MVIS

Interested in Microvision, Inc.? Here are five stocks we like better. Revenue and margins improved: MicroVision reported Q2 2026 revenue of $1.5 million, up $1.3 million year over year, with a 44% gross margin. It maintained its $10 million–$16 million full-year revenue outlook and raised gross-margin guidance to 40%–45%. Expansion beyond automotive LiDAR: Management is repositioning MicroVision as a broader perception company serving industrial, defense, security, robotics, AI and aerial-autonomy markets. Customer engagements increased to more than 130, while estimated 2026–2030 booking opportunities rose to $750 million. New products and liquidity remain key factors: The company plans to launch its MOVIA S industrial sensor in October and is developing MOVIA Air products for drones, but expects continued high cash use, forecasting approximately $60 million in 2026 operating and capital-expenditure burn. The 3 Penny Stocks You Swore You’d Never Buy (But You’ll Check Anyway) Microvision (NASDAQ:MVIS) reported second-quarter 2026 revenue of $1.5 million, up $1.3 million from the prior-year period, as the LiDAR company cited sales of its long-range IRIS sensors, short-range MOVIA L sensors and semiconductor engineering services. Management reiterated its full-year revenue outlook of $10 million to $16 million and raised its gross-margin forecast. Chief Executive Officer Glen DeVos said the company’s “LiDAR 2.0” strategy is shifting MicroVision from a hardware-focused automotive supplier toward a LiDAR-based perception company serving industrial, security and defense, automotive, robotics, artificial intelligence and aerial-autonomy markets. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Will MicroVision Maintain Its Momentum After the Short Squeeze? “The shift isn’t a slogan, it’s operational,” DeVos said, pointing to expanded product offerings, customer engagements and the integration of acquired Luminar LiDAR operations. Interim Chief Financial Officer Steph Hrynewich said product sales represented the principal driver of second-quarter revenue. Long-range IRIS sensors accounted for the predominant portion, while MOVIA L contributed a smaller amount. About 15% of revenue came from engineering services related to the company’s semiconductor business. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Industrial and security-and-defense customers were the primary sources of revenue during the quarter. For the first six months of 2026, MicroVision generated $2.4 million in revenue, an increase of $1.7 million from the first half of 2025. The company said roughly 75% of first-half revenue was tied to the portfolio expansion resulting from its acquisitions earlier this year. Second-quarter gross margin was 44%, compared with a gross-margin loss a year earlier. First-half gross margin was 42%, also compared with a loss in the prior-year period. Hrynewich attributed the improvement to favorable product mix from acquired IRIS inventory and supply-chain efficiencies. → Ulta's Growth Is Real, But So Are the Risks The company lifted its full-year gross-margin guidance to 40% to 45%, from a previous range of 35% to 40%. DeVos said MicroVision expects long-term gross margin to fall between 40% and 50%, with higher margins possible for products that include more software and perception features or address defense applications. Cash used in operations plus capital expenditures totaled $19.5 million in the second quarter and $36 million in the first half. Excluding acquisition-related expenses and restructuring charges, cash use was $17.4 million for the quarter and $33.8 million for the first half. Hrynewich said second-quarter cash use increased sequentially because of non-recurring payments tied to post-acquisition consolidation, including a workforce reduction at the company’s Redmond location. She said MicroVision expects declining operating cash burn through the remainder of 2026 as integration work is completed, operating costs decrease and revenue grows in the second half. MicroVision ended the quarter with $27.2 million in cash equivalents and investment securities. It also had approximately $41.2 million available under its at-the-market equity facility, subject to market conditions and applicable limitations. The company maintained its forecast for approximately $60 million in full-year cash burn from operations and capital expenditures. During the call, management also discussed the company’s one-for-15 reverse stock split and increased authorized-share capacity. DeVos said the steps provide more flexibility to finance operating needs and support the company’s strategic plan. Management highlighted plans to launch the MOVIA S short-range industrial sensor platform in October. DeVos said MicroVision has more than 25 active customer engagements and evaluations for MOVIA S, including quoting and development work. The company expects MOVIA S to be a meaningful contributor to revenue in 2027, though it does not expect a major 2026 contribution because of the October launch timing. MicroVision is preparing capacity in Orlando for approximately 15,000 MOVIA S units next year on a single-shift basis, DeVos said. The company also introduced MOVIA Air and MOVIA Air Plus for drones and lightweight aerial applications. DeVos said the products combine LiDAR and camera sensing to generate real-time 3D maps and support applications such as obstacle avoidance, navigation and situational awareness. Before the public launch, the company had delivered units to a major industrial drone-delivery company and a resource-exploration provider, while nine additional pre-launch partners were evaluating the products. MicroVision plans to demonstrate MOVIA Air Plus at the Joint Interagency Field Experimentation event run by the Naval Postgraduate School. Other commercial developments cited during the quarter included: A development agreement with a construction and mining equipment original equipment manufacturer to integrate two IRIS sensors on each off-highway truck in a next-generation autonomous hauling program. IRIS sensor shipments to Lake Fusion Technologies and Timberline Aerospace for situational-awareness solutions. MOVIA sensor deliveries to an unnamed artificial-intelligence company and hyperscaler for robotics, autonomous systems and AI evaluations. An order from a prime contractor supplying autonomous unmanned ground vehicles to the military, as the customer shifts away from 905-nanometer sensors. An IRIS order from an unnamed defense and aerospace contractor for unmanned aircraft applications. DeVos said MicroVision integrated Luminar’s LiDAR business within roughly one quarter of the acquisition closing, including engineering personnel, manufacturing operations, inventory and customer programs. The company said it resumed shipments of IRIS inventory, maintained customer relationships and reduced expenses through consolidation. The company also formalized MicroVision Semiconductor, which includes the former Black Forest Engineering team acquired from Luminar. DeVos said the unit will bring custom ASIC and mixed-signal chip design in-house, supporting MicroVision’s cost-reduction and sensor-integration plans. The semiconductor organization is also available to pursue external commercial projects. Hrynewich said semiconductor engineering work represented about 15% of second-quarter revenue and is expected to contribute additional revenue in the third quarter as an existing project is completed. She added that the company is responding to multiple requests for quotations. Management said its customer-engagement count has increased to more than 130, from more than 100 cited during the first-quarter call. DeVos said the company’s estimated booking opportunity from 2026 through 2030 rose to $750 million from $500 million, driven principally by MOVIA S opportunities and expanded industrial and security-and-defense activity. MicroVision appointed James Byun as its first chief commercial officer during the quarter and said it expects to provide an update on its search for a permanent CFO soon. MicroVision, Inc (NASDAQ: MVIS) is a technology company specializing in laser scanning and sensing solutions. Founded in 1993 and headquartered in Redmond, Washington, MicroVision develops its proprietary PicoP® scanning technology, which integrates miniature lasers and microelectromechanical systems (MEMS) mirrors to create high-resolution projection displays and three-dimensional sensing systems. Over the years, the company has built a portfolio of patents and intellectual property focused on precision optics and laser-based signal processing. At the core of MicroVision's offerings is its display platform, which enables compact, energy-efficient projection for augmented reality (AR) headsets, head-up displays (HUDs) in automotive environments, and consumer electronics applications such as pico projectors. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Microvision Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $1.5 million in Q2 2026, a $1.3 million increase year-over-year; $2.4 million for the first half of 2026, a $1.7 million increase compared to the first half of 2025. Gross Margin: 44% in Q2 2026, a significant increase from a gross margin loss in Q2 2025; 42% on a year-to-date basis. Cash Burn: $19.5 million in cash used in operations plus capital expenditures for Q2 2026; $36 million for the first six months of 2026. Adjusted Cash Burn: $17.4 million in Q2 2026 and $33.8 million for the first half of 2026, excluding acquisition-related costs and restructuring charges. Cash Position: $27.2 million in cash equivalents and investment securities at the end of Q2 2026. ATM Facility: Approximately $41.2 million available under the current ATM facility. Revenue Guidance: Reiterated full-year 2026 revenue guidance of $10 million to $16 million. Gross Margin Guidance: Raised full-year 2026 gross margin guidance from 35%-40% to 40%-45%. Cash Burn Guidance: Maintained full-year 2026 cash burn guidance of approximately $60 million. Warning! GuruFocus has detected 6 Warning Signs with MVIS. Is MVIS fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Successfully integrated the acquired Luminar business within one quarter, resuming IRIS shipments and maintaining customer relationships without disruption. Expanded commercial traction across multiple verticals, including industrial, defense, and robotics, with over 130 customer engagements and a 50% increase in booking opportunities to $750 million. Raised full-year gross margin guidance from 35%-40% to 40%-45%, driven by improved supply chain efficiencies and favorable product mix. Launched MicroVision Semiconductor, bringing custom ASIC and mixed-signal design in-house to reduce costs and enable external revenue opportunities. Introduced new products like MOVIA Air and MOVIA Air Plus for aerial autonomy, with pre-launch evaluations from 11 partners and a live demonstration at JIFX. Revenue remains low at $1.5 million for Q2 2026, with the majority of the $10-$16 million full-year guidance expected in the second half, indicating a slow start. Cash burn remains high at $19.5 million in Q2, with full-year cash usage guidance of $60 million, though expected to decline in the second half. The company faces supply chain challenges in restarting IRIS production, which could delay revenue timing and impact the ability to meet guidance. Dependence on a few key customers and the need to convert evaluations into production orders creates uncertainty in achieving 2027 growth targets. The reverse stock split and increased authorized shares highlight ongoing capital needs, with $27.2 million in cash and reliance on an ATM facility for financing. Q: Why is MicroVision confident in its 2026 revenue guidance of $10 million to $15 million? A: CEO Glen DeVos and Interim CFO Steve Hrynewich expressed confidence, citing the successful reconstitution of Luminar customer relationships, with roughly half of the 30 acquired customers now back on board for shipping. They noted that the revenue range reflects timing issues related to restarting the IRIS supply chain, which was suspended during Luminar's bankruptcy. The team has done