8-K
Microvision, Inc. (MVIS)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
DATEOF REPORT (DATE OF EARLIEST EVENT REPORTED) May 12, 2025
MicroVision,Inc.
(Exactname of registrant as specified in its charter)
| Delaware | 001-34170 | 91-1600822 |
|---|---|---|
| (State<br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (I.R.S.<br> Employer<br><br> <br>Identification<br> No.) |
18390NE 68^th^ Street
Redmond,Washington 98052
(Address of principal executive offices) (Zip code)
(425)936-6847
(Registrant’s telephone number, including area code)
NotApplicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common<br> stock, par value $0.001 per share | MVIS | The<br> NASDAQ Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item2.02. Results of Operations and Financial Condition.
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
On May 12, 2025, MicroVision, Inc. issued a press release announcing its first quarter 2025 results. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item9.01. Financial Statements and Exhibits.
(c) Exhibits.
Pursuant to the rules and regulations of the SEC, the attached exhibit is deemed to have been furnished to, but not filed with, the SEC.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release of MicroVision, Inc. dated May 12, 2025 |
| 104 | Cover<br> Page Interactive File (the cover page tags are embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MICROVISION, INC. | |
|---|---|
| By: | /s/ Drew G. Markham |
| Drew<br> G. Markham | |
| Senior Vice President, General Counsel and Secretary |
Dated: May 12, 2025
Exhibit99.1
MicroVisionAnnounces First Quarter 2025 Results
REDMOND, WA / ACCESSWIRE / May 12, 2025 / MicroVision, Inc. (NASDAQ:MVIS), a technology pioneer delivering advanced perception solutions in autonomy and mobility, today announced its first quarter 2025 results.
KeyBusiness Highlights
| ● | Established<br> defense industry advisory board to accelerate strategic expansion and pursuit of revenue opportunities in the defense tech and military<br> sectors. |
|---|---|
| ● | Elevated<br> momentum toward near-term revenue opportunities from multiple leading industrial companies in the autonomous mobile robot (AMR) and<br> automated guided vehicle (AGV) sector. |
| ● | Deepened<br> executive leadership expertise, onboarding Glen DeVos, former CTO of Aptiv, as MicroVision’s Chief Technology Officer, leading<br> the Company’s innovative product roadmapping and enhanced go-to-market strategy. |
| ● | Continued<br> engagement with top-tier global automotive OEMs, with seven high-volume RFQs for passenger vehicles and custom development opportunities. |
| ● | Ramped<br> production to meet anticipated volume demand, ensuring continuous and uninterrupted supply of sensors and integrated software. |
| ● | Maintained<br> fiscal discipline following 2024 streamlining of cost structure, resulting in another quarter of sequential improvement in cash burn. |
| ● | Raised<br> $8 million in the first quarter of 2025 through an equity sale, building upon the $75 million convertible note facility with an institutional<br> investor in Q4 2024. |
“MicroVision is well positioned to secure revenue opportunities for 2025 from the industrial vertical,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “Our unique value proposition continues to be our integrated perception software. We offer compelling solutions to industrial customers and automotive OEMs at attractive price points.”
“The recent capital raises have positioned MicroVision well in the marketplace with an improved cost structure to support customer demand. In addition, our production commitment with ZF enables us to commit to high-volume deliveries to fulfil demand in the range of $30-$50 million over the next 12-18 months,” said Anubhav Verma, MicroVision’s Chief Financial Officer.
KeyFinancial Highlights for Q1 2025
| ● | Revenue<br> for the first quarter of 2025 was $0.6 million, compared to $1.0 million for the first quarter of 2024 driven by demand primarily<br> from industrial customers. |
|---|---|
| ● | Total<br> operating expenses for the first quarter of 2025 were $14.1 million, representing a 47% decline YoY as compared to $26.4 million<br> for the first quarter of 2024. |
| ● | Net<br> loss for the first quarter of 2025 was $28.8 million, or $0.12 per share, which includes $16.9 million of non-cash charges including<br> $4.7 million of non-cash charges on debt extinguishment, $2.6 million of non-cash unrealized gains on warrants and derivatives, $12.9<br> million of non-cash interest expense related to the financings, $1.9 million of non-cash share-based compensation expense, compared<br> to a net loss of $26.3 million, or $0.13 per share, which includes $3.7 million of non-cash share-based compensation expense, for<br> the first quarter of 2024. |
| ● | Adjusted<br> EBITDA for the first quarter of 2025 was a $10.7 million loss, compared to a $18.7 million loss for the first quarter of 2024. |
| --- | --- |
| ● | Cash<br> used in operations in the first quarter of 2025 was $14.1 million, compared to cash used in operations in the first quarter of 2024<br> of $20.8 million. |
| ● | The<br> Company ended the first quarter of 2025 with $69.0 million in cash and cash equivalents, including investment securities, compared<br> to $74.7 million as of December 31, 2024. |
As of March 31, 2025, the Company has access to $143.4 million of capital, subject to certain conditions, including $113.4 million under its existing ATM, or at-the-market, facility and $30 million from the remaining commitment pursuant to the convertible note facility.
