scantinel 的 FMCW 平台則為我們帶來超長距離感測能力，適用於車用以及安防與國防。

With our MOSAIK and Scantinel software platforms, we now offer a complete perception stack and development environment. From silicon to point cloud to perception software, all built around MicroVision's open software framework that enables our customers to seamlessly integrate and build differentiated capabilities on top of our platform.

透過 MOSAIK 與 Scantinel 軟體平台，我們如今提供完整的感知技術堆疊與開發環境。從矽晶片到點雲再到感知軟體，皆建立在 MicroVision 的開放式軟體框架之上，使客戶能無縫整合，並在我們的平台上打造差異化能力。

Now just as important as integrating our product portfolio, we now have one unified engineering and product organization, bringing these technologies together. Over the last quarter, we have completed much of the work of integrating Luminar and Scantinel assets and teams into the new MicroVision. This includes aligning engineering organizations, integrating product roadmaps, consolidating operation functions, and continuing the transition of engineering ops and manufacturing into our Orlando facility.

如今，與整合產品組合同樣重要的是，我們已建立一個統一的工程與產品組織，將這些技術整合在一起。在上一季，我們已完成將 Luminar 與 Scantinel 的資產與團隊整合至全新 MicroVision 的大部分工作。這包括對齊工程組織、整合產品藍圖、整併營運職能，並持續將工程營運與製造轉移至我們位於奧蘭多的設施。

Today, there is one MicroVision team executing on one unified strategy. And the benefits of that integration are now showing up in the business. From a commercial standpoint, one of our highest priorities following the Luminar acquisition was stabilizing existing customer programs and reestablishing commercial continuity. I'm pleased to share that we have made significant progress on that front.

今天，MicroVision 只有一個團隊，執行一套統一的策略。而整合所帶來的效益，現在正逐步反映在業務表現上。從商業面來看，Luminar 併購完成後我們的最高優先事項之一，是穩定既有客戶專案並重建商業連續性。我很高興地分享，我們在這方面已取得顯著進展。

Let me touch on key developments for each of our three end markets. For industrial, we've restarted shipments and active programs with customers in mining, off-road logistics and warehouse automation. As I've talked about previously, the industrial market has started a significant transformation from high-cost electromechanical systems to compact and cost-effective solid-state sensors.

讓我談談我們三個終端市場各自的關鍵進展。在工業領域，我們已恢復出貨，並與採礦、越野物流及倉儲自動化等客戶重啟進行中的專案。如我先前所提到，工業市場正開始從高成本的機電系統，進行一項重大轉型，轉向更緊湊且具成本效益的固態感測器。

Our MOVIA Sensor product line is leading this transformation. Customer feedback of our MOVIA S has been incredibly positive, and we are on schedule for our planned production launch later this year. In security and defense, we now have active engagements focused on drone-based LiDAR perception, aviation, traffic management and unmanned ground vehicles or UGVs.

我們的 MOVIA Sensor 產品線正引領這項轉型。客戶對我們 MOVIA S 的回饋極為正面，我們也按計畫進度，預計於今年稍晚如期啟動量產。在安全與國防方面，我們目前已有多項積極合作，聚焦於以無人機為基礎的 LiDAR 感知、航空、交通管理，以及無人地面載具（UGV）。

In March, we shared how our MOVIA Air products can extend the perception of surface vehicles with our ability to compute real-time maps and supporting terrain analytics for navigability. This real-time processing on the edge or in the drone is an industry first and is only possible with our lightweight compact and low-power MOVIA Air sensors, and it's a major advancement for drone-based ISR capabilities.

3 月時，我們分享了 MOVIA Air 產品如何透過我們即時計算地圖的能力，並支援地形可通行性分析，以延伸地面載具的感知能力。這種在邊緣端或無人機上進行的即時處理屬於業界首創，且只有憑藉我們輕量、緊湊、低功耗的 MOVIA Air 感測器才能實現，這也是無人機 ISR 能力的一項重大進展。

Additionally, we have just announced our collaboration with Avular on a fully integrated payload to further expand our capability and access to markets for drones. We could not be more excited about the opportunities in this space and working with the Avular team.

此外，我們剛宣布與 Avular 合作，推出一款完全整合的載荷，以進一步擴展我們的能力並提升我們在無人機市場的觸及。我們對此領域的機會以及與 Avular 團隊的合作感到無比振奮。

And finally, for automotive, we continue to actively engage with the passenger car OEMs as they define their next-gen Level 3 and 4 system architectures. While this is a key market for us, we recognize that this market will take time to develop. And until sensor costs are significantly reduced, we will only see limited deployments and adoption.

最後，在汽車領域，當乘用車 OEM 正在定義其下一代 Level 3 與 Level 4 系統架構時，我們持續積極與其互動。雖然這對我們而言是關鍵市場，但我們也認知到該市場仍需要時間發展。在感測器成本大幅下降之前，我們只會看到有限的部署與採用。

As such, we remain focused on our Tri-Lidar architecture as a key enabler of expanding LiDAR perception performance while significantly reducing total system costs. We recently demonstrated the first integration of HALO with MOVIA S and a full 360-degree perception system at the ACT convention in Las Vegas. There was strong interest in our Tri-Lidar architecture, the planned follow-up with key CV for commercial vehicle and autonomous trucking companies. I couldn't be more excited about what came out of that.

因此，我們仍聚焦於 Tri-Lidar 架構，作為在顯著降低整體系統成本的同時，擴展 LiDAR 感知效能的關鍵推動者。我們近期在拉斯維加斯的 ACT 展會上，展示了 HALO 與 MOVIA S 的首次整合，以及完整 360 度感知系統。市場對我們的 Tri-Lidar 架構反應熱烈，並已規劃與商用車及自動駕駛卡車公司等關鍵 CV 進行後續交流。我對這次成果感到非常振奮。

Additionally, MOVIA S, with its wide field of view, is a perfect sensor for robotaxi and urban autonomy applications where near-field detection of obstacles and vulnerable road users is so critical. As a compact solid-state sensor, it offers that right performance, but at a much lower cost than today's electromechanical LiDAR. This is why our portfolio expansion was so important for MicroVision.

此外，MOVIA S 具備寬視野，是機器人計程車與城市自動化應用的理想感測器，因為近距離偵測障礙物與弱勢用路人至關重要。作為一款緊湊的固態感測器，它能提供合適的效能，但成本遠低於當今的機電式 LiDAR。這也是為何我們的產品組合擴展對 MicroVision 如此重要。

We have the ability to bring the right solution at the right cost to each of these end markets. These opportunities also benefit from MicroVision's ability to be a one-stop shop for our customers' full LiDAR perception needs. And it's exciting to see how these conversations are shifting from technology evaluation to operational deployment.

我們有能力以合適的成本，為各終端市場提供合適的解決方案。這些機會也受益於 MicroVision 能作為一站式供應商，滿足客戶完整的 LiDAR 感知需求。看到這些對話正從技術評估轉向營運部署，令人振奮。

Another important development during the quarter was the continued strengthening of our leadership team. Executives like Julia Imlauer, driving AI strategy; Phil Bellomo, leading product engineering; Helmin Ramovic, leading our program management office; and Fabio Lora, leading our operations and manufacturing center in Orlando continue to bring deep operational and execution expertise to our organization.

本季另一項重要進展，是我們領導團隊持續強化。像是 Julia Imlauer 推動 AI 策略；Phil Bellomo 領導產品工程；Helmin Ramovic 領導我們的專案管理辦公室；以及 Fabio Lora 領導我們位於奧蘭多的營運與製造中心——這些高階主管持續為組織帶來深厚的營運與執行專業。

This operational discipline matters because the next chapter of LiDAR isn't simply about having a great technology. It's about delivering solutions reliably, economically, and at scale. And that's what we're building the new MicroVision to do.

這種營運紀律之所以重要，是因為 LiDAR 的下一篇章不僅僅是擁有卓越技術。更在於能可靠、具經濟性且可規模化地交付解決方案。而這正是我們正在打造的新 MicroVision 所要做到的。

Before I turn things over to Steve, I want to briefly touch on our outlook for the balance of 2026. Q1 represents the start of our commercial traction as we focus on integration and operational consolidation, stabilizing those customer programs and transitioning of POs and restarting commercial execution.