significant work to bring key suppliers back online, and while the exact timing of shipments is not fully nailed down, they expect to deliver within the range, with any shortfall likely shifting to Q1 or Q2 of 2027. Q: What are your expectations for revenue growth next year with MOVIA S in production? A: CEO Glen DeVos stated that while 70% to 80% of 2026 revenue is expected from IRIS and HALO sales, MOVIA S is the key growth driver for 2027. With more than 25 active customer engagements and evaluations, the company is preparing for a production launch in October and is capacitizing its Orlando facility for around 15,000 units on a single-shift basis. The focus between now and October is converting evaluations into purchase orders for initial production, building a sales book for Q4 2026 and into 2027 and 2028. Q: MicroVision previously discussed $500 million in booking opportunities from 2026 to 2030. Are there any updates to this projection? A: CEO Glen DeVos confirmed that the total booking opportunity has increased by about 50% to $750 million. This growth is driven by an expansion in the number of distinct customer engagements, which has grown from over 100 to over 130. The increase is primarily attributed to MOVIA S opportunities, which often involve multiple sensors per vehicle or system, and a significant expansion in the security and defense sector, rather than major moves in the automotive segment. Q: How much room is there structurally in the long-term gross margin, and is 45% the ceiling? A: CEO Glen DeVos outlined a long-term gross margin range of 40% to 50%, depending on product mix and end market. Products with higher software content or those in the defense sector would trend toward the upper end of the range, while more commoditized sensor sales would trend toward the lower end. Interim CFO Steve Hrynewich added that the recent guidance raise to 40%-45% was driven by successful supply chain negotiations and a favorable product mix, and they expect continued cost reductions through their design-to-cost philosophy. Q: Do you expect the OPEX line to trend lower going forward after the integration work in Q2? A: Interim CFO Steve Hrynewich confirmed that operating expenses will decline over the next six months. The consolidation actions taken in the first half, including a significant workforce reduction in Redmond, will begin to show cost reductions. While some restructuring costs may spill into Q3, these are non-recurring and will not be part of the future run rate. Q: Can you expand on the aerial opportunities, specifically whether they are primarily for defense detection or on-board applications? A: CEO Glen DeVos clarified that the immediate opportunities are for on-board drone applications, particularly for Group 1, 2, and 3 drones. This includes both defense and commercial applications like power line inspection and terrain mapping. The company will demonstrate these capabilities at the JIFX event next week. He emphasized that as a U.S. and German company, MicroVision is uniquely positioned to provide lightweight, low-power, wide field-of-view LiDAR for these platforms. Q: Are customers asking for a fuller solution that partners with other sensor categories, or are they focused solely on LiDAR? A: CEO Glen DeVos explained that the approach varies by end market. In defense, MicroVision integrates LiDAR, camera, and potentially radar into multimodal payloads, fusing the data to provide 3D maps with camera overlays. In automotive, particularly for robotaxis, customers typically have existing vision and radar solutions and come to MicroVision specifically for a LiDAR-only solution. Industrial applications see a mix of both LiDAR-only and combined systems. Q: When will we begin to see top-line revenue growth from the Security & Defense partnerships? A: CEO Glen DeVos stated that revenue is happening now, with shipments to Lake Fusion Technologies occurring in Q3. For newer partnerships like J.A. Green & Company and IDI Laser, he expects evaluations or small unit sales as early as Q4 2026, with more meaningful contributions in 2027. He noted that the speed of conversion can be rapid, citing the European UGV provider example where it took only two months from initial engagement to shipping units. Q: How does the software strategy help accelerate customer adoption, reduce system costs, and drive commercial success? A: CEO Glen DeVos highlighted two key ways. First, software is used inside the sensor to solve signal processing challenges, simplifying hardware requirements and reducing costs through AI-driven processing of histograms and FMCW signals. This works in conjunction with silicon up-integration. Second, the open software framework allows customers to optimize their systems around the sensor, reducing total system architecture costs and simplifying development, validation, and time-to-market. Q: How is management leveraging MicroVision Semiconductor to accelerate strategic partnerships? A: CEO Glen DeVos explained that MicroVision Semiconductor (MSI) is critical for internal up-integration, helping to drive down sensor costs through custom ASIC and mixed-signal design. Externally, MSI has a strong track record of designing chips for other customers, building relationships across the semiconductor industry and creating an ecosystem that supports MicroVision's own growth. Interim CFO Steve Hrynewich added that MSI contributed about 15% of Q2 revenue, with more expected in Q3 as a current project concludes, and the team is responding to multiple new RFQs. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Advancing Lidar 2.0 strategy with expanding customer engagements, new product launches, strengthened leadership team, improved cash burn guidance, and growing commercial pipeline REDMOND, WA / ACCESS Newswire / August 6, 2026 / MicroVision, Inc. (NASDAQ:MVIS), a leader in advanced perception solutions for industrial, security and defense, and automotive applications, today announced its second quarter 2026 results and provided a business update highlighting continued execution of its Lidar 2.0 strategy. Key Operational Highlights Advanced the Company's Lidar 2.0 strategy, expanding MicroVision's position as a perception solutions provider serving industrial, security & defense, automotive, robotics, and autonomous aerial markets. Launched the MOVIA™ Air product family, with several pre-launch partners, introducing both MOVIA™ Air and MOVIA™ Air Plus, purpose-built airborne perception solutions designed for drones, autonomous aircraft, and defense applications. Signed a long-term development agreement with a leading construction and mining equipment OEM to integrate IRIS lidar into next-generation autonomous hauling vehicles, and bridge to integration of the Company's next-gen HALO lidar. Fulfilled increasing demand for active evaluations with customers spanning target markets, including with a leading AI company and hyperscaler for robotics and autonomous systems, a leading e-commerce company for aerial logistics and delivery, a defense contractor for mission-ready ground autonomy, and more. Shipped IRIS and MOVIA sensors supporting customer programs across industrial automation, autonomous systems, aerospace, defense, and artificial intelligence applications. Launched MicroVision Semiconductor, establishing an in-house semiconductor organization that expands the Company's custom ASIC, mixed-signal IC and advanced imaging capabilities while supporting both internal product development and external customer programs. Strengthened the executive leadership team with the appointments of James Byun as Chief Commercial Officer and Cara Klaer as Head of Marketing & Communications. Improved full-year cash burn guidance to approximately $60 million, reflecting expected normalization in the second half of the year following non-recurring cash usage in the first half, with improvement due to continued operational discipline and acquisition synergies. Completed a 1-for-15 reverse stock split, strengthening the Company's capital markets position and supporting continued Nasdaq listing compliance. "Our second quarter demonstrates that MicroVision has evolved into a commercially focused perception company with the products, technology, leadership and operational discipline needed to compete across multiple high-growth markets," said Glen DeVos, Chief Executive Officer of MicroVision. "Our Lidar 2.0 strategy is translating into meaningful commercial momentum and a path to near-term and future revenue." "Our strategy is simple: deliver the right perception solutions at the right cost across multiple industries. We're leveraging a common technology platform to address opportunities spanning industrial automation, security and defense, autonomous aerial systems, robotics and automotive. Every new customer, product and market reinforces the scalability of our business model and the trajectory of our revenue growth." Key Financial Highlights for Q2 2026 Revenue for the second quarter of 2026 was $1.5 million, compared to $0.2 million for the second quarter of 2025, primarily as a result of a greater volume of sensors shipped, as well as development revenue, during the second quarter of 2026. Total operating expenses for the second quarter of 2026 were $24.9 million, compared to $14.1 million for the second quarter of 2025, with the increase primarily relating to costs stemming from the acquisitions, along with integration and consolidation activities, during the second quarter of 2026. Net loss for the second quarter of 2026 was $36.9 million, or $1.66 per share, compared to a net loss of $14.2 million, or $0.84 per share, for the second quarter of 2025. Per share amounts have been adjusted to reflect the 1-for-15 reverse stock split that became effective on August 1, 2026. Adjusted EBITDA for the second quarter of 2026 was a $18.8 million loss, compared to a $11.2 million loss for the second quarter of 2025. Cash used in operations in the second quarter of 2026 was $19.1 million, which includes non-recurring payments related to acquisition and consolidation activities, compared to cash used in operations in the second quarter of 2025 of $12.7 million. The Company ended the second quarter of 2026 with $27.2 million in cash and cash equivalents, including investment securities, compared to $74.8 million at December 31, 2025. As of June 30, 2026, the Company has access to $68.4 million of capital, subject to certain conditions, including $41.2 million under its existing ATM, or at-the-market, facility and expects future financing activities to support continued execution of its strategic plan. Conference Call MicroVision will host a conference call today at 4:30 p.m. Eastern Time to discuss second quarter 2026 financial results and provide a business update. The live webcast can be accessed on the Investor Relations section of the Company's website at www.microvision.com. A replay of the webcast will be available following the conclusion of the call. About MicroVision MicroVision is defining the next generation of lidar-based perception solutions for automotive, industrial, and security & defense markets. As the industry moves beyond proof of concept toward value, deployment, and commercialization, MicroVision delivers integrated hardware and software solutions designed for real-world performance, automotive-grade reliability, and economic scalability. With engineering centers in the U.S. and Germany, MicroVision leads the industry in depth and breadth of its portfolio, with both short- and long-range lidar solutions, featuring solid-state sensors with varying wavelengths, advanced sensor architectures, design-to-cost engineering, and open software solutions. For more information, visit the Company's website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc, and LinkedIn at https://www.linkedin.com/company/microvision/. MicroVision, MAVIN, MOSAIK, MOVIA, IRIS, and SENTINEL are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners. Non-GAAP Information To supplement MicroVision's condensed financial statements presented in accordance with GAAP, the Company presents investors with the non-GAAP financial measures "adjusted EBITDA" and "adjusted