MICROVISION, INC. (MVIS)·Q3 2025 Earnings Summary

Executive Summary

• Q3 2025 revenue was $0.241M and diluted EPS was -$0.05; both slightly better than S&P consensus (Revenue $0.225M*, EPS -$0.06*) while adjusted EBITDA (-$11.7M) was weaker than consensus (-$10.0M*) .
• New CEO Glen DeVos shifted strategy to cost-disruptive, multi-sensor (“Tri-Lidar”) architecture and launched MOVIA S short-range solid-state lidar; management set target ASPs of ~$200 (short-range) and ~$300 (long-range), positioning to expand adoption at lower system cost .
• Strategic moves included an agreement to acquire Scantinel Photonics (1550nm FMCW long-range lidar) and building an Aerial Systems team for ISR/drone mapping; both broaden the tech stack and near/medium-term pipeline opportunities .
• Cash runway extended into 2027 with $99.5M cash/investments at quarter-end; however, cash used in operations rose to $16.5M in Q3, and OpEx is guided up by ~$1.5–$2.0M per quarter to fund growth initiatives .

Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

• Cost leadership path: “We’re setting a new industry standard with solid-state products priced at $200 for short-range and $300 for long-range sensors,” aiming to unlock mass-market ADAS use cases .
• Product and platform progress: Introduced MOVIA S and “Tri-Lidar Architecture,” plus open software framework that lets customers embed their own software on MicroVision sensors, improving time-to-value and flexibility .
• Strengthened balance sheet and runway: Ended Q3 with $99.5M cash/investments and runway into 2027, aided by ATM activity and increased institutional interest .

What Went Wrong

• Revenue still de minimis and shifted timing: Q3 revenue was $0.241M, entirely from industrial customers, and the prior $30–$50M/12–18 month pipeline is now expected to take longer as customers migrate from MOVIA L to MOVIA S and face delays .
• Cash burn elevated: Cash used in operations rose to $16.5M (vs. $14.1M in Q3’24) including a $3.2M one-time inventory build for MOVIA L .
• Operating expense outlook higher: Management now anticipates OpEx to rise ~$1.5–$2.0M per quarter from Q4 onward to fund Aerial Systems, Scantinel integration costs, and go-to-market build-out .

Financial Results

P&L vs prior periods

Actuals vs S&P Global consensus and next quarter outlook

Values retrieved from S&P Global.

KPIs and Liquidity

Revenue mix (qualitative)

• Q3 revenue was comprised of sales to industrial customers (automotive/defense immaterial in the quarter) .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We’re setting a new industry standard with solid-state products priced at $200 for short-range and $300 for long-range sensors.” — CFO Anubhav Verma .
• “Movia S … delivers performance at a breakthrough cost level … and enables [our] Tri-Lidar [satellite sensor] architecture.” — CEO Glen DeVos .
• “We anticipate … OpEx to increase ~$1.5–$2.0M per quarter” from Q4 to accelerate product readiness, industrialization, and go-to-market .
• On FMCW acquisition: “Scantinel’s ultra-long-range capability perfectly complements our current 905/940nm time-of-flight portfolio … we will share more at CES.” — CEO .
• “Combination of recent funding and cost management has extended our financial runway into 2027.” — CFO .

Q&A Highlights

• FMCW integration and cost: Scantinel is pre-revenue; target is wafer-level, chip-scale integration to lower costs; incremental OpEx from Scantinel team expected “not more than $2M per quarter” .
• ASPs and timing: Target ~$200 (MOVIA S) and ~$300 (long-range); MOVIA S to be readied for customer demand starting next year; management sees price points as highly competitive vs Western peers and mindful of China pricing .
• Industrial shift and inventory: Customers migrating from MOVIA L to MOVIA S lengthens pipeline timing; ~$6.1M+ inventory built (ZF line) to support 2026 revenue; expectation of traction next year from MOVIA L inventory as sales org scales .
• Automotive RFQs/cycle: RFQs continue; OEM sourcing timing may slip to 2026, but production introductions still seen ~2028 small/2029 more viable .
• Capital structure: ~$18M principal outstanding on convertible note (fixed conversion $1.60); runway into 2027, optionality to settle in cash or stock .

Estimates Context

• MVIS beat Q3 revenue ($0.241M vs $0.225M*) and EPS (-$0.05 vs -$0.06*), but adjusted EBITDA (-$11.7M) was below consensus (-$10.0M*). Q4 consensus looks for ~$1.6M revenue* and -$0.05 EPS* .
  Values retrieved from S&P Global.

Key Takeaways for Investors

• The strategy pivot to a tri-sensor architecture and MOVIA S at ~$200 ASP directly tackles the cost barrier that has limited lidar adoption; execution on manufacturability and cost-down is the critical stock catalyst over 2026–2027 .
• Industrial revenue is likely to be back-end loaded and delayed as customers move from MOVIA L to MOVIA S; near-term revenues remain small, raising importance of commercial execution and LCAS launch in Q2 2026 .
• Scantinel (FMCW) broadens the product suite toward long-range performance and behind-windshield use, but remains pre-revenue and adds modest OpEx; roadmap clarity at CES will matter for credibility .
• Liquidity is solid (cash/investments $99.5M) with runway into 2027, but cash burn rose and OpEx will step up by $1.5–$2.0M per quarter; disciplined capital markets execution remains essential .
• Automotive RFQs are active but elongated; investors should anchor on 2029 as a more realistic auto revenue launch year with 2028 potentially small .
• Near-term trading may key off additional design wins, CES product details (FMCW roadmap), and evidence of industrial orders converting as the sales organization scales .

Appendix: Source Highlights

• Q3 2025 8-K/press release and financial statements .
• Q3 2025 earnings call transcript (strategy, pricing, Scantinel, OpEx, runway) .
• Q2 2025 8-K and call (context on NVIDIA integration, spend, runway) .
• Q1 2025 8-K (industrial pipeline visibility baseline) .