Scotiabank to Announce Third Quarter 2025 Results Français
Financial results will be issued in a press release at approximately 6:00 a.m. ET on Tuesday, August 26, 2025. The results will be available on Scotiabank's Investor Relations Financial Results page
Scotiabank Results Conference Call
The conference call will take place on Tuesday, August 26, 2025, at 8:15 a.m. ET and is expected to last approximately one hour.
Interested parties are invited to access the call live:
Via telephone, in listen-only mode, at 416-340-2217 or 1-800-806-5484 (North America toll-free) using access code 3178065#. Please call shortly before 8:15 a.m. ET.
On the Investor Relations Financial Results page.
The call will feature a presentation by Scotiabank executives, followed by a question-and-answer period with analysts.
Conference Call Archive
A telephone replay will be available between Tuesday, August 26, 2025, and Friday September 25, 2025, by calling 905-694-9451 or 1-800-408-3053 (North America toll-free). The access code is 6220080#
The archived webcast will be available on the Investor Relations Financial Results page following the call.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
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LUNDIN GOLD REPORTS SECOND QUARTER 2025 RESULTS
Exceptional operating performance drives record revenues and free cash flow VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") today announced its financial results for the second quarter of 2025, featuring record revenues of $453 million and net income of $197 million ($0.82 per share). Free cash flow 1 of $236 million ($0.98 per share) was driven by strong gold production of 139,433 ounces ("oz"), with 136,737 oz sold at an average realized gold price 1 of $3,361 per oz, at low cash operating costs 1 of $756 and all-in sustaining costs 1 ("AISC") of $927 per oz sold. The Company also announced cash dividends totaling $0.79 per share (approximately $190 million) comprised of the fixed quarterly dividend of $0.30 per share and the variable quarterly dividend of $0.49 per share, to be paid at the end of the third quarter. All dollar amounts are stated in US dollars unless otherwise indicated. PDF Version View PDF Ron Hochstein, President and CEO commented, "The second quarter of 2025 delivered outstanding results for Lundin Gold, featuring record revenues and record free cash flow. This was driven by excellent gold production, sales, and a robust realized gold price. Our mill achieved impressive throughput of 5,064 tpd with improved recoveries, a testament to our team's operational excellence. Given this strong performance and outlook, we've elevated the lower end of our 2025 production guidance from 475,000 to 490,000 oz while maintaining the upper end at 525,000 oz. We also expect to remain within the upper end of our cash operating cost 1 and AISC 1 guidance for the year. We are confident that our continued efforts to reduce costs and improve mill throughput will allow us to offset the impact of rising gold prices on royalties and profit sharing payable to employees. As a direct result of our strong Q2 financial performance, we are pleased to declare sector leading dividends totaling $0.79 per share, comprised of both our fixed and variable components, for payment in the third quarter. This demonstrates the effectiveness of our new dividend policy in returning capital to shareholders during periods of strong free cash flow, while still allowing us to strategically invest in our long-term growth initiatives. Lundin Gold remains in a formidable financial position, poised for continued success." The following two tables provide an overview of key operating and financial results. ___________ 1 Refer to "Non-IFRS Measures" section. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues ($'000) 452,880 301,431 809,225 528,172 Income from mining operations ($'000) 314,161 171,757 547,707 284,994 Earnings before interest, taxes, depreciation, and amortization ($'000) 1 318,840 457,069 560,342 568,681 Adjusted earnings before interest, taxes, depreciation, and amortization ($'000) 1 318,840 195,401 560,342 326,857 Net income ($'000) 196,731 119,291 350,231 161,188 Basic income per share ($) 0.82 0.50 1.46 0.68 Cash provided by operating activities ($'000) 254,782 144,169 449,090 252,083 Free cash flow ($'000) 1 235,670 (123,427) 406,453 (41,168) Free cash flow per share ($) 1 0.98 (0.52) 1.69 (0.17) Average realized gold price ($/oz sold) 1 3,361 2,379 3,231 2,270 Cash operating cost ($/oz sold) 1 756 725 773 730 All-in sustaining costs ($/oz sold) 1 927 875 918 872 Adjusted earnings ($'000) 1 196,731 98,938 350,231 156,734 Adjusted earnings per share ($) 1 0.82 0.41 1.46 0.66 Dividends paid per share ($) 0.86 0.10 1.16 0.20 SECOND QUARTER HIGHLIGHTS Financial Results Gold sales totalled 136,737 oz, consisting of 89,615 oz in concentrate and 47,122 oz as doré, resulting in gross revenues of $460 million at an average realized gold price 1 of $3,361 per oz. 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The Company generated cash from operating activities of $255 million and free cash flow 1 of $236 million, or $0.98 per share, resulting in a cash balance of $493 million at June 30, 2025 following quarterly dividend and special dividend payments of $107 million and $100 million, respectively. EBITDA 1 was $319 million while income from mining operations was $314 million which, after deducting corporate, exploration, and taxes, resulted in net income of $197 million for the quarter or $0.82 per share. ___________ 1 Refer to "Non-IFRS Measures" section. Production Results The mine ramped up during the second quarter to keep pace with the mill resulting in a record 448,627 tonnes mined at an average grade of 9.3 g/t. The mill processed 460,820 tonnes at an average throughput rate of 5,064 tpd, with improved recoveries of 90.9%, achieving the process plant expansion operational targets. The average grade of ore milled was 10.4 g/t. Gold production was 139,433 oz which was comprised of 92,242 oz in concentrate and 47,191 oz as doré. Outlook As a result of the strong operating performance in the first half of the year, the Company is updating its 2025 production guidance from 475,000 to 525,000 oz to 490,000 to 525,000 oz. Due to mine sequencing, the Company expects a reduction in average head grade during the second half of the year. The Company expects its cash operating cost 1 and AISC 1 to be near the upper end of guidance of $730 to $790 and $935 to $995 per oz sold respectively. While the significant increase in gold price has led to record financial performance during the first half of 2025, it has also resulted in increased royalties and profit sharing to employees, metrics that impact cash operating cost 1 and AISC 1. Continued efforts to reduce cost and improvements to mill throughput is expected to allow the Company to remain within the upper end of its cost guidance even with average realized gold prices 1 of $3,231 per oz during the first half of 2025, compared to its guidance assumption of $2,500 per oz. Sustaining capital expenditures 1 are expected to increase over the remainder of the year and come in at the previously guided $75 to $85 million. The near-mine underground drilling program is expected to continue to advance at FDNS where the primary focus is the conversion and expansion of this new system. The surface drilling program is expected to continue to explore the recently discovered Trancaloma copper-gold porphyry mineralization, expand the mineralization along the Bonza Sur and FDN East sectors, and advance on new sectors around FDN. Seventeen rigs are currently turning across the conversion and near-mine exploration programs. The Company increased the near-mine drilling program by 18,000 metres to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the conversion drilling program from 15,000 metres to approximately 25,000 metres. A minimum of 108,000 metres of drilling are planned across the conversion and near-mine drilling programs for 2025. Mine engineering work is underway on FDNS to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN's long-term mine plan in 2026. The regional exploration program is expected to continue to focus on the unexplored large package of mineral concessions located on a highly prospective environment which hosts the Fruta del Norte deposit. This is the first year of a new three-year greenfield strategy to identify new areas for exploration drilling. The 2025 program includes a geophysical magnetic survey and a geochemical sampling program. The total estimated cost of the near-mine and regional program is $47 million for the year. This represents the largest drill program ever completed on the land package that hosts the FDN deposit. Under its dividend policy, the Company anticipates continuing to declare quarterly minimum dividends of $0.30 per share, equivalent to approximately $300 million annually based on currently issued and outstanding shares, plus a variable dividend equal to an amount based on at least 50% of the Company's normalized free cash flow, after the deduction of the fixed dividend. ___________ 1 Refer to "Non-IFRS Measures" section. Liquidity and Capital Resources At the end of June 30, 2025, the Company is in a strong financial position. As at June 30, 2025, the Company had cash of $493 million and a working capital balance of $562 million compared to cash of $349 million and a working capital balance of $459 million at December 31, 2024. The change in cash during the 2025 Period was primarily due to cash generated from operating activities of $449 million and proceeds from the exercise of stock options and anti-dilution rights totalling $17.7 million. This is offset by dividends paid of $280 million and capital expenditures of $42.6 million. Capital Expenditures Sustaining Capital Sustaining capital expenditures 1 during the second quarter were $15.9 million. Construction of the fifth raise of the tailings dam started in the second quarter with progress to date consistent with plan. Completion during the first quarter of 2026 remains as expected. Commissioning of the four additional diesel-powered generators was completed during the second quarter, and they are now operational. In the event of a power disruption from the national grid, the additional generators are expected to allow the FDN process plant to run slightly below capacity. Other projects that advanced during the quarter included improvements to the wastewater treatment plants, construction of camp and administration building, as well as enhancements to the South Portal. The 2025 conversion drilling program is focused on FDNS, located in the south portion of the FDN deposit. During the second quarter, the conversion drilling program completed approximately 7,085 metres across 50 holes with three rigs currently turning. The completed holes confirmed the mineralization continuity and indicated higher grade zones within the vein system. Some conversion drill holes also intercepted