Free cash flow remains deeply negative with quarterly outflows frequently exceeding $15 million, forcing the company to prioritize survival over sustainable capital deployment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -59.98M | -58.72M | -68.54M | -67.09M | -38.02M | -29.4M | -16.07M | -24.04M | -22.57M | -15.48M | -14.82M | -5.83M | -12.95M | -12.66M | -20.62M | -27.89M | -46.2M | -31.71M | -31.16M | -21.31M | -27.06M | -19.73M | -32.28M | -26.41M | -28M | -35.04M | -23.15M | -16.54M | -6.1M | -5.1M | -2.7M |
| Operating CF Margin % | - | -4860.93% | -1459.54% | -924.23% | -5725.75% | -1176.16% | -520.23% | -270.57% | -128.2% | -142.13% | -100.41% | -63.42% | -371.65% | -216.29% | -246.52% | -496.48% | -974.6% | -827.29% | -471.34% | -203.24% | -384.15% | -133.78% | -282.72% | -180.24% | -175.91% | -325.55% | -285.03% | -239.59% | -85.92% | -300% | -2700% |
| Operating CF Growth % | 3.43% | 14.33% | -2.16% | -76.46% | -29.3% | -82.92% | 33.14% | -6.52% | -45.82% | -4.44% | -154.35% | 55.01% | -2.33% | 38.62% | 26.06% | 39.63% | -45.68% | -1.77% | -46.24% | 21.24% | -37.15% | 38.89% | -22.23% | 5.68% | 20.09% | -51.37% | -39.95% | -171.12% | -19.61% | -88.89% | - |
| Net Income | -91.5M | -94.98M | -96.92M | -82.84M | -53.09M | -43.2M | -13.63M | -26.48M | -27.25M | -24.24M | -16.47M | -14.54M | -18.12M | -13.18M | -22.69M | -35.81M | -47.46M | -39.53M | -32.62M | -19.79M | -23.98M | -28.18M | -33.2M | -26.16M | -27.18M | -34.79M | -26.6M | -14.72M | -7.3M | -4.9M | -3.5M |
| Depreciation & Amortization | 6.78M | 5.82M | 6.92M | 7.86M | 2.25M | 1.46M | 963K | 1.65M | 1.84M | 1.26M | 1.25M | 557K | 546K | 1.08M | 1.63M | 2.59M | 1.76M | 1.14M | 989K | 953K | 1.22M | 1.6M | 2.41M | 3.11M | 2.94M | 2.38M | 1.25M | 675.6K | 500K | 0 | 0 |
| Stock-Based Compensation | -1.22M | 701K | 11.54M | 16.14M | 15.46M | 15.28M | 1.3M | 1.61M | 1.06M | 1.29M | 1.22M | 1.01M | 713K | 1.61M | 2.27M | 3.36M | 3.45M | 3.37M | 0 | 469M | 469M | 469M | 1.99B | 2.16M | 1.98M | 2.53M | 1.59B | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.41M | 1M | 187K | 287K | 5.05M | -1.35M | 1.33M | 35.8M | -715K | 0 | 0 | -475.24M | -477.65M | -469M | -1.98B | -9.16M | -1.98M | -5.75M | -1.59B | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 23.5M | 35.79M | 19.07M | -2.89M | 172K | 314K | -271K | 2.8M | 203K | -42K | 27K | -62K | -91K | -31K | -118K | -34.59M | 9.3M | 1.49M | 792K | 2.07M | 6.44M | 9.04M | -1.45M | 2.07M | -4.6M | -1K | 1.91M | 85.2K | 7.8M | 400K | 400K |
| Working Capital Changes | 2.46M | -6.05M | -9.15M | -5.36M | -2.81M | -3.27M | -4.43M | -3.62M | -2.84M | 5.26M | -1.03M | 6.93M | -1.05M | -780K | -3.04M | 762K | -12.54M | 1.82M | -321K | 1.7M | -2.09M | -2.19M | -1.52M | 1.57M | 831K | 592K | 293.9K | -2.58M | -7.1M | -600K | 400K |
| Change in Receivables | -480K | 879K | 23K | -949K | 0 | 0 | 1.08M | 384K | -461K | 230K | 1.44M | -1.02M | -645K | 1.09M | -652K | 653K | -203K | -376K | 0 | 32M | 32M | 32M | 119M | -581K | 397K | -679K | -8M | 0 | 0 | 0 | 0 |
| Change in Inventory | -7.56M | -8.28M | -495K | -892K | -168K | -1.83M | 24K | -1.29M | -982K | -4.31M | -558K | -1.03M | -109K | 145K | 2.66M | 258K | -14.73M | -658K | -1.24M | 198K | -1.47M | -1.32M | -2.84M | 416K | -648K | -99K | -553.66M | 0 | 0 | 0 | 0 |
| Change in Payables | 3.2M | 496K | -1.14M | 942K | -1.74M | 2.52M | -1.39M | -268K | -1.08M | 1.15M | -174K | 493K | -25K | -1.49M | -4.08M | -532K | 2.59M | 1.48M | 0 | 77M | 77M | 77M | 29M | -68K | -325K | -361K | 521.4M | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.53M | -24.65M | 2.67M | 21.82M | -38.07M | -35.32M | 123K | -745K | -1.12M | -3.04M | -891K | -1.14M | -173K | -340K | -92K | 170K | 381K | -1.22M | 18.96M | -14.24M | 11.78M | 1.04M | 10.04M | -7.27M | 10.79M | 10.84M | -9.28M | -32.14M | 3.1M | -4.5M | -200K |