在我把時間交給 Steve 之前，我想簡要談談我們對 2026 年剩餘期間的展望。第一季代表我們商業動能的起點，我們聚焦於整合與營運整併、穩定這些客戶專案、完成採購訂單（PO）的移轉，並重啟商業執行。

As we move through the remainder of the year, we expect the operational progress achieved in Q1 to increasingly translate into commercial and financial momentum. And based on this progress that we've made this quarter, we have increased confidence in our outlook for the balance of '26.

隨著我們走過今年剩餘時間，我們預期第一季所達成的營運進展，將愈來愈多地轉化為商業與財務動能。基於本季所取得的進展，我們對 2026 年剩餘期間的展望更具信心。

I'll now turn the call over to Steve to review our first quarter financial performance. Steve?

我現在把電話會議交給 Steve，請他回顧我們第一季的財務表現。Steve？

Thank you, Glenn. Before I dive into the financials for the quarter, I want to highlight some key activities that took place during the quarter. First, we closed on the acquisition of Scantinel Photonic in January that, in addition to time-and-flight technology within our current products, added FMCW technology to our product portfolio.

謝謝你，Glenn。在我深入說明本季財務之前，我想先強調本季發生的幾項關鍵活動。第一，我們於 1 月完成對 Scantinel Photonic 的收購；除了我們現有產品中的飛行時間（time-and-flight）技術之外，也將 FMCW 技術納入我們的產品組合。

Second, we closed on our acquisition of the LiDAR assets of Luminar Technologies in February that complemented our product portfolio with a long-range LiDAR solution, bringing immediate revenue, commercial opportunities, and talent that is developing the next-generation long-range LiDAR. As Glenn mentioned, our integration of the acquired businesses is progressing well and very efficiently.

第二，我們於 2 月完成對 Luminar Technologies 的 LiDAR 資產收購，為我們的產品組合補強一項長距離 LiDAR 解決方案，帶來即時營收、商業機會，以及正在開發下一代長距離 LiDAR 的人才。如 Glenn 所提到，我們對所收購業務的整合進展良好且效率很高。

Third, we closed on a $43 million financing deal in February with a portion of the funds raised used to repay the $19.5 million of outstanding principal balance and interest on a previous note and the remainder to be used for operating activities. The company has the flexibility to pay the new notes in cash or common stock.

第三，我們於 2 月完成一筆 4,300 萬美元的融資交易；其中部分募得資金用於償還先前票據未償還的 1,950 萬美元本金與利息，其餘則用於營運活動。公司可彈性選擇以現金或普通股支付新的票據。

These three accomplishments are key enablers for us to execute our LiDAR 2.0 strategy, enhance our commercial engagements and deliver our growth expectations.

這三項成果是我們執行 LiDAR 2.0 策略、強化商業互動並達成成長預期的關鍵推動因素。

Now turning to our financial results. For the first quarter, revenue was $0.9 million, which is a $0.3 million or 50% increase as compared to the same period in 2025. Our first quarter revenue was driven by sales in all three of our focused sectors, automotive, industrial and secure and defense.

接著談我們的財務結果。第一季營收為 90 萬美元，較 2025 年同期增加 30 萬美元（或 50%）。我們第一季營收來自我們聚焦的三大領域之銷售：汽車、工業，以及安全與國防。

And 75% of the revenue was attributed to the sale of sensors that we acquired from Luminar, underscoring the value of the acquisition with a ready inventory of automotive-qualified long-range sensors and an acceleration of our commercial strategy. Gross margin for the first quarter was 39%, a significant increase as compared to the 7% gross margin in the same quarter last year.

其中 75% 的營收來自我們自 Luminar 收購的感測器銷售，凸顯此次收購的價值：具備可立即供應的、符合車規的長距離感測器庫存，並加速我們的商業策略。第一季毛利率為 39%，相較去年同期 7% 的毛利率大幅提升。

Turning now to cash burn, our cash flow from operations plus CapEx for the first quarter was $16.6 million, a $2.4 million increase as compared with the first quarter of last year. The primary driver of this increase includes the operating costs associated with the recent acquisitions of Scantinel and Luminar with a contributing portion of the increase stemming from non-recurring expenses related to the acquisitions, including legal, accounting and audit fees.

接著談現金消耗，我們第一季來自營運的現金流加上資本支出（CapEx）為 1,660 萬美元，較去年第一季增加 240 萬美元。此增加的主要原因包括近期收購 Scantinel 與 Luminar 所帶來的營運成本；其中一部分增幅來自與收購相關的一次性費用，包括法律、會計與審計費用。

In terms of liquidity, our balance sheet reflected $46.1 million in cash, cash equivalents and investment securities at the end of the first quarter. In addition, we have $42 million available under the current ATM facility.

就流動性而言，我們資產負債表顯示，截至第一季末，現金、約當現金與投資證券合計為 4,610 萬美元。此外，我們在現行 ATM 融資機制下尚有 4,200 萬美元可用額度。

Now let's talk about our full-year 2026 guidance. In terms of revenue, we are maintaining our projection of $10 million to $15 million, and as mentioned on our last call, we expect most of our revenue to come in the second-half of the year. We are making great strides in reestablishing trust with our customers post the Luminar acquisition and are seeing commercial traction as a result of those relationships.

現在來談我們 2026 全年指引。就營收而言，我們維持 1,000 萬至 1,500 萬美元的預估；且如上次電話會議所提到，我們預期大部分營收將落在下半年。在完成 Luminar 收購後，我們在重新建立客戶信任方面取得很大進展，並因此看到商業動能。

Regarding cash brew from operations plus CapEx, we are improving our guidance to approximately $60 million for the year from our previous guidance of $65 million to $70 million as we are seeing the benefits of our integration activities and synergy cost reduction actions.

關於營運現金消耗加上資本支出（CapEx），我們將全年指引改善至約 6,000 萬美元，較先前 6,500 萬至 7,000 萬美元的指引下修，因為我們正看到整合活動與協同成本降低措施所帶來的效益。

And finally, we are elevating our gross margin guidance from positive to 35% to 40% as we continue to aggressively negotiate our supply agreements and optimize the mix of our sensor sales. As we execute our LiDAR 2.0 strategy, enrich our commercial relationships to propel revenue growth, continue financial discipline in spending cash, and judiciously engage in capital-raise activities, we are well positioned for success in the automotive, industrial, and security and defense verticals.

最後，我們將毛利率指引從正值上調至35%至40%，因為我們持續積極協商供應協議，並最佳化我們感測器銷售的產品組合。在我們執行LiDAR 2.0策略、深化商業合作關係以推動營收成長、持續在現金支出上維持財務紀律，並審慎進行募資活動之際，我們已在汽車、工業以及安全與國防等垂直領域具備成功的有利位置。

Please check out our investor presentation on our website to gain further insights regarding our way forward. Let me now pass it back to Glen for closing remarks.

請至我們網站查看投資人簡報，以獲得更多關於我們未來方向的洞見。接下來我把時間交還給Glen做結語。

Thank you, Steve. I want to conclude the prepared remarks by reiterating my conviction. Our strategy is working. The new MicroVision has the most comprehensive product portfolio in our industry, which is enabling commercial traction in all three of the markets that we serve, combined with our execution discipline, this will unlock value for our customers and as well will drive significant shareholder value creation.

謝謝你，Steve。我想以重申我的信念來結束這段事先準備的發言。我們的策略正在奏效。全新的MicroVision擁有本產業最完整的產品組合，這使我們在所服務的三個市場都能取得商業動能；再加上我們的執行紀律，將為客戶釋放價值，同時也將推動股東價值的大幅創造。

Thank you. Operator, we are now ready for questions.

謝謝。主持人，我們現在準備好回答問題。

(Operator Instructions)

(主持人指示)

Casey Ryan, AmerX.

Casey Ryan，AmerX。

Glenn, Steve, good afternoon. A lot of good news to unpack here in the quarter. This is a great update. Can we start with Steve, just heading on the gross margins? So it sounds like, if I heard this correctly, you're expecting 35% to 40% sort of moving forward, I won't say in perpetuity, but certainly for the rest of this year. Did I hear that correctly? And is that accurate that like we should expect that range kind of moving forward?

