Revenue volatility remains extreme, highlighted by a 74.28% year-over-year decline in the most recent period and a gross margin that plummeted to -72.2% in 2025Q4.
MicroVision, Inc. (MVIS) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 2.87M | 1.21M | 4.7M | 7.26M | 664K | 2.5M | 3.09M | 8.89M | 17.61M | 10.89M | 14.76M | 9.19M | 3.48M | 5.85M | 8.37M | 5.62M | 4.74M | 3.83M | 6.61M | 10.48M | 7.04M | 14.75M | 11.42M | 14.65M | 15.92M | 10.76M | 8.12M | 6.9M | 7.1M | 1.7M | 100K |
| Revenue Growth % | 11.15% | -74.28% | -35.31% | 993.22% | -73.44% | -19.09% | -65.23% | -49.53% | 61.67% | -26.22% | 60.66% | 163.64% | -40.45% | -30.04% | 48.92% | 18.5% | 23.66% | -42.02% | -36.94% | 48.86% | -52.24% | 29.15% | -22.07% | -7.95% | 47.9% | 32.53% | 17.64% | -2.78% | 317.65% | 1600% | - |
| Cost of Goods Sold | 22.45M | 18.55M | 7.53M | 2.77M | 100K | 2K | 1.4M | 8.56M | 10.64M | 9.88M | 10.37M | 7.18M | 1.04M | 1.8M | 6.92M | 13.06M | 16.22M | 3.89M | 3.85M | 6.61M | 8.17M | 15.09M | 9.41M | 7.05M | 7M | 6.11M | 4.83M | 4.27M | 5.9M | 0 | 0 |
| COGS % of Revenue | - | 1535.43% | 160.35% | 38.19% | 15.06% | 0.08% | 45.24% | 96.38% | 60.42% | 90.68% | 70.28% | 78.15% | 29.96% | 30.78% | 82.77% | 232.6% | 342.24% | 101.59% | 58.25% | 63.01% | 115.94% | 102.35% | 82.39% | 48.09% | 43.96% | 56.76% | 59.46% | 61.83% | 83.1% | - | - |
| Gross Profit | -19.58M | -17.34M | -2.83M | 4.49M | 564K | 2.5M | 1.69M | 322K | 6.97M | 1.01M | 4.39M | 2.01M | 2.44M | 4.05M | 1.44M | -7.45M | -11.48M | -61K | 2.76M | 3.88M | -1.12M | -346K | 2.01M | 7.61M | 8.92M | 4.65M | 3.29M | 2.63M | 1.2M | 1.7M | 100K |
| Gross Margin % | -681.62% | -1435.43% | -60.35% | 61.81% | 84.94% | 99.92% | 54.76% | 3.62% | 39.58% | 9.32% | 29.72% | 21.85% | 70.04% | 69.22% | 17.23% | -132.6% | -242.24% | -1.59% | 41.75% | 36.99% | -15.94% | -2.35% | 17.61% | 51.91% | 56.04% | 43.24% | 40.54% | 38.17% | 16.9% | 100% | 100% |
| Gross Profit Growth % | - | -511.86% | -163.16% | 695.57% | -77.42% | 47.64% | 425.47% | -95.38% | 586.6% | -76.86% | 118.48% | -17.74% | -39.74% | 181.12% | 119.35% | 35.13% | -18722.95% | -102.21% | -28.83% | 445.32% | -224.57% | -117.21% | -73.56% | -14.73% | 91.7% | 41.35% | 24.94% | 119.57% | -29.41% | 1600% | - |
| Operating Expenses | 68.92M | 52.05M | 82.69M | 93.36M | 54.45M | 46.37M | 15.31M | 26.79M | 34.19M | 25.25M | 20.84M | 16.56M | 15.61M | 18.9M | 24.39M | 28.58M | 36.85M | 39.12M | 38.3M | 30.61M | 27.88M | 26.94M | 36.06M | 41.3M | 44.3M | 48.79M | 32.83M | 18.34M | 8.7M | 7.5M | 3.6M |
| OpEx % of Revenue | - | 4308.36% | 1760.75% | 1286.16% | 8200.9% | 1854.68% | 495.37% | 301.53% | 194.18% | 231.86% | 141.22% | 180.21% | 447.89% | 323.02% | 291.54% | 508.85% | 777.47% | 1020.53% | 579.34% | 291.93% | 395.84% | 182.69% | 315.78% | 281.87% | 278.33% | 453.34% | 404.34% | 265.75% | 122.54% | 441.18% | 3600% |
