Microvision (NASDAQ:MVIS) reported third-quarter revenue of $2.4 million, matching the revenue generated in the first half of 2026 and rising from $0.2 million a year earlier, as the lidar developer increased product shipments across industrial, security and defense, and automotive markets.
For the first nine months of 2026, revenue totaled $4.8 million, nearly five times the $1 million reported in the prior-year period. Chief Financial Officer Christine Chambers said the company remains confident in its full-year revenue outlook of $10 million to $15 million, supported by approximately $10 million in customer purchase orders awaiting shipment. Most inventory associated with those orders has already been built and is available for delivery, she said.
“The primary variable is going to be shipments rather than customer demand,” Chambers said, citing certain remaining supply-chain dependencies.
Margins Improve as Product Revenue Expands
Third-quarter gross profit was $1.2 million, or 50% of revenue, compared with a gross loss of $0.7 million in the third quarter of 2025. Year-to-date gross margin improved to 46%, compared with negative 126% in the comparable period last year.
Chambers attributed the improvement partly to inventory and assets acquired through the company’s Luminar acquisition, including a manufacturing facility in Orlando. She said margins could fluctuate depending on shipment timing and product mix, while CEO Glen DeVos said the company sees a long-term path toward gross margins in the 40% to 45% range.
Total operating expenses were $22.5 million, down about 7.5% from the first-half quarterly average of $24.4 million. Research and development expense was $13.2 million, while selling, general and administrative expense was $9.4 million, including roughly $1.2 million in non-recurring finance-related costs.
The company reported an adjusted EBITDA loss of $11.1 million, compared with a first-half quarterly average loss of $18 million. The quarter included recognition of a $6.3 million German government research and development grant. GAAP net loss was $12.2 million, or $0.45 per share, compared with a loss of $14.2 million, or $0.72 per share, a year earlier.
Cost Reductions Target Lower Cash Burn
Cash used in operating activities totaled $49.2 million for the first nine months of the year. Microvision is targeting about $60 million in operating cash burn for full-year 2026, depending on working-capital timing, and approximately $40 million in 2027.
To support that lower target, the company recently reduced its workforce by about 28%, primarily in non-revenue-generating functions. Chambers said the reductions were concentrated in research and development and general and administrative functions, while the company strengthened operations and supply-chain resources needed for commercial shipments, MOVIA production and HALO development.
“We are taking decisive actions to improve efficiency and reduce cash burn by a third next year,” Chambers said.
Microvision ended the quarter with $28.9 million in cash and cash equivalents, up from $27.2 million at the end of the second quarter. The company said it intends to prioritize non-dilutive liquidity sources, including working-capital management, monetization of non-core assets, licensing opportunities and strategic partnerships. It also has approximately $40 million remaining under its at-the-market equity facility.
IRIS Orders, HALO Development and MOVIA Launch
DeVos said the company has reestablished commercial contracts for its IRIS long-range 1550-nanometer time-of-flight lidar following the Luminar acquisition and has restarted production in Orlando. Microvision expects a significant sequential increase in IRIS shipments during the fourth quarter as suppliers become fully engaged.
In August, the company announced initial and repeat purchase orders representing thousands of IRIS sensors for customers in North America and Europe. The sensors are intended for applications including off-road autonomy, space systems, material handling, logistics, robotics and other intelligent systems.
IRIS is also intended to provide a migration path to HALO, Microvision’s next-generation 1550-nanometer lidar product. HALO is scheduled to launch in the fourth quarter of 2027, with customer evaluations already underway and pre-production samples expected to be available early next year for testing.
DeVos said Microvision expects 2027 revenue to double from its 2026 level, supported by committed purchase orders entering the year, additional IRIS sales and MOVIA product sales. Chambers said the company’s committed IRIS pipeline supports roughly half of projected 2027 revenue, though shipment timing and component availability will affect when revenue is recognized.
The company also launched MOVIA Pro, the first configuration of its next-generation short-range flash lidar platform. DeVos said Microvision is engaged with more than 70 prospective end customers for MOVIA Pro and has shipped evaluation units and samples to more than 18 of them.
- MOVIA Pro is designed to support point-cloud generation, perception functions and advanced features through onboard computing capabilities.
- MOVIA Air is a drone-oriented version based on the MOVIA L60 sensor for navigation and collision avoidance.
- MOVIA Air Plus adds lidar- and camera-based mapping and intelligence, surveillance and reconnaissance capabilities.
- MOVIA Air Plus ISR includes a complete drone system and related equipment.
Additional Commercial and Technology Initiatives
Microvision said it is pursuing intelligent transportation systems opportunities through a commercial alliance with Blue-Band, a provider of ITS design and implementation services. DeVos said the relationship is intended to open the ITS market for Microvision hardware and software sales through Blue-Band’s existing customer base.
The company also said a smart-mobility technology provider selected IRIS for automated traffic-safety applications, while IRIS is in the final stages of evaluation for automatic traffic-enforcement applications.
Separately, Microvision formed Microvision Semiconductor in Colorado Springs to expand internal application-specific integrated circuit and mixed-signal design capabilities. DeVos said the unit, which originated from capabilities associated with Luminar, is supporting Scantinel photonic integrated-circuit design and MOVIA custom silicon work, while also pursuing external engineering-service opportunities.
DeVos said Scantinel remains on track to deliver an ultra-long-range 1550-nanometer frequency-modulated continuous-wave lidar A-sample early next year. He also highlighted potential licensing and development-partner opportunities for Scantinel’s external laser-source technology in optical interconnects for data-center infrastructure.
Management said its near-term focus remains converting product evaluations and commercial engagements into repeatable revenue, managing supply-chain risks, reducing operating costs and progressing toward positive cash flow.
About Microvision (NASDAQ:MVIS)
MicroVision, Inc develops lidar sensing and perception technologies for automotive and industrial applications. Its products are designed to help vehicles and machines detect, classify and track objects and understand their surroundings, supporting advanced driver-assistance systems and autonomous driving. The company’s technology uses microelectromechanical systems (MEMS), laser scanning and related software to provide real-time environmental data.
MicroVision’s product portfolio includes automotive lidar systems such as MAVIN, a long-range sensor platform, and MOVIA, a compact lidar product intended for applications including vehicle automation and industrial sensing.