mineralized zones outside of the existing geological model. A complete table of the conversion drilling results received to date can be found in Lundin Gold's press release dated July 31, 2025. The conversion drilling program has been expanded to 25,000 metres from 15,000 metres. Health and Safety During the second quarter there were no Lost Time Incidents and no Medical Aid Incidents. The Total Recordable Incident Rate across the Company was 0.00 per 200,000 hours worked for the quarter and 0.10 for the first six months of 2025. Community Lundin Gold sponsored community projects continued to advance well in the second quarter of 2025. One of the Company's most impactful programs, run by the non-governmental organization Educación para Compartir ("EPC"), has focused on mental health and well-being in our local communities since its inception in November 2023. During the second quarter, approximately 957 counselling sessions were provided, with an intake of approximately 55 new patients. As of the end of June, the sports academy component of the program had 359 youth registered in extra-curricular activities, including English studies, basketball, soccer, dance, music and boxing. During the quarter, Lundin Gold committed to the second phase of the EPC program, which is planned to run from July 2025 to December 2026. This second phase will build on the previous phase and seek to increase its reach and impact. Engagement with El Pangui, Paquisha, Zamora, Yantzaza and Los Encuentros local governments continues to support rural road maintenance, road emergencies caused by extreme weather events, community wellbeing and regional exploration activities. During the quarter, the Company committed to several significant projects, such as improvements to the water system in El Pangui Canton and the installation and electricity network expansion in the Paquisha Canton. Lundin Gold continued to participate in the community roundtable process. Six separate thematic roundtables were held in May. Approximately 200 individuals participated in these sessions, including local vendors, local authorities and Lundin Gold personnel. Local businesses receive ongoing support from the Company, in conjunction with the Lundin Foundation. The local companies that participate in the Lundin Foundation's supplier development program continued to provide products and services to FDN, while also advancing growth strategies. The Lundin Foundation continued to support the third cohort of its successful Soy Emprendedora program. In furtherance of the Company's long-standing relationship with the Shuar Indigenous Peoples, Lundin Gold and the Lundin Foundation continued to advance the implementation of a Shuar local supplier initiative for FDN. EXPLORATION Near-Mine Exploration Program During the second quarter of 2025, the Company completed a total of 19,788 metres across 35 holes from surface and underground. The underground near mine drilling program focused on potential extensions of the FDNS deposit, which remains open for expansion in the north and along the south extensions where two underground rigs are currently turning. The underground drilling program continued to advance in the quarter at FDN East and is currently exploring the mineralization continuity in the central portion of this target. As at the date of this press release, three underground rigs are active in the near mine drilling program. In addition to the drilling programs, mine engineering work is underway on FDNS to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN's long-term mine plan in 2026. The surface near mine drilling program advanced in the recently discovered copper-gold mineralization at the Trancaloma target, while also continuing the delineation of the Bonza Sur deposit and drilling on new sectors like the Sandia porphyry, located a few kilometres east from the FDN deposit. As at the date of this press release, 11 surface rigs are drilling, with four of them at Trancaloma, one at Sandia, one below FDN depth, one at FDN East, one at Bonza Sur, and three testing new sectors. At Trancaloma, located on the east border of Bonza Sur, the drilling program confirmed the extension of the recently discovered copper-gold porphyry mineralization. In the eastern portion of the target, the drilling program followed up on drilling results from the first quarter, extended the mineralized system along the northeastern and southwestern directions, and identified areas for further expansion. The drilling program also advanced in the western portion of Trancaloma, where another near surface copper mineralized zone was identified. At Bonza Sur, drill holes were completed along south and southeastern extensions and confirmed the deposit's continuity. In the south end of the deposit recent drilling suggests further potential for expansion along this direction. Toward the southeastern extension, the drilling program advanced along the limit with the Trancaloma porphyry. At FDN East, the surface drilling program advanced in conjunction with the underground program and continued to intercept the mineralization continuity in the central part of the target and indicated areas for further expansion potential toward the north and south direction. At FDN, directional drilling technology has been employed in the surface drilling program to enhance precision for the target testing in the deeper portions of the deposit. Throughout the program, drill holes tested the mineralization continuity at distinct depths along the central portion of FDN. The near-mine exploration program continues to advance in unexplored areas close to FDN. A systematic exploration program employing geochemical and geophysical surveys and geological mapping advanced on potential targets. At Sandia, initial drilling results revealed the occurrence of a new shallow and wide copper-gold porphyry mineralization. A table of second quarter 2025 near mine results for the FDNS, FDN East, Bonza Sur and Trancaloma and Sandia targets received to date can be found in Lundin Gold's press releases dated July 31 and August 5, 2025. Regional Exploration Program The Company advanced its multi-year regional exploration program during the second quarter of 2025. The program is expected to cover approximately 54,000 hectares on 23 of the Company's concessions along the Zamora Copper Gold Belt, a high potential geological setting which hosts the Fruta del Norte mine and several large copper gold projects. The exploration program continues to advance in the Gamora district, located 65 kilometres north of FDN and approximately four kilometres north of the Mirador copper gold mine. The Gamora district comprises multiple exploration sectors that exhibit geological features similar to those found in copper-gold porphyry systems. Geological mapping and geochemical sampling programs were completed in distinct parts of the district during the quarter and resulted in the identification of several new potential targets for further evaluation. Furthermore, exploration started at the Soberano concession, located approximately 22 kilometres southwest from the FDN Mine, where geological mapping followed by soil and rock sampling were completed. CORPORATE The Company published its 2024 Sustainability Report in April which marks its second year of transition towards aligning with the European Sustainability Reporting Standards. The Company paid dividends during the quarter as follows: A special dividend of $0.41 per share on June 9, 2025 (June 12, 2025 for shares trading on Nasdaq Stockholm) for a total of $100 million. A quarterly dividend of $0.45 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.15 per share, on June 25, 2025 (June 30, 2025 for shares trading on Nasdaq Stockholm) for a total of $107 million. With the release of its second quarter 2025 results, the Company has declared cash dividends totaling $0.79 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.49 per share, payable on September 25, 2025 (September 30, 2025 for shares trading on Nasdaq Stockholm) to shareholders of record at the close of business on September 10, 2025. Pursuant to the Company's dividend policy, the variable dividend was calculated based on 50% of the Company's normalized free cash flow, after deducting the fixed dividend paid, during the second quarter of 2025. Qualified Persons The technical information relating to Fruta del Norte contained in this press release has been reviewed and approved by Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The disclosure of exploration information contained in this press release was prepared by Andre Oliveira Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of NI 43-101. Webcast and Conference Call The Company will host a conference call and webcast to discuss its results on August 8 at 5:30 a.m. PT, 8:30 a.m. ET, 2:30 p.m. CET. Conference Call Dial-In Numbers: A link to the webcast will be available on the Company's website, A replay of the conference call will be available two hours after its completion until August 15, 2025. About Lundin Gold Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world. The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders. Non-IFRS Measures This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining capital expenditures, free cash flow, free cash flow per share, and adjusted earnings, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in the understanding of the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 12 of the Company's MD&A for the year ended August 7, 2025 available on SEDAR+. Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on August 7, 2025 at 4:30 p.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in several places, such as in statements relating to to the Company's 2025 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and cash flow forecasts; gold price; estimated capital costs and sustaining capital; estimated costs related to the Company's near-mine and regional drilling programs; the Company's ability to mitigate the impacts on its operations of a power disruption from the national grid; benefits of the Company's community programs; the Company's declaration and payment of dividends pursuant to its dividend policy; and the timing and the success of its drill program at Fruta del Norte and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte. Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed under the heading "Risk Factors" in the Company's Annual Information Form dated March 17, 2025 available at
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MicroVision (MVIS) Q2 2025 Earnings Transcript
