MicroVision, Inc.

For Q1 2026, revenue was $0.9 million, up $0.3 million, or 50%, from the same period in 2025. Gross margin was 39%, versus 7% in Q1 last year. Cash flow from operations plus CapEx was $16.6 million, up $2.4 million year over year, and the quarter ended with $46.1 million in cash, cash equivalents and investment securities plus $42 million available under the ATM facility. For full-year 2026, MicroVision maintained revenue guidance of $10 million to $15 million, expects most revenue in the second half, lowered cash burn guidance to approximately $60 million from $65 million to $70 million, and raised gross margin guidance to 35% to 40%.

Glen DeVos framed the quarter as proof that the company’s “Lidar 2.0” strategy is working and said MicroVision is now operating as one integrated organization. He emphasized that the company is restarting commercial programs, resuming shipments, and broadening customer engagement across industrial, security/defense and automotive. His tone was confident and upbeat, repeatedly stressing that Q1 was the “start of commercial traction” and that operational groundwork should turn into more momentum through 2026.

Steve Hrynewich highlighted the completed Scantinel and Luminar acquisitions, plus the $43 million financing closed in February. He said $19.5 million of prior note principal and interest was repaid with part of the proceeds, and the rest will fund operations. Financially, he cited Q1 revenue of $0.9 million, gross margin of 39%, cash burn from operations plus CapEx of $16.6 million, and quarter-end liquidity of $46.1 million cash/investments plus $42 million of ATM capacity; he also pointed to synergy-driven improvement in full-year cash-burn guidance to about $60 million.

Analysts focused on whether the new 35% to 40% gross margin range is the new ongoing model, and management said that is the target for the rest of the year, with margins expected to rise further over time if revenue scales. A second theme was manufacturing: management said production has been consolidated into Orlando for MOVIA S and IRIS, HALO is being ramped there, and higher-volume production still may use an outside contractor later this year. Questions also covered drones and FMCW, and management said the Avular collaboration is nonexclusive, drone payloads can be brought below 300 grams and toward 200 grams, and FMCW can serve both ultra-long-range and short-range robotics applications, though initial focus remains long-range and security/defense use cases.