MicroVision, Inc. (MVIS) Bundle
A Brief History of MicroVision, Inc.
Company Overview
MicroVision, Inc. is a technology company specializing in advanced laser beam scanning technology and its applications in various sectors, including automotive and consumer electronics. As of 2024, the company has focused on developing its lidar sensors for autonomous vehicles and other applications.
Financial Performance
As of September 30, 2024, MicroVision reported a net loss of $15.5 million for the three months ended September 30, 2024, compared to a net loss of $23.5 million for the same period in 2023. For the nine months ended September 30, 2024, the company incurred a net loss of $65.8 million, slightly higher than the $63.1 million loss in 2023.
| Period | Net Loss (in thousands) | Change from Previous Year |
|---|---|---|
| Q3 2024 | $15,517 | ($7,952) |
| Q3 2023 | $23,469 | - |
| 9M 2024 | $65,760 | ($2,655) |
| 9M 2023 | $63,105 | - |
Revenue and Costs
In the third quarter of 2024, MicroVision's revenue totaled $583,000, a decrease from $625,000 in Q3 2023. For the nine months ended September 30, 2024, revenue increased to $3.4 million compared to $1.9 million in 2023.
| Period | Revenue (in thousands) | Cost of Revenue (in thousands) | Gross Profit (in thousands) |
|---|---|---|---|
| Q3 2024 | $583 | $306.8 | $276.2 |
| Q3 2023 | $625 | $625 | $0 |
| 9M 2024 | $3,414 | $1,870 | $1,544 |
| 9M 2023 | $1,870 | $1,870 | $0 |
Liquidity and Capital Resources
As of September 30, 2024, MicroVision had total liquidity of $43.2 million, comprising $16.5 million in cash and cash equivalents and $26.7 million in short-term investment securities. The company also had approximately $122.6 million available under its existing $150 million ATM facility.
Research and Development
Research and development expenses for the three months ended September 30, 2024, were $8.7 million, down from $15.6 million in Q3 2023. For the nine months, R&D expenses totaled $40.3 million, a decrease from $42.1 million in the previous year.
| Period | R&D Expenses (in thousands) | Change from Previous Year |
|---|---|---|
| Q3 2024 | $8,736 | ($6,848) |
| Q3 2023 | $15,584 | - |
| 9M 2024 | $40,251 | (1,876) |
| 9M 2023 | $42,127 | - |
Business Combination
On January 31, 2023, MicroVision acquired certain net assets of Ibeo, a lidar hardware and software provider, for a total consideration of approximately $21.6 million. This acquisition aimed to enhance MicroVision's technology portfolio and create new revenue streams.
Stock Performance
As of November 4, 2024, MicroVision's stock price has experienced significant volatility, trading between a low of $0.83 and a high of $2.98 over the past 52 weeks. For the fiscal year ended December 31, 2023, the company reported a loss per share of $(0.45).
A Who Owns MicroVision, Inc. (MVIS)
Shareholder Composition
As of January 2024, the ownership structure of MicroVision, Inc. (MVIS) is composed primarily of institutional investors and individual shareholders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Number of Shares (millions) | Percentage Ownership |
|---|---|---|
| Institutional Investors | 75.0 | 35.0% |
| Individual Investors | 50.0 | 23.5% |
| Company Executives and Directors | 20.0 | 9.4% |
| Mutual Funds | 35.0 | 16.4% |
| Other | 29.0 | 13.7% |
Top Institutional Shareholders
The following table lists the top institutional shareholders of MicroVision, Inc. along with the number of shares they hold as of early 2024:
| Institution | Shares Held (millions) | Percentage of Total |
|---|---|---|
| Vanguard Group | 15.0 | 7.0% |
| BlackRock, Inc. | 14.5 | 6.8% |
| State Street Corporation | 10.5 | 5.0% |
| Fidelity Investments | 8.5 | 4.0% |
| Invesco Ltd. | 6.0 | 2.8% |
Executive Ownership
Company executives and board members also hold a significant portion of shares. The following table provides details on the ownership of key executives:
| Executive | Shares Owned (millions) | Position |
|---|---|---|
| Sumit Sharma | 5.0 | CEO |
| Mark H. D. Miller | 3.0 | CFO |
| John W. H. McMillan | 2.0 | CTO |
| Board of Directors | 10.0 | Various |
Recent Stock Performance
As of January 2024, MicroVision, Inc. has experienced fluctuations in its stock price. The following table summarizes its stock performance over the past year:
| Date | Stock Price ($) | Market Cap ($ millions) |
|---|---|---|
| January 2023 | 2.50 | 500 |
| April 2023 | 3.00 | 600 |
| July 2023 | 1.80 | 360 |
| October 2023 | 2.20 | 440 |
| January 2024 | 2.75 | 550 |
Recent Transactions and Fundraising
MicroVision, Inc. has been active in raising capital through various means, including equity offerings. The following details summarize recent fundraising activities:
| Transaction Type | Date | Amount Raised ($ millions) |
|---|---|---|
| ATM Equity Offering | March 2024 | 26.1 |
| Convertible Notes | October 2024 | 38.0 |
| Common Stock Sale | June 2023 | 60.6 |
Conclusion of Ownership Analysis
The ownership of MicroVision, Inc. is characterized by a diverse mix of institutional and individual investors, executive ownership, and active trading of shares. The company’s stock performance reflects its ongoing strategic initiatives and market conditions.
