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Q3 2024 Business update Safe mobility at the speed of life Nov 7, 2024
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2024 MicroVision , Inc. All rights reserved . Confidential and proprietary . 2 Safe Harbor Statements This presentation of MicroVision, Inc. (“MicroVision,” “the Company,” “we,” or “our”), and any accompanying oral presentation, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, among others: statements relating to expectations regarding our future growth, profitability, market position and addressable market size; projections, estimates and targets; our financial condition and liquidity; our business strategies; our product plans and partnerships; and future product performance. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements. These statements reflect our expectations, assumptions and estimates as of the date of this presentation, and actual results may differ materially from the results predicted. The preparation of forward-looking financial guidance requires us to make estimates and assumptions; actual results may differ materially from these estimates under different assumptions or conditions. Factors that could cause actual results for MicroVision to differ from the results predicted include: our history of operating losses; challenges caused by the COVID-19 pandemic; the need for additional capital; potential dependence on third party partners, including licensing partners and contract manufacturers; risks related to our technology; quarterly financial and stock price performance; continued listing of our stock; successful monetization of our product solution; competitive risks; risks associated with key customer or strategic relationships and activities; disruptions in the global financial markets and supply chains; acquisition integration risks and legal & regulatory risks. More information about potential risk factors that could affect our business and financial results is included in MicroVision’s latest annual report on Form 10-K for the year ended December 31, 2023, subsequent quarterly reports on Form 10-Q, and other reports and documents filed by MicroVision from time to time with the U. S. Securities and Exchange Commission (“SEC”). In addition to financial measures presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP financial measures, including Adjusted Gross Profit and percent margin. These non-GAAP measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures used by MicroVision may differ from the non-GAAP financial measures used by other companies. Except as required by law, we assume no obligation to update any information in this presentation to reflect events or circumstances in the future, even if new information becomes available. Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organization other third-party sources and management estimates. Management’s estimates are derived from publicly available information released by independent industry analysts and other third- party sources, as well as data from our internal research, and are based on assumptions made by us that we believe to be reasonable. In addition, projections, assumptions and estimates of future industry and Company performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above and in our SEC filings. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by MicroVision. MicroVision has rights to various trademarks, service marks and trade names used in connection with the operation of our business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended, and does not imply, a relationship with MicroVision, or an endorsement or sponsorship by or of MicroVision. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that MicroVision will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor in these trademarks, service marks and trade names.
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2024 MicroVision , Inc. All rights reserved . Confidential and proprietary . Redmond, Washington, USA Detroit, Michigan, USA Hamburg, Germany A Leading Provider of Lidar Solutions ▪ Leading provider of lidar hardware and software solutions to the Automotive, Industrial, Smart Infrastructure and Robotics markets ▪ Compelling high - margin software revenue plus revenue - ready lidar products for Automotive and Industrial markets ▪ Strong CAGR potential given design RFQs ▪ 700+ Patents Uniquely Positioned to be a Trusted Lidar Solutions Provider Across End Markets 3
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MAVIN® N, a MEMS - based lidar sensor with perception software for Auto OEMs and Tier 1s PERCEPTION, a software stack that provides the environment representation that enables OEM to achieve the best driving application MOVIA , a flash - based lidar sensor for Industrial, Smart cities and short - range automotive applications MicroVision Product Portfolio Track Record of Delivering Technologies to Global Blue-Chip Customers 2024 MicroVision , Inc. All rights reserved . Confidential and proprietary . 4
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2024 MicroVision , Inc. All rights reserved . Confidential and proprietary . BEST - IN - CLASS LIDAR FOR AUTO & INDUSTRIAL UNIQUE MARKET POSITION WITH PERCEPTION SOFTWARE Mature hardware and perception software solutions ready for the industrial and automotive ADAS markets COMPELLING MARGIN, GROWTH AND CASH FLOW High margin revenue streams driven by revenue ready products and mature software portfolio with strong CAGR potential driven by automotive OEM focus SIZEABLE REVENUE OPPORTUNITY Uniquely positioned in attractive markets with high growth rates. Market size of ~$88 Billion (1) in cumulative TAM (through 2030) in ADAS with additional opportunities in non - automotive industries STRONG IP LEADERSHIP & INDUSTRY EXPERIENCE 700+ patents in core technology ( more issued patents than any other publicly traded lidar company); 30+ years of R&D and productizing lidar technology (1) Includes estimated LiDAR units on L2+ and L3 cars only (does not include L4 and L5 systems) based on IHS Markit, Industry re search and Company estimates. Highway pilot capabilities up to 130 km/h. Form factor and size enable roofline and/or behind windshield positioning Key Investment Highlights 5
