Earnings Call Transcript - MVIS Q1 2026

Operator, Operator

Good afternoon, and welcome to the MicroVision First Quarter 2026 Financial and Operating Results Conference Call. Please note this event is being recorded. I would now like to turn the conference over to Drew Markham. Please go ahead.

Drew Markham, Investor Relations Host

Thank you, Matthew. Good afternoon, everyone. I am here today with our Chief Executive Officer, Glen DeVos; and our Interim Chief Financial Officer, Steve Hrynewich. Following our prepared remarks, we will open the call to questions. Please note that some of the information you will hear today will include forward-looking statements, including, but not limited to, strategic plans, acquisition benefits and integration synergies, expectations regarding customer engagement and product deliveries, go-to-market strategies, product performance and pricing, market landscape and opportunities, cash flow forecast, liquidity and the impacts of recent financing activities, availability of funds and access to capital, expected revenue, operating expenses and cash balances 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-K and quarterly reports on Form 10-Q. These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non-GAAP under the SEC's Regulation G. For reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure as well as for all financial data presented on this call, please refer to the information included in our press release and in our Form 8-K dated and submitted to the SEC today, both of which can be found on our corporate website at ir.microvision.com under the SEC Filings tab. This conference call will be available for audio replay on the Investor Relations section of our website. Now I would like to turn the call over to Glen DeVos, our CEO. Glen?

