MicroVision(MVIS) - 2025 Q2 - Quarterly Results

MicroVision Second Quarter 2025 Results MicroVision reports Q2 2025 results, detailing strategic advancements in autonomy, financial performance, and future outlook Announcement and Executive Summary MicroVision announced Q2 2025 results, highlighting strategic execution in autonomy, competitive pricing, industrial revenue confidence, NVIDIA integration, and expanded financial runway - CEO Sumit Sharma expressed confidence in MicroVision's position to secure 2025 revenue opportunities from the industrial vertical, emphasizing the integrated perception software and compelling solutions at attractive price points[4] - CFO Anubhav Verma highlighted progress in NVIDIA integration, increased momentum in the defense vertical, expansion of the Sales and Business Development team, and production commitment with ZF for high-volume deliveries. Recent capital raises have expanded the financial runway[4] Key Business and Operational Highlights MicroVision integrated MOVIA lidar into NVIDIA DRIVE AGX, engaged top automotive OEMs, drove industrial momentum, and expanded defense tech - Achieved full integration of MOVIA lidar into NVIDIA's DRIVE AGX platform, becoming part of their prestigious autonomous vehicle ecosystem[6] - Continued engagement with top-tier global automotive OEMs, with reformulated and higher-volume RFQs for passenger vehicles and custom development opportunities[6] - Driving momentum in industrial markets with a focus on near-term revenue opportunities with programs that leverage full stack ADAS software and multi-modal sensor capability[6] - Progressed opportunities to accelerate strategic expansion in the defense tech and military sectors, and deepened expertise on the Board of Directors and defense industry advisory board with new appointments[6] Key Financial Highlights for Q2 2025 Q2 2025 revenue was $0.2M, down from $1.9M YoY; operating expenses decreased 44% to $14.1M, narrowing net loss to $14.2M and Adjusted EBITDA loss to $11.2M, with $91.4M cash and $106.5M capital access Q2 2025 vs Q2 2024 Key Financial Highlights | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (YoY) | | :-------------------------------- | :----------------- | :----------------- | :----------- | | Revenue | $0.2 | $1.9 | -89.5% | | Total Operating Expenses | $14.1 | $25.0 | -43.6% | | Net Loss | $14.2 | $23.9 | -40.6% | | Net Loss Per Share | $0.06 | $0.11 | -45.5% | | Adjusted EBITDA Loss | $11.2 | $12.6 | -11.2% | | Cash Used in Operations | $12.7 | $18.6 | -31.7% | - As of June 30, 2025, the Company has access to $106.5 million of capital, including $76.5 million under its existing ATM facility and $30 million from the remaining commitment pursuant to the convertible note facility[7] - The Company ended the second quarter of 2025 with $91.4 million in cash and cash equivalents, including investment securities, compared to $74.7 million as of December 31, 2024[11] Conference Call and Webcast MicroVision will host a conference call and webcast on August 7, 2025, at 1:30 PM PT/4:30 PM ET to discuss Q2 2025 results and business update - Conference call and webcast scheduled for Thursday, August 7, 2025, at 1:30 PM PT/4:30 PM ET[8] - The live webcast can be accessed on the Company's Investor Relations website under the Events tab[9] About MicroVision MicroVision pioneers advanced perception solutions for autonomy and mobility, enhancing safety through integrated lidar hardware and software for automotive ADAS, industrial, and defense sectors - MicroVision delivers advanced perception solutions in autonomy and mobility, with engineering excellence based in Redmond, Washington, and Hamburg, Germany[2][10] - Proprietary technologies enhance safety and automation across various industrial applications, including robotics, automated warehouses, and agriculture, and are instrumental in the development of autonomous systems[10] - Core technology, initially developed for the automotive industry (ADAS and autonomous driving), also targets semi- and fully autonomous airborne and terrestrial sensor systems for the military segment, utilizing solid-state MEMS-based long-range and flash-based short-range lidar[10] Non-GAAP Information MicroVision uses non-GAAP measures like Adjusted EBITDA and Adjusted Gross Profit to supplement GAAP, excluding specific items to provide insights into core operating performance and facilitate comparisons - Non-GAAP measures "adjusted EBITDA" and "adjusted Gross Profit" are presented to supplement MicroVision's condensed financial statements presented in accordance with GAAP[13] - Adjusted EBITDA consists of GAAP net income (loss) excluding interest, income tax, depreciation and amortization, non-cash gains and losses, share-based compensation, and restructuring costs. Adjusted Gross Profit is GAAP gross profit before share-based compensation expense and amortization of acquired intangibles[13] - These non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends, consistency, and comparability, despite their limitations in not reflecting all GAAP costs[14][15] Forward-Looking Statements This section contains forward-looking statements on customer engagement, revenue, expenses, market position, product capabilities, and capital access, highlighting risks and uncertainties - Statements regarding customer engagement, revenue and cash