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MicroVision Evolution 2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. 2000s 2010s 2020 - 2024 1996 NASDAQ Listed 1998 U.S. Military contract 2011 Start of lidar R&D 2014 Sony licenses 3rd Generation display module 2019 Microsoft contract HoloLens 2 2021 MAVIN unveiled at IAA 2017 Valeo SCALA® SOP 2020 Expanded into North American Markets 2007 First lidar developed 2010 Contract with Valeo 2016 Validation software launched with BMW & Audi 2023 Introduction of MOVIA L and MOVIA S 2024 Introduction of MAVIN® B - Sample 6
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MicroVision’s Patents 2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. MicroVision’s Patents Perception Software 4% Applications 19% Control Software 22% Hardware 55% Perception Software Applications Control Software Hardware Source: Company records and public filings for peers. Note: Patent family is the same invention disclosed by a common inventor(s) and patented in more than one country. Number of Patent Families 0 50 100 150 200 250 300 700+ Issued and Pending Patents 700+ Issued and Pending Patents 7
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2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. MOVIA L Lidar Sensor No moving parts A solid state lidar sensor that guarantees robustness 50G Shock Load Withstands heavy impacts even in high stress situation in industrial operations. High resolution Sequential flash scanning captures environment hundreds of times, row by row. Integrated perception software Ground detection and point cloud annotations, object detection and tracking and 3D zone detection. Robust sensor Adverse weather performance due to multi - echo capability 8
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2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. MOVIA S Lidar Sensor No moving parts A solid state lidar sensor that guarantees robustness Compact design Engineered for precision and reliability, and designed for seamless vehicle integration Integrated perception software Ground detection and point cloud annotations, object detection and tracking Robust sensor Adverse weather performance due to multi - echo capability Next evolution of MOVIA L Smaller form factor for specific automotive applications 9
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2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. MAVIN® N Lidar Sensor Dynamic Field of View Seeing obstacles clearly at short - and long - range simultaneously Resolution at range Detecting and identifying smaller objects from longer distances Low latency Enabling autonomous systems to make quicker decisions for safer outcomes Compact design Engineered for precision and reliability, and designed for seamless vehicle integration Cost Requires fewer and less expensive sensors as MAVIN integrates multiple solutions into one compact unit 10
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2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. PERCEPTION Software Processes massive amounts of data from lidar sensors It provides an accurate and reliable extraction of the world that enables OEMs achieving the best driving application Small obstacle detection Lane detection Road boundaries Dynamic object tracking & classification 11
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2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. ADAS—the vehicle can perform steering and acceleration (e.g., hands-on lane-centering steering, adaptive cruise control) The human still monitors all tasks and can take control any time Currently in use by many OEMs Environmental detection capabilities and ability to handle dynamic driving tasks (e.g., traffic jam chauffeur) Vehicle can perform most tasks, but may still need human override Currently in development Partial Automation Conditional Automation L1 L4 L5 Rudimentary ADAS Fully Autonomous L2 L3 With fully autonomous solutions still well in the future, MicroVision is focused on providing attainable features for OEMs today MicroVision's MAVIN® is an affordable, near-term ADAS solution for cost-conscious OEMs, enabling the development of future vehicle autonomy (L4, L5) Lidar sensors help validate camera inputs and can perform in adverse weather conditions Lidar drives L2/L3 penetration through enhancing automotive safety features MicroVision is Focused on Optimizing Near - Term Applications in the ADAS Value Chain 12
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2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. (1) A non-GAAP measure. Non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with U.S. GAAP. Management uses this measure to assist in assessing profitability of our business. (2) % margin is calculated by dividing Adjusted Gross Profit by Total Revenue. 1047 190 Q3 2023 Q3 2024 Revenue YoY ($ in ‘000s) Q3 2024 GAAP Gross Profit ($393) (+) Share - based compensation expense - (+) Amortization of acquired intangibles 361 Adjusted Gross Profit (1) ($32) % margin (2) (17%) Q3 2024 Summary Financial Performance ▪ Majority of the revenue in Q3 decline was driven by a delayed order from non - automotive customer in the industrial and agricultural markets Revenue ▪ $14.1 million cash was used in operating activities in Q3 2024 Net Cash Used in Operations ▪ $234 million including ▪ $81 million in Cash and cash equivalents after giving effect to the 1 st tranche of the Convertible Note ▪ $123 million availability under the existing ATM facility ▪ $30 million availability under the Convertible Note Total Liquidity 13
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Thank You #SAFEMOBILITY 14