MICROVISION, INC.
For the period ended Mar 31, 2026. Filed May 15, 2026.
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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.
Mar 31, 2026 · Filed May 15, 2026
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 2025-09-30; filed 2025-11-12.
0001493152-25-021931
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001493152-26-023667
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 51 previous paragraphs and 40 current paragraphs.
21 unchanged; 13 reworded; 6 added; 17 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 9 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 (6)
Current report
MicroVision, Inc. is defining the next generation of lidar-based perception solutions for automotive, industrial, and security & defense markets. We deliver integrated hardware and software solutions designed for real-world performance, automotive-grade reliability, and economic scalability. Our diverse portfolio of lidar sensors, with both short- and long-range lidar solutions, feature solid-state sensors with varying wavelengths, advanced sensor architectures, design-to-cost engineering, and open software solutions.
Current report
There can be no assurance that additional capital will be available or that, if available, it will be available on terms acceptable to us on a timely basis. We cannot be certain that we will succeed in commercializing our technology or products.
Current report
The increase in revenue for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to shipments of our long-range IRIS sensors to automotive and industrial customers and shipments of our short-range MOVIA L sensors to a security and defense customer, among others.
Current report
The increase in sales, marketing, general and administrative expense during the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to higher salary and benefits expense of approximately $1.4 million due to increased headcount from acquisitions, higher professional and purchased service fees of $2.6 million primarily related to acquisitions (seePart I, Item 1, Note 4. Business Combinations), and higher employee-related restructuring charges of $0.1 million. These increases were partially offset by lower share-based compensation expense of $0.7 million and lower building expenses of $0.3 million.
Current report
In consideration of the $46.1 million in cash and cash equivalents and $42.0 million on our existing ATM, the Company has total liquidity of $88.1 million. Pursuant to terms of the securities purchase and exchange agreement entered into in February 2026, we will maintain minimum cash liquidity of the lesser of $21.5 million or 110% of the then outstanding balance of the Note for the remaining duration of the Note term. Based on our current operating plan, including expected financing activities, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next 12 months.
Current report
During the three months ended March 31, 2026, net cash provided by investing activities was $9.2 million compared to net cash provided by investing activities of $3.1 million during the three months ended March 31, 2025. During the three months ended March 31, 2026, we sold short-term investment securities totaling $42.5 million to, in part, fund the $33.2 million purchase price to acquire from Luminar Technology, Inc. (“Luminar”) certain assets related to Luminar’s worldwide lidar sensor business (seePart I, Item 1, Note 4. Business Combinations). During the three months ended March 31, 2025, we purchased short-term investment securities totaling $10.3 million and sold short-term investment securities totaling $13.5 million.
Removed paragraphs (17)
Previous report
With engineering teams based in Redmond, Washington and Hamburg, Germany, we develop and supply integrated solutions built on our perception software stack, incorporating application software and processing data from differentiated sensor systems. Our extensive experience in developing and productizing core lidar hardware and software components, along with our expertise in edge computing, positions us as a valuable commercial partner capable of delivering high-value, low-power products.
Previous report
Founded in 1993, MicroVision, Inc. is a pioneer in laser beam scanning, or LBS technology, which is based on our patented technology in micro-electromechanical systems, or MEMS, laser diodes, opto-mechanics, electronics, algorithms and software and how those elements are packaged into a small form factor. Throughout our history, we have combined our proprietary technology with our development expertise to create innovative solutions to address existing and emerging market needs, such as augmented reality microdisplay engines; interactive display modules; consumer lidar components; and, more recently, lidar sensors and software solutions for industrial, automotive, and military markets.
Previous report
In January 2023, we acquired certain strategic assets of Germany-based Ibeo Automotive Systems GmbH, which was founded in 1998 as a lidar hardware and software provider. Ibeo developed and launched the first lidar sensor to be automotive qualified for serial production with a premium, or Tier 1, automotive supplier and that is currently available in passenger cars by premium original equipment manufacturers, or OEMs. Ibeo developed software solutions, including perception and validation software, which are also used by premium OEMs. In addition, Ibeo sold its products for non-automotive uses such as industrial, agriculture, smart infrastructure and robotics applications.
