MicroVision (MVIS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $1.9 million, up 478% year-over-year, primarily from industrial and agricultural customers, with ongoing engagement in seven high-volume RFQs with global automotive OEMs and production targeted for 2028.

• Strategic focus on high-margin software, MAVIN and MOVIA lidar products, and partnerships with OEMs in Europe and the U.S., while terminating MOSAIK and sensor fusion projects.

• Executed a 37% workforce reduction and restructured operations, incurring $5.7 million in related charges, to extend the financial runway and focus on core products.

• Sufficient liquidity for at least the next 12 months, with $56.7 million in cash and equivalents and $122.6 million available under the ATM facility as of June 30, 2024.

• Majority of Q2 revenue derived from industrial and agricultural markets, with ongoing expansion into automotive applications and active pursuit of heavy equipment and warehouse automation opportunities.

Financial highlights

• Q2 2024 revenue: $1.9 million (Q2 2023: $0.3 million); H1 2024 revenue: $2.9 million (H1 2023: $1.1 million).

• Adjusted gross margin for Q2 2024 was 39%, with adjusted gross profit of $0.733 million.

• Q2 2024 net loss was $23.9 million, including $3.0 million in impairment charges and $3.4 million in share-based compensation.

• Operating expenses for Q2 2024 were $25.0 million, up from $23.5 million in Q2 2023.

• Cash used in operations for Q2 2024 was $18.6 million; H1 2024 was $39.4 million.

Outlook and guidance

• 2024 revenue guidance is $8–10 million, driven by LiDAR sensor sales, direct hardware/software sales, and NRE fees.

• Management expects continued significant losses in the near term and will require additional capital beyond the next 12 months.

• Meaningful industrial segment revenues forecasted to begin in 2025, with automotive project timelines extended to later in the decade.

• Sufficient liquidity and resources to meet capital needs for the next 12–18 months.