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what it is
MicroVision builds lidar sensors and related software for cars, plus older display tech for AR headsets and smart devices.
how it gets paid
Last year Microvision made $1M in revenue.
why growth slowed
Revenue fell 74.3% last year. n/a gross margin is the real headline because it means the company lost money before you even get to overhead.
what just happened
Latest quarter revenue reached $985K, but gross margin stayed at -n/a, which means more sales still produced more pain.
At a glance
B balance sheet — gets the job done, barely
50/100 earnings predictability — expect surprises
-$0.46 fy2024 eps est
$5M fy2024 rev est
n/a operating margin
xvary composite: 48/100 — below average
What they do
MicroVision builds lidar sensors and related software for cars, plus older display tech for AR headsets and smart devices.
The best version of the bull case is simple: if an automaker wants one supplier for lidar hardware, software, and perception tools, MicroVision can show the full stack. Full stack → one combined sensor-and-software package → so what, you avoid stitching together multiple vendors. The problem is that moat only matters if customers pay, and annual revenue was just $1 million while the company employed 185 people.
How they make money
$1M
annual revenue · revenue declined -74.3% last year
total revenue
$1M
74.3%
The products that matter
dynamic view lidar sensor
MAVIN DR
$0.2M last quarter disclosed
it's the core hardware pitch, but revenue fell 88% vs. prior year to $200K last quarter. that tells you the technology story still isn't a scaled customer story.
revenue still tiny
lidar perception software
Software & Calibration
$10M–$15M 2026 target
this is the pivot. management is targeting $10M–$15M of 2026 revenue here, versus just $1.21M of total company revenue last year. if that target slips, the whole bull case gets thinner.
the new bet
Key numbers
$1.0M
annual revenue
That is the whole sales base today. You are paying a $163 million market cap for a company that sold about $1 million last year.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after operating costs → so what, the company is burning far more than it brings in.
$5M
2024 sales estimate
This is the internal bar the market can judge against. The gap between $1 million actual annual revenue and a $5 million estimate is the whole debate.
$14M
long-term debt
Debt is only 8% of capital, which sounds fine, until you remember annual revenue was just $1 million.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $14M (8% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MVIS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue reached $985K, but gross margin stayed at -n/a, which means more sales still produced more pain.
Quarterly revenue rose 309% vs. prior year off a tiny base, while annual revenue still fell 74.3% to $1 million. EPS was reported at -$0.22 in the latest quarter, and the business remains deep in loss-making territory.
$985K
revenue
$0.22
eps
n/a
gross margin
the number that mattered
n/a gross margin is the real headline because it means the company lost money before you even get to overhead.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is the software pivot failing to replace a disappearing legacy contract.
med
Revenue gap
Quarterly revenue fell 88% to $200K as the agricultural contract wound down. No replacement customer of similar size has been disclosed.
That exposes essentially the whole current revenue base. When your annual revenue is $1.21M, one customer matters too much.
med
Negative unit economics
Gross margin was -n/a last year. Translation: the company lost money on the product before you even get to operating costs.
Scaling a negative-margin product does not fix the model. It scales the problem.
med
Restructuring drag
Management expects $8M–$12M of asset impairment charges and $1M–$2M of restructuring costs in 2026.
Those charges do not create revenue. They buy time for the reset to work.
med
Sell-side patience is slipping
Boral Capital downgraded MVIS to Hold, citing near-term revenue visibility and elevated operating costs.
When revenue proof is weak, target prices become less useful and financing risk starts doing more of the valuation work.
A failed pivot leaves you with a $163M company that produced $1.21M of revenue and lost $94.98M last year. That's the combined risk picture.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected around April 23, 2026. You want to see whether revenue starts replacing the lost contract or keeps shrinking.
target
$10M–$15M software revenue goal
Management's 2026 target is many times larger than last year's $1.21M total company revenue. That's the number that matters.
costs
Impairment and restructuring charges
The company expects $8M–$12M of asset impairment charges plus $1M–$2M of restructuring costs in 2026. Cash preservation matters when sales are this small.
trend
MAVIN DR commercial traction
MAVIN DR revenue fell 88% to $200K last quarter. You need that line moving up, not just management commentary.
Analyst rankings
earnings predictability
50 / 100
The reported numbers can swing quickly. In human-speak, analysts do not have a stable operating model to lean on.
beta
1.75
Beta measures how much a stock moves versus the market. At 1.75, MVIS has historically moved much more than the index.
risk rank
3
On this scale, 3 means roughly middle-of-the-pack balance-sheet risk. That sounds calmer than the operating story actually is.
source: institutional data
Institutional activity
institutional ownership data for MVIS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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