Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 165

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 165
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o developed and launched the first lidar sensor to be automotive qualified for serial production with
a premium, or Tier 1, automotive supplier and that is currently available in passenger cars by premium original equipment manufacturers,
or OEMs. Ibeo developed software solutions, including perception and validation software, which are also used by premium OEMs. In addition,
Ibeo sold its products for non-automotive uses such as industrial, agriculture, smart infrastructure and robotics applications.

Our
integrated solution, built on our perception software stack, combines our lidar sensors, both MEMS-based and flash-based, and application
software targeted for sale to industrial mobility and autonomy companies, automotive OEMs and Tier 1 suppliers, and defense contractors.
Our deterministic AI at the edge enables critical decisions to be made locally and independent of the cloud, leading to faster responses,
improved data privacy, and reduced costs. Our mature perception software stack has met the rigorous requirements of automotive qualification
and incorporates advanced features, like localization and fusion. Our lidar sensors include MAVIN™, a MEMS-based long-range sensor
capable of small object detection, and MOVIA™, a flash-based short- to mid-range sensor, both suitable for industrial and automotive
applications. We also develop customer-specific application software, allowing expansion into a wide array of sectors.

Recently,
we entered into an Asset Purchase Agreement to acquire Scantinel Photonics GmbH (“Scantinel”), a Germany-based developer
of 1550 nm FMCW lidar technology. This acquisition will add the complementary technology of
FMCW-based lidar to our product portfolio, giving us the unique advantage amongst our peer of offering both Time-of-Flight and
FMCW sensors.

23

Our
product suite also includes our validation software tool, the MOSAIK™ suite, which is targeted for use by OEMs and Tier 1s for
validating vehicle sensors for ADAS and autonomous driving, or AD, applications. In 2024, we reduced the dedicated resources and investment
into further development of MOSAIK. Specifically, in 2024, in an effort to better align our resources with our product plan, we restructured
and reorganized our workforce and related expenditures to strategically focus on our perception software and MAVIN and MOVIA products.
While this 41% reduction in workforce added approximately $6.0 million to our fiscal year 2024 expenses, it reduced go-forward operating
expenses through reduced personnel expenses and other operational efficiencies.

In