MicroVision(MVIS)2025-05-12 20:34Revenue Performance - Revenue for Q1 2025 was $0.6 million, a decrease of 40% compared to $1.0 million in Q1 2024, primarily driven by demand from industrial customers[7] - Adjusted Gross Profit for Q1 2025 was $256 thousand, significantly up from $66 thousand in Q1 2024, indicating a year-over-year increase of approximately 287.9%[32] Operating Expenses and Losses - Total operating expenses for Q1 2025 were $14.1 million, representing a 47% decline year-over-year from $26.4 million in Q1 2024[7] - Net loss for Q1 2025 was $28.8 million, or $0.12 per share, compared to a net loss of $26.3 million, or $0.13 per share, in Q1 2024[7] - For the three months ended March 31, 2025, the net loss was $28,779 thousand, compared to a net loss of $26,313 thousand for the same period in 2024, representing an increase in loss of approximately 9.4%[30] Cash Flow and Financing - Cash used in operations in Q1 2025 was $14.1 million, down from $20.8 million in Q1 2024[14] - The company raised $8 million in Q1 2025 through an equity sale, building on a $75 million convertible note facility established in Q4 2024[6] - Net cash provided by financing activities was $8,205 thousand in Q1 2025, compared to $21,018 thousand in Q1 2024, showing a decrease of about 60.9%[30] Cash Position - As of March 31, 2025, the company had access to $143.4 million in capital, including $113.4 million under its existing ATM facility[8] - The company ended Q1 2025 with $69.0 million in cash and cash equivalents, down from $74.7 million as of December 31, 2024[14] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $53,525 thousand, up from $46,337 thousand at the end of Q1 2024, marking an increase of approximately 15.5%[30] EBITDA and Financial Improvements - Adjusted EBITDA for Q1 2025 was a loss of $10.7 million, an improvement from a loss of $18.7 million in Q1 2024[14] - The company recorded an adjusted EBITDA of $(10,711) thousand for Q1 2025, an improvement from $(18,693) thousand in Q1 2024, indicating a reduction in losses of approximately 42.7%[32] - The company reported cash flows from operating activities of $(14,098) thousand for Q1 2025, an improvement from $(20,759) thousand in Q1 2024, reflecting a decrease in cash used of about 32.1%[30] Inventory and Expense Management - The company experienced a decrease in inventory by $(228) thousand in Q1 2025, compared to an increase of $102 thousand in Q1 2024, indicating a shift in inventory management strategy[30] - The company reported a share-based compensation expense of $1,921 thousand in Q1 2025, down from $3,743 thousand in Q1 2024, indicating a reduction of approximately 48.7%[32] Strategic Initiatives - The company is committed to high-volume deliveries in the range of $30-$50 million over the next 12-18 months due to a production commitment with ZF[4] - The company established a defense industry advisory board to pursue revenue opportunities in the defense tech and military sectors[6] Other Financial Metrics - The unrealized gain on derivative liability was $(842) thousand in Q1 2025, while there was no such gain in Q1 2024, reflecting a change in financial position[32] - The total cash flows from investing activities were $3,090 thousand in Q1 2025, contrasting with $(3,282) thousand in Q1 2024, representing a significant turnaround[30]