Gross Profit." Adjusted EBITDA consists of GAAP net income (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization; non-cash gains and losses; share-based compensation; restructuring costs; severance expense; and impairment charges. Adjusted Gross Profit is calculated as GAAP gross profit before share-based compensation expense and the amortization of acquired intangibles included in cost of revenue. MicroVision believes that the presentation of adjusted EBITDA and adjusted Gross Profit provides important supplemental information to management and investors regarding financial and business trends, provides consistency and comparability with MicroVision's past financial reports, and facilitates comparisons with other companies in the Company's industry, many of which use similar non-GAAP financial measures to supplement their GAAP results. Internally, management uses these non-GAAP measures when evaluating operating performance because the exclusion of the items described above provides an additional useful measure of the Company's operating results and facilitates comparisons of the Company's core operating performance against prior periods and its business objectives. Externally, the Company believes that adjusted EBITDA and adjusted Gross Profit are useful to investors in their assessment of MicroVision's operating performance and the valuation of the Company. Adjusted EBITDA and adjusted Gross Profit are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of MicroVision's business as determined in accordance with GAAP. The Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from its non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA. Similarly for adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profit which is the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation by backing out share-based compensation expense and the amortization of acquired intangibles included in cost of revenue. Forward-Looking Statements Certain statements contained in this release, including market position, expectations, and likelihood of success; opportunities for customer engagement and revenue; expense reduction; benefits of acquisitions and integration synergies; market position; product portfolio; product and manufacturing capabilities; transaction benefits; access to capital and capital-raising opportunities; and expected revenue, expenses and cash usage are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include the risk its ability to operate with limited cash or to raise additional capital when needed; market acceptance of its technologies and products or for products incorporating its technologies; the failure of its commercial partners to perform as expected under its agreements; its financial and technical resources relative to those of its competitors; its ability to keep up with rapid technological change; government regulation of its technologies; its ability to enforce its intellectual property rights and protect its proprietary technologies; the ability to obtain customers and develop partnership opportunities; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market its products; potential product liability claims; its ability to maintain its listing on The Nasdaq Stock Market, and other risk factors identified from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect the Company. It should be recognized that other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors set forth in this release may affect the Company to a greater extent than indicated. Except as expressly required by federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason. Investor Relations Contact: Jeff ChristensenDarrow Associates Investor [email protected] Media Contact: Heidi Davidson - For [email protected](914) 441-6862 SOURCE: MicroVision, Inc. View the original press release on ACCESS Newswire

Image source: The Motley Fool. May 13, 2026, at 4:30 p.m. ET Chief Executive Officer — Glen DeVos Interim Chief Financial Officer — Stephen Hrynewich Need a quote from a Motley Fool analyst? Email [email protected] Glen DeVos; and our Interim Chief Financial Officer, Steve Hrynewich. Following our prepared remarks, we will open the call to questions. Please note that some of the information you will hear today 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 forecast, 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 differ materially from the future results implied or expressed in the forward-looking statements. We encourage you to review our SEC filings, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q. These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non-GAAP under the SEC's Regulation G. For reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure as well as for all 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. Now I would like to turn the call over to Glen DeVos, our CEO. Glen? Glen DeVos: 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. 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. What we have today is one MicroVision organization. At the same time, we have successfully restarted key Luminar commercial programs. We 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 3 key end markets. 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. 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. 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. 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, 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. Customers want the right performance for the right application. They want solutions that can easily integrate into complete perception and control systems. They want flexibility to open software architectures, and they want products that are designed with cost and scalability in mind from day 1. And that's what Lidar 2.0 is all about. And 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. Designed to cost engineering, it's 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. 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 3 key market segments. Our MOVIA family of products provide compact solid-state short-range sensing for industrial security and defense and automotive applications. 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. With our MOSAIK and SENTINEL 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. 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 the Luminar and Scantinel assets and teams into the new MicroVision. This includes aligning engineering organizations, integrating product road maps, consolidating operation functions and continuing the transition of engineering ops and manufacturing into our Orlando facility. Today, there is one MicroVision team executing on one unified strategy. 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. Let me touch on key developments for each of our 3 end markets. For industrial, we've restarted shipments and active programs with customers in mining, offroad logistics and warehouse automation. As I have talked about previously, the industrial market has started a significant transformation from high-cost electromechanical systems to compact and cost-effective solid-state sensors. 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 a 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. In March, we shared how our MOVIA air products can extend the perception of surface vehicles with our ability to compute real-time mapping and supporting train 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-powered MOVIA air sensors, and it's a major advancement for drone-based ISR capabilities. 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 cannot be more excited about the opportunities in this space and working with the Avular team. 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. As such, we remain focused on our Tri-Lidar Architecture as a key enabler of expanding lidar perception performance while significantly reducing total system cost. 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 with 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. 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. 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. 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 Laura leading our operations and manufacturing center in Orlando continue to bring deep operational and execution expertise to our organization. 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. 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. 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. I'll now turn the call over to Steve to review our first quarter financial performance. Steve? Stephen Hrynewich: Thank you, Glen. 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 Photonics in January that, in addition to time-of-flight technology within our current products, added FMCW technology to our product portfolio. 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 Glen mentioned, our integration of the acquired businesses is progressing well and very efficiently. 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. These 3 accomplishments are key enablers for us to execute our Lidar 2.0 strategy, enhance our commercial engagements and deliver our growth expectations. 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 3 of our focus sectors, automotive, industrial and security and defense, and 75% of the revenue was attributed to the sale of sensors that we acquired from Luminar, underscoring the value of the acquisition with the 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. 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 our recent acquisitions of Scantinel and Luminar with a contributing portion of the increase stemming from nonrecurring expenses related to the acquisitions, including legal, accounting and audit fees. 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. 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. Regarding cash burn 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. 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, continued 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. 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. Glen DeVos: 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 3 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. Thank you. Operator, we are now ready for questions. Operator: [Operator Instructions] Our first question is coming from the line of Casey Ryan from AmerX. Casey Ryan: A lot of good news to unpack here in the quarter. This was a great update. Can we start with Steve, just hitting 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? Stephen Hrynewich: Yes. 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. Casey Ryan: 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 50s, 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 jump to here post acquisitions to maybe where the ultimate ceiling might be in terms of margins? Stephen Hrynewich: Yes. I think as we progress into the future, we kind of know what our future is all about is kind of focusing on our 3 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. And I would expect our margins to grow as we progress into the future. 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 3 sectors in the future. Casey Ryan: Okay. 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? Glen DeVos: Yes, 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 building MOVIA S there now, IRIS, and then we're building up the ability to build HALO there as well. So that's all happening. 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. Casey Ryan: Okay. But like it sounds like -- to support the $10 million to $15 million, certainly, it sounds like Orlando is big enough from a capacity standpoint. Glen DeVos: Yes. Yes. That's correct. Casey Ryan: Yes, 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. So I'm just fascinated to learn more about how you sort of maybe tackle 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, if you give us sort of something in terms of progress. Glen DeVos: I'm happy to talk about it. Yes, 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 missions. And the key was -- the key is going to the 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. 