MicroVision — Second Quarter 2026 Earnings Summary

Financial Performance

• Q2 2026 revenue was $1.5 million, compared to $0.2 million in Q2 2025, driven by higher sensor shipment volumes and development revenue.
• Total operating expenses for Q2 2026 were $24.9 million, an increase from $14.1 million in Q2 2025, primarily due to acquisition-related costs and integration activities.
• Net loss for Q2 2026 was $36.9 million ($1.66 per share), compared to a net loss of $14.2 million ($0.84 per share) in Q2 2025; per share figures reflect the 1-for-15 reverse stock split effective August 1, 2026.
• Adjusted EBITDA loss for Q2 2026 was $18.8 million, compared to a $11.2 million loss in Q2 2025.
• Cash used in operations for Q2 2026 was $19.1 million, including non-recurring payments for acquisitions and consolidation, versus $12.7 million in Q2 2025.
• The Company ended Q2 2026 with $27.2 million in cash and cash equivalents, down from $74.8 million at December 31, 2025.
• As of June 30, 2026, the Company has access to $68.4 million of capital, including $41.2 million under its existing ATM facility.
• Balance sheet changes include an increase in inventory to $3.7 million (from $0.7 million) and the addition of $3.7 million in goodwill and $13.7 million in intangible assets following acquisitions.

Guidance and Future Outlook

• Full-year cash burn guidance has been improved to approximately $60 million, reflecting expected normalization in the second half of the year following non-recurring cash usage in the first half.
• The improved guidance is attributed to continued operational discipline and acquisition synergies.
• Management expects future financing activities to support the continued execution of its strategic plan.

Business Segments and Product Lines

• Advanceded the Lidar 2.0 strategy, expanding the company's position as a perception solutions provider for industrial, security & defense, automotive, robotics, and autonomous aerial markets.
• Launched the MOVIA™ Air product family, including MOVIA™ Air and MOVIA™ Air Plus, designed for drones, autonomous aircraft, and defense applications, with several pre-launch partners.
• Signed a long-term development agreement with a leading construction and mining equipment OEM to integrate IRIS lidar into next-generation autonomous hauling vehicles, with a bridge to the next-gen HALO lidar.
• Fulfilled increasing demand for active evaluations with customers including a leading AI company and hyperscaler, a leading e-commerce company for aerial logistics, and a defense contractor.
• Shipped IRIS and MOVIA sensors supporting customer programs across industrial automation, autonomous systems, aerospace, defense, and AI applications.
• Launched MicroVision Semiconductor, an in-house organization expanding custom ASIC, mixed-signal IC, and advanced imaging capabilities for internal and external programs.

Market and Competitive Landscape

• The company is executing a strategy to deliver perception solutions at the right cost across multiple industries using a common technology platform.
• The business model targets scalability across industrial automation, security and defense, autonomous aerial systems, robotics, and automotive sectors.

Risks and Challenges

• Forward-looking statements highlight risks including the ability to operate with limited cash or raise additional capital when needed.
• Risks include market acceptance of technologies, failure of commercial partners to perform, and the ability to keep up with rapid technological change.
• Potential challenges include government regulation, intellectual property enforcement, product liability claims, and maintaining Nasdaq listing compliance.

Management Commentary and Tone

• CEO Glen DeVos stated the second quarter demonstrates the company has evolved into a commercially focused perception company with the products, technology, leadership, and operational discipline to compete in high-growth markets.
• Management emphasized that the Lidar 2.0 strategy is translating into meaningful commercial momentum and a path to near-term and future revenue.
• The stated strategy is to deliver the right perception solutions at the right cost across multiple industries, reinforcing the scalability of the business model.

Other Key Points

• Completed a 1-for-15 reverse stock split effective August 1, 2026, to strengthen the capital markets position and support Nasdaq listing compliance.
• Strengthened the executive leadership team with the appointments of James Byun as Chief Commercial Officer and Cara Klaer as Head of Marketing & Communications.
• Acquisitions and consolidation activities contributed to increased operating expenses and cash usage in the quarter.
• The company reported a bargain purchase gain of $147 thousand in the six months ended June 30, 2026.
• Realized loss on debt extinguishment was $3.1 million for the six months ended June 30, 2026.