Revenue Performance - Revenue for the three months ended March 31, 2025, was 589,000,adecreaseof367,000 or 38.4% compared to 956,000inthesameperiodof2024[112].−RevenueforQ12025was589,000, a decrease of 38.4% from 956,000inQ12024,primarilyduetoreducedshipmentsofMOVIALsensors[112][113].CostofRevenue−CostofrevenueforthethreemonthsendedMarch31,2025,was550,000, representing 93.4% of revenue, down from 1,277,000or133.6727,000 or 56.9%[114]. - Cost of revenue decreased to 550,000inQ12025,representing93.41.277 million or 133.6% of revenue in Q1 2024, attributed to decreased revenue and revenue mix[114][115]. Expenses - Research and development expenses for the three months ended March 31, 2025, were 7,403,000,adecreaseof9,908,000 or 57.2% compared to 17,311,000in2024[116].−Researchanddevelopmentexpensesdroppedto7.403 million in Q1 2025, a 57.2% decrease from 17.311millioninQ12024,mainlyduetolowersalaryandbenefitsexpenses[116][118].−Sales,marketing,generalandadministrativeexpensesforthethreemonthsendedMarch31,2025,were6,676,000, a decrease of 2,402,000or26.59,078,000 in 2024[119]. - Sales, marketing, general and administrative expenses were 6.676millioninQ12025,down26.59.078 million in Q1 2024, primarily due to reduced salary and benefits expenses[119][120]. Interest Expense - Interest expense for the three months ended March 31, 2025, was (12,903,000),anincreaseof12,885,000 or 71,583.3% compared to (18,000)in2024[121].−Interestexpenseincreasedsignificantlyto(12.903) million in Q1 2025 from (18)inQ12024,largelyduetonon−cashinterestexpensesrelatedtowarrantsandnotespayable[121].CashandInvestments−AsofMarch31,2025,thecompanyhad51.9 million in cash and cash equivalents and 17.1millioninshort−terminvestmentsecurities[125].−Thecompanyhasapproximately113.4 million available under its existing 150.0millionATMfacility,whichwasestablishedinthefirstquarterof2024[125].−AsofMarch31,2025,thecompanyreportedanunrealizedgainonderivativeliabilityof842,000 due to a decrease in the fair value of the derivative liability[122]. - The unrealized gain on warrant liability was 1,761,000asofMarch31,2025,reflectingadecreaseinthefairvalueofthewarrantliability[123].−Thecompanyrecognizedarealizedlossondebtextinguishmentof4,654,000 during the three months ended March 31, 2025[124]. - Cash used in operating activities decreased to 14.1millioninQ12025from20.8 million in Q1 2024, primarily due to reduced operating expenses related to personnel[126]. - Net cash provided by investing activities was 3.1millioninQ12025,comparedtoanetcashusedof3.3 million in Q1 2024, with short-term investment securities purchased totaling 10.3millionandsoldtotaling13.5 million[127]. - Cash provided by financing activities totaled 8.2millioninQ12025,downfrom21.0 million in Q1 2024, with net proceeds from the issuance of common stock and warrants being 8.2millioninQ12025[128].−Thecompanyhasaremainingcommitmentof30.0 million under its convertible note facility, subject to certain limitations[125]. Future Expectations - The company expects to continue incurring significant losses in the near term, having funded operations primarily through equity and convertible debt[110]. - The company expects to make minimum payments of approximately 2.6milliontoitscontractmanufacturingpartnerforMOVIAsensorinventoryproductionduring2025and2026[126].−Thecompanyrestructureditsworkforcein2024,resultingina416.0 million to fiscal year 2024 expenses but is expected to extend its financial runway[107]. - In February 2025, the company entered into a securities purchase agreement for 5,750,225 shares of common stock and warrants, receiving net proceeds of $7.8 million[129].
MicroVision(MVIS)2025-05-12 21:28