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Here are 1-2 brief analogies to describe Microvision (MVIS):

• A smaller, more speculative Luminar Technologies (LAZR), focused on high-resolution LiDAR for autonomous vehicles.
• Like Mobileye (Intel's autonomous driving unit), but providing advanced LiDAR sensors instead of camera-based vision systems.

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• Mavin Lidar Sensors: These are high-resolution, long-range lidar sensors specifically designed to enable advanced driver-assistance systems (ADAS) and autonomous driving for vehicles.
• Perception Software: This software suite processes and interprets data from lidar sensors, providing real-time understanding of the vehicle's surroundings for autonomous navigation and safety.

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Microvision (MVIS) - Major Customers

Microvision (MVIS) primarily operates on a Business-to-Business (B2B) model, developing and selling advanced Lidar sensors, particularly for the automotive industry. Their products are components designed to be integrated into larger systems by other manufacturers.

As of recent public disclosures, Microvision has not publicly named its specific major customers due to competitive reasons and the confidential nature of their engagements and Non-Disclosure Agreements (NDAs). The company has stated that it is actively engaged with a number of potential customers, including OEMs and Tier 1 suppliers, who are evaluating its Lidar sensors for integration into future products. However, these relationships are typically kept private until significant milestones or design wins are announced publicly by the parties involved.

Therefore, while specific company names and their symbols cannot be provided, Microvision's target customer base falls into the following categories:

• Automotive Original Equipment Manufacturers (OEMs): These are major car manufacturers (e.g., Ford, General Motors, BMW, Mercedes-Benz, Volkswagen, Toyota, Honda, Hyundai, Stellantis, Tesla) that integrate Lidar sensors directly into their vehicles for advanced driver-assistance systems (ADAS) and autonomous driving capabilities. MVIS's Lidar sensors are designed to meet the demanding requirements of automotive OEMs for mass production.
• Tier 1 Automotive Suppliers: These companies (e.g., Bosch, Continental, ZF, Magna, Aptiv, Veoneer) are direct suppliers to automotive OEMs, providing major components and sub-assemblies. They often integrate advanced technologies like Lidar sensors from companies like Microvision into their own modules or systems before supplying them to the OEMs. Microvision has confirmed active engagement and qualification efforts with Tier 1 suppliers.

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Glen DeVos Chief Executive Officer

Glen DeVos was appointed MicroVision's CEO effective September 30, 2025, after serving as CTO since April 2025. He brings over three decades of leadership experience in the automotive and industrial technology sectors. Prior to MicroVision, he held various business leadership and technology roles at Aptiv and its predecessor Delphi Automotive since 1992, including Chief Technology Officer and President of the Advanced Safety and User Experience business unit. His expertise includes developing strategy, leading global organizations, managing capital, and successfully launching complex software and hardware platforms.

Anubhav Verma Chief Financial Officer

Anubhav Verma joined MicroVision as its Chief Financial Officer in 2021, overseeing finance, accounting, IT, and facilities. Before MicroVision, he led significant growth initiatives and acquisitions at Exela Technologies. He also spent nearly eight years as an investment professional and investment banker, with extensive involvement in capital market and M&A transactions.

Sumit Sharma Former Chief Executive Officer

Sumit Sharma served as MicroVision's CEO from February 2020 until September 2025. He joined MicroVision in September 2015, holding positions such as Senior Director of Global Operations, Vice President of Operations, VP of Product Engineering and Operations, and Chief Operating Officer. Mr. Sharma has an extensive background in high-volume consumer electronics and automotive product development and launch, having held leadership roles in engineering and operations at Google[x], Jawbone, and MYVU Corporation. He is also a patent holder.

Drew Markham General Counsel

Drew Markham joined MicroVision in 2021 and leads the legal team and people operations. Previously, she advised publicly traded technology companies on corporate governance, M&A, and capital markets transactions, serving in both external and in-house counsel roles. Her experience includes 14 years at Wilson Sonsini Goodrich & Rosati and eight years with RealNetworks.

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1. Significant Accumulated Deficit, Ongoing Losses, and Need for Future Financing: MicroVision continues to operate with a substantial accumulated deficit, reported at $891.1 million, and consistently records net losses, such as $28.8 million in Q1 2025. The company experiences negative cash flow and anticipates incurring significant losses at least through 2024 and likely beyond. To fund its operations and business plan, MicroVision will require additional capital, which carries the risk of further diluting the investment of existing shareholders.
2. Reliance on a Small Customer Base and Uncertainty in Revenue Generation: MicroVision's business is heavily dependent on a limited number of key customers, meaning the loss of even one major customer could severely impact its revenue. The company's primary revenue stream is currently very low, with Q3 2025 revenue at just $0.2 million. Significant revenue generation is not expected until 2026 for industrial applications and 2028 for automotive, with defense monetization relying on successful demonstrations and partnerships.
3. High Market Volatility and Intense Competition: The company's stock has historically experienced, and is expected to continue to have, significant price volatility. MicroVision operates within a highly competitive LiDAR market, contending with numerous established and emerging players in the electronic equipment and LiDAR industry. This competitive landscape, especially the dominance of Asian firms in the global automotive LiDAR market where MicroVision holds less than 1.0% market share, poses a constant challenge to gaining market traction and securing design wins.