Glen DeVos, Chief Executive Officer

Thanks, Drew. Last quarter, we introduced our vision for what we call Lidar 2.0, and we outlined how the new MicroVision was being built to lead this next era of the lidar industry. Today, I want to provide you with an update. In short, our strategy is working. Over the first quarter, we made significant progress integrating these technologies, teams, operations and customer relationships acquired through Luminar and Scantinel. What we have today is one MicroVision organization. At the same time, we have successfully restarted key Luminar commercial programs. We resumed shipments across multiple customer engagements, continue receiving repeat orders from existing customers and expanded work with prospective customers across industrial, security and defense and automotive applications, our 3 key end markets. Importantly, this progress gives us increased confidence in both the operational direction of the company and the commercial opportunities that lie ahead of us through the balance of 2026. First quarter revenue represents the start of commercial traction. We believe that our operational foundation work completed during Q1 now positions MicroVision for accelerating momentum as we move through the year. That is the message I want you to take away from today's call. The new MicroVision is operationally integrated, accelerating our commercial traction and executing against the Lidar 2.0 strategy we laid out last quarter. Before I go deeper into our progress, I want to briefly touch on why we continue to believe this transition to Lidar 2.0 is so important. As I shared in our last earnings call, Lidar 1.0 was primarily defined by a technology-first mindset. Companies competed to build the most impressive stand-alone sensor often without fully considering the economics, scalability or operational realities key to broad deployment. But increasingly, customers are telling us something very different. Whether we're speaking with mining equipment manufacturers, industrial automation companies, defense integrators or automotive OEMs, the conversation is not centered on sensor performance alone but on the criteria that will drive value for their businesses. First, lower cost is central to enabling scaled deployments. Second, they're looking for mature, proven solutions they can depend on for reliability and secure production launches. And third, solutions must be easily integrated into their system architectures. Customers want the right performance for the right application. They want solutions that can easily integrate into complete perception and control systems. They want flexible, open software architectures, and they want products that are designed with cost and scalability in mind from day one. That's what Lidar 2.0 is all about. And we believe the industry is now evolving to the areas where MicroVision is strongest. Portfolio breadth. We now have the broadest technology portfolio in our industry. Designed-to-cost engineering is critical; cost drives mass adoption. An open software framework gives our customers flexibility and control of their software and systems; and finally, disciplined execution across all aspects of the business. Today, as I stated earlier, the new MicroVision has the most comprehensive product portfolio in our industry, and this enables us to win in our three key market segments. Our MOVIA family of products provide compact solid-state short-range sensing for industrial, security and defense and automotive applications. IRIS and HALO expand our capability into long-range detection based on real-world production for automotive and industrial programs. And Scantinel's FMCW platform gives us ultra-long-range sensing capabilities for automotive and security and defense. With our MOSAIK and SENTINEL software platforms, we now offer a complete perception stack and development environment from silicon to point cloud to perception software, all built around MicroVision's open software framework that enables our customers to seamlessly integrate and build differentiated capabilities on top of our platform. Now just as important as integrating our product portfolio, we now have one unified engineering and product organization, bringing these technologies together. Over the last quarter, we have completed much of the work of integrating the Luminar and Scantinel assets and teams into the new MicroVision. This includes aligning engineering organizations, integrating product road maps, consolidating operation functions and continuing the transition of engineering operations and manufacturing into our Orlando facility. Today, there is one MicroVision team executing on one unified strategy. The benefits of that integration are now showing up in the business. From a commercial standpoint, one of our highest priorities following the Luminar acquisition was stabilizing existing customer programs and reestablishing commercial continuity. I'm pleased to share that we have made significant progress on that front. Let me touch on key developments for each of our three end markets. For industrial, we've restarted shipments and active programs with customers in mining, off-road logistics and warehouse automation. As I have talked about previously, the industrial market has started a significant transformation from high-cost electromechanical systems to compact and cost-effective solid-state sensors. Our MOVIA sensor product line is leading this transformation. Customer feedback on our MOVIA S has been incredibly positive, and we are on schedule for a planned production launch later this year. In security and defense, we now have active engagements focused on drone-based lidar perception, aviation, traffic management and unmanned ground vehicles, or UGVs. In March, we shared how our MOVIA air products can extend the perception of surface vehicles with our ability to compute real-time mapping and supporting terrain analytics for navigability. This real-time processing on the edge or in the drone is an industry first and is only possible with our lightweight, compact and low-powered MOVIA air sensors, and it's a major advancement for drone-based ISR capabilities. Additionally, we have just announced our collaboration with Avular on a fully integrated payload to further expand our capability and access to markets for drones. We cannot be more excited about the opportunities in this space and working with the Avular team. And finally, for automotive, we continue to actively engage with passenger car OEMs as they define their next-generation Level 3 and Level 4 system architectures. While this is a key market for us, we recognize that this market will take time to develop. And until sensor costs are significantly reduced, we will only see limited deployments and adoption. As such, we remain focused on our Tri-Lidar Architecture as a key enabler of expanding lidar perception performance while significantly reducing total system cost. We recently demonstrated the first integration of HALO with MOVIA S and a full 360-degree perception system at the ACT Convention in Las Vegas. There was strong interest in our Tri-Lidar architecture with planned follow-up with key commercial vehicle and autonomous trucking companies. I couldn't be more excited about what came out of that. Additionally, MOVIA S with its wide field of view is a perfect sensor for robotaxi and urban autonomy applications where near-field detection of obstacles and vulnerable road users is critical. As a compact solid-state sensor, it offers the right performance at a much lower cost than today's electromechanical lidar. This is why our portfolio expansion was so important for MicroVision. We have the ability to bring the right solution at the right cost to each of these end markets. These opportunities also benefit from MicroVision's ability to be a one-stop shop for our customers' full lidar perception needs. And it's exciting to see how these conversations are shifting from technology evaluation to operational deployment. Another important development during the quarter was the continued strengthening of our leadership team. Executives like Julia Imlauer, driving AI strategy; Phil Bellomo, leading product engineering; Helmin Ramovic, leading our program management office; and Fabio Laura, leading our operations and manufacturing center in Orlando, continue to bring deep operational and execution expertise to our organization. This operational discipline matters because the next chapter of lidar isn't simply about having a great technology. It's about delivering solutions reliably, economically and at scale. And that's what we're building the new MicroVision to do. Before I turn things over to Steve, I want to briefly touch on our outlook for the balance of 2026. Q1 represents the start of our commercial traction as we focus on integration and operational consolidation, stabilizing customer programs and transitioning purchase orders and restarting commercial execution. As we move through the remainder of the year, we expect the operational progress achieved in Q1 to increasingly translate into commercial and financial momentum. And based on this progress that we've made this quarter, we have increased confidence in our outlook for the balance of '26. I'll now turn the call over to Steve to review our first quarter financial performance. Steve?