Date Thursday, August 7, 2025 at 8:30 p.m. ET Call participants Chief Executive Officer — Sumit Sharma Chief Financial Officer — Anubhav Verma Chief Technology Officer — Glen DeVos Need a quote from a Motley Fool analyst? Email pr@ Risks Revenue for fiscal Q2 2025 was $150,000, with all sales concentrated in the industrial vertical and no reported automotive or defense revenues. Outstanding convertible note balance remains at approximately $33 million as of fiscal Q2 2025, convertible at $1.60 per share, potentially increasing dilution if settled in equity under market conditions. Automotive RFQ cycle remains unpredictable, with "quote timing may shift around a little bit" and launches for large volumes not anticipated prior to 2028, possibly delaying meaningful automotive revenues. 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ATM capital raise -- $35 million net from the ATM facility in fiscal Q2 2025, increasing company liquidity. Convertible notes -- $33 million outstanding at a fixed conversion price of $1.60 per share as of fiscal Q2 2025, with $30 million of undrawn capital under the convertible notes facility and the first payment due September 1, 2025. Average daily trading volume -- 5.2 million shares in fiscal Q2 2025, doubling from the 2.6 million level in fiscal Q2 2024. Single-investor commitment -- Over $90 million from one institutional investor in fiscal Q2 2025, unlocking higher trading liquidity and broader institutional awareness. Expense trajectory -- Management stated, "We expect the current spending level to be sustained through the rest of the year," indicating no meaningful near-term OpEx growth, with management expecting operating expenses to remain at current levels through the remainder of 2025. NVIDIA DRIVE AGX platform integration -- Completed, supporting full-solution qualification for automotive OEM RFQs. Production partnership -- Firm commitment in France to support Movia L product, enabling minimal China exposure and supply chain resilience. Aftermarket industrial product -- Retrofits for forklift fleets launched, targeting faster time-to-market and frictionless adoption. Automotive RFQs -- "multiple reformulated RFQs" in progress, with a new architecture to be introduced at IAA Munich in September. Defense segment exposure -- Autonomous swarming drone demonstration planned for the first half of next year, with technology spanning mapping and real-time data sharing for unmanned systems. Industrial revenue expectations -- Management projects revenue from industrial engagements to begin in 2026, as stated on the fiscal Q2 2025 earnings call. Summary MicroVision (NASDAQ:MVIS) emphasized enhanced institutional engagement, demonstrated by a substantial single-investor commitment and a sharp increase in trading activity. Management highlighted robust liquidity with flexible financing tools, supporting execution across automotive, industrial, and defense markets. The company is leveraging fully integrated solutions and targeting industrial, defense, and automotive OEMs with differentiated hardware-software offerings. Strategic focus included advancing large-scale automotive RFQs, near-term industrial commercialization, and initial defense sector demonstrations, while controlling operating expenses and maintaining an efficient workforce. Management described the current product pipeline as directly aligning with OEM cost priorities, with "price will continue to be the single most important factor for OEM decisions to drive higher LiDAR adoption." "we're expanding what we have" in military technologies, enabling autonomous navigation in GPS-denied environments for land, aerial, and maritime platforms, per company statements. As management reiterated, "we're not looking to double or triple our expenses." The ATM facility and capital structure are managed to extend runway into 2027, according to management commentary during the fiscal Q2 2025 earnings call, with debt settlements positioned for either cash or equity depending on market and lender actions. The competitive position is framed around silicon-based solid-state solutions, lower cost structure, software integration capabilities, and hardware tailored to emerging industrial and defense requirements. Industry glossary RFQ: Request for Quotation; formal bidding process by OEM or industrial customers to solicit purchase proposals for specific hardware/software solutions. ATM facility: At-the-market facility; a method for publicly traded companies to raise capital by selling shares incrementally at prevailing market prices. LCAS: LiDAR Collision Avoidance System; embedded software solution for real-time obstacle detection and avoidance in autonomous vehicles and industrial machinery. AGV: Automated Guided Vehicle; industrial transport machines operating autonomously along pre-defined routes. AMR: Autonomous Mobile Robot; self-navigating industrial robots used in logistics, warehousing, and materials handling applications. Movia S / Movia L / Maven: Proprietary MicroVision automotive and industrial LiDAR sensor product lines, differentiated by field of view, form factor, and intended application. DRIVE AGX: NVIDIA's automotive AI computing platform enabling sensor integration and autonomous driving features. Full Conference Call Transcript Sumit Sharma, and our Chief Financial Officer, Anubhav Verma. Following their prepared remarks, our Chief Technology Officer, Glen DeVos, will join us, and we will open the call to questions. Please note some of the information you'll hear in today's discussion will include forward-looking statements. Including, but not limited to, statements regarding the status of commercial engagement, business product, and go-to-market strategies, level of customer and partner engagement, cash, liquidity, and the impacts of recent financing activities, market landscape, and opportunities, program volumes and timing, development projects, performance of our products and solutions, product sales and future demand, projections of future operations and cash flow, availability of funds and conditions for capital raising, 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-Ks 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. 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-Ks dated and submitted to the SEC today. Operator: Both of which can be found on our corporate website. Drew Markham: Under the SEC filings tab. This conference call will be available for audio replay on the Investor Relations section of our website at Now I would like to turn the call over to Sumit Sharma, our Chief Executive Officer. Sumit? Sumit Sharma: Thank you, Drew, and hello, everyone. Welcome to our second quarter 2025 results review. I'll start by updating you on our progress with commercial agreements in the automotive and industrial markets followed by what we expect from our military engagements and finally, refreshing everyone with our vision and mission. Since our last update, our level of engagement with automotive OEMs has increased. With multiple reformulated RFQs. A new architecture, which Glen will introduce at IAA in September in Munich, is instrumental to this. It provides OEMs with a wider operational design domain while making solutions cost competitive for larger volume adoption. For the past five years, LiDAR companies have proposed solutions with no mass market adoption by OEMs and limited revenues. The new RFQs target form factors that can be integrated into automotive design with low power and competitive technology cost for economy of scale. Our new Movia S and Maven offer the widest field of view delivering what we believe is the most cost-competitive performance for dynamic view LiDAR. Key features include small object detection at range, the wider system field of view, the lowest system power, and cost competitiveness with scaled silicon technologies. To succeed in this space, our go-to-market strategies remain steadfast. We are focusing on OEMs with mass market product plans. Even with production targeted for 2028 and beyond, it is crucial for us to win in this segment with a scalable product. Cost-competitive and scalable LiDAR products developed for automotive will also empower us in the industrial and defense segment with higher sensor fusion and perception software sales. We plan to elaborate on this further in September at IAA in Munich. In our industrial vertical, we are in the final stages of several engagements with ongoing evaluations. This segment is also very important to us. The proposed solutions include our LiDAR hardware integrated with advanced software features like the LiDAR collision avoidance system, LCAS, directly from the LiDAR sensor. We have multiple opportunities with these products and with industrial customers. To advance our sales opportunities in the automated guided machines, autonomous mobile robot, segment. We also introduced an aftermarket product with our LiDAR and LCAAS software that can be retrofitted into existing forklift fleets. This product makes adoption of our LiDAR and software far more frictionless for our potential customers. I've been on the road with our sales team for this product and have been pleased by the reception. The mass market product for this segment will be a Movia S safety sensor which we plan to introduce in the coming years. In the industrial space, 2D mechanical LiDARs that are safety qualified currently hold the highest volume and revenue opportunity. Though perception software developed with these sensors is extremely limited, to dominate this segment, we expect to forge future partnerships with AGV AMR companies looking to evolve past 2D LiDAR safety sensors to our 3D safety sensor with onboard perception. We are targeting our solid-state Movia S LiDAR for this product line. With resolutions more than 2.5 times higher than current products, a smaller form factor, and integrated LCAS and safety sensor options, I believe this will be a very successful product line and will allow us to establish reliable, annual recurring revenues in this vertical. Our current focus is on finalizing commercial partnerships in this segment. The defense vertical presents a significant opportunity for us to collaborate with existing prime contractors and to serve as a primary technology provider for a comprehensive hardware and sensor fusion product. The defense market demands dual-use technologies and cost-effective systems for land-based aerial and maritime autonomous platforms. Each of these platforms requires high-performance, highly reliable LiDAR, seamlessly sensor fusion software, and a perception software layer that extracts insights from the localization and mapping to enable full autonomy. These systems must be capable of operating in GPS-denied environments without extensive AI training data. This is the forefront of autonomy, and our products and technologies can significantly impact this segment. Developing and demonstrating our technology in the military space will further create opportunities in the future for us in automotive and industrial to bring advanced technologies built on top of our LiDAR for years to come. In the first half of next year, we plan to publicly demonstrate an autonomous swarming drone system. This system will be capable of creating detailed maps of regions and communicating these maps in real-time. Allowing other autonomous drones to execute a wide range of missions. The core sensor fusion and autonomy software we are developing