ConferenceCall and Webcast: Q1 2025 Results
MicroVision will host a conference call and webcast, consisting of prepared remarks by management, a slide presentation, and a question-and-answer session at 1:30 PM PT/4:30 PM ET on Monday, May 12, 2025 to discuss the financial results and provide a business update. Analysts and investors may pose questions to management during the live webcast on May 12, 2025 and may submit questions HERE in advance of the conference call.
The live webcast can be accessed on the Company’s Investor Relations website under the Events tab HERE. The webcast will be archived on the website for future viewing.
UpcomingMicroVision Retail Investor Day on May 20, 2025
MicroVision’s Retail Investor Day in Redmond, Washington on Tuesday, May 20, 2025.
At MicroVision Retail Investor Day, shareholders will have the opportunity to meet and ask questions of the Company’s executive team, including new Chief Technology Officer Glen DeVos. Executives will discuss advancements in MicroVision’s product portfolio, expansion of the Company’s business strategy, and emerging market opportunities.
Space is limited. Click HERE to request an invitation to attend in person in Redmond, Washington. Video highlights from the MicroVision Retail Investor Day will be available HERE within a week after the event. Information communicated in the Town Hall and interactive lunch will be information that MicroVision has publicly reported.
Agendain Redmond, Washington on Tuesday, May 20, 2025:
| ● | 9:00<br> AM to 10:30 AM PT: Ride-along demo vehicle will tour local streets and highways, plus live interactive product demonstrations. |
|---|---|
| ● | 10:30<br> to 12:00 PM PT: Town Hall including management remarks and presentation. |
| ● | 12:00<br> PM to 1:00 PM PT: Interactive lunch. |
AboutMicroVision
MicroVision drives global adoption of innovative perception solutions to make mobility and autonomy safer. Fueled by engineering excellence in Redmond, Washington and Hamburg, Germany, MicroVision develops and supplies an integrated solution built on its perception software stack, incorporating application software and processing data from differentiated sensor systems. MicroVision’s proprietary technology solutions deliver enhanced safety for a variety of industrial applications, including robotics, automated warehouse, and agriculture, and the automotive industry accelerating advanced driver-assistance systems (ADAS) and autonomous driving, as well as for military applications. With deep roots in MEMS-based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software, MicroVision has the expertise to deliver safe mobility at the speed of life.
For more information, visit the Company’s website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc, and LinkedIn at https://www.linkedin.com/company/microvision/.
MicroVision, MAVIN, MOSAIK, and MOVIA are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Non-GAAPinformation
To supplement MicroVision’s condensed financial statements presented in accordance with GAAP, the Company presents investors with the non-GAAP financial measures “adjusted EBITDA” and “adjusted Gross Profit.” Adjusted EBITDA consists of GAAP net income (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization; non-cash gains and losses; share-based compensation; and restructuring costs. Adjusted Gross Profit is calculated as GAAP gross profit before share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.
MicroVision believes that the presentation of adjusted EBITDA and adjusted Gross Profit provides important supplemental information to management and investors regarding financial and business trends, provides consistency and comparability with MicroVision’s past financial reports, and facilitates comparisons with other companies in the Company’s industry, many of which use similar non-GAAP financial measures to supplement their GAAP results. Internally, management uses these non-GAAP measures when evaluating operating performance because the exclusion of the items described above provides an additional useful measure of the Company’s operating results and facilitates comparisons of the Company’s core operating performance against prior periods and its business objectives. Externally, the Company believes that adjusted EBITDA and adjusted Gross Profit are useful to investors in their assessment of MicroVision’s operating performance and the valuation of the Company.
Adjusted EBITDA and adjusted Gross Profit are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of MicroVision’s business as determined in accordance with GAAP. The Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from its non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent.
The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA.
Similarly for adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profit which is the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation by backing out share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.
