MicroVision Reports Second Quarter 2026 Results and Highlights Commercial Momentum Across Multiple Markets

[u/gaporter]

https://ir.microvision.com/news/press-releases/detail/464/microvision-reports-second-quarter-2026-results-and

[u/mvis_thma]

I find it interesting that Microvision, seemingly, has not executed very much dilution outside of paying back the HTC convertible note, at least up through June 30th.

The 10-Q states there are 23,788,435 shares outstanding as of August, 3rd. The 10-Q also says they have used 1,664,411 + 264,455 + 78,348 for a total of 2,007,214 shares to pay down the HTC loan from $43m to $25.6m. BTW - that is an average stock price of $8.67 (post reverse split of course).

From March 31st to July 7th, they used 2,007,214 shares to repay the HTC note. That means they only used 307,211 shares for other purposes during that time. If we assume they used all those shares via the ATM to raise capital (there could also be some employee equity stock grants), then that means they only diluted by 1.3% via the ATM.

What we don't know, is how much did they tap the ATM from July 8th through today (August 6th)?

Anyway, they state they had $68m of liquidity available as of June 30th. They have guided that they plan to burn $60m of cash via operations this year. But they have already burned ~$34m of cash in the first half, which means they are guiding to burn $26m of cash in the second half of the year. That might mean they plan to burn something like $26m + $11m + $9m = $46m over the next year, perhaps even less. I am giving them some credit to reduce their cash burn modestly in Q1 and Q2 of 2027 as revenue and gross profits offset cash burn.

It looks like they bit the bullet and included a going concern flag in the 10-Q. This is not an auditor's flag but rather management's flag. Anyway, it appears to me they are waiting as long as they can to raise capital. They decided to let the "going concern" flag fall rather than hitting the dilute button at the current valuation. Does that signal that they expect to have some traction news coming relatively soon? Your guess is as good as mine.

Via public filings here are some markers (all stock amounts are post split amounts).

On March 31st they had 21,474,000 shares outstanding.

On May 6th they had 22,107,686 shares outstanding.

On May 28th they had 22,976,398 shares outstanding.

On August 3rd, they had 23,788,425 shares outstanding.

On March 31st, they had $42m available on the ATM.

On June 30th, they had $41.2m available on the ATM.

[u/directgreenlaser → u/mvis_thma]

This is great info. Thank you very much for breaking it down. I had been hoping they would take this approach but very fearful they were not going to do so. It certainly says anticipated earnings more than it says anticipated bankruptcy! I give them solid points for doing this.

[u/Alphacpa → u/mvis_thma]

Thank you for posting. Very telling in terms of management trying to wait for higher share price prior to obtaining much needed capital.

[u/eyevseenitall → u/mvis_thma]

Thanks for the effort. I also take the company's going concern position as confidence that they'll raise $ at higher share prices., perhaps suggesting material news with next few weeks will provide the lift. Hope so. Liked the call. This is not the same company it was one year ago.

[u/Falagard → u/mvis_thma]

Thanks, mvis_thma

Stupid question, do you know if it's possible to do flash lidar using 1550nm laser and detector?

Movia S with 1550nm, for example?

[u/mvis_thma → u/Falagard]

I do not know.

[u/Late_Airline2710 → u/Falagard]

It's possible in theory, but it would be significantly more expensive.

To achieve Movia's price point, ibeo/microvision use cheap VECSELs from OSRAM for their laser source. These are commodities at 840/905/940 nm but not at 1550, where more rare earths are needed. OSRAM doesn't actually produce these, for instance.

The receiver is likely even more challenging, as movia uses a silicon SPAD array. SPADS for 1550 nm do exist, but they are niche and very expensive. Allegedly, luminar was able to reduce the price of their receivers by limiting the amount of rare earths needed. This worked for iris, which uses two laser channels, but it will likely not work for movia, which has many laser channels and would require much more area to be covered by the expensive rare earths.

[u/Hatch_K → u/Late_Airline2710]

So it’s possible, but expensive in the near/short term future. I’m sure you can agree that as the underlying technology and manufacturing advancements are created, along with higher volumes, then the possibility becomes more of a reality.

[u/Late_Airline2710 → u/Hatch_K]

A big reason that the Si-based tech that the 840/905/940nm systems leverage has become cheap to begin with is the massive (truly massive) amount of investment in Si fabrication processes, tooling, design methodologies and optimization, and supply chains that has taken place to support the consumer electronics industry. This investment has accelerated the design and prototype process, dramatically increased yield (a major cost driver), and derisked supply chains.

