MicroVision(MVIS) - 2024 Q4 - Annual Report

Revenue and Income - Revenue for the year ended December 31, 2024, was $4.7 million, a decrease of$2.6 million or 35.3% compared to $7.3 million in 2023[160]. - Other income decreased by$3.156 million, or 56.5%, from $5.590 million in 2023 to$2.434 million in 2024, primarily due to a one-time payment received in 2023[172]. Expenses - Cost of revenue increased to $7.5 million in 2024, representing 160.3$2.8 million or 38.2% of revenue in 2023, a change of $4.8 million or 171.6$49.0 million in 2024, down $7.7 million or 13.6$56.7 million in 2023[164]. - Sales, marketing, general and administrative expenses were $29.3 million in 2024, a decrease of$7.3 million or 20.0% from $36.7 million in 2023[166]. - An impairment loss on intangible assets of$4.2 million was recorded in 2024, with no impairment loss reported in 2023[168]. - Interest expense increased significantly to $(4.5) million in 2024, compared to$(80) thousand in 2023, reflecting a change of $4.4 million or 5,471.3$(8.9) million in 2024, with no unrealized loss reported in 2023[171]. - Tax expense for 2024 was $0.5 million, down from$1.1 million in 2023, largely due to lower profitability in foreign jurisdictions; net operating loss carryforwards stood at approximately $498.0 million[173]. Cash Flow and Liquidity - As of December 31, 2024, the company had total liquidity of$226.1 million, including $54.5 million in cash and cash equivalents and$20.2 million in short-term investment securities[175]. - Cash used in operating activities increased to $68.5 million in 2024 from$67.1 million in 2023, with expected additional payments of approximately $6.3 million to a manufacturing partner in 2025 and 2026[176]. - Cash provided by investing activities was$2.7 million in 2024, a significant decrease from $21.8 million in 2023, with short-term investment securities purchases totaling$26.1 million[177]. - Net cash provided by financing activities was $72.9 million in 2024, slightly up from$72.4 million in 2023, with net proceeds from common stock issuance at $34.7 million[179]. - The company has approximately$113.6 million available under its existing $150.0 million ATM facility as of December 2024[178]. - The company entered into a Securities Purchase Agreement for$45.0 million in senior secured convertible notes, receiving net proceeds of $38.1 million[182]. - The company anticipates sufficient cash and cash equivalents to fund operations for at least the next 12 months based on its current operating plan[175]. Future Outlook - The company expects to incur significant losses during the fiscal year ending December 31, 2025, following substantial losses since inception[152]. - The company recognizes that its capital requirements will remain high as it expands activities and operations to commercialize its technology[181]. - The company is focused on developing perception solutions for autonomy and mobility applications, including advanced driver-assistance systems (ADAS)[150].