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 March 31, 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) Delaware 91-1600822 (State or Other Jurisd ...

Financial Data and Key Metrics Changes - For Q1 2024, the company recorded $1 million in revenue, slightly ahead of expectations, primarily from MOVIA device sales to a global commercial trucking OEM and sensors to an agricultural equipment company [49] - Cash used in operating activities for Q1 was $20.8 million, aligning with expectations, indicating financial discipline with cash burn [50] - Adjusted gross margins were approximately 25%, differentiating the company from peers with negative or near-zero margins [44] Business Line Data and Key Metrics Changes - The company is engaged in seven RFQs for its MAVIN product, focusing solely on large volume passenger car projects from OEMs [24][33] - The MOVIA L hardware is in production, serving as a demonstration point for OEM partnerships [16] - The company has not funded new development for MOVIA L or MOVIA S, focusing on demonstrating mature hardware for OEMs [16] Market Data and Key Metrics Changes - The automotive market is experiencing stiff competition from Chinese OEMs, impacting pricing and features of software-defined vehicles [18] - OEMs are under pressure to realize returns on investments made for transitioning to electric vehicles, with recent UAW actions further driving cost focus [19] - The high interest rate environment is affecting the cost of capital for OEMs and Tier-1 suppliers, complicating new sensor program initiatives [38] Company Strategy and Development Direction - The company aims to focus on automotive OEMs for ADAS features in passenger vehicles, which are expected to have the highest demand [5] - There is a strategic shift to explore partnerships and licensing in smaller industrial markets to generate non-dilutive capital [35] - The company plans to maintain a capital-light business model with low cash burn to navigate the current market challenges [43] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the frustration of shareholders regarding the speed of OEM validation and emphasizes the complexity of OEM requirements [11][14] - The company is cautious about timelines for OEM decisions, with expectations for significant decisions to be made in 2024 [60][83] - Management believes there is a substantial demand for LiDAR in the second half of the decade, driven by global competition, despite current low volumes [23] Other Important Information - The company has a liquidity position of $201.3 million as of March 31, including $73 million in cash and cash equivalents [45] - The expected cash burn for 2024 is projected to be between $65 million to $70 million, similar to 2023 [46] - The company is exploring revenue streams from non-automotive verticals to reduce dependence on low volumes in the short to medium term [24] Q&A Session Summary Question: What happened with the expected OEM contract win by March 31? - Management indicated that while there were expectations for contract announcements, the timelines have shifted, and they are cautious about making predictions [54][60] Question: How will revenue recognition from an OEM contract win occur? - Revenue is expected to start with non-recurring engineering (NRE) revenues, gradually ramping up as production volumes increase [61][86] Question: Are there other automotive trucking customers in the RFQs? - All seven RFQs currently involve passenger vehicle OEMs [91] Question: What is the competitive advantage of the MOSAIK software? - MOSAIK automates a significant portion of the validation process for sensors, potentially leading to cost savings for OEMs [92] Question: How does the company view its market position compared to competitors? - Management believes the company remains ahead of the competition in technology and is focused on securing sustainable contracts without jeopardizing long-term health [98][100]

& MicroVision 1 | © 2024 MicroVision, Inc. All rights reserved. Confidential and proprietary. In addition to financial measures presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes certain non-GAAP financial measures, including Adjusted Gross Profit and percent margin. These non-GAAP measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The nonGAAP financial measure ...

