Microvision Inc Investor update

Yeah. Thanks, Jeff. First of all, great to be with you, great to be with everybody online, and really excited about the material that we'll cover today. To your question specifically about the transformation, about a year ago or late last year, we walked through the strategic elements that we were going to implement as part of MicroVision's transformation. We kind of put it under the umbrella of Lidar 2.0. As a refresher, the first key piece of that was transformation of the portfolio. Expanding the portfolio so that it gave MicroVision the ability to bring the right solutions into the marketplace and really expand our product offerings. The second element was really just a relentless focus on cost. How do we drive the cost of lidar down so that we can achieve mass adoption scale? The third piece was then the end markets that we're serving.

A year ago, we were very focused on automotive. I think true statement for a lot of the lidar companies in our industry was automotive was seen as, hey, this is the market where we're going to really see the growth. Automotive is still a really important segment to us, but we knew automotive will take time. We have to expand the market segments into industrial, security and defense. As we've seen here recently, data and communications and around data centers and photonic interconnects. So expansion of our end markets and our access to end markets. The final element was really building out the team. How do we execute this, build a team out that really is capable of implementing those strategic elements.

As we sit here today, kind of three quarters into 2026, we've seen just tremendous progress on all fronts, all four of those elements. Earlier this year, expansion of the portfolio with Scantinel and with the Luminar acquisitions. You think about cost. That's just been an ever-present part of what we're doing in terms of driving costs and the price points down for lidar to enable our customers to be able to adopt lidar as a solution. Markets, well, we talked about it in earlier calls where a growing percentage of our revenue is really coming from non-automotive segments, out of industrial, security, and defense, in part due to those acquisitions, but also bringing the right solutions to those end markets. So strong growth in markets that can deliver near-term revenue and have good CAGRs on their own.

We're just seeing great adoption of lidar in both of those markets, and we think soon in data comms. Then finally, the team. You see it here today with James joining us and with Christine joining us, really building out the leadership team along with Greg and Helman from earlier in the year to really be able to drive the business and drive it in the right direction. So we've announced a lot of things over the last quarter. When we talk about Q3 a little bit, a lot's happened. It's everything from talking about MicroVision's semiconductor range to customer announcements that James will get into, to developments of the technology. This is the month where we're launching MOVIA S. A lot happening. We've talked a lot about it, but what we wanted to do today with the team is kind of bring that together.

What does that mean for our business? How do all these developments, these discrete developments, how do they combine to drive MicroVision, not so much Q3 or in the near term or just in the near term, but rather how does that work as we think about 2027 and beyond? How are we shaping the business model? Really, how are we taking customer success, which we're really excited about, and customer value, and how do we translate that to shareholder value? Today, James will walk us through kind of the top line piece of it and what we're doing on the customer front and how he has shaped his team, how they're driving commercial traction and driving that top-line growth. Then Christine will take us through, well, what does that mean for our business model? How are we managing that revenue?

How are we then aligning our investments and our operating models with where those revenue streams are coming from and those customers we can serve? You'll get the top line and then the bottom line, and that is how we ultimately drive the customer and shareholder value. As I mentioned, a lot of elements that were part of that strategy. Again, one of the most important is the team. So really excited to have James and Christine with us. What I'll do now is turn it over to James to talk about the top line, and then we'll come back to Christine to talk about the business model and the bottom line.

Thank you, Glenn. It's great to be here. We've been focused on delivering revenue over the past few months. I saw that commitment right through the final day of the quarter, shipping sensors until the last day of the quarter to maximize revenue. That's the mindset we're building, take ownership, follow through, and deliver on our commitments. The commercial traction that we discussed earlier this year is now materializing, and we'll share some of the financial results during our Q3 earnings call. We've also signed multiple long-term agreements with customers in the U.S. and Europe across industrial, security, and defense applications. These relationships lead to recurring sensor sales as customers deploy and expand their programs. That's an important step towards building a more repeatable business. Those agreements, together with purchase orders already in hand, also improve our visibility into customer demand.

That visibility matters beyond just the commercial team. It helps supply chain plan component purchases, it helps manufacturing team prepare capacity, and it gives the entire organization a clear focus. Glenn and Christine will discuss the revenue outlook later. From my perspective, the commercial foundation supporting that outlook is becoming stronger as we secure agreements and convert pipelines into orders. With all those orders in hand, the immediate focus is execution. We need to deliver quality sensors on time and support customers as they put those sensors into operation. At the same time, we are focused on generating revenue beyond the current quarter, and our team is working on three things: execute additional long-term commercial agreements, build a qualified pipeline, and convert those pipeline into revenue. Now I'll just spend some time on talking about new MicroVision.

From a commercial standpoint, the biggest change that we see now versus last year is a range of customer problems that we can now address. Our sensor portfolio gives us more ways to serve customers across industrial automation, security, defense, and robotics. IRIS is a good example. We are seeing demand from customer that needs long-distance detection in challenging environments. That includes autonomous ground systems and defense applications. The 1550 nanometer wavelength, which is invisible to night vision goggles, does matter to customer operating in combat environments. Now looking ahead, our new HALO product gives us a path to offer next generation long-range sensing in a smaller, lighter form factor, with the design focused on low product cost. Now we are working with multiple customers on how that roadmap can support their future programs. I'm also very excited about our MOVIA S product.

Its compact, solid-state design, wide field of view, and the focus on cost efficiency make it compelling for short-range perception in robotics and industrial applications. Also, the recent FCC update affecting foreign-produced advanced robotic components may increase the importance of made in U.S.A. sensors. MOVIA L gives us another option for ground-based applications, while MOVIA Air extends our reach into aerial systems. MOVIA Air combines lightweight sensing with embedded capabilities, while Air+ adds onboard compute processing for broader perception applications. We announced our collaboration with Robinson Unmanned yesterday, and we look forward to showing more of our MOVIA Air capabilities at AUSA in Washington, D.C., next week. Beyond sensing, like Glenn mentioned, our Scantinel photonics technology also opens doors in AI data center connectivity.