Monitor the upcoming Deutsche Bank conference (May 19-20) for order pipeline updates and any capital raise announcements. The 61.3M share overhang from the High Trail registration is the dominant near-term risk — any conversion and resale would pressure the stock. Cash runway of ~3 quarters at current burn rate suggests another capital raise is likely before year-end.
Price Chart
Executive Summary
MicroVision reported Q1 2026 revenue of $0.9M, up 58.7% YoY from $0.6M, but operating expenses surged to $23.9M from $14.1M, driven by acquisition and integration costs. Net loss narrowed to $25.3M ($0.08/share) from $28.8M ($0.12/share) a year ago, but cash burn deepened to $16.4M in operations, and cash reserves dropped to $46.1M from $74.8M at year-end 2025. The results are overshadowed by recent dilutive filings (S-3, 424B5) registering up to 61.3M shares for resale by noteholders, creating significant overhang.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $0.9M vs $0.6M YoY (+58.7%)
- Net loss $25.3M ($0.08/share) vs $28.8M ($0.12/share) YoY
- Operating expenses $23.9M, up 69.5% from $14.1M YoY
- Adjusted EBITDA loss widened to $17.2M from $10.7M YoY
- Cash used in operations $16.4M vs $14.1M YoY
- Cash & investments fell to $46.1M from $74.8M at Dec 31, 2025
- Recent S-3/A and 424B5 filings register up to 61.3M shares for resale by High Trail noteholders
- Workforce reduced ~15% in Q1; engineering consolidated from Redmond to Orlando
Financial Impact
Revenue grew to $0.9M but operating loss widened to $23.5M; cash burn of $16.4M per quarter at current $46.1M cash gives ~2.8 quarters of runway without additional capital
Risk Factors
- 61.3M share overhang from High Trail convertible note resale registration
- Cash burn of $16.4M/quarter with only $46.1M remaining
- Operating expenses growing faster than revenue (69.5% vs 58.7%)
- No guidance provided; limited visibility on revenue trajectory
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-022740 |
| Document: form8-k.htm | 0001493152-26-022740 |
| Document: 0001493152-26-022740-index-headers.html | 0001493152-26-022740 |
| Document: 0001493152-26-022740-index.html | 0001493152-26-022740 |
| Document: 0001493152-26-022740.txt | 0001493152-26-022740 |
| 8-K Data (Synthetic) | 0001493152-26-022740 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | 8-K | $1.31 | awaiting T+20 | — | $1.24 (−5.34%) |
Sep 18, 2026 5w ago | SC 13G | $1.66 $1.13 | ▼ −31.93% | ▼ −32.13% | $1.24 (−25.30%) |
Aug 17, 2026 10w ago | 424B5 | $2.14 $1.53 | ▲ +28.50% | ▲ +26.53% | $1.24 (+42.06%) |
Aug 10, 2026 11w ago | 8-K | $3.72 $1.67 | ▼ −55.11% | ▼ −54.19% | $1.24 (−66.67%) |
Jul 16, 2026 14w ago | EFFECT | $0.2969 $0.2513 | ▲ +15.35% | ▲ +18.97% | $1.24 (−317.65%) |
Jul 9, 2026 15w ago | Institutional Cluster | $0.4000 $0.2173 | ▼ −45.67% | ▼ −47.91% | $1.24 (+210.00%) |
Jul 7, 2026 16w ago | DEFA14A / 8-K | $0.3779 $0.2437 | ▼ −35.52% | ▼ −38.68% | $1.24 (+228.13%) |
Jun 24, 2026 17w ago | EFFECT | $0.3113 $0.2753 | ▲ +11.56% | ▲ +12.24% | $1.24 (−298.33%) |
Jun 23, 2026 18w ago | 424B5 | $0.3113 $0.2753 | ▲ +11.56% | ▲ +12.24% | $1.24 (−298.33%) |
Jun 12, 2026 19w ago | 8-K | $0.3851 $0.3094 | ▲ +19.66% | ▲ +19.65% | $1.24 (−221.99%) |
US Market Status
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