MVIS

MicroVision is a perennial cash-incinerator that the market is still pricing as a story stock. FY2025 revenue collapsed 74% to just $1.21M while net loss stayed at -$95.0M and gross profit went negative (-$17.3M) — the company literally loses money before any operating expense, with a -1,435% gross margin. Operating cash burn was -$58.7M against only $32.4M of cash on hand (down 41% YoY), which is roughly a half-year of runway absent fresh capital. The five-year revenue line ($2.5M→$664K→$7.26M→$4.70M→$1.21M) shows no commercialization trajectory at all; this is R&D ($31.7M) in search of a customer, not a business scaling toward profitability.

The filing confirms the funding treadmill explicitly. Management states it has 'funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt' and warns 'there can be no assurance that additional capital will be available.' It drew senior secured convertible notes of up to $75.0M (Oct 2024), sold $8.0M of stock plus ~$9.0M of warrants (Feb 2025), and in Feb 2026 restructured/issued ~$20.6M and ~$22.4M secured convertible notes due 2028. Shares outstanding already rose 25% YoY to 307M; convertible notes plus warrants point to continued, structural dilution — the secured convertibles also sit ahead of equity holders. The -$957M accumulated deficit is the tally of this model over time.