MicroVision(US:MVIS)2026-03-04 22:20Revenue Performance - Revenue for the year ended December 31, 2025, was $1.208 million, a decrease of $3.488 million or 74.3% compared to $4.696 million in 2024[177]. - The decrease in revenue was attributed to lower sales to a leading manufacturer of agriculture equipment and reduced sales of MOVIA L sensors[178]. Cost and Expenses - Cost of revenue increased to $18.548 million in 2025, representing 1,535.4% of revenue, compared to $7.530 million or 160.3% of revenue in 2024, with a change of $11.018 million[179]. - Research and development expenses decreased to $31.720 million in 2025, down $17.295 million or 35.3% from $49.015 million in 2024[181]. - Sales, marketing, general and administrative expenses were $20.325 million in 2025, a decrease of $9.021 million or 30.7% from $29.346 million in 2024[183]. - Impairment loss on intangible assets increased to $10.057 million in 2025, a rise of $5.876 million or 140.5% compared to $4.181 million in 2024[185]. - Impairment loss on operating lease right-of-use assets was $1.201 million in 2025, with no prior year comparison as it was not recorded in 2024[186]. - Impairment loss on property and equipment for 2025 was $2.185 million, reflecting non-cash charges related to abandoned production equipment[187]. - Interest expense increased to $(18.531) million in 2025 from $(4.457) million in 2024, a change of 315.8% primarily due to non-cash interest expenses[188]. Financial Position and Cash Flow - Cash and cash equivalents as of December 31, 2025, totaled $32.363 million, with total liquidity of $104.5 million after accounting for a $33.2 million asset acquisition[194][195]. - Cash used in operating activities was $58.7 million in 2025, down from $68.5 million in 2024[196]. - Cash used in investing activities was $24.6 million in 2025, compared to cash provided of $2.7 million in 2024[197]. - Net cash provided by financing activities was $60.9 million in 2025, compared to $72.9 million in 2024, with net proceeds from common stock and warrants totaling $77.4 million[198]. - As of December 31, 2025, the company had net operating loss carryforwards of approximately $549.4 million for federal income tax reporting purposes[192]. - The company anticipates sufficient cash and cash equivalents to fund operations for at least the next 12 months[195]. - The company has potential availability of $42.0 million left on its existing $150.0 million ATM facility[194]. Future Outlook - The company expects to incur significant losses during the fiscal year ending December 31, 2025, continuing a trend of substantial losses since inception[166]. - The company anticipates that a substantial level of continuing research and development expenses will be required to further develop its scanning technology[181].