Quarter 2026 financial and operating results. At this time, all participants are in a listen-only mode. At the end of the 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 to join the queue. As a reminder, this event is being recorded. I would now like to turn the conference call over to Drew Markham. Please go ahead. Thank you, Jenny. Good afternoon. I'm here today with our Chief Executive Officer, Glen DeVos, and our interim Chief Financial Officer, Steph Hrynewich. Following their prepared remarks, we will open the call to questions. Please note that some of the information you will hear in today's discussion will include forward-looking statements, including, but not limited to, strategic plans and execution progress, expectations regarding customer engagement and product delivery, product applications and use cases. Market opportunities, cash flow forecasts, liquidity and financing activities, availability of funds and access to capital, expected near-term and future revenue, operating expenses and cash usage, 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 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. 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 the financial data presented on this call, please refer to the information included in our press release and in our Form 8-K, dated and submitted to the SEC today, both of which can be found on our corporate website at ir.microvision.com, under the SEC Filings tab. This conference call will be available for audio replay on the investor relations section of our website at www.microvision.com. Now, I would like to turn the call over to Glen DeVos, our Chief Executive Officer. Glen? Thank you, Drew, and good afternoon, everyone. Welcome to MicroVision's second quarter 2026 earnings call. Earlier this year, we introduced LiDAR 2.0, the next chapter in MicroVision's evolution. It marked a deliberate shift from a hardware-first company improving our technology for automotive to a LiDAR-based perception company with solutions designed to offer value to customers across multiple industries and use cases. I want to share with you the tremendous progress we have made during the second quarter and how we have positioned MicroVision to now accelerate our revenue growth. The shift isn't a slogan, it's operational, and it's fundamentally changing how we work with customers, productize our offerings, and achieve meaningful commercial momentum. Most importantly, I want to share with you that it's working. MicroVision today is more vertically integrated, aligned, and commercially active than at any point in our history. We are building traction simultaneously across our core markets in industrial, security and defense, and automotive, as well as adjacent markets like robotics and AI. This is driven by the breadth of our product portfolio and our design-to-cost engineering philosophy, and underpinned by our open software framework. Today's call will cover a number of areas. First, an update on our LiDAR 2.0 strategy and how it fuels our revenue forecast. Second, a walkthrough of our commercial momentum, delving into the announcements and customer milestones of the past quarter and providing more context on the launch of MicroVision Semiconductor. Third, our product portfolio and roadmap, sharing the status of our nearest term catalysts, the MOVIA Air and MOVIA Air Plus launch, and the MOVIA S industrial launch. Fourth, the strong leadership additions we've made this quarter to deepen our bench, and then a bit about our financing strategy before diving into our financials. Let's get into it. I'll start with LiDAR 2.0 and where we are with that strategy. LiDAR 2.0 encapsulates what we believe it takes to win in this market. Across a diversity of industries, the right performance at the right price, using software-enabled perception to lower system costs, and support for multiple verticals with our industry-leading portfolio. All delivered with the operational discipline that customer requires from long-term suppliers. One of the strongest validation points for MicroVision's execution this year has been how quickly the company stabilized and commercialized the acquired Luminar business. When MicroVision acquired Luminar's LiDAR business, it inherited far more than the IRIS and HALO product lines. The acquisition included inventory, engineering talent, customer contracts, and active commercial programs. The real challenge was ensuring those customers continued receiving products and support without disruption. Within roughly one quarter of closing that acquisition, we had successfully integrated the Luminar engineering teams, consolidated manufacturing operations to improve efficiency. Resume shipping existing IRIS inventory, maintain customer relationships while pursuing new opportunities, and reduce operating expenses through streamlined operations. This has been a significant operational achievement. Perhaps the biggest accomplishment is that existing IRIS customers could continue to be served with our broader product portfolio. Rather than forcing customers through a redesign or platform migration, MicroVision preserved their investment while expanding the future roadmap. Instead of being a standalone product, IRIS now sits with our broader perception platforms, MOVIA for short range, IRIS for long range applications, HALO is the next generation evolution of long-range sensing, FMCW technology from Scantinel, and perception software across the entire portfolio. This allows MicroVision to deliver the best sensor for each application instead of trying to fit every customer into a single product or technology. This diversified portfolio is now a key strength and a significant differentiator for MicroVision. This is why we have confidence in our revenue guide for the current year with significant growth expected in 2027, building on a solid recurring revenue foundation. We continue to see expanding customer engagements across all products and end markets with a significant increase in near-term booking opportunities. As I stated earlier, the efforts in Q1 and Q2 are delivering on MicroVision's revenue growth plans. Let's talk about momentum building and the recent announcements. Turning to