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4Q18 Conf Call Summary & Analysis
- Display Only Licensee expects a "significant design win" from a Tier 1 "AI Platform Owner" and should this happen MVIS expects associated orders before the end of June for a product launch in 2019. Regarding the geography of the product launch, the comment was made that "North America still dominates the smart speaker space."
- $24M Tier 1 customer is upgraded to $25.2M Tier 1 customer by increased NRE of $1.2M. The newly added $1.2M was described as for "some additional component parts and samples" among other things. Product is launching in 2nd half of the year and MVIS expects to receive orders "shortly" (March or April) and ship components in Q2 to support the launch. Emphasis on the confidentiality of their participation in the customer's product was made. PM commented that "once the product has been released our involvement would be evident." (I would suggest that MVIS involvement is already evident but take that for what it's worth.)
- Interactive Display, working to get design wins and potentially orders in 2019. May get NRE as they are in discussions with multiple OEMs and some customers may request modifications to differentiate their product. "We think this has the potential for a very significant 2020 launch."
- Expectations that OEM products containing MVIS Consumer LiDAR would hit the market in 2020. Explorer Kits going out to customers this month are supportive of this integration process. Targeting AI Platform Owners for a "smart home hub" type of product.
- Have to sue Ragentek for $4M as they didn't take the marked-down projector module inventory despite previous commitments. (To me, this reinforces the necessity of the company's "Tier 1 Solutions Provider" focus as these smaller companies may be unreliable partners.)
- $20-25M per quarter in revenue was specified as the target for breakeven. "Our goal to be profitable at some point in 2019 is still a very strong focus for us. Until purchase orders are received and the customer shipment schedules firm up, it is difficult to predict exactly when that may happen."
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