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. So we can lightweight that lidar sensor. And typically, where we want to be is well -- is below 300 grams, moving as quickly as possible to below 200 grams. And that's still having the ability to do processing 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 terrains 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. Casey Ryan: 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 this first partner to sort of bring it to the market for all potential solutions? Glen DeVos: No, it's not an exclusive arrangement. So that's a structure that is nonexclusive. But obviously, Avular has been a great partner to work with. And so we're -- our first step is always looking at how can we work with them on those solutions. And then for us, we can help bring them into the U.S. market as well. 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 will be very successful. Casey Ryan: Yes, this feels like a big leap forward and it feels like you have a real leadership position here with a real pain point in terms of the weight for drones. So that's fantastic. 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, super short-range stuff. 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 appreciate that like FMCW had the sort of good applicability in what we'll call sort of super short-range applications. Glen DeVos: Yes. It's -- fundamentally it's an interesting technology because with the approach Scantinel has taken, it's very compelling on long -- 1 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. 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. 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 market, in particular, around drone detection, aerial detection, aerial survey and for security systems and defense systems. Casey Ryan: Okay. Great. I mean it sounds like sort of the opportunities for this FMCW sort of tech are -- seem to be getting more expansive all the time, which is really correct. Those are my questions for now, but this is a really very positive update. Operator: I'll now turn this call back over to Steve to read questions submitted by the shareholders. Stephen Hrynewich: 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? Glen DeVos: Yes. The -- so I'll start and 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. 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 180x135 sensor for robotaxi application, we can give them exactly that. 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. 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. The other thing, and this is more from a business standpoint, is the ability to serve those 3 end markets that we always talk about, industrial, security and defense and automotive. What that means is we don't have an overdependency 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. And you want countercyclical revenue streams because security and defense does not cycle the same way that automotive does. Industrial, same thing. They're on different -- they're basically in 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. And then the third piece really is all about the discipline. It's all about financial discipline, 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 3 dimensions. Stephen Hrynewich: Okay. Thank you, Glen. I was going to touch on the cost piece, but you beat me to it. Glen DeVos: No, I beat you to it. Stephen Hrynewich: Why do you think software is a key enabler in the 2.0 strategy? Glen DeVos: Software will play 2 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. 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. 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. And look at the hardware and look at what the hardware can do. What we want to talk about is look what the product can do and the product can do it because it's software enabled. 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 stand-alone 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. 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. So it isn't just a black box sitting as part of the architecture that whenever they want to make a change, they've got a -- it's a big pain point for them. It's part of their software. It's literally inherent and integral to their software architecture. So they can optimize their system 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. 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. Stephen Hrynewich: All right, Glen. Next question. In comparison to your competition, how do you see yourselves as differentiated? Glen DeVos: 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, 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 solution. So that gives us a tremendous capability there. The second is with regard 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, but it makes us a sticky partner and really a close partner for them, which is exactly what you want. The other piece of it is in our -- just 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. And so for us, it's critical that's why that cost discipline is so important because you don't get to mass adoption until you get to a cost level that enables our customers to be successful for 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 a critical element of it. And then for security and defense, we're a U.S. and German company. And so when you look at our footprint, how we design, how we build, how we develop our software, that's in the U.S. and Germany, which is really, 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. Stephen Hrynewich: Okay. Thanks, Glen. Can you provide more insight into your commercial activities within the 3 sectors you are focused on? And what are your plans to showcase your products to demonstrate your technology specific to these 3 sectors? Glen DeVos: Yes. I'll start with industrial, and I'll group industrial into kind of broadly 2 categories, and it's because the go-to-market there is very different for those -- the commercial sales motion 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. So when you talk about industrial, kind of the off-road piece of 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 we're 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 really it was reestablishing those relationships, rebuilding those and then resuming shipments to them while they do their development with launch timing in later next year. The -- in that market, you're doing -- you're just -- you're working directly with the OEMs typically. When you talk about industrial automation, warehouse automation, this is AGVs, AMRs, automated forklifts and all robots, that's a very different market. And that served 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. 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, 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 are we doing in those markets, well, what you're seeing is -- as we continue to develop our lidar collision avoidance systems, we're showcasing that in trade shows. We're doing that in -- on the website and LinkedIn, you name it. And we're getting a lot of interest there because we can offer a 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 LCAS inside is so critical for the later this year. But you're going to see us continue to make progress in that market throughout the course of the year. And that will be mostly through what we showcase. For security and defense, it's -- that's a little bit of -- that's a very different market in that you're really talking about 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. 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. 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 towards 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. And so like the Avular announcement, as those engagements continue or expand, we'll be talking about them. Defense, obviously, a little bit differently than we would talk 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. 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. And then finally, for automotive, as I mentioned, the OEMs, passenger car OEMs, I would just characterize the whole first generation, the 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 USD 8,000, USD 9,000, it just wasn't compelling enough. 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 benefit, that's not that significant. And so I think it was an important phase in the last 3, 4 years of learning for the OEMs as they're kind of reformulating their strategies around Level 3 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 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. And I think we've talked about $200 for 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 it's -- 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. So we're focusing on that. And that's why the ACT in Las Vegas was so good. It showed us integrating HALO, long-range 1550 Time-of-Flight sensor with -- I think it was 4 MOVIA Ss. So you had Tri-Lidar, there were more sensors than 3. But it showed a 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. And so those types of demonstrations can continue to show, hey, MicroVision's value prop for those markets. Same with robotaxis, where that's moving forward. It's not at the same scale as pass 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. Stephen Hrynewich: I just want to add to that. Just one thing with regard 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 3 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. Glen DeVos: Yes. One of the things that -- just not to drag 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 our systems, our short-range sensors, the software that we already had as well as Scantinel. So you now -- I mean -- so it was 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. Stephen Hrynewich: 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? Glen DeVos: I think there's 3 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 auto and other developed markets is not all customers want suppliers to announce that customer. But we'll be talking about those wins in general terms to show that. So as those wins come in or are solidified and those contracts get in, we'll talk about that. 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 will talk about why lidar is part of that perception system. 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 the 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. 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. 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 3 things that over the course of the year, we'll be engaged with and promoting. Stephen Hrynewich: Good. Okay. Are there opportunities for NRE revenue this year? Glen DeVos: Yes, 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 towards commercial success. So in that regard, I would say 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. So you have -- there's just -- and so to the extent that our technology can be adapted or can be applied in that area, which it can, there's many, 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. 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 predevelopment contracts, which can be interesting, but we've seen a lot of predevelopment contracts in automotive turn into science projects and really not translate into high-volume applications. 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 on to a customer development activity that we're confident at the end of that development activity, there's 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. Industrial, not as much. I would say, industrial, generally speaking, tends to be lower for warehouse and industrial warehouse automation and all of that, 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 3 end markets, there's meaningful NRE opportunities there, but those opportunities consume resources. So it's just so critical for us that we agree to do something and get paid to do it, there's a commercial outcome at the end of it that we want. Stephen Hrynewich: Okay. And finally, how is the integration of the recent acquired companies going? And have you seen the synergies that you were expecting? Glen DeVos: Yes. The -- first of all, the integration is 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? 