our recent commercial momentum, we are making great progress, as I stated. We continue to be successful in converting Luminar customer accounts into MicroVision development agreements and purchase orders. This is exactly what we planned for with the Luminar acquisition. Additionally, we see strong increase in increased customer engagements with MOVIA S as we prepare for our October launch. Let me share some examples. On April 14th, we launched our global partner and reseller program, establishing reseller integrator relationships across Japan, North America, Europe, Korea, and Singapore, targeting industrial, defense, and mobility customers. That includes a partnership with one of Japan's largest, most established technology resellers, covering automotive, heavy industry, mining, agriculture, rail safety, and marine and offshore use cases. On June 10th, we signed a launching development agreement with a leading construction and mining equipment OEM to integrate two IRIS LiDAR sensors per off-highway truck into their next generation autonomous hauling solution, with future potential to add HALO to that platform as well. On June 13th, we delivered IRIS sensor shipments to Lake Fusion Technologies as they and Timberline Aerospace expand their collaboration on situational awareness solutions. On June 29th, we delivered MOVIA sensors to a leading AI company and hyperscaler for evaluation across robotics, autonomous systems, and next generation AI applications. A strong proof point that our diversification beyond automotive is real, not just aspirational. On July 1st, we appointed IDI Laser as our premier partner for industrial, defense, and security markets across Southeast Asia, extending our reseller footprint beyond the initial five country base we had announced in April. On July 6th, we engaged with J.A. Green & Company to accelerate our U.S. defense market strategy and strategic partnerships, a deliberate investment in the defense and security channel specifically. On July 14th, we formalized MicroVision Semiconductor, Inc. It's another key unlock in this strategy. MicroVision Semiconductor, which we introduced to market last month and which I'll cover in more detail in a moment, is owning that custom ASIC and mixed signal design. It brings it in-house rather than outsourcing it, and it's how we protect both the cost curve and the integration advantage that LiDAR 2.0 depends on. On July 15th, James Byun joined us as MicroVision's first Chief Commercial Officer, which I'll also cover in more detail shortly. In another example of the acceleration of our traction, just last week, we received an order from a prime contractor supplying autonomous UGVs, or unmanned ground vehicles, to the military, highlighting the importance of IRIS' 1550 nanometer technology, which is invisible to night vision goggles, as the customer phases out the use of 905 nanometer sensors. We also received an order for IRIS sensors from a key defense and aerospace contractor for use in unmanned aircraft applications. Earlier this week, we unveiled MOVIA Air and MOVIA Air Plus. Autonomous aerial systems represent one of the fastest growing opportunities for perception technology. As drones evolve from remote controlled platforms to fully autonomous systems, they need more than imagery. They need the ability to understand and react to the world around them in real time. This is exactly what MOVIA Air delivers with its ability to combine LiDAR and camera sensing to build and transmit high definition 3D maps in real time to UGVs, command centers, or to other airborne assets. More importantly, it demonstrates the scalability of our business model. The same core technologies we've developed for automotive and industrial applications can now be deployed across aerospace, defense, logistics, and security. Every new vertical expands our opportunity to monetize the investments we've already made in our LiDAR and perception platform. MOVIA Air is more than just a new product launch. It is another proof point that our technology platform scales across industries, applications, and autonomy use cases, and that's exactly what our LiDAR 2.0 strategy is designed to achieve. We're also encouraged by the early market response. Before the official launch, we've delivered units and are in active development with a major industrial drone delivery company and a provider of advanced resource exploration. The MOVIA Air family is being evaluated by an additional nine pre-launch partners across industrial, defense, and autonomous aerial applications. These programs reinforce what we've been hearing from customers, that the market is increasingly looking beyond just simply raw sensor performance and towards complete perception solutions that can enable real-time decision-making in demanding environments. Next week, we'll publicly demonstrate MOVIA Air Plus at JIFX, that's the Joint Interagency Field Experimentation run by the Naval Postgraduate School. This is where the Navy tests new defense and security technologies. Customers will see live perception and autonomous navigation capabilities, obstacle avoidance in real time, 3D mapping, operating in realistic field conditions. We're incredibly excited about this and happy to be working with some outstanding partners in making that happen. We also plan to host our third product webinar later in August to provide our customers and partners with a deeper technical look at the platform and discuss how we're extending our perception capabilities into the rapidly growing aerial autonomy market. Here's what I want you to take away. We now have simultaneous traction across industrial, off-highway, defense and security, drone and helicopter, robotics and AI, and automotive. That breadth is what de-risks this story relative to a single end market bet. If one vertical sales cycle slips, we are not dependent or affected by that. Just as importantly, we're seeing repeat orders and expanded scope with existing customers. That's the more durable signal. Anyone can announce a pilot or pre-developm ent activities. What matters is whether that pilot turns into a second order and a bigger one or a long-term supply agreement. Some of you have questions about why we can't