MICROVISION, INC.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
MVIS$1.16+1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001641172-25-022632
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001493152-25-021931
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 51 current paragraphs.
33 unchanged; 15 reworded; 3 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Recently, we entered into an Asset Purchase Agreement to acquire Scantinel Photonics GmbH (“Scantinel”), a Germany-based developer of 1550 nm FMCW lidar technology. This acquisition will add the complementary technology of FMCW-based lidar to our product portfolio, giving us the unique advantage amongst our peer of offering both Time-of-Flight and FMCW sensors.
Current report
The decrease in sales, marketing, general and administrative expense during the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to lower non-cash share-based compensation expense of $4.2 million from the reversal of previously recognized expense related to the forfeiture of awards in connection with the CEO separation that occurred in the three months ended September 30, 2025, and lower professional service fees of $0.3 million, partially offset by higher severance expense of $1.2 million and advertising costs of $0.3 million and higher travel costs of $0.3 million.
Removed paragraphs (2)
Previous report
The decrease in sales, marketing, general and administrative expense during the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to lower salary and benefits expense of $0.6 million and lower restructuring charges of $0.6 million.
Previous report
Other (expense) income
Reworded paragraphs (15)
Previous wording
The decrease in revenue for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due tohigher sales of sensors to industrial customers in the 2024 period driven by shipmentsof MOVIA L sensors to Daimler Truck North America and affiliates as part of their RFQ evaluation processes.
Current wording
The decrease in revenue for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to higher sales of sensors to industrial customers in the 2024 period driven by shipments of MOVIA L sensors to Daimler Truck North America and affiliates as part of RFQ evaluation processes.
Previous wording
Cost of revenue can fluctuate significantly from period to period, depending on the product mix and volume, the level of overhead expense and the volume of direct material purchased. The decrease in cost of revenue for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to decreased revenue and the revenue mix.
Current wording
Cost of revenue can fluctuate significantly from period to period, depending on the product mix and volume, the level of overhead expense and the volume of direct material purchased. The decrease in cost of revenue for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to decreased revenue and the revenue mix.
Previous wording
The decrease in research and development expense during the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to lower salary and benefits expense of $2.7 million, lower restructuring charges of $2.6 million, lower purchased services of $0.5 million, lower direct materials and equipment costs of $0.3 million, and lower IT and software costs of $0.3 million.
Current wording
The decrease in research and development expense during the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to a reduced workforce resulting in lower salary and benefits expense of $0.5 million and lower IT and software costs of $0.3 million, partially offset by higher building costs of $0.4 million and higher travel costs of $0.3 million.
Previous wording
The decrease in research and development expense during the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to lower salary and benefits expense of $8.0 million, lower restructuring charges of $5.0 million, lower purchased services of $1.7 million, lower direct materials and equipment costs of $0.6 million, and lower IT and software costs of $0.5 million.
Current wording
The decrease in research and development expense during the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to a reduced workforce resulting in lower salary and benefits expense of $8.5 million, lower restructuring charges of $5.1 million, lower purchased services of $1.7 million, lower IT and software costs of $0.8 million, and lower direct materials and equipment costs of $0.4 million, partially offset by higher building costs of $0.6 million.
Previous wording
The decrease in sales, marketing, general and administrative expense during the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to lower salary and benefits expense of $2.9 million, lower restructuring charges of $0.7 million, and lower trade show expense of $0.4 million.
Current wording
The decrease in sales, marketing, general and administrative expense during the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to lower non-cash share-based compensation expense of $4.2 million from the reversal of previously recognized expense related to the forfeiture of awards in connection with the CEO separation that occurred in the three months ended September 30, 2025, lower salary and benefits expense of $2.8 million, lower restructuring charges of $0.7 million, and lower trade show expense of $0.4 million, partially offset by higher purchased services of $0.4 million, higher building costs of $0.4 million, higher recruiting costs of $0.4 million, higher travel costs of $0.3 million, and higher advertising costs of $0.3 million.
Previous wording
Impairment loss on intangible assets includes impairment charges on intangible assets. During the three months ended June 30, 2024, management identified impairment indicators related to MOSAIK software. We performed an assessment of projected future cash flows which resulted in a $3.0 million impairment charge and reduction in the estimated useful life of the asset. SeeItem 1, Note 8. Financial Statement Components – Intangible Assets for additional discussion.
Current wording
Impairment loss on intangible assets includes impairment charges on intangible assets. During the nine months ended September 30, 2024, management identified impairment indicators related to MOSAIK software. We performed an assessment of projected future cash flows which resulted in a $3.0 million impairment charge and reduction in the estimated useful life of the asset. SeeItem 1, Note 8. Financial Statement Components – Intangible Assets for additional discussion.
Previous wording
The increase in interest expense during the six months ended June 30, 2025 compared to the same period in 2024 relates to $7.3 million of non-cash interest expense representing the discount on the 2025 Purchase Agreement for warrants and shares of common stock (seePart I, Item 1, Note 7. Warrant Liability), $5.7 million of non-cash interest expense related to amortization of the debt discount and issuance costs on notes payable, and $2.1 million of non-cash interest expense related to the modification of notes payable (seePart I, Item 1, Note 6. Notes Payable and Derivative Liability).
Current wording
The increase in interest expense during the nine months ended September 30, 2025 compared to the same period in 2024 relates to $7.3 million of non-cash interest expense representing the discount on the 2025 Purchase Agreement for warrants and shares of common stock (seePart I, Item 1, Note 7. Warrant Liability), $7.9 million of non-cash interest expense related to amortization of the debt discount and issuance costs on notes payable, and $2.1 million of non-cash interest expense related to the modification of notes payable (seePart I, Item 1, Note 6. Notes Payable and Derivative Liability).
