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MicroVision, Inc. is revolutionizing how machines perceive the world through its cutting-edge lidar sensor technology, essential for advancing automotive safety and autonomous driving. As a pioneer in laser beam scanning and micro-electrical mechanical systems, MicroVision delivers innovative solutions spanning automotive, augmented reality, and smart home applications. Renowned for pushing the boundaries of hardware and optics, the company stands at a pivotal moment—investors must assess whether its technological edge and market position can sustain meaningful growth in an evolving industry.
Table of contents
Business Model & Company Overview
MicroVision, Inc., founded in 1993 and based in Redmond, Washington, operates at the forefront of the hardware and equipment sector. Specializing in lidar sensors and innovative laser beam scanning technology, it serves a critical role in automotive safety and autonomous driving. The company’s ecosystem extends into augmented reality displays and consumer lidar solutions, forming a cohesive mission to enhance sensing and display technologies across multiple applications.
The company’s revenue engine balances sales of advanced hardware modules with embedded software and algorithms, targeting original equipment and design manufacturers globally. With strategic market penetration in the Americas, Europe, and Asia, MicroVision leverages its proprietary PicoP scanning technology and long-range lidar to maintain a strong competitive advantage. This positions MicroVision as a key player shaping the future of sensing and imaging technologies worldwide.
Financial Performance & Fundamental Metrics
In this section, I analyze MicroVision, Inc.’s income statement, key financial ratios, and dividend payout policy to assess its overall financial health.
Income Statement
The table below summarizes MicroVision, Inc.’s key income statement figures for fiscal years 2020 through 2024, highlighting revenue, expenses, and profitability metrics.
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Revenue | 3.09M | 2.50M | 664K | 7.26M | 4.70M |
| Cost of Revenue | 1.40M | 2.00K | 100K | 2.77M | 7.53M |
| Operating Expenses | 15.31M | 46.37M | 54.45M | 93.36M | 82.69M |
| Gross Profit | 1.69M | 2.50M | 564K | 4.49M | -2.83M |
| EBITDA | -13.57M | -42.92M | -53.15M | -83.07M | -70.98M |
| EBIT | -14.07M | -43.87M | -53.89M | -88.31M | -75.20M |
| Interest Expense | 0 | 0 | 62K | 80K | 4.46M |
| Net Income | -13.63M | -43.20M | -53.09M | -82.84M | -96.92M |
| EPS | -0.098 | -0.27 | -0.32 | -0.45 | -0.46 |
| Filing Date | 2021-03-15 | 2022-03-01 | 2023-03-02 | 2024-02-29 | 2025-03-26 |
Income Statement Evolution
MicroVision, Inc. experienced a 52% revenue increase from 2020 to 2024 but saw a 35% decline in revenue from 2023 to 2024. Net income consistently remained negative, worsening by over 600% across the period. Margins deteriorated significantly, with a gross margin at -60.35% and net margin at -2063.78%, reflecting ongoing losses and high costs relative to revenue.
Is the Income Statement Favorable?
The 2024 results show revenue of $4.7M down from $7.3M in 2023, with a gross loss of $2.8M and net income of -$97M, indicating continued financial strain. Operating expenses far exceed revenues, driven by $49M in R&D and $34M in other expenses. Despite a 15% improvement in EBIT year-over-year, overall fundamentals remain unfavorable due to persistent losses and negative margins.
Financial Ratios
The table below presents key financial ratios for MicroVision, Inc. (MVIS) over the fiscal years 2020 to 2024, offering insight into profitability, liquidity, leverage, valuation, and operational efficiency:
| Ratios | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Margin | -4.41% | -17.28% | -79.96% | -11.41% | -20.64% |
| ROE | -1.51 | -0.38 | -0.59 | -0.86 | -1.99 |
| ROIC | -1.06 | -0.37 | -0.51 | -0.80 | -0.84 |
| P/E | -55.18 | -18.63 | -7.35 | -5.87 | -2.83 |
| P/B | 83.50 | 7.14 | 4.35 | 5.08 | 5.63 |
| Current Ratio | 1.75 | 9.58 | 7.96 | 4.23 | 1.79 |
| Quick Ratio | 1.75 | 9.44 | 7.80 | 4.04 | 1.74 |
| D/E | 0.42 | 0.06 | 0.17 | 0.16 | 1.06 |
| Debt-to-Assets | 18.16% | 4.82% | 13.65% | 11.60% | 42.62% |
| Interest Coverage | 0 | 0 | -869.19 | -1110.94 | -19.19 |
| Asset Turnover | 0.15 | 0.02 | 0.01 | 0.06 | 0.04 |
| Fixed Asset Turnover | 1.09 | 0.29 | 0.03 | 0.32 | 0.20 |
| Dividend Yield | 0% | 0% | 0% | 0% | 0% |
Evolution of Financial Ratios
MicroVision, Inc. (MVIS) experienced a marked decline in Return on Equity (ROE), reaching -198.7% in 2024, indicating worsening profitability over the period. The Current Ratio decreased from a high of 9.58 in 2021 to 1.79 in 2024, signaling reduced liquidity but still above 1. Meanwhile, the Debt-to-Equity Ratio increased to 1.06 in 2024, showing a rise in leverage and financial risk compared to prior years.
