Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 14

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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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 grant date of equity
awards. If we identify further material weaknesses in our internal controls, our failure to establish and maintain effective disclosure
controls and procedures and internal control over financial reporting could result in material misstatements in our financial statements
and a failure to meet our reporting obligations. Any such failure could cause investors to lose confidence in the accuracy of our financial
reports, harm our reputation, and adversely affect the market price of our common stock.

Our
internal controls over financial reporting beginning for fiscal year 2024 include controls of our subsidiary, MicroVision GmbH, which
became a significant subsidiary upon the closing of our acquisition