will facilitate partnerships in aerial, maritime, and terrestrial domains. This drone technology demonstrator will be crucial in advancing our collaborations. Our go-to-market strategy for the defense sector will center on developing advanced LiDAR sensors and sensor fusion technology that delivers the highest level of actionable perception software. We target partnering with established prime defense contractors and these partnerships may lead to further opportunities for joint ventures that can accelerate our revenue growth. Our company vision is to accelerate the global adoption of autonomous technologies across all segments. Our mission is to partner and develop the most advanced LiDAR sensors integrated with edge perception software for the automotive segment, enable the industrial segment with advanced robotics software, and our LiDARs, and empower the military segment with autonomous software with multimode sensor integration. I will keep my remarks brief today to allow time for questions from our shareholders which I would like to prioritize. I'd like to turn the call over to Anubhav now. Anubhav? Anubhav Verma: Thanks, Sumit. From a financial perspective, the first half of this year, especially the second quarter, witnessed increased trading activity and institutional trading, not just in MicroVision, Inc., but across the board in our peers as well. This sustained momentum and elevated interest in LiDAR and auto tech names pedals an exciting time for us. A lot of blue-chip institutions also seem to be turning their focus back onto auto tech especially the LiDAR sector, primarily due to two factors. Number one, the progress that's being made towards commercialization across automotive and robotics and defense tech. Number two, a global portfolio rebalancing that seems to be at play for large financial institutions. As a result of which, small to mid-cap companies are expected to continue to benefit from this trend. Expanding on Sumit's comments, we made significant progress with NVIDIA, by achieving full integration with their Drive AGX platform. This is a big step forward for us to become a fully qualified solution provider particularly as we engage in several RFQs with automotive OEMs, for our integrated long-range and short-range LiDAR solution. We're looking forward to IAA in Munich next month to demonstrate our new integrated solution for the OEMs. We believe that price will continue to be the single most important factor for OEM decisions to drive higher LiDAR adoption. The automotive vertical will always be the primary for high-volume recurring business that gets us to scale. We're driving momentum in the industrial AGV AMR market to drive near-term revenue opportunities leveraging our perception software and Movia hardware to solve complex business problems for our customers at attractive price points. That lower their system cost and increase their internal productivity and efficiency. We believe that our production commitment with ZF in France drives our ability to meet the anticipated high-volume demand from customers in the space for our Movia L product. We believe the ability to mass-produce automotive-grade products ensures continuous and uninterrupted supply at a pricing advantage to our customers given our minimal exposure to China-based manufacturing. While the situation continues to be dynamic and evolving, regarding global tariffs, we believe MicroVision, Inc. remains well-positioned with our manufacturing partner in France. We continue to press ahead with our pursuit of revenue opportunities in the defense vertical. We recently added Scott Goldstein to our advisory board to help find near-term partnerships. Our go-to-market strategy in the sector will be focused on mission-specific projects in three key areas. Maritime, airborne, and terrestrial. In short order, we plan to demonstrate a complete solution with multimodal sensors and our full-stack software capable of enabling unmanned drones to complete specific missions. We recently bolstered our sales and business development teams by attracting experienced talented individuals from some of our key competitors. MicroVision, Inc. remains well-positioned in the marketplace with diversified near-term revenue opportunities in the industrial and defense sectors. The expanded TAMs, streamlined cost structure, and recent financings have solidified our position. Now let's review our second-quarter financial results. Revenue. For the second quarter, we reported revenues of $150,000. This quarter's revenue was driven by our sales in the industrial verticals. Expenses. Our second quarter 2025 R&D and SG&A expenses were $14.1 million including $1.9 million of non-GAAP charges related to stock-based compensation, and $1.5 million non-cash charges related to DNA. Backing out these non-cash charges, our R&D and SG&A cash expenses were only $11 million in the quarter. On a year-over-year basis, we have reduced our expenses by 44%. We expect the current spending level to be sustained through the rest of the year. We believe our existing workforce and level of expenses allow us to execute on the current business strategy. We believe our current engineering teams can support continued engagement with automotive OEMs and simultaneously scale faster with industrial and defense opportunities in the near term. Q4 CapEx was $200,000 in line with our expectations. Now let's talk about our balance sheet. We finished this quarter with $91.4 million in cash and cash equivalents. In addition, the company has availability of $76.5 million under our current ATM facility. And $30 million of undrawn capital under the convertible notes facility. As I mentioned earlier, the LiDAR sector and broadly the auto sectors saw elevated trading volumes in 2025 due to increased interest from institutions trading in these securities. Given the favorable market volumes, we raised about $35 million net from the ATM during the second quarter and bolstered our balance sheet. While we will continue to be opportunistic in raising capital, we believe that with the recent raises and our current ongoing operating cost structure, we have extended our runway into 2027. The extended runway makes MicroVision, Inc. an attractive investment for new large financial institutions. On the convertible note, we have approximately $33 million outstanding that converts at a fixed price of $1.60. With $91.4 million cash at hand, we're now adequately capitalized to make these debt payments starting September 1 in cash with the cash on hand or through stock if the holders choose to exercise their option due to favorable market conditions. The $30 million second tranche remains undrawn and available for future drawdowns. We're pleased to have found a strategic financial partner whose confidence in MicroVision, Inc.'s future has motivated an alignment of economic interest in step with our management team, employees, and other shareholders. MicroVision, Inc.'s average trading volumes have significantly increased which in part is due to the investment commitment of over $90 million from one single investor. As I have noted before, this is the first in the company's history and I am quite pleased with the recent uptick in our trading activity. Our average daily trading volume has more than doubled. Over 5.2 million shares traded on an average on a daily basis during the entire second quarter in 2025. The equivalent number was 2.6 million in the corresponding period in 2024. While a solid foundational retail base is very core to MicroVision, Inc., we are pleased to report that the recent $90 million investment commitment has unlocked a sharp increase in trading and inbound interest from several large financial institutions. This has significantly elevated the visibility of the company across the broader institutional investor universe. We remain relentlessly focused on our execution, and continue to have excellent engagement with industrial customers on their technology roadmap. To summarize, we're really excited about positioning MicroVision, Inc. as one of the front runners of the autonomy enablers for the three end markets. We continue to drive forward with significantly higher TAMs, including defense and industrial, extensive and broadening solution advancements, a solid balance sheet with superior trading metrics, and a well-experienced team to execute the strategy. Operator, I would now like to open the line for questions. Operator: Thank you, sir. At this time, we will conduct the 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. Once again, to ask questions on the phone line, please press star one. And our first question comes from Jesse Sobelson of DeBurro Capital. Hey, everyone. Jesse Sobelson: Thanks for taking my questions here. It really sounds like there's a lot of exciting developments both on the military side here with the autonomous drones you mentioned in these remarks as well as just, you know, across the board with other end markets that we've discussed previously. I wanted to ask just on the industrial pipeline visibility. You mentioned growing momentum in the industrial verticals. Can you expand on specific use cases or customer types showing any traction, and when do you expect this to materially impact revenue? Sumit Sharma: Yeah. I think we updated this at the Investor Day. I think everything we said probably so far stays in play. In the industrial space, primarily AGV AMRs, is the target. Imagine, you know, in the logistics space, there's a bunch of requirements for autonomy that people think about, but there's a bigger unmet need of higher levels of safety. Our product with our concurrent Movia L integrated with an LCAAS system with a display sort of equivalent to a retrofittable, like a bolt-on solution. That goes on all existing installs. So you're not waiting for a forklift OEM to integrate into their next-generation product, which, you know, their cycles are longer and slower. We are in some of those RFQs. Right? And, you know, I think we're trying to successfully close on some of them. But I think the bigger opportunity is the installed base that already exists. And there is quite a lot of sales organizations out there that retrofit, that have access to these customers that have huge install bases. And they're looking for a plug-in ADAS solution more like a warning system to get it going faster than the 4K 4G. So from that standpoint, you know, there's a market for that. You know, certainly higher ASPs there. The time to market is faster because we give a fully integrated product. Beyond that, there's also other opportunities where a LiDAR with customized software with multiple customers can be integrated to enable their LCAS system or other kinds of automation, and our team is working actively on that. Our engineering teams and our sales team are working actively on that. And, Jesse, from a timing standpoint, we expect these revenues in 2026. As we mentioned before. Jesse Sobelson: Great. That's wonderful to hear. I really appreciate the detail there. You