name customer wins, and I would just reiterate my previous comments. When we're able to announce the customer name, we will. When they request that we do not for purposes of confidentiality or competition, we always respect that and name the industry or category only. Let me talk briefly about product portfolio and roadmap. Our industry-leading product portfolio encompassing short, long, and ultra-long-range coverage across multiple architectures and wavelengths approaches is the key to supporting multiple use cases across our end markets, industrial, defense, automotive, and beyond. Let me walk you through where we are with each product and where it stands, and how they fit together, and how they will continue to evolve over time. For short-range sensing, MOVIA L offers a power-efficient, solid-state design with sensing and perception running on board. It's easy to deploy, making MOVIA L ideal for use cases like warehouses, mining vehicles, and agriculture. In October, we will launch MOVIA S, our next generation short-range sensor platform. MOVIA S is smaller, more cost-effective, more energy-efficient, delivering high-performance perception in an ultra-compact design. We already have more than 25 active customer engagements and evaluations ongoing. To be clear, this is where customers have our samples. We're in active quoting and, in some cases, doing development. MOVIA S will be a game changer for the industry, with applications across all segments as we see strong interest from the robotaxi, the industrial, and the defense OEMs. For long-range sensing, IRIS offers high-performance sensing engineered to enable advanced safety at high speeds up to 280 meters. IRIS is a robust and proven sensor that we're shipping to active commercial customers today in industrial, defense, and automotive. HALO represents MicroVision's next generation of long-range sensors. It will provide longer-range sensing with greater precision in a design that is roughly one-third the size of IRIS. Stated in another way, HALO is 68% smaller by volume than IRIS. Bringing this level of performance into such a compact form factor will unlock new use cases not possible today. This is really important, HALO's system design is fully compatible with IRIS, so existing IRIS customers can transition seamlessly to the next generation product without needing to go through a massive re-engineering or recertification or revalidation of their solution. It's truly a seamless transition. For aerial applications, MOVIA Air and MOVIA Air Plus are specially designed for drones and other lightweight use cases. MOVIA Air was developed to meet the strict criteria for size, weight, cost, and power required to make drone-based ISR missions viable. Finally, for ultra-long-range sensing of 500 m - 1,500 m, our FMCW LiDAR on chip solutions will provide advanced optical sensing that measures both distance and instantaneous velocity simultaneously. All of these sensors are underpinned by our open software framework, which enables our customers to fully use our advanced perception and software features and development tool chain in a seamless fashion with their development environment. While we are excited about our current products and upcoming launches MicroVision Semiconductor, Inc. and Scantinel now are preparing for our next generation of products where we leverage our in-house semiconductor and photonics capability to deliver LiDAR on a chip. We talked about how silicon up integration and chip-scale packaging are keys to further cost reduce LiDAR while increasing performance. This is exactly what Scantinel and MSI are developing for us with our next A-sample to be available by Q2 2027. We'll be showcasing more about Scantinel at IAA in Hanover next month. While that will focus on commercial vehicle and industrial markets, the underlying photonics technology has applications across multiple end markets, including high-speed data transmission serving global communication networks, cloud infrastructure, and data centers. These efforts demonstrate our continued expansion of the product portfolio to reflect a clear roadmap to sustained growth, with additional capabilities planned to address evolving customer needs across all of the end markets that we serve. I've talked about product portfolio. I also want to address the reverse stock split directly, along with our broader capital markets activity. It goes without saying that our Nasdaq listing is an important asset. It is vital that we maintain and protect the continued listing of our stock. With our stock price now in a stronger position, delisting really no longer casting a shadow on our work, we can focus on continuing to intensify our engagement with customers and accelerate commercial momentum across our target markets. Our post-split stock price and the increase in authorized shares puts us in a much better position to ensure that our operations and business objectives are sufficiently financed. We have flexible options to address the company's capital requirements. The key point is we need the capital structure, financial capacity, and fiscal discipline that support our strategic plan and enable us to focus on delivering commercial wins. Finally, let me talk about the team. For LiDAR 2.0, we've talked about the right product portfolio with the right price and with the right people to make our vision a reality. Building out the commercial and technical leadership to match this strategy has been a priority. We made some key appointments this past quarter. On July 20th, James Byun joined us as MicroVision's chief commercial officer, a newly created role leading our global commercial organization. James brings more than 20 years of experience scaling commercial organizations in automotive, mobility, and technology, with previous roles as managing director of global business development at Aeva, as chief commercial officer at Innovusion, at Greystone as executive vice president and president of the global automotive group, and in the senior automotive relationship roles at Sirius XM. Having a dedicated commercial leader at this level who has successfully run similar playbook in prior roles reflects how seriously we're taking the commercially