on MicroVision, Inc. (NASDAQ:MVIS)
MicroVision Reports Q3 2024 Financial Results
MicroVision, Inc., a leader in MEMS-based lidar and ADAS solutions, has announced its third quarter 2024 results. The company continues to engage with top-tier automotive OEMs and industrial companies, focusing on integrated lidar solutions. MicroVision's cash burn improved in Q3 2024, bolstered by a $75 million capital commitment. This positions the company to leverage sales opportunities for 2025 with industrial clients.
Revenue for Q3 2024 was $0.2 million, a drop from $1.0 million in Q3 2023, influenced by a delayed order. Net loss decreased to $15.5 million from $23.5 million the previous year. The adjusted EBITDA showed a loss of $11.7 million, improving from a $16.9 million loss in 2023. As of Q3 2024, MicroVision's cash reserves stood at $43.2 million.
Post-Q3, MicroVision secured a $75 million senior secured convertible note facility, enhancing its financial standing with expected cash equivalents of $81 million. The company plans to continue adapting to automotive OEMs' production timelines while controlling operating expenses.
R. P.
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