MicroVision (NasdaqGM:MVIS) Fireside chat February 25, 2026 10:00 AM ET Company ParticipantsGlen De Vos - CEOHans-Werner Kaas - Senior Partner EmeritusJeff Herbst - Independent Director on the Board of DirectorsNone - Video NarratorJeff HerbstGood morning, and thank you for joining today's webinar featuring Hans-Werner Kaas and Glen De Vos. We're especially honored to have Hans-Werner Kaas serve as our fireside host today. Hans-Werner is a McKinsey & Company Senior Partner Emeritus, where he was the co-foun ...

Luminar sale approved despite last-minute mystery bid https://t.co/trz10fnFqX ...

Core Insights - Luminar's lidar business faced a last-minute bid that exceeded the leading offer of $33 million from MicroVision, but Luminar chose to proceed with MicroVision's bid due to "infirmities" in the new offer [1][2] Group 1: Sale Process and Bids - An unidentified party submitted a bid just before a bankruptcy hearing, which was significantly higher than the $33 million bid from MicroVision [1] - Luminar's legal counsel indicated that the last-minute bid had issues, leading the company to stick with MicroVision's offer [2] - The identity of the last-minute bidder was not disclosed, but it was suggested to be an "insider purchaser," likely Austin Russell, Luminar's founder [2][3] Group 2: MicroVision's Acquisition - The sale of Luminar's lidar technology and remaining staff to MicroVision was approved, with the transaction expected to close in the coming weeks [3][6] - MicroVision aims to leverage Luminar's lidar technology to enhance its automotive capabilities, which it currently lacks [6][8] - MicroVision's CEO expressed optimism about reviving Luminar's existing contracts with automakers, viewing them as potential revenue opportunities [9][10] Group 3: Competitive Landscape - MicroVision is positioned to expand beyond its current markets of industrial use, security, and defense by integrating Luminar's technology [8] - The acquisition is seen as a strategic move to enhance MicroVision's engineering capabilities and competitiveness in the automotive sector [9]

Luminar receives a larger $33 million bid for its lidar business https://t.co/671dWZbmkR ...

Core Insights - Luminar's lidar business received a higher bid of $33 million from MicroVision, surpassing the previous bid of $28 million from Quantum Computing Inc. [1] - MicroVision aims to acquire intellectual property, inventory, engineering talent, and commercial contracts related to its lidar sensors, indicating a strategic move to enhance its position in the lidar market [1]. - The sale is pending approval from the bankruptcy court, with a hearing scheduled for Tuesday afternoon [1]. Company Developments - Austin Russell, Luminar's founder and former CEO, has not confirmed whether he submitted a bid for the lidar assets during the bankruptcy process [2]. - Russell's previous attempts to acquire Luminar outright and his ongoing legal disputes with the company highlight the complexities surrounding the bankruptcy case [3]. - A protective order regarding Russell's personal information was established, allowing him to comply with a subpoena related to his resignation and the ongoing legal matters [4]. Industry Context - MicroVision's CEO emphasized the need for consolidation in the lidar market, suggesting that the industry is poised for significant changes and increased safety through advanced technology [1]. - The acquisition of Luminar's lidar assets could expedite the resolution of Luminar's bankruptcy case, which has been ongoing since December [4]. - The sale of Luminar's semiconductor division to Quantum Computing Inc. for $110 million indicates ongoing restructuring efforts within the company [4].

Core Viewpoint - Luminar's lidar business has attracted a higher bid of $33 million from MicroVision, surpassing the previous bid of $22 million from Quantum Computing Inc. as the auction concludes in the company's bankruptcy case [1][2]. Group 1: Bidding Process - MicroVision's bid of $33 million exceeds Quantum Computing Inc.'s latest bid of $28 million, which was initially $22 million [2]. - The sale of Luminar's lidar business is pending approval from the judge overseeing the bankruptcy case, with a hearing scheduled for Tuesday afternoon [2]. Group 2: Company Background and Legal Issues - It remains uncertain whether Luminar's founder and former CEO Austin Russell submitted a bid for the lidar assets, although he had previously expressed interest [3]. - Russell and Luminar have been involved in legal disputes regarding a subpoena, with the company considering legal action against him related to his resignation following an ethics inquiry [4]. - Russell has agreed to comply with the subpoena, and a protective order regarding his personal information has been established [5]. Group 3: Bankruptcy Case Progress - The potential sale of the lidar assets could expedite the resolution of Luminar's bankruptcy case, which was filed in December [5]. - Luminar has already reached an agreement to sell its semiconductor division to Quantum Computing Inc. for $110 million [5].

