Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 5

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 months ended September 30, 2025 compared to the same period in 2024 was
primarily due to a reduced workforce resulting in lower salary and benefits expense of $0.5 million and lower IT and software costs of $0.3 million, partially offset
by higher building costs of $0.4 million and higher travel costs of $0.3 million.

The
decrease in research and development expense during the nine months ended September 30, 2025 compared to the same period in 2024 was
primarily due to a reduced workforce resulting in lower salary and benefits expense of $8.5 million, lower restructuring charges of $5.1 million, lower purchased services
of $1.7 million, lower IT and software costs of $0.8 million, and lower direct materials and equipment costs of $0.4 million, partially
offset by higher building costs of $0.6 million.

Sales,
marketing, general and administrative expense

    (in thousands) 
    2025  
    2024  
    $
    change  
    %
    change 
  
    Three Months Ended September 30, 
    $4,027  
    $6,599  
    $(2,572) 
     (39.0)
  
    Nine Months Ended September 30, 
     17,140  
     23,423  
     (6,283) 
     (26.8)

Sales,
marketing, general and administrative expense includes compensation and support costs for marketing, sales, management and administrative
staff, and for other general and administrative costs, including legal and accounting services, consultants and other operating expenses.

The
decrease in sales, marketing, general and administrative expense during the three months ended September 30, 2025 compared to the
same period in 2024 was primarily due to lower non-cash share-based compensation expense of $4.2 million from the reversal of
previously recognized expense related to the forfeiture of awards in connection with the CEO separation that occurred in the three
months ended September 30, 2025, and lower professional service fees of $0.3 million, partially offset by higher severance expense
of $1.2 million and advertising costs of $0.3 million and higher travel costs of $0.3 million.

The
decrease in sales, marketing, general and administrative expense during the nine months ended September 30, 2025 compared