WayRay Financial Model
Marketplace Startup Financials (Free Excel Download)
WayRay AG is a deep-tech company building holographic Augmented Reality Head-Up Displays (AR HUDs) for automotive OEMs and, longer term, other transport and building verticals.
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About this model
WayRay develops holographic augmented-reality head-up displays for automotive OEMs and future transport applications. It supplies deep technology for windshield-integrated displays and plans an app-style ecosystem for third-party AR content inside vehicles.
The company works with Tier 1 automotive suppliers and OEMs, earning prototype payments during development and license or royalty-like margin once systems enter mass production. It had raised $18 million, delivered proof-of-concept vehicle integrations, and built a team with a large R&D component.
The model is a deep-tech hardware-licensing forecast. OEM programs, design-win probability, vehicle launch timing, units produced, and license rate create revenue after a long development cycle. R&D, prototype cost, supplier relationships, working capital, and future AR marketplace monetization determine the path to scale.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About WayRay
wayray.com
How to build a detailed financial model for WayRay
A complete walkthrough of the business, drivers, and assumptions behind the downloadable WayRay model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Embedded Holographic AR Display: windshield-integrated HUD using holographic optical elements (HOEs) - 12°×5° FOV delivered (potentially >25°×10°), system volume ~3L vs 18–22L for conventional HUDs, virtual image distance 0 to ∞. Primary revenue stream for the next decade.
- True AR Marketplace: app-store equivalent for AR content running on the in-car display; 3rd-party developer ecosystem via True AR SDK.
- Add-on Holographic AR Display: standalone visor-based device for non-automotive transport (trains, agriculture, construction, medical, air mobility).
- AR Side Windows / AR Smart Glass: longer-horizon extensions to rail windows, cabs (ad-supported model), and commercial/residential buildings.
- Key moat: proprietary photopolymer HOE film, custom in-house blue lasers, AR Rendering Engine (ARRE), vertically integrated R&D across chemistry, optics, electronics, hardware, and software.
Revenue model
Two confirmed streams:
- Hardware licensing / margin from mass production
- WayRay acts as technology partner to selected Tier 1 automotive suppliers.
- Revenue flow: OEM pays Tier 1 for the system; Tier 1 pays WayRay a "margin from mass production (e.g. license fee)."
- Prototype/PoC stage: OEM pays WayRay a one-time payment for prototype creation.
- True AR Marketplace (future)
- Platform for 3rd-party AR apps; revenue mechanism not specified in deck (likely app-store commission or developer licensing).
No unit prices, ASPs, royalty rates, or revenue-share percentages are disclosed in the deck.
Traction & metrics
- Funding: $18M total raised; lead investor Alibaba Group.
- PoC projects: successfully delivered proof-of-concept prototypes integrated into customer vehicles for "major European and Asian OEMs". OEM names not disclosed.
- Partnerships: Honda Motor Company (announced at CES 2018); Alibaba as both investor and strategic partner.
- Team: >230 members; 64% work in R&D.
- Roadmap position (as of deck date ~2018–2019): past PoC delivery; currently in "bringing product to RFQ readiness" phase; targets - Q4 2021 close Tier 1 supplier, Q2 2022 first RFQ, H2 2022 first large OEM contract, 2023+ start of production.
- Awards: Grand Prize in Automobility (LA's Top Ten Automotive Startups, 2017); People's Choice Award at Startup Autobahn 2018.
- No revenue, ARR, units shipped, or backlog figures in deck.
Competition / moat
- Conventional HUD players: Nippon Seiki, Denso, Continental, Bosch, Visteon - WayRay claims these are not true competitors because fundamental optical limitations prevent True AR.
- WayRay claims no competitors in holographic AR HUD with its combination of large FOV, compact volume, and infinite virtual image distance.
- Moat sources: 8+ years of R&D in holography; proprietary HOE photopolymer; custom lasers not available on market; deep vertical integration; IP described as "hard to reproduce".
