Financial Data and Key Metrics Changes - For Q4 2024, the company reported revenue of $1.7 million, up from $0.5 million year-over-year, primarily driven by industrial vertical customers [43][44]. - The company experienced a cash burn that remains one of the lowest in the marketplace, with a cash balance of $75 million at year-end [39][48]. - The company has extended its cash runway into 2026 due to successful financing activities, including a $75 million convertible facility and a $17 million common equity transaction [39][40]. Business Line Data and Key Metrics Changes - The company focused on automotive OEM programs with seven RFQs and several custom development proposals, while also engaging in industrial opportunities such as automated guided vehicles (AGVs) and autonomous mobile robots (AMRs) [11][13]. - The revenue potential from industrial verticals is immediate and significant, with expectations for large-scale decisions in 2025 [19][34]. Market Data and Key Metrics Changes - The total addressable market (TAM) for industrial applications is lower than automotive but offers faster revenue realization from multi-year programs [18][34]. - The company is actively pursuing opportunities in the defense sector, anticipating increased defense spending under the current administration [22][36]. Company Strategy and Development Direction - The company aims to expand its product offerings in the industrial and defense sectors while maintaining a commitment to automotive applications [31][34]. - The new CTO, Glenn DeVoss, emphasizes the importance of integrating advanced software and hardware solutions for automotive and industrial markets [31][32]. Management's Comments on Operating Environment and Future Outlook - Management noted that automotive OEMs are adjusting their timelines for product launches, impacting the company's revenue generation from this sector [14][86]. - The company remains optimistic about its future, citing strong market positioning and a solid balance sheet as key factors for growth [42][55]. Other Important Information - The company has secured production commitments from its manufacturing partner, ZF, to meet anticipated demand in the industrial sector, estimating demand in the $30 to $50 million range over the next 12 to 18 months [54][80]. - The company has a well-experienced leadership team to execute its strategy, with a focus on operational excellence and cost management [37][55]. Q&A Session Summary Question: How much of the $1.7 million revenue was from commercial shipments versus R&D work? - The $1.7 million was primarily from sensor sales to multiple customers, with minimal non-recurring engineering (NRE) revenue expected to be pushed to 2025 [60][62]. Question: Are the defense opportunities related to ground-based or aerial objects? - The focus is on ground-based applications, with the company working with partners in the military space [65][66]. Question: What is the competitive nature of the commercial customers in Q4? - The company competes against several known players, but its unique capabilities and local presence provide a competitive edge [72][76]. Question: Can you clarify the $30 to $50 million demand from ZF? - This demand is expected over the next 12 to 18 months, with secured production commitments from ZF to ensure supply [80][81]. Question: What are the realistic timelines for RFQs converting into revenue? - The timelines for RFQs are elongating due to technical evaluations and churn within OEMs, making it difficult to predict when contracts will be awarded [86][88]. Question: How does MicroVision plan to compete with FMCW LiDAR technology? - The company focuses on its unique technology and partnerships, emphasizing the importance of delivering integrated solutions for OEMs [135][136].