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. And in this case, we're not talking -- from a hardware standpoint, you're not trying to combine a VCSEL SPAD 905-nanometer technology with a 1550 Time-of-Flight scanning architecture. So those are complementary. So there's not -- you're not trying to integrate those. 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 that as we develop different hardware variants, you're not rearchitecting the software completely. That's -- 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. The good news is, for me, was the software architectures from Luminar and MicroVision were actually very similar. SENTINEL from Luminar, MOSAIK from MicroVision, perception stats 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. 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 very -- 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. 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. Stephen Hrynewich: Yes. 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 million to $70 million 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 million, approximately $60 million for the year. So we are seeing those synergies impact us on a full year basis. Glen DeVos: Yes. That's exactly right. Stephen Hrynewich: Okay. So this concludes our Q&A session. I just want to thank everybody for participating today and your continued support of MicroVision. Thank you very much. Operator: Thank you. This concludes today's conference call. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. MicroVision (MVIS) Q1 2026 Earnings Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Revenue: $0.9 million, a 50% increase compared to the same period in 2025. Gross Margin: 39%, up from 7% in the same quarter last year. Cash Flow from Operations plus CapEx: $16.6 million, a $2.4 million increase compared to the first quarter of last year. Cash, Cash Equivalents, and Investment Securities: $46.1 million at the end of the first quarter. Available ATM Facility: $42 million. Full-Year 2026 Revenue Guidance: $10 million to $15 million, with most revenue expected in the second half of the year. Full-Year 2026 Cash Flow from Operations plus CapEx Guidance: Improved to approximately $60 million from previous guidance of $65 million to $70 million. Full-Year 2026 Gross Margin Guidance: Elevated to 35% to 40%. Warning! GuruFocus has detected 5 Warning Signs with MVIS. Is MVIS fairly valued? Test your thesis with our free DCF calculator. Release Date: May 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Microvision Inc (NASDAQ:MVIS) has successfully integrated technologies and teams from recent acquisitions, creating a unified organization. The company has restarted key commercial programs and resumed shipments across multiple customer engagements, indicating operational progress. Microvision Inc (NASDAQ:MVIS) has a comprehensive product portfolio, including short-range and long-range LiDAR solutions, which positions it well in industrial, security and defense, and automotive markets. The company has improved its gross margin significantly, reaching 39% in Q1 2026, compared to 7% in the same quarter last year. Microvision Inc (NASDAQ:MVIS) has strengthened its leadership team, bringing in executives with deep operational and execution expertise. Despite progress, the automotive market is expected to take time to develop, with limited deployments until sensor costs are significantly reduced. The company experienced an increase in cash burn, with cash flow from operations plus CapEx rising to $16.6 million in Q1 2026. Microvision Inc (NASDAQ:MVIS) is still in the early stages of commercial traction, with Q1 2026 revenue at only $0.9 million. The integration of acquired companies, while progressing well, involves significant operational and financial challenges. The company remains dependent on successful execution of its LiDAR 2.0 strategy to achieve long-term growth and profitability. Q: Can you clarify the expected gross margin range for the rest of the year and long-term expectations? A: Stephen Hrynewich, Interim CFO, confirmed that the company expects a gross margin range of 35% to 40% for the remainder of the year. Long-term, as the company grows and manages costs, margins are expected to increase, potentially resembling those of a semiconductor business. Q: Where is the manufacturing currently taking place for your products? A: Glen Devos, CEO, stated that manufacturing has been consolidated into the Orlando facility, which is sufficient to support the company's current revenue targets. Higher volume plans will involve an outside contractor, with details to be finalized this year. Q: How have you addressed the weight issue of LiDAR units for drones? A: Glen Devos explained that transitioning to solid-state technology has significantly reduced weight, targeting below 300 grams and moving towards 200 grams. This allows for real-time map generation on the drone, enhancing its capabilities for various applications. Q: How does your product portfolio position you to win in your target sectors? A: Glen Devos emphasized the importance of offering the right solution for each application, focusing on cost optimization to drive adoption. The company's diverse technology portfolio and open software framework enable them to meet specific customer needs across automotive, industrial, and security and defense sectors. Q: What role does software play in your LiDAR 2.0 strategy? A: Glen Devos highlighted that software is crucial for reducing hardware costs and complexity. It also facilitates seamless integration into customer systems, lowering development costs and enhancing flexibility and control for customers. Q: How do you differentiate from your competition? A: Glen Devos pointed out the broad technology portfolio, open software framework, and focus on cost as key differentiators. Additionally, being a US and German company provides advantages in the security and defense markets. Q: What milestones should investors watch for to signal a transition to recurring commercial revenue? A: Glen Devos mentioned that investors should look for announcements of customer wins, product demonstrations, and guidance updates as indicators of progress towards recurring revenue. Q: Are there opportunities for NRE (Non-Recurring Engineering) revenue this year? A: Glen Devos acknowledged opportunities, particularly in the security and defense sectors, where significant capital is being invested. The company is cautious to ensure that NRE projects align with their product plans and lead to commercial success. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

REDMOND, WA / ACCESS Newswire / May 13, 2026 / MicroVision, Inc. (NASDAQ:MVIS), defining the next generation of lidar-based perception solutions, today announced its first quarter 2026 results. Key Business and Operational Highlights Completed value-enhancing asset acquisitions from Luminar Technologies and Scantinel Photonics, accelerating commercial strategy and expanding product portfolio with two 1550nm ToF long-range lidar sensors, IRIS and HALO, and a 1550nm FMCW ultra-long-range lidar sensor. Advanced commercial momentum in the Industrial and Security & Defense sectors with new and repeating orders for MOVIA L short-range sensors, IRIS long-range sensors, and integrated software. Redefined a new era for lidar, leading with a product portfolio that supports a wide array of applications in many verticals, open software that lowers system cost and expands capability, and high-quality solutions that perform at the right price. Accelerated near-term revenue opportunities and amplified customer engagement, actively shipping sensors from existing and acquired inventory. Expanded industry-leading product portfolio, with short-, mid-, long-, and ultra-long-range lidar solutions, featuring a mix of solid-state sensors with varying wavelengths, advanced sensor architectures, design-to-cost engineering, and open software solutions. Streamlined post-acquisition operating expenses, with reduction in global workforce by approximately 15% and consolidation of engineering and operations functions from Redmond to Orlando location. "We feel very good about our accelerating progress throughout the first quarter, establishing a strong foundation and boldly executing on our strategy to transform the lidar industry," said Glen DeVos, MicroVision's Chief Executive Officer. "Following the Q1 asset acquisitions from Luminar and Scantinel, we've successfully incorporated the technologies and products, integrated the teams, and streamlined operations. Our broad product portfolio, ready-to-ship sensor inventories, and diversified product roadmap have allowed us to stabilize and strengthen existing commercial relationships while building new opportunities and partnerships." "We've taken on the challenge of redefining lidar, and it is exciting to see the future taking shape," concluded DeVos. Key Financial Highlights for Q1 2026 Revenue for the first quarter of 2026 was $0.9 million, compared to $0.6 million for the first quarter of 2025, primarily as a result of a greater volume of sensors shipped during the first quarter of 2026. Total operating expenses for the first quarter of 2026 were $23.9 million, compared to $14.1 million for the first quarter of 2025, with the increase primarily relating to costs stemming from the acquisitions and related integration activities completed during the first quarter of 2026. Net loss for the first quarter of 2026 was $25.3 million, or $0.08 per share, compared to a net loss of $28.8 million, or $0.12 per share, for the first quarter of 2025. Adjusted EBITDA for the first quarter of 2026 was a $17.2 million loss, compared to a $10.7 million loss for the first quarter of 2025. Cash used in operations in the first quarter of 2026 was $16.4 million, compared to cash used in operations in the first quarter of 2025 of $14.1 million. The Company ended the first quarter of 2026 with $46.1 million in cash and cash equivalents, including investment securities, compared to $74.8 million at December 31, 2025. Upcoming Investor Events Management will participate in the Deutsche Bank Securities Global Autos, Mobility & Robotics Conference, May 19 - 20, 2026 in New York City. Conference Call and Webcast: Q1 2026 Results MicroVision will host a conference call and webcast, consisting of prepared remarks by management and a question-and-answer session at 1:30 PM PT/4:30 PM ET on Wednesday, May 13, 2026 to discuss the financial results and provide a business update. Analysts and investors may pose questions to management during the live webcast on May 13, 2026. The live webcast can be accessed on the Company's Investor Relations website under the Events tab HERE. The webcast will be archived on the website for future viewing. About MicroVision MicroVision is defining the next generation of lidar-based perception solutions for automotive, industrial, and security & defense markets. As the industry moves beyond proof of concept toward value, deployment, and commercialization, MicroVision delivers integrated hardware and software solutions designed for real-world performance, automotive-grade reliability, and economic scalability. With engineering centers in the U.S. and Germany, MicroVision leads the industry in depth and breadth of its portfolio, with both short- and long-range lidar solutions, featuring solid-state sensors with varying wavelengths, advanced sensor architectures, design-to-cost engineering, and open software solutions. For more information, visit the Company's website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc, and LinkedIn at https://www.linkedin.com/company/microvision/. MicroVision, MAVIN, MOSAIK, MOVIA, IRIS, and SENTINEL are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners. Non-GAAP information To supplement MicroVision's condensed financial statements presented in accordance with GAAP, the Company presents investors with the non-GAAP financial measures "adjusted EBITDA" and "adjusted Gross Profit." Adjusted EBITDA consists of