[Key Business and Financial Highlights for Q1 2024](index=1&type=section&id=Key%20Business%20Highlights%20for%20Q1%202024) MicroVision's Q1 2024 highlights include revenue growth to $1.0 million, a widened net loss of $26.3 million, and strategic focus on OEM RFQs, industrial markets, and fiscal discipline - Strategic business focus for Q1 2024 includes: * Engaging in high-volume, top-tier global OEM RFQs for passenger vehicles * Expanding near-term revenue by targeting direct sales in industrial markets * Seeking non-dilutive funding through partnerships and licensing * Extending cash runway via disciplined fiscal management[3](index=3&type=chunk)[6](index=6&type=chunk) Key Financial Highlights | Financial Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $1.0 million | $0.8 million | | Net Loss | $26.3 million | $19.0 million | | Net Loss per Share | $0.13 | $0.11 | | Adjusted EBITDA | ($18.7 million) | ($15.7 million) | | Cash Used in Operations | $20.8 million | $13.5 million | | Cash and Cash Equivalents (end of period) | $73.1 million | N/A | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) This section provides MicroVision's unaudited consolidated financial statements, including the Balance Sheet, Statement of Operations, and Statement of Cash Flows, for Q1 2024 [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2024, MicroVision reported total assets of $124.2 million, total liabilities of $30.4 million, and total shareholders' equity of $93.8 million Consolidated Balance Sheet (In thousands) | Balance Sheet Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $44,298 | $45,167 | | Total current assets | $82,300 | $86,754 | | **Total assets** | **$124,182** | **$129,635** | | Total current liabilities | $17,751 | $20,503 | | **Total liabilities** | **$30,379** | **$33,831** | | **Total shareholders' equity** | **$93,803** | **$95,804** | [Consolidated Statement of Operations](index=5&type=section&id=Consolidated%20Statement%20of%20Operations) In Q1 2024, MicroVision's revenue reached $1.0 million, but increased operating expenses resulted in a wider net loss of $26.3 million, or $0.13 per share Consolidated Statement of Operations (In thousands) | Income Statement | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $956 | $782 | | Gross profit (loss) | $(321) | $238 | | Research and development expense | $17,311 | $12,692 | | Total operating expenses | $26,389 | $21,429 | | Loss from operations | $(26,710) | $(21,191) | | **Net loss** | **$(26,313)** | **$(19,027)** | | **Net loss per share** | **$(0.13)** | **$(0.11)** | [Consolidated Statement of Cash Flows](index=6&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Q1 2024 saw net cash used in operating activities increase to $20.8 million, partially offset by $21.0 million from financing activities, leading to a $3.1 million decrease in cash Consolidated Statement of Cash Flows (In thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(20,759) | $(13,482) | | Net cash (used in) provided by investing activities | $(3,282) | $6,254 | | Net cash provided by financing activities | $21,018 | $12,685 | | **Net (decrease) increase in cash** | **$(3,054)** | **$5,457** | [Reconciliation of GAAP to Non-GAAP Measures](index=2&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) MicroVision presents non-GAAP measures, including Adjusted EBITDA and Adjusted Gross Profit, to provide a clearer view of core operating performance by excluding certain non-cash items - The company presents non-GAAP measures like Adjusted EBITDA and Adjusted Gross Profit to provide supplemental information on financial trends, ensure consistency with past reports, and facilitate comparisons with industry peers[11](index=11&type=chunk)[12](index=12&type=chunk) Reconciliation of GAAP to Non-GAAP Measures (In thousands) | Reconciliation | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **GAAP Net loss** | **$(26,313)** | **$(19,027)** | | Adjustments (Depreciation, Share-based comp, etc.) | $7,620 | $4,308 | | **Adjusted EBITDA** | **$(18,693)** | **$(15,718)** | | **GAAP Gross Profit (loss)** | **$(321)** | **$238** | | Amortization of acquired intangibles | $387 | $255 | | **Adjusted Gross Profit** | **$66** | **$493** | [Other Information](index=1&type=section&id=Other%20Information) This section provides supplementary details, including an investor conference call summary, a corporate overview of MicroVision's MEMS-based technology, and forward-looking statements - MicroVision is a company specializing in MEMS-based laser beam scanning technology for automotive lidar (ADAS) and other non-automotive applications like industrial and robotics[9](index=9&type=chunk) - The company hosted a conference call and webcast on May 9, 2024, to discuss the Q1 2024 financial results and provide a business update[5](index=5&type=chunk) - The forward-looking statements highlight risks including the ability to raise capital, market acceptance of its products, competition, and dependence on third parties[16](index=16&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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) (State or Other Jurisdiction of ...

