MicroVision(US:MVIS)2024-02-29 01:17Company Overview - MicroVision is a leading provider of LiDAR hardware and software solutions for Automotive, Industrial, Smart Infrastructure, and Robotics markets[2] - The company has a comprehensive product portfolio including MAVIN, MOVIA, and MOSAIK[4] - MicroVision has a strong IP portfolio with 735 issued and pending patents[3, 21] - The company has over 350 employees, including 52 PhDs[3] Financial Performance - MicroVision's GAAP Gross Profit for FY 2023 was $4487000[37] - Adjusted Gross Profit for FY 2023 was $5905000, with a margin of 81%[37] - Approximately 20% of revenue in FY 2023 was from software-related sales to automotive OEMs[38] - The company used $67 million cash in operating activities in FY 2023[38] - As of December 31, 2023, MicroVision had $93 million in total liquidity, including $74 million in cash and cash equivalents and $19 million availability under the current ATM facility[38] - FY 2023 revenue represents MicroVision subsequent to Feb 1 acquisition of Ibeo assets and contracts, and the revenue was $7259000[41, 46] Market Opportunity - The company estimates a cumulative total addressable market (TAM) of approximately $88 billion through 2030 in ADAS[17, 54] - The company is focused on optimizing near-term applications in the ADAS value chain, specifically L2 and L3 levels[33] - The company estimates ~97 million cumulative long-range LiDARs and ~195 million cumulative short-range LiDARs will be required through 2030[51, 53]