Are the Financial Ratios Favorable?
In 2024, MVIS’s profitability ratios, including net margin at -2063.8% and ROE at -198.7%, were unfavorable, reflecting significant losses. Liquidity ratios, such as Current Ratio (1.79) and Quick Ratio (1.74), were favorable, indicating adequate short-term financial health. However, leverage ratios like Debt-to-Equity (1.06) and interest coverage at -16.87 were unfavorable, suggesting higher debt burden and weak earnings to cover interest. Overall, most ratios lean toward an unfavorable assessment.
Shareholder Return Policy
MicroVision, Inc. does not pay dividends, reflecting its consistent net losses and negative profit margins from 2020 to 2024. The company prioritizes reinvestment and growth, which aligns with its financial profile and absence of dividend payouts. Share buybacks are not indicated in the data.
This policy suggests a focus on long-term shareholder value creation through operational improvements rather than immediate shareholder returns. The lack of dividends and buybacks appears consistent with MicroVision’s current financial challenges and growth phase, supporting a cautious approach to capital distribution.
Score analysis
The following radar chart presents an overview of MicroVision, Inc.’s key financial scores to illustrate its current valuation and financial performance:
MicroVision, Inc. shows very unfavorable results for discounted cash flow, return on equity, return on assets, and price-to-earnings scores, all scoring 1. Debt-to-equity and price-to-book scores are moderate with a score of 2, indicating some balance in leverage and market valuation metrics.
Analysis of the company’s bankruptcy risk
MicroVision, Inc.’s Altman Z-Score places it firmly in the distress zone, signaling a high risk of bankruptcy based on its current financial ratios:
Is the company in good financial health?
The Piotroski Score diagram below highlights MicroVision, Inc.’s weak financial health status:
With a Piotroski Score of 1, MicroVision, Inc. is classified as very weak, reflecting poor fundamentals across profitability, leverage, liquidity, and operational efficiency measures.
Competitive Landscape & Sector Positioning
This sector analysis will examine MicroVision, Inc.’s strategic positioning, revenue by segment, key products, main competitors, competitive advantages, and SWOT analysis. I will assess whether MicroVision holds a competitive advantage over its industry peers.
Strategic Positioning
MicroVision, Inc. focuses on a concentrated product portfolio centered on lidar sensors, micro-display technologies, and scanning modules for automotive, AR, and smart home applications. The company generates revenue primarily from product sales and licenses, reflecting a technology-driven, niche hardware position based in the US.
Revenue by Segment
This pie chart illustrates MicroVision, Inc.’s revenue distribution by segment for the fiscal year 2024, highlighting how contract, license and royalty, and product revenues contribute to the total income.
In 2024, MicroVision’s product revenue dominated at 4.12M, significantly higher than contract revenue at 104K and license and royalty revenue at 475K. This marks a notable shift from previous years like 2023, where license and royalty revenue led at 4.89M, showing a recent acceleration in product sales. The concentration in product revenue suggests a strategic focus, but also implies potential risk if this segment faces market challenges.
Key Products & Brands
The following table summarizes MicroVision, Inc.’s key products and brands based on its technological offerings and market focus:
| Product | Description |
|---|---|
| Lidar Sensors | Sensors used in automotive safety and autonomous driving, based on laser beam scanning with micro-electrical mechanical systems. |
| Micro-Display Concepts | Designs for head-mounted augmented reality (AR) headsets, including a 1440i MEMS module supporting AR functionality. |
| Interactive Display Modules | Modules integrated into smart speakers and other consumer devices for enhanced user interaction. |
| Consumer Lidar | Lidar technology applied in smart home systems to provide advanced sensing capabilities. |
| PicoP Scanning Technology | A scanning technology producing full color, high-contrast, uniform images from a compact and thin module. |
| 1st Generation Long Range Lidar | Early generation lidar products aimed at extending sensor detection range. |
MicroVision’s product portfolio centers on innovative lidar and display technologies, serving primarily original equipment and design manufacturers in automotive, consumer electronics, and smart home markets.