driven feature of LiDAR 2.0. I'm also pleased to welcome Cara Klaer as our new head of marketing and communications. C ara brings nearly two decades of experience leading marketing, communications, brand strategy across the automotive, technology, retail, manufacturing, and healthcare industries. At MicroVision, Cara will lead our integrated marketing communications strategy. Her experience helping organizations communicate through periods of growth and transformation will be instrumental as we sharpen the MicroVision narrative, bringing new products and capabilities to market. We communicate the continued evolution of our growth and business. I'm also very pleased to note that we are making very good progress on our CFO search and expect to provide an update very soon. In addition to these leadership appointments, during this quarter, we formed a dedicated semiconductor organization, MicroVision Semiconductor. We welcome this team, formerly known as Black Forest Engineering, which we acquired from Luminar. The team brings more than 30 years of semiconductor expertise and track record over 300 custom mixed-signal IC designs across automotive, industrial, defense, aerospace, and scientific markets. It expands our capability into custom ASIC development, mixed-signal ICs, photonic sensing, and advanced imaging, including manufacturing relationships with foundry partners like Tower Semiconductor, TSMC, and X-FAB. MicroVision Semiconductor is the mechanism by which MicroVision now owns chip-level design rather than depending on outside suppliers for it. It is direct structural support for the cost of integration goals at the center of LiDAR 2.0. This isn't just about supporting the MicroVision roadmap. The team is available for commercial engagement and customization for external customers as well and has a strong track record in delivering that. How should investors grade us this quarter? Before I hand it over to Steph, I want to be explicit about what we think you should hold us accountable to. Rather than leave that to interpretation, here's the list we're grading ourselves against. The first, commercial traction, growth in our customers and prospect pipeline. Beyond the 100 we cited across three verticals in our Q1 call, in conversation, in conversion and evaluation into repeat orders, and expanded scope with existing customers. Again, number one, commercial traction and growth. The second is the program build-out, participation in our reseller and partner programs, and geographic expansion beyond our initial footprint in Japan, North America, Europe, Korea, and Singapore. These programs are vitally important as they provide an outstanding channel for our products to reach a broad market. The third is product execution, staying on track for introducing MOVIA to the market and for the MOVIA S industrial launch set for October 26th. These launches and these deliverables are key to making sure our products are right and meet the timing of the market. Cost and margin discipline. For example, raising our guidance to 40%-45% for the year. This reflects the excellent work done by the team to manage our product cost and pricing and is a top focus for us. Balance sheet strength, stabilizing our compliance profile and strengthening market position, evaluated against the financing flexibility that I laid out earlier to ensure we have the capital resources and liquidity needed to support our strategic plan. Organizational build, proving that the addition of our new Chief Commercial Officer and MicroVision Semiconductor team show up in visible commercial and product outcomes, not just simply headcount. Finally, transparency. Sharing what we can with you as soon as we can so that you can be aware of how hard the team is working to demonstrate the progress against our vision and our outcomes. That's the scorecard, and I'd ask you to hold us to it. I'm now going to hand it over to Steph to share our second quarter results and where our full-year guidance stands today. Thank you, Glen. As Glen just shared, we have made significant strides in the second quarter with substantial commercial momentum across our core markets, expansion of our product portfolio with a clear roadmap for sustained growth, increased bench strength with key leadership appointments, and with the completion of the one-for-15 reverse stock split, more flexible options to raise capital to support our operating needs. Our focus remains on strategic commercial execution and disciplined financial management of the company. Now, let me talk about our financial results. Revenue for the second quarter was $1.5 million, a $1.3 million increase versus the same period last year. The primary driver of our second quarter revenue was product sales, with a predominant portion accounted for by our long-range IRIS sensor and a smaller portion from our short-range MOVIA L sensor, and approximately 15% from engineering services related to our semiconductor business. Of our three target sectors, industrial and security and defense were the primary drivers of our second quarter revenue. For the first six months of this year, revenue totaled $2.4 million, a $1.7 million increase as compared with the first six months of 2025. Approximately 75% of our first half 2026 revenue was driven by the expansion of our product portfolio that resulted from our strategic acquisitions earlier this year. In addition, the majority of our first half revenue came from the industrial and security and defense sectors. These revenue drivers and sector allocations support our confidence that our LiDAR 2.0 strategy and focus on diversification for multiple verticals remain the key to winning in this market and growing our top line. Turning to gross margin. Second quarter performance was 44%, a significant increase from a gross margin loss in the second quarter of last year. On a year-to-date basis, gross margin sits at 42%, as compared with a gross margin loss in the same period last year. The expansion of our gross margin reflects favorable product mix driven by sales from the IRIS inventory that we acquired in the first quarter this year and efficiencies within our supply chain. Turning to cash usage. Our cash used in operations plus