The following is a summary of the MicroVision, Inc. (MVIS) Q4 2023 Earnings Call Transcript:
Financial Performance:
MicroVision reported Q4 2023 revenue of $5.1 million, making the full year 2023 revenue $7.3 million.
Profits were mainly attributed to the Microsoft contract signed in 2017 and direct sales of hardware and software.
The company projects a similar cash burn for 2024 as 2023, between $65 million to $70 million annually.
As of December 31, 2023, MicroVision reported total liquidity of $93 million.
The company expects 2024 revenues of $8 to $10 million primarily from sales of LiDAR sensors to automotive OEM and non-automotive customers.
Business Progress:
The company is engaged in nine RFQs with multiple OEMs in Europe and North America, primarily for passenger car programs.
It is working towards becoming a LiDAR Tier 1, providing its own technology with significant IP.
Future product releases include the MAVIN-N product and the MOVIA-S product.
The firm maintains a strategic focus on nominations for upcoming projects by adopting efficient, high-margin, low-risk models.
MicroVision is focusing on developing level two plus and level three autonomy due to OEM project sizes and market demand.
More details: Microvision IR
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