For the first quarter, we reported revenues of $0.6 million. This quarter's revenue was primarily driven by our sales in the industrial verticals.
— Sumit Sharma
03Detailed Report
MVIS
Company MVIS
Period
Q1 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 27, 2026
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Executive Summary
MicroVision reported a Q1 2025 revenue of $0.589 million, driven principally by its industrial LiDAR deployments, with a GAAP net loss of $28.8 million and a negative EBITDA of about $14.0 million. The quarterly results reflect a continued transition from a pure LiDAR hardware supplier toward a software-enabled sensor solution provider, with inline commentary from management that emphasizes a diversifying TAM spanning industrial, defense, and automotive opportunities. Management underscored a lean cost structure and an extended cash runway into 2026 following a capital raise, ATM utilization, and a convertible note facility, while signaling that substantial production-grade revenues are not anticipated in the near term from automotive, yet meaningful topline potential exists in the 12–18 month window through industrial and defense engagements.
Key near-term developments include: (1) a line of sight to $30–$50 million in revenue over the next 12–18 months driven by industrial deployments and potential defense-related engineering and testing revenues, (2) seven active automotive RFQs with model year 2028 timelines and ongoing pre-development discussions, (3) a production-capable Movia L platform with potential capacity expansion later in the year to meet demand, and (4) a Defense Advisory Board that could accelerate DoD-related partnerships and ED&T work. The company continues to pursue a multi-pronged go-to-market via embedded software on sensors, volume-oriented industrial sales, and partnerships with primes in defense and commercial aerospace, with a belief that the expanded TAMs will eventually translate into meaningful revenue streams.
Overall, the QQ1 2025 results illustrate a high-uncertainty, high-visibility path to larger markets, underpinned by a strengthened balance sheet and strategic financing. Investors should monitor the progression of industrial and defense engagements, the timing of any capacity expansions, and the Investor Day outcomes for concrete 2025–2026 milestones.
Key Performance Indicators
Revenue
Decreasing
589.00K
QoQ: -64.30% | YoY: -38.39%
Gross Profit
Increasing
39.00K
6.62% margin
QoQ: 101.58% | YoY: 101.84%
Operating Income
Increasing
-14.04M
QoQ: 23.99% | YoY: 47.44%
Net Income
Decreasing
-28.78M
QoQ: 7.63% | YoY: -9.37%
EPS
Increasing
-0.12
QoQ: 14.29% | YoY: 7.69%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $0.589 million in Q1 2025, vs. prior-year period and sequential declines (YoY -38.39%; QoQ -64.30%). Gross profit: $39k with a gross margin of 6.62% (vs. negative gross profit prior-year period, reflecting stabilizing cost structure). Operating income: -$14.04 million, margin -23.84%. Net income: -$28.78 million, net margin -48.86%. EPS: -$0.12. R&D spend: $7.403 million; SG&A and other operating expenses combined to $14.079 million for the quarter, with non-cash items (stock-based compensation ~$1.9 million; depreciation/amortization ~$1.4 million). Cash flow: operating cash flow was -$14.098 million; free cash flow -$14.197 million. Balance sheet highlights: cash and cash equivalents $51.918 million at period end, total cash and short-term investments $69.044 million, total assets $116.743 million, total liabilities $63.539 million, total debt $48.556 million, net debt of approximately -$3.362 million. Liquidity: ATM availability of ~$113.4 million and ~+$30.0 million undrawn on convertible facilities; ~$33.0 million outstanding on convertible notes at ~$1.59/share; notes that the second tranche remains undrawn subject to conditions. Guidance indicators: management refrains from providing 2025 GAAP revenue guidance but maintains a favorable view on a $30–$50 million revenue runway over the next 12–18 months, subject to customer engagements and capacity deployment.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
589.00K
-38.39%
-64.30%
Gross Profit
39.00K
101.84%
101.58%
Operating Income
-14.04M
47.44%
23.99%
Net Income
-28.78M
-9.37%
7.63%
EPS
-0.12
7.69%
14.29%
Key Financial Ratios
Gross Profit Margin
Weak
6.62%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-23.84%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-48.86%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.25%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.54%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.89
Current ratio shows adequate liquidity to meet short-term obligations
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