Team & funding ask / use of funds
- Team: >230 people, 64% R&D; multinational; described as hailing from automotive, consumer electronics, optics, software, and internet companies.
- Key facility: Swiss Technology Center in Zurich - R&D, prototyping, hologram mastering, manufacturing process development; laser labs, holography labs, experimental production, PCB assembly, vibration/climatic testing.
- Funding raised: $18M total, Alibaba Group lead; media references also mention Hyundai and Porsche as later investors (VentureBeat/Business Insider URLs in slide 74, but amounts not in deck text).
Recommended financial model
- Archetype + why: B2B hardware licensing / royalty model with a pre-revenue ramp. WayRay is pre-commercial-contract; revenue will flow through Tier 1 license fees per unit produced, with a long lead time (OEM design cycle is 3–5 years). The True AR Marketplace is a secondary, later-stage platform revenue layer. Not a SaaS, not a DTC, not a marketplace-GMV model at this stage. The appropriate archetype is a deep-tech hardware licensing P&L built around unit volumes × royalty/license rate, with heavy front-loaded R&D opex and capex before any revenue.
- Forecast horizon & granularity: 10 years (2019–2028); annual. First revenue expected H2 2022 per roadmap. Pre-revenue years modelled as pure burn (opex/capex). Monthly granularity only for the first 18 months of cash burn (pre-contract).
- Key drivers & assumptions:
- OEM contract signing date: Q2 2022 (first RFQ) → H2 2022 (first large OEM contract)
- Start of production (SOP): 2023+
- Royalty / license fee per unit (HUD): $50–$150 per vehicle; automotive supplier royalties for safety-grade components typically in this range; no deck data
- Addressable vehicle volume (first OEM contract): single OEM model at ~100k–300k units/year in ramp year 1, scaling with additional model wins; no deck data
- Number of OEM contracts won: 1 contract by H2 2022, 2–3 by 2025; no deck data
- Prototype/PoC revenue per engagement: $0.5M–$2M one-time payment per OEM PoC; no deck data
- Headcount: >230 at deck date; growing at ~15–20%/yr through 2022, then stabilising as production ramps
- Average fully-loaded cost per employee: ~$120k–$150k (Switzerland-based; high-cost engineering talent)
- Opex burn (total): ~$30–40M/yr at current headcount run-rate; consistent with Series C-stage deep-tech company in Zurich
- Capex (Swiss Tech Center + equipment): $15–25M total through 2021; no deck data
- Marketplace revenue: immaterial before 2025; modelled as percentage of HUD installed base × avg annual content spend; very wide uncertainty band
- Gross margin on license fees: 60–75% (IP/royalty model, low direct COGS per unit once HOE manufacturing is outsourced to Tier 1)
- Cash balance at deck date: ~$10–15M remaining from $18M raise (burn has occurred since raise); no data
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: First OEM contract H2 2022, SOP 2023, 1 additional OEM by 2025, royalty $80/unit, 150k units in ramp year
- Bull: Contract signed Q2 2022, 2 OEMs in production by 2024, royalty $120/unit, faster volume ramp to 500k units by 2026, marketplace revenue kicks in 2025
- Bear: OEM contract slips to 2023 (automotive cycles are routinely delayed), single OEM, royalty $50/unit, additional capital required before SOP
- Required sheets / outputs:
- Assumptions - all drivers above, scenario toggle (Base/Bull/Bear)
- Revenue build - PoC payments (near-term) + license fee per unit × volume by OEM contract, by year; marketplace revenue (later years)
- Opex / headcount - R&D headcount × cost, G&A, facilities
- Capex schedule - Swiss Tech Center build-out, equipment
- P&L - Revenue, gross profit, opex (R&D, S&M, G&A), EBITDA, EBIT, net income
- Cash flow & runway - Burn rate pre-revenue, funding requirements, breakeven date
- KPI dashboard - Units in production, OEM contracts won, cumulative installed base, license revenue per unit, cash runway
Frequently asked
Is the WayRay financial model free?+
Yes. The WayRay model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from WayRay's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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