| Selling, General & Admin | 22.17M | 20.32M | 0 | 0 | 0 | 0 | 0 | 0 | 9.52M | 10.16M | 8.74M | 7.88M | 7M | 8.79M | 11.25M | 13.31M | 15.25M | 14.54M | 15.73M | 15.78M | 17.36M | 20.35M | 21.35M | 17.98M | 18.78M | 16.89M | 12.07M | 7.44M | 4.9M | 3.1M | 1.8M |
| SG&A % of Revenue | - | 1682.53% | - | - | - | - | - | - | 54.09% | 93.25% | 59.23% | 85.75% | 201% | 150.24% | 134.51% | 237.03% | 321.77% | 379.34% | 237.94% | 150.51% | 246.51% | 138.02% | 186.95% | 122.73% | 118% | 156.93% | 148.6% | 107.72% | 69.01% | 182.35% | 1800% |
| Research & Development | 46.81M | 31.72M | 49.02M | 56.71M | 30.41M | 24.11M | 9.84M | 18.66M | 24.67M | 15.1M | 12.13M | 8.68M | 9.07M | 10.27M | 13.13M | 15.28M | 21.6M | 24.58M | 22.57M | 14.94M | 10.71M | 6.59M | 14.71M | 23.32M | 25.52M | 31.9M | 19.52M | 10.23M | 3.3M | 4.4M | 1.8M |
| R&D % of Revenue | - | 2625.83% | 1043.76% | 781.2% | 4580.27% | 964.44% | 318.45% | 210% | 140.09% | 138.61% | 82.2% | 94.47% | 260.17% | 175.44% | 157.02% | 272.01% | 455.7% | 641.19% | 341.48% | 142.54% | 152.14% | 44.67% | 128.82% | 159.13% | 160.33% | 296.4% | 240.38% | 148.24% | 46.48% | 258.82% | 1800% |
| Other Operating Expenses | -60K | 0 | 33.67M | 36.66M | 24.04M | 22.26M | 5.47M | 8.13M | -30K | -6K | -14K | 8K | 15K | 0 | 174K | -11K | 0 | 0 | -5K | -117K | -198K | 0 | 1K | 0 | 0 | 0 | 1.25M | 675.6K | 500K | 0 | 0 |
| Operating Income | -88.49M | -69.39M | -85.52M | -88.88M | -53.89M | -43.87M | -13.62M | -26.47M | -27.22M | -24.24M | -16.46M | -14.55M | -13.17M | -15.09M | -22.87M | -36.03M | -48.33M | -39.18M | -35.54M | -26.73M | -29M | -27.29M | -34.05M | -33.69M | -35.38M | -44.13M | -29.54M | -15.71M | -7.5M | -5.8M | -3.5M |
| Operating Margin % | -3081.23% | -5743.79% | -1821.1% | -1224.34% | -8115.96% | -1754.76% | -440.61% | -297.91% | -154.6% | -222.54% | -111.5% | -158.36% | -377.85% | -257.93% | -273.37% | -641.45% | -1019.7% | -1022.12% | -537.59% | -254.94% | -411.78% | -185.03% | -298.17% | -229.95% | -222.28% | -410.1% | -363.8% | -227.58% | -105.63% | -341.18% | -3500% |
| Operating Income Growth % | - | 18.87% | 3.78% | -64.92% | -22.84% | -222.21% | 48.57% | 2.75% | -12.31% | -47.27% | -13.11% | -10.5% | 12.76% | 33.99% | 36.53% | 25.46% | -23.37% | -10.24% | -32.97% | 7.84% | -6.29% | 19.86% | -1.04% | 4.77% | 19.83% | -49.39% | -88.06% | -109.45% | -29.31% | -65.71% | - |
| EBITDA | -90.32M | -63.56M | -81.3M | -83.64M | -53.15M | -42.92M | -13.12M | -25.29M | -25.38M | -22.98M | -15.21M | -13.99M | -12.62M | -14.01M | -21.24M | -33.44M | -46.57M | -38.04M | -34.55M | -25.77M | -27.78M | -25.68M | -31.64M | -30.58M | -32.44M | -41.75M | -28.3M | -15.03M | -7M | -6.6M | -3.8M |
| EBITDA Margin % | -3144.99% | -5261.67% | -1731.26% | -1152.17% | -8003.77% | -1716.72% | -424.47% | -284.57% | -144.16% | -211% | -103.05% | -152.3% | -362.18% | -239.46% | -253.89% | -595.32% | -982.51% | -992.43% | -522.63% | -245.85% | -394.49% | -174.17% | -277.1% | -208.74% | -203.79% | -387.98% | -348.44% | -217.79% | -98.59% | -388.24% | -3800% |