Glenn、Steve，下午好。這一季有很多好消息值得拆解。這是個很棒的更新。我們可以先從Steve談毛利率開始嗎？所以聽起來，如果我沒聽錯的話，你們預期未來毛利率為35%到40%，我不會說是永久如此，但至少是今年剩餘期間。我聽得對嗎？而且這樣理解正確嗎：我們應該預期往後大致維持在這個區間？

Yeah, we finished the first quarter at 39%, as I mentioned, and we're looking at 35% to 40% for the remainder of the year, yes.

是的，我們第一季以39%作收，如我提到的，我們預期今年剩餘期間為35%到40%，沒錯。

Sort of long-term -- sort of the long-term model. 10 years from now when we're a large-scale company. What's the structure of the gross margins? I mean, should this look like a semiconductor business, sort of 50 to 60 or is sort of 40 to 50 kind of a ceiling for this type of business? Or how do you see it long-term? I just want to get a delta from all the progress that you suddenly jumped to here post-acquisitions to maybe where the ultimate ceiling might be in terms of margins.

從長期來看——以長期模型而言，10年後當我們成為一家大規模公司時。毛利率的結構會是什麼樣子？我的意思是，這會像半導體業那樣，大概50%到60%嗎？還是對這類型的業務而言，40%到50%算是天花板？或者你們長期怎麼看？我只是想了解一下：你們在併購後突然跳升到現在這樣的進展，與最終在毛利率方面可能達到的上限之間，差距會是什麼。

Yeah, I think as we progress into the future, we kind of know what our future is all about is kind of focusing on our three key sectors, automotive as we see being way out into the end of this decade as well as early into the next decade. And we expect our revenue to continue to grow. We had good margins this quarter. We're expecting, as I mentioned, 35% to 40% for the year.

是的，我認為隨著我們往未來推進，我們大致知道未來的重點是聚焦在三個關鍵領域，其中汽車領域我們看的是延伸到本十年末以及下一個十年初。我們預期營收會持續成長。本季我們的毛利率表現不錯。如我提到的，我們預期全年為35%到40%。

And I would expect our margins to grow as we progress into the future. Well, obviously, we need to continue to manage our overall cost base. That's one of our key pieces of our DNA. So to speak, and then we want to make sure that we continue to capitalize on those revenue opportunities that we are expecting as we go throughout these three sectors in the future.

而且我預期隨著我們往未來推進，毛利率會成長。當然，我們需要持續管理整體成本基礎。這是我們DNA中的關鍵一環。可以這麼說；同時我們也要確保能持續把握我們在未來這三個領域中所預期的營收機會。

Okay, thank you. So then I just want to ask a question and maybe there's a lot of moving parts here, but where is the manufacturing happening now for all the different products? Has there been movement or maybe were things are things being built where they were being built 12 months ago, generally, in terms of the different, sort of the like Luminar pieces and the Scantinel pieces and the core MicroVision products?

好的，謝謝。那我想再問一個問題，可能牽涉很多變動因素：目前各種不同產品的製造是在哪裡進行？相較於12個月前，製造地點是否有變動？就不同的——像是Luminar的部分、Scantinel的部分，以及MicroVision核心產品而言，大致上是在哪裡生產？

Yeah, I can speak to this. So, Casey, first great to talk to you again. And as of right now, that's all been consolidated into Orlando. So we've built a building [MOVIA] as there now. IRIS, and then we're building up the ability to build HALO there as well. So that's all happening.

好的，我可以回答。Casey，很高興再次和你交流。截至目前為止，這些都已整合到奧蘭多（Orlando）。所以我們在那裡建立了[MOVIA]的產線。IRIS，然後我們也在那裡建立生產HALO的能力。所以這些都在進行中。

IRIS and MOVIA S are in place. Halo is coming as we continue that development. And then that will suffice, that will serve our needs for the near term. Higher volume plans still remain to be working with an outside contractor. Final determination hasn't been made exactly where, but that will happen over the course of this year.

IRIS和MOVIA S已就位。HALO會在我們持續開發的過程中導入。而這在短期內將足以滿足我們的需求。至於更高產量的計畫，仍然是與外部承包商合作。最終地點尚未完全確定，但會在今年內完成。

Okay. But like it sounds like to support this $10 million to $15 million, certainly, it sounds like Orlando is big enough from a capacity standpoint.

好的。但聽起來，為了支援這1,000萬到1,500萬美元的規模，從產能角度來看，奧蘭多肯定夠大。

That's correct.

沒錯。

Yeah, terrific. So, Glen, you were talking about in this announcement with the drone partner is actually quite interesting. Because I guess we've been hearing from industry sources that the weight of LiDAR units just sort of traditionally has been a little heavy for drones. So clearly, you've made a lot of progress.

太好了。那麼，Glen，你在這次公告中提到的無人機合作夥伴其實相當有意思。因為我想我們一直從產業消息來源聽到，LiDAR單元的重量傳統上對無人機來說有點太重。所以顯然你們已經取得很大進展。

So I'm just fascinated to learn more about how you sort of maybe tackled the sort of weight issue and if you'd offer up sort of a range of how much your unit might weigh if it's not too competitive in terms of grams, just to give us sort of something amazing in terms of progress.

所以我很想多了解你們是如何處理重量問題的；如果不涉及競爭敏感資訊，能否提供你們單元重量的大致範圍（以克計）？只是想讓我們對你們令人驚豔的進展有個概念。

I'm happy to talk about, yeah, drones are really interesting because from -- if you think about it, what we're talking about is using drones for doing everything from commercial activities to ISR type of missions. And the key was -- the key is to go into a solid-state technology. So it's a solid-state technology. So you eliminate all the scanning and the moving parts and the motors and all of this to really lightweight that drone.

我很樂意談這個。是的，無人機非常有趣，因為——如果你想一想，我們談的是使用無人機來執行從商業活動到ISR類型任務的各種用途。關鍵是——關鍵在於採用固態技術。也就是固態技術。因此你可以消除所有掃描機構、移動部件與馬達等，讓無人機能夠真正做到輕量化。

And then the second phase of that is to -- the second piece of that is to have it integrated with the drone architecture itself, not simply like you see today many times, the whole thing is bolted on to the drone, it's a complete bolt-on type of system. This is looking at optimizing the drone to take advantage of what's already or optimizing the payload to take advantage of what's on the drone.

第二階段——第二個重點——是讓它與無人機本身的架構整合，而不是像你今天常看到的那樣，把整套系統用螺栓固定在無人機上，成為一個完全外掛式的系統。這是在思考如何最佳化無人機以利用既有配置，或是最佳化載荷以利用無人機上的既有資源。

We can lightweight that LiDAR sensor. And typically, where we want to be is below 300 grams, moving as quickly as possible to below 200 grams. And that's still having the ability to do processing.

我們可以讓那個LiDAR感測器輕量化。一般而言，我們希望能低於300克，並盡快推進到低於200克。同時仍保有進行處理的能力。

And most importantly, to do the map generation, the real-time map generation on the drone and then communicating that over secure networks to the ground station. So whether you're looking at wind turbine blade inspection or inspection of power lines or facilities or looking at terrain and doing ISR missions, getting that weight down, having that solid-state construction is critical. And then having the processing capability and software that can create lightweight maps real-time on the drone, that's what really opens up that potential for us.

而且最重要的是，能在無人機上進行地圖生成、即時地圖生成，並透過安全網路把資料傳回地面站。所以無論你是在做風力發電機葉片檢測、電力線路或設施巡檢，或是進行地形觀測與ISR任務，降低重量並採用固態結構都至關重要。再加上具備處理能力與軟體，能在無人機上即時生成輕量化地圖，這才真正為我們打開了這個潛力。

And so I've got to say, I think this is something that the market needs. Are you able to sell that solution now to other drone partners or potential customers or are you kind of committed to -- could this first partner just sort of bring this to the market for all potential solutions?

所以我必須說，我認為這是市場需要的東西。你們現在是否能把這個解決方案賣給其他無人機合作夥伴或潛在客戶？還是你們某種程度上承諾——是否會由第一個合作夥伴把這個方案推向市場，提供給所有潛在的解決方案？

No, it's not an exclusive arrangement. So there's a structure that's a non-exclusive. But obviously, Avular has been a great partner to work with. And so our first staff is always looking at how can we work with them on those solutions. And then for us, we can help bring them into the US market as well.

