Company: MVIS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009765
Chunk: 129

Company: MICROVISION, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 129
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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 March 31, 2025, the Company had total liquidity of $69.0
million including $51.9
million in cash and cash equivalents and $17.1
million in short-term investment securities. In addition, the Company has approximately $113.4
million availability under its current at-the-market (“ATM”) facility as of March 31, 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, including sufficient authorized capital (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