| EBITDA Growth % | -63.47% | 21.82% | 2.79% | -57.37% | -23.83% | -227.22% | 48.13% | 0.37% | -10.45% | -51.07% | -8.7% | -10.86% | 9.93% | 34.02% | 36.49% | 28.2% | -22.43% | -10.1% | -34.05% | 7.23% | -8.18% | 18.82% | -3.45% | 5.72% | 22.31% | -47.56% | -88.22% | -114.76% | -6.06% | -73.68% | - |
| D&A (Non-Cash Add-back) | 5.24M | 5.82M | 4.22M | 5.24M | 745K | 951K | 499K | 1.19M | 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 | -800K | -300K |
| EBIT | -102.41M | -76.53M | -75.19M | -88.31M | -53.03M | -43.2M | -14.06M | -26.47M | -27.22M | -25.48M | -16.46M | -14.55M | -13.17M | -15.09M | -22.45M | -36.04M | -48.33M | -39.46M | -35.54M | -26.73M | -29M | -27.29M | -34.04M | -33.69M | -35.38M | -44.13M | -29.54M | -15.71M | -7.53M | -5.8M | -3.5M |
| Net Interest Income | -11.69M | -18.53M | -4.46M | -80K | -62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 50K | 144K | 1.08M | 0 | -5.03M | -2.99M | 0 | 330K | 0 | 0 | 2.94M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47K | 112K | 212K | 1.13M | 655M | 719K | 263K | 0 | 381K | 0 | 0 | 3.11M | 0 | 0 | 0 | 0 |
| Interest Expense | 11.69M | 18.53M | 4.46M | 80K | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46K | 62K | 68K | 48K | 0 | 5.75M | 3.25M | 0 | 51K | 0 | 0 | 163.6K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -25.6M | -25.68M | -10.89M | 7.18M | 799K | 669K | -19K | -11K | -30K | -6K | -14K | 8K | -4.95M | 1.92M | 174K | 222K | 874K | -351K | 2.92M | 7.06M | 5.02M | -898K | -1.59M | 75K | -536K | 9.34M | 2.94B | 0 | 325.9K | 800K | 300K |
| Pretax Income | -114.1M | -95.06M | -96.41M | -81.7M | -53.09M | -43.2M | -13.63M | -26.48M | -27.25M | -24.24M | -16.47M | -14.54M | -18.12M | -13.18M | -22.69M | -35.81M | -47.51M | -39.67M | -33.7M | -20.52M | -10.45B | -10.45B | -8.92B | -33.62M | -35.92M | -34.79M | -26.6B | 0 | -7.2M | -5M | -3.2M |
| Pretax Margin % | -3972.74% | -7869.62% | -2052.98% | -1125.44% | -7995.63% | -1728% | -441.23% | -298.03% | -154.77% | -222.6% | -111.59% | -158.27% | -519.94% | -225.19% | -271.29% | -637.49% | -1002.32% | -1035.04% | -509.71% | -195.68% | -148416.87% | -70887.02% | -78148.54% | -229.44% | -225.65% | -323.3% | -327575.55% | - | -101.41% | -294.12% | -3200% |
| Income Tax | 113K | -84K | 507K | 1.15M | 0 | 0 | 0 | 0 | -30K | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 | -874K | -787K | -2.92M | -335K | 3.43M | -2.34M | -2.56M | -7.53M | -8.21M | 0 | 2.94B | -991K | -200K | -100K | 300K |
| Effective Tax Rate % | -0.1% | 0.09% | -0.53% | -1.4% | 0% | 0% | 0% | 0% | 0.11% | -5.19% | 0% | 0% | 0% | 0% | 0% | 0% | 1.84% | 1.98% | 8.67% | 1.63% | -0.03% | 0.02% | 0.03% | 22.4% | 22.84% | 0% | -11.05% | - | 2.78% | 2% | -9.38% |
| Net Income | -114.21M | -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 |