opportunities, expense reduction, market position, product portfolio, product and manufacturing capabilities, and access to capital are forward-looking[18] - Factors that could cause actual results to differ include the ability to operate with limited cash or raise additional capital, market acceptance of technologies, failure of commercial partners, financial and technical resources relative to competitors, rapid technological change, government regulation, intellectual property rights, and potential product liability claims[18] Investor Relations and Media Contact Provides contact information for investor relations and media inquiries - Investor Relations Contact: Jeff Christensen at Darrow Associates Investor Relations (MVIS@darrowir.com)[19] - Media Contact: Marketing@MicroVision.com[19] Consolidated Financial Statements Presents the company's unaudited consolidated financial statements, including balance sheets, statements of operations, and cash flows for Q2 2025 and comparative periods Consolidated Balance Sheets Presents unaudited consolidated balance sheets as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and equity Consolidated Balance Sheets (as of June 30, 2025 vs. December 31, 2024) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Total Assets | $140,617 | $121,161 | +$19,456 | | Total Liabilities | $63,513 | $72,392 | -$8,879 | | Total Shareholders' Equity | $77,104 | $48,769 | +$28,335 | | Cash and cash equivalents | $74,094 | $54,486 | +$19,608 | | Inventory | $6,128 | $2,294 | +$3,834 | | Derivative liability | $2,915 | $14,581 | -$11,666 | | Notes payable, current | $32,271 | $24,248 | +$8,023 | Consolidated Statement of Operations Details unaudited consolidated statements of operations for three and six months ended June 30, 2025 and 2024, showing revenue, expenses, and net loss Consolidated Statement of Operations (Three Months Ended June 30, 2025 vs. 2024) | Metric (in thousands) | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | | Revenue | $155 | $1,900 | -$1,745 | | Gross (loss) profit | $(561) | $346 | -$907 | | Total operating expenses | $14,095 | $24,977 | -$10,882 | | Loss from operations | $(14,656) | $(24,631) | +$9,975 | | Net loss | $(14,229) | $(23,930) | +$9,701 | | Net loss per share | $(0.06) | $(0.11) | +$0.05 | Consolidated Statement of Operations (Six Months Ended June 30, 2025 vs. 2024) | Metric (in thousands) | H1 2025 | H1 2024 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | | Revenue | $744 | $2,856 | -$2,112 | | Gross (loss) profit | $(522) | $25 | -$547 | | Total operating expenses | $28,174 | $51,366 | -$23,192 | | Loss from operations | $(28,696) | $(51,341) | +$22,645 | | Net loss | $(43,008) | $(50,243) | +$7,235 | | Net loss per share | $(0.18) | $(0.25) | +$0.07 | Consolidated Statements of Cash Flows Provides unaudited consolidated statements of cash flows for six months ended June 30, 2025 and 2024, categorizing cash activities Consolidated Statements of Cash Flows (Six Months Ended June 30, 2025 vs. 2024) | Metric (in thousands) | H1 2025 | H1 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net cash used in operating activities | $(26,827) | $(39,393) | +$12,566 | | Net cash provided by (used in) investing activities | $2,769 | $(7,413) | +$10,182 | | Net cash provided by financing activities | $43,283 | $26,171 | +$17,112 | | Cash, cash equivalents, and restricted cash at end of period | $75,791 | $28,782 | +$47,009 | Reconciliation of GAAP to Non-GAAP Measures Provides detailed reconciliations of GAAP gross (loss) profit to Adjusted Gross (Loss) Profit and GAAP net loss to Adjusted EBITDA for Q2 and H1 2025 and 2024 Reconciliation of Non-GAAP Gross (Loss) Profit (Three Months Ended June 30) | Metric (in thousands) | Q2 2025 | Q2 2024 | | :-------------------- | :------ | :------ | | Gross (loss) profit | $(561) | $346 | | Amortization of acquired intangibles | $217 | $387 | | Adjusted Gross (Loss) Profit | $(344) | $733 | Reconciliation of Adjusted EBITDA (Three Months Ended June 30) | Metric (in thousands) | Q2 2025 | Q2 2024 | | :-------------------- | :------ | :------ | | GAAP Net loss | $(14,229) | $(23,930) | | Interest expense, net | $2,235 | $(559) | | Income taxes | $93 | $84 | | Depreciation and amortization | $1,544 | $1,770 | | Unrealized gain on derivative liability | $(1,952) | - | | Unrealized gain warrant liability | $(803) | - | | Impairment loss on intangible assets | - | $3,027 | | Impairment of operating lease right-of-use assets | - | $393 | | Share-based compensation expense | $1,930 | $3,353 | | Restructuring costs | - | $3,216 | | Adjusted EBITDA | $(11,182) | $(12,646) | Reconciliation of Adjusted EBITDA (Six Months Ended June 30) | Metric (in thousands) | H1 2025 | H1 2024 | | :-------------------- | :------ | :------ | | GAAP Net loss | $(43,008) | $(50,243) | | Interest expense, net | $14,850 | $(1,108) | | Income taxes | $166 | $318 | | Depreciation and amortization | $2,952 | $3,570 | | Unrealized gain on derivative liability | $(2,794) | - | | Unrealized gain warrant liability | $(2,564) | - | | Loss on debt extinguishment | $4,654 | - | | Impairment loss on intangible assets | - | $3,027 | | Impairment of operating lease right-of-use assets | - | $393 | | Share-based compensation expense | $3,851 | $7,096 | | Restructuring costs | - | $5,714 | | Adjusted EBITDA | $(21,893) | $(31,233) |