MicroVision (MVIS) Q4 2025 earnings summary

Executive summary

• Transitioned from a hardware-centric to a value-driven, software-enabled business model, focusing on scalable deployments across automotive, industrial, and security/defense markets.

• Achieved initial shipments of MOVIA L sensors with integrated software, marking commercial momentum in Industrial and Security & Defense sectors.

• Recent acquisitions of Luminar and Scantinel expanded the product portfolio, accelerated revenue, and deepened customer relationships.

• Integration of acquired teams and consolidation of operations are driving operational efficiency and synergy realization, including a planned 20% global workforce reduction and consolidation into Orlando.

• Leadership team strengthened with experienced executives to support growth and execution.

Financial highlights

• Q4 2025 revenue was $0.2 million, down from $1.7 million in Q4 2024, mainly due to the end of a legacy contract.

• Full year 2025 revenue was $1.2 million, compared to $4.7 million in 2024.

• 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 operating expenses were $25.3 million, including $13.4 million in non-cash 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, a 14% decrease from 2024; year-end cash and equivalents totaled $74.8 million.

Outlook and guidance

• 2026 revenue expected in the range of $10 million–$15 million, driven by both legacy and acquired customer contracts.

• Cash used in operations plus CapEx for 2026 projected at $65 million–$70 million, reflecting increased scale from acquisitions.

• Revenue mix for 2026 will be mostly industrial, with automotive contributing the balance; margins expected to be positive.

• Automotive revenue growth anticipated toward the end of the decade, with industrial and defense/security as near-term bridges.

• Focused on transforming from R&D to a commercial enterprise, leveraging recent acquisitions and expanded product offerings.