Company: MVIS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009765
Chunk: 206

Company: MICROVISION, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 206
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 entered into a $9.3 million purchase commitment with a contract manufacturing partner
for the production of MOVIA sensor inventory to support direct sales to 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 $2.6 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.

    20

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 March 31, 2025, the sale of 23.5 million shares for net proceeds of $35.0 million had been completed. As of March 31, 2025, approximately
$113.4 million is available under this sales agreement, subject to authorized shares available for sale.

13.
INCOME TAXES

The
Company recognized income tax expense of $0.1 million and $0.2 million during the three months ended March 31, 2025 and 2024, respectively.

As
of March 31, 2025, the Company continues to have no unrecognized tax positions.

14.
RESTRUCTURING CHARGES

In
the first quarter of 2024, to better align the Company’s resources to support business needs, the Company reduced the global workforce
by approximately 18%. The Company recognized approximately $2.5
million in restructuring and related reorganization
charges during the three months ended March 31, 2024, which is recorded within research and development expense and sales, marketing,
general and administrative expense on the condensed consolidated statements of operations. The charges were predominately related to
employee severance and benefit costs. There were no
re