Financial Data and Key Metrics Changes - For Q4 2024, the company reported revenue of $1.7 million, up from $500,000 year-over-year, primarily driven by industrial vertical customers [26][27] - The company experienced a cash burn that remains one of the lowest in the marketplace, with a cash balance of $75 million at year-end [24][29] - The company has extended its cash runway into 2026 following two rounds of investments totaling over $90 million [24][30] Business Line Data and Key Metrics Changes - The company is focusing on automotive OEM programs with seven RFQs and several custom development proposals, while also engaging in industrial opportunities such as Automated Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs) [6][9] - The total addressable market (TAM) for industrial applications is lower than automotive but offers faster revenue potential from multi-year programs [12][21] Market Data and Key Metrics Changes - The company is actively pursuing opportunities in the defense sector, anticipating increased defense spending under the current administration [15][21] - The competitive landscape includes challenges from Chinese automotive OEMs, which are driving U.S. and European OEMs to expedite their ADAS and EV initiatives [21] Company Strategy and Development Direction - The company aims to expand its near-term revenue opportunities in industrial and defense sectors while adapting to evolving timelines in the automotive industry [21][24] - The new CTO, Glenn De Vos, emphasizes the importance of delivering a complete perception system and advanced features suitable for various markets, including automotive and defense [20][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that automotive OEMs are adjusting their product launch timelines, which has affected revenue expectations [10][21] - The company remains optimistic about its engagements in the industrial sector and expects to see significant revenue from these partnerships in the near future [12][32] Other Important Information - The company has secured production commitments from its manufacturing partner, ZedF, to meet anticipated demand in the industrial vertical [50] - The company plans to maintain a disciplined cost management approach while focusing on operational excellence [23][24] Q&A Session Summary Question: How much of the $1.7 million revenue in Q4 was from commercial shipments versus R&D work? - The revenue was primarily derived from the sale of sensors to multiple customers, with minimal NRE expected to be pushed to 2025 [34][35] Question: Are the defense opportunities related to ground-based or aerial objects? - The focus is on ground-based applications, with the company working with partners in the military space [37][39] Question: What is the competitive nature of the commercial opportunities? - The company competes against various players but emphasizes its unique capabilities and the value of being a domestic supplier [41][43] Question: Can you clarify the $30 million to $50 million demand from ZedF? - This figure represents anticipated demand over the next 12 to 18 months, with secured production commitments to ensure supply [50] Question: What are the realistic timelines for RFQs converting into revenue? - The timelines for RFQs are elongating due to technical evaluations and the complexity of decisions within OEMs [54][56] Question: How does MicroVision plan to compete with FMCW LiDAR technology? - The company believes that while FMCW technology is gaining traction, it faces significant cost barriers and that its time-of-flight technology remains competitive [90][89]

Revenue and Income - Revenue for the year ended December 31, 2024, was $4.7 million, a decrease of $2.6 million or 35.3% compared to $7.3 million in 2023[160]. - Other income decreased by $3.156 million, or 56.5%, from $5.590 million in 2023 to $2.434 million in 2024, primarily due to a one-time payment received in 2023[172]. Expenses - Cost of revenue increased to $7.5 million in 2024, representing 160.3% of revenue, compared to $2.8 million or 38.2% of revenue in 2023, a change of $4.8 million or 171.6%[162]. - Research and development expenses decreased to $49.0 million in 2024, down $7.7 million or 13.6% from $56.7 million in 2023[164]. - Sales, marketing, general and administrative expenses were $29.3 million in 2024, a decrease of $7.3 million or 20.0% from $36.7 million in 2023[166]. - An impairment loss on intangible assets of $4.2 million was recorded in 2024, with no impairment loss reported in 2023[168]. - Interest expense increased significantly to $(4.5) million in 2024, compared to $(80) thousand in 2023, reflecting a change of $4.4 million or 5,471.3%[170]. - Unrealized loss on derivative liability was $(8.9) million in 2024, with no unrealized loss reported in 2023[171]. - Tax expense for 2024 was $0.5 million, down from $1.1 million in 2023, largely due to lower profitability in foreign jurisdictions; net operating loss carryforwards stood at approximately $498.0 million[173]. Cash Flow and Liquidity - As of December 31, 2024, the company had total liquidity of $226.1 million, including $54.5 million in cash and cash equivalents and $20.2 million in short-term investment securities[175]. - Cash used in operating activities increased to $68.5 million in 2024 from $67.1 million in 2023, with expected additional payments of approximately $6.3 million to a manufacturing partner in 2025 and 2026[176]. - Cash provided by investing activities was $2.7 million in 2024, a significant decrease from $21.8 million in 2023, with short-term investment securities purchases totaling $26.1 million[177]. - Net cash provided by financing activities was $72.9 million in 2024, slightly up from $72.4 million in 2023, with net proceeds from common stock issuance at $34.7 million[179]. - The company has approximately $113.6 million available under its existing $150.0 million ATM facility as of December 2024[178]. - The company entered into a Securities Purchase Agreement for $45.0 million in senior secured convertible notes, receiving net proceeds of $38.1 million[182]. - The company anticipates sufficient cash and cash equivalents to fund operations for at least the next 12 months based on its current operating plan[175]. Future Outlook - The company expects to incur significant losses during the fiscal year ending December 31, 2025, following substantial losses since inception[152]. - The company recognizes that its capital requirements will remain high as it expands activities and operations to commercialize its technology[181]. - The company is focused on developing perception solutions for autonomy and mobility applications, including advanced driver-assistance systems (ADAS)[150].