know, then just to quickly touch upon the defense sector, and then I'll let the line open up for some other questions. But, you know, the autonomous drone that you guys are discussing sounds very intriguing. Are there any specific programs or agencies that you're aiming to engage with in this defense vertical? And what would be the timing of expecting, you know, any prototypes to be announced or any potential pilots, you know, beginning with these targeted agencies? Thank you. Sumit Sharma: We're working actively in this space. Right? I think as partnerships happen, we will announce them. I think in this case, you know, something we have certain blocks of technology that we're already built out. Specifically the sensor fusion, the perception. And our LiDAR products. Beyond that, you know, we are integrating other sensors into it. So, again, as Anubhav mentioned, very mission-specific, so we're not making a general product. But instead of waiting for a partnership to be announced and then start working on a development, we've seen enough interest in it that it was easy to demonstrate something by the early first half of next year. With the drone technology, which is completely, you know, puts us in a completely different category than any other LiDAR company. So if you think about this thing, it's a demonstrator. It's a public demonstrator. We're funding it. Based on input that we receive from a lot of different places of something one of the crucial blocks that we should be demonstrating, for partners to, you know, evaluate our level of expertise. Glen, perhaps you wanna get some color? Glen DeVos: Yeah. That's exactly right, Sumit. As you mentioned, we really have a multiple-phase project launched for airborne drones where we can show not just, hey, here's how a LiDAR sensor works, but rather here's how LiDAR vision ultimately radar, all work together to provide a couple of different things. One is pure autonomous navigation for that drone. So in RF and GPS denied environments, very common in particular in areas of conflict. You are able to navigate that drone with precision without having to rely on any external communications. We can also create the maps in real-time and then share those maps with other drones, as Sumit mentioned. You know, swarming and multiple drone operations. Well, you can enable that through that communication of real-time maps. From one drone to another. And so we'll be showcasing how that actually works and how our technology develops that. And the great thing is we don't if you think about the drone somewhat agnostically, you know, it's a vehicle platform that we'll control. MicroVision, Inc. has all of the constituent technologies required to make that happen. We have the sensors. We have the ability to process and fuse the different sensing modalities. We have the map-making and the, basically, the perception software so we can build the environmental model for the vehicle. Or for the drone. Then we have the actual autonomous stack that sits on top. This is back from the IP that we acquired with iBail. So we're able to integrate those existing assets into this new package. And that's why for us, it's important to be able to just showcase that use that as a platform to attract and work with and identify and work with the right partners in that space. And the initial focus is on defense. But when you think about what we just talked about, it really applies very broadly to commercial markets, logistics, and many other different markets so that technology can easily be transferred over to other end markets. But the initial focus is really what we can do in defense. Jesse Sobelson: Great. Thanks a lot, guys. Sumit Sharma: Thanks, Jesse. Thank you. Operator: And our next question comes from Casey Ryan of Westpark Capital. Casey Ryan: Thank you for the update. Hey. Talking about end markets and TAMs, do we need to break industrial down to be broader than what we've talked about historically just that, you know, distribution, warehousing is one, but are we starting to see a more expansive definition of industrial or sort of non-automotive? Sumit Sharma: It'd be great to hear about that. Yeah. So let me get let me You got enough room for work. Can you go on mute so we can so I can answer? Casey Ryan: Alright. Sumit Sharma: Yeah. Well, let me just give some context on that. So think about the industrial. I think the way to approach the problem is what are the channels that you have to go in that you have to develop, to get your product into the market. Actually, you know, we know how to make product. We know how to solve problems. I think it's really come from you got this, you know, awesome technology you're sitting with, but how are you gonna actually develop a channel to dominate? So if you can take the industrial space, the way to break it down is geofence, you know, mixed use, ADAS. But, also, you know, there are certain parts that are kinda automated in the sense that if somebody needs a safety sensor right now, they know exactly who the three to four suppliers are. Know who's number one that's got more than 80% market. Share in there. They go get a quote, and they just keep replacing. Or the new equipment keep adding. So over a long period of time, there's a recurring revenue in that space that is agnostic of the three segments that I described. When they develop any kind of AGV AMR, they need the safety sensor, they always go to a standard product. So if you think about the chain I have to create a channel for that market where we are a standardized safety sensor product that you would need a higher workforce, of course, when that moment comes in. Because the way you would actually go do sales there is different than the small that we have right now that goes after individual high volume projects. You'd have to really be a mass market product and, you know, deploy across different distribution channels. So the real answer is that how do you segment this market? Well, there's multiple ways. Right now, given how we're targeting, we have to pick the cherry products. That have high volume. Recently, we were, you know, discussing with somebody in an RFQ, and the volume was only 15 And they're like, oh, we're only 1,500 units. And I met them, and I said, no. No. That's pretty good for us. Right? Because, you know, that's how the momentum starts. Of course, we'll build trust from there, and we'll go and, you know, take years to build it. Into their pipeline. So I don't think you have to dissect the segment more, but dominantly, track the automation, and warehouse. This is the two big places where this sensor and any sensor that we come up with, safety sensor, is gonna be dominant. So I think we can keep it at those segments. It's how we attack those segments and how we go after developing those channels. Is probably a better way to discuss because, of course, feature expense will be related. To that. Right now, what we can do with our current workforce, our sales team, is focus on some things. And once we get the real understanding of how those channels are developing, we can invest heavier to go higher. But when we go to the safety sensor, you definitely need a bigger sales team to go global across multiple distribution channels. Operator: Mister Ryan, did you have a follow-up? Casey Ryan: Let's move to the next then. Operator: I will now turn this call back over to Anubhav Verma. To read questions submitted through the webcast. Thank you. Anubhav Verma: Thank you, Paul. Right. So first question, what is the status of the industrial OEM evaluating our technology? Can you explain what is causing the order delay? What is the status of other industrial companies evaluating our technology? Yeah. I'll take this. I don't think there is any delay in making a decision. I think, you know, we have a sensor. We provide software. They have their own software to integrate into their AGV AMRs. You know? Like, some of the ones that we visited are as few as 100 units. Some of them are higher than that. I think they're all in different levels of evaluation of how they will integrate into their system. You know, of course, we sell a solution. But the bigger thing that every partner has to figure out is, if they are making a new product, how is that gonna plug into the supply chain? How to go to their factory, get installed, the integration part of it? If you have a customer that's potentially looking at to go more aggressively and retrofit it, they have to figure all those things out. Like, you know, once the product gets installed, how would you upgrade a firmware bug that could be found? So there's lots of steps involved to get that integration part done. So I would just qualify it as more, you know, that it is in deep evaluation. I think in all cases, we have not really submitted any big changes. I think we're done. We just support them in the various things that all these customers are finding. Just to upgrade, you know, our offering. But our input at this point is minimal, and, you know, we are actively supporting their integration efforts to make sure everything is exactly the way they would want. These customers are different than automotive customers. Automotive customers have multiple years to figure this out. Industrial customers, on the other hand, you know, they can take as little as twelve months, as much as twenty-four months. So typically, like, you know, they wanna make sure whatever they're buying is gonna smoothly integrate. So that's where we are in these engagements. Anubhav, I think you're on mute. Next question. Recently, most of the other LiDAR companies have announced sensors for the industrial sectors. How do you plan to compete with them especially existing players like Alstair and SIC, that have a stronger revenue and a customer base. Glen, you wanna tackle this? Glen DeVos: Yeah. I think really, on a couple of different levels. Especially when we look at the existing portfolios of those parts, they're largely electromechanical. Electromechanical assembly is quite large, large towers. So, really, there's a few dimensions that we compete on. The first is really on technology. And what I mean by that is when you look at the products we're offering for industrial, which are all silicon-based, so their flashlight are all silicon-based. They just have a fundamental cost advantage from the technology itself in terms of how you assemble the sensor, how you operate the sensor, and the benefits that scale brings in terms of the production of that sensor. So there's a significant cost floor advantage for us. The second is, we package ours, it's for harsh environments. And so whether you're spraying it with a wand to clean the vehicle, or it's wiping it down with an older cloth or lenses, our Gorilla Glass, the product is sealed, has high integrity sealing. So that it's very, very compatible with harsh environments. Not just shock and vibe, but really the elements that you see when you in these industrial environments. And then the third is just size and power. They're