capital expenditures was $19.5 million for the second quarter and $36 million for the first six months of this year. Adjusting out acquisition-related costs and restructuring charges, our cash usage was $17.4 million in the second quarter and $33.8 million for the first half of the year. Cash usage increased sequentially from the first quarter to the second quarter this year, in large part due to non-recurring cash payments related to the post-acquisition consolidation of our engineering and operations organizations, including a significant workforce reduction in our Redmond location. When compared sequentially to the prior year, after adjusting for acquisition-related costs and restructuring charges, cash usage for the second quarter increased $4.5 million and for the first half of the year increased by $6.7 million. The main contributors to these increases are the operating expenses and product development activities related to the acquisitions of our aerial systems team in the fourth quarter last year and Scantinel and Luminar Technologies in the first quarter this year. Having completed most of the integration of our recent acquisitions and actions to consolidate operations and teams by the end of the second quarter this year, coupled with anticipated second half 2026 revenue growth, we expect to see a declining cash burn from operations through the remainder of this year. At the end of the quarter, our balance sheet reflected $27.2 million in cash equivalents, and investment securities. In addition, we have access to approximately $41.2 million available under the current ATM facility, subject to market conditions and applicable limitations. Our existing convertible notes currently require us to maintain minimum cash liquidity of the lesser of $17.5 million or 10% of the outstanding balance of the notes. Turning now to our 2026 full-year guides. For revenue, we are reiterating our guidance of $10 million-$16 million, with the bulk of expected revenue coming in the second half of the year, driven by our expanding commercial traction, existing inventories of long and short-range sensors, and planned production launch of our short-range MOVIA S sensor for industrial applications in October. For gross margin, as Glen mentioned, we are raising our guidance from 35%-40% to 40%-45%, driven by our improvements achieved in our supply arrangements and stronger mix of product sales. For cash burn from operations plus capital expenditures, we are maintaining our guidance of approximately $60 million this year, with second half improvements expected to come from revenue growth, favorable supply agreements, as previously mentioned, and reduced operating expenses as a result of the consolidation actions we took in the first half of this year. As we progress into the second half of the year, our focus from a financial perspective is clear. Expand and convert our commercial pipeline to enduring revenue, build a healthy and sustainable gross margin profile, efficiently manage cash with discipline while funding the programs that are most closely aligned with customer demand and commercialization, and astutely raise capital to support our business needs as we continue to execute our LiDAR 2.0 strategy. Let me now pass it back to Glen for closing remarks. Thanks, Steph. As we close today's call, I leave you with these overarching thoughts. Six months ago, we introduced LiDAR 2.0 as a framework for where we believe this company needs to go. Today, you're seeing what that strategy looks like in execution. We've integrated major acquisitions while continuing to support customers without disruption. We've expanded our portfolio from automotive into industrial security and defense and robotics, AI, and now autonomous aerial systems. We strengthened our commercial organization, brought semiconductor expertise in-house, improved our cost structure, and continued to build a broader and more resilient pipeline. Perhaps most importantly, we're seeing customers respond to that strategy. They're increasingly looking for complete perception solutions, not simply sensors, and that's exactly where MicroVision is poised to lead. Our ability to pair purpose-built hardware with perception software, custom silicon, and an open architecture gives customers the flexibility they need while allowing us to participate in significantly larger market opportunities. We know there is still work ahead. Commercial programs take time to mature. Evaluations need to become production programs. Purchase orders need to become recurring revenue. Our job is now straightforward, execute, convert opportunities into customers, expand those relationships, drive revenue growth, and continue delivering against the scorecard we've shared with you today. I believe that MicroVision is a fundamentally different company than it was even a year ago. We have a broader technology portfolio. We have stronger commercial capabilities. We have a healthier operating model and many more opportunities than at any point in our history. The foundation we've built gives us confidence in where we're headed. We're excited about delivering in the second half of 2026 as we prepare for growth of 2027 and beyond. I'd like to thank our employees around the world for their commitment and execution through an incredibly busy first half of the year. I'd also like to thank our customers, partners, and shareholders for your continued confidence and support. We're looking forward to updating you, again, next quarter as we continue executing our strategy. Operator, we'll now open the line for questions. Thank you. At this time, we are conducting 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 questions on the phone line, please press star one on your phone keypad now. We ask that while you're posing your question, you please pick up your handset if you're listening on a speakerphone to provide optimum sound quality. Please wait a moment whilst we poll for the questions. Thank you. Our first question is coming from Casey Ryan of AmerX. Casey, your line is live. Thanks, everybody. Glen, Steph, thanks for the terrific update today. I wanted to focus in on the upgrade on the gross margin guidance. That's pretty rapid from what was