Hello All,

I hope you are doing well. Just sharing an update from my investment thesis for $MVIS and wanted to get everyone thoughts.

Most investors still evaluate LiDAR companies primarily through:

• SWaP-C (Size, Weight, Power, Cost)
• hardware performance,
• cost per unit (volume),
• and near-term OEM deals.

I believe the conversation in the lidar industry is increasingly shifting toward:

1. Regulatory compliance
2. Supply chain governance
3. National security alignment

In my opinion, this shift will favor U.S.-aligned perception companies such as MVIS. Please allow me to share my perspective about Key Regulatory Developments that will impact MVIS directly.

Here’s the current state of things:

1. FMVSS 127 Raises the Performance Baseline for ADAS System

The National Highway Traffic Safety Administration finalized FMVSS No. 127 in April 2024. By September 2029, nearly all new passenger vehicles sold in the U.S. must include:

• Automatic Emergency Braking (AEB)
• Pedestrian AEB
• Forward Collision Warning

Does the Rule Mandate Radar or LiDAR?

No, the rule does NOT mandate radar or LiDAR specifically. However, it DOES raise the performance bar significantly enough that many analysts and engineers believe pure vision-only systems may struggle long-term without additional 3d sensing redundancy.

One notable observation: NHTSA testing discussed publicly in 2024 showed only 1 out of 17 vehicles was able to fully satisfy the new high-performance scenarios. This vehicle that passed the test used both camera and radar systems.

The regulation is performance-based, not sensor-prescriptive. NHTSA intentionally avoided mandating a specific sensor stack.

Key performance requirements include:

• Avoiding collisions with lead vehicles up to 62 mph
• Automatic braking intervention up to 90 mph
• Pedestrian detection in both daylight and darkness
• Pedestrian braking scenarios up to 45 mph

2. NDAA and Defense Procurement Pressures Are Reshaping Sensor Supply Chains

The U.S. government is increasing scrutiny of foreign sensor suppliers through:

• NDAA-related procurement restrictions,
• DoD supply chain reviews,
• export controls,
• and national security oversight.

Example: Hesai Technology was added to the U.S. Department of Defense “Chinese Military Companies” list.

OEMs are now balancing THREE problems simultaneously:

1. SAFETY PERFORMANCE
2. REGULATORY COMPLIANCE
3. TRUSTED SUPPLY CHAINS

This matters because autonomous perception systems are no longer viewed purely as “consumer electronics.” Autonomous systems are increasingly viewed as national infrastructure and national security infrastructure. Perception systems increasingly intersect with:

• roadway mapping
• spatial data collection
• logistics automation
• military autonomy and defense-adjacent systems.
• transportation infrastructure,
• robotics/drones

And this is where the broader geopolitical angle starts becoming important to my MVIS investment thesis. The broader trend increasingly favors:

• trusted suppliers,
• domestic or allied manufacturing,
• NDAA-compliant technologies,
• and politically durable vendors.

Due to the nature of our dual-use technology, patents, & products, the same conditions can be applied to the NED vertical targeting any military project (IVAS/SBMC).

Conclusion:

The thesis is not simply “LiDAR adoption.” My thesis is that:

• stricter safety mandates,
• geopolitical supply chain fragmentation,
• and increasing autonomy requirements

may create a stronger market for trusted, compliant, and domestically aligned perception providers. If that happens, companies like MVIS may eventually be evaluated less like speculative hardware vendors and more like long-duration infrastructure and compliance providers.

The PR machine is running, but the algorithms are still trading based on the last 30 years of financial data. We’re just waiting for that one press release to serve as a major catalyst—one that names a big OEM and includes real revenue figures. Hoping that Form 8-K lands in my inbox sooner rather than later.

DCA & HODL