Company Overview - MicroVision is a leading provider of LiDAR hardware and software solutions for Automotive, Industrial, Smart Infrastructure, and Robotics markets[2] - The company has a comprehensive product portfolio including MAVIN, MOVIA, and MOSAIK[4] - MicroVision has a strong IP portfolio with 735 issued and pending patents[3, 21] - The company has over 350 employees, including 52 PhDs[3] Financial Performance - MicroVision's GAAP Gross Profit for FY 2023 was $4487000[37] - Adjusted Gross Profit for FY 2023 was $5905000, with a margin of 81%[37] - Approximately 20% of revenue in FY 2023 was from software-related sales to automotive OEMs[38] - The company used $67 million cash in operating activities in FY 2023[38] - As of December 31, 2023, MicroVision had $93 million in total liquidity, including $74 million in cash and cash equivalents and $19 million availability under the current ATM facility[38] - FY 2023 revenue represents MicroVision subsequent to Feb 1 acquisition of Ibeo assets and contracts, and the revenue was $7259000[41, 46] Market Opportunity - The company estimates a cumulative total addressable market (TAM) of approximately $88 billion through 2030 in ADAS[17, 54] - The company is focused on optimizing near-term applications in the ADAS value chain, specifically L2 and L3 levels[33] - The company estimates ~97 million cumulative long-range LiDARs and ~195 million cumulative short-range LiDARs will be required through 2030[51, 53]

Financial Data and Key Metrics Changes - Revenue for Q4 2023 was reported at $5.1 million, leading to a full-year revenue of $7.3 million, which was within the revised guidance range of $6.5 million to $8 million [67][68] - The company achieved a 90% adjusted gross margin in Q4 2023 and an 80% gross margin on an adjusted basis for FY 2023, significantly differentiating itself from peers with negative or near-zero margins [39][70] - Liquidity as of December 31, 2023, was $93 million, consisting of $74 million in cash and cash equivalents and $19 million in ATM availability, providing a financial runway of approximately 1.4 years [11][94] Business Line Data and Key Metrics Changes - The company is focusing on high-volume nomination projects rather than low-volume engineering services, aiming for projects that involve millions of units to achieve profitability [2][24] - The MOVIA-S product is highlighted as a key opportunity, with each vehicle potentially requiring three to five sensors for advanced driving features [53][59] Market Data and Key Metrics Changes - The demand for LiDAR sensors is expected to grow significantly, particularly for ADAS level 2+ and level 3 features, as OEMs are increasingly recognizing the need for these technologies [3][33] - The company is engaged in nine RFQs with multiple OEMs in Europe and North America, primarily focused on passenger car programs [22][64] Company Strategy and Development Direction - The company aims to establish itself as a Tier 1 LiDAR supplier by focusing on high-growth opportunities and maintaining financial discipline, avoiding risks associated with low-margin projects [24][36] - The strategy includes leveraging existing technology and partnerships to secure long-term supply agreements with OEMs, particularly in the automotive sector [56][58] Management Comments on Operating Environment and Future Outlook - Management noted that the transition from internal combustion engines (ICE) to electric vehicles (EV) is creating pressure on OEMs, leading to a cautious approach in new projects [62][63] - The company is optimistic about securing nominations in 2024, with expectations for significant revenue growth driven by high-volume contracts [98][110] Other Important Information - The Microsoft contract, which contributed $4.6 million in revenue, expired at the end of December 2023, with no visibility into future revenue from this source [38][131] - The company is not pursuing augmented reality (AR) projects due to a lack of control over end products, focusing instead on its LiDAR technology [91][128] Q&A Session Summary Question: What type of OEMs is the company targeting for announcements? - The focus is on OEMs based in Europe and North America, with an emphasis on high-volume projects [45][99] Question: What is the status of the Microsoft agreement? - The Microsoft contract expired at the end of December 2023, and there is currently no visibility into future revenue from Microsoft [131] Question: What is the expected gross margin trajectory for 2024? - The company expects gross margins to be in the range of 30% to 40% for 2024, as revenue scales up and the mix changes [102][103]

Exhibit 99.1 MicroVision Announces Fourth Quarter and Full Year 2023 Results REDMOND, WA / ACCESSWIRE / February 28, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its fourth quarter and full year 2023 results. "We are very pleased with what our global team accomplished in 2023. We are now actively engaged in nine automotive RFQs, including some of the largest global OEMs, with a key focus on passenger vehicles with our MAVIN a ...