Previous report
Our integrated solution, built on our perception software stack, combines our lidar sensors, both MEMS-based and flash-based, and application software targeted for sale to industrial mobility and autonomy companies, automotive OEMs and Tier 1 suppliers, and defense contractors. Our deterministic AI at the edge enables critical decisions to be made locally and independent of the cloud, leading to faster responses, improved data privacy, and reduced costs. Our mature perception software stack has met the rigorous requirements of automotive qualification and incorporates advanced features, like localization and fusion. Our lidar sensors include MAVIN™, a MEMS-based long-range sensor capable of small object detection, and MOVIA™, a flash-based short- to mid-range sensor, both suitable for industrial and automotive applications. We also develop customer-specific application software, allowing expansion into a wide array of sectors.
Previous 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.
Previous report
Our product suite also includes our validation software tool, the MOSAIK™ suite, which is targeted for use by OEMs and Tier 1s for validating vehicle sensors for ADAS and autonomous driving, or AD, applications. In 2024, we reduced the dedicated resources and investment into further development of MOSAIK. Specifically, in 2024, in an effort to better align our resources with our product plan, we restructured and reorganized our workforce and related expenditures to strategically focus on our perception software and MAVIN and MOVIA products. While this 41% reduction in workforce added approximately $6.0 million to our fiscal year 2024 expenses, it reduced go-forward operating expenses through reduced personnel expenses and other operational efficiencies.
Previous report
In the recent past, we developed micro-display concepts and designs for use in head-mounted augmented reality, or AR, headsets and developed a 1440i MEMS module supporting AR headsets. This technology was integrated into products marketed to consumer and military sectors.
Previous report
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 report
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 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.
Previous report
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 report
Impairment loss on intangible assets
Previous report
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 report
The increase in interest expense during the three months ended September 30, 2025 compared to the same period in 2024 relates to non-cash interest expense related to amortization of the debt discount on notes payable.
Previous report
Other income
Previous report
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 report
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.
Reworded paragraphs (13)
Previous wording
MicroVision, Inc. is committed to driving the global adoption of our proprietary products, which leverage our deterministic AI “at the edge” with our innovative perception and application software running on our diverse lidar sensors. Our solutions enable ADAS and autonomy features for customers in a wide range of industries, including robotics, automated warehouse, agriculture, mining, military, and automotive. Our deterministic AI at the edge software running on our sensors enables intelligent autonomous, active safety, and automation systems which depend on secure, cost-effective, and energy-efficient solutions. This software has been developed in close collaboration with our automotive customers and we are now rapidly expanding with it into new industrial and commercial vehicle sectors.
Current wording
Our solutions enable advanced driver assistance systems, or ADAS, and autonomy features for customers in a wide range of markets, including automotive, industrial, and security & defense. Target industrial sectors include robotics, automated warehouse, agriculture, and mining. Our integrated hardware and software solutions enable intelligent autonomous, active safety, and automation systems which depend on secure, cost-effective, and energy-efficient solutions. Our software has been developed in close collaboration with automotive customers and also has broad application in industrial, defense, and commercial vehicle sectors.
Previous wording
To date, we have been unable to secure customers at the scale needed to successfully launch our products. We have incurred significant losses since inception and we expect to continue to incur significant losses in the near term. We have funded our 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. In October 2024, we entered into a securities purchase agreement with an institutional investor for the sale of up to $75.0 million in senior secured convertible notes. SeePart I, Item 1, Note 6. Notes Payable and Derivative Liability. In February 2025, we entered into another securities purchase agreement with the same institutional investor for the issuance and sale of $8.0 million in shares of common stock, plus warrants to purchase additional shares of common stock for approximately $9.0 million. SeePart I, Item 1, Note 7. Warrant Liability.
Current wording
We have incurred substantial losses since inception and expect to incur significant losses in the near term. 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. In October 2024, we entered into a securities purchase agreement with an institutional investor for the purchase of senior secured convertible notes of up to $75.0 million. SeePart I, Item 1, Note 7. Notes Payable and Derivative Liability. In February 2025, we entered into another securities purchase agreement with the same institutional investor for the issuance and sale of $8.0 million in shares of common stock, plus warrants to purchase additional shares of common stock for approximately $9.0 million. SeePart I, Item 1, Note 8. Warrant Liability. In February 2026, we entered into a securities purchase and exchange agreement with the same investor, pursuant to which we issued two senior secured convertible notes due March 2028 – one for approximately $20.6 million in exchange for the previously existing senior secured convertible note due March 2026 and the other for approximately $22.4 million. SeePart I, Item 1, Note 7. Notes Payable and Derivative Liability for additional discussion.