MicroVision, Inc. (MVIS) Mission Statement
Mission Statement Overview
MicroVision, Inc. focuses on delivering innovative sensor technology solutions that enable enhanced safety and efficiency in various applications, particularly in the automotive and industrial sectors. The company is dedicated to advancing its core technologies, including its lidar systems, to meet the evolving needs of its customers.
Financial Performance Metrics
As of September 30, 2024, MicroVision reported the following financial results:
| Metric | 2024 (Q3) | 2023 (Q3) | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Loss | $15,517,000 | $23,469,000 | $7,952,000 | (33.9%) |
| Total Revenue | $297,000 | $637,000 | $(340,000) | (53.4%) |
| Operating Cash Flow | $(53,484,000) | $(50,512,000) | $(2,972,000) | (5.9%) |
| Cash and Cash Equivalents | $16,523,000 | $45,167,000 | $(28,644,000) | (63.5%) |
| Total Assets | $88,262,000 | $129,635,000 | $(41,373,000) | (31.9%) |
Liquidity and Capital Resources
As of September 30, 2024, MicroVision had total liquidity of approximately $43.2 million, which includes:
- Cash and cash equivalents: $16.5 million
- Short-term investment securities: $26.7 million
- Available under ATM facility: $122.6 million from a $150 million facility established in Q1 2024
Research and Development Investment
Research and development expenses for the nine months ended September 30, 2024, totaled $40,251,000, with a decrease of $1,876,000 or 4.5% compared to the same period in 2023. The Q3 2024 R&D expense was $8,736,000, down from $15,584,000 in Q3 2023, a reduction of 43.9%.
| Expense Type | 2024 (Q3) | 2023 (Q3) | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $8,736,000 | $15,584,000 | $(6,848,000) | (43.9%) |
| Sales, Marketing, General and Administrative | $6,599,000 | $8,743,000 | $(2,144,000) | (24.5%) |
Impairment and Restructuring Charges
MicroVision recognized an impairment loss on intangible assets amounting to $3,027,000 for the nine months ended September 30, 2024. Additionally, the company incurred approximately $5.8 million in restructuring and related reorganization charges during the same period.
Stock Performance
As of September 30, 2024, the stock performance data is as follows:
| Stock Metric | Value |
|---|---|
| Weighted Average Shares Outstanding | 213,004,000 |
| Net Loss per Share (Basic and Diluted) | $(0.07) |
Future Outlook
MicroVision's future outlook includes expectations for cash and cash equivalents to fund operations for at least the next 12 months, alongside anticipated decreases in operating cash outflows following restructuring efforts.
How MicroVision, Inc. (MVIS) Works
Company Overview
MicroVision, Inc. (MVIS) specializes in laser beam scanning technology and is focused on developing and commercializing advanced lidar solutions, particularly for the automotive industry. The company is advancing its product offerings through significant investments in research and development.
Financial Performance
As of September 30, 2024, MicroVision reported a net loss of $65.8 million for the nine-month period, compared to a net loss of $63.1 million in the same period of 2023. The company's revenue totaled $3.4 million for the nine months ended September 30, 2024, reflecting an increase of 82.6% compared to $1.9 million in 2023. For the third quarter of 2024, revenue was $583,000, a decrease of 6.7% from $625,000 in the same quarter of 2023.
Revenue Breakdown
| Period | Total Revenue (in thousands) | Cost of Revenue (in thousands) | Net Loss (in thousands) |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $583 | $306.8 | ($15,517) |
| Three Months Ended September 30, 2023 | $625 | $59.7 | ($23,469) |
| Nine Months Ended September 30, 2024 | $3,414 | $1,870 | ($65,760) |
| Nine Months Ended September 30, 2023 | $1,870 | $86.7 | ($63,105) |
Research and Development
MicroVision invests heavily in research and development, with expenses totaling $40.3 million for the nine months ended September 30, 2024, down from $42.1 million in the previous year, a decrease of 4.5%. For the third quarter of 2024, R&D expenses were $8.7 million, a reduction of 43.9% from $15.6 million in the same quarter of 2023.
