Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 59

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 4
Chunk 59
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 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 September 30, 2025, we had approximately 158.9 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.

29

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 nine months ended September 30, 2025, a leading manufacturer of agriculture equipment accounted for $0.5 million in revenue, representing
51% of our total revenue. An automotive supplier accounted for $0.2 million in revenue, representing 20% of our total revenue. An automotive
manufacturer accounted for $0.2 million in revenue, representing 18% of our total revenue. For the nine months ended September 30, 2024,
a leading supplier of agricultural equipment accounted for $1.7 million in revenue, representing 55% of our total revenue as part of
a last-time buy of a legacy product. Additionally, a major global trucking OEM accounted for $0.6 million in revenue, representing 20%
of our total revenue, and an automotive supplier accounted for $0.3 million in revenue, representing 10% 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