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What is the market's earnings forecast for Microvision next quarter?

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Did Microvision beat or miss consensus estimates last quarter?

What were the key takeaways from Microvision's earnings call?

What is the revenue and EPS growth rate for Microvision year over year?

- **Strategic Shift to LiDAR 2.0**: Focused on software-integrated, cost-effective solutions across automotive, industrial, and defense sectors.
- **Expanded Portfolio**: Post-acquisition, offers MOVIA L/S, Iris/Halo, and FMCW sensors, targeting diverse applications.
- **Defense Growth**: Q4 2025 shipments to Europe; FMCW tech sees strong interest for drone and vehicle autonomy.
- **2026 Outlook**: $10-15M revenue (industrial/defense), with automotive ramping late 2020s.
- **Financial Discipline**: $74.8M cash, 14% YoY cash use reduction, guided for $65-70M 2026 cash use.

**【CEO Summary Section】**
- **LiDAR 2.0 Strategy**: Transitioning from hardware-centric to value-driven solutions, emphasizing software integration and cost-effective deployments across automotive, industrial, and defense sectors.
- **Product Portfolio Expansion**: Post-acquisition of Luminar and Scantinel, MicroVision now offers a comprehensive range including MOVIA L/S (short-range), Iris/Halo (long-range), and FMCW sensors, targeting diverse end markets.
- **Defense Sector Momentum**: Shipment of MOVIA L sensors to a European security OEM in Q4 2025, with ongoing trials for drone-based autonomy and ground vehicle perception systems.
- **Operational Consolidation**: Relocating Redmond engineering and manufacturing to Orlando to enhance efficiency, with expected asset impairment charges of $8-12 million in 2026.

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: Revenue of $0.2 million (down 88% YoY), driven by industrial sales. Full-year 2025 revenue $1.2 million (down 74% YoY) due to legacy sensor contracts.
- **Cost Management**: Operating expenses $25.3 million (Q4), with cash-based expenses $11.9 million. Full-year 2025 cash use in operations $58.7 million (down 14% YoY).
- **Liquidity**: $74.8 million in cash at year-end, with $43 million raised via convertible notes post-period.
- **2026 Guidance**: Revenue $10-15 million (industrial/defense-focused), cash use $65-70 million, reflecting acquisition-related growth and operational scaling.

**【Q&A Highlights】**
- **Revenue Breakdown**: 2026 guidance skewed toward industrial (MOVIA S launches Q4 2026) and defense, with automotive traction expected late 2020s via RFQs for 2029+ programs.
- **Margins**: Expect positive margins in 2026, driven by cost-efficient production and software-centric design.
- **Defense Interest**: FMCW technology (1550nm) favored for invisibility to night vision, with drone detection and autonomous vehicle perception as key applications.
- **Sales & Marketing**: Investment in global team expansion to leverage Luminar's 30+ customer relationships, accelerating cross-pollination of products across markets.

MicroVision, Inc.(MVIS)-20260305-2025 Q4 Earnings call transcript

- **$200/$300 ASP Target**: MOVIA S sensors aim to disrupt the lidar market with ultra-low cost points, enabling satellite architectures for automotive and industrial applications.
- **Scantinel FMCW Integration**: Acquisition of Scantinel's 1550-nm technology positions MicroVision as a leader in ultra-long-range lidar, complementing existing time-of-flight products.
- **Defense and Industrial Growth**: Drone-based lidar solutions and LCAS systems are expected to generate revenue in 2026, with defense demonstrations in Q1 2026.
- **Financial Resilience**: $99.5 million cash balance and disciplined spending ensure a 2027 financial runway, supporting strategic initiatives.
- **Competitive Differentiation**: Open software framework and cost leadership enable differentiation from competitors, with a focus on automotive-grade reliability.

**【CEO Summary Section】**
- **Strategic Focus on Cost Reduction**: Glen DeVos emphasized the need to transition from electromechanical to solid-state lidar systems to achieve mass adoption. The company's MOVIA S sensor, launched in Q4 2026, targets a $200 ASP for short-range and $300 for long-range sensors, significantly lower than competitors.
- **Tri-Lidar Architecture**: The satellite sensor approach, similar to radar and camera systems, enables cost-effective deployment across automotive, industrial, and defense markets. MOVIA S's open software framework allows customers to integrate their perception algorithms, accelerating development cycles.
- **Scantinel Acquisition**: The acquisition of Scantinel Photonics' 1550-nm FMCW technology complements MicroVision's 905/940-nm time-of-flight portfolio, positioning the company to address ultra-long-range lidar needs for commercial vehicles and defense applications.
- **Defense and Industrial Growth**: The Aerial Systems team in Virginia is developing drone-based lidar solutions for real-time mapping and navigation. Defense engagements are expected to demonstrate proof-of-concept by Q1 2026, with revenue potential in 2027.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Revenue was $0.2 million, driven by industrial and automotive sales. R&D and SG&A expenses totaled $12 million, including one-time costs for CEO transition and inventory buildup. Cash burn was $16.5 million, with $99.5 million in cash and access to $76.2 million in credit facilities.
- **Scantinel Integration**: The acquisition is expected to add $1.5-$2 million in quarterly expenses, but the long-term goal is to industrialize FMCW technology for automotive-grade sensors at competitive ASPs.
- **Balance Sheet Strength**: The company is well-capitalized with a financial runway extending into 2027, supported by $30 million in net proceeds from an ATM program and undrawn convertible notes.

