What are the investment strengths of Microvision Inc (MVIS)?

R&D investment of 31.8M (12x revenue) positions for LiDAR market growth if technology gains OEM adoption; 3Y revenue CAGR of 29% shows traction Working capital of 75M and tangible book of 80M provide asset cushion; P/B of 3.6x reasonable if technology value materializes

What are the investment risks for Microvision Inc (MVIS)?

Negative gross margin (-140.6%) means every sale destroys value; 58.9M burn with 72.8M cash forces dilution within 15 months P/S of 109.8x (49x industry median) prices in success that fundamentals don't support; 5Y revenue declined 17.7%

Microvision Inc

MVIS

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Microvision Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-11

Snapshot

Gross margin TTM of -140.6% (cost 2.4x revenue) - selling products below cost, structurally unprofitable at current scale[Gross Margin TTM]
Cash burn of 58.9M TTM vs 72.8M cash on hand - ~15 months runway without dilution or debt[Free Cash Flow TTM]
P/S ratio of 109.8x vs industry median 2.2x - priced for 50x current revenue despite negative margins[P/S Ratio]

Watch Triggers

Gross Margin TTM: Turns positive (>0%) — Currently -140.6%; positive margin signals unit economics viability and path to scale
Cash and Equivalents: Falls below 40M or equity raise announced — At 72.8M with 58.9M burn, triggers imminent dilution risk
Total Revenue TTM: Exceeds 10M quarterly run-rate — Current 2.6M TTM insufficient; 4x growth needed to justify R&D spend

Bull Case

R&D investment of 31.8M (12x revenue) positions for LiDAR market growth if technology gains OEM adoption; 3Y revenue CAGR of 29% shows traction

Research and Development TTMTotal Revenue 3Y Growth TTM

Working capital of 75M and tangible book of 80M provide asset cushion; P/B of 3.6x reasonable if technology value materializes

Working CapitalP/B RatioTangible Book Value

Bear Case

Negative gross margin (-140.6%) means every sale destroys value; 58.9M burn with 72.8M cash forces dilution within 15 months

Gross Margin TTMFree Cash Flow TTMCash and Equivalents

P/S of 109.8x (49x industry median) prices in success that fundamentals don't support; 5Y revenue declined 17.7%

P/S RatioTotal Revenue 5Y Growth

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

25%

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Forward Thesis

Capital raise likely within 12 months given burn rate vs cash position

3-12mhigh

58.9M annual cash burn
72.8M current cash
46.6M total debt outstanding

FCF TTM: -58.9MCash: 72.8M (15mo runway)Current debt: 29M due near-term

Path to profitability requires 20x+ revenue scale with gross margin turnaround

3-5ylow

Operating expenses of 54.9M TTM
Negative gross profit of -3.7M
R&D spend of 31.8M (12x revenue)

Revenue TTM: 2.6MOpEx: 54.9M (21x revenue)Gross margin: -140.6%

Valuation Context

Caveats

Public Strategies Rankings

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MVIS Fundamentals

Manufacturing → Machinery Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$182.4M		—
Enterprise Value	$186.81M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$1.21M	-74.3%	—
Earnings Per Share (diluted) - TTM	$-0.35		—
Operating Margin - TTM	-5,744%	-4014.8%	—
Net Margin - TTM	-7,863%	-5798.9%	—
Free Cash Flow - TTM	$-59.4M		—
Return on Common Equity - TTM	-182%	-48.0%	—
Beta 5Y (Monthly)	unknown		—

