MicroVision(MVIS) - 2025 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2025 was $0.2 million, flat compared to $0.2 million for Q3 2024, comprised of sales to industrial customers[12] - Net loss for Q3 2025 was $14.2 million, or $0.05 per share, compared to a net loss of $15.5 million, or $0.07 per share for Q3 2024[12] - Revenue for the three months ended September 30, 2025, was $241 million, a 27% increase from $190 million in the same period of 2024[23] - Net loss for the three months ended September 30, 2025, was $14,217 million, compared to a net loss of $15,517 million in the same period of 2024[23] Operating Expenses - Total operating expenses for Q3 2025 were $12.0 million, relatively flat year over year compared to $15.3 million for Q3 2024[12] - Total operating expenses for the three months ended September 30, 2025, were $12,005 million, down from $15,313 million in 2024[23] Cash Flow and Liquidity - Cash used in operations in Q3 2025 was $16.5 million, compared to $14.1 million in Q3 2024[12] - The Company ended Q3 2025 with $99.5 million in cash and cash equivalents, compared to $74.7 million as of December 31, 2024[12] - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2025, was $74,534 million, significantly up from $18,365 million in 2024[25] - Net cash used in operating activities for the nine months ended September 30, 2025, was $43,315 million, an improvement from $53,484 million in 2024[25] - The company reported a net cash provided by financing activities of $67,758 million for the nine months ended September 30, 2025, compared to $26,155 million in 2024[25] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was a $11.7 million loss, flat compared to a $11.7 million loss for Q3 2024[12] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(33,620) million, compared to $(42,899) million in the same period of 2024[27] Research and Development - Research and development expenses for the nine months ended September 30, 2025, totaled $23,039 million, down from $40,251 million in 2024[23] Leadership and Strategic Initiatives - The Company appointed Glen DeVos as CEO to enhance automotive capabilities and drive market leadership in lidar technology[5] - The introduction of the next generation solid-state lidar sensor, MOVIA S, aims to provide a cost-effective short-range solution for various applications[5] - The Company executed an agreement to acquire Scantinel Photonics, enhancing its long-range FMCW lidar capabilities for commercial vehicles and passenger cars[5] Share Information - Weighted-average shares outstanding for the three months ended September 30, 2025, were 295,461 thousand, compared to 213,004 thousand in 2024[23]