MicroVision (MVIS) Q4 2024 earnings summary

Executive summary

• Expanded focus on industrial and defense sectors to capture near-term revenue as automotive timelines extend, leveraging mature LiDAR and perception software solutions.

• Achieved momentum in AMR/AGV sector and engaged with top automotive OEMs, with seven high-volume RFQs and custom development opportunities.

• Secured production commitments with ZF to support anticipated demand, targeting $30M–$50M in industrial vertical revenue over the next 12–18 months.

• Streamlined cost structure in 2024, improving cash burn sequentially.

• Strengthened leadership with the addition of a new CTO and hiring of Glen DeVos as head of product portfolio and customer solutions.

Financial highlights

• Q4 2024 revenue was $1.7M, up from $0.5M year-over-year (excluding prior year’s one-time Microsoft revenue), driven by industrial customers.

• Q4 2024 net loss was $31.2M ($0.14/share), including $2.0M share-based compensation and $13.2M convertible note expense.

• Adjusted EBITDA loss for Q4 2024 was $13.2M, similar to Q4 2023's $13.6M loss.

• Ended 2024 with $75M in cash and equivalents; total liquidity of $235M including ATM and convertible facilities.

• Cash used in operations for Q4 2024 was $15.0M, improved from $16.6M in Q4 2023.

Outlook and guidance

• 2025 annual R&D and SG&A expense run rate expected at $48M–$50M.

• Anticipates $30M–$50M in industrial vertical revenue over the next 12–18 months, with further expansion into defense and automotive as timelines clarify.

• Positioned for 2025 revenue growth from industrial, automotive, and defense verticals, leveraging integrated perception software and sensor solutions.

• Cash runway extended into 2026, with improved path to cash flow breakeven.

• Expecting to scale resources and maintain high-volume deliveries, supported by a strong balance sheet and access to up to $161M in capital.