Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 30

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 30
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 of continuing research and development expenses will be required to further develop our scanning technology.

The
decrease in research and development expense during the year ended December 31, 2024 compared to the same period in 2023 was
primarily due to lower salary and benefits expense and non-cash compensation of $11.2 million as a result of 2024 restructuring
events (see Part II, Item 8, Note 14. Restructuring Charges), lower depreciation expense of $0.8 million, lower freight costs
of $0.2 million, lower direct materials and equipment costs of $0.2 million, and lower travel expenses of $0.2 million. These
decreases were partially offset by restructuring charges of $5.4 million, and higher IT and software costs of $0.5
million.

Sales,
marketing, general and administrative expense

    2024  
    2023  
    $
    change  
    %
    change 
  
    (In thousands) 

    Sales, marketing, general and administrative
    expense 
    $29,346  
    $36,689  
    $(7,343) 
     (20.0)

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 year ended December 31, 2024 as compared to the same
period in 2023 was primarily due to lower salary and benefits expense and non-cash compensation of $4.6 million as a result of 2024
restructuring events (see Part II, Item 8, Note 14. Restructuring Charges), lower professional fees of $1.8 million primarily
related to legal and audit fees associated with the acquisition of Ibeo in 2023, lower subcontractor fees of $0.7 million, lower
business insurance fees of $0.6 million due to favorable rates obtained, and lower advertising costs of $0.3 million. These
decreases were partially offset by restructuring charges of $0.6 million, higher IT and software costs of $0.4 million, higher trade
show expense of $0.2 million, and higher building expenses of $0.2 million.

26

Impairment
loss on intangible