Previous wording
Our discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that materially affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. We evaluate our estimates on a continuous basis. We base our estimates on historical data, terms of existing contracts, our evaluation of trends in the consumer display and 3D sensing industries, information provided by our current and prospective customers and strategic partners, information available from other outside sources and on various other assumptions we believe to be reasonable under the circumstances. The results form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes to our critical accounting judgments, policies, and estimates as described in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
Our discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that materially affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. We evaluate our estimates on a continuous basis. We base our estimates on historical data, terms of existing contracts, our evaluation of trends in the industries relevant to our strategic plan, information provided by our current and prospective customers and strategic partners, information available from other outside sources and on various other assumptions we believe to be reasonable under the circumstances. The results form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes to our critical accounting judgments, policies, and estimates as described in our Annual Report on Form 10-K for the year ended December 31, 2025.
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 nine months ended September 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.
Previous 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.
Current wording
The increase in research and development expense during the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to higher salary and benefits expense of $3.7 million due to increased headcount from acquisitions (seePart I, Item 1, Note 4. Business Combinations), higher one-time employee-related restructuring charges of $1.0 million stemming from the Luminar acquisition and Consolidation Plan, higher building expenses of $0.7 million, higher direct materials and equipment costs of $0.5 million, and higher IT and software costs of $0.3 million. These increases were partially offset by lower share-based compensation expense of $0.3 million.
Previous 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).
Current wording
The decrease in interest expense during the three months ended March 31, 2026 compared to the same period in 2025 primarily 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 8. Warrant Liability) and $2.1 million of non-cash interest expense related to the modification of notes payable during the three months ended March 31, 2025 (seePart I, Item 1, Note 7. Notes Payable and Derivative Liability).
Previous wording
Unrealized gain on derivative liability reflects the revaluation of our derivative liability associated with notes payable as of September 30, 2025. Due to the decrease in the fair value of the derivative liability as of September 30, 2025, we recognized an unrealized gain. SeePart I, Item 1, Note 6. Notes Payable and Derivative Liabilityfor additional discussion.
Current wording
Unrealized gain on derivative liability reflects the revaluation of our derivative liability associated with notes payable as of March 31, 2026. Due to the decrease in the fair value of the derivative liability as of March 31, 2026 driven primarily by the decrease in our stock price, we recognized an unrealized gain. SeePart I, Item 1, Note 7. Notes Payable and Derivative Liabilityfor additional discussion.
Previous wording
Unrealized (loss) gain on warrant liability
Current wording
Unrealized gain on warrant liability
Previous 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.
Current wording
Unrealized gain on warrant liability reflects the revaluation of our warrant liability as of March 31, 2026. Due to the decrease in the fair value of the warrant liability as of March 31, 2026 driven primarily by the decrease in our stock price, we recognized an unrealized gain. SeePart I, Item 1, Note 8. Warrant Liabilityfor additional discussion.
Previous 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.
Current wording
As a result of the debt exchange during the three months ended March 31, 2026 and the debt modification during the three months ended March 31, 2025, we recognized losses on the extinguishment of notes payable. SeePart I, Item 1, Note 7. Notes Payable and Derivative Liabilityfor additional discussion.
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 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.
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 March 31, 2026, the Company had $46.1 million in cash and cash equivalents. In addition to cash and cash equivalents, the Company also has potential availability of $42.0 million left on our existing $150.0 million ATM facility that was put in place in the first quarter of 2024, subject to certain limitations, including ongoing listing on The Nasdaq Global Market.
Previous 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.
Current wording
Cash used in operating activities totaled $16.4 million during the three months ended March 31, 2026 compared to cash used in operating activities of $14.1 million during the same period in 2025. Cash used in operating activities resulted primarily from cash used to fund our net loss, after adjusting for non-cash charges such as interest expense, share-based compensation, depreciation and amortization charges, unrealized and realized gains and losses, and changes in operating assets and liabilities. The changes in cash used in operating activities were primarily attributed to increased operating expenses related to personnel and operations; seePart I, Item 1, Note 4. Business Combinations.
Previous 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.
Current wording
Cash provided by financing activities totaled $21.0 million during the three months ended March 31, 2026, compared to net cash provided by financing activities of $8.2 million during the same period of 2025. During the three months ended March 31, 2026, we received approximately $20.7 million in net proceeds, inclusive of certain debt issuance costs, from the issuance of a $22.4 million senior secured convertible note (seePart I, Item 1, Note 7. Notes Payable and Derivative Liability). Net proceeds from issuance of common stock and warrants were $0.3 million during the three months ended March 31, 2026 compared to $8.2 million during the three months ended March 31, 2025.