Financial Data and Key Metrics Changes - For Q4 2024, the company reported revenue of $1.7 million, up from $0.5 million year-over-year, primarily driven by industrial vertical customers [26][27] - The company experienced a cash burn that remains one of the lowest in the marketplace, with a cash balance of $75 million at year-end [24][29] - The company has extended its cash runway into 2026 due to successful financing activities, including a $90 million investment from a strategic partner [24][30] Business Line Data and Key Metrics Changes - The company is focusing on automotive OEM programs with seven RFQs and several custom development proposals, while also engaging in industrial opportunities such as Automated Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs) [6][8][10] - The total addressable market (TAM) for industrial applications is lower than automotive, but the company expects faster revenue realization from multi-year programs [11][12] Market Data and Key Metrics Changes - The company noted that automotive OEMs are adjusting their product launch timelines, which has affected revenue expectations [9][21] - The company is actively pursuing opportunities in the defense sector, anticipating increased defense spending under the current administration [14][22] Company Strategy and Development Direction - The company aims to expand its focus on near-term revenue opportunities in industrial and defense sectors while continuing to engage with automotive OEMs [21][24] - The new CTO, Glenn De Vos, emphasizes the importance of delivering a complete perception system and advanced features suitable for various markets, including automotive and defense [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for significant revenue growth in industrial and defense sectors [24][32] - The company acknowledges the challenges posed by delays in automotive RFQs but remains engaged with customers to navigate these changes [55][56] Other Important Information - The company has secured production commitments from its manufacturing partner, ZedF, to meet anticipated demand in the next 12 to 18 months, estimating demand between $30 million to $50 million [31][50] - The company is exploring strategic opportunities for growth through potential acquisitions in complementary technologies [66] Q&A Session Summary Question: How much of the $1.7 million revenue in Q4 was from commercial shipments versus R&D work? - The $1.7 million was primarily from sensor sales to multiple customers, with minimal NRE expected to be pushed to 2025 [34][35] Question: Are the defense opportunities related to ground-based or aerial objects? - The focus is on ground-based applications, with the company looking to leverage its existing technology for military programs [38][39] Question: What factors delayed the signing of the industrial deal? - The qualification process for industrial customers takes longer due to the complexity of integrating new technology into existing systems [70][72] Question: How does MicroVision plan to compete with FMCW LiDAR technology? - The company believes that while FMCW technology has its advantages, the cost and integration challenges will limit its widespread adoption compared to time-of-flight systems [88][90]

Revenue Performance - Revenue for Q4 2024 was $1.7 million, down from $5.1 million in Q4 2023, with a notable one-time revenue of $4.6 million from Microsoft in Q4 2023 excluded[5] - Revenue for the three months ended December 31, 2024, was $1,650 million, compared to $5,101 million for the same period in 2023, representing a decrease of 67.7%[23] Net Loss and Earnings - Net loss for Q4 2024 was $31.2 million, or $0.14 per share, compared to a net loss of $19.7 million, or $0.10 per share, in Q4 2023[12] - Net loss for the twelve months ended December 31, 2024, was $96,915 million, an increase from a net loss of $82,842 million in 2023, reflecting a 17% increase in losses[25] - Adjusted EBITDA for Q4 2024 was a loss of $13.2 million, compared to a loss of $13.6 million in Q4 2023[12] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $(56,288) million, compared to $(61,479) million