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MicroVision(MVIS) - 2024 Q4 - Annual Results
MVISMicroVision(MVIS)2025-03-26 20:21

Revenue Performance - Revenue for Q4 2024 was 1.7million,downfrom1.7 million, down from 5.1 million in Q4 2023, with a notable one-time revenue of 4.6millionfromMicrosoftinQ42023excluded[5]−RevenueforthethreemonthsendedDecember31,2024,was4.6 million from Microsoft in Q4 2023 excluded[5] - Revenue for the three months ended December 31, 2024, was 1,650 million, compared to 5,101millionforthesameperiodin2023,representingadecreaseof67.75,101 million for the same period in 2023, representing a decrease of 67.7%[23] Net Loss and Earnings - Net loss for Q4 2024 was 31.2 million, or 0.14pershare,comparedtoanetlossof0.14 per share, compared to a net loss of 19.7 million, or 0.10pershare,inQ42023[12]−NetlossforthetwelvemonthsendedDecember31,2024,was0.10 per share, in Q4 2023[12] - Net loss for the twelve months ended December 31, 2024, was 96,915 million, an increase from a net loss of 82,842millionin2023,reflectinga1782,842 million in 2023, reflecting a 17% increase in losses[25] - Adjusted EBITDA for Q4 2024 was a loss of 13.2 million, compared to a loss of 13.6millioninQ42023[12]−AdjustedEBITDAforthetwelvemonthsendedDecember31,2024,was13.6 million in Q4 2023[12] - Adjusted EBITDA for the twelve months ended December 31, 2024, was (56,288) million, compared to (61,479)millionin2023,showinganimprovementof8.5(61,479) million in 2023, showing an improvement of 8.5%[28] Cash Flow and Liquidity - Cash used in operations in Q4 2024 was 15.0 million, an improvement from 16.6millioninQ42023[12]−ThecompanyendedQ42024with16.6 million in Q4 2023[12] - The company ended Q4 2024 with 74.7 million in cash and cash equivalents, slightly up from 73.8millionattheendof2023[12]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodonDecember31,2024,totaled73.8 million at the end of 2023[12] - Cash, cash equivalents, and restricted cash at the end of the period on December 31, 2024, totaled 56,247 million, up from 49,391millionattheendof2023,representinga14.549,391 million at the end of 2023, representing a 14.5% increase[25] - Net cash used in operating activities for the twelve months ended December 31, 2024, was (68,540) million, slightly higher than (67,090)millionin2023,indicatinga2.2(67,090) million in 2023, indicating a 2.2% increase in cash outflow[25] Assets and Equity - Total assets decreased to 121.2 million in Q4 2024 from 129.6millioninQ42023[21]−Shareholders′equitydecreasedto129.6 million in Q4 2023[21] - Shareholders' equity decreased to 48.8 million in Q4 2024 from 95.8millioninQ42023,reflectinganaccumulateddeficitof95.8 million in Q4 2023, reflecting an accumulated deficit of 862.3 million[21] Expenses - Total operating expenses for the twelve months ended December 31, 2024, were 82,685million,downfrom82,685 million, down from 93,362 million in 2023, indicating a reduction of 11.5%[23] - Research and development expenses for the twelve months ended December 31, 2024, were 49,015million,comparedto49,015 million, compared to 56,707 million in 2023, a decrease of 13.6%[23] Other Financial Metrics - The company reported a gross loss of (2,466)millionforthethreemonthsendedDecember31,2024,comparedtoagrossprofitof(2,466) million for the three months ended December 31, 2024, compared to a gross profit of 4,199 million for the same period in 2023[28] - The weighted-average shares outstanding for the twelve months ended December 31, 2024, were 209,510 million, compared to 182,802 million in 2023, an increase of 14.6%[23] - The company incurred an impairment loss on intangible assets of 4,181millionforthetwelvemonthsendedDecember31,2024,withnosuchlossreportedin2023[23]FutureRevenueExpectations−AproductioncommitmentwithZFisexpectedtogeneraterevenueintherangeof4,181 million for the twelve months ended December 31, 2024, with no such loss reported in 2023[23] Future Revenue Expectations - A production commitment with ZF is expected to generate revenue in the range of 30-50millionoverthenext12−18months,primarilyfromtheAMR/AGVvertical[4]−Thecompanyisactivelyengagedwithsevenhigh−volumeRFQsforpassengervehiclesandcustomdevelopmentopportunitieswithtop−tierglobalautomotiveOEMs[6]FinancingActivities−Thecompanyhassecureda50 million over the next 12-18 months, primarily from the AMR/AGV vertical[4] - The company is actively engaged with seven high-volume RFQs for passenger vehicles and custom development opportunities with top-tier global automotive OEMs[6] Financing Activities - The company has secured a 75 million convertible note facility and raised an additional $8 million in Q1 2025 through an equity sale[6]