MicroVision Reports $589,000 Revenue in Q1 2025, 38.4% Decline Year-Over-Year

MicroVision, Inc. reported a revenue of $589,000 for the first quarter of 2025, a decline of 38.4% compared to $956,000 in the same period of 2024. The decrease in revenue was primarily attributed to the absence of shipments of MOVIA L sensors to Daimler Truck North America, which had occurred in the first quarter of the previous year. The cost of revenue also decreased significantly to $550,000 from $1.3 million, resulting in a gross profit of $39,000, a notable improvement from a gross loss of $321,000 in the prior year. Despite this, the company recorded a net loss of $28.8 million, slightly higher than the $26.3 million loss reported in the first quarter of 2024.

In terms of operational efficiency, MicroVision reduced its total operating expenses to $14.1 million from $26.4 million year-over-year, primarily due to lower research and development costs, which fell to $7.4 million from $17.3 million. This reduction was driven by decreased salary and benefits expenses, as well as lower restructuring charges. The company also reported a significant decrease in sales, marketing, general, and administrative expenses, which totaled $6.7 million compared to $9.1 million in the previous year. The overall reduction in expenses reflects the company's strategic decision to streamline operations and focus on core product development.

MicroVision's balance sheet as of March 31, 2025, showed total assets of $116.7 million, down from $121.2 million at the end of 2024. The company had cash and cash equivalents of $51.9 million, alongside $17.1 million in short-term investment securities. Total liabilities decreased to $63.5 million from $72.4 million, primarily due to a reduction in accounts payable and accrued liabilities. Shareholders' equity increased to $53.2 million, up from $48.8 million, reflecting the issuance of common stock and warrants, which generated approximately $9.2 million in net proceeds during the quarter.

Looking ahead, MicroVision anticipates sufficient liquidity to fund operations for at least the next 12 months, bolstered by approximately $113.4 million available under its at-the-market equity offering facility. The company continues to focus on its core products, including its lidar sensors and perception software, while also exploring opportunities for geographic expansion and new customer engagement in various sectors, including automotive and industrial applications. Despite the ongoing challenges and significant losses, MicroVision remains committed to its strategic vision of driving the adoption of its innovative technologies.