• Revenue: $1.7 million for Q4 2024, up from $50 million year-over-year after excluding one-time Microsoft revenue.
• R&D and SG&A Expenses: $14.7 million for Q4 2024, including $2 million in stock-based compensation and $1.7 million in depreciation and amortization.
• Cash and Cash Equivalents: $75 million as of December 31, 2024.
• Available Capital: Total access to $235 million, including $114 million under ATM facility and $30 million undrawn from convertible note facility.
• Convertible Note: $33 million outstanding, convertible at $1.59 per share.
• 2025 Revenue Target: Anticipated demand in the $30 to $50 million range from industrial vertical over the next 12 to 18 months.

• Warning! GuruFocus has detected 5 Warning Signs with MVIS.

Release Date: March 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Microvision Inc (NASDAQ:MVIS) has secured production commitments from its manufacturing partner ZF to meet anticipated demand, ensuring an uninterrupted supply chain.
• The company has expanded its focus to include industrial and defense sectors, which are expected to provide near-term revenue opportunities.
• Microvision Inc (NASDAQ:MVIS) has strengthened its balance sheet with over $90 million in investments from a strategic financial partner, extending its cash runway into 2026.
• The company is actively engaged in multiple automotive RFQs and industrial opportunities, indicating potential future growth.
• Microvision Inc (NASDAQ:MVIS) has a mature perception software developed for automotive applications, which is a key differentiator in the market.

Negative Points

• The company's Q4 2024 revenue of $1.7 million fell short of expectations due to a customer delaying its decision to 2025.
• There are delays in automotive RFQs converting into revenue-generating contracts, with timelines for production start being pushed out.
• Microvision Inc (NASDAQ:MVIS) faces fierce competition from Chinese automotive OEMs, impacting its ability to secure contracts.
• The company has not yet achieved significant commercial success with OEMs, raising concerns about its competitive positioning.
• The industrial customer qualification process is taking longer than expected, delaying potential revenue from this segment.

Q & A Highlights

Q: Could you provide a breakdown of the $1.7 million in revenue for the quarter? Was it primarily from commercial shipments or R&D work? A: The $1.7 million in revenue for the fourth quarter was primarily derived from the sale of sensors to our customers, with minimal non-recurring engineering (NRE) revenue. The expected NRE revenue has been pushed to 2025 due to customer decisions. - Anubhav Verma, CFO

Q: Regarding the defense opportunities, are these related to ground-based or aerial objects? A: Our focus is primarily on ground-based vehicles, leveraging our LIDAR products and perception software. We are not involved in missile-related projects. We typically work with partners to be part of larger programs. - Sumit Sharma, CEO

Q: Can you provide more details on the $30 to $50 million demand from the ZF contract over the next 12 to 18 months? A: The $30 to $50 million demand is what we expect from our customers. We have secured production commitments from ZF, our manufacturing partner, to ensure an uninterrupted supply to meet this demand. - Anubhav Verma, CFO

Q: What is the status of the automotive RFQs and when can we expect them to convert into revenue-generating contracts? A: The timelines for automotive RFQs are moving out, with technical evaluations ongoing. However, decisions are not being made as quickly as before, and it's challenging to predict when these will convert into revenue-generating contracts. - Sumit Sharma, CEO

Q: Are there any strategic opportunities for growth through acquisitions, particularly in complementary technologies? A: We have a mature perception core from our previous acquisition of the IBEO team. While we aim to build out internally, we are open to opportunities that could strengthen our company, especially if they allow us to support customers and complete programs faster. - Sumit Sharma, CEO

For the complete transcript of the earnings call, please refer to the full earnings call transcript.