GAAP net income (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization; non-cash gains and losses; share-based compensation; restructuring costs; severance expense; and impairment charges. Adjusted Gross Profit is calculated as GAAP gross profit before share-based compensation expense and the amortization of acquired intangibles included in cost of revenue. MicroVision believes that the presentation of adjusted EBITDA and adjusted Gross Profit provides important supplemental information to management and investors regarding financial and business trends, provides consistency and comparability with MicroVision's past financial reports, and facilitates comparisons with other companies in the Company's industry, many of which use similar non-GAAP financial measures to supplement their GAAP results. Internally, management uses these non-GAAP measures when evaluating operating performance because the exclusion of the items described above provides an additional useful measure of the Company's operating results and facilitates comparisons of the Company's core operating performance against prior periods and its business objectives. Externally, the Company believes that adjusted EBITDA and adjusted Gross Profit are useful to investors in their assessment of MicroVision's operating performance and the valuation of the Company. Adjusted EBITDA and adjusted Gross Profit are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of MicroVision's business as determined in accordance with GAAP. The Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from its non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA. Similarly for adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profit which is the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation by backing out share-based compensation expense and the amortization of acquired intangibles included in cost of revenue. Forward-Looking Statements Certain statements contained in this release, including market position, expectations, and likelihood of success; opportunities for customer engagement and revenue; expense reduction; benefits of acquisitions and integration synergies; market position; product portfolio; product and manufacturing capabilities; transaction benefits; access to capital and capital-raising opportunities; and expected revenue, expenses and cash usage are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include the risk its ability to operate with limited cash or to raise additional capital when needed; market acceptance of its technologies and products or for products incorporating its technologies; the failure of its commercial partners to perform as expected under its agreements; its financial and technical resources relative to those of its competitors; its ability to keep up with rapid technological change; government regulation of its technologies; its ability to enforce its intellectual property rights and protect its proprietary technologies; the ability to obtain customers and develop partnership opportunities; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market its products; potential product liability claims; its ability to maintain its listing on The Nasdaq Stock Market, and other risk factors identified from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect the Company. It should be recognized that other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors set forth in this release may affect the Company to a greater extent than indicated. Except as expressly required by federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason. Investor Relations Contact Jeff Christensen Darrow Associates Investor Relations [email protected] Media Contact [email protected] MicroVision, Inc. Consolidated Statements of Operations (In thousands, except per share data) MicroVision, Inc. Reconciliation of GAAP to Non-GAAP Measures (In thousands) SOURCE: MicroVision, Inc. View the original press release on ACCESS Newswire

On Wednesday, Microvision (NASDAQ:MVIS) discussed first-quarter financial results during its earnings call. The full transcript is provided below. Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more. View the webcast at https://www.webcaster5.com/Webcast/Page/2011/53972 Microvision's Q1 2026 revenue was $0.9 million, a 50% increase from Q1 2025, driven by sales in automotive, industrial, and security and defense sectors. The company completed acquisitions of Luminar and Scantonel, enhancing their technology portfolio with long-range LIDAR and FMCW technology, and integrated operations into their Orlando facility. Microvision maintains 2026 revenue guidance of $10-15 million, improves cash burn guidance to $60 million, and raises gross margin guidance to 35-40% due to integration synergies and cost reductions. Strategic focus on LIDAR 2.0 prioritizes cost-effective, scalable solutions with emphasis on software integration, targeting automotive, industrial, and security and defense markets. Management expressed confidence in commercial traction and operational direction, highlighting recent leadership team strengthening and progress in customer engagements. OPERATOR 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. That's. Good afternoon and welcome to the Microvision First Quarter 2026 Financial and Operating Results Conference call. At this time all participants are placed on a listen only mode. At the end of management's remarks there will be a question and answer session. Investors can submit their questions within the meeting webcast by typing them into the Q&A button on the left side of their viewing screen. Analysts who publish research may ask questions on the phone line. For analysts to ask a question on the phone line, please press star one on your phone. Please note this event is being recorded. I would now like to turn the conference over to Drew Marcum. Please go ahead. Drew Marcum Thank you. Matthew Good afternoon everyone. I am here today with our Chief Executive Officer Glenn DeVos and our interim Chief Financial Officer Steve Hernowicz. Following our prepared remarks, we will open the call to questions. Please note that some of the information you will hear today 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 differ materially from the future results implied or expressed in the Forward looking statements. We encourage you to review our SEC filings, including our most recently filed Annual report on Form 10-K and quarterly report on Form 10-Q. These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward looking statements. All forward looking statements are made as of the date of this call and except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non GAAP under the SEC's Regulation G for reconciliations of each non GAAP financial measure to the most directly comparable GAAP financial measure, as well as for all 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 [email protected] under the 'SEC Filings' tab. This conference call will be available for audio replay on the investor Relations section of our website. Now I would like to turn the call over to Glenn DeVos, our CEO. Glenn DeVos (Chief Executive Officer) Glenn 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. 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. 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 automotive applications are three key end markets. 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. 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. 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 standalone sensor, often without fully considering the economics, scalability, or operational realities key to broad deployment. But increasingly, customers are telling us something very different. 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. 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. 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. 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 designed to cost engineering. It's 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. 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. 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. With our Mosaic and Sentinel 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. 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 the 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. 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 with stabilizing existing customer programs and re establishing commercial continuity. I'm pleased to share that we have made significant progress on that front. 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 have talked about previously, the industrial market has started a significant transformation from high cost electromechanical systems to compact and cost effective solid state sensors. 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 a 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. 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. 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 cannot be more excited about the opportunities in this space and working with the Avular team. 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. As such, we remain focused on our TriLiDAR 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 Luvia silicon and a full 360 degree perception system at the ACT convention in Las Vegas. There was strong interest in our Trilater architecture and planned follow up with key CV for commercial vehicle and autonomous trucking companies. I couldn't be more excited about what came out of them. 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. 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 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. 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, Elman Ramovich leading our Program Management Office and Fabio Laura leading our Operations and Manufacturing center in Orlando continue to bring deep operational and execution expertise to our organization. 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. 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. 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. I'll now turn the call over to Steve to review our first quarter financial performance. Steve Steve Hernowicz (Interim Chief Financial Officer) 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 Photonics in January that in addition to time of flight technology within our current products added FMCW technology to our product portfolio. 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 lighter. As Glenn mentioned, our integration of the acquired businesses is progressing well and very efficiently. 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, the remainder to be used for operating activities. The company has the flexibility to pay the new notes in cash or common stock. These three accomplishments are key enablers for us to execute our LIDAR 2.0 strategy, enhance our commercial engagements and deliver our growth expectations. Now turning to our financial results. For the first quarter revenue was $0.9 million, which is 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 focus sectors, automotive, industrial and secure and defense. 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. 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 our recent acquisitions of Scantonel and Luminar, with a contributing portion of the increase stemming from Non recurring expenses related to the acquisitions including legal, accounting and audit fees. 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. Now let's talk about our full year 2026 guidance. In terms of revenue, we are maintaining our projection of $10 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. Regarding cash burn from operations plus CapEx, we are improving our guidance to approximately $60 million for the year from our previous guidance of 65 to $70 million as we are seeing the benefits of our integration activities and synergy cost reduction actions. 