MVIS Dividend History

No dividends

MVIS Stock Splits

1 stock split

02/21/128:1 split

MVIS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/04/26	12/31/25	Unknown	0001493152-26-008898
11/12/25	09/30/25	10-Q	0001493152-25-021931
08/08/25	06/30/25	10-Q	0001641172-25-022632
05/12/25	03/31/25	10-Q	0001641172-25-009765
03/26/25	12/31/24	10-K	0001641172-25-000783
11/07/24	09/30/24	10-Q	0001493152-24-044052
08/08/24	06/30/24	10-Q	0001493152-24-030625
05/10/24	03/31/24	10-Q	0001493152-24-018637
03/26/25	12/31/23	10-K	0001641172-25-000783
02/29/24	12/31/23	Unknown	0001493152-24-008335
11/09/23	09/30/23	10-Q	0001493152-23-040075
11/07/24	09/30/23	10-Q	0001493152-24-044052
08/09/23	06/30/23	10-Q	0001193125-23-207510
08/08/24	06/30/23	10-Q	0001493152-24-030625
05/10/24	03/31/23	10-Q	0001493152-24-018637
05/10/23	03/31/23	10-Q	0001193125-23-140886
03/02/23	12/31/22	10-K	0001193125-23-056723
02/29/24	12/31/22	10-K	0001493152-24-008335
10/28/22	09/30/22	10-Q	0001136261-22-000310
07/29/22	06/30/22	10-Q	0001136261-22-000275
04/29/22	03/31/22	10-Q	0001136261-22-000185
02/29/24	12/31/21	10-K	0001493152-24-008335
03/01/22	12/31/21	10-K	0001136261-22-000126
11/08/21	09/30/21	10-Q	0001136261-21-000232
08/12/21	06/30/21	10-Q	0001136261-21-000197
04/30/21	03/31/21	10-Q	0001136261-21-000060
03/15/21	12/31/20	10-K	0001136261-21-000040
10/30/20	09/30/20	10-Q	0001136261-20-000174
08/06/20	06/30/20	10-Q	0001136261-20-000149
05/08/20	03/31/20	10-Q	0001136261-20-000116
03/12/20	12/31/19	10-K	0001136261-20-000079
11/07/19	09/30/19	10-Q	0001136261-19-000262
07/19/19	06/30/19	10-Q	0001136261-19-000197
04/26/19	03/31/19	10-Q	0001136261-19-000135
03/06/19	12/31/18	10-K	0001136261-19-000098
10/26/18	09/30/18	10-Q	0001136261-18-000279
08/01/18	06/30/18	10-Q	0001136261-18-000193
05/10/18	03/31/18	10-Q	0001136261-18-000123
02/23/18	12/31/17	10-K	0001136261-18-000055
11/02/17	09/30/17	10-Q	0001136261-17-000250
08/03/17	06/30/17	10-Q	0001136261-17-000163
04/28/17	03/31/17	10-Q	0001136261-17-000081
03/06/17	12/31/16	10-K	0001136261-17-000055
11/02/16	09/30/16	10-Q	0001136261-16-000647
08/01/16	06/30/16	10-Q	0001136261-16-000575
04/27/16	03/31/16	10-Q	0001136261-16-000448
03/08/16	12/31/15	10-K	0001136261-16-000410
11/05/15	09/30/15	10-Q	0001136261-15-000315
07/29/15	06/30/15	10-Q	0001136261-15-000224
04/30/15	03/31/15	10-Q	0001136261-15-000119
03/16/15	12/31/14	10-K	0001136261-15-000080
11/06/14	09/30/14	10-Q	0001136261-14-000476
08/06/14	06/30/14	10-Q	0001136261-14-000356
05/08/14	03/31/14	10-Q	0001136261-14-000190
03/06/14	12/31/13	10-K	0001136261-14-000102
11/13/13	09/30/13	10-Q	0001136261-13-000515
08/09/13	06/30/13	10-Q	0001136261-13-000356
05/10/13	03/31/13	10-Q	0001136261-13-000218
03/14/13	12/31/12	10-K	0001136261-13-000135
11/06/12	09/30/12	10-Q	0001136261-12-000585
08/07/12	06/30/12	10-Q	0001136261-12-000439
05/10/12	03/31/12	10-Q	0001136261-12-000275
03/09/12	12/31/11	10-K	0001136261-12-000136
11/01/11	09/30/11	10-Q	0001136261-11-000563
07/28/11	06/30/11	10-Q	0001136261-11-000443
05/09/11	03/31/11	10-Q	0001136261-11-000288
10/30/12	12/31/10	10-K/A	0001136261-12-000571
03/10/11	12/31/10	10-K	0001136261-11-000126
11/04/10	09/30/10	10-Q	0000065770-10-000021
08/09/10	06/30/10	10-Q	0000065770-10-000018
05/10/10	03/31/10	10-Q	0000065770-10-000010
03/10/10	12/31/09	10-K	0000065770-10-000002
10/30/09	09/30/09	10-Q	0000065770-09-000021
08/07/09	06/30/09	10-Q	0000065770-09-000016
05/07/09	03/30/09	10-Q	0000065770-09-000015
03/06/09	12/31/08	10-K	0000065770-09-000001
11/07/08	09/30/08	10-Q	0000065770-08-000021
08/07/08	06/30/08	10-Q	0000065770-08-000008
05/09/08	03/30/08	Unknown	--
03/13/08	12/31/07	10-K	0000065770-08-000001
11/02/07	09/30/07	10-Q	0000065770-07-000025
08/02/07	06/30/07	10-Q	0000065770-07-000022
05/11/07	03/30/07	Unknown	--
03/16/07	12/31/06	10-K	0000065770-07-000001
11/06/06	09/30/06	10-Q	0000065770-06-000041
08/04/06	06/30/06	10-Q	0000065770-06-000026
05/10/06	03/30/06	Unknown	--
03/16/06	12/31/05	10-K	0000065770-06-000009
09/30/05	09/30/05	Unknown	--
08/09/05	06/30/05	DEF 14A	0001193125-05-109895
03/31/05	03/30/05	Unknown	--
12/31/04	12/31/04	NT 10-K	0000065770-05-000003
11/09/04	09/30/04	10-Q	0001104659-04-034494
08/09/04	06/30/04	10-Q	0001104659-04-023391
05/10/04	03/30/04	Unknown	--
03/15/04	12/31/03	10-K	0001047469-04-008005
11/14/03	09/30/03	10-Q	0001104659-03-026631
08/14/03	06/30/03	10-Q	0001104659-03-018676
05/14/03	03/30/03	Unknown	--
03/26/03	12/31/02	10-K	0001104659-03-005013
11/13/02	09/30/02	10-Q	0001104659-02-005916
08/14/02	06/30/02	10-Q	0001104659-02-004089
05/13/02	03/30/02	Unknown	--
04/01/02	12/31/01	10-K	0000912057-02-012836
11/09/01	09/30/01	10-Q	0001104659-01-502664
08/14/01	06/30/01	10-Q	0001104659-01-501766
05/15/01	03/30/01	Unknown	--
04/02/01	12/31/00	10-K	0001104659-01-500242
11/14/00	09/30/00	10-Q	0000912057-00-049766
08/14/00	06/30/00	10-Q	0000912057-00-037066
05/15/00	03/30/00	Unknown	--