in 2023, showing an improvement of 8.5%[28] Cash Flow and Liquidity - Cash used in operations in Q4 2024 was $15.0 million, an improvement from $16.6 million in Q4 2023[12] - The company ended Q4 2024 with $74.7 million in cash and cash equivalents, slightly up from $73.8 million at the end of 2023[12] - Cash, cash equivalents, and restricted cash at the end of the period on December 31, 2024, totaled $56,247 million, up from $49,391 million at the end of 2023, representing a 14.5% increase[25] - Net cash used in operating activities for the twelve months ended December 31, 2024, was $(68,540) million, slightly higher than $(67,090) million in 2023, indicating a 2.2% increase in cash outflow[25] Assets and Equity - Total assets decreased to $121.2 million in Q4 2024 from $129.6 million in Q4 2023[21] - Shareholders' equity decreased to $48.8 million in Q4 2024 from $95.8 million in Q4 2023, reflecting an accumulated deficit of $862.3 million[21] Expenses - Total operating expenses for the twelve months ended December 31, 2024, were $82,685 million, down from $93,362 million in 2023, indicating a reduction of 11.5%[23] - Research and development expenses for the twelve months ended December 31, 2024, were $49,015 million, compared to $56,707 million in 2023, a decrease of 13.6%[23] Other Financial Metrics - The company reported a gross loss of $(2,466) million for the three months ended December 31, 2024, compared to a gross profit of $4,199 million for the same period in 2023[28] - The weighted-average shares outstanding for the twelve months ended December 31, 2024, were 209,510 million, compared to 182,802 million in 2023, an increase of 14.6%[23] - The company incurred an impairment loss on intangible assets of $4,181 million for the twelve months ended December 31, 2024, with no such loss reported in 2023[23] Future Revenue Expectations - A production commitment with ZF is expected to generate revenue in the range of $30-$50 million over the next 12-18 months, primarily from the AMR/AGV vertical[4] - The company is actively engaged with seven high-volume RFQs for passenger vehicles and custom development opportunities with top-tier global automotive OEMs[6] Financing Activities - The company has secured a $75 million convertible note facility and raised an additional $8 million in Q1 2025 through an equity sale[6]

Company Overview - MicroVision Inc (MVIS) has a Buy rating with a price forecast of $3.00 by analyst Jesse Sobelson from D. Boral Capital [1] - The company is set to release its fourth-quarter earnings on March 26, 2025 [1] Management Changes - Glen DeVos has been appointed as the new Chief Technology Officer (CTO), bringing extensive experience from the automotive and industrial sectors [1][2] Financial Performance - MVIS raised $38 million in net proceeds from a convertible transaction in October, increasing its pro forma cash balance to approximately $81 million [2] - The total liquidity now stands at $234 million, but a non-cash expense of $10 million to $15 million is expected in the fourth quarter, adjusting the GAAP EPS forecast from a loss of $0.10 to a loss of $0.17 per share [3] Shareholder Actions - In February 2025, a $45 million convertible debt holder converted $12.25 million into 11.7 million shares, and the company sold an additional 5.6 million shares for $8 million, resulting in a total of 22.3 million new shares [4] - The total shares outstanding have increased to 226.8 million [4] Future Outlook - Despite a decline in the fourth EPS estimate, the focus remains on growth in the industrial and automotive segments, with expectations of eventual profitability [5] - The price forecast is based on a 10-year DCF and relative valuation model, reflecting 4x the FY26 sales estimate [5]

Q3 2024 Business update Nov 7, 2024 Safe mobility at the speed of life Safe Harbor Statements This presentation of MicroVision, Inc. ("MicroVision," "the Company," "we," or "our"), and any accompanying oral presentation, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, among others: statements relating to expectations regarding our future growth, profit ...

