MicroVision, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>MicroVision, Inc. filed its Q1 2024 10-Q, detailing financial positions, stock activity, and revenue segments.</b>

AI Summary

MICROVISION, INC. (MVIS) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. MicroVision, Inc. reported financial results for the quarter ended March 31, 2024. The filing includes data on common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings as of March 31, 2024. Information regarding stock compensation plans and restricted stock units (RSUs) for the periods ending March 31, 2024, and March 31, 2023, is provided. Details on Ibeo Automotive Systems and acquired technology are referenced for periods including January 31, 2023, and the first quarter of 2024. Revenue segments including Product Revenue, License and Royalty Revenue, and Contract Revenue are detailed for the period from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking MICROVISION, INC., this filing contains several important signals. This 10-Q filing provides a snapshot of MicroVision's financial health and operational activities for the first quarter of 2024, crucial for investors assessing performance and future prospects. The inclusion of specific revenue segments and stock compensation data offers insights into the company's revenue streams and equity-based compensation strategies.

Risk Assessment

Risk Level: medium — MICROVISION, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but does not inherently signal significant positive or negative developments without further analysis of the specific numbers and narrative sections not provided here.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis within the full 10-Q to understand the company's performance and outlook.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• Q1 — Quarter (Filing quarter)
• 2023-01-31 — Reference Date (Ibeo Automotive Systems data reference)

Key Players & Entities

• MICROVISION, INC. (company) — Filer name
• MVIS (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 18390 NE 68TH STREET (address) — Business street address
• REDMOND (location) — Business city
• WA (location) — Business state
• 98052 (postal_code) — Business zip code

FAQ

Key Dates

• 2024-03-31: Quarter End Date — Reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share MVIS The Nasdaq

Filing Documents

• form10-q.htm (10-Q) — 1026KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• form10-q_001.jpg (GRAPHIC) — 10KB
• 0001493152-24-018637.txt (&nbsp;) — 6157KB
• mvis-20240331.xsd (EX-101.SCH) — 44KB
• mvis-20240331_cal.xml (EX-101.CAL) — 69KB
• mvis-20240331_def.xml (EX-101.DEF) — 174KB
• mvis-20240331_lab.xml (EX-101.LAB) — 419KB
• mvis-20240331_pre.xml (EX-101.PRE) — 332KB
• form10-q_htm.xml (XML) — 953KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 2 PART I. ITEM 1. FINANCIAL STATEMENTS MicroVision, Inc. Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 44,298 $ 45,167 Investment securities, available-for-sale 28,770 28,611 Restricted cash, current 71 3,263 Accounts receivable, net of allowances 1,121 949 Inventory 3,738 3,874 Other current assets 4,302 4,890 Total current assets 82,300 86,754 Property and equipment, net 8,549 9,032 Operating lease right-of-use asset 13,212 13,758 Restricted cash, net of current portion 1,968 961 Intangible assets, net 16,662 17,235 Other assets 1,491 1,895 Total assets $ 124,182 $ 129,635 Liabilities and shareholders' equity Current liabilities Accounts payable $ 2,161 $ 2,271 Accrued liabilities 9,971 8,640 Accrued liability for Ibeo business combination 2,969 6,300 Contract liabilities 213 300 Current portion of operating lease liability 2,167 2,323 Other current liabilities 270 669 Total current liabilities 17,751 20,503 Operating lease liability, net of current portion 12,358 12,714 Other long-term liabilities 270 614 Total liabilities 30,379 33,831 Commitments and contingencies - - Shareholders' equity Preferred stock, par value $ 0.001 ; 25,000 shares authorized; zero and zero shares issued and outstanding - - Common stock, par value $ 0.001 ; 310,000 shares authorized; 205,874 and 194,736 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 206 195 Additional paid-in capital 885,119 860,765 Accumulated other comprehensive income 157 210 Accumulated deficit ( 791,679 ) ( 765,366 ) Total shareholders' equity 93,803 95,804 Total liabilities and shareholders' equity $ 124,182 $ 129,635 The accompanying notes are an integral part of these financial stateme