more compact. They consume less power, which is very critical for battery-operated AGVs and AMRs. The next dimension of really that we think, well, we have a competitive advantage is in that we're not just providing a catalog sensor that can, you know, deliver a point cloud. We have, in fact, that full software stack that goes with that sensor. So we can provide perception. We can provide driver assistance or LCAS features on top of that perception. Can deliver a wide range of functional content in that sensor we can really tailor that to the particular OEM's needs. And I think it's really critical that we're not just, you know, not a one size fits all type of solution or a catalog sale. It really is. Where these OEMs are that we're working with we can tailor the solution to their vehicles their needs in terms of their end-use applications, and that what we're seeing with customers is that's a significant difference maker for that customer. They're not trying to don't have to adapt their system to our sensor. Can integrate it with their architecture. And then finally, I would highlight, as Sumit mentioned earlier, the whole idea of the bolt-on system, because we have that complete offering, hardware, software, perception, features on top, LCAS functionality. Able to actually offer those customers a bolt-on system for existing vehicles and for existing fleets. Or for fleets that are just going out that don't have any driver assistance or safety-related features with them. And as a result, we're able to basically just power that up easily add it to the system, provide that vehicle with an additional level of safety performance, very quickly. We offer the entire software stack that enables that. And so that's, as Sumit was mentioned earlier, seeing a really strong pull for that. Because there really aren't driver assistance systems like that or safety systems out there today, this enables our customers to be able to adopt, deploy, very rapidly, and then start getting the benefits both in terms of safety as well as increased productivity from the adoption of those systems. So it's really on a couple of different dimensions that we think we're in a very good competitive position. It's really kind of disrupt the status quo of electromechanical and old-school style sensors. And really bring in much more modern, much more cost-effective, much higher-performing systems. Anubhav Verma: Thank you, Glen. Next question. MicroVision, Inc. is entering the military tech space. Today, you mentioned drones, aerial, and marine applications in the defense tech space. Are we pivoting away from LiDAR because we have limited success or do we have something valuable to offer? And how much dilution should shareholders expect from this? I'll take that. I think I'll, I'll answer the first half of it. And then, Anubhav, probably, you can come and help with the dilution part of it. So let's first of all, like, I think, like, you know, we're expanding what we have. So as I think Anubhav's already mentioned. Right? We don't expect big increases in our OpEx. And we're still promising that in the first half next year, we're gonna have this very sophisticated, drone demonstrator. So I think, like, you know, I want all of us to think about all of us shareholders to think about it as you know, we're doing more with the same set of resources. But we're optimizing what the market needs. So LiDAR still is a foundational sensor. It is why we're gonna keep having an advantage. So let me give an example. Right? And I've been thinking about this, over the weekend. So far, you know, we do LiDAR, and, you know, you always think about autonomous vehicles, you know, on roads. We mentioned drones, and we'll about why we may have to invent drones. But we also mentioned maritime. So we're going where the market is going in the military tech space. If there is huge investments to automate, you know, watercraft and maritime. Of course, we have to see, do we fit, and do we offer anything new? So if you think about, like, you know, any of us, let's say we had, you know, enough experience on our team that, you know, says, you know what? Enough Navy ex-Navy SEALs and that would say, you know what? Let's make this product. They would always start. You know, they would need what? They would need some sort of, like, GNSS. You know, we think about, like, you know, some GPS. There could be IMU. There could be, you know, they need, like, vehicle automation systems. You know? Camera sensors, radar sensors, LiDAR sensors, microphones. They would have maps, you know, you know, for, like, inland maps. Right? That they have to navigate around. And all sorts of data archives. So these are the fundamental building blocks that any company in that space providing a prime, providing an autonomous boat to a DOD contract would need. All of them would take those inputs and put it into, let's say, call it a black box, like a sensor, fusion black box, which is what we have. We provide the LiDAR that accelerates our path to take that and take that construct and create a seamless database for them where we our perception very quickly identifies key topics, or key items in the field of view. Which could be obviously, in this case, you know, could be all the way around the boat. Under the water as well. All combined. And allows them to have faster insights. So the same fundamental we've talking about that enable ADAS and autonomy with different sensors can be deployed in a completely different area. But the fundamental building blocks the company has. But there are other fundamental building blocks. Like, for example, we've never integrated anything with the sonar. Or, like, you know, a microphone, right, or any kind of other those kinds of sensors. So we could build that. So we wanna go find partnerships to demonstrate with our growing technology what we have demonstrated. And say, you know, our construct, our real product is the software and hardware package that accelerates your adoption path. I can bring autonomy to you faster. And so you haven't to invent all of this, I have blocks already built out. So I would say that we're expanding with the bids that we have. We don't see the OpEx going up, and we're gonna demonstrate it publicly. So I would not say it's pivoting. It's expanding the product lines that we have. In the military tech. But what we have applies to all three areas. Of course, terrestrial, everybody on this call, knows a lot about it. You know, we've been talking a lot about it. Drone is something that's interesting. The nice thing about drones is they are up in the air, but there's that much traffic, but there's also not that much that many roads. So the rules are different. So you can apply autonomy at a faster pace and demonstrate something, and the thing that, that Glen's talked about in developing these real-time maps this is actually a really important thing. Remember, if any of us were dropped into some place we don't know, the first thing you need is a map, and your map could be old. Because things could have changed after a rainstorm or something. But being able to, in a very cheap manner, create your own high-resolution map. It's a very first step before any mission can be deployed. So that's what we're gonna demonstrate in a multiple drones working together. And, of course, expand it further to maritime. But, Anubhav, you wanna handle the dilution question? Anubhav Verma: Yeah. No. I think that's right, Sumit. So I think in terms of dilution, I think I wanna make sure our shareholders understand the model here. I don't think the model is to become a full, solution provider where, you know, you're trying to become the Auroras or, you know, a fully autonomous systems provider. What we are essentially, I've heard the word partnerships here. Right? We are partnering with the right company for the right mission. And I think that's what the key to this message is because what we're trying to come up with is the right pieces that they are missing because we have already built them out as individual blocks. And how do we collaborate slash partner with them to deliver these specific missions. As an example, we're not looking to become a drone company, but we're looking to partner with a drone company where we can enable the drones for a specific mission like mapping. And that from an expense standpoint, yeah, it will add a few millions of dollars of expenses. But again, this is not pivoting away. To become and own a full, autonomy autonomous solution that we'll have to develop from scratch. I think that's not the business model that we're going into because that model, while it is actually very juicy, but as you can imagine, it requires billions of dollars of capital and really a lot of patience, which we have seen in some of the big companies. Which are chasing this deep dream. So I think that's why I wanna be very clear that here, we're trying to partner with some of the other companies where we can provide a solution that together becomes a comprehensive package for delivering a particular mission. Alright. Next question. What happened to the seven RFQs? The number was taken away from the Q2 press release. What is going on with these RFQs? Yeah. Let me start off with that, and maybe, Glen, you can come back and add some more. Think about the RFQs as, you know, OEMs reformulating, which is they do quite often every so often where they reformulate what their real needs are. So I think, like, we've been at Maven for a long period of time, and as always said, our go-to-market strategy is to really focus on not just making announcements, increasing our OpEx and not revenues coming in, is to go work with target OEMs that actually have a real product plan where we can connect. As you can imagine, as Anubhav said, I've said, Glen has said, for OEMs, automotive OEMs, cost is always gonna be number one. They want the highest technology, but cost is equally or even higher in the priority list. So they wanna get at the right level. So for the longest term, I would say, Maven, is some of the choices that have always been made of what's your required for a long-range LiDAR. You want wide field of view? But you also want length. You want low power. It's just an over-constrained problem. So, yes, if you develop something, you provide it there. The cost is extremely high. The power is extremely high. The form factor is pretty high. Because of the optical choices you have to make. So I would say these new RFQs, you know, I think they're gonna keep evolving. But I think they are starting to realize that there are other alternative ways to think about the problem that we must more cost-competitive. And meet and exceed the requirements. So to perhaps to deliver dynamic with the LiDAR, imposing all those requirements for one sensor and then expect it to be super cheap is a fool's errand because every OEM and every award that they've done so far, that has never worked out. So I think, like, I'll let Glen talk about it, but I think, you know, since he has so much experience, you