不，這不是獨家安排。所以這是一個非獨家的架構。但很明顯地，Avular 一直是很棒的合作夥伴。因此我們的團隊始終在思考，如何能與他們在這些解決方案上合作。另外，對我們而言，我們也能協助他們進入美國市場。

So it's a great relationship, but it's not exclusive. So they can look for other solutions as well. But I think with the work we're doing together, it'll be very successful.

所以這是一段很好的合作關係，但不是獨家。因此他們也可以尋找其他解決方案。但我認為，憑藉我們一起進行的工作，會非常成功。

Yeah, this feels like a big leap forward and feels like you have a little leadership position here with a real pain point in terms of the weight for drones. So that's fantastic.

是的，這感覺像是一大步躍進，也感覺你們在這裡針對無人機重量這個真正的痛點，取得了一點領先地位。所以這太棒了。

The last question I have, and I appreciate sort of allowing multiple questions, on the FMCW side, I think this is Scantinel primarily, I guess we're learning more about the ability of that technology to be used in not too much long range, but actually super short range stuff.

我最後一個問題，也感謝你們允許我問多個問題：在 FMCW 這一塊，我想主要是 Scantinel，我猜我們正在更了解這項技術不僅能用在不算太長距離的範圍，實際上也能用在超短距離的應用。

So, semi cap equipment and sort of like, manufacturing things. I know you have many end markets to be going after but is that an area of potential application or maybe there is some commercial activity around that, but I'm not sure I appreciated that like FMCW had this sort of good applicability in what we'll call sort of super short-range applications.

例如半導體設備以及製造相關的事情。我知道你們有很多終端市場要切入，但那是否是一個潛在的應用領域，或許也已經有一些商業活動在進行，只是我不確定我是否充分理解：FMCW 在我們所稱的超短距離應用上，竟然也有這麼好的適用性。

Yeah, it's fundamentally, it's an interesting technology because with the approach Scantinel has taken, it's very compelling on long, one kilometer and long range or what we call ultra long-range applications. But the technology is fundamentally applicable to very short range and high accuracy applications like for robotic end effectors and positioning of, relative motion for robotics.

是的，從根本上說，這是一項很有趣的技術，因為以 Scantinel 採取的方法來看，它在長距離（一公里）以及我們所稱的超長距離應用上非常有吸引力。但這項技術本質上也適用於非常短距離且高精度的應用，例如機器人末端執行器（end effector）以及機器人相對運動的定位。

And so while we've -- and the technology we're developing at Scantinel really can be used for both. So it has the ability to look at both. The chip scale package we have that we're developing now that we'll have our A samples out beginning of next year will be more of a -- think of it as a 1D edge emission configuration.So more suitable for long-range scanning.

因此，雖然我們——而且我們在 Scantinel 開發的技術其實兩者都能用。所以它具備同時涵蓋兩種需求的能力。我們目前正在開發的晶片級封裝（chip scale package），預計明年初會推出 A 樣品，會更偏向——可以把它想成是一種 1D 邊緣發射（edge emission）的配置，因此更適合長距離掃描。

But ultimately, the technology in the 2D version applies very nicely to, like you said, ultra-short range. And so we'll be looking at that as well. Initial focus is on ultra-long range, where we're seeing some real demand in not just the commercial vehicle, but also the security markets, in particular around road detection, aerial detection, aerial survey and for security systems and defense systems.

但最終，2D 版本的技術非常適用於你所說的超短距離應用。因此我們也會評估那一塊。目前的初期重點放在超長距離，因為我們看到不僅在商用車領域，也在安防市場出現實質需求，特別是在道路偵測、空中偵測、空中測繪，以及安防系統與國防系統方面。

Okay, great. Thanks for the explanation. I mean, it sounds like sort of the opportunities for this FMCW sort of tech are seeming to be getting more expandable all the time, which is really great. Thank you. Those are my questions for now, but this is a really very positive update and thank you for all the answers to the questions.

好的，很棒。謝謝你的說明。我的意思是，聽起來這種 FMCW 技術的機會似乎一直在擴大，這真的很好。謝謝。我目前的問題就到這裡，但這是一個非常正面的更新，也謝謝你回答所有問題。

Great. Thanks, Casey.

很好。謝謝你，Casey。

Thank you. I'll now turn this call back over to Steve to read questions submitted by the shareholders.

謝謝。我現在把電話交回給 Steve，由他宣讀股東提交的問題。

Thank you, operator. Okay, our first question. In the LiDAR 2.0 strategy, how does your product portfolio set you up to win in the automotive, industrial and security and defense sectors that you are targeting?

謝謝你，接線員。好的，我們的第一個問題。在 LiDAR 2.0 策略中，你們的產品組合如何讓你們在所鎖定的汽車、工業，以及安防與國防領域中勝出？

Yeah, I'll start, Steve. I mean, obviously, you can chime in as well. The key -- the really critical aspect of our strategy is having that technology portfolio that allows us to then bring the right, and you heard me say it over and over, the right solution, the right performance to the end customer for what their needs are.

是的，我先開始，Steve。當然，你也可以補充。我們策略的關鍵——真正至關重要的一點——是擁有那個技術組合，讓我們能夠提供正確的（你也聽到我一再強調）解決方案、正確的性能，給終端客戶以滿足他們的需求。

So we're not trying to force fit a one-size-fits-all solution on to all of these different applications. We can bring exactly what they need. If the customer needs a 180 by 135 sensor for Robotaxi application, we can give them exactly that.

所以我們不是試圖把一套「一體適用」的解決方案硬套到所有不同的應用上。我們可以提供他們真正需要的東西。如果客戶在 Robotaxi 應用需要一個 180 乘 135 的感測器，我們就能精準提供那個。

We're not going to try to sell them a 360-degree spinning sensor. We're not going to try to sell them a different, a long-range sensor for a near-field application and adapt it to that, we're going to deliver to them the right performance for that use case and in doing so, cost optimize that, so we can come and give them exactly what's needed at the right cost.

我們不會試圖賣給他們一個 360 度旋轉式感測器。我們也不會試圖賣給他們另一種不同的、用於長距離的感測器，然後把它拿來適配近場應用；我們會為該使用情境交付正確的性能，並在此過程中做成本最佳化，讓我們能以合適的成本提供剛好所需的配置。

And you'll hear me say this over and over again. It's all about cost delivers adoption and delivers volume. So being able to provide the right solution for that application at the right cost is a critical aspect to it.

你會一再聽到我這麼說。一切都在於：成本帶動採用、帶動出貨量。因此，能以合適的成本為該應用提供正確的解決方案，是其中一個關鍵面向。

The other thing, and this is more from a business standpoint, is the ability to serve those three end markets that we always talk about, industrial, attorney and defense and automotive. What that means is, we don't have an over dependency on one particular market or one revenue stream that automotive goes through its cycles, I lived through those in my career with Aptiv and Delphi, you have these ups and these downs.

另一件事——這更偏向商業面的觀點——是我們有能力服務我們一直在談的三個終端市場：工業、安防與國防，以及汽車。這代表我們不會過度依賴某一個特定市場或單一營收來源；汽車產業有其景氣循環，我在 Aptiv 和 Delphi 的職涯中經歷過，你會看到這些起起落落。

You want counter cyclical revenue streams because security and defense does not cycle the same way that automotive does, industrial is the same thing, they're on different, they're in basically different cycles, that gives you revenue resilience and so you're not overly dependent on one revenue stream, which means that revenue is very fragile depending on what happens in that end market.

你需要逆週期的營收來源，因為安防與國防的循環方式與汽車不同；工業也是一樣，它們基本上處於不同的循環中，這能帶來營收韌性，讓你不會過度依賴單一營收來源；否則一旦終端市場發生變化，營收就會非常脆弱。

And then the third piece really is all about the discipline. It's all about financial discipline and execution, and really being able to deliver on your commitments to those customers in those end markets. And when I think about how MicroVision is positioned for LiDAR 2.0, it's exactly those three dimensions.

