MicroVision(MVIS) - 2025 Q4 - Annual Results

Financial Performance - Revenue for Q4 2025 was $0.2 million, a decrease of 88.24% compared to $1.7 million in Q4 2024[12] - Net loss for Q4 2025 was $37.8 million, or $0.12 per share, compared to a net loss of $31.2 million, or $0.14 per share in Q4 2024[12] - Adjusted EBITDA for Q4 2025 was a loss of $12.0 million, compared to a loss of $10.6 million in Q4 2024[12] - Revenue for the three months ended December 31, 2025, was $223 million, compared to $1,650 million for the same period in 2024, indicating a significant decline[23] - Gross loss for the twelve months ended December 31, 2025, was $17,340 million, compared to a gross loss of $2,834 million in 2024, reflecting a worsening financial position[23] - Net loss for the twelve months ended December 31, 2025, was $94,981 million, slightly improved from a net loss of $96,915 million in 2024[23] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $(45,648) million, compared to $(53,507) million in 2024, showing a reduction in operational losses[28] Cash Flow and Liquidity - Cash used in operations in Q4 2025 was $15.4 million, slightly higher than $15.1 million in Q4 2024[12] - The company ended Q4 2025 with $74.8 million in cash and cash equivalents, compared to $74.7 million at the end of Q4 2024[12] - Cash, cash equivalents, and restricted cash at the end of the period were $34,064 million, down from $56,247 million at the end of 2024, indicating a decrease in liquidity[25] - Net cash used in operating activities for the twelve months ended December 31, 2025, was $(58,720) million, compared to $(68,540) million in 2024, reflecting an improvement in cash flow management[25] Operational Changes - The company plans to reduce its global workforce by approximately 20% in 1H2026 to streamline post-acquisition operating expenses[5] - MicroVision completed the acquisition of lidar business assets from Luminar Technologies, enhancing its product portfolio and customer engagements[5] Financial Position - Total assets decreased to $103.1 million in 2025 from $121.2 million in 2024, while total liabilities decreased to $47.6 million from $72.4 million[21] - Shareholders' equity increased to $55.5 million in 2025 from $48.8 million in 2024, reflecting improved financial stability[21] Expenses and Write-Downs - Research and development expenses totaled $31,720 million for the twelve months ended December 31, 2025, down from $49,015 million in 2024, suggesting a reduction in R&D investment[23] - Total operating expenses for the twelve months ended December 31, 2025, were $65,488 million, compared to $82,685 million in 2024, indicating a decrease in overall spending[23] - The company reported an impairment loss on intangible assets of $10,057 million for the twelve months ended December 31, 2025, compared to $4,181 million in 2024, indicating increased asset write-downs[23] - Inventory write-downs for the twelve months ended December 31, 2025, were $9,864 million, significantly higher than $2,045 million in 2024, suggesting challenges in inventory management[25] Financing Activities - The company issued senior secured convertible notes totaling $43.0 million to strengthen its financial position and defer repayment obligations[7]