Financial Data and Key Metrics Changes - The company reported revenue of $0.2 million for Q3 2024, which was lower than expectations due to a delay in sensor delivery from an existing customer [16] - Operating expenses (OpEx) for Q3 were approximately $15 million, including $2.4 million in non-cash stock-based compensation and $1.4 million in depreciation and amortization [17] - Cash used in operating activities decreased by 25% quarter-over-quarter, aligning with expectations [17] - The company has a total liquidity of $234 million, comprising $81 million in cash, $122.6 million available under its ATM facility, and $30 million in convertible note commitments [19][20] Business Line Data and Key Metrics Changes - The industrial segment is seen as a strong opportunity for establishing annual recurring revenue (ARR) streams, with multiple potential customers in various tranches [6][8] - The company is engaged in seven RFQs with automotive OEMs for passenger vehicles, focusing on integrated hardware and software solutions [9] Market Data and Key Metrics Changes - The company expects ASPs for industrial applications to be in the $1,000 to $2,000 range, driven by software offerings [24] - The anticipated unit TAM for 2025 is estimated to be between 10,000 to 30,000 units [24] Company Strategy and Development Direction - The company aims to diversify revenue streams by pursuing significant partnerships in non-automotive industrial channels while waiting for automotive production revenues to ramp up later in the decade [11][48] - The strategy includes scaling down some ASIC programs and focusing on industrial revenue to improve cash flow break-even timelines [17][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve cash flow break-even faster than peers due to a strong balance sheet and low cash burn rate [21] - The company is optimistic about 2025 and beyond, with expected revenue from LIDAR sensors and NRE projects [21] Other Important Information - The company has secured a two-year $75 million fixed convertible note facility, with the first tranche of $45 million funded at a closing price of $1.33 [13] - The new annual OpEx run rate is expected to be between $48 million and $50 million for 2025 [20] Q&A Session Summary Question: Do ASPs need to change to get the market moving? - Management believes ASPs will be in the $1,000 to $2,000 range, driven by software offerings [24] Question: What is the reasonable unit TAM for 2025? - The estimated range is between 10,000 to 30,000 units [24] Question: What is the pacing of revenues from non-automotive opportunities? - Management indicated a potential ramp in revenue recognition dependent on customer deployment timelines [27] Question: How many players are there in the non-automotive market? - There are multiple potential customers across different tranches, with varying volumes [30] Question: What is the current production capacity? - The current capacity is approximately 45,000 units per year, with the ability to ramp up production if needed [33] Question: What are the main use cases for MicroVision's products in industrial applications? - The products address safety and efficiency issues in environments like warehouses and agriculture [39] Question: How does MicroVision balance pursuing automotive contracts with generating near-term revenue? - The company is focused on industrial applications to reduce cash burn while pursuing automotive opportunities [48] Question: What is the strategy for navigating the Tier 1 supplier landscape? - The company is open to collaborating with Tier 1 suppliers as directed by OEMs, while focusing on providing competitive solutions [50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to _________ Commission file number 001-34170 MicroVision, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |----------------- ...