| Capital Expenditures | -723K | -679K | -374K | -1.94M | -4.36M | -2.49M | -402K | -745K | -1.12M | -3.1M | -895K | -1.14M | -207K | -376K | -533K | -550K | -1.89M | -1.36M | -495K | -1.06M | -2.15M | -1.24M | -1.04M | -1.55M | -1.35M | -3.77M | -5.43M | -2.09M | -700K | -700K | -200K |
| CapEx % of Revenue | 46.53% | 56.21% | 7.96% | 26.66% | 656.48% | 99.72% | 13.01% | 8.38% | 6.35% | 28.46% | 6.06% | 12.41% | 5.94% | 6.43% | 6.37% | 9.79% | 39.79% | 35.48% | 7.49% | 10.09% | 30.56% | 8.4% | 9.11% | 10.57% | 8.51% | 35.02% | 66.86% | 30.29% | 9.86% | 41.18% | 200% |
| Acquisitions | -33.18M | 0 | -6.3M | -11.23M | 0 | 0 | 0 | 0 | 0 | 59K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 117K | 200K | 0 | 29.82B | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.22M | -2.24M | 0 | 0 | -4.13M | 0 | 525K | 0 | 0 | 59K | 4K | 0 | 34K | 35K | 80K | 11K | 0 | 0 | 389K | 7.57M | 755K | -755K | -2.24M | 20K | -491K | -1.25M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 72.62M | 60.87M | 72.89M | 72.44M | 14.31M | 131.16M | 26.98M | 16.86M | 20.49M | 20.35M | 22.96M | 6.51M | 16.1M | 11.52M | 14.49M | 21.38M | 22.2M | 50.42M | 24.34M | 34.39M | 22.97M | 24.28M | 12.8M | 34.51M | 11.49M | 32.48M | 36.94M | 49.21M | 200K | 400K | 17M |
| Debt Issued (Net) | 3.13M | -19.55M | 38.08M | -21K | -418K | -516K | 1.54M | -20K | -12K | 0 | -15K | 0 | -15K | -120K | -136K | -127K | -143K | -131K | -106K | -1.5M | -9.16M | 13.03M | 2.17M | -153K | -237K | -377K | -327K | 390.6K | -100K | 0 | 0 |
| Equity Issued (Net) | 69.49M | 77.38M | 34.75M | 72.28M | 14M | 122.89M | 24.43M | 16.88M | 20.36M | 20.35M | 22.98M | 6.51M | 16.11M | 11.64M | 14.62M | 21.51M | 22.35M | 50.55M | 24.44M | 35.9M | 32.2M | 9.94M | 10.25M | 32.92M | 11.58M | 11.53M | 37.03M | 48.89M | 300K | 400K | 17M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43K | -173K | -108K | 0 | 0 | 0 | 0 | -73.4K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 3.04M | 62K | 175K | 726K | 8.79M | 1M | 0 | 139K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32K | 1.49M | 500K | 1.74M | 155K | 21.32M | 230.6K | 0 | 0 | 0 | 0 |
| Net Change in Cash | -5.72M | -22.18M | 6.86M | 27.44M | -61.78M | 66.44M | 11.03M | -7.93M | -3.2M | 1.83M | 7.25M | -461K | 2.97M | -1.48M | -6.22M | -6.34M | -23.61M | 17.49M | 12.13M | -1.15M | 7.69M | 5.59M | -9.43M | 828K | -5.71M | 8.28M | 4.51M | 529K | -2.8M | -9.2M | 14.1M |
| Free Cash Flow | -60.7M | -59.4M | -68.91M | -69.03M | -42.38M | -31.9M | -16.48M | -24.79M | -23.69M | -18.58M | -15.72M | -6.97M | -13.16M | -13.03M | -21.15M | -28.44M | -48.08M | -33.07M | -31.66M | -22.37M | -29.21M | -20.97M | -33.32M | -27.96M | -29.35M | -38.8M | -28.58M | -18.63M | -6.8M | -5.8M | -2.9M |
| FCF Margin % | -3906.18% | -4917.14% | -1467.5% | -950.89% | -6382.23% | -1275.88% | -533.24% | -278.96% | -134.55% | -170.59% | -106.47% | -75.83% | -377.59% | -222.71% | -252.89% | -506.27% | -1014.39% | -862.77% | -478.82% | -213.33% | -414.71% | -142.18% | -291.83% | -190.81% | -184.41% | -360.57% | -351.89% | -269.88% | -95.77% | -341.18% | -2900% |
| FCF Growth % | 2.47% | 13.81% | 0.16% | -62.88% | -32.86% | -93.58% | 33.53% | -4.63% | -27.51% | -18.22% | -125.58% | 47.06% | -0.97% | 38.39% | 25.61% | 40.86% | -45.39% | -4.47% | -41.53% | 23.43% | -39.31% | 37.08% | -19.18% | 4.75% | 24.36% | -35.8% | -53.39% | -173.96% | -17.24% | -100% | - |
| FCF per Share | -0.20 | -0.22 | -0.33 | -0.38 | -0.26 | -0.20 | -0.12 | -0.22 | -0.27 | -0.26 | -0.30 | -0.15 | -0.32 | -0.47 | -0.98 | -2.04 | -4.23 | -3.59 | -4.11 | -3.58 | -6.96 | -7.46 | -12.40 | -12.46 | -16.69 | -25.45 | -20.02 | -18.24 | -9.08 | -8.05 | -4.53 |
