In This Article:
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Revenue: Reported revenue of $0.2 million for Q3, lower than expectations due to delayed sensor deliveries.
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Operating Expenses: Approximately $15 million in R&D and G&A expenses, including $2.4 million in stock-based compensation and $1.4 million in depreciation and amortization.
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Cash Used in Operating Activities: $14.1 million, a 25% reduction quarter over quarter.
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Convertible Note Facility: $75 million fixed facility, with a first tranche of $45 million funded at a closing price of $1.33.
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Cash and Cash Equivalents: Total liquidity of $234 million, including $81 million in cash and cash equivalents.
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Annual OpEx Run Rate: Expected to be $48 to $50 million for 2025.
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Projected Revenue: On track for $8 to $10 million revenue for the year, with Q4 revenue expected from lidar sensor sales and NRE projects.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Microvision Inc (NASDAQ:MVIS) is focusing on industrial opportunities, which represent a strong potential for establishing a recurring revenue stream.
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The company is engaged in seven RFQs with automotive OEMs, indicating potential future high-volume opportunities.
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Microvision Inc (NASDAQ:MVIS) has successfully bolstered its balance sheet with a $75 million convertible note facility, extending its financial runway into 2026.
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The company has streamlined its cash burn and reduced operating expenses, positioning itself for improved cash flow timelines.
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Microvision Inc (NASDAQ:MVIS) is leveraging its integrated hardware and software solutions to differentiate itself in both industrial and automotive markets.
Negative Points
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Revenue for the third quarter was lower than expected due to a delay in sensor deliveries by an existing customer.
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The company is still facing challenges in securing high-volume automotive contracts, with significant revenue from this sector not expected until later in the decade.
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Microvision Inc (NASDAQ:MVIS) is dependent on customer timelines for ramping up production, which introduces uncertainty in revenue projections.
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The competitive landscape in the lidar industry remains challenging, with other companies also vying for market share.
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The company faces the risk of needing to further scale down programs if automotive production timelines are delayed.
Q & A Highlights
Q: What are the ASPs needed to get the industrial market moving, and what is the expected unit TAM for 2025? A: Anubhav Verma, CFO, stated that ASPs are expected to be in the $1,000 to $2,000 range, driven by the software offering. The expected unit TAM for 2025 is between 10,000 to 30,000 units, as customers are looking to roll out sensors into their fleets, including new robots or vehicles and retrofitting existing inventory.