know, from tier ones and OEMs, he sort of guided us toward what's the right product. And maybe we can introduce it now, Glen. Before we give all the details, you know, like, a little teaser. So, you know, in IAA, we can give the full loan. Perhaps you can join. Glen DeVos: Yeah. Yeah. Yeah. Yeah. Just to touch on the whole OEM, you know, quoting process and status. As we talked about in Investor Day as well as the prior earnings call, the auto OEMs in general, broadly speaking, were kind of reached reformulating their strategies around level three, the adoption and the use of LiDAR for level three and, you know, and how that would look. And that and that was not that's been an ongoing process. It continues. And I think what we're seeing now really two things. One is more of a rational approach around this in terms of, you know, what platforms are they really gonna deploy level three on, how they're gonna do it, timing associated with that. So the quality of the RFQs has improved as well as, I think, from my perspective, our confidence at the RFQ, that there's real volume at the other end of that process. So that's, you know, for me, that's a good thing. LiDAR is not, you know, at the maturity level or at the commodity level as a brake controller or radio. And where the purchasing process for those types of components is very predictable. It's and it's just a very well tried and true process, and it's you know, the outcomes are pretty predictable, and the timing of that is predictable. LiDAR with a level three functionality is still very much an engineered product and a tech product that where the OEMs still kinda feeling their way through that, but they're making progress. RFQs that we're involved in now, like I said, have higher quality. They're more confident in the ability for those things to really turn into real programs and revenue. So that's the exciting part of it. Now Sumit touched on something that is very near and dear to my heart because with my history with radar, with vision systems, and other safety-related systems or just new technology in general, ultimately, for broad adoption, the cost has to come down. Heard a lot of discussion around, well, cost will come down when LiDAR volumes go up. Well, those volumes won't go up. Until cost comes down. It's actually the other way around. And that was very true with vision systems. It's very true with radar systems when we first introduced those. In automotive twenty plus years ago, it took a long time for those cost curves to come down. But when the product cost comes down, that's when volumes come. You enable that through lower-cost solutions. And so for us and what our focus has been on since certainly over the past year and then really intensified since I joined in April, has been on for auto. What's the right strategy there to drive cost down but not the sacrifice of performance? And really looking at it from a vehicle or a system architecture. Level, not thinking just as, hey. We provide a sensor, We provide a system architecture, a system solution. And we break the problem down into not just, you know, one super sensor, rather how do you break that down into smaller elements. And this is what we did with radar. It's what we've done in vision where we have, you know, a different architecture and maybe not just one super sensor, but rather multiple sensors, that's what we're going to talk about in the upcoming where we believe we have a much more efficient system architecture that delivers better performance, smaller packaging, lower power consumption, and ultimately will enable the OEMs to offer these features at lower total system cost of the vehicle. So really excited about what we can do there. The technologies we have that enable this, and then as well, unveiling that really at IAA in early September. So a lot more to come here. But this is, you know, we're literally redefining LiDAR for automotive. It what's been there the process been taken prior to this I think, has led to very low adoption rates, very low penetration. We're redefining it. We're going to enable it to be much more broadly applied. Ultimately, down to level two in standard AI system. That's what we're trying to do. Alright. So, I'll turn it over to you and Anubhav. Anubhav Verma: No. Thanks, Glen. This was very helpful. I guess there is a follow-up question here. Is, do you anticipate any high-volume automotive production RFQs to be awarded in 2025? Or are the timelines being pushed to at least 2026? Glen DeVos: No. I think that here's how I would answer that because, you know, predicting OEM sourcing timing is can always be tricky because, you know, that's not in our control. And other factors that the OEM may influence that. We're actively engaged in quotes now. That could very well be completed yet, you know, well before the end of the year. That certainly would be our hope. And so that's how we're that's how we're behaving. What I would tell you, though, is that quote timing may shift around a little bit. It may slide out to 26 as they finalize their plans. But, ultimately, it's not shifting out the launch date for the introductory day. And depending on the OEM, that's still, you know, as early as '28. Small volumes, you know, coming into more into '29, higher volumes. So, you know, we aren't really seeing the launch timing move. The sourcing timing may shift around. But like we talked about at investor day and earlier, you know, really that next generation of platforms we see still happening in that, you know, maybe as early as '28, '29 time frame for sure, and then 30 really hitting higher volumes. Anubhav Verma: Thanks, Glen. Next question. MicroVision, Inc. has not won any deals, and other companies have since made changes to their products. Are we at risk of having outdated or inferior technology? What are we doing to remain best in class? Alright. Let me start with this. So I think if you think about industrial, our Movia L with our software is a refreshed product. At a very competitive price with integrated software. I think that's, you know, our path to revenue immediately. I think it's a very fair question. I think the way you think about it, it's actually working really perfectly. But think about, like, you know, some of the other LiDAR companies what they're saying and what you're hearing from our call is nuanced, but it is clear what how we're thinking about our strategy. I think as Glen described that there will be instead of thinking about a complicated set of requirements and shoving it into one single box it's not the right strategy. It makes sense to have multiple sensors. Software architecture. Think about the entire car, how you simplify it, and their overall cost will come down. In that sense, we are evolving our product with Movia S, with Maven, to give them the right tool for the right problem. Okay? So think about that as more of an evolution instead of, like, other, you know, of our competition. They've, like, completely stopped the development and gone to a completely different product. Right? We're still MEMS-based technology. We're still using 905 laser. We're still time of flight. So all that construct is the same. But instead of a dynamic LiDAR shoved into a single sensor, with a wide field of view, about it being broken down into some, you know, different sensors that cover it. But still bringing cost down, not going up. That's the interesting part that we talk about and demonstrate at IAA. You know, when you think about other awards that have happened, right, I just wanna give context. Right? I congratulate them. It's great. You know, we choose not to do those because it increases the OpEx, but there is no guarantee you're gonna have any follow-on volume. Right? Certainly wanna get some validation. But we have products that we can show that, you know, should be able to get deals done. You know, you hear other things like, you know, people are working on economy of scale. They're gonna put everything on a single chip. Laser on chip, and, you know, so on. So all these words are thrown out there. But none of them are amounting to guaranteed revenues from OEMs because the OEM products are far away, and most of them are really seeking NRE. So I think, like, you know, I totally appreciate your question about someone has won deals. They have evolved their product. Do we have to evolve the product? I think we are, you know, they're not evolving products. They're going to a next generation. I would say we are evolving the product by breaking the problem down, keeping costs in mind, integration in mind. Glen, did I miss anything? Do you wanna add more? Glen DeVos: Yeah. The thing I would add is a lot of times you'll hear people talk about technology, and then generally speaking, they're talking the hardware component. And as Sumit mentioned, we have a very robust roadmap and have had a roadmap and have, you know, and have looking at that for those three markets that we talked about, industrial, automotive, and defense. And so we have a very robust hardware roadmap. That, I think, puts us into an industry-leading position. But along with that, and this is really critical, we have a very good software roadmap. And including how do we incorporate the very latest software capabilities using machine learning, using AI, using GenAI for not just the end product functionality, but also for how we develop that product. And so and all of this to deliver best performance but at lower total system cost. And so, you know, I always enjoy personally, I always keep an eye very much on the competitive landscape. And like to see how LiDAR is progressing more broadly speaking. But I feel, you know, we're I feel very good about the direction we're heading, the speed at which we're heading in that direction. And then the approach that we're taking and the roadmap that we have to support that. Anubhav Verma: Thanks, Glen. Next calls. Next question. From this earnings call, I gather that MicroVision, Inc. is transforming from just a LiDAR company into an autonomous systems company. How does the future look for LiDAR companies moving up the chain? Let me take that question because I think this is related to the dilution question earlier. Like I mentioned, in my previous remarks, I don't think this requires huge amounts of investments or significantly improving or adding to the cost structure of the company because like I mentioned, the word you are hearing the word partnerships. And, again, the idea here is the block that we already have how do we fit them in the puzzle which other, providers are looking for, and then present a complete package to the other parties, to the end customers. And then that's why I mentioned that again, we're not looking to compete with the Auroras or full autonomous systems company where they are providing that system solution end to end. Because that's a very expensive and a very, long process. We're not looking to become that. What we're looking to become is a company that enables some of these smaller players to deliver