$MVIS

MICROVISION INC

CIK:0000065770|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,473	$ 155	$ 2,408	$ 744
Cost of revenue	831	716	1,403	1,266
Gross profit (loss)	642	(561)	1,005	(522)
Research and development expense	15,702	7,658	30,147	15,061
Sales, marketing, general and administrative expense	9,211	6,437	18,722	13,113
Impairment loss on operating lease right-of-use assets			9
Gain on disposal of fixed assets	(60)		(168)
Total operating expenses	24,853	14,095	48,710	28,174
Loss from operations	(24,211)	(14,656)	(47,705)	(28,696)
Interest expense	(5,480)	(2,170)	(8,233)	(15,073)
Unrealized gain (loss) on derivative liability	(8,035)	1,952	(4,655)	2,794
Unrealized gain on warrant liability	891	803	1,495	2,564
Realized loss on debt extinguishment			(3,083)	(4,654)
Bargain purchase gain			147
Other income (expense)	73	(65)	160	223
Net loss before taxes	(36,762)	(14,136)	(61,874)	(42,842)
Income tax expense	(181)	(93)	(363)	(166)
Net loss	$ (36,943)	$ (14,229)	$ (62,237)	$ (43,008)
Net loss per share - basic	$ (1.66)	$ (0.84)	$ (2.90)	$ (2.63)
Net loss per share - diluted	$ (1.66)	$ (0.84)	$ (2.90)	$ (2.63)
Weighted-average shares outstanding - basic	22,296	16,977	21,441	16,356
Weighted-average shares outstanding - diluted	22,296	16,977	21,441	16,356

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (62,237)	$ (43,008)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	5,344	2,952
Unrealized (gain) loss on derivative liability	4,655	(2,794)
Unrealized gain on warrant liability	(1,495)	(2,564)
Loss on debt extinguishment	3,083	4,654
Bargain purchase gain	(147)
Gain on disposal of fixed assets	(168)
Impairment of operating lease right-of-use assets	9
Inventory write-downs	52
Non-cash interest expense		7,325
Amortization of debt discount and issuance costs on notes payable	8,219	7,723
Share-based compensation expense	2,287	3,851
Net accretion of premium on short-term investments	(81)	(195)
Change in:
Accounts receivable	(868)	822
Inventory	833	(3,796)
Other current and non-current assets	1,115	(210)
Accounts payable	4,248	432
Accrued liabilities	2,085	(275)
Contract liabilities and other current liabilities	(92)	(450)
Operating lease liabilities	(2,409)	(1,097)
Other long-term liabilities	(21)	(197)
Net cash used in operating activities	(35,588)	(26,827)
Cash flows from investing activities
Sales of investment securities	42,528	22,402
Purchases of investment securities		(19,326)
Purchases of property and equipment	(448)	(307)
Cash paid for business combination	(33,178)
Net cash provided by investing activities	8,902	2,769
Cash flows from financing activities
Principal payments under finance leases	(8)	(6)
Principal proceeds from notes payable, net of debt discount and issuance costs	20,624
Net proceeds from issuance of common stock and warrants	769	43,289
Net cash provided by financing activities	21,385	43,283
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	111	319
Change in cash, cash equivalents, and restricted cash	(5,190)	19,544
Cash, cash equivalents, and restricted cash at beginning of period	34,064	56,247
Cash, cash equivalents, and restricted cash at end of period	28,874	75,791
Supplemental schedule of non-cash investing and financing activities
Common stock issued in conversions of notes payable	24,184	21,980
Issuance of warrants		6,297
Acquisition of right-of-use asset	5,487	67
Foreign currency translation adjustment	92	540
Unrealized loss on investment securities, available-for-sale	$ (24)	$ (22)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 27,208	$ 32,363
Investment securities, available-for-sale		42,471
Restricted cash, current	482	497
Accounts receivable, net of allowances	915	47
Inventory	3,660	745
Other current assets	2,021	4,989
Total current assets	34,286	81,112
Property and equipment, net	15,787	4,280
Operating lease right-of-use assets	17,655	14,075
Restricted cash, net of current portion	1,184	1,204
Intangible assets, net	13,684	32
Goodwill	3,677
Other assets	2,334	2,416
Total assets	88,607	103,119
Current liabilities
Accounts payable	5,876	1,628
Accrued liabilities	7,511	5,426
Deferred revenue	253
Derivative liability	7,050
Notes payable	24,559	19,212
Operating lease liabilities, current	5,119	3,481
Finance lease liabilities, current	13	14
Other current liabilities	43	388
Total current liabilities	50,424	30,149
Warrant liability	380	1,875
Operating lease liabilities, net of current portion	15,743	14,034
Finance lease liabilities, net of current portion	17	27
Other long-term liabilities	1,424	1,486
Total liabilities	67,988	47,571
Commitments and contingencies (Note 12)
Shareholders’ equity (Note 2)
Preferred stock, par value $0.001; 25,000 shares authorized; zero and zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, par value $0.001; 150,000 shares authorized; 23,350 and 20,434 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	23	20
Additional paid-in capital	1,039,358	1,012,121
Accumulated other comprehensive income	737	669
Accumulated deficit	(1,019,499)	(957,262)
Total shareholders’ equity	20,619	55,548
Total liabilities and shareholders’ equity	$ 88,607	$ 103,119