Forward-LookingStatements
Certain statements contained in this release, including customer engagement and the likelihood of success; opportunities for revenue and cash; expense reduction; market position; product portfolio; product and manufacturing capabilities; access to capital and capital-raising opportunities; and expected revenue, expenses and cash usage are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include the risk its ability to operate with limited cash or to raise additional capital when needed; market acceptance of its technologies and products or for products incorporating its technologies; the failure of its commercial partners to perform as expected under its agreements; its financial and technical resources relative to those of its competitors; its ability to keep up with rapid technological change; government regulation of its technologies; its ability to enforce its intellectual property rights and protect its proprietary technologies; the ability to obtain customers and develop partnership opportunities; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market its products; potential product liability claims; its ability to maintain its listing on The Nasdaq Stock Market, and other risk factors identified from time to time in the Company’s SEC reports, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect the Company. It should be recognized that other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors set forth in this release may affect the Company to a greater extent than indicated. Except as expressly required by federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
InvestorRelations Contact
Jeff Christensen
Darrow Associates Investor Relations
MVIS@darrowir.com
MediaContact
Marketing@MicroVision.com
Source: MicroVision, Inc.
Microvision,Inc.
ConsolidatedBalance Sheets
(Inthousands)
| March 31, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 51,918 | $ | 54,486 | ||
| Investment securities, available-for-sale | 17,126 | 20,216 | ||||
| Restricted cash, current | 70 | 261 | ||||
| Accounts receivable, net of allowances | 252 | 926 | ||||
| Inventory | 2,534 | 2,294 | ||||
| Other current assets | 7,100 | 4,287 | ||||
| Total current assets | 79,000 | 82,470 | ||||
| Property and equipment, net | 6,816 | 7,061 | ||||
| Operating lease right-of-use assets | 16,306 | 16,746 | ||||
| Restricted cash, net of current portion | 1,537 | 1,500 | ||||
| Intangible assets, net | 10,739 | 10,972 | ||||
| Other assets | 2,345 | 2,412 | ||||
| Total assets | $ | 116,743 | $ | 121,161 | ||
| Liabilities and shareholders’ equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 1,268 | $ | 1,132 | ||
| Accrued liabilities | 2,194 | 2,542 | ||||
| Contract liabilities | 314 | 308 | ||||
| Derivative liability | 4,867 | 14,581 | ||||
| Notes payable, current | 30,107 | 24,248 | ||||
| Operating lease liabilities, current | 2,979 | 2,682 | ||||
| Finance lease liabilities, current | 9 | - | ||||
| Other current liabilities | 116 | 458 | ||||
| Total current liabilities | 41,854 | 45,951 | ||||
| Notes payable, net of current portion | - | 8,754 | ||||
| Warrant liability | 4,536 | - | ||||
| Operating lease liabilities, net of current portion | 15,436 | 15,954 | ||||
| Finance lease liabilities, net of current portion | 25 | - | ||||
| Other long-term liabilities | 1,688 | 1,733 | ||||
| Total liabilities | 63,539 | 72,392 | ||||
| Commitments and contingencies | ||||||
| Shareholders’ equity | ||||||
| Common stock at par value | 245 | 225 | ||||
| Additional paid-in capital | 943,900 | 910,825 | ||||
| Accumulated other comprehensive income | 119 | - | ||||
| Accumulated deficit | (891,060 | ) | (862,281 | ) | ||
| Total shareholders’ equity | 53,204 | 48,769 | ||||
| Total liabilities and shareholders’ equity | $ | 116,743 | $ | 121,161 |
MicroVision,Inc.
ConsolidatedStatement of Operations
(Inthousands, except per share data)
| Three months ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Revenue | $ | 589 | $ | 956 | ||
| Cost of revenue | 550 | 1,277 | ||||
| Gross profit (loss) | 39 | (321 | ) | |||
| Research and development expense | 7,403 | 17,311 | ||||
| Sales, marketing, general and administrative expense | 6,676 | 9,078 | ||||
| Total operating expenses | 14,079 | 26,389 | ||||
| Loss from operations | (14,040 | ) | (26,710 | ) | ||
| Interest expense | (12,903 | ) | (18 | ) | ||
| Unrealized gain on derivative liability | 842 | - | ||||
| Unrealized gain on warrant liability | 1,761 | - | ||||
| Realized loss on debt extinguishment | (4,654 | ) | - | |||
| Other income | 288 | 649 | ||||
| Net loss before taxes | $ | (28,706 | ) | $ | (26,079 | ) |
| Income tax expense | (73 | ) | (234 | ) | ||
| Net loss | $ | (28,779 | ) | $ | (26,313 | ) |
| Net loss per share - basic and diluted | $ | (0.12 | ) | $ | (0.13 | ) |
| Weighted-average shares outstanding - basic and diluted | 235,933 | 196,748 |
Microvision,Inc.
