Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 172

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 172
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 a loss on extinguishment of notes payable.
See Part I, Item 1, Note 6. Notes Payable and Derivative Liability for additional discussion.

26

Other
income

    (in thousands) 
    2025  
    2024  
    $
    change  
    %
    change 
  
    Three Months Ended September 30, 
    $140  
    $318  
    $(178) 
     (56.0)
  
    Nine Months Ended September 30, 
     363  
     1,764  
     (1,401) 
     (79.4)

The
decrease in other income during the three and nine months ended September 30, 2025 compared to the same period in 2024 is primarily due
to decreased interest income.

Liquidity
and Capital Resources

We
have incurred significant losses since inception. 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. As of September 30, 2025, we had $72.8 million in cash and cash equivalents and $26.7 million in short-term
investment securities. Also on that date, we had approximately $46.2 million availability left on our existing $150.0 million ATM facility
that was put in place in the first quarter of 2024. In addition, we have a remaining commitment pursuant to the convertible note facility
of $30.0 million, subject to certain limitations. Based on our current operating plan, we anticipate that we have sufficient cash and
cash equivalents to fund our operations for at least the next 12 months.

Operating
activities

Cash
used in operating activities totaled $43.3 million during the nine months ended September 30, 2025 compared to cash used in
operating activities of $53.5 million during the same period in 2024. Cash used in operating activities resulted primarily from cash
used to fund our net loss, after adjusting for non-cash charges such as share-based compensation, intangible impairment expense,
depreciation and amortization charges, unrealized gains and losses, and changes in operating assets and liabilities. The changes in
cash used in operating activities were primarily attributed to decreased operating expenses related to personnel. We expect to make
minimum payments to our contract manufacturing partner in