第三個部分其實完全在於紀律。在於財務紀律與執行力，以及真正能夠對這些終端市場的客戶履行承諾。當我思考 MicroVision 在 LiDAR 2.0 的定位時，正是這三個面向。

Okay. Thank you, Glenn. I was going to touch on the cost piece, but you beat me to it.

好的。謝謝你，Glenn。我本來也想提成本那一塊，但你先說了。

I beat you to it.

我搶先一步了。

Why do you think software is a key enabler in the 2.0 strategy?

你為什麼認為軟體是 2.0 策略中的關鍵促成因素？

Software will play two really important roles for LiDAR 2.0. The first is on the product cost. And what I mean by that is software isn't just an important part of the product. It's how you use the software in the product to drive the cost of the hardware down. So wherever possible, we solve the technical challenge in software, not in hardware.

軟體在 LiDAR 2.0 中將扮演兩個非常重要的角色。第一個是在產品成本上。我的意思是，軟體不只是產品的重要組成部分。而是你如何在產品中運用軟體，來把硬體成本降下來。因此，只要可行，我們就用軟體來解決技術挑戰，而不是用硬體。

And what that does, and this is the same thing we did with radar. It's the same thing we've done with cameras. You're continually driving the advancements in performance and the sensing capabilities into the software where you develop it once and you get the benefit essentially for free across all of those products. It may require more processing, but at the end of the day, processing costs are always coming down.

而這帶來的效果——這跟我們在雷達上做的一樣。也跟我們在相機上做的一樣。你會持續把性能與感測能力的進步推進到軟體裡：你開發一次，基本上就能在所有產品上「幾乎免費」地獲得效益。它可能需要更多運算處理，但歸根結底，運算成本總是在下降。

And so software is critical from the standpoint of, as a strategy, using software to reduce the cost and the complexity of the hardware. And what we see in the market today, quite frankly, are a lot of LiDAR companies talking about how great their hardware is.

因此，從策略角度來看，軟體至關重要，因為它能用來降低硬體的成本與複雜度。而我們今天在市場上看到的，坦白說，是很多 LiDAR 公司都在談他們的硬體有多厲害。

And look at the hardware, and look at what the hardware can do. What we want to talk about is look at what the product can do, and the product can do it because it's software enabled.

再看看硬體，看看硬體能做什麼。我們想談的是看看產品能做什麼，而產品之所以能做到，是因為有軟體賦能。

The second reason software is so critical, and this is more on the customer facing part and the open software framework that we talk about, is because when you're integrating a sensor, sensors don't operate in a standalone manner. They operate as part of a system that has to be integrated with controls, with other sensors with other software, it's very complex.

軟體如此關鍵的第二個原因——這更偏向客戶端以及我們所談的開放式軟體框架——是因為當你在整合感測器時，感測器並不是以獨立方式運作。它們是作為一個系統的一部分來運作，而該系統必須與控制系統、與其他感測器、與其他軟體整合，這非常複雜。

One of the frustrations and limitations of doing those types of systems integrations is not having the ability to work closely or even collaboratively with the software in those modules, in the sensor. And that's what's different about how MicroVision approaches this. We want to make it easy, seamless for our customers to integrate our products into their architectures.

做這類系統整合的一個挫折與限制，是無法與那些模組中的軟體、也就是感測器內的軟體緊密合作，甚至協同合作。而這正是 MicroVision 在做法上不同之處。我們希望讓客戶能夠輕鬆、無縫地把我們的產品整合進他們的架構中。

So it isn't just a black box sitting as part of the architecture that whenever they want to make a change, they got to, it's a big pain point for them, it's part of their software, it's literally inherent or integral to their software architecture, so they can optimize their system using with our product, they can integrate it, they can control the releases, they can update the systems, it gives them that flexibility, the control and ultimately, and this is the key, it lowers development and system costs.

因此它不只是架構中的一個黑盒子；每當他們想做變更時，就得——這對他們來說是很大的痛點。它是他們軟體的一部分，字面上就是他們軟體架構內在的、不可或缺的一環，因此他們可以利用我們的產品來最佳化系統；他們可以把它整合進去、可以控制版本釋出、可以更新系統，這給了他們彈性與控制力；而最終——這是關鍵——它能降低開發與系統成本。

And so having done large-scale software integration for decades, I know the pain and I know this is exactly how you address that for our customers.

而我做了數十年的大規模軟體整合，我知道那種痛點，也知道這正是替客戶解決問題的方法。

All right, Glenn. Next question, in comparison to your competition, how do you see yourselves as differentiated?

好的，Glenn。下一個問題，與競爭對手相比，你們認為自己有哪些差異化？

I think there's a couple of really key things. One is the portfolio. I'll just start with that. We're not single-threaded on our technology or our portfolio. I think that's super critical is that we have -- like we talked, the broadest technology portfolio, 1550, 905 or 940 nanometer, time of flight, FMCW, solid state mechanical or electromechanical scanning.

我認為有幾個非常關鍵的點。第一個是產品組合。我先從這裡開始。我們的技術或產品組合不是單一路線。我認為這點非常重要：我們擁有——如同我們談到的——最廣泛的技術組合：1550、905 或 940 奈米、飛行時間（ToF）、FMCW、純固態、機械式或機電式掃描。

MEMS or mirror -- polygon mirrors or we have that broad technology portfolio that we can basically, like I said, bring the right solution to the customer, the right combination of technical elements to solve their problems and not being single-threaded or trying to make a one-size-fits-all kind of solutions. That gives us a tremendous capability there.

MEMS 或鏡面——多邊形反射鏡——我們有如此廣泛的技術組合，基本上，如我所說，我們可以為客戶帶來正確的解決方案、以正確的技術要素組合來解決他們的問題，而不是走單一路線或試圖做一種一體適用（one-size-fits-all）的解決方案。這讓我們具備非常強的能力。

The second is with regards to the open software framework that we just talked about. You don't hear other people talking about that. And I think that's a critical part of how we can be competitive. Like I said, it helps the customer do their job better. It addresses their pain points. It makes us a sticky partner and really a close partner for them, which is exactly what you want.

第二點是關於我們剛談到的開放式軟體框架。你不會聽到其他人談這個。而我認為這是我們保持競爭力的關鍵部分。如我所說，它能幫助客戶把工作做得更好。它能解決他們的痛點。它讓我們成為一個「黏著度」很高的合作夥伴，並且真正成為他們的緊密夥伴——這正是你想要的。

The other piece of it is in our -- it's our focus on cost and being able to scale the product and to be able to scale it at the right cost level for our customers, ultimately enabling them to create value when they offer their solution that is using our product. And that's a critical part. We provide a sensor into a system, we're not successful if that -- our customers sales of that system isn't successful.

另外一個部分是——我們對成本的專注，以及能夠把產品規模化，並且以符合客戶需求的成本水準來規模化，最終讓客戶在提供採用我們產品的解決方案時能創造價值。這是非常關鍵的一環。我們提供的是系統中的一個感測器；如果客戶那套系統的銷售不成功，我們也不算成功。

And so for us, it's critical that that's why that cost discipline is so important because you don't get to the mass adoption until you get to a cost level that enables our customers to be successful. So the end consumer, whether that's an industrial customer or a person buying a car or a security and defense customer until they see the value in acquiring that system or that product from our customers. And so I think that's the critical element of it.

因此對我們而言，這點至關重要；也正因如此，成本紀律如此重要，因為在達到能讓客戶成功的成本水準之前，你無法走到大規模採用。所以終端消費者——不論是工業客戶、買車的人，或是安防與國防客戶——必須先看到從我們客戶那裡購買該系統或產品的價值。因此我認為這就是其中的關鍵要素。

And then for security and defense, we're a US and German company. And so from when you look at our footprint, how we design, how we build, how we develop our software. That's in the US and Germany, which is really critical for security and defense applications. We're the only true solid-state flash LiDAR non-Chinese supplier. And so that gives us certain advantages that at the end of the day, for those markets, it's an important characteristic.

另外在安防與國防方面，我們是一家美國與德國公司。因此從我們的佈局、我們如何設計、如何製造、如何開發軟體來看，這些都在美國與德國完成，對安防與國防應用而言非常關鍵。我們是唯一真正的純固態 Flash LiDAR 的非中國供應商。因此這給了我們某些優勢；歸根結底，對那些市場而言，這是一個重要特性。

Can you provide more insight into your commercial activities within the three sectors you are focused on? And what are your plans to showcase your products to demonstrate your technology specific to these three sectors?

