MicroVision expects to report Q3 revenue of $0.15M-$0.2M, compared to $1.0M for the third quarter of 2023, due to one customer pushing its orders out of the third quarter of 2024. “After giving effect to the net proceeds from the first $45.0M tranche of the financing transaction, we expect to have approximately $81.0M in cash and cash equivalents and access to $153 million of additional capital, including $123M under our existing ATM, or at-the-market, facility and $30M from the remaining commitment pursuant to the convertible note facility. No cash was raised in the third quarter of 2024 from the sale of equity through existing $150M ATM facility. Cash used in operations in the third quarter of 2024 was approximately $14M, compared to cash used in operations in the third quarter of 2023 of $20M,” the company stated. Sumit Sharma, MicroVision’s CEO, said: “We are pleased with our continued engagement in RFQs with automotive OEMs and are also energized by the uptick in interest in pre-RFQ collaboration and development work. Despite near-term automotive industry headwinds, we have worked hard to position MicroVision to capitalize on its end markets in the industrial and automotive sectors. With a potential ramp in revenues from multiple heavy equipment customers starting in 2025, we expect to be on a sustainable path for multiple years ahead as we work to secure higher volume automotive opportunities. With lower cash burn in Q3, we are realizing benefits of increased productivity to extend our financial runway and execute near-term revenue opportunities.”