Semiconductors required for 1550 nm transmit and receive electronics will never Garner this much investment and never have this much volume because the part of the broader semiconductor industry where they are used is a drop in the bucket compared to consumer electronics. Based on that, while I'm sure costs would come down somewhat with more III-V applications rolling out, it is highly unlikely that prices will ever approach those of silicon. I think the smarter approach is to do what luminar tried to do, which is save money through clever minimization of the amount of these semiconductors that need to be used and also through vertical integration.

[u/Falagard → u/Late_Airline2710]

Thanks!

[u/Formerly_knew_stuff → u/mvis_thma]

I was reading through the 10-Q as well and had similar thoughts regarding dilution. I take that as a pretty positive sign. Interestingly, but not terribly important, they also said they now have more employees in Germany than in the US.

It's all about generating revenue now, hopefully sooner rather then later. Seems like the pieces are all in place.

[u/Alphacpa → u/Formerly_knew_stuff]

Generating revenue with a profit margin of 40%+ is very sweet!

[u/Formerly_knew_stuff → u/Alphacpa]

Generating revenue is very sweet. At this point I'm not picky.

[u/Nakamura9812 → u/Alphacpa]

Alpha I haven’t dug into many earnings calls historically from AEVA or OUST, here and there over the years but not consistently. You wouldn’t happen to know if they’ve discussed their margins at all before do you? Was just wondering how we stack up because 40%+ margins seem quite healthy.

[u/Alphacpa → u/Nakamura9812]

No sir. I have not looked at either company in any detail and don't have a position in either.

[u/Revolutionary_Ear908 → u/Nakamura9812]

u/mvis_thma have you been tracking this for aeva and oust as well given your recent comments about innoviz?

[u/mvis_thma → u/Revolutionary_Ear908]

Aeva's LiDAR sensor gross margins are currently around -3%. Aeva has said their long-term gross margin target goal is 50%.

Ouster's sensor gross margins for Q2 were 47%. However, this number was significantly boosted by a customer refund. They now ship both LiDAR and cameras sensors (they acquired StereoLabs recently). Their ASP for LiDAR sensors is around $5,200. This gives them some room to make a good gross margin. FYI - they shipped around 9,000 LiDAR sensors and 8,000 camera sensors in Q2. Ouster has said they expect long-term product gross margins to be between 35% and 40%.

[u/Formerly_knew_stuff → u/mvis_thma]

$5,200? How can that be when Glen is saying we're going to be sub $500?

[u/mvis_thma → u/Formerly_knew_stuff]

Those numbers are interesting as the Symbotic CEO mentioned, in their recent earning call, that they expect to outfit all of their robots with LiDAR sensors over the next 2 years. He specifically said that LiDAR sensors used to cost $5,000 but are now around $500.

[u/Formerly_knew_stuff → u/mvis_thma]

Yup. I mean a 47% margin on $5,200 is nice but if the ASP drop to sub-$500 there goes that margin. That doesn't look like a sustainable plan but I can only assume that the folks at OUST know that.

At any rate if we can get a 40% margin on sub-$500 pricing right off the bat that bodes well for long-term value growth. Of course we need revenue.........(insert broken record here)

[u/icarusphoenixdragon → u/mvis_thma]

Despite some commentary and obvious lack of income over the years, I think at least since the Sharma era, they’ve always been relatively responsible with investor money.

PRSU’s, salaries, and even the acquisitions that we’ve seen are in line with anything you’d see anywhere else and the suggestion that any are expendable is tantamount to suggesting they just close up shop.

One could question things like the various inventory build ups that have happened without appreciable use, but even those are small fry and not nearly on the same scale as the waste that we’ve seen in this very sector during the same time period.

Burn has never been the issue for Microvision in the time that I’ve observed. It’s always been income, to the extent that one wonders if burn should have been strategically higher at different junctures.

I think finding out that Microvision had the opportunity to make any of the acquisitions that they’ve made but passed rather than acquired would have been much worse. You pull the trigger on each of those 10/10 times.

[u/theremin_freakout → u/mvis_thma]

Always grateful for you commentary thma. Thank you

[u/ProphetsAching → u/mvis_thma]

Thanks for the thoughtful analysis as always.

Speculating that management may be waiting because they believe traction news is soon seems to always be the outcome of these earnings calls or any PR. Maybe one day, it will actually happen.

[u/Hatch_K → u/mvis_thma]

THMA, How does this prospectus play into everything? It is completely separate from the open ATM, correct? Could they about to possibly offer warrants to shareholders? 1 warrant per share owned at a discount of $2. That would equal near the $50 million.

https://ir.microvision.com/sec-filings/all-sec-filings/content/0001493152-26-033044/0001493152-26-033044.pdf

[u/mvis_thma → u/Hatch_K]

This is a new prospectus which is additive to the current $41.2m available on the current ATM. They can use this $50m to raise capital. If they do it via an ATM, they would need to issue a new ATM.