你能否就你們聚焦的三個領域中的商業活動提供更多洞見？以及你們計畫如何展示產品，以展現你們針對這三個領域的特定技術？

Yeah, I'll start with the industrial and I'll group industrial into kind of broadly two categories and it's because the go-to-market there is very different. For those the commercial, sales margin is very different. And those are the industrial customers, which for us is off-road construction, off-road autonomy, those kind of -- those mining, those kind of vehicles and as well as industrial automation, so the warehouse environment and all of that.

可以，我先從工業領域開始。我會把工業大致分成兩類，因為那裡的市場進入策略（go-to-market）差異很大。在那些領域，商業模式、銷售毛利也非常不同。這兩類是：工業客戶——對我們而言是非道路施工、非道路自動化（off-road autonomy）、那類——採礦、那類車輛；以及工業自動化，也就是倉儲環境等等。

So when you talk about industrial kind of the off-road piece, construction equipment, off-road hauling, that kind of thing. Our approach there is working directly with those customers, and that's where Luminar had done a really nice job with a number of those customers that were using them for mining, using them for off-road, off-road hauling. 1550 time of flight is a great technology, operating within dust for longer range, and so.

所以當你談到工業領域中的非道路部分——施工設備、非道路運輸之類的。我們在那裡的做法是直接與那些客戶合作；而 Luminar 在那裡確實與不少客戶做得很好，他們被用於採礦、用於非道路、非道路運輸。1550 飛行時間（ToF）是一項很棒的技術，能在粉塵環境下以更長距離運作，因此。

Really was reestablishing those relationships, rebuilding those and then resuming shipments to them while they do their development with launch timing in later next year. In that market, you're doing -- you're just you're working directly with the OEMs typically.

真正要做的是重新建立那些關係、重建那些關係，然後在他們進行開發的同時恢復對他們的出貨，並在明年稍晚配合其上市時程。在那個市場，你做的是——你基本上通常是直接與 OEM 合作。

When you talk about industrial automation, warehouse automation, this is AGVs, MRs, automated forklifts and all the robots. That's a very different market and that serves either for a few of those OEMs, you work directly with them because they have the capability to do that complete system definition. That system integration, that whole, the engineering associated with that.

當你談到工業自動化、倉儲自動化時，這是 AGV、MR、自動化堆高機以及各種機器人。那是非常不同的市場；其中對少數 OEM，你會直接與他們合作，因為他們有能力完成整套系統定義，完成系統整合，以及與之相關的整體工程工作。

Not every company in that market has the ability to do that. And then you typically are working through resellers or distributors. And we definitely want to and are engaging with resellers to discuss with them how they can sell MOVIA S or how they can sell MOVIA L or those products because it's primarily a short-range game.

並不是那個市場的每家公司都有能力做到這些。因此你通常會透過經銷商或代理商合作。我們確實希望、也正在與經銷商接洽，與他們討論他們如何銷售 MOVIA S、如何銷售 MOVIA L 或那些產品，因為那主要是一個短距離的市場。

How they can sell those in addition to providing value-added services. So we're going to leverage those distributors and those value-add resellers for that broader adoption. Now, in terms of what we're doing in those markets, well, what you're saying is, as we continue to develop our LiDAR collision avoidance systems, we're showcasing that in trade shows, we're doing that on the website and LinkedIn, you name it.

以及他們如何在銷售這些產品的同時提供加值服務。因此我們將利用那些代理商與加值型經銷商，來推動更廣泛的採用。至於我們在那些市場做了什麼——你所說的是，隨著我們持續開發 LiDAR 防碰撞系統，我們會在展會上展示、在官網與 LinkedIn 等平台展示，諸如此類。

And we're getting a lot of interest there because we can operate in low-cost, basically collision avoidance system for everything from forklifts, human-operated forklifts to scissor lifters to you name it, and so a lot of interest there, which is why our launch of MOVIA S with L-CAS inside is so critical through the way this year.

而我們在那裡獲得了很多關注，因為我們能以低成本運作——基本上是一套防碰撞系統——適用於從堆高機（有人操作的堆高機）到剪叉式升降平台等各種設備，凡是你想得到的都有，因此引起很大興趣；這也是為什麼我們在今年下半年推出內建 L-CAS 的 MOVIA S 如此關鍵。

But you're going to see us continue to make progress in that market throughout the course of the year. And that'll be mostly through what we showcase.

但你會看到我們在今年全年持續在那個市場取得進展。而那主要會透過我們所展示的內容來呈現。

For security and defense, that's a little bit of a very different market in that you're really talking about, well, defense industry, so working with primes, and then also talking about working with companies that are involved with security around installations or traffic, kind of municipality security or traffic management, these types of things.

就安全與國防而言，這是一個相當不同的市場；你談的其實是國防產業，也就是與主承包商（primes）合作，同時也會談到與那些參與設施或交通周邊安全的公司合作，像是市政安全或交通管理這類事情。

And in that case, it's working more directly with those companies, but what we'll showcase, we'll either announce and that's, I mentioned we're engaged with traffic management, that's using IRIS to do vehicle and speed detection for vehicles on highways. Looking at stop sign detection as well. And so a host of traffic management-related applications where we're working directly with those OEMs and they integrate our solution into theirs. And that you'll hear about as we announce more and more of those deals.

在那種情況下，會更直接與那些公司合作；但我們會展示的內容，我們會宣布——我提到我們正參與交通管理——那是使用 IRIS 在高速公路上做車輛與車速偵測。也在看停車標誌（stop sign）偵測。因此有一整套與交通管理相關的應用，我們直接與那些 OEM 合作，他們把我們的解決方案整合到他們的方案裡。隨著我們宣布越來越多這類交易，你們也會聽到更多消息。

With regard to defense, though, what we're doing there is like we did with the AUVSI webinar, we're showcasing here's how our perception on a drone can extend the perception of an autonomous ground-based vehicle. It's very targeted toward drone and UAV-related activities for the defense sector. That, in turn, gets us connected with companies that are interested in those technologies, either drone companies or complete application companies, primes, or people that just want to payload.

至於國防方面，我們正在做的事情就像我們在 AUVSI 線上研討會所做的展示：我們如何把無人機上的感知能力，延伸到自主地面載具的感知能力。這非常聚焦在國防領域的無人機與 UAV 相關活動。而這反過來讓我們與對這些技術有興趣的公司建立連結，不論是無人機公司、完整應用公司、主承包商（primes），或只是想要載荷（payload）的人。

And so like the Avular announcement, as those engagements continue or expand, we'll be talking about defense, obviously, a little bit differently than we were talking about commercial applications. But it's really in that market, it's about demonstrating the capability, showing what the capability can do, and then working towards deployment.

因此就像 Avular 的公告一樣，隨著這些合作持續或擴大，我們談國防時，顯然會與談商用應用時有些不同。但在那個市場裡，重點其實是展示能力、呈現能力可以做到什麼，然後朝部署推進。

And that's why that Avular deal and what we're doing, I mentioned some other aspects why those are so important because that's that step towards mass deployment.

這也是為什麼那筆 Avular 的交易以及我們正在做的事情——我提到的一些其他面向——之所以如此重要，因為那就是邁向大規模部署的那一步。

And then finally, for automotive, as I mentioned, the OEMs, past our OEMs, I would just characterize the whole first generation of Level 3 as really being a learning phase, let me put it that way. This is learning about the technology for the OEMs and the supply base was learning what does the consumer want. And the big takeaway was Level 3 offerings by the OEMs at the price point they were coming at, $8,000, $9,000 US, it just wasn't compelling enough.

最後談到汽車領域，如我提到的 OEM，以及我們過去的 OEM，我會把整個第一代 Level 3 形容為一個學習階段，這樣說吧。這是 OEM 在學習技術，而供應鏈也在學習消費者想要什麼。而最大的結論是：OEM 推出的 Level 3 方案在當時的定價（8,000、9,000 美元）下，吸引力不夠。

You can get a complete ADAS solution with a bunch of really valuable features. Like adaptive cruise control, backup cameras, blind spot detection, you can automatic lane changing for several thousand dollars. You're not going to pay $8,000, $9,000 for incremental benefits. That's not that significant. But I think it was an important phase the last three, four years of learning for the OEMs as they're kind of reformulating their strategies around Level 3.