autonomy to the industrial customers as well as defense tech customers from the end market standpoint. And I think the future for LiDAR companies moving up the chain, what we're simply working on right now is integrating multimodal solutions or LiDAR becomes one of the components of the sensor suite that we're gonna be offering along with our full-stack software and then it could be combined with, as Glen mentioned, radar or cameras and then you present that solution with that software that needs to be integrated at the customer's end. That's the future that we're shooting for. And this would not require huge upsizing of the cost structure that we have right now. It will require some investment. I think, again, we wanna be we have been very clear in our communication that, again, it will require some investment because as Sumit and Glen mentioned, this does include or require some of our engineers to spend time customizing the solution for some of these applications. But again, it doesn't mean that the OpEx is gonna go to three x or four x. So that's not what we're looking to do. We're looking to keep the OpEx where it is relatively at the same levels, maybe add a few expenses here and there, but that's the vision or that's the vision the company is shooting for and executing on. Next question. Has MicroVision, Inc. recently issued more shares? Management said that they will not need to issue shares in the near term. And maybe the next related question is what is the plan for making payments in September for our debt with Hytrell Capital? Do you anticipate any near-term need for additional financing or dilution? So, again, I think I wanna clarify. I don't think any company any LiDAR company would say that they're not gonna issue shares or raise more capital, I think it's very evident that statement just cannot be true because at the end of the day, all LiDAR companies are going through this evolution. Where they have to be cost structure efficient while choosing the path that will get them to the ultimate destination where they wanna be one of the last men last few companies standing and have moved up graduated to the value chain having software. As a very important component of their offerings. So, so that's that. So obviously, we did sell some shares because I think one of the main reasons why what I mentioned in my call as well that we have become an attractive, investment for, several, large financial institutions as well. Because of, the stability and the longer runway it has. The company has. Because, again, you can imagine any big investor would really wanna feel safe about their investment when they know the company had resources to execute the business strategy. Now I think where the skill of the management teams at each of these companies will be judged by. How do they raise capital, and how do they navigate these capital markets to make or execute the most efficient capital strategy to get to the endpoint here. And I think as we have, demonstrated in the past, history of the company that we have been very prudent and very opportunistic in raising capital. And, again, I continue to extend that strategy and vision to make sure MicroVision, Inc. is fully capitalized at all times to execute a business vision. While at the same time being pragmatic and practical of the dilution for the shareholders as well. The plan for making the payments in September, so like I said, we have adequate amounts of cash to start our first payment is gonna be due on September 1. And we expect to make that payment in cash. And if the stock price and the market conditions are favorable, and if the holder, Hytrell, elects because they have the option to elect to take it in stock, if that happens, then, obviously, we will have to put those shares. But, you know, like I said, you know, we'll be looking to optimize the way we are putting cash on the company's balance sheet. For us to be able to execute the vision. Because like I said, the skills of this game is to how do you sort of navigate these markets by being by choosing the most effective, cost-effective path to raise capital until you get to the point where only a handful of players are there, and the revenues have scaled, and there's cash flow breakevens. Next question. What military revenue opportunities are you targeting? How should shareholders think about the revenue from this industry in 2025 and 2026? And what could be the expected impact on the expenses of the company? Sumit, maybe you wanna talk about this? Sumit Sharma: Yeah. I think, you know, think about the military revenue opportunities. Think about partnerships. Partnerships mean that you have to demonstrate your technology. So there's sort of co-development. I don't know. Everybody has their architecture they're dealing with right now. They have fielded products. They have contracts within the military right now. With the DOD. And, you know, we are targeting specifically people that need an upgrade on their solution. And not just that we set some of LiDAR, we try to give them a more holistic product. Certainly, with, you know, products that are, you know, off-road vehicles that are doing some sort of or all sorts of other things. In the terrestrial space. You know? That's something that we can demonstrate. Find the right partner that is willing to work with us to not just buy the LiDAR, but also work with us to see what advantage of our sensor fusion technology is. When it comes to drones and when it comes to, you know, maritime products, I think we may have a better opportunity there to showcase our technology and then expand from there. But in all cases, we start with a partnership. And then after you've proven yourself and you can be a, you know, a trusted partner to them, that is got components that are not susceptible to or they're not sensitive to anything from China. Which we are. You know, successfully, we could demonstrate that. We have a robust, LiDAR product line. That will enable us to think about other next steps beyond that. I think that's the best way to think about it, you know, from a recurring revenue, you know, when their products go into market. Glen and Anubhav, you guys wanna add something to this? Glen DeVos: Yeah. Maybe you know, this is Glen. Go for it. I'm sorry, Anubhav. Oh, yeah. Okay. Go for it. Yeah. I just had maybe add a little bit to what you said. Because you covered it very nicely. I think ultimately, as we've talked to, in particular, terrestrial, you know, the MAV market, they're looking for much more robust systems, you know, that are easier to package on the vehicle, that are incredibly robust, you know, not just dust, you know, resistant or temporary, you know, a light spray of water resistant, but rather really aggressive and robust systems that can withstand high-pressure wash, can withstand all, you know, all environmental conditions. Can be, you know, can be sprayed and cleaned off, and then we'll work reliably. And that's exactly what we do. And so it's been really it's been fun to talk to some of these OEMs. About how our solution can really help them and making their solution more robust and more effective in the field. So it's a great opportunity for us in addition to what we've talked about with drones. And everything around enabling autonomy. Anubhav Verma: Thanks, Glen. And let me add a few things here. So I think I want our shareholders to think about it in two steps. Step one is maybe, sort of have a broader view on the defense tech industry. Right? Because again, clearly, if you guys follow or if you start following the DefenseTech space, this is this DefenseTech space is having its what I call as the auto tech moment four years ago. What I mean by that is, four years ago, if you recall, auto tech companies were really flying high because the demand and the strategic importance of these companies to the future of our economy and our progress was very important and very critical. And I think that's why if you look at the same moment is now being experienced in the defense tech industry, it's especially in some of these opportunities, there's maritime and this airborne area that we mentioned, where there's a lot of investment going into. Why? Because it's of strategic importance. And I think in terms of revenue, while the revenue may not be big in 2025, the strategic importance of that collaboration is gonna be far more bigger than the revenue quantum. And what I mean by that is because as the geopolitical world or, you know, plays out on the international stage, it becomes even more important for our economy and our military might to increase significantly and protect us from any and building our defense capabilities. And that's sort of what you're seeing in this market. And hence, what some of the projects that we have described is are some of the projects with very high strategic value where you become a very critical player in the ecosystem delivering that capability. And that's why the value of being a very important player in that ecosystem is far more important than just the revenue quantum. So that's how I want investors to think about the strategic play. And remember, here, the volumes are never gonna be millions of units. As in the automotive. But like I mentioned, it's gonna be, fewer units, but the ability to deliver a full software solution which, for example, the OEMs as we mentioned, OEMs are not looking for a full software solution while here, we are enabling, to deliver our full software stack for these mission-specific applications. The second part is, again, the expected impact of the expenses of the company. Like I mentioned, we're not looking to double or triple our expenses. We're simply looking to maybe add some more expenses, but these expenses would be to prove out the value of our solutions, our LiDAR and multimodal solutions, sensor suite with our software stack to the, to the specific provider, the primes, or, the subprimes who are looking to deliver these mission-specific applications to the military. For the country. So that's sort of how I want our shareholders to think about both the top line and the strategic importance and the expense profile of the company going forward. I think we have gone ten minutes overboard. So, again, I again, would like to thank everybody, our shareholders for jumping on this call, and we are looking forward to sharing with you the next update very soon. And we look forward to sharing more progress at the IAA in Munich. Next month. Thank you again for joining us on our second-quarter call. Operator: Thank you. This concludes today's conference. All parties may disconnect, and have a great day. Drew Markham: The host has ended this call. Goodbye. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,046%* — a market-crushing outperformance compared to 181% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. *Stock Advisor returns as of August 4, 2025 This article is a transcript of this conference call produced for The Motley Fool. 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