Key Highlights

  • Revenue of USD 2.4 million rose from USD 0.2 million last year and topped the USD 2.00 million consensus estimate.
  • The net loss was USD 0.45 per share, narrower than the USD 0.75 loss per share in the consensus estimate.
  • Gross margin reached 50% on USD 1.2 million of gross profit, versus a negative margin in the prior-year quarter.
  • A workforce cut of about 28% supports a 2027 operating cash burn target of roughly USD 40 million, down one-third.

MicroVision, Inc. (NASDAQ:MVIS) reported third-quarter 2026 revenue of USD 2.4 million, compared with USD 0.2 million in the third quarter of 2025 and above a consensus estimate of USD 2.00 million. The quarter's revenue matched the total recognized in the whole first half of 2026, and year-to-date revenue of USD 4.8 million is nearly five times the USD 1.0 million through nine months of 2025.

The net loss was USD 12.2 million, or USD 0.45 per share, against USD 14.2 million, or USD 0.72, a year earlier. That loss per share was smaller than the consensus estimate of a USD 0.75 loss. Chief executive Glen DeVos said record lidar sales and a second consecutive quarter of revenue growth show the commercial transition is under way, with customer demand for IRIS sensors building through the second half.

Margins, Costs and Cash

Gross margin was 50%, and nine-month gross margin improved to 46% from negative 126%, which the company tied to inventory and assets acquired with Luminar, including the Orlando manufacturing facility. Operating expenses totaled USD 22.5 million versus USD 12.0 million a year ago, reflecting the Luminar acquisition, though that was about 7.5% below the first-half quarterly average of USD 24.4 million. Research and development was USD 13.2 million and selling, general and administrative expense was USD 9.4 million, including roughly USD 1.2 million of nonrecurring finance costs.

Adjusted EBITDA loss was USD 11.1 million compared with USD 11.7 million a year earlier. The quarter included a USD 6.3 million cash research grant from the German government. Cash used in operations was USD 13.6 million, and cash and equivalents ended at USD 28.9 million, up from USD 27.2 million at June 30.

Guidance, Backlog and Funding Plans

The company reiterated 2026 revenue guidance of USD 10 million to USD 15 million and projects 2027 revenue to at least double the 2026 level. Management cited about USD 10 million of customer purchase orders awaiting shipment, most with inventory already built, and said the main variable is shipment timing rather than demand. Nine-month operating cash use was USD 49.2 million against a full-year target near USD 60 million.

On funding, management said it is prioritizing non-dilutive sources through the rest of 2026, including working capital management and monetization of noncore assets, with about USD 40 million remaining on its at-the-market facility. It is also evaluating strategic partnerships and licensing for what it called clean capital. The HALO lidar is scheduled to launch in the fourth quarter of 2027, with preproduction samples planned for early next year.

Lines to Follow in the Next Report

Four items frame the next report. Revenue is first: with USD 4.8 million booked through September, the USD 10 million to USD 15 million range implies roughly USD 5.2 million to USD 10.2 million in the fourth quarter, against USD 2.4 million in the third. Second is conversion of the roughly USD 10 million purchase order backlog into shipments. Third is cash, with USD 28.9 million at quarter end and operating burn near USD 60 million for 2026. Fourth is cost: the 28% headcount cut and the approximately USD 40 million burn target for 2027, alongside HALO preproduction samples planned for early next year.