a good gross margin number last quarter. Tell me how much room you think there is structurally in a long-term steady state. I think obviously 40%-45% is very good, and as you work through that. Is 45% kind of the ceiling, or do you see some sort of long-term range being somewhat higher than that current guidance? Sure. Hey, Casey. I'll start, Steph, you can add. Long-term, I would expect us to be really between that 40% and 50% gross margin, depending a little bit on the product and the end market. If it's a product where there's more software content, so you're talking about products that would be delivered with not just the point cloud, but perceptions and features on top, or products more into the security and defense areas, specifically defense, you're going to see that gross margin move to the upper end of the range. If it's more of a temporary sensor that's delivering a point cloud or histograms, we don't have that added value or added content, in particular added non-hardware specific content, you're going to see it, I think, drift closer to the lower end of that range. For us, we think with these products and with the software content we have, that upper boundary is probably around 50%, the bottom boundary around 40%. Okay. Yeah, terrific. Casey, I was just going to add to that, Casey. I think one of the things that you've heard with regards to our strategy is about design to cost. Within our product development space, we continue to look at cost reductions, get our BOM cost down as low as we can. Over the last little while, we've had some good negotiations with our supply base to get our cost base down, as just mentioned. That's why we elevated our guidance. I expect we will continue to see that as we progress into the future to get to those margins that Glen just mentioned. Okay. Terrific. Sort of the second question, sort of on the OPEX line, and I suspect there are some non-cash items here in sort of the SG&A and R&D lines you put out. But sort of this $24 million-$25 million range compares to kind of about maybe, say, $12 million-$13 million last year. Do you guys expect OPEX to be steady state around this mid-20s? Is that sort of something to expect? Or do you think now that you've gone through all this integration work in Q2, that that OPEX line might start to bend lower or trend lower going forward? Yeah, let me just add to that, Casey. Yeah, we clearly see our OPEX deteriorating over the next six months. It's very clear. All the consolidation actions that we took, as I mentioned, with regards to our Redmond consolidation, we will start to see that cost reduction come down as we progress throughout this year. We had a number of restructuring costs related to the acquisitions. A lot of that cost took place in the first half of the year. There will be a little bit come in Q3 as we kind of finish a couple of things. We will not see that stuff happening in the future on a run rate basis. Okay. All right. Just be clear, Steph. Yes. When he says OPEX deteriorating, that's a good thing. It means. Right. Yeah. Absolutely. It's kind of like losing weight. I would love to be also deteriorating a little bit. Hey, Glen, you talked a lot at the top about aerial opportunities. One of the things we see across the industry is there's a lot of sort of detection and defense of sort of aerial things. It sounds like your opportunities can include being on board, and it might be tied to some of the advantages of the product in terms of weight and functionality. I wanted to see if you could expand and say, yeah, a lot of it's or tell us if it's primarily for defense and detection, or if it is actually sort of on board with things that are airborne, basically. Yeah. For defense, there's three areas that we look at. One is detection, so longer range detection. Certainly that's where Scantinel plays a role. That's on the detection side. Near term, really the big opportunities appear to be both on board the drone. If you think about drones in the different categories, group one and two being kind of the sub 55 lbs drones, the lighter weight drones, typically copters. Then above that, the group three drones, which tend to be fixed wing. The onboard perception and payloads on those drones is where we see the immediate opportunity, both in terms of defense, also in commercial applications like for everything from power line inspection to wind turbine blade inspection to terrain mapping and other types of kind of reconnaissance activities in commercial. In defense, though, it's very clear that onboard applications. That's what we're going to be demonstrating at JIFX next week. That's where the immediate pull is. Across those segments, in parallel to that is the ground base that we talked about, autonomous vehicles on the ground that want lighter sensors on those vehicles as well. For the aerial, it's on board the airplane. Yeah. That's pretty exciting because I feel like you're the only ones talking about being on board that way that I've listened to so far. One of the things I'd add is this is where for us as a U.S. and a German company that can make short range, wide field of view, lightweight LiDAR. Lightweight and low power LiDAR that has a wide field of view, can see a tremendous amount from 30 ft or 50 ft off the ground. We can do that. As a U.S. and German company, we're uniquely positioned to do that, and that's a big pull. That is really a strong pull for that in the MOVIA Air products. Right. Okay. Super. Thanks for that clarification. Last question. It's like we get early sort of across the industry, this feels like we're trending towards, I guess selling sensors together or working together, LiDAR and camera makers, LiDAR and radar. Are you seeing sort of an ecosystem or potential to partner with other sensor categories to sort of provide, I guess, a fuller solution to certain people. Is that something customers are asking for? Are people still focused solely on just, when they talk to you, only the LiDAR sensor piece of that? It really varies a little bit by end market and then also by the specific customer. What I mean by that is if we're talking about defense, our payloads are LiDAR and camera. We can also integrate radar. It is multimodal. We