Company: MVIS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009765
Chunk: 56

Company: MICROVISION, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 4
Chunk 56
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, if available, may not be available at a level or on terms acceptable to us or on a timely
basis. Raising additional capital may involve issuing securities with rights and preferences that are senior to our common stock and
may dilute the value of our current shareholders’ investment in us. Moreover, raising capital through the sale of our equity
securities is dependent upon the availability of the requisite shares of authorized stock, which is driven by the market price of
our stock and the approval of our stockholders. As of March 31, 2025, we had approximately 23.0 million authorized shares of common
stock available for issuance. If adequate capital resources are not available on a timely basis, we may consider limiting our
operations substantially and we may be unable to continue as a going concern. This limitation of operations could include reducing
investments in our research and development projects, staff, operating costs, and capital expenditures which could jeopardize our
ability to achieve our business goals or satisfy our customer requirements.

Risks
Related to our Financial Statements and Results

Our
revenue is generated from a small number of customers, and as we have experienced recently and in the past, losing a significant customer
negatively impacts our revenue.

For
the three months ended March 31, 2025, a leading manufacturer of agricultural equipment accounted for $0.5 million in revenue and an
automotive supplier accounted for $0.1 million in revenue, representing 80% and 14% of our total revenue, respectively. For the three
months ended March 31, 2024, a major global commercial trucking OEM accounted for $0.5 million in revenue and a leading manufacturer of agricultural
equipment accounted for $0.3 million in revenue, representing 52% and 33% of our total revenue, respectively. 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.

27

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