MicroVision (MVIS) Q3 2024 earnings summary

Executive summary

• Focus shifted to industrial LiDAR applications for near-term recurring revenue, while maintaining engagement with seven high-volume automotive OEM RFQs and multiple industrial customers.

• Recent restructuring reduced workforce by 37% to prioritize core lidar products and lower costs.

• Strong patent portfolio with over 700 issued and pending patents, and continued expansion of product offerings including MAVIN B-Sample, MOVIA L, and MOVIA S.

• Sequential improvement in cash burn and operational efficiency, positioning for industrial sales ramp in 2025.

• Completed $45M convertible note financing in October 2024, supporting liquidity and operational runway.

Financial highlights

• Q3 2024 revenue was $0.2 million, down from $1.0 million in Q3 2023, primarily due to delayed sensor deliveries by a major industrial/agricultural customer.

• Q3 2024 net loss was $15.5 million ($0.07/share), improved from $23.5 million ($0.12/share) in Q3 2023.

• Q3 2024 operating expenses were $15.3 million, including $2.4 million in stock-based compensation and $1.4 million in depreciation/amortization.

• Cash used in operating activities was $14.1 million in Q3 2024, down 25% quarter-over-quarter.

• Ended Q3 2024 with $43.2 million in cash and equivalents; total liquidity post-financing was $234 million, including ATM and convertible note facilities.

Outlook and guidance

• 2024 revenue expected to reach $8–$10 million, with Q4 revenue driven by LiDAR sensor sales and NRE fees.

• Positioned to ramp revenues in 2025 with industrial customers, leveraging new capital and product offerings.

• Annual OpEx for 2025 projected at $48–$50 million, supporting an extended runway into 2026.

• Industrial unit volumes for 2025 estimated at 10,000–30,000 units, with ASPs in the $1,000–$2,000 range depending on software content.

• Management expects sufficient cash to fund operations for at least 12 months post-report, with access to $153 million in additional capital.