Company: MVIS
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022632
Chunk: 50

Company: MICROVISION, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 million in revenue, representing 22% of our total
revenue. For the six months ended June 30, 2024, a leading manufacturer of agricultural equipment accounted for $1.7 million in
revenue, representing 58% of our total revenue as part of a last-time buy of a legacy product. A major global trucking OEM accounted
for $0.6 million in revenue, representing 22% of our total revenue. Our revenue has been negatively effected by the loss of certain
of these customers and could continue to be if not replaced with new, materially equivalent customer wins.

We
have, in the past, identified a material weakness in our internal controls.

In
the second quarter of 2021, we identified a material weakness in the controls that support our determination of the grant date of equity
awards. If we identify further material weaknesses in our internal controls, our failure to establish and maintain effective disclosure
controls and procedures and internal control over financial reporting could result in material misstatements in our financial statements
and a failure to meet our reporting obligations. Any such failure could cause investors to lose confidence in the accuracy of our financial
reports, harm our reputation, and adversely affect the market price of our common stock.

Our
internal controls over financial reporting beginning for fiscal year 2024 include controls of our subsidiary, MicroVision GmbH,
which became a significant subsidiary upon the closing of our acquisition of assets from Ibeo in 2023. Given the added complexity
stemming from the inclusion of our German subsidiary within our control environment, the risk of a material weakness in internal
controls will be higher than it has been to date.

Our
stock price has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors in our
common stock could incur substantial losses.

Our
stock price has fluctuated significantly in the past, has recently been volatile, and may be volatile in the future. Over the 52-week
period ending August 1, 2025, our common stock has traded at a low of $0.80  and a high of $1.95. We may continue to experience sustained
depression or substantial volatility in our stock price in the foreseeable future unrelated to our operating performance or prospects.
For the six months ended June 30, 2025, we incurred a loss per share of $0.18.

As
a result of this volatility, investors may experience losses on their investment in our