Stephen Hrynewich, Interim Chief Financial Officer

Thank you, Glen. Before I dive into the financials for the quarter, I want to highlight some key activities that took place during the quarter. First, we closed on the acquisition of Scantinel Photonics in January that, in addition to time-of-flight technology within our current products, added FMCW technology to our product portfolio. Second, we closed on our acquisition of the lidar assets of Luminar Technologies in February that complemented our product portfolio with a long-range lidar solution, bringing immediate revenue, commercial opportunities and talent that is developing the next-generation long-range lidar. As Glen mentioned, our integration of the acquired businesses is progressing well and very efficiently. Third, we closed on a $43 million financing deal in February with a portion of the funds raised used to repay the $19.5 million of outstanding principal balance and interest on a previous note and the remainder to be used for operating activities. The company has the flexibility to pay the new notes in cash or common stock. These three accomplishments are key enablers for us to execute our Lidar 2.0 strategy, enhance our commercial engagements and deliver our growth expectations. Now turning to our financial results. For the first quarter, revenue was $0.9 million, which is a $0.3 million or 50% increase as compared to the same period in 2025. Our first quarter revenue was driven by sales in all three of our focus sectors: automotive, industrial and security and defense, and 75% of the revenue was attributed to the sale of sensors that we acquired from Luminar, underscoring the value of the acquisition with the ready inventory of automotive-qualified long-range sensors and an acceleration of our commercial strategy. Gross margin for the first quarter was 39%, a significant increase as compared to the 7% gross margin in the same quarter last year. Turning now to cash burn. Our cash flow from operations plus CapEx for the first quarter was $16.6 million, a $2.4 million increase as compared with the first quarter of last year. The primary driver of this increase includes the operating costs associated with our recent acquisitions of Scantinel and Luminar with a contributing portion of the increase stemming from nonrecurring expenses related to the acquisitions, including legal, accounting and audit fees. In terms of liquidity, our balance sheet reflected $46.1 million in cash, cash equivalents and investment securities at the end of the first quarter. In addition, we have $42 million available under the current ATM facility. Now let's talk about our full year 2026 guidance. In terms of revenue, we are maintaining our projection of $10 million to $15 million. And as mentioned on our last call, we expect most of our revenue to come in the second half of the year. We are making great strides in reestablishing trust with our customers post the Luminar acquisition and are seeing commercial traction as a result of those relationships. Regarding cash burn from operations plus CapEx, we are improving our guidance to approximately $60 million for the year from our previous guidance of $65 million to $70 million as we are seeing the benefits of our integration activities and synergy cost reduction actions. And finally, we are elevating our gross margin guidance from positive to 35% to 40% as we continue to aggressively negotiate our supply agreements and optimize the mix of our sensor sales. As we execute our Lidar 2.0 strategy, enrich our commercial relationships to propel revenue growth, continue financial discipline in spending cash and judiciously engage in capital raise activities, we are well positioned for success in the automotive, industrial and security and defense verticals. Please check out our investor presentation on our website to gain further insights regarding our way forward. Let me now pass it back to Glen for closing remarks.

Glen DeVos, Chief Executive Officer

Thank you, Steve. I want to conclude the prepared remarks by reiterating my conviction. Our strategy is working. The new MicroVision has the most comprehensive product portfolio in our industry, which is enabling commercial traction in all three of the markets that we serve. Combined with our execution discipline, this will unlock value for our customers and will drive significant shareholder value creation. Thank you. Operator, we are now ready for questions.

Operator, Operator

Our first question is coming from the line of Casey Ryan from AmerX.

Casey Ryan, Analyst (AmerX)

A lot of good news to unpack here in the quarter. This was a great update. Can we start with Steve, just hitting on the gross margins? So it sounds like if I heard this correctly, you're expecting 35% to 40% sort of moving forward, I won't say in perpetuity, but certainly for the rest of this year. Did I hear that correctly? And is that accurate that we should expect that range kind of moving forward?

Stephen Hrynewich, Interim Chief Financial Officer

Yes. We finished the first quarter at 39%, as I mentioned, and we're looking at 35% to 40% for the remainder of the year, yes.

Casey Ryan, Analyst (AmerX)

Sort of long term, 10 years from now when we're a large-scale company, what's the structure of the gross margins? Should this look like a semiconductor business, sort of 50% to 60%? Or is 40% to 50% kind of a ceiling for this type of business? How do you see it long term? I want to get a delta from all the progress that you made post acquisitions to maybe where the ultimate ceiling might be in terms of margins.