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. Please check out our investor presentation on our website to gain further insights regarding our way forward. Let me now pass it back to Glenn for closing remarks. Glenn DeVos (Chief Executive Officer) 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. Thank you, operator. We are now ready for questions. OPERATOR Thank you. At this time we're conducting a question and answer session. Investors can submit their questions within the meeting webcast by typing them into the Q and a button on the left side of their viewing screen. Analysts who publish research may ask a question on the phone line. For analysts to ask a question on the phone line, please press Star one. Our first question is coming from the line of Casey Ryan from Amurex. Your line is live, Casey Ryan (Equity Analyst) 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 hitting 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 we should expect that range kind of moving forward? Steve Hernowicz (Interim Chief Financial Officer) 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. Casey Ryan (Equity Analyst) Yes, sort of long term, you know, 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, you know, sort of 50s, 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, you know, all the progress that you suddenly jump to here post acquisitions to maybe where the ultimate ceiling might be in terms of margins. Steve Hernowicz (Interim Chief Financial Officer) 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. And I would expect our margins to grow as we progress into the future. 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 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. Casey Ryan (Equity Analyst) 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 are things being built where they were being built 12 months ago, generally, in terms of the different, you know, sort of the, like luminar pieces and the scantinel pieces and the core Microvision products. Glenn DeVos (Chief Executive Officer) Yeah, I can. 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 it's built. Building movies there now, Iris. And then we're building up the ability to build HALO there as well. So that's all happening. Iris and Movia S are in place. HALO is coming as we continue that development and then that will suffice. That'll 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'll happen over the course of this year. Casey Ryan (Equity Analyst) Okay, but like it sounds like to support this 10 to 15 million, certainly it sounds like Orlando is big enough from a capacity standpoint. Okay, that's correct. Yeah. Terrific. So, Glenn, you were talking about, and this announcement with the drone partner is actually quite interesting because I guess we've been hearing from industry sources that, you know, 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. So I'm just fascinated to learn more about how you sort of maybe tackle this 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. Glenn DeVos (Chief Executive Officer) 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 going to 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. 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 onto 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. So 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 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, to the ground station. So whether you're looking at wind turbine blade inspection or inspection of power lines or facilities, or you know, 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 the software that can create lightweight maps, real time on the drone, that's what really opens up that potential for us. Casey Ryan (Equity Analyst) And so, you know, 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 this first partner to sort of bring this to the market for all potential solutions? Glenn DeVos (Chief Executive Officer) No, it's not an exclusive arrangement. So there's a structure that is a non exclusive but obviously, you know, Avular has been a great partner to work with and so we're our, our first step 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. 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. Casey Ryan (Equity Analyst) This feels like a big leap forward and feels like you have a real leadership position here with a real pain point in terms of the weight for drones. So that's fantastic. The last question I have and I appreciate sort of allowing multiple questions on the FMCW side. I think this is scant now primarily, you know, I guess we're learning more about the ability of that technology to be used in not so much long range but actually super, super short range stuff. So you know, 70 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, you know, good applicability in what we'll call sort of super short range applications. Glenn DeVos (Chief Executive Officer) Yeah, it's fundamentally, it's an interesting technology because with the approach scanthanol has taken, it's very compelling on long, you know, 1km 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 you know, relative motion for robotics. And so while we've, you know, and the technology we're developing at scantonl 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. 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 drone detection, aerial detection, aerial survey and for security systems and defense systems. Casey Ryan (Equity Analyst) Okay, great. Thanks for the explanation. I mean it sounds like sort of the opportunities for this FMCW sort of tech are, seem to be getting more expansive all the time, which is really great. Yeah, 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. Glenn DeVos (Chief Executive Officer) Great, thanks Casey. OPERATOR Thank you. I'll now turn this call back over to Steve to read questions submitted by the shareholders. Steve Hernowicz (Interim Chief Financial Officer) 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? Glenn DeVos (Chief Executive Officer) Yeah, I'll start. And 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. So we're not trying to force fit a one size fits all solution onto all of these different applications. We can bring exactly what they need. If the customer needs a, you know, 180x135 sensor for robotaxi application, we can give them exactly that. 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, you know, a long range sensor for a near field application and adapt it to that. We're going to, 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. 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. 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, security 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 Atom and Delphi. You have these ups and these downs and you know, you want countercyclical revenue streams because security and defense does not cycle the same way that automotive does. Industrial. 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, which means that revenue is very fragile depending on what happens in that end market. Then the third piece really is all about discipline. It's all about financial discipline, discipline and execution and really being able to deliver on your commitments to those customers in those end markets. When I think about how Microvision is positioned for LIDAR 2.0, it's exactly those three dimensions. Steve Hernowicz (Interim Chief Financial Officer) Thank you, Glenn. I was going to touch on the cost piece, but you beat me to it. I beat you to it. Why do you think software is a key Enabler in the 2.0 strategy? Glenn DeVos (Chief Executive Officer) 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. And you know 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. 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 lighter companies talking about how great their hardware is. 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. 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. It has to be integrated with controls, with other sensors, with other software. It's very complex. 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. 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, you know, it's a big pain point for them. It's part of their software. It's literally inherent and integral to their software architecture. So they can optimize their system with our product, they can integrate it, they can control the releases, they can update the systems. And it gives them that flexibility, the control. And ultimately, and this is the key, the lowers development and system costs. 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. Steve Hernowicz (Interim Chief Financial Officer) All right, Glenn, next question. In comparison to your competition, how do you see yourselves as differentiated? Glenn DeVos (Chief Executive Officer) 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 FMCW, solid state mechanical or electromechanical scanning, MEMS or mirror polygon mirrors, or you know, 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. The second is with regard 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, plus it makes us a sticky partner and really a close partner for them, which is exactly what you want. The other piece of it is 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 fails of that system isn't successful. And so for us it's critical. That's why that cost discipline is so important, because you don't get to mass adoption until you get to a cost level that enables our customers to be successful, 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 a critical element of it. 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, 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. Steve Hernowicz (Interim Chief Financial Officer) Okay, thanks Glenn. 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? Glenn DeVos (Chief Executive Officer) Yeah, I'll start with industrial and I'll group industrial into broadly two categories. And it's because the go to market there is very different for those, you know, the commercial sales motion is very different. And those are the industrial customers which for us is you know, off road construction, you know, off road autonomy, those kind of, you know, those, you know, mining, those kind of vehicles and as well as, as well as industrial automation. So you know, the warehouse environment and all of that. So when you talk about industrial, you know, 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 that for off road, off road hauling. 15:50 Time of flight is a great technology, operating within dust for longer range. And so 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 when you talk about industrial automation, warehouse Automation, this is AGVs, AMRs, automated forklifts and all, you know, robots, you know, that's a very different market and that served 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. 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 movies or how they can sell movie L or those products because it's primarily a short range game, 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, in those markets. Well, what you're seeing is as we continue to develop our LIDAR collision avoidance systems, we're showcasing that in trade shows. We're doing that in, you know, on the website and LinkedIn, you name it. And we're getting a lot of interest there because we can operate low cost, you know, basically collision avoidance system for everything from forklifts, you know, 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 LCAST inside is so critical for the later this year. 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 for security and defense. That's a little bit of, that's 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, you know, security around installations or traffic, you know, kind of municipality security or traffic management, you know, these types of things. 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, more and more of those, those deals. With regards 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. You know, it's very targeted towards drone and UAV related activities for the defense sector. You know, 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 the payload. And so like the Avular announcement, as those engagements continue or expand, we'll be talking about them defense obviously a little bit differently than we would talk about commercial fuel. But it's really in that market it's about demonstrating the capability, showing what the capability can do and then you know, Working towards deployment. 