**【Q&A Highlights】**
- **FMCW Cost Targets**: Glen DeVos confirmed that Scantinel's FMCW technology will be priced similarly to MOVIA S, enabling cost-effective long-range solutions for commercial vehicles. The goal is to reduce FMCW costs to automotive-grade levels by 2028-2029.
- **Sensor Placement**: Sensors mounted behind windshields offer advantages in cleaning systems and field of view but require miniaturization to compete with roof-mounted alternatives.
- **RFQ Progress**: Automotive RFQs are delayed due to OEM platform redefinitions, but industrial and defense engagements are advancing. The $30-50 million pipeline for MOVIA L is expected to transition to MOVIA S in 2026.
- **Defense Timing**: Defense revenue is anticipated to emerge in 2027, starting with non-recurring engineering costs and transitioning to product sales by 2028.
- **Competitive Positioning**: MicroVision's open software framework and cost leadership differentiate it from Chinese competitors, while financial discipline ensures profitability at target ASPs.

MicroVision, Inc. (MVIS) Q3 2025 Earnings Call Transcript

- **Industrial Breakthrough**: Retrofittable lidar solutions set to generate H2 2025 revenue, targeting AGV/AMR fleets with cost-effective safety upgrades.
- **Defense Innovation**: Autonomous drone demonstrator planned for early 2026, showcasing multimodal sensor fusion for defense missions.
- **Financial Strength**: $91.4M cash, extended runway to 2027, and institutional trading volumes doubling, signaling investor confidence.
- **Strategic Expansion**: Automotive lidar architecture redefined for cost competitiveness, with 2028+ production targets.


**【CEO Summary Section】**
- **Automotive Market**: Launched new RFQs with a cost-competitive architecture targeting 2028+ production. Introduced MOVIA S and MAVIN lidars with wide field of view, low power, and competitive costs. Emphasized OEM partnerships for scalable solutions.
- **Industrial Vertical**: Advanced AGV/AMR solutions with retrofittable lidar and LCAS software for existing fleets. MOVIA L production ramping with ZF in France. Targeting 2.5x higher resolution than 2D lidars for safety sensors.
- **Defense Sector**: Developing autonomous swarming drones for real-time mapping and mission execution. Focused on multimodal sensor fusion and perception software for maritime, airborne, and terrestrial platforms. Seeking prime contractor partnerships.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: Revenue $0.15M (industrial-driven), R&D/SG&A expenses $14.1M (44% YoY decline). Cash balance $91.4M, with $76.5M ATM and $30M undrawn convertible notes.
- **Capital Strategy**: Raised $35M via ATM, extending runway to 2027. Debt payments starting Sept 2025 to be covered by cash or stock. Institutional interest surged, doubling trading volumes.

**【Q&A Highlights】**
- **Industrial Pipeline**: Expected H2 2025 revenue from retrofittable solutions. MOVIA S safety sensors for AGVs/AMRs to launch in coming years. Multiple RFQs in evaluation phase.
- **Defense Strategy**: Autonomous drone demonstrator planned for early 2026. Focus on mission-specific projects with primes, leveraging existing lidar and software assets.
- **Financial Dilution**: No pivot from lidar; expanding with same resources. Defense investments minimal, targeting partnerships to avoid OpEx surge. Debt payments to be cash-funded with option for equity.
- **Military Revenue**: Early 2026 drone demo to attract defense contracts. Revenue timing dependent on partnerships, with strategic value exceeding short-term gains.


MicroVision, Inc. (MVIS) Q2 2025 Earnings Call Transcript

- **Industrial Momentum**: $0.6M Q1 revenue from Mobia L sensors; ZF production partner mitigates China tariffs. 
- **Defense Expansion**: Advisory Board formed to pursue military LiDAR deals; early-stage drone projects with DoD.
- **Financial Strength**: $69M cash + $113M ATM; 45% YoY expense reduction to $11M/quarter.
- **2025 Outlook**: $30-50M revenue target via industrial/defense wins; no FY guidance.
- **Share Request**: 200M new shares to support defense contracts; $90M investor backing signals confidence.