Stephen Hrynewich, Interim Chief Financial Officer

I think as we progress into the future, our focus on the three key sectors—automotive, where we see meaningful opportunities later this decade and into the next decade—will drive revenue growth. We had good margins this quarter. We're expecting, as I mentioned, 35% to 40% for the year. I would expect our margins to grow as we progress into the future. We need to continue to manage our overall cost base; that's one of our key pieces of our DNA. And we want to make sure that we continue to capitalize on the revenue opportunities that we are expecting across these three sectors.

Casey Ryan, Analyst (AmerX)

Okay. So I just want to ask where is the manufacturing happening now for all the different products? Has there been movement, or are things being built where they were being built 12 months ago in terms of Luminar pieces, Scantinel pieces and the core MicroVision products?

Glen DeVos, Chief Executive Officer

Yes, I can speak to this. Casey, first, great to talk to you again. As of right now, manufacturing has been consolidated into Orlando. We're building MOVIA S there now, IRIS, and we're building up the ability to build HALO there as well. So that's all happening. IRIS and MOVIA S are in place. HALO is coming as we continue that development. That will serve our needs for the near term. Higher volume plans still mean working with an outside contractor. Final determination hasn't been made exactly where, but that decision will happen over the course of this year.

Casey Ryan, Analyst (AmerX)

Okay. It sounds like Orlando is big enough from a capacity standpoint to support the $10 million to $15 million range.

Glen DeVos, Chief Executive Officer

Yes. That's correct.

Casey Ryan, Analyst (AmerX)

The drone partner announcement is interesting because traditionally lidar units have been a bit heavy for drones. Can you talk about how you tackled the weight issue and share a range for how much your unit might weigh, if you can provide grams?

Glen DeVos, Chief Executive Officer

I'm happy to talk about it. Drones are really interesting because you're using them for everything from commercial activities to ISR missions. The key was moving to solid-state technology, which eliminates scanning, moving parts, motors and reduces weight. The second piece is integrating with the drone architecture itself rather than using a simple bolt-on system. By optimizing the payload to leverage what's on the drone, we can lightweight the lidar sensor. Typically, we want to be below 300 grams and move as quickly as possible to below 200 grams, while still providing processing and, most importantly, real-time map generation on the drone and communicating that over secure networks to the ground station. Whether you're inspecting wind turbine blades, power lines or facilities, or doing terrain and ISR missions, reducing weight, having solid-state construction and processing capability and software that can create lightweight maps in real time on the drone is what opens up the potential for us.

Casey Ryan, Analyst (AmerX)

Can you sell that solution now to other drone partners or potential customers, or are you committed to this first partner to bring it to market?

Glen DeVos, Chief Executive Officer

No, it's not an exclusive arrangement. The structure is nonexclusive. Avular has been a great partner to work with, and our first step is to work with them on those solutions. We can help bring them into the U.S. market as well. It's a great relationship, but it's not exclusive, so they can look for other solutions as well. With the work we're doing together, it will be very successful.

Casey Ryan, Analyst (AmerX)

This feels like a big leap forward and that you have a leadership position with an important solution for drone weight. One last question: on the FMCW side—Scantinel primarily—I understand the technology is strong at ultra-long range, but is FMCW applicable to super short-range, like semi-precision equipment and manufacturing? Are there commercial opportunities there?

Glen DeVos, Chief Executive Officer

Fundamentally, it's an interesting technology. With the approach Scantinel has taken, it's very compelling for long—1 kilometer and longer—what we call ultra-long-range applications. But the technology is fundamentally applicable to very short-range and high-accuracy applications like robotic end effectors and relative positioning for robotics. The chip-scale package we're developing, with A samples beginning next year, will be more of a 1D edge emission configuration suitable for long-range scanning. Ultimately, a 2D version applies nicely to ultra-short-range. We'll be looking at both. Initial focus is on ultra-long-range where we're seeing demand in commercial vehicles and the security market, particularly for drone detection, aerial survey and security and defense systems.

Casey Ryan, Analyst (AmerX)

Okay, great. It sounds like the opportunities for FMCW are expanding, which is very promising. Those are my questions for now, but this is a very positive update.

Operator, Operator

I'll now turn this call back over to Steve to read questions submitted by the shareholders.

Stephen Hrynewich, Interim Chief Financial Officer

Thank you, operator. Okay. Our first question: In the Lidar 2.0 strategy, how does your product portfolio set you up to win in the automotive, industrial and security and defense sectors that you are targeting?