Key Points Industry or Company Involved - **Company**: MicroVision, Inc. (NASDAQ:MVIS) - **Industry**: LiDAR (Light Detection and Ranging) technology for automotive and industrial applications Core Points and Arguments - **Convertible Note Financing**: MicroVision secured a $75 million convertible note financing from High Trail Capital. The conversion price is fixed at $1.56, with a maximum conversion price of $1.76. This financing is non-dilutive and provides a clear path to repayment through cash generated from revenue streams. - **Industrial Focus**: MicroVision is focusing on the industrial sector for revenue growth, targeting high-volume, recurring business. The company has identified 15 top priority opportunities in the industrial space, with potential annual volumes exceeding 50,000 units. - **Automotive Opportunities**: MicroVision continues to pursue automotive opportunities, with seven active RFQs. The company's MOVIA and MAVIN LiDAR products offer competitive advantages in terms of form factor, power, and cost. - **Product Development**: MicroVision is developing ASIC versions of its LiDAR products, with the intention of starting tape-out in the next year. The company is also exploring the development of MOVIA S for slower-speed maneuvering applications. - **Strategic Partnerships**: MicroVision is actively seeking partnerships with OEMs and Tier 1 suppliers to secure revenue streams and accelerate growth. Other Important Points - **Cash Burn**: MicroVision's cash burn rate has decreased significantly, with a sequential decline in the third quarter. The company expects to maintain a burn rate of approximately $55 million to $60 million per year. - **Market Position**: MicroVision believes it is well-positioned to win in the LiDAR industry due to its technology, product offerings, and strategic partnerships. - **Investor Relations**: MicroVision plans to hold an investor day in the future to provide more information on its business and technology. References - [doc id='10'] - [doc id='22'] - [doc id='23'] - [doc id='25'] - [doc id='26'] - [doc id='27'] - [doc id='29'] - [doc id='30'] - [doc id='31'] - [doc id='32'] - [doc id='33'] - [doc id='34'] - [doc id='35'] - [doc id='36'] - [doc id='37'] - [doc id='38'] - [doc id='39'] - [doc id='40'] - [doc id='41'] - [doc id='42'] - [doc id='43'] - [doc id='44'] - [doc id='45'] - [doc id='46'] - [doc id='47'] - [doc id='48'] - [doc id='49'] - [doc id='50'] - [doc id='51'] - [doc id='52'] - [doc id='53'] - [doc id='54'] - [doc id='55'] - [doc id='56'] - [doc id='57'] - [doc id='58'] - [doc id='59'] - [doc id='60'] - [doc id='61'] - [doc id='62'] - [doc id='63'] - [doc id='64'] - [doc id='65'] - [doc id='66'] - [doc id='67'] - [doc id='68'] - [doc id='69'] - [doc id='70'] - [doc id='71'] - [doc id='72'] - [doc id='73'] - [doc id='74'] - [doc id='75'] - [doc id='76'] - [doc id='77'] - [doc id='78'] - [doc id='79'] - [doc id='80'] - [doc id='81'] - [doc id='82'] - [doc id='83'] - [doc id='84'] - [doc id='85'] - [doc id='86'] - [doc id='87'] - [doc id='88'] - [doc id='89'] - [doc id='90'] - [doc id='91'] - [doc id='92'] - [doc id='93'] - [doc id='94'] - [doc id='95'] - [doc id='96'] - [doc id='97'] - [doc id='98'] - [doc id='99'] - [doc id='100'] - [doc id='101'] - [doc id='102'] - [doc id='103'] - [doc id='104'] - [doc id='105'] - [doc id='106'] - [doc id='107'] - [doc id='108'] - [doc id='109'] - [doc id='110'] - [doc id='111'] - [doc id='112'] - [doc id='113'] - [doc id='114'] - [doc id='115'] - [doc id='116'] - [doc id='117'] - [doc id='118'] - [doc id='119'] - [doc id='120'] - [doc id='121'] - [doc id='122'] - [doc id='123'] - [doc id='124'] - [doc id='125'] - [doc id='126'] - [doc id='127'] - [doc id='128'] - [doc id='129'] - [doc id='130'] - [doc id='131'] - [doc id='132'] - [doc id='133'] - [doc id='134'] - [doc id='135'] - [doc id='136'] - [doc id='137'] - [doc id='138'] - [doc id='139'] - [doc id='140'] - [doc id='141'] - [doc id='142'] - [doc id='143'] - [doc id='144'] - [doc id='145'] - [doc id='146'] - [doc id='147'] - [doc id='148'] - [doc id='149'] - [doc id='150'] - [doc id='151'] - [doc id='152'] - [doc id='153'] - [doc id='154'] - [doc id='155'] - [doc id='156'] - [doc id='157'] - [doc id='158'] - [doc id='159'] - [doc id='160'] - [doc id='161'] - [doc id='162'] - [doc id='163'] - [doc id='164'] - [doc id='165'] - [doc id='166'] - [doc id='167'] - [doc id='168'] - [doc id='169'] - [doc id='170']