UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to _________

Commission file number 001-34170

MicroVision, Inc.

(Exact name of registrant as specified in its charter)

Delaware		91-1600822
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

18390 NE 68^th Street

Redmond, Washington 98052

(Address of Principal Executive Offices, including Zip Code)

(425) 936-6847

(Registrant’s Telephone Number, including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		MVIS		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days.

YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ☐ NO ☒

The number of shares of the registrant’s common stock outstanding as of November 5, 2025 was 305,397,269.

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)	3
Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	4
Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2025 and 2024	5
Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024	6
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	7
Notes to Condensed Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
Item 4. Controls and Procedures	28

PART II. OTHER INFORMATION
Item 1. Legal Proceedings	29
Item 1A. Risk Factors	29
Item 5. Other Information	39
Item 6. Exhibits	40
Signatures	41

PART I.

ITEM 1. FINANCIAL STATEMENTS

MicroVision, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

	September 30,		December 31,
	2025		2024
Assets
Current assets
Cash and cash equivalents	$	72,832	$	54,486
Investment securities, available-for-sale		26,676		20,216
Restricted cash, current		328		261
Accounts receivable, net of allowances		40		926
Inventory		8,131		2,294
Other current assets		6,969		4,287
Total current assets		114,976		82,470

Property and equipment, net		6,574		7,061
Operating lease right-of-use assets		15,365		16,746
Restricted cash, net of current portion		1,374		1,500
Intangible assets, net		10,281		10,972
Other assets		2,252		2,412
Total assets	$	150,822	$	121,161

Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	1,339	$	1,132
Accrued liabilities		3,754		2,542
Contract liabilities		147		308
Derivative liability		1,856		14,581
Notes payable, current		28,963		24,248
Operating lease liabilities, current		3,154		2,682
Finance lease liabilities, current		14		-
Other current liabilities		672		458
Total current liabilities		39,899		45,951

Notes payable, net of current portion		-		8,754
Warrant liability		4,059		-
Operating lease liabilities, net of current portion		14,434		15,954
Finance lease liabilities, net of current portion		31		-
Other long-term liabilities		1,680		1,733
Total liabilities		60,103		72,392

Commitments and contingencies (Note 11)		-		-

Shareholders’ equity

Preferred stock, par value $0.001; 25,000 shares authorized; zero and zero shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		-		-
Common stock, par value $0.001; 510,000 shares authorized; 302,358 and

SEC Form 10-Q filed by MicroVision Inc.