Company: MVIS
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022632
Chunk: 96

Company: MICROVISION, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 both automotive and non-automotive customers. During the quarter
ended December 31, 2024, the Company entered into an additional purchase commitment with the existing contract manufacturing partner
of $1.8 million. Remaining future minimum payments of approximately $2.3 million are expected to be made by the Company through the remainder
of 2025 and 2026.

Litigation

The
Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently
party to any legal proceedings that management believes are reasonably possible to have a material adverse effect on financial position,
results of operations, or cash flows.

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12.
COMMON STOCK

In
March 2024, the Company entered into a $150 million ATM equity offering agreement with Deutsche Bank Securities, Inc., Mizuho Securities
USA LLC, and Craig-Hallum Capital Group LLC (collectively, the “Agents”). Under the agreement, the Company is able, with
discretion, to offer and sell shares of common stock having an aggregate value of up to $150.0 million through or directly to the Agents.
As of June 30, 2025, the sale of 54.8 million shares for net proceeds of $70.7 million had been completed. As of June 30, 2025, approximately
$76.5 million is available under this sales agreement.

As
of June 30, 2025, proceeds of $0.7 million from shares of common stock subscribed but unissued are included within other current assets
on the condensed consolidated balance sheets. Non-refundable proceeds from the sale were received on July 1, 2025.

13.
INCOME TAXES

The
Company recognized income tax expense of $0.1 million and $0.1 million during the three months ended June 30, 2025 and 2024, respectively,
and $0.2 million and $0.3 million during the six months ended June 30, 2025 and 2024, respectively. Income tax expense for the six months
ended June 30, 2025 was largely the result of income in foreign jurisdictions, partially offset by a deferred income tax benefit generated
by the reduction to a deferred tax liability created as a result of the acquisition of Ibeo assets in the first quarter of 2023. The
change in income tax expense during the quarter ended June 30, 2025 was largely the