Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 3

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 of contingent liabilities. We evaluate our estimates on a continuous basis. We base our estimates on
historical data, terms of existing contracts, our evaluation of trends in the consumer display and 3D sensing industries, information
provided by our current and prospective customers and strategic partners, information available from other outside sources and on various
other assumptions we believe to be reasonable under the circumstances. The results form the basis for making judgments regarding the
carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates
under different assumptions or conditions. There have been no significant changes to our critical accounting judgments, policies, and
estimates as described in our Annual Report on Form 10-K for the year ended December 31, 2024.

Results
of Operations 

Revenue

    (in thousands) 
    2025  
    2024  
    $
    change  
    %
    change 
  
    Three Months Ended September 30, 
    $241  
    $190  
    $51  
     26.8 
  
    Nine Months Ended September 30, 
     985  
     3,046  
     (2,061) 
     (67.7)

Revenues
are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration
that we expect to receive in exchange for those goods or services. We recognize revenue either at a point in time, or over time, depending
upon the characteristics of the individual contract. If control of the deliverable(s) occurs over time, the revenue is recognized in
proportion to the transfer of control. If control passes to the customer only upon completion and transfer of the asset, revenue is recognized
at the completion of the contract.

The
decrease in revenue for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to higher sales
of sensors to industrial customers in the 2024 period driven by shipments of MOVIA L sensors to Daimler Truck North America and affiliates
as part of RFQ evaluation processes.

24

Cost
of Revenue

    (in thousands) 
    2025  
    %
                                            of
                                                                                revenue  
    2024  
    %
                                            of
                                                                                revenue  
    $
    change  
    %
    change 
  
    Three Months Ended September 30