Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 136

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 136
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 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 September 30, 2025, the Company had total liquidity of $99.5 million including $72.8 million in cash and cash equivalents and $26.7
million in short-term investment securities. In addition, the Company has approximately $46.2 million availability under its current
at-the-market (“ATM”) facility as of September 30, 2025, subject to certain market conditions, such as trading prices and
volumes. 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
6. Notes Payable and Derivative Liability). 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 (see Note 7. Warrant Liability). Based on the current operating plan,
the Company anticipates having sufficient cash and cash equivalents to fund operations for at least the next 12 months from the issuance
of these condensed consolidated financial statements.

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles
of Consolidation and Basis of Presentation

The
unaudited condensed consolidated financial statements and accompanying notes include the accounts of the Company and its wholly
owned subsidiaries, after elimination of all intercompany balances and transactions. The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States (“US GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for
interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared
in accordance with US GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements
should be read in conjunction with the audited financial