Core Insights - Luminar's founder and former CEO Austin Russell has agreed to accept an electronic subpoena for information related to the company's ongoing bankruptcy proceedings, with specific timelines for compliance outlined in a recent filing [1][2] Group 1: Legal Proceedings - Russell had previously been accused of avoiding the subpoena by not allowing process servers access to his Florida mansion, and he expressed concerns about the protection of his personal information [2] - The two parties have reached an agreement to clarify how Russell's personal information will be handled during the subpoena process [2] - Luminar has been seeking information from Russell since his resignation, as it considers potential legal action against him [6] Group 2: Bankruptcy and Asset Sales - Luminar filed for Chapter 11 bankruptcy protection in December after losing significant contracts with major customers such as Volvo and Mercedes-Benz, alongside increasing competition from Chinese lidar companies [3] - The company has reached a deal to sell its lidar assets to Quantum Computing Inc. for $22 million and is also attempting to sell its semiconductor division for $110 million [4] - An auction is scheduled for the end of the month to solicit bids that may exceed QCI's offer [4] Group 3: Russell's Interest in Luminar - Russell attempted to buy Luminar in October, following his resignation due to an ethics inquiry, but before the bankruptcy filing [5] - His new venture, Russell AI Labs, has indicated interest in submitting a bid for Luminar's lidar assets, although no formal offer has been made yet [5]

Group 1 - Luminar has agreed to sell its lidar business to Quantum Computing Inc. for $22 million, pending better offers by a deadline [1] - The company filed for Chapter 11 bankruptcy protection in December and plans to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million [1] - The deals require approval from the bankruptcy judge in the Southern District of Texas before finalization [1] Group 2 - Austin Russell, Luminar's founder and former CEO, has shown interest in bidding for the lidar assets and previously attempted to buy the entire company before its bankruptcy filing [2] - Luminar is currently trying to serve Russell with a subpoena for information related to an ethics inquiry that led to his resignation [2] - The number of other bids Luminar may receive by the Monday deadline is currently unknown [2] Group 3 - Quantum Computing Inc. is designated as a "stalking horse bidder," establishing a baseline for asset value and preventing low-ball bids [3] - Luminar aims to expedite the bankruptcy process with support from its largest creditors, primarily financial institutions [3] Group 4 - The stalking horse bid signifies a significant decline from Luminar's peak market cap of approximately $11 billion in 2021, which was based on anticipated widespread adoption of its lidar sensors by major automakers [4] - Notable partnerships with companies like Volvo, Mercedes-Benz, and Polestar fell through, contributing to the decline in valuation [4] Group 5 - Quantum Computing Inc. was originally founded in 2001 as Ticketcart, selling ink-jet cartridges, and has since pivoted to optic technology for quantum computing [5] - The company raised over $700 million by selling shares in 2025, but reported revenue of only $384,000 for the first nine months of the previous year [5]

Core Viewpoint - Teradar has launched its first flagship terahertz sensor, named Summit, which aims to fill the gap left by traditional radar and lidar sensors, offering high performance in all weather conditions [1][10]. Group 1: Product Features and Technology - The Summit sensor is designed to operate in the terahertz frequency range, which has not been fully utilized, and features a solid-state design with no moving parts [1][4]. - Teradar claims that its sensor can provide 20 times the resolution of traditional automotive radar and maintains performance in adverse weather conditions [11][12]. - The modular design of the sensor allows customization for specific Advanced Driver Assistance Systems (ADAS) or autonomous driving needs, with an expected price range in the hundreds of dollars [7][8]. Group 2: Market Context and Competition - The launch of Teradar's sensor comes at a time when automotive sensor suppliers are facing challenges, including the bankruptcy of Luminar after losing contracts with major automakers [2]. - Chinese companies are aggressively entering the lidar market, with plans to produce over 1 million lidar sensors by 2025, increasing competition for Teradar [2]. - Other U.S. companies in the lidar space are diversifying into robotics and smart infrastructure, indicating a shift in market focus [2]. Group 3: Partnerships and Future Prospects - Teradar has secured $150 million in Series B funding, with investments from Lockheed Martin's venture capital arm and VXI Capital, indicating strong interest in its technology [2][5]. - The company is collaborating with five major automotive manufacturers and three tier-one suppliers to validate its technology, with plans to begin shipping the Summit sensor in 2028 [1][10]. - Teradar's technology is positioned as a complementary or alternative solution to existing sensor suites, addressing the limitations of current sensor technologies [10][13].

Core Viewpoint - Hesai, a Chinese lidar manufacturer, plans to double its production capacity from 2 million units to 4 million units in 2026, aiming to capture a larger share of the global lidar market [1] Group 1: Company Developments - Hesai has raised hundreds of millions of dollars and is listed on both the Nasdaq and Hong Kong stock exchanges, despite facing accusations from the U.S. government regarding its ties to China's military [3] - The company reported that its production target was doubled due to "accelerating demand" in the automotive and robotics sectors [4] - Hesai has secured 4 million orders for its latest ATX lidar sensor and has 24 automotive customers, including a major European automaker [5] Group 2: Market Context - The automotive market in China has seen a significant adoption of lidar sensors, with 25% of new electric cars sold in the country now equipped with them [5] - The lidar market outside of China has proven to be volatile, as evidenced by Luminar's bankruptcy, which was partly due to failed deals with major automakers like Volvo [6] - The robotics sector is viewed as a promising market for lidar, with Ouster estimating it represents a $14 billion opportunity [6] Group 3: Competitive Landscape - Hesai has contributed to a dramatic reduction in lidar sensor costs, achieving a 99.5% decrease over eight years, which has impacted competitors like Luminar [10] - The company is also involved in providing lidar sensors for autonomous vehicle companies such as Pony AI, Motional, WeRide, and Baidu [9]