do that integration in the payload. We manage all of that, combine those, basically fuse that, and then provide three-dimensional maps with vision, with camera overlays. If you're talking about automotive is very much, by and large, a multimodal architecture where the system architects break apart those modalities and then they're responsible for sensor fusion. In that case. Okay. A robotaxi would come to us to talk about LiDAR. They already have a vision solution. They already have a radar solution. It's a LiDAR specific solution they're looking for. Depending on the application, you get a mix. Of course, then we can do both. For automotive, and it's typically LiDAR pure play. For defense, it's both. In industrial, it's a complete mix. We've seen both just LiDAR only as well as combined systems. Okay. Thank you. It's really a very good quarter and really good progress through the year so far, thanks for the update, we look forward to more to come in the second half. Thank you. All right. Thanks, Casey. Thank you, Casey. Thank you very much. I will now turn this call back over to Steph Hrynewich for reading questions submitted by shareholders. Thank you. Thank you, operator. The first question is, why is MicroVision confident in its 2026 revenue guidance of $10 million-$15 million? Steph, maybe why don't you start, and then I can add in. I think as we progress throughout the year, as you saw our guide, $2.4 million for this year, for the first half of the year. A lot of progress coming in the second half of the year with all of the customer engagements that we've been engaging in. We've got all of our inventory coming so we can get those sensors reworked to get those out to the customers. I think with that long list of customers, we have that list all down by customer. We expect us to hit this range, $10 million-$15 million this year. Anything else, Glen? Yeah. The thing I would add is if you think about how when we acquired Luminar, and then we spent the first quarter really kind of restarting those relationships and reengaging those POs. Over the course of Q2, significantly expanded that. We have, I think it's about half of those 30 customers now back on board that we're either shipping to or will be shipping to. That involves kind of restarting up the supply chain for IRIS. That supply chain had been suspended in many cases due to the bankruptcy and what had been happening before the acquisition. The team, this is kind of behind the scenes, we don't talk a lot about, but the team has done a really amazing job of restarting those relationships with those suppliers, those key suppliers for the product that we need to be able to fulfill those POs. As we're putting that plan together and getting those suppliers back on board, the revenue range just reflects the fact that we still have some work to do there, and the timing of that isn't fully nailed down. We'll deliver as much as we can. We're confident in the range. Where we land exactly will depend on what we're able to do with supply base and how many product we can ship. It's more of a timing issue as opposed to a revenue issue, because it'll either happen in Q3 or Q4 of this year or Q1 of Q2 of next year. It's really a matter of timing. Okay. Thanks, Glen. Second question. Your revenue guidance for this year is $10 million-$15 million, with the majority attributed to the IRIS sensor sales. What are your expectations for revenue growth next year with MOVIA S in production? Yeah. If you look at this year, I think it was 70%-80% of our revenue came out of those IRIS sensor sales, which reflects just an outstanding conversion rate. Really happy about that because as we talked about in the last earnings call, one of the key and imperative elements of the Luminar acquisition was reconstituting those commercial relationships. We didn't want to lose that, and we've been very successful in doing exactly that, getting those relationships back on track, getting POs and supply agreements or even development agreements back on track that we're now shipping against and working to. MOVIA L has been kind of a great product for us in terms of supporting ongoing sales to the UGV providers in Europe, and that's been really, I think, a great application for it. MOVIA S launching here late this year. This is where we have the more than 25 different engagements and programs going now for MOVIA S and evaluation with customers. We're really excited about that. We launch in October, we ramp up in October, which means there's not a large revenue portion for 2026 from MOVIA S. Going into 2027, we expect this to be a very meaningful part of the revenue curve, and we're capacitizing in Orlando to around 15,000 units. That'd be on a single shift basis. We have room to bunch that and do more. That's what we're planning for and preparing for in terms of making sure we have materials, making sure we have operators, making sure we have the ability to deliver on that. What's happening between now and October, as we provide our customers with pre-launch, pre-production final samples, is converting those evaluations and those discussions into purchase orders for initial production and building out that sales book for Q4 as well as 2027 and 2028. Right now we're thinking about the 15,000 unit sales for next year. Okay. Oh. Glen, you still there? Yeah, I had an interruption on my end of the line. That 15,000 units is nominally where we would expect to be. We'll be talking more about that as we get closer to and move through the launch period. Good. Next question is, You have made announcements with partnerships in the security and defense sector. When will we begin to see top-line revenue growth from these collaborations? Yeah, it's happening right now. That's the short answer. If you think about Lake Fusion Technologies, we're shipping now. We're working with them today, and there are unit sales that are occurring here in Q3. When you look at J.A. Green and IDI Laser, we're now building relationships. For those, I would expect potential evaluations or small unit sales as early as this year, Q4 of this year. But certainly part of the book next year, and how meaningful that revenue will depend on the nature of the specific