Microvision Inc. (NASDAQ:MVIS) Q2 2019 Earnings Conference Call - Final Transcript

Jul 18, 2019 • 05:00 pm ET


Microvision Inc. (NASDAQ:MVIS) Q2 2019 Earnings Conference Call - Final Transcript


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Lindsey Stibbard

[Starts Abruptly] And financial results, product development, applications and benefits, availability and supply of products and key components, commercialization of our technology, market opportunities and growth in demand, as well as statements containing words like opportunity positioned, target, confident, believe, goals, focus, path, expects, plan, will, could, would, likely, resulting, optimistic 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 various SEC filings, including our Annual Report on Form 10-K filed on March 6, 2019, our Form 10-Q filed on April 26, 2019, and other SEC filings made from time to time in which we discuss risk factors associated with investing in MicroVision. These risk factors could cause results to differ 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 information.

The financial numbers presented on the call today are included in our press release and in the 8-K filed today. Both are available from the Investor Relations section of our website. This conference call will also be available for audio replay in the Investor Relations section of MicroVision's website at www.microvision.com. We have also posted a slide deck that provides an overview of MicroVision on the Investor Relations section of our website.

And now I'd like to turn the call over to Perry Mulligan. Perry?

Perry M. Mulligan

Thank you, Lindsey. Good afternoon, everyone. In the second quarter, we made significant progress in landing Tier-1 customers for the interactive display and display-only products, and moved to the next stage of the agreements with our April 2017 contract customer.

First, let's take a look at the IoT products, our interactive display and display-only solutions. As we reported on our last call in April, we expected to receive notice of a design win for our display-only product from our licensee in the second quarter. We also indicated that we anticipated that a design win for our interactive display modules could follow shortly thereafter. Positive customer feedback during Q2 led to further discussions for potentially larger product launches and increased sales over time. Because different countries have different laser product requirements, we were asked if we could support a Class 1 laser product. While both Class 1 and Class 3R are safe for consumers, providing a Class 1 product makes it much easier to sell the product globally and enable larger volumes.

Fortunately, because of our engineering activity last year, we believed we could provide a module to support Class 1 products in a short amount of time, without any decrease in brightness. During the quarter, we were able to demonstrate a module that can support a Class 1 laser product for our customers. We believe the likelihood of a larger-scale roll-out is now higher and we are very excited at the prospects we are