Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 2

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 2
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 OEM accounted for $0.6 million in revenue, and an automotive supplier accounted for $0.5 million in revenue. This
represents 60%, 13%, and 10% of our total revenue, respectively. For the year ended December 31, 2023, two commercial customers accounted
for $4.6 and $0.8 million in revenue, respectively, representing 63% and 11% of our total revenue, respectively. Our revenue has been negatively effected by the loss of certain of these customers and could continue to be if not
replaced with new, materially equivalent customer wins.

We
have, in the past, identified a material weakness in our internal controls.

In
the second quarter of 2021, we identified a material weakness in the controls that support our determination of the grant date of equity
awards. If we identify further material weaknesses in our internal controls, our failure to establish and maintain effective disclosure
controls and procedures and internal control over financial reporting could result in material misstatements in our financial statements
and a failure to meet our reporting obligations. Any such failure could cause investors to lose confidence in the accuracy of our financial
reports, harm our reputation, and adversely affect the market price of our common stock.

Our
internal controls over financial reporting for fiscal year 2024 include controls of our subsidiary, MicroVision GmbH, which became a
significant subsidiary upon the closing of our acquisition of assets from Ibeo in 2023. Given the added complexity stemming from the
inclusion of our German subsidiary within our control environment, the risk of a material weakness in internal controls will be higher
than it has been to date.

9

Our
stock price has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors in our
common stock could incur substantial losses.

Our
stock price has fluctuated significantly in the past, has recently been volatile, and may be volatile in the future. Over the 52-week
period ending March 20, 2025, our common stock has traded at a low of $0.80 and a high of $1.95. We may continue to experience sustained
depression or substantial volatility in our stock price in the foreseeable future unrelated to our operating performance or prospects.
For the fiscal year ended December 31, 2024, we incurred a loss per share of $0.46.

As
a result of this volatility, investors may experience losses on