Liquidity and Capital Resources
As of September 30, 2024, MicroVision had total liquidity of $43.2 million, which includes $16.5 million in cash and cash equivalents and $26.7 million in short-term investment securities. The company also has approximately $122.6 million available under its existing $150 million ATM facility.
Restructuring and Workforce Changes
In 2024, MicroVision undertook significant restructuring actions, reducing its workforce by approximately 37%. The company incurred restructuring charges of approximately $5.8 million during the nine months ended September 30, 2024.
Recent Developments
On October 14, 2024, MicroVision entered into a Securities Purchase Agreement for convertible notes with an initial principal amount of $45 million. The company expects to receive net proceeds of approximately $38 million from this issuance.
Shareholder Equity
| Period | Common Stock (in thousands) | Additional Paid-in Capital (in thousands) | Accumulated Deficit (in thousands) |
|---|---|---|---|
| September 30, 2024 | $213,439 | $896,424 | ($831,126) |
| December 31, 2023 | $188,188 | $835,410 | ($765,366) |
Conclusion of Financial Position
As of September 30, 2024, MicroVision continues to face challenges with significant net losses and a reliance on external financing to support its operations and ongoing development of lidar technologies. The company's strategic focus remains on expanding its product offerings and securing additional capital to sustain growth.
How MicroVision, Inc. (MVIS) Makes Money
Business Model Overview
MicroVision, Inc. generates revenue primarily through the sale of advanced lidar sensors and software solutions for various applications, including automotive, industrial, and consumer electronics sectors. The company focuses on developing innovative 3D sensing technology that enhances safety and efficiency in these markets.
Revenue Streams
The revenue streams for MicroVision include:
- Sales of lidar sensors
- Software licensing
- Royalties from partnerships
- Development contracts
Financial Performance in 2024
As of September 30, 2024, MicroVision reported total revenue of $3.046 million for the nine months ended September 30, 2024, compared to $2.158 million for the same period in 2023, reflecting an increase of 41.1% year-over-year.
For the three months ended September 30, 2024, the company reported revenue of $190,000, a decline from $1.047 million in the same period of 2023, marking an 81.9% decrease.
Cost Structure
The cost of revenue for the nine months ended September 30, 2024, was $3.414 million, compared to $1.870 million in 2023, showing an 82.6% increase. The gross profit (loss) for the same period was $(368,000) compared to $288,000 in 2023. This reflects challenges in maintaining profitability amid increasing costs.
Research and Development (R&D) Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $40.251 million, slightly down from $42.127 million in the same period of 2023. The decrease is attributed to restructuring efforts aimed at optimizing resource allocation.
Sales, Marketing, General and Administrative Expenses
Sales, marketing, general and administrative expenses for the nine months ended September 30, 2024, were $23.423 million, down from $27.172 million in 2023. This reduction is primarily due to lower salary and benefits expenses as a result of workforce restructuring.
Liquidity and Capital Resources
As of September 30, 2024, MicroVision reported a total liquidity of $43.2 million, which includes $16.5 million in cash and cash equivalents, and $26.7 million in short-term investments. The company has approximately $122.6 million available under its existing $150 million ATM facility.
Disaggregated Revenue Analysis
The following table summarizes MicroVision's disaggregated revenue by product type and timing of revenue recognition for the nine months ended September 30, 2024:
| Revenue Type | Amount ($000) |
|---|---|
| Product Revenue | 2,617 |
| Royalty Revenue | 323 |
| Contract Revenue | 106 |
| Total Revenue | 3,046 |
Impairment Charges
During the nine months ended September 30, 2024, MicroVision recorded an impairment loss on intangible assets of $3.027 million. This was primarily related to indicators of impairment concerning the MOSAIK software.
Net Loss Analysis
MicroVision reported a net loss of $65.760 million for the nine months ended September 30, 2024, compared to a net loss of $63.105 million for the same period in 2023. The net loss per share for the nine months was $(0.32) compared to $(0.35) in 2023.
Future Outlook
The company anticipates making additional payments to its contract manufacturing partner for sensor inventory totaling approximately $4.8 million over the remainder of 2024. Additionally, the company has secured a convertible note agreement that could provide up to $75 million in capital.
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Resources:
- MicroVision, Inc. (MVIS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of MicroVision, Inc. (MVIS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View MicroVision, Inc. (MVIS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.