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The increasing viability and adoption of camera-centric or radar-centric perception systems for autonomous vehicles by major automotive OEMs, potentially reducing the perceived indispensability of LiDAR and shrinking the addressable market.

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Microvision's main products are LiDAR sensors for the automotive, industrial, and defense markets.

• Automotive LiDAR: The total addressable market (TAM) for automotive LiDAR is projected to grow from $504.2 million in 2023 to $942.1 million by 2030 globally. Another estimate places the global LiDAR market at $4.71 billion by 2030, with Microvision aiming to capture a significant share.
• Industrial LiDAR: Microvision anticipates demand from industrial customers to be in the range of $30 million to $50 million over the next 12 to 18 months. This segment also has a potential for sales of 10,000 to 30,000 units annually starting in 2026. This is a company-specific outlook for revenue rather than a total addressable market for the entire industrial LiDAR sector.
• Defense LiDAR: The global defense LiDAR market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.5% through 2030. No specific dollar value for the total market size is readily available from the provided search results.
• Augmented Reality (AR) and Interactive Displays: null

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Microvision (NASDAQ: MVIS) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Expansion into Industrial and Defense Sectors: The company is strategically expanding its focus to include industrial and defense sectors, identifying these as significant near-term revenue opportunities. Microvision has secured production commitments from its manufacturing partner ZF to address anticipated demand, particularly within the Autonomous Mobile Robots/Automated Guided Vehicles (AMR/AGV) vertical, projecting a demand potential of $30 million to $50 million over the next 12 to 18 months from this segment alone.
2. Securing Automotive LiDAR Contracts for ADAS: Despite some delays in converting automotive Requests for Quotation (RFQs) into revenue-generating contracts, Microvision remains actively engaged in multiple automotive opportunities. The company possesses mature perception software developed specifically for automotive applications, which is considered a key differentiator in the market. The Advanced Driver-Assistance Systems (ADAS) sector presents a substantial market opportunity, estimated at an $88 billion cumulative Total Addressable Market (TAM) through 2030.
3. New Product Launches and Solution Advancements: Microvision is focused on "expansive and broadening solution advancements." Its product portfolio includes MAVIN, a MEMS-based LiDAR sensor designed for automotive OEMs, and MOVIA, a flash-based LiDAR sensor catering to industrial applications. These ongoing innovations and the continuous development of its technology are expected to drive revenue growth as new solutions are brought to market and existing ones are enhanced.
4. Strategic Partnerships and Increased Production Capacity: The company has strengthened its ability to meet future demand by securing production commitments with its manufacturing partner, ZF, ensuring an uninterrupted supply chain for its sensors. Strategic partnerships are crucial for enhancing Microvision's technology footprint, particularly in the automotive sector, and are expected to generate stable revenue streams as the adoption of their technology increases.

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Share Issuance

• MicroVision announced a $150 million At-The-Market (ATM) equity offering sales agreement in March 2024.
• In August 2023, the company entered into a $35 million ATM equity offering agreement.
• In February 2025, a new equity offering of 5.75 million shares was made for $8 million, and approximately $9.6 million of convertible debt was converted into 11.7 million shares.

Inbound Investments

• In October 2024, MicroVision closed on a two-year $75 million senior secured convertible note facility with High Trail Capital, which included an initial $45 million tranche.
• In February 2025, MicroVision secured up to $17 million in new equity capital from a strategic financing partner.

Outbound Investments

• MicroVision acquired selected assets, intellectual property, and the engineering team of Ibeo Automotive Systems GmbH for approximately €15 million (around $15.9 million) in December 2022, with the acquisition completing in February 2023.
• In November 2025, MicroVision established a new Aerial Systems team, including an office, testing facilities, and an airstrip in the greater Washington, D.C. area, to expand into the defense technology sector focusing on intelligence, surveillance, and reconnaissance (ISR) capabilities.

Capital Expenditures

• Capital expenditures for the past 12 months (as of Q2 2025 data) were approximately $401,000.
• MicroVision expected to spend $4.8 million in 2025 related to purchase commitments for increasing production capacity of the MOVIA L sensor.
• The primary focus of capital expenditures includes supporting investments to scale production capabilities with OEM-approved manufacturing partners, accelerating ASIC development, and building out inventory.