**【CEO Summary Section】**
- **Industrial Market Progress**: Q1 revenue of $0.6M driven by Mobia L sensor sales in AGV/AMR space. ZF production partner in France ensures minimal China tariff exposure. 
- **Defense Expansion**: Launched Defense Advisory Board to pursue military LiDAR opportunities with primes. Early-stage engagement on drone and land vehicle projects with Department of Defense.
- **Automotive Strategy**: 7 active RFQs with OEMs, focusing on custom development agreements rather than high-volume production. Targeting 2028 model year programs with 180° Mobia S sensor.
- **Financial Position**: $69M cash runway extended to 2026. Non-GAAP R&D/SG&A expenses reduced 45% YoY to $11M/quarter. Line of sight to $30-50M revenue over 12-18 months.

**【CFO Financial Commentary】**
- **Q1 2025 Results**: 
  - Revenue: $0.6M (100% industrial)
  - Expenses: $14.1M (including $1.9M stock comp, $1.4M depreciation)
  - Cash: $69M + $113.4M ATM facility
- **Balance Sheet Strength**: Undrawn $30M convertible note at $1.59/share. Strategic partner alignment with economic interests.
- **2025 Outlook**: No FY guidance, but focus on industrial and defense wins. Mobia L production expansion contingent on customer demand.

**【Q&A Highlights】**
- **Industrial Sales Growth**: Less than 10 active industrial customers. Revenue pace driven by end-customer deployment timelines for cost reduction. 
- **Defense Strategy**: Seeking ED&T (engineering, design, testing) contracts rather than equity investments. Early-stage discussions with multiple defense primes.
- **Capacity Expansion**: No current Mobia L capacity expansion. Additional production sites contingent on winning >$500K sensor volume projects.
- **Share Authorization**: 200M new shares requested to support defense contracts and maintain institutional investor confidence. $90M investor commitment signals stakeholder alignment.

MicroVision (MVIS)-12 May 25-2025 Q1 Earnings call transcript

- **Industrial momentum**: Q4 revenue up 240% YoY, ZF production scale for $30-50M 2025 industrial pipeline.
- **Defense diversification**: Leveraging AR/VR legacy to expand into multimodal sensor defense programs.
- **Cash runway**: $75M cash + $114M ATM access, extended to 2026 via $90M High Trail financing.
- **Technology edge**: Sub-8W power, onboard perception, multimodal integration vs. FMCW alternatives.

**【CEO Opening Remarks】**
- Automotive progress: 7 active RFQs with OEMs, delayed timelines due to industry competition and launch prioritization.
- Industrial growth: $1.7M Q4 revenue (YoY +240%) from multiple industrial customers, focused on AGVs/AMRs with ZF production capacity expansion.
- New defense opportunities: Leveraging 25+ years of AR/VR military experience, pursuing partnerships for multimodal sensor solutions in defense.

**【CTO Glen DeVos Technology Overview】**
- MAVIN/MOVIA-S/MOSAIK products positioned for L2+ ADAS and industrial autonomy.
- Differentiation: Sub-8W power, onboard perception software, multimodal sensor integration.
- Industrial focus: Immediate TAM in AGVs/AMRs, higher margins in collaborative robots, long-term defense partnerships.

**【CFO Financial Highlights】**
- Q4 2024: $1.7M revenue (vs. $0.5M YoY), $14.7M expenses (includes $3.7M non-cash charges).
- Cash runway extended to 2026 via $90M strategic financing (High Trail Capital).
- 2025 targets: $30-50M industrial revenue, $48-50M annual R&D/SG&A run rate.

**【Q&A Key Takeaways】**
- Industrial deal delays: Customer qualification timelines extended due to software integration complexity.
- Automotive competition: FMCW lidar adoption not physics-driven,ToF remains cost-effective for passenger vehicles.
- Defense strategy: Partnering with large defense contractors rather than direct government bids.
- AR/VR revival: Microsoft HoloLens 2 IP could enable collaborations if defense sector AR demand emerges.

MicroVision (MVIS)-26 Mar 25-2024 Q4 Earnings call transcript

MicroVision (MVIS)-7 Nov 24-2024 Q3 Earnings call transcript

Microvision (MVIS)-7 Aug 24-2024 Q2 Earnings call transcript

Microvision (MVIS)-9 May 24-2024 Q1 Earnings call transcript

- **Q1 2024 Milestone**: Expect to announce automotive lidar design wins with OEMs, marking transition to Tier 1 status.
- **Gross Margin Performance**: Q4 2023 gross margin of 90% driven by Microsoft contract; 2024 gross margin to normalize to 30-40% as hardware sales grow.
- **Financial Strength**: $93 million liquidity provides 1.4-year runway; no immediate need to raise capital despite $65-70 million annual cash burn.
- **Strategic Focus**: Prioritizing EU/North America passenger vehicle programs over low-volume China and Level 4 trucking opportunities.
- **Technology Differentiation**: MAVIN N/MOVIA S products offer lowest cost, smallest form factor, and embedded perception software for high-margin software licensing.

