MicroVision, Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total revenue of $4.7 million, a decrease of 35.3% from $7.3 million in 2023. The company attributed this drop primarily to reduced revenue from its contract with Microsoft, which had previously been a major source of income. The net loss for the year was $96.9 million, compared to a loss of $82.8 million in the prior year, reflecting ongoing challenges in securing a broader customer base and the impact of restructuring efforts.
In January 2023, MicroVision acquired certain assets from Ibeo Automotive Systems GmbH, a move aimed at enhancing its lidar technology and expanding its product offerings in the automotive sector. However, the company undertook a significant workforce reduction of approximately 41% in 2024 to align its resources with its strategic focus on perception software and lidar products. This restructuring resulted in $6 million in charges, which contributed to the overall increase in operational expenses.
Operationally, MicroVision's customer base remains concentrated, with three customers accounting for 83% of total revenue in 2024. The company reported a total of $2.8 million in revenue from a leading agricultural equipment manufacturer, $0.6 million from a major trucking OEM, and $0.5 million from an automotive supplier. The reliance on a limited number of customers poses a risk to revenue stability, as losing any of these key clients could significantly impact future earnings.
Looking ahead, MicroVision anticipates continued financial losses in 2025, driven by ongoing investments in research and development and efforts to commercialize its lidar technology. The company has secured additional funding through a $45 million senior secured convertible note and an at-the-market equity offering, providing a total liquidity of approximately $226.1 million. However, the ability to achieve profitability remains uncertain, contingent on the successful adoption of its products in the rapidly evolving automotive and industrial markets.
About MICROVISION, INC.
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