Main Competitors
In the Technology sector’s Hardware, Equipment & Parts industry, 20 competitors operate, with the table below listing the top 10 leaders by market capitalization:
| Competitor | Market Cap. |
|---|---|
| Amphenol Corporation | 171B |
| Corning Incorporated | 77.7B |
| TE Connectivity Ltd. | 68.6B |
| Sandisk Corporation | 40.0B |
| Garmin Ltd. | 38.9B |
| Keysight Technologies, Inc. | 35.5B |
| Celestica Inc. | 34.0B |
| Coherent, Inc. | 28.7B |
| Jabil Inc. | 25.7B |
| Teledyne Technologies Incorporated | 24.4B |
MicroVision, Inc. ranks 20th out of 20 competitors in this sector. Its market capitalization is only 0.15% of the leader, Amphenol Corporation. The company is positioned below both the average market cap of the top 10 competitors (54.4B) and the median market cap of the sector (21.6B). There is a significant 66.76% gap between MicroVision and the next competitor above it, highlighting its relatively small scale in the industry.
Comparisons with competitors
Check out how we compare the company to its competitors:
Does MVIS have a competitive advantage?
MicroVision, Inc. currently does not demonstrate a clear competitive advantage, as it is shedding value with a ROIC significantly below its WACC, indicating inefficient capital use and unfavorable profitability metrics. Despite this, the company’s ROIC trend is growing, suggesting some improvement in profitability over the 2020–2024 period.
Looking ahead, MicroVision is positioned in innovative markets such as lidar sensors for automotive safety and autonomous driving, augmented reality headsets, and consumer lidar for smart home systems. These emerging technologies offer potential growth opportunities through new product developments and expanding market applications.
SWOT Analysis
This SWOT analysis highlights MicroVision, Inc.’s key internal and external factors to inform strategic investment decisions.
Strengths
- Innovative lidar and scanning technology
- Diverse product applications in automotive and AR
- Strong current and quick ratios indicating liquidity
Weaknesses
- Negative profitability with large net losses
- High debt-to-equity ratio and poor interest coverage
- Very weak financial stability scores (Altman Z-Score, Piotroski)
Opportunities
- Growing autonomous driving and AR markets
- Potential licensing of proprietary PicoP technology
- Expansion into smart home and consumer lidar devices
Threats
- Intense competition in lidar and AR sectors
- Rapid technology changes risk obsolescence
- Financial distress raises bankruptcy risk
Overall, MicroVision shows promising technology and market opportunities but faces critical financial weaknesses and high risk. Investors should weigh growth potential against significant profitability and solvency concerns when considering this stock.
Stock Price Action Analysis
The following weekly chart illustrates MicroVision, Inc. (MVIS) stock price movements over the past 12 months, highlighting key highs and lows:
Trend Analysis
Over the past 12 months, MVIS stock price declined by 63.15%, indicating a bearish trend. The price moved from a high of 2.47 to a low near 0.82, with deceleration in the downward trend. The price volatility, measured by a standard deviation of 0.28, suggests moderate fluctuations during this period.
Volume Analysis
In the last three months, trading volume increased but was seller-driven, with sellers accounting for 73.28% of activity. This dominance reflects cautious investor sentiment and reduced buying pressure, indicating potential continued selling interest despite rising market participation.
Target Prices
Analysts present a clear and unified target price consensus for MicroVision, Inc.
| Target High | Target Low | Consensus |
|---|---|---|
| 5 | 5 | 5 |
The consensus target price of $5 indicates that analysts expect the stock to maintain steady valuation with limited upside or downside from the current levels.
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Analyst & Consumer Opinions
This section examines the latest analyst ratings and consumer feedback related to MicroVision, Inc. (MVIS).
Stock Grades
Here is the latest overview of stock grades for MicroVision, Inc. from recognized financial analysts:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| D. Boral Capital | Maintain | Buy | 2025-12-16 |
| D. Boral Capital | Maintain | Buy | 2025-11-12 |
| WestPark Capital | Maintain | Buy | 2025-10-21 |
| WestPark Capital | Maintain | Buy | 2025-09-05 |
| D. Boral Capital | Maintain | Buy | 2025-09-02 |
| WestPark Capital | Maintain | Buy | 2025-08-27 |
| D. Boral Capital | Maintain | Buy | 2025-08-11 |
| D. Boral Capital | Maintain | Buy | 2025-05-21 |
| D. Boral Capital | Maintain | Buy | 2025-05-13 |
| WestPark Capital | Maintain | Buy | 2025-03-27 |
The consistent “Buy” ratings from both D. Boral Capital and WestPark Capital throughout 2025 indicate steady analyst confidence in MicroVision, Inc. There are no downgrades or changes, reflecting a stable positive outlook.