Previous wording
Unrealized gain on warrant liability
Current wording
Unrealized (loss) gain on warrant liability
Previous wording
Unrealized gain on warrant liability reflects the revaluation of our warrant liability as of June 30, 2025. Due to the decrease in the fair value of the warrant liability as of June 30, 2025, we recognized an unrealized gain. SeePart I, Item 1, Note 7. Warrant Liabilityfor additional discussion.
Current wording
Unrealized (loss) gain on warrant liability reflects the revaluation of our warrant liability as of September 30, 2025. During the three months ended September 30, 2025, due to the increase in the fair value of the warrant liability during the period, we recognized an unrealized loss. During the nine months ended September 30, 2025, due to the decrease in the fair value of the warrant liability during the period, we recognized an unrealized gain. SeePart I, Item 1, Note 7. Warrant Liabilityfor additional discussion.
Previous wording
As a result of the debt modification during the six months ended June 30, 2025, we recognized a loss on extinguishment of notes payable. SeePart I, Item 1, Note 6. Notes Payable and Derivative Liabilityfor additional discussion.
Current wording
As a result of the debt modification during the nine months ended September 30, 2025, we recognized a loss on extinguishment of notes payable. SeePart I, Item 1, Note 6. Notes Payable and Derivative Liabilityfor additional discussion.
Previous wording
The decrease in other (expense) income during the three and six months ended June 30, 2025 compared to the same period in 2024 is primarily due to decreased interest income.
Current wording
The decrease in other income during the three and nine months ended September 30, 2025 compared to the same period in 2024 is primarily due to decreased interest income.
Previous wording
We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues, product sales, and licensing activities. As of June 30, 2025, we had $74.1 million in cash and cash equivalents and $17.3 million in short-term investment securities. Also on that date, we had approximately$76.5 million availability left on our existing $150.0 million ATM facility that was put in place in the first quarter of 2024. In addition, we have a remaining commitment pursuant to the convertible note facility of $30.0 million, subject to certain limitations. Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next 12 months.
Current wording
We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues, product sales, and licensing activities. As of September 30, 2025, we had $72.8 million in cash and cash equivalents and $26.7 million in short-term investment securities. Also on that date, we had approximately $46.2 million availability left on our existing $150.0 million ATM facility that was put in place in the first quarter of 2024. In addition, we have a remaining commitment pursuant to the convertible note facility of $30.0 million, subject to certain limitations. Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next 12 months.
Previous wording
Cash used in operating activities totaled $26.8 million during the six months ended June 30, 2025 compared to cash used in operating activities of $39.4 million during the same period in 2024. Cash used in operating activities resulted primarily from cash used to fund our net loss, after adjusting for non-cash charges such as share-based compensation, intangible impairment expense, depreciation and amortization charges and changes in operating assets and liabilities. The changes in cash used in operating activities were primarily attributed to decreased operating expenses related to personnel. We expect to make minimum payments to our contract manufacturing partner in connection with the production of MOVIA sensor inventory of approximately $2.3 million during the remainder of 2025 and 2026 in line with agreed-upon deliveries.
Current wording
Cash used in operating activities totaled $43.3 million during the nine months ended September 30, 2025 compared to cash used in operating activities of $53.5 million during the same period in 2024. Cash used in operating activities resulted primarily from cash used to fund our net loss, after adjusting for non-cash charges such as share-based compensation, intangible impairment expense, depreciation and amortization charges, unrealized gains and losses, and changes in operating assets and liabilities. The changes in cash used in operating activities were primarily attributed to decreased operating expenses related to personnel. We expect to make minimum payments to our contract manufacturing partner in connection with the production of MOVIA L sensor inventory of approximately $2.0 million during the remainder of 2025 and 2026 in line with agreed-upon deliveries.
Previous wording
During the six months ended June 30, 2025, net cash provided by investing activities was $2.8 million compared to net cash used in investing activities of $7.4 million during the same period in 2024. During the six months ended June 30, 2025, we purchased short-term investment securities totaling $19.3 million and sold short-term investment securities totaling $22.4 million, compared to purchases of $23.5 million and sales of $22.7 million in the same period of 2024. During the six months ended June 30, 2024, we made payments totaling $6.3 million related to the acquisition of Ibeo assets.
Current wording
During the nine months ended September 30, 2025, net cash used in investing activities was $6.6 million compared to net cash used in investing activities of $3.8 million during the same period in 2024. During the nine months ended September 30, 2025, we purchased short-term investment securities totaling $32.9 million and sold short-term investment securities totaling $26.7 million, compared to purchases of $25.6 million and sales of $28.3 million in the same period of 2024. During the nine months ended September 30, 2024, we made payments totaling $6.3 million related to the acquisition of Ibeo assets.
Previous wording
Net cash provided by financing activities totaled $43.3 million during the six months ended June 30, 2025, compared to net cash provided by financing activities of $26.2 million during the same period of 2024. Net proceeds from issuance of common stock and warrants were $43.3 million during six months ended June 30, 2025 compared to $26.1 million during the same period in 2024. Proceeds received from stock option exercises totaled $0.1 million during the six months ended June 30, 2024.
Current wording
Net cash provided by financing activities totaled $67.8 million during the nine months ended September 30, 2025, compared to net cash provided by financing activities of $26.2 million during the same period of 2024. During the nine months ended September 30, 2025, we repaid $5.0 million principal on our outstanding note payable plus a 10% repayment premium. Net proceeds from issuance of common stock and warrants were $73.3 million during nine months ended September 30, 2025 compared to $26.1 million during the same period in 2024.