Glen DeVos, Chief Executive Officer

I'll start and Steve can chime in as well. The critical aspect of our strategy is having a technology portfolio that allows us to bring the right solution and the right performance to the end customer for their needs. We're not trying to force a one-size-fits-all solution on all these applications. We can deliver exactly what they need. If a customer needs a 180x135 sensor for a robotaxi application, we can give them exactly that. We're not going to try to sell a 360-degree spinning sensor or a long-range sensor for a near-field application. We deliver the right performance for the use case and cost-optimize it. Cost delivers adoption and volume. Being able to provide the right solution for that application at the right cost is critical. From a business standpoint, serving automotive, industrial and security and defense means we don't have overdependency on one market, so we gain revenue resilience because these markets cycle differently. That gives us stability. The third piece is discipline—financial discipline and execution—to deliver on commitments to customers. When I think about how MicroVision is positioned for Lidar 2.0, it's exactly those three dimensions: portfolio breadth, open software framework and cost/scale discipline.

Stephen Hrynewich, Interim Chief Financial Officer

I was going to touch on the cost piece, but you beat me to it.

Glen DeVos, Chief Executive Officer

No, I beat you to it.

Stephen Hrynewich, Interim Chief Financial Officer

Why do you think software is a key enabler in the 2.0 strategy?

Glen DeVos, Chief Executive Officer

Software plays two important roles for Lidar 2.0. First, software can drive product cost down by solving challenges in software rather than hardware where possible. This approach has been used successfully with radar and cameras: you develop software once and apply it across products, and processing costs continue to decline over time. Software is critical to reduce hardware cost and complexity. Second, software matters for customers because sensors do not operate standalone; they are part of a system that must integrate with controls and other software. A common complaint has been not having the ability to work collaboratively on the sensor software. MicroVision's approach is to make integration seamless. We provide an open software framework so customers can integrate our products into their architectures, control releases, update systems and lower development and system costs. Having done large-scale software integration for decades, I know the pain points and this is how we address them for our customers.

Stephen Hrynewich, Interim Chief Financial Officer

In comparison to your competition, how do you see yourselves as differentiated?

Glen DeVos, Chief Executive Officer

A couple of key differentiators: First, the portfolio. We're not single-threaded on technology. We have the broadest technology portfolio—1550, 905/940 nanometer, time-of-flight, FMCW, solid-state, mechanical or electromechanical scanning, MEMS or polygon mirrors. That allows us to bring the right solution to the customer and not force a one-size-fits-all approach. Second, our open software framework; you don't hear many competitors talking about that, and it helps customers integrate our products deeply into their systems, making us a sticky partner. Third, our focus on cost and ability to scale at the right cost level for customers so they can create value when they offer a solution using our products. We provide a sensor into a system and succeed only when our customers succeed. Cost discipline is therefore critical to enable mass adoption. Finally, for security and defense, we are a U.S. and German company, which is important for those applications. We're a true solid-state flash lidar non-Chinese supplier, which gives us advantages in those markets.

Stephen Hrynewich, Interim Chief Financial Officer

Can you provide more insight into your commercial activities within the three sectors you are focused on? And what are your plans to showcase your products to demonstrate your technology specific to these three sectors?

Glen DeVos, Chief Executive Officer

I'll start with industrial and break it into two categories because the go-to-market is different. For off-road construction, hauling and mining, our approach is working directly with OEMs. Luminar had done good work in this area, and we're reestablishing relationships, resuming shipments and working toward launches later next year. The 1550 time-of-flight technology performs well in dusty environments for longer range. For industrial automation, including AGVs, AMRs and automated forklifts, the go-to-market often uses distributors and resellers. We'll engage with resellers to sell MOVIA S and MOVIA L and provide value-added services to broaden adoption. We'll showcase lidar collision avoidance systems in trade shows, online and through demonstrations—there is strong interest. In security and defense, we work with primes and companies focused on installations or traffic management. We're engaged with traffic management applications using IRIS for vehicle and speed detection and stop-sign detection. For defense, we've showcased how drone perception can extend ground-vehicle perception, which connects us to drone companies, payload integrators and primes. The Avular collaboration is a step toward mass deployment in that sector, and we'll announce engagements as they progress. For automotive, passenger car OEMs are still learning from Level 3 experiences. The high price points of first-gen Level 3 offerings limited adoption. Tri-Lidar is important because it increases perception while lowering total system cost by simplifying individual sensors and reducing cost. Mass adoption requires much lower costs. In the meantime, robotaxi and commercial vehicle ADAS opportunities are growing and meaningful. MOVIA S and HALO are strong products for those applications. The ACT demonstration in Las Vegas integrated HALO with multiple MOVIA S sensors to show a full 360-degree perception system for a vehicle. That kind of demonstration is powerful for our value proposition. There you go—long answer, Steve, sorry.

