MicroVision, Inc. (MVIS) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 11 2025
0mins
Source: SeekingAlpha
Revenue $0.2 million for the third quarter of 2025, driven by sales in industrial and automotive verticals.
R&D and SG&A expenses $12 million in the third quarter of 2025, including $1.2 million of severance payments related to CEO transition, $1.6 million of noncash income from stock-based compensation expense reversal, and $1.4 million in noncash charges related to D&A. Excluding these items, core R&D and SG&A expenses were approximately $11 million, flat compared to the second quarter.
Cash burn $16.5 million for the third quarter of 2025, including a onetime $3.2 million payment related to inventory buildup of MOVIA L.
CapEx $0.1 million for the third quarter of 2025, in line with expectations.
Cash and cash equivalents $99.5 million at the end of the third quarter of 2025.
Additional funding availability $46.2 million under the current ATM facility and $30 million of undrawn capital under the convertible note facility as of Q3 2025.
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Analyst Views on MVIS
About MVIS
MicroVision, Inc. is a developer and supplier of lidar hardware and software solutions focused on the automotive lidar and advanced driver-assistance systems (ADAS) markets. It is engaged in micro-electromechanical systems (MEMS)-based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms, and machine learning software into its technology to address existing and emerging markets. Its patented laser beam scanning technology combines a MEMS scanning mirror, laser diode light sources, electronics, and optics that are controlled using its system control algorithms. It has developed micro-display concepts and designs for use in head-mounted augmented reality (AR) headsets and developed a 1440i MEMS module supporting AR headsets. Its products include MAVIN N is a MEMS-based long-range sensor capable of small object detection; MOVIA L & MOVIA S is a flash-based short-to mid-range sensor, and MOSAIK Suite is validating vehicle sensors for ADAS.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Gross Margin Surge: The gross margin jumped from 7% in Q1 2025 to 39%, reflecting a better product mix from the acquired Luminar sensor inventory, indicating early integration benefits and enhancing competitive positioning in the market.
- Net Loss Exceeds Expectations: Despite revenue growth, MicroVision reported a net loss of $0.08 per share, wider than the expected $0.04 loss, attributed to significant restructuring costs and a 15% reduction in global workforce, showcasing challenges during the company's transformation.
- Optimistic Future Outlook: Management reaffirmed its full-year 2026 revenue target of $10 million to $15 million, expecting significant commercial traction in the second half of the year, while raising gross margin guidance to 35%-40%, reflecting positive outcomes from supply chain negotiations.
See More
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- Margin Improvement: The gross margin for Q1 was 39%, a substantial increase from 7% in the same quarter last year, reflecting the company's success in negotiating supply agreements and optimizing its product mix, which is expected to further enhance profitability going forward.
- Cash Flow Enhancement: The cash flow from operations plus CapEx for Q1 was $16.6 million, with total cash and cash equivalents amounting to $46.1 million, indicating positive progress in integration activities and cost synergies, thereby strengthening financial flexibility.
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See More
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- Adjusted EBITDA Loss: The adjusted EBITDA loss for Q1 2026 was $17.2 million, compared to a $10.7 million loss in Q1 2025, indicating that the company still faces challenges in profitability, particularly against the backdrop of high operating costs.
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See More
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- Analyst Downgrade: D. Boral Capital analyst Jesse Sobelson downgraded Microvision from 'Buy' to 'Hold', citing ongoing uncertainty regarding near-term sales growth and increased spending pressures, which have negatively impacted market confidence.
- Poor Financial Performance: The company reported a quarterly net loss of $37.8 million, up from $31.2 million in the prior-year quarter, reflecting significant non-cash impairment and inventory charges, raising further concerns about its financial health among investors.
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See More
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- Operational Efficiency Improvement: MicroVision announced Orlando as its U.S. manufacturing base, consolidating operations to realize synergies from acquisitions, which is expected to enhance overall operational efficiency and reduce costs, laying a foundation for future growth.
- Future Outlook: The company anticipates 2026 revenue guidance of $10 million to $15 million, primarily benefiting from ongoing Luminar revenue streams and an increase in new customers, indicating an accelerated push into defense and industrial markets.
See More
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- Shareholder Attention: The earnings miss has drawn significant attention from shareholders and analysts, potentially prompting discussions on strategic adjustments in upcoming shareholder meetings to address the current financial predicament.
- Market Reaction Outlook: Given the poor financial performance, the market is expected to adopt a cautious stance on Microvision's future prospects, which may pressure the stock price in the short term and impact the company's financing and expansion plans.
See More