| FCF Conversion (FCF/Net Income) | 0.66x | 0.62x | 0.71x | 0.81x | 0.72x | 0.68x | 1.18x | 0.91x | 0.83x | 0.64x | 0.90x | 0.40x | 0.71x | 0.96x | 0.91x | 0.78x | 0.97x | 0.80x | 0.96x | 1.08x | 1.13x | 0.70x | 0.97x | 1.01x | 1.03x | 1.01x | 0.87x | 1.12x | 0.84x | 1.04x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the provided cash flow data, the company consistently reports negative net income alongside operating cash outflows, with the OCF/NI ratio fluctuating significantly, suggesting that accruals and non-cash adjustments provide little insight into the underlying structural cash burn inherent in the current business model.
The divergence between net income and operating cash flow highlights a business model that is not yet generating meaningful operational efficiency. Investors should monitor the volatility in this ratio, as it suggests that accounting adjustments are masking the true, ongoing cash requirements of the R&D-heavy operations.
As reported in financial statements, the company's free cash flow remains deeply negative across all observed periods, with quarterly outflows frequently exceeding $15 million, indicating that the business is currently unable to self-fund its operations through its existing, highly limited revenue streams.
The persistent negative FCF margins suggest that the company is in a capital-intensive phase with no clear path to self-sustainability in the near term. This trajectory implies that the firm remains entirely dependent on external financing to cover its ongoing operating and capital expenditure requirements.
Based on reported figures, capital expenditures remain negligible relative to revenue, often representing a small fraction of the total cash burn, which may indicate that the company is not currently investing in the high-volume manufacturing infrastructure required to scale its proprietary lidar hardware technology.
The low level of capital investment relative to the massive R&D spend suggests that the company is prioritizing prototype development over production capacity. This strategy may limit the firm's ability to respond quickly if a major OEM design win were to materialize.
Data from recent quarterly filings reveals erratic working capital changes, including a notable $5.0 million inflow in 2026Q1, which appears to be an outlier rather than a trend, suggesting that the company lacks a stable, predictable cycle for managing its inventory and accounts payable.
The inconsistency in working capital movements may indicate difficulties in managing supply chain relationships or inventory levels during this pivot. Such volatility warrants further investigation, as it complicates the ability to forecast the company's actual cash runway with any degree of certainty.
As indicated by the cash flow statements, capital deployment is almost exclusively directed toward funding operating losses and strategic asset acquisitions, such as the $33.2 million outflow in 2026Q1, rather than returning value to shareholders through dividends or share repurchases.
The absence of shareholder-friendly capital allocation is consistent with a company in a pre-commercial, high-burn phase. The reliance on acquisitions to bolster the technology stack suggests that management is attempting to buy its way into relevance, which further strains the already limited cash position.
Quick answers to the most common questions about buying MVIS stock.
MicroVision, Inc. (MVIS) generated $-58.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MicroVision, Inc. (MVIS) reported negative free cash flow of $59.4M in 2025, indicating capital requirements exceeded cash from operations.
MicroVision, Inc. (MVIS) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.