Company: MVIS
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022632
Chunk: 167

Company: MICROVISION, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 3
Chunk 167
---
 manufacturers that may require additional
investments by us.

28

Additional
capital may not be available to us or, 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 June 30, 2025, we had approximately 186.1 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 six months ended June 30, 2025, a leading manufacturer of agriculture equipment accounted for $0.5 million in revenue,
representing 66% of our total revenue. An automotive supplier accounted for $0.2 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