Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 121

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1B
Chunk 121
---
 Company’s deterministic AI at the edge software running on sensors enables intelligent
autonomous, active safety, and automation systems which depend on secure, cost-effective and energy-efficient solutions. This
software has been developed in close collaboration with automotive customers and the Company is now rapidly expanding with it into
new industrial and commercial vehicle sectors.

With
engineering teams based in Redmond, Washington and Hamburg, Germany, the Company develops and supplies integrated solutions built on
the perception software stack, incorporating application software and processing data from differentiated sensor systems. The Company’s
extensive experience in developing and productizing core lidar hardware and software components, along with expertise in edge computing,
positions the Company as a valuable commercial partner capable of delivering high-value, low-power products.

Liquidity

The
Company has incurred significant losses since inception. Operations to date have been funded primarily through the sale of common stock,
convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues,
product sales, and licensing activities.

As
of December 31, 2024, the Company had total liquidity of $74.7 million including $54.5 million in cash and cash equivalents and $20.2
million in short-term investment securities. In addition, the Company has approximately $113.6 million availability under its current
at-the-market (“ATM”) facility as of December 31, 2024, subject to certain conditions. On October 23, 2024, the Company issued $45.0 million in senior secured
convertible notes for gross proceeds of $41.4 million and has a remaining commitment pursuant to the convertible note facility of $30.0
million, subject to certain limitations (see Note 7. Notes Payable and Derivative Liability).

Subsequent to the date of these financial statements, on February 4, 2025,
the Company sold shares of common stock and warrants to purchase common stock for net proceeds of approximately $7.8 million. Additionally, subsequent to the date of these financial statements, maturities of the $45.0 million senior secured
convertible notes were reduced by $10.6 million (see Note 16. Subsequent Events). To date, total maturities have been reduced by $12.3
million, inclusive of $1.8 million reduced prior to December 31, 2024 (see Note 7. Notes Payable and Derivative Liability). Based on the current operating plan, the Company