MicroVision (MVIS) Q4 2025 earnings summary

Executive summary

• Transitioned from a technology-centric to a value-driven approach in the LiDAR market, focusing on scalable deployments and diversified end markets, with commercial momentum in Industrial and Security & Defense sectors.

• Achieved initial shipments of MOVIA L sensors with integrated software and expanded product portfolio through acquisitions of Luminar and Scantinel, accelerating revenue opportunities.

• Integrated new team in Germany and established roadmap for FMCW ultra-long-range lidar sensor after acquiring Scantinel assets.

• Strengthened leadership team and expanded sales and engineering capabilities, while initiating cost-saving measures including a planned 20% workforce reduction and consolidation of operations into Orlando.

Financial highlights

• Q4 2025 revenue was $0.2 million, down from $1.7 million in Q4 2024; full-year 2025 revenue was $1.2 million, down from $4.7 million in 2024, mainly due to a last-time buy on a legacy contract.

• Q4 2025 net loss was $37.8 million ($0.12 per share), including $29.4 million in non-cash charges for asset impairment and inventory write-downs.

• Q4 2025 operating expenses were $25.3 million, including $13.4 million in asset impairment and $1.5 million in depreciation/amortization, offset by a $1.5 million share-based compensation credit.

• Cash used in operations for 2025 was $58.7 million, down from $68.5 million in 2024; Q4 2025 cash used in operations was $15.4 million.

• Ended Q4 2025 with $74.8 million in cash equivalents and investment securities, plus $43 million available under the ATM facility.

Outlook and guidance

• 2026 revenue expected to be $10 million–$15 million, reflecting conversion of Luminar contracts and new product launches, with positive margins expected and industrial as the main driver.

• Cash used in operations plus CapEx for 2026 projected at $65 million–$70 million, a modest increase due to acquisitions and team expansion.

• Focused on transforming from R&D to a commercial enterprise, leveraging recent acquisitions and expanded product offerings across automotive, industrial, and security & defense markets.

• Automotive revenue growth anticipated toward the end of the decade, with industrial and defense/security bridging the gap.