你可以用幾千美元就買到一套完整的 ADAS 解決方案，包含很多非常有價值的功能。像是自適應巡航、倒車攝影機、盲點偵測，你還可以有自動變換車道等功能。你不會為了增量效益去付 8,000、9,000 美元。那並沒有那麼顯著。但我認為過去三、四年對 OEM 來說是很重要的學習階段，因為他們正在重新制定 Level 3 的策略。

And what do they really want to be able to offer that consumer, we're showing them what we can do. And that's where Tri-Lidar, I think, is important because it's a way of including -- increasing LiDAR perception, but at a lower system cost. You simplify the individual sensors to where you can bring their cost down and lower the total system cost.

他們真正想提供給消費者的是什麼，我們正在向他們展示我們能做到什麼。而我認為 Tri-Lidar 在這裡很重要，因為它是一種在降低系統成本的同時，納入——提升 LiDAR 感知能力的方法。你把單顆感測器簡化到可以把成本降下來，進而降低整體系統成本。

And I think we've talked about $200 for a short-range sensor, less than $300 for long-range. It has to go for mass adoption, it has to go well below that as well. So there's a lot of work to be done there. We're working with the OEMs on that. In the meantime, robotaxi and commercial vehicle, ADAS, those are real opportunities. And you're seeing that scale. MOVIA S is a great product for those. Halo is a good product for those applications.

我想我們談過短距離感測器 200 美元、長距離不到 300 美元。但若要大規模普及，價格還必須再遠低於那個水準。所以那裡還有很多工作要做。我們正與 OEM 一起推進。同時，robotaxi 與商用車的 ADAS 是真正的機會。而你也看到那個規模正在起來。MOVIA S 是很適合那些的產品。Halo 也很適合那些應用。

We're focusing on that, and that's why the ACT event in Las Vegas was so good. It showed us integrating HALO, long-range 1,550 time-of-flight sensor with, I think it was four [movie Ss], so you had wasn't technically Tri-Lidar, there were more sensors than three.

我們正聚焦在那裡，這也是為什麼拉斯維加斯的 ACT 活動非常好。它展示了我們把 HALO（長距離 1,550 飛行時間 ToF 感測器）與我記得是四個 [movie Ss] 整合在一起，所以嚴格來說不是 Tri-Lidar，因為感測器不只三個。

But it showed us full 360 perception system and point cloud around that. So 940 flash LiDAR with 1550 time of flight, long range scanning LiDAR, all integrated into a unified perception system for that vehicle, which is a very powerful demonstration, giving them very good coverage.

但它展示了我們完整的 360 度感知系統，以及周圍的點雲。也就是 940 flash LiDAR 與 1550 飛行時間（time of flight）的長距離掃描式 LiDAR，全都整合到該車的一個統一感知系統中；這是非常有力的展示，能提供非常好的覆蓋。

And so those types of demonstrations can continue to show MicroVision's value prop for those markets, same with robotaxis, where that's moving forward, it's not at the same scale as past cars would normally be, but it's still meaningful volume that we want to be a part of and MOVIA S and Halo are great products for that. There you go, long answer, Steve, sorry.

因此，這類展示可以持續呈現 MicroVision 在那些市場的價值主張；robotaxi 也是一樣，雖然它的推進規模不像過去一般乘用車那樣，但仍然是我們希望參與的有意義量體，而 MOVIA S 與 Halo 都是很適合的產品。好了，Steve，回答很長，抱歉。

I just wanted to add to that. Just one thing, with regards to those commercial activities, with our recent acquisition of Luminar, we've dramatically increased our customer base. As of right now, our pipeline is up across these three verticals. We have more than 100-plus customers and prospects that we are working with. This is clearly a sign for us that's going to help us grow our revenue this year and obviously grow our revenue as we progress into the future.

我想再補充一下。就一點：關於那些商業活動，隨著我們最近收購 Luminar，我們的客戶基礎大幅增加。截至目前，我們在這三個垂直領域的管線都上升了。我們正在合作的客戶與潛在客戶超過 100 家。這對我們來說顯然是一個訊號，將有助於我們今年的營收成長，並且隨著我們往未來推進，持續成長營收。

Yeah, it's one of the things that just said not to drive this out. But one of the great parts about those commercial activities is, we're now able to bring, it wasn't just about normalizing, hey, here's IRIS, here's HALO, the Luminar products, it was also our ability to bring the MicroVision portfolio to them, our systems, our short-range sensors, the software that we already had, as well as Scantinel.

是的，這也是剛才提到的一點，我不想把這個話題拖太長。但那些商業活動很棒的一點是：我們現在能帶來的，不只是把產品「標準化」——比如說，這是 IRIS、這是 HALO、這是 Luminar 的產品——同時也包括我們把 MicroVision 的產品組合帶給他們的能力：我們的系統、我們的短距離感測器、我們既有的軟體，以及 Scantinel。

So you now -- I mean, so we're exposing our complete portfolio to those customers, which has been really interesting because that's broadened the discussion meaningfully than just those accounts as they were prior to the acquisition.

所以你現在——我的意思是——我們正在把完整的產品組合呈現給那些客戶；這很有意思，因為相較於收購前僅限於那些既有帳戶，這讓討論的廣度有了顯著擴大。

Okay, next question. What specific milestones should investors watch for over the next 12 to 18 months that would signal transition from development stage engagements to recurring commercial revenue?

好，下一個問題。在接下來 12 到 18 個月內，投資人應該關注哪些具體里程碑，才能顯示我們正從開發階段的合作，轉向可重複的商業營收？

I think there's three things to look at. I mean, and the first is obviously us announcing those things. And this is always an interesting one because. Not all customers, and this is a long tradition within certainly the auto and other developed markets, there's no customers want suppliers to announce that customer, but we'll be talking about those wins in general terms to share that. So as those wins come in or are solidified and those contracts get inked, we'll talk about that.

我認為有三件事可以看。第一當然是我們宣布那些事項。而這一直很有意思，因為。並非所有客戶——這在汽車以及其他成熟市場中是長久以來的傳統——都希望供應商公開宣布該客戶；但我們會用較概括的方式談這些勝利，以便分享資訊。因此，當這些勝利出現或被確認、合約正式簽署時，我們會談到。

The second is the milestones that we want to showcase. And I would say the ACT Tri-Lidar demonstration, the AUVSI webinar on MOVIA Air, a drone-based MOVIA Air real-time mapping. We'll have another webinar coming up later that talks about, that'll talk about why LiDAR as part of that perception system.

第二是我們想要展示的里程碑。我會說 ACT 的 Tri-Lidar 展示、AUVSI 的 MOVIA Air 線上研討會（以無人機搭載 MOVIA Air 進行即時測繪）。之後我們還會有另一場研討會，會談到——會談到為什麼 LiDAR 是該感知系統的一部分。

So there will be these milestones that we'll promote and that we'll talk about. We'll have a multi-drone milestone, I think, coming up in this summer where we'll show multiple drones working with a ground vehicle and a handheld basically tablet doing real-time mapping. So these are these events and milestones. We'll be at the Hannover conference in September.

所以會有這些我們會推廣、也會對外說明的里程碑。我想今年夏天我們會有一個多無人機的里程碑，將展示多架無人機與一台地面車輛，以及一個手持、基本上是平板的裝置協同進行即時測繪。所以這些就是活動與里程碑。我們也會在九月參加漢諾威（Hannover）會議。

So that will show what we're doing with commercial vehicles. And so you'll see those types of milestones and those announcements throughout the balance of the year as we make progress with our development.

這將展示我們在商用車輛方面正在做的事情。因此，隨著我們在研發上取得進展，您將在今年剩餘時間看到這類里程碑與相關公告。

And then the third, and ultimately, this is what translates to is the guidance we give and the confidence we express in that guidance and discussions like today. So those are the three things that over the course of the year will be engaged with and promoted.

接著第三點，而最終這所對應的是我們所提供的指引，以及我們對該指引所表達的信心，還有像今天這樣的討論。因此，這三件事將在今年的過程中持續推進並加以宣傳。

Good. Okay. Are there opportunities for NRE revenue this year?