Stephen Hrynewich, Interim Chief Financial Officer

I just want to add that with our recent acquisition of Luminar, we've dramatically increased our customer base. As of right now, our pipeline is up across these three verticals. We have more than 100 customers and prospects that we are working with. This is a clear sign that will help us grow our revenue this year and as we progress into the future.

Glen DeVos, Chief Executive Officer

One of the great parts about those commercial activities is we're able to bring the MicroVision portfolio to those systems—our short-range sensors, the software we already had and Scantinel. Exposing our complete portfolio to those customers has broadened the discussion meaningfully compared to prior to the acquisition.

Stephen Hrynewich, Interim Chief Financial Officer

What specific milestones should investors watch for over the next 12 to 18 months that would signal transition from development stage engagements to recurring commercial revenue?

Glen DeVos, Chief Executive Officer

There are three things to watch. First, announcements of customer wins as those contracts get finalized. Not all customers want public announcements, but where we can, we'll share wins. Second, milestones and demonstrations: the ACT Tri-Lidar demonstration, the AUVSI webinar on MOVIA Air showing drone-based real-time mapping, a multi-drone milestone planned for this summer showing multiple drones working with a ground vehicle and a handheld tablet doing real-time mapping, and our presence at Hannover in September to showcase commercial vehicle solutions. You'll see those milestones and announcements throughout the year. Third, and ultimately, the guidance we give and the confidence we express in that guidance—those indicators translate into recurring commercial revenue as we progress.

Stephen Hrynewich, Interim Chief Financial Officer

Are there opportunities for NRE revenue this year?

Glen DeVos, Chief Executive Officer

Yes, there are. We want NRE to lead to commercial outcomes rather than just science projects. Security and defense present larger NRE opportunities now, particularly around drones and autonomous ground and naval vessels, and there's funding to help develop relevant solutions. We'll take advantage of that when it lines up with our product plans and has a commercial outcome. Automotive predevelopment contracts exist but often become science projects without translating to high-volume applications, so we'll be careful about where we spend engineering resources. Industrial generally has less NRE in warehouse automation, though industrial off-road may have meaningful NRE development dollars. Across the three markets, there are meaningful NRE opportunities, but they consume resources, so it's critical that we agree on commercial outcomes and payment structures.

Stephen Hrynewich, Interim Chief Financial Officer

How is the integration of the recently acquired companies going? And have you seen the synergies that you were expecting?

Glen DeVos, Chief Executive Officer

The integration is going exactly on plan. There's a lot of infrastructure work—getting teams onto the same systems, aligning IT structures and tool chains—and that's gone very well generally, ensuring no disruptions to day-to-day work. From a hardware standpoint, the technologies are complementary; we're not forcing incompatible hardware together. On the software side, we are working toward a common software architecture that underpins all products—sensor models, point cloud and perception models—so new hardware variants don't require complete software rearchitecture. That saves significant development cost. The good news is the software architectures from Luminar and MicroVision were quite similar—SENTINEL and MOSAIK had a lot of commonality—so we haven't had the issues that come from very dissimilar architectures. The teams have done a good job. Organizational alignment is behind us, and now it's about execution. We've been fortunate not to face large integration pain points, which allows us to focus on customers and commercial activities rather than internal issues.

Stephen Hrynewich, Interim Chief Financial Officer

The only thing to add is with respect to synergies, as I mentioned in my prepared remarks, we originally guided cash used in operations plus CapEx at $65 million to $70 million. With the synergies we've identified through the integration process, we've improved that and now expect approximately $60 million for the year. We are seeing those synergies impact us on a full-year basis.

Glen DeVos, Chief Executive Officer

Yes. That's exactly right.

Stephen Hrynewich, Interim Chief Financial Officer

Okay. This concludes our Q&A session. I just want to thank everybody for participating today and your continued support of MicroVision. Thank you very much.

Operator, Operator

Thank you. This concludes today's conference call. All parties may disconnect, and have a great day.