MicroVision (MVIS) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $2.4M, driven mainly by IRIS industrial shipments and MOVIA L shipments to a Security & Defense customer; gross margin was 50%.

• Nine-month revenue was $4.8M vs. $1.0M, while the nine-month net loss widened to $74.5M from $57.2M and operating cash use rose to $49.2M from $43.3M.

• Liquidity and historical losses raised substantial doubt about the ability to continue as a going concern for at least 12 months after issuance of the financial statements.

Financial highlights

• Q3 revenue was $2.4M vs. $0.241M in Q3 2025; nine-month revenue was $4.8M vs. $1.0M.

• Q3 gross profit was $1.2M vs. a $0.7M gross loss; nine-month gross profit was $2.2M vs. a $1.2M gross loss.

• Q3 operating expenses were $22.5M, 7.5% below the first-half quarterly average; net loss was $12.2M, or $0.45/share, vs. $14.2M, or $0.72/share.

• Adjusted EBITDA loss was $11.1M vs. $11.7M a year earlier and an $18M first-half quarterly average; Q3 included a $6.3M German R&D grant.

• Q3 operating cash use was $13.6M; cash and equivalents were $28.9M at September 30.

Outlook and guidance

• FY2026 revenue guidance was reaffirmed at $10M–$15M; $4.8M was recognized through September, with ~$10M in orders awaiting shipment and most related inventory built.

• FY2027 revenue is expected to at least double from FY2026, supported by purchase orders, IRIS expansion and MOVIA sales; operating cash burn is targeted at ~$40M, about one-third below 2026's ~$60M target.

• Significant losses and negative cash flow are expected through the remainder of 2026 and the foreseeable future; profitability and positive cash flow remain uncertain.

• HALO launch is planned for Q4 2027; customer evaluations began in Q3, with pre-production samples expected in early 2027.