Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 173

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1C
Chunk 173
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 notes included in Part II, Item 8 of this Form 10-K. The following discussion focuses on the results
of our operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. Similar discussion of the results
of our operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 can be found in “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K
for the year ended December 31, 2023.

Overview

Currently,
our development and commercialization efforts are focused primarily on perception solutions for autonomy and mobility applications,
including industrial and automotive perception systems and advanced driver-assistance systems (ADAS), where we can deliver safe
mobility at the speed of life. Our integrated solution combines our perception software stack, lidar sensors utilizing our
MEMS-based and flash-based technologies, and custom application software targeted
for sale to industrial and automotive OEMs, automated warehouse operators, robotic developers, Tier 1 automotive suppliers, other industrial market players, and the military and defense technology companies.

23

Although
perception solutions, including industrial and automotive lidar, are our priority now, we have developed solutions for augmented reality (AR), interactive displays, and consumer lidars. In the recent past, our strategy had been to sell AR displays or components,
interactive displays, or consumer lidars to original equipment manufacturers (OEMs) and original design manufacturers (ODMs) for
incorporation into their products. Previously, we developed AR and helmet-mounted displays for military applications.

We have incurred substantial losses since inception and expect to incur
a significant loss during the fiscal year ending December 31, 2025. We have funded operations to date 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. In October 2024, we entered into a securities purchase agreement with an institutional investor
for the purchase of senior secured convertible notes of up to $75.0 million. See Part II, Item 8, Note 7. Notes Payable and Derivative
Liability. In February 2025, we entered into another securities purchase agreement with the same institutional investor for the issuance
and sale of $8.0 million in shares of common stock,