In This Article:
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Revenue: $1.7 million for Q4 2024, up from $50 million year-over-year after excluding one-time Microsoft revenue.
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R&D and SG&A Expenses: $14.7 million for Q4 2024, including $2 million in stock-based compensation and $1.7 million in depreciation and amortization.
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Cash and Cash Equivalents: $75 million as of December 31, 2024.
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Available Capital: Total access to $235 million, including $114 million under ATM facility and $30 million undrawn from convertible note facility.
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Convertible Note: $33 million outstanding, convertible at $1.59 per share.
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2025 Revenue Target: Anticipated demand in the $30 to $50 million range from industrial vertical over the next 12 to 18 months.
Release Date: March 26, 2025
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) has secured production commitments from its manufacturing partner ZF to meet anticipated demand, ensuring an uninterrupted supply chain.
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The company has expanded its focus to include industrial and defense sectors, which are expected to provide near-term revenue opportunities.
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Microvision Inc (NASDAQ:MVIS) has strengthened its balance sheet with over $90 million in investments from a strategic financial partner, extending its cash runway into 2026.
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The company is actively engaged in multiple automotive RFQs and industrial opportunities, indicating potential future growth.
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Microvision Inc (NASDAQ:MVIS) has a mature perception software developed for automotive applications, which is a key differentiator in the market.
Negative Points
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The company's Q4 2024 revenue of $1.7 million fell short of expectations due to a customer delaying its decision to 2025.
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There are delays in automotive RFQs converting into revenue-generating contracts, with timelines for production start being pushed out.
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Microvision Inc (NASDAQ:MVIS) faces fierce competition from Chinese automotive OEMs, impacting its ability to secure contracts.
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The company has not yet achieved significant commercial success with OEMs, raising concerns about its competitive positioning.
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The industrial customer qualification process is taking longer than expected, delaying potential revenue from this segment.
Q & A Highlights
Q: Could you provide a breakdown of the $1.7 million in revenue for the quarter? Was it primarily from commercial shipments or R&D work? A: The $1.7 million in revenue for the fourth quarter was primarily derived from the sale of sensors to our customers, with minimal non-recurring engineering (NRE) revenue. The expected NRE revenue has been pushed to 2025 due to customer decisions. - Anubhav Verma, CFO