Company: MVIS
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022632
Chunk: 70

Company: MICROVISION, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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(Unaudited)

1.
DESCRIPTION OF BUSINESS

MicroVision,
Inc. is committed to driving the global adoption of proprietary products, which leverage deterministic AI at the edge with the Company’s
innovative perception and application software running on diverse lidar sensors. The Company’s solutions enable ADAS and autonomy
features for customers in a wide range of industries including robotics, automated warehouse, agriculture, mining, military, and automotive.
The Company’s deterministic AI at the edge software running on sensors enables intelligent autonomous, active safety, and automation
systems which depend on secure, cost-effective and energy-efficient solutions. This software has been developed in close collaboration
with automotive customers and the Company is now rapidly expanding with it into new industrial and commercial vehicle sectors.

With
engineering teams based in Redmond, Washington and Hamburg, Germany, the Company develops and supplies integrated solutions built on
the perception software stack, incorporating application software and processing data from differentiated sensor systems. The Company’s
extensive experience in developing and productizing core lidar hardware and software components, along with expertise in edge computing,
positions the Company as a valuable commercial partner capable of delivering high-value, low-power products.

Liquidity

The
Company has incurred significant losses since inception. Operations to date have been funded 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 June 30, 2025, the Company had total liquidity of $91.4 million including $74.1 million in cash and cash equivalents and $17.3 million
in short-term investment securities. In addition, the Company has approximately $76.5 million availability under its current at-the-market
(“ATM”) facility as of June 30, 2025, subject to certain market conditions, such as trading prices and volumes. On October
23, 2024, the Company issued $45.0 million in senior secured convertible notes for gross proceeds of $41.4 million and has a remaining
commitment pursuant to the convertible note facility of $30.0 million, subject to certain limitations, (see Note 6. Notes Payable and Derivative Liability). On February 4, 2025, the Company sold shares of common stock and
warrants to purchase common stock for net proceeds of approximately $7.8 million (see Note 7. Warrant Liability). Based on the
current operating plan,