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, you know, mass deployment. And then finally for automotive, as I mentioned, the OEMs, you know, past our OEMs, I would just characterize the whole first generation of Level 3 as really being a learning base, let me put it that way. This is learning about the technology for the OEMs and the supply base, learning what does the consumer want? The big takeaway was level three offerings by the OEMs. At the price point they were coming at 8,9000 bucks. It just wasn't compelling enough. You know you can, you can get a complete ADAS solution with a bunch of really valuable features like adaptive cruise control, backup cameras, blind spot detection. You know, you can automatic lane changing for several thousand dollars. You know, you're not going to pay 8,000, 9,000 for, you know, incremental benefit. That's not that significant. So 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 three. 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 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. And I think, you know, we've talked about $200 for a short range sensor, less than you know, $300 for long range. It has to go for mass adoption. It has to go well below that as well. So it's, 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 8s, those are real opportunities and you're seeing that scale. Movies is a great product for those. Halo is a good product for those applications. So we're focusing on that. And that's why the act of that in Las Vegas was so good. It showed us integrating halo long range 1550 time of flight sensor with I think it was four movie S's you know, so you had, was technically Trilater. There were more sensors than three 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, you know, for that vehicle, which is a very powerful demonstration, giving them very good coverage. And so those types of demonstrations can continue to show, hey, 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 movies and Halo are great products for. There you go. Long answer, Steve. Steve Hernowicz (Interim Chief Financial Officer) Sorry, I just wanted to add to that just one thing with regards to those commercial activities. You know, with our recent acquisition of Luminar, we've dramatically increased our customer base. You know, as of right now, our pipeline's 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. Glenn DeVos (Chief Executive Officer) Yeah, one of the things that, hey, just not to drag 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 Scantanil. So you now, I mean, so it was exposing our complete portfolio to those customers, which has been really interesting because that's broadened the discussion meaningfully, you know, than just those accounts as they were prior to the acquisition. Steve Hernowicz (Interim Chief Financial Officer) Okay, good. 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? Glenn DeVos (Chief Executive Officer) I think there's, there's, there's three things to look at. I mean, and you know, the first is obviously us announcing those, those things. And this is always an interesting one because not all customers, you know, and this is a long tradition within certainly auto and other developed markets is 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. The second is the milestones that we want to showcase and I would say the actual TriLiDAR demonstration, the AUVSI webinar on Movia Air, you know, a drone based Movia Air real time mapping. We'll have another webinar coming up later that talks about, you know, that'll talk about why lidar as part of that perception system. So there'll 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. 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 Hanover Conference in September. 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. 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, you know, those are the three things that over the course of the Steve Hernowicz (Interim Chief Financial Officer) year we'll be, you know, engaged with and promoted. Good. Glenn DeVos (Chief Executive Officer) Okay. Are there opportunities for NRE revenue this year? Yeah, there are, I would say, and that's always an interesting one because we want to make sure that, you know, with NRE you're not just, you know, in a science project, you're spending your engineering resources and you know, to move towards commercial. So in that regard, I would say that the bigger opportunities are really in security, defense, you know, 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. So you have, you know, there's just. And so to the extent that our technology can be adapted or it can be applied in that area, which, which it can, there's many, many very good applications. You know, there's funding in NRE available to help us develop that. And so we'll take advantage of that when it lines up, you know, with our product plans and when, you know, there's commercial success as the outcome. So there's definitely 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, you know, high volume applications. 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 onto 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, you know, NRE is not just. We're not an engineering services company. We want to develop products and sell products and manufacture those products. Industrial, not as much, I would say industrial generally speaking tends to be lower for warehouse and industrial, warehouse automation and all of that. 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, you know, there's meaningful NRE opportunities there. But you know, those opportunities consume resources. 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. Steve Hernowicz (Interim Chief Financial Officer) Okay, finally, how is the integration of the recent acquired companies going? And have you seen the synergies that you were expecting? Glenn DeVos (Chief Executive Officer) Yeah, first of all, their integration is going exactly on plan with what we expected. And you know, there's a lot to that. You know, there's all of the kind of the plumbing and wiring, you know, 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? And that's gone very well in terms of general just ensuring that there's no disruptions through our workday. Now what takes a little longer, it tends to be the engineering tools and the technology portfolio. And in this case we're not talking from a hardware standpoint. You're not trying to combine a 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. 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. You know, 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. The good news is for me was the software architectures from Luminar and Microvision were actually very similar. Sentinel from Luminar, Mosaic from Microvision. Perception stacks had a lot of commonality. And so we're not having to fight through a bunch of, you know, issues associated with very dissimilar architectures. It's actually quite the opposite. So now it's a matter of, okay, what works best for what we're trying to do. And the teams have been, you know, Greg and the whole team has been very. Has been really good with that. In terms of organization, that's all done. You know, the. How the organization is structured, the team structures. That's behind us. And so now it's just about getting to work. Steve Hernowicz (Interim Chief Financial Officer) But when you do these integrations, you can always find really hard pain points. In terms of the integrations, we've been fortunate that has not been the case. And so that allows us to focus on customers and focus on the commercial side of it as opposed to having to sort out internal issues, which has been great. 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 in the full year on a full year basis. Yep, that's exactly right. Okay, so this concludes our Q and A session. Just want to thank everybody for participating today and your continued support of Microvision. Thank you very much. OPERATOR Thank you. This concludes today's conference call. All parties may disconnect and have a great day. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice. Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga: MICROVISION (MVIS): Free Stock Analysis Report This article Microvision Q1 2026 Earnings Call: Complete Transcript originally appeared on Benzinga.com ﾩ 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Transitioned to 'Lidar 2.0', moving from a technology-first mindset to a solution-oriented approach focused on cost, reliability, and system integration. Completed the operational consolidation of Luminar and Scantinel assets into a single organization, centralizing manufacturing and engineering in Orlando. Stabilized and restarted key commercial programs with Luminar customers in mining, logistics, and warehouse automation to reestablish commercial continuity. Leveraged a 'Tri-Lidar' architecture to offer high-performance perception at a lower total system cost, targeting mass adoption in automotive and commercial vehicles. Adopted an open software framework to allow customers to seamlessly integrate lidar data into their own proprietary perception and control systems. Diversified market focus across Industrial, Security and Defense, and Automotive sectors to create revenue resilience and countercyclical stability. Prioritized 'designed-to-cost' engineering, solving technical challenges through software rather than expensive hardware to drive mass-market scalability. Maintained full-year 2026 revenue guidance of $10 million to $15 million, with the vast majority of revenue expected to materialize in the second half of the year. Improved cash burn guidance to approximately $60 million for the year, down from previous estimates of $65 million to $70 million due to integration synergies. Elevated gross margin guidance to a range of 35% to 40% based on aggressive supply chain negotiations and an optimized sensor sales mix. Anticipates A-sample delivery of the new FMCW chip-scale package in early 2027, targeting ultra-long-range applications in security and defense. Expects accelerating commercial traction as the company transitions from technology evaluation to operational deployment across its 100-plus customer pipeline. Closed the acquisition of Scantinel Photonics in January, adding Frequency Modulated Continuous Wave (FMCW) technology to the portfolio. Acquired Luminar Technologies' lidar assets in February, providing immediate revenue from automotive-qualified long-range sensors. Executed a $43 million financing deal in February to repay $19.5 million in debt and provide liquidity for ongoing operations. Consolidated manufacturing into the Orlando facility to support near-term capacity needs, with plans to utilize outside contractors for future high-volume production. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects to maintain 35% to 40% margins for the remainder of 2026. Long-term margins are expected to grow beyond 40% as the company scales and continues to focus on cost-disciplined DNA and high-value software integration. MicroVision is targeting a sensor weight below 300 grams, moving toward 200 grams, to solve the primary 'pain point' for drone-based ISR missions. The collaboration with Avular is non-exclusive, allowing MicroVision to sell its lightweight MOVIA Air solutions to other partners globally. Management claims the broadest technology portfolio in the industry (905nm, 1550nm, ToF, and FMCW), avoiding a 'one-size-fits-all' hardware limitation. The company emphasizes its status as the only non-Chinese supplier of true solid-state flash lidar, a key advantage for Western security and defense contracts. Significant Non-Recurring Engineering (NRE) opportunities exist, particularly in the security and defense sectors due to increased capital flow into autonomous systems. Management will be selective with NRE, avoiding 'science projects' in favor of contracts that lead directly to high-volume commercial production.