Revenue Growth - For the nine months ended September 30, 2023, revenue increased by 225.0% to $2.158 million compared to $664,000 in the same period of 2022, primarily driven by software sales and lidar sensor sales [112][113]. - Revenue for the nine months ended September 30, 2023, was $2.158 million, representing a 225.0% increase from $664,000 in the same period of 2022 [112]. - The increase in revenue for the nine months ended September 30, 2023, was predominantly due to software sales and contracts obtained from the acquisition of Ibeo assets [113]. Cost of Revenue - Cost of revenue for the three months ended September 30, 2023, was $625,000, representing 59.7% of revenue, compared to $45,000 (1,288.9% increase) in the same period of 2022 [114]. - Cost of revenue for the nine months ended September 30, 2023, was $1.870 million, an increase of 2,691.0% from $67,000 in the same period of 2022 [114]. Expenses - Research and development expenses for the three months ended September 30, 2023, rose to $15.584 million, a 106.8% increase from $7.535 million in the same period of 2022 [116][118]. - Research and development expenses for the nine months ended September 30, 2023, were $42.127 million, an increase of 84.5% from $22.828 million in the same period of 2022 [116]. - Sales, marketing, general and administrative expenses for the three months ended September 30, 2023, increased by 58.3% to $8.743 million compared to $5.522 million in the same period of 2022 [119][120]. - Sales, marketing, general and administrative expenses for the nine months ended September 30, 2023, were $27.172 million, a 53.8% increase from $17.664 million in the same period of 2022 [119]. Other Income - Other income for the three months ended September 30, 2023, was $637,000, a 153.8% increase from $251,000 in the same period of 2022, primarily due to a $3.0 million payment for lease termination [122]. - Other income increased by 153.8% to $637,000 for the three months ended September 30, 2023, and by 1,636.9% to $4.846 million for the nine months ended September 30, 2023, primarily due to a $3.0 million incentive payment [122]. Cash and Investments - As of September 30, 2023, the company had $49.4 million in cash and cash equivalents and $28.7 million in short-term investment securities [123]. - As of September 30, 2023, the company had approximately $30.6 million available under the $35.0 million ATM equity offering agreement initiated in August 2023 [130]. - The company anticipates sufficient cash and cash equivalents to fund operations for at least the next 12 months [124]. Cash Flow - Cash used in operating activities totaled $50.5 million during the nine months ended September 30, 2023, compared to $29.6 million in the same period of 2022, attributed to increased operating expenses [125]. - Net cash provided by investing activities was $21.4 million for the nine months ended September 30, 2023, compared to a net cash used of $31.0 million in the same period of 2022 [126]. - Net cash provided by financing activities totaled $60.8 million during the nine months ended September 30, 2023, a significant increase from $315,000 in the same period of 2022 [127]. Acquisitions and Future Payments - The company recorded a bargain purchase gain of $1.706 million during the nine months ended September 30, 2023, related to the acquisition of Ibeo assets [121]. - The acquisition of Ibeo assets involved payments totaling $11.2 million, with an expected final payment of approximately $2.9 million in Q4 2023 [126]. - The company expects to make additional payments totaling approximately $9.2 million to its contract manufacturing partner over the first six months of 2024 for MOVIA sensor inventory [125]. Financial Outlook - The company expects to incur a significant loss during the fiscal year ending December 31, 2023, continuing a trend of substantial losses since inception [109].

MicroVision, Inc. (NASDAQ:MVIS) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET Company Participants Drew Markham - General Counsel Sumit Sharma - Chief Executive Officer Anubhav Verma - Chief Financial Officer Conference Call Participants Operator Good afternoon, and welcome to the MicroVision Third Quarter 2023 Financial and Operating Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now ...