opportunity. If it's a development agreement, that'd be more NRE or funding for next year as opposed to unit sales. If it's immediate application, kind of like what we found in Europe with the UGV provider, where literally it was two months from initial engagement to development, evaluation, and now shipping units to put on the vehicle. You're going to see revenue unit sales impact in 2027. Glen, you there? His line is still live. He must've lost the line. I don't know. It's J.A. Green and some of the distributors. Glen, are you with us? Partner providers. He's still talking. Oh, he's there. That's right, we have him back. Yeah, I'm sorry. Okay. Usually not a problem to hear me. We can hear you, thank you. Very good. With the longer-term development partners, that's more in the development activities, more in the 2028 timeframe. Okay. Next question is, MicroVision previously discussed $500 million in booking opportunities from 2026- 2030. Are there any updates to this projection? Yeah. The $500 million was us looking at, here are all the opportunities. It was a little over 100 different distinct or unique customer accounts that we were engaged with. As we look at it this quarter, that number's grown by about 30%, over 130 different engagements. Now, some are very large, some are smaller, but again, when we looked at that potential booking opportunity between now and 2030, that had increased to $750 million. That's where we discount that, we're not looking at, well, what could it be if all the volume came through? It's our view of what do we really think this could look like? That's increased by about 50, what is it, $500 million-$750 million by about 50%. It really relates to a lot of the MOVIA S opportunities, where it's a multiple use per vehicle or per system. Four per or two per also through defense as we continue to expand our engagements there. Not a major move relative to auto. Much bigger moves in industrial and bigger moves in security and defense. Okay. Our next question says, Management has described software as a key part of MicroVision's strategy. How did the software help accelerate customer adoption, reduce system costs, and drive commercial success? Yeah. Really a couple of ways, I'll just talk about, I think, what are probably the two most important. The first is how we use the software inside the sensor, both in terms of the sensor model. This just really involves always looking at solving the signal processing challenge for the sensor in software as opposed to in hardware. Not investing in more expensive detection or more expensive laser generation or more expensive processors, but looking at how do I simplify that by doing more with software? AI is a key component of that in terms of how we process the histograms coming from the spat, how we look at the signal coming out of an FMCW receiver. It's all about simplifying the sensor itself through basically AI in the software and the sensor model. That's a big push by the team in terms of our product roadmap in driving down the cost. That works in conjunction, by the way, of up integration and basically consolidating silicon. We're reducing the number of discrete hardware components. The other way is really what we refer to as open software framework, that's more on the development side. How we open up the software in the sensor so that our customers are able to optimize their systems around the sensor that we provide. It's not a black box. It's an open system. It's not open source, but it's an open system such that they can really optimize and achieve lower cost total system architecture. They can reduce the cost of the system architecture, but also simplifies their development and validation and reduces their time to market. We're trying to make it as easy as possible for our customers to adopt our product, integrate it into their architectures, validate it, deploy it, and then support it in production. Good. Okay, I think we got time for one more question. With the launch of MicroVision Semiconductor, how is management leveraging this new segment to accelerate strategic partnerships in automotive, defense, and industrial markets? Yeah. With MicroVision Semiconductor, as we talked about in the earnings call, they serve MicroVision, so they're a critical part of our efforts to basically up integrate into silicon functionality in the sensor and lower total cost. That's hugely important because it's through that simplification of the silicon in the sensor that you're able to drive cost down. MSI can directly help us do that, whether it's a laser driver IC, a photonics integrated chip, a new form of detector, photodetector, that's the place they play internally for us, and a critical part of reducing sensor cost. What's interesting is they also have tremendous relationships on the outside where they're doing mixed signal design, chip design, other designs for other customers, other sensor providers, other data processing providers, you name it. They have a complete mix of customers. This builds relationships for us in that whole semiconductor industry that you just don't have as a consumer. You're a developer. You're working with the fabs. You're working with the supply chain, the packaging houses. It gives us a really interesting and a really unique opportunity to develop an ecosystem outside of MicroVision, one that's a great business for us, but also one that's important in supporting our own growth. That's where MSI is such a great asset for us. It was just part of that Luminar acquisition that we really are now leveraging fully. I'll just add one thing to that. As I mentioned in my pre-remarks, about 15% of our revenue in quarter two was from MSI. That project that we're working on, we will see more revenue coming Q3 as we finish that project out. We are also responding to multiple RFQs. That's for additional business for us as we progress in for the rest of the year. Yeah. We are now at the top of the hour. Thank you very much for your time, everybody. Thank you for your participation, and we will close the call. Thanks again for your continued support of MicroVision. Thank you. This concludes today's conference call. All parties may disconnect and have a great day. Thank you.