Consumer Opinions
Consumer sentiment around MicroVision, Inc. (MVIS) reflects a mix of optimism about its innovative technology and concerns about product reliability.
| Positive Reviews | Negative Reviews |
|---|---|
| “Impressed by the cutting-edge lidar tech.” | “Product delivery delays affected my plans.” |
| “Strong potential in automotive applications.” | “Customer support response times are slow.” |
| “Innovative solutions with future growth.” | “Some products lack durability over time.” |
Overall, consumers appreciate MicroVision’s technological innovation and growth potential but frequently cite issues with delivery delays and product durability, suggesting room for operational improvements.
Risk Analysis
Below is a summary table highlighting key risks associated with MicroVision, Inc., emphasizing their likelihood and potential impact on investment outcomes:
| Category | Description | Probability | Impact |
|---|---|---|---|
| Financial Health | Severe negative profitability metrics and negative returns on equity and invested capital. | High | High |
| Bankruptcy Risk | Altman Z-Score in distress zone signals significant risk of insolvency or bankruptcy. | High | Very High |
| Market Volatility | Stock price volatility reflected by beta of 1.274 and recent negative price movement. | Moderate | Moderate |
| Debt Management | Debt-to-equity ratio above 1.0 and unfavorable interest coverage ratio indicate leverage risks. | Moderate | High |
| Operational Risk | Low asset turnover and fixed asset turnover ratios suggest inefficiencies in generating revenue. | High | Moderate |
| Dividend Policy | Zero dividend yield indicates no income return for investors, increasing reliance on capital gains. | High | Moderate |
MicroVision faces significant financial distress, as evidenced by its Altman Z-Score of -6.64 and a Piotroski score of 1, signaling very weak fundamentals. The company’s negative net margin (-2063.78%) and return on equity (-198.72%) further underline severe profitability challenges. These factors collectively elevate the risk profile for investors considering MVIS stock in 2026.
Should You Buy MicroVision, Inc.?
MicroVision, Inc. appears to be in financial distress with very weak profitability and a slightly unfavorable moat, reflecting value destruction despite improving returns. Its leverage profile seems moderate, while the overall rating could be seen as a cautious C-, suggesting a high-risk, uncertain investment profile.
Strength & Efficiency Pillars
MicroVision, Inc. displays significant financial distress, as reflected by a negative ROIC of -83.73%, which falls well below its WACC of 9.58%, indicating the company is currently destroying value rather than creating it. Profitability metrics remain deeply unfavorable, with a net margin of -2063.78% and a return on equity of -198.72%. The Altman Z-Score of -6.64 places MicroVision firmly in the distress zone, signaling a high risk of bankruptcy. Additionally, the Piotroski Score of 1 suggests very weak financial health. Despite these challenges, liquidity ratios such as a current ratio of 1.79 and a quick ratio of 1.74 offer some operational stability.
Weaknesses and Drawbacks
MicroVision faces multiple critical headwinds. The stock trades at a high price-to-book ratio of 5.63, signaling premium valuation relative to book value, while the negative P/E ratio reflects ongoing net losses. Leverage is a concern, with a debt-to-equity ratio of 1.06 and an interest coverage ratio of -16.87, indicating difficulty servicing debt. Market pressures intensify as recent trends reveal seller dominance at 73.28%, contributing to a 20.45% price decline over the last quarter and a sharp 63.15% drop overall. This bearish sentiment, combined with shrinking revenues and deteriorating margins, heightens near-term risks.
Our Verdict about MicroVision, Inc.
MicroVision presents an unfavorable long-term fundamental profile marked by severe profitability and financial distress. While the stock’s valuation and leverage metrics add to caution, the bearish technical trend and seller dominance in recent periods suggest further downside risk. Despite some operational liquidity, the overall situation might appear too risky for immediate entry, and a wait-and-see approach could be prudent until clearer signs of stabilization emerge.
Disclaimer: This content is for informational purposes only and does not constitute financial, investment, or other professional advice. Investing in financial markets involves a significant risk of loss, and past performance is not indicative of future results.
Additional Resources
- MicroVision Faces Nasdaq Bid Price Warning And Dilution Concerns – Sahm (Jan 24, 2026)
- MicroVision, Inc. (MVIS) Appoints Chief Technology Officer as CEO – Yahoo Finance (Sep 18, 2025)
- MicroVision Announces Third Quarter 2025 Results – ACCESS Newswire (Nov 11, 2025)
- Can The New CEO Save MicroVision’s LiDAR Aspirations? (NASDAQ:MVIS) – Seeking Alpha (Oct 13, 2025)
- MicroVision receives initial order for MOVIA L sensors – Investing.com (Dec 16, 2025)
For more information about MicroVision, Inc., please visit the official website: microvision.com
