MicroVision(MVIS) - 2024 Q4 - Annual Results

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]