Microvision Q1 Earnings Call Highlights
Microvision (NASDAQ:MVIS) said its first-quarter results showed early commercial traction from its expanded lidar portfolio following the acquisitions of Scantinel Photonics and lidar assets from Luminar Technologies, while management maintained its full-year revenue outlook and improved its cash burn and gross margin guidance.
Chief Executive Officer Glen DeVos said the company made “significant progress” during the quarter integrating technologies, teams, operations and customer relationships from Luminar and Scantinel. He said MicroVision has restarted key Luminar commercial programs, resumed shipments across multiple customer engagements, received repeat orders from existing customers and expanded work with prospective customers in industrial, security and defense, and automotive applications.
“What we have today is one MicroVision organization,” DeVos said. He added that first-quarter revenue “represents the start of commercial traction” and said the company has increased confidence in its outlook for the balance of 2026.
Revenue rises as acquired sensor sales contribute
Interim Chief Financial Officer Steve Hrynewich said first-quarter revenue was $0.9 million, up $0.3 million, or 50%, from the same period in 2025. He said revenue came from all three of the company’s focus sectors: automotive, industrial, and security and defense.
Hrynewich said 75% of first-quarter revenue was attributed to sales of sensors acquired from Luminar, which he said underscored the value of the acquisition and provided “ready inventory of automotive qualified long-range sensors” that accelerated the company’s commercial strategy.
Gross margin was 39% in the first quarter, compared with 7% in the year-earlier period. During the question-and-answer session, Hrynewich said the company expects gross margin of 35% to 40% for the remainder of the year.
Cash flow from operations plus capital expenditures was $16.6 million for the quarter, up $2.4 million from the first quarter of last year. Hrynewich said the increase was primarily driven by operating costs tied to the Scantinel and Luminar acquisitions, along with non-recurring acquisition-related expenses including legal, accounting and audit fees.
MicroVision ended the quarter with $46.1 million in cash equivalents and investment securities. Hrynewich said the company also had $42 million available under its current at-the-market facility.
Guidance maintained for revenue, improved for cash burn and margins
MicroVision maintained its full-year 2026 revenue guidance of $10 million to $15 million. Hrynewich said the company continues to expect most of that revenue to come in the second half of the year.
The company improved its expected cash burn from operations plus capital expenditures to approximately $60 million for the year, compared with prior guidance of $65 million to $70 million. Hrynewich attributed the improvement to integration activities and cost-reduction synergies.
MicroVision also raised its gross margin guidance from “positive” to a range of 35% to 40%, citing supply agreement negotiations and optimization of its sensor sales mix.
Hrynewich also reviewed recent financing and acquisition activity, noting that MicroVision closed the Scantinel acquisition in January and the Luminar lidar asset acquisition in February. The company also completed a $43 million financing deal in February, using part of the proceeds to repay $19.5 million of outstanding principal and interest on a prior note, with the remainder intended for operating activities.
Management says Lidar 2.0 strategy is taking shape
DeVos framed the company’s strategy around what he called “Lidar 2.0,” which he said represents a shift away from a technology-first industry mindset toward lower-cost, scalable and easier-to-integrate lidar systems. He said customers are increasingly focused on cost, reliability, integration and application-specific performance rather than standalone sensor specifications.
DeVos said MicroVision now has what he described as the industry’s broadest technology portfolio. He said the MOVIA product family provides compact, solid-state, short-range sensing for industrial, security and defense, and automotive applications. IRIS and HALO expand the company’s long-range detection capabilities, while Scantinel’s FMCW platform adds ultra-long-range sensing capabilities.
The company also pointed to its MOSAIK and Sentinel software platforms, which DeVos said provide a complete perception stack and development environment around an open software framework. In response to shareholder questions, he said software is important both for reducing hardware cost and for making MicroVision’s products easier for customers to integrate into broader perception and control systems.
DeVos said manufacturing for current products has been consolidated into the company’s Orlando facility. He said the facility can build MOVIA S and IRIS, while capability for HALO is being built up. He added that higher-volume manufacturing plans still involve working with an outside contractor, with a final determination expected over the course of the year.
Industrial, defense and automotive remain target markets
In industrial markets, DeVos said MicroVision has restarted shipments and active programs with customers in mining, off-road logistics and warehouse automation. He said the company’s MOVIA sensor line is positioned for what he described as a shift from high-cost electromechanical systems to compact, cost-effective solid-state sensors. DeVos said customer feedback on MOVIA S has been “incredibly positive” and that the product remains on schedule for a planned production launch later this year.
In security and defense, he said the company has active engagements in drone-based lidar perception, aviation, traffic management and unmanned ground vehicles. DeVos highlighted MOVIA Air sensors for drone applications, saying the technology can compute real-time maps and terrain analytics on the edge or in the drone. He also discussed MicroVision’s collaboration with Avular on a fully integrated payload and said the arrangement is non-exclusive.
During the Q session, DeVos said MicroVision aims for drone lidar payloads to weigh well below 300 grams and move as quickly as possible below 200 grams, while retaining processing and real-time mapping capabilities.
In automotive, DeVos said MicroVision continues to engage with passenger car OEMs as they define next-generation Level 3 and Level 4 architectures. However, he said broader automotive adoption will take time and depends on significantly reducing sensor costs. He said MicroVision remains focused on its Tri-Lidar architecture as a way to expand lidar perception performance while reducing total system cost.
DeVos said the company recently demonstrated an integration of HALO with MOVIA S in a 360-degree perception system at the ACT Expo in Las Vegas, generating follow-up interest from commercial vehicle and autonomous trucking companies. He also said MOVIA S may be applicable to robotaxi and urban autonomy applications because of its wide field of view and near-field detection capabilities.
Pipeline expands after Luminar acquisition
In response to a shareholder question, Hrynewich said the Luminar acquisition “dramatically increased” MicroVision’s customer base. He said the company’s pipeline is up across its three verticals and that MicroVision is working with more than 100 customers and prospects.
DeVos said one benefit of the acquisitions has been the ability to introduce MicroVision’s broader portfolio, including systems, short-range sensors, software and Scantinel technology, to legacy Luminar customer accounts.
Asked about milestones investors should watch over the next 12 to 18 months, DeVos pointed to potential customer wins, product demonstrations and company guidance. He said MicroVision expects to showcase additional milestones during the year, including a multi-drone demonstration involving ground vehicle and tablet-based real-time mapping, as well as activity at the Hannover conference in September related to commercial vehicles.
DeVos said the integration of the acquired companies is proceeding according to plan, including organizational alignment, product roadmap integration, operational consolidation and software architecture work. He said the software architectures from Luminar and MicroVision had “a lot of commonality,” which has helped the integration process.
“Our strategy is working,” DeVos said in closing remarks. “The new MicroVision has the most comprehensive product portfolio in our industry, which is enabling commercial traction in all three of the markets that we serve.”
About Microvision (NASDAQ:MVIS)
MicroVision, Inc (NASDAQ: MVIS) is a technology company specializing in laser scanning and sensing solutions. Founded in 1993 and headquartered in Redmond, Washington, MicroVision develops its proprietary PicoP® scanning technology, which integrates miniature lasers and microelectromechanical systems (MEMS) mirrors to create high-resolution projection displays and three-dimensional sensing systems. Over the years, the company has built a portfolio of patents and intellectual property focused on precision optics and laser-based signal processing.
At the core of MicroVision's offerings is its display platform, which enables compact, energy-efficient projection for augmented reality (AR) headsets, head-up displays (HUDs) in automotive environments, and consumer electronics applications such as pico projectors.
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