ConsolidatedStatements of Cash Flows
(Inthousands)
| Three months ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Cash flows from operating activities | ||||||
| Net loss | $ | (28,779 | ) | $ | (26,313 | ) |
| Adjustments to reconcile net loss to net cash used in operations: | ||||||
| Depreciation and amortization | 1,408 | 1,800 | ||||
| Impairment of property and equipment | - | 13 | ||||
| Unrealized gain on derivative liability | (842 | ) | - | |||
| Unrealized gain on warrant liability | (1,761 | ) | - | |||
| Loss on debt extinguishment | 4,654 | - | ||||
| Inventory write-downs | - | 9 | ||||
| Non-cash interest expense | 7,325 | - | ||||
| Amortization of debt discount and issuance costs on notes payable | 5,559 | - | ||||
| Share-based compensation expense | 1,921 | 3,743 | ||||
| Net accretion of premium on short-term investments | (118 | ) | (288 | ) | ||
| Change in: | ||||||
| Accounts receivable | 674 | (172 | ) | |||
| Inventory | (228 | ) | 102 | |||
| Other current and non-current assets | (2,713 | ) | 992 | |||
| Accounts payable | 95 | (527 | ) | |||
| Accrued liabilities | (348 | ) | 1,331 | |||
| Contract liabilities and other current liabilities | (342 | ) | (480 | ) | ||
| Operating lease liabilities | (556 | ) | (639 | ) | ||
| Other long-term liabilities | (47 | ) | (330 | ) | ||
| Net cash used in operating activities | (14,098 | ) | (20,759 | ) | ||
| Cash flows from investing activities | ||||||
| Sales of investment securities | 13,522 | 7,900 | ||||
| Purchases of investment securities | (10,333 | ) | (7,805 | ) | ||
| Purchases of property and equipment | (99 | ) | (114 | ) | ||
| Cash paid for Ibeo business combination | - | (3,263 | ) | |||
| Net cash provided by (used in) investing activities | 3,090 | (3,282 | ) | |||
| Cash flows from financing activities | ||||||
| Principal payments under finance leases | (2 | ) | - | |||
| Proceeds from stock option exercises | - | 62 | ||||
| Net proceeds from issuance of common stock and warrants | 8,207 | 20,956 | ||||
| Net cash provided by financing activities | 8,205 | 21,018 | ||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 81 | (31 | ) | |||
| Change in cash, cash equivalents, and restricted cash | (2,722 | ) | (3,054 | ) | ||
| Cash, cash equivalents, and restricted cash at beginning of period | 56,247 | 49,391 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 53,525 | $ | 46,337 |
The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of March 31, 2025 and 2024:
| March 31, | March 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Cash and cash equivalents | $ | 51,918 | $ | 44,298 |
| Restricted cash, current | 70 | 71 | ||
| Restricted cash, net of current portion | 1,537 | 1,968 | ||
| Cash, cash equivalents, and restricted cash | $ | 53,525 | $ | 46,337 |
MicroVision,Inc.
Reconciliationof GAAP to Non-GAAP Measures
(Inthousands)
| Three months ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Reconciliation of Non-GAAP Gross Profit (Loss): | ||||||
| Gross profit (loss) | $ | 39 | $ | (321 | ) | |
| Share-based compensation expense | - | - | ||||
| Amortization of acquired intangibles | 217 | 387 | ||||
| Adjusted Gross Profit | $ | 256 | $ | 66 | ||
| Reconciliation of Non-GAAP Loss: | ||||||
| GAAP Net loss | $ | (28,779 | ) | $ | (26,313 | ) |
| Interest expense, net | 12,615 | (631 | ) | |||
| Income taxes | 73 | 234 | ||||
| Depreciation and amortization | 1,408 | 1,800 | ||||
| Unrealized gain on derivative liability | (842 | ) | - | |||
| Unrealized gain loss warrant liability | (1,761 | ) | - | |||
| Loss on debt extinguishment | 4,654 | - | ||||
| Share-based compensation expense | 1,921 | 3,743 | ||||
| Restructuring costs | - | 2,474 | ||||
| Adjusted EBITDA | $ | (10,711 | ) | $ | (18,693 | ) |