很好。好的。今年有沒有NRE收入的機會？

Yeah, there are. I would say, and that's always an interesting one because we want to make sure that with NRE, you're not just in a science project, you're spending your engineering resources and to move toward commercial success. So in that regard, I would say that the bigger opportunities are really in security and defense, where they're looking at, I mean, just there's a massive amount of capital moving into that space now, in particular around drones and autonomous ground vehicles and Autonomous naval vessels.

有，有的。我會說，而且這一直是個有趣的議題，因為我們希望確保做NRE時，你不是只是在做科學專案（science project），而是把工程資源投入到推動商業成功上。因此在這方面，我會說更大的機會其實在安全與國防領域；他們正在關注——我的意思是，現在有大量資本正流入那個領域，特別是圍繞無人機、自主地面車輛以及自主海軍艦艇。

So you have there's just And so to the extent that our technology can be adapted or it can be applied in that area, which it can, there's many very good applications. There's funding in NRE available to help us develop that. And so we'll take advantage of that. When it lines up with our product plans and when there's commercial success as the outcome.

所以你會看到——而且因此，只要我們的技術能夠被調整或應用在那個領域（確實可以），就有許多非常好的應用。也有可用的NRE資金來協助我們進行開發。因此我們會善加利用。前提是它與我們的產品規劃一致，並且最終結果是商業成功。

So there's definitely NRE opportunities there. And then as you get into automotive, whether it's CV and the automotive, that typically you see that in pre-development contracts. This can be interesting, but we've seen a lot of pre-development contracts in automotive turn into science projects and really not translate into high volume applications.

所以那裡確實有NRE機會。接著進到汽車領域，不論是商用車（CV）或乘用車，通常你會在前期開發合約中看到這類機會。這可能很有意思，但我們也看到汽車領域很多前期開發合約最後變成科學專案，並沒有真正轉化為高量產的應用。

And so again, we'll be very careful and thoughtful about where we spend our engineering in those areas because we want to make sure that, again, as we put our as we invest our time and energy into a customer and under a customer development activity that we're confident that at the end of that development activity, there's a volume. And that there's real revenue. It's not NRE is not just we're not an engineering services company. We want to develop products and sell products and manufacture those products.

因此我們會再次非常謹慎且深思熟慮地決定在那些領域投入多少工程資源，因為我們要確保——同樣地——當我們把時間與精力投到某個客戶、投入某項客戶開發活動時，我們有信心在該開發活動結束時會有量產。而且會有真正的營收。NRE不是——我們不是工程服務公司。我們想要開發產品、銷售產品，並製造這些產品。

Industrial, not as much. I would say industrial, generally speaking, tends to be lower for warehouse and industrial warehouse automation and all of that tends to not be an NRE-rich environment. Industrial off-road in that area, there's definitely NRE development dollars there. So as we look across those three end markets, there's meaningful NRE opportunities there, but those opportunities consume resources.

工業領域則沒那麼多。我會說一般而言，工業領域——像倉儲與工業倉庫自動化等——通常不是一個NRE很豐富的環境。但在工業越野（industrial off-road）那一塊，確實有NRE開發資金。因此，當我們檢視這三個終端市場時，確實存在具意義的NRE機會，但這些機會也會消耗資源。

So it's just -- so critical for us that we agree to do something to get paid to do it, there's a commercial outcome at the end of it that we want.

所以——對我們而言至關重要的是：當我們同意去做某件事並收取費用時，最終要有我們想要的商業成果。

And finally, how is the integration of the recent acquired companies going? And have you seen the synergies that you were expecting?

最後，近期收購公司的整合進展如何？你們是否看到了原先預期的綜效？

Yeah, first of all, the integrations going exactly on plan with what we expected. And there's a lot to that. There's all of the kind of the plumbing and wiring, the infrastructure piece of it. How do you get everybody onto the same systems? How do you get people working that have different IT structures and different tool chains and everything else? How do you get that all aligned?

是的，首先，整合進度完全符合我們原先的計畫。而這裡面包含很多事情。包括各種所謂的管線與配線、基礎設施的部分。如何讓所有人都使用相同的系統？如何讓具有不同IT架構、不同工具鏈以及其他一切的人一起工作？如何把這些都對齊？

And that's gone very well in terms of -- in general, just ensuring that there's no disruptions to our workday. Now, it takes a little longer, it tends to be the engineering tools and the technology portfolio.

就——整體而言——確保我們日常工作不受干擾這點來說，進展非常順利。現在，通常需要更久的是工程工具與技術產品組合的部分。

And in this case, we're not talking from a hardware standpoint, you're not trying to combine VCSEL SPAD 905 nanometer technology with a 50 and 50 time of flight scanning architecture. So those are complementary. So you're not trying to integrate those.

而在這個案例中，我們不是在談硬體層面；你不是要把VCSEL SPAD 905奈米技術與50/50飛行時間（time of flight）掃描架構結合在一起。那些是互補的。所以你不需要去整合它們。

You are on the software side though. We're trying to have a common software architecture that underpins all of these products, so the sensor models, the point cloud and the perception models. All of these things, it's a common architecture. So as we develop different hardware variants, you're not re-architecting the software completely. There's a ton of money spent there if you have to maintain all different software architectures. And so that's the piece that we're working through now.

不過在軟體端是需要的。我們正嘗試建立一個支撐所有這些產品的共同軟體架構，因此包含感測器模型、點雲以及感知模型。這些全部都是共用架構。如此一來，當我們開發不同的硬體變體時，就不需要把軟體完全重新架構。如果必須維護多套不同的軟體架構，會花掉大量資金。因此這就是我們目前正在推進的部分。

The good news is, for me, was the software architectures from Luminar and MicroVision were actually very similar. Scantinel from Luminar, MOSAIK from MicroVision, perception stacks had a lot of commonality. And so we're not having to fight through a bunch of issues associated with very dissimilar architectures. It's actually quite the opposite.

好消息是，對我而言，Luminar與MicroVision的軟體架構其實非常相似。Luminar的Scantinel、MicroVision的MOSAIK，這些感知堆疊有很多共通性。因此我們不需要去硬扛一堆因架構差異很大而產生的問題。事實上正好相反。

So now it's a matter of, okay, what works best for what we're trying to do? And the teams have been, Greg and the whole team has been really good with that. In terms of organization, that's all done. How the organization is structured, the team structures, that's behind us. And so now it's just about getting to work. But when you do these integrations, you can always find really hard pain points in terms of the integrations.

所以現在就是：好，什麼最適合我們想做的事情？團隊在這方面做得非常好，Greg以及整個團隊都很到位。就組織面而言，那些都完成了。組織如何架構、團隊如何編制，這些都已經過去了。所以現在就是開始做事。但在做這類整合時，你總是可能在整合過程中遇到非常棘手的痛點。

We've been fortunate that that has not been the case, and so that allows us to focus on customers and focus on kind of the commercial side of it as opposed to having to sort out internal issues, which has been great.

我們很幸運沒有遇到那種情況，因此我們能把重心放在客戶、放在商業面，而不是必須去處理內部問題，這點非常好。

Yeah, the only thing to add to that is just with regards to the synergies, as I mentioned in my prepared remarks, we originally guided on 65% to 70% with regards to cash used in operations plus CapEx. With all the synergies that we're finding just through the integration process that we're doing, we improved that, I should say, going down to 60%, approximately 60% for the year. So we are seeing those synergies impact us on a full-year basis.

是的，唯一想補充的是關於綜效：如我在事先準備的發言中提到，我們原先對營運使用現金加上資本支出（CapEx）的指引是65%到70%。透過我們在整合流程中所發現的各項綜效，我們把它改善了——我應該說是下降到全年約60%。因此我們確實看到這些綜效在全年基礎上對我們產生影響。

Yes, that's exactly right.

是的，完全正確。

Okay. So this concludes our Q&A session. Just want to thank everybody for participating today and your continued support of MicroVision. Thank you very much.

好的。那麼我們的問答環節到此結束。只想感謝各位今天的參與，以及各位對MicroVision持續的支持。非常感謝。

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

謝謝。今天的電話會議到此結束。各方可中斷連線，祝各位有美好的一天。