**【CEO Summary Section】**
- Engaged in 9 RFQs with OEMs for passenger car programs, targeting 2027-2028 production. MAVIN N product dominates majority of RFQs, with MOVIA S and L for short-range and industrial applications.
- Emphasized need to become a financially stable Tier 1 lidar supplier, requiring demonstration of technical maturity, manufacturing partnerships, and financial runway.
- Highlighted competitive advantages: lowest cost, smallest form factor, highest resolution, and embedded perception software for high-margin software licensing.
- MAVIN B samples with all ASICs in place expected for OEM integration later in 2024.

**【CFO Financial Commentary】**
- Q4 2023 revenue: $5.1 million (FY2023: $7.3 million), driven by final Microsoft contract payout ($4.6 million) and direct sales.
- Adjusted gross margin: 90% for Q4, 80% for FY2023, reflecting software-centric business model.
- Cash burn: $65-70 million annually, with $93 million liquidity (including $74 million cash and $19 million ATM availability) providing 1.4-year runway.
- 2024 outlook: $8-10 million revenue from backlog, RFQ wins, and industrial sensor deals; gross margin expected to normalize to 30-40% as hardware mix increases.

**【Q&A Highlights】**
- **OEM Partnerships**: Reaffirmed expectation to announce nominations in Q1 2024, focusing on EU and North America. China's Level 3 legalization seen as low-volume, non-strategic.
- **Gross Margin Trajectory**: Q4 2023 gross margin anomaly due to Microsoft contract; 2024 gross margin to normalize as hardware sales scale.
- **Financial Discipline**: No plans to issue shares in 2024; ATM facility provides flexibility to raise capital strategically.
- **Trucking Market**: Supporting Level 4 autonomy projects but prioritizing high-volume automotive opportunities.
- **IATF 16949 Certification**: Will pursue as needed for Tier 1 status, timing dependent on RFQ wins.

Actual										-0.04	-0.02	-0.02	-0.02	-0.04	-0.09	-0.06	-0.08	-0.08	-0.08	-0.08	-0.08	-0.11	-0.12	-0.12	-0.1	-0.13	-0.11	-0.07	-0.14	-0.12	-0.06	-0.05	-0.12
Forecast										-0.04	-0.015	-0.02	-0.02	-0.025	-0.055	-0.04	-0.075	-0.06	-0.07	-0.08	-0.09	-0.11	-0.1	-0.09	-0.115	-0.115	-0.133	-0.1019	-0.125	-0.065	-0.0638	-0.06	-0.05
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-33.33%	0.00%	0.00%	-60.00%	-63.64%	-50.00%	-6.67%	-33.33%	-14.29%	0.00%	+11.11%	0.00%	-20.00%	-33.33%	+13.04%	-13.04%	+17.29%	+31.31%	-12.00%	-84.62%	+5.96%	+16.67%	-140.00%

Actual	--	--	--	--	--	--	--	--	--	1.47M	587.00K	639.00K	395.00K	479.00K	746.00K	718.00K	557.00K	350.00K	300.00K	0	0	782.00K	329.00K	1.05M	5.10M	956.00K	1.90M	190.00K	1.65M	589.00K	155.00K	241.00K	200.00K
Forecast	--	--	--	--	--	--	--	--	--	3.27M	542.50K	562.50K	405.00K	600.00K	700.00K	900.00K	550.00K	700.00K	700.00K	400.00K	500.00K	500.00K	800.00K	1.50M	5.30M	750.00K	1.00M	1.50M	3.25M	2.25M	600.00K	225.00K	1.60M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-55.15%	+8.20%	+13.60%	-2.47%	-20.17%	+6.57%	-20.22%	+1.27%	-50.00%	-57.14%	-100.00%	-100.00%	+56.40%	-58.88%	-30.20%	-3.75%	+27.47%	+90.00%	-87.33%	-49.23%	-73.82%	-74.17%	+7.11%	-87.50%

MVIS

MVIS fundamentals

MVIS Q4 2025 Earnings

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MVIS

MVIS fundamentals

MVIS Q4 2025 Earnings

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MVIS Earnings Call Summary for Q4/20254:30 PM on Mar 4, 2026

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MVIS Earnings Call Summary for Q2/20254:30 PM on Aug 7, 2025

MVIS Earnings Call Summary for Q1/20254:30 PM on May 12, 2025

MVIS Earnings Call Summary for Q4/20244:30 PM on Mar 26, 2025

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