MicroVision(US:MVIS)2025-11-12 21:17Revenue Performance - Revenue for the three months ended September 30, 2025, was $241,000, representing a 26.8% increase compared to $190,000 in the same period of 2024[123] - Revenue for the nine months ended September 30, 2025, decreased to $985,000, a decline of 67.7% from $3,046,000 in the same period of 2024, primarily due to higher sales in 2024 driven by shipments to Daimler Truck North America[123][124] - Revenue for the nine months ended September 30, 2025, decreased to $985,000, down 67.7% from $3,046,000 in the same period of 2024, primarily due to lower sales of sensors to industrial customers[123] Cost and Expenses - Cost of revenue for the three months ended September 30, 2025, was $957,000, which is 397.1% of revenue, compared to $583,000 or 306.8% of revenue in the same period of 2024[125] - Research and development expenses for the three months ended September 30, 2025, were $7,978,000, an 8.7% decrease from $8,736,000 in the same period of 2024[127] - Sales, marketing, general and administrative expenses for the three months ended September 30, 2025, were $4,027,000, a 39.0% decrease from $6,599,000 in the same period of 2024[130] - Research and development expenses for the nine months ended September 30, 2025, totaled $23.0 million, down from $40.3 million in 2024, a decrease of $17.2 million (42.8%) [127] - Sales, marketing, general and administrative expenses for the three months ended September 30, 2025, were $4.0 million, down from $6.6 million in 2024, a decrease of $2.6 million (39.0%) [130] Financing and Cash Flow - Cash used in operating activities totaled $43.3 million for the nine months ended September 30, 2025, compared to $53.5 million in the same period of 2024, reflecting decreased operating expenses related to personnel[142] - As of September 30, 2025, the company had $72.8 million in cash and cash equivalents and $26.7 million in short-term investment securities, with approximately $46.2 million available under its existing $150.0 million ATM facility[141] - Net cash provided by financing activities was $67.8 million for the nine months ended September 30, 2025, compared to $26.2 million in the same period of 2024, driven by net proceeds from the issuance of common stock and warrants[144] - Cash used in operating activities during the nine months ended September 30, 2025, was $43.3 million, compared to $53.5 million in the same period of 2024, a decrease of $10.2 million[142] - Net cash provided by financing activities totaled $67.8 million during the nine months ended September 30, 2025, compared to $26.2 million in 2024, an increase of $41.6 million[144] Interest and Other Income - Interest expense for the three months ended September 30, 2025, increased to $(2,197,000) from $(21,000) in the same period of 2024, reflecting a significant rise of 10,361.9%[135] - Other income decreased by 56.0% to $140,000 for the three months ended September 30, 2025, compared to $318,000 in the same period of 2024, primarily due to decreased interest income[140] - Other income for the nine months ended September 30, 2025, decreased to $363,000 from $1.8 million in 2024, a decrease of $1.4 million (79.4%) [140] Strategic Acquisitions and Future Outlook - The company acquired strategic assets from Ibeo Automotive Systems GmbH in January 2023, enhancing its lidar technology offerings for automotive applications[116] - An Asset Purchase Agreement was entered into to acquire Scantinel Photonics GmbH, adding FMCW lidar technology to the product portfolio[118] - The company expects to continue incurring significant losses in the near term, having funded operations primarily through stock sales and convertible debt[121] - A workforce reduction of 41% in 2024 added approximately $6.0 million to fiscal year 2024 expenses but is expected to reduce future operating expenses[119] - The company is expanding its product portfolio through the acquisition of Scantinel Photonics GmbH, which will add FMCW lidar technology[118] - The company expects to make minimum payments of approximately $2.0 million to its contract manufacturing partner for MOVIA L sensor inventory during the remainder of 2025 and 2026[142] Unrealized Gains and Losses - The company recognized an unrealized gain of $1,059,000 on derivative liability for the three months ended September 30, 2025, due to a decrease in the fair value of the derivative liability[137] - The company incurred a realized loss of $4.654 million on debt extinguishment during the nine months ended September 30, 2025, due to debt modification[139] - Unrealized gain on derivative liability for the nine months ended September 30, 2025, was $3.9 million, reflecting a decrease in the fair value of the derivative liability[137] - The company recognized a loss on extinguishment of notes payable of $(4.7 million) during the nine months ended September 30, 2025[139]