| Net Margin % | -3976.67% | -7862.67% | -2063.78% | -1141.23% | -7995.63% | -1728% | -441.23% | -298.03% | -154.77% | -222.6% | -111.59% | -158.27% | -519.94% | -225.19% | -271.29% | -637.49% | -1001.27% | -1031.28% | -493.42% | -188.74% | -340.54% | -191.12% | -290.74% | -178.56% | -170.74% | -323.3% | -327.58% | -213.22% | -102.82% | -288.24% | -3500% |
| Net Income Growth % | -27.35% | 2% | -16.99% | -56.04% | -22.9% | -216.85% | 48.52% | 2.81% | -12.4% | -47.18% | -13.27% | 19.75% | -37.5% | 41.93% | 36.63% | 24.55% | -20.06% | -21.18% | -64.86% | 17.5% | 14.9% | 15.1% | -26.89% | 3.73% | 21.89% | -30.8% | -80.74% | -101.62% | -48.98% | -40% | - |
| Net Income (Continuing) | -114.21M | -94.98M | -96.92M | -82.84M | -53.09M | -43.2M | -13.63M | -26.48M | -27.25M | -25.49M | -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 |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.85M | 7.22M | 14.82M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.12 | -5.25 | -6.90 | -6.75 | -4.80 | -4.05 | -1.46 | -3.30 | -4.65 | -4.95 | -4.80 | -0.31 | -0.44 | -0.47 | -1.05 | -2.57 | -4.17 | -4.29 | -4.23 | -3.17 | -5.72 | -10.02 | -12.36 | -11.66 | -15.46 | -22.82 | -18.63 | -14.41 | -9.74 | -6.80 | -5.47 |
| EPS Growth % | 7.21% | 23.91% | -2.22% | -40.63% | -18.52% | -176.92% | 55.68% | 29.03% | 6.06% | -3.13% | -1448.39% | 29.55% | 6.38% | 55.24% | 59.14% | 38.37% | 2.8% | -1.42% | -33.44% | 44.58% | 42.91% | 18.93% | -6% | 24.58% | 32.25% | -22.49% | -29.29% | -47.95% | -43.24% | -24.31% | - |
| EPS (Basic) | - | -5.25 | -6.90 | -6.75 | -4.80 | -4.05 | -1.46 | -3.30 | -4.65 | -4.95 | -4.80 | -0.31 | -0.44 | -0.47 | -1.05 | -2.57 | -4.17 | -4.29 | -4.23 | -3.17 | -5.72 | -10.02 | -12.36 | -11.66 | -15.46 | -22.82 | -18.63 | -14.41 | -9.74 | -6.80 | -5.47 |
| Diluted Shares Outstanding | 22.3M | 18.21M | 13.97M | 12.19M | 11.06M | 10.71M | 9.32M | 7.42M | 5.8M | 4.85M | 3.46M | 46.54M | 41.6M | 28.02M | 21.59M | 13.92M | 11.38M | 9.22M | 7.71M | 6.25M | 4.2M | 2.81M | 2.69M | 2.24M | 1.76M | 1.52M | 1.43M | 1.02M | 749.19K | 720.59K | 639.53K |
| Basic Shares Outstanding | 22.3M | 18.21M | 13.97M | 12.19M | 11.06M | 10.71M | 9.32M | 7.42M | 5.8M | 4.85M | 3.46M | 46.54M | 41.6M | 28.02M | 21.59M | 13.92M | 11.38M | 9.22M | 7.71M | 6.25M | 4.2M | 2.81M | 2.69M | 2.24M | 1.76M | 1.52M | 1.43M | 1.02M | 749.19K | 720.59K | 639.53K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MVIS stock.
For fiscal year 2025, MicroVision, Inc. (MVIS) reported total revenue of $1.2M. This represents a 1108.0% increase compared to $0.1M in 1996.
MicroVision, Inc. (MVIS) reported a net loss of $95.0M for the fiscal year ending 2025.
MicroVision, Inc. (MVIS) reported an operating income of $-69.4M, resulting in an operating profit margin of -5743.8%. This margin reflects the operational efficiency of the business before interest and taxes.
MicroVision, Inc. (MVIS) generated $-17.3M in gross profit for the year, representing a gross profit margin of -1435.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Revenue Volatility Reflects Pivot Challenges
As reported in recent financial filings, MicroVision's revenue trajectory remains highly erratic, characterized by a 74.28% year-over-year decline in the most recent period, which underscores the difficulty of transitioning from legacy projection technology to an unproven automotive lidar hardware and software business model.
The lack of consistent, recurring revenue streams suggests that current top-line figures are driven by sporadic prototype sales and non-recurring engineering fees rather than commercial scale. Investors should monitor whether the company can secure series production wins, as the current revenue profile appears insufficient to support its existing operational footprint.
Gross Margin Instability Signals Inefficiency
Based on the provided income statement data, the company's gross margin has fluctuated wildly, reaching a low of -72.2% in 2025Q4, which indicates that the cost of goods sold is currently decoupled from any meaningful production volume or economies of scale.
This extreme margin volatility suggests that the company is likely absorbing significant inventory write-downs or high per-unit prototype costs that are not yet offset by commercial revenue. Such structural weakness implies that the current manufacturing approach may be unsustainable without a fundamental shift toward a high-volume partnership model.
Fixed Cost Burden Outpaces Revenue
According to the company's reported figures, R&D expenditures remain the dominant cost driver, consistently consuming the majority of operating resources while failing to translate into a scalable commercial product or a stable gross profit margin for the business.
The persistent reliance on heavy R&D spending, despite the lack of revenue growth, suggests a high-burn operational structure that is characteristic of a pre-commercial technology lab. Management's expense discipline appears constrained by the necessity of maintaining specialized engineering talent, which continues to weigh heavily on the bottom line.
Sustainability of Current Capital Structure
As indicated by the financial statements, the company's $32.3M cash position against a backdrop of recurring quarterly operating losses suggests that the current business model is highly vulnerable to liquidity constraints and the potential for further dilutive equity financing in the near term.
Short-sellers would likely focus on the widening gap between the company's cash burn and its inability to secure high-volume OEM design wins. The reliance on ATM equity programs to fund operations warrants further investigation, as it may continue to erode shareholder value while the company attempts to bridge its commercialization gap.