MicroVision, Inc. (NASDAQ:MVIS) reported third-quarter 2026 financial and operating results on October 28, 2026, including revenue growth, a 50% gross margin and continued losses. The company also maintained its full-year 2026 revenue outlook of $10 million to $15 million and said it had introduced fourth-quarter cost reductions.
#Revenue and earnings
Third-quarter revenue reached $2.4 million, compared with $0.2 million in the third quarter of 2025. Revenue for the year to date was $4.8 million, compared with $1.0 million during the first nine months of 2025.
Gross margin was 50% for the quarter, compared with a negative gross margin in the prior-year period. Year-to-date gross margin was 46%, compared with negative 126% in the same period of 2025.
MicroVision recorded a net loss of $12.2 million, or $0.45 per share, compared with a net loss of $14.2 million, or $0.72 per share, in the prior-year period. Its adjusted EBITDA loss was $11.1 million, compared with $11.7 million in the third quarter of 2025.
#Operating expenses and cash position
Operating expenses were $22.5 million, up from $12.0 million in the prior-year period. The company attributed the increase to the acquisition of Luminar. Third-quarter operating expenses were approximately 7.5% below the first-half quarterly average of $24.4 million.
MicroVision reported cash and cash equivalents of $28.9 million as of September 30, 2026. Cash used in operations during the quarter was $13.6 million. The results also included a $6.3 million cash research and development grant from the German government related to research and development activities.
The company said it had implemented significant fourth-quarter cost reductions and was aligning operating resources with commercial activity. MicroVision said its priorities include managing costs, improving cash efficiency and directing investment toward programmes it believes have the clearest potential to support its growth and profitability objectives.
#Commercial and product activity
MicroVision said demand for its IRIS™ sensors had increased significantly during the second half of the year. It also pointed to the production launch of MOVIA™ Pro earlier in the month and said it was delivering against a backlog of purchase orders.
In industrial markets, the company cited customer programmes involving mining, construction, material handling, logistics and autonomous hauling. It also described a long-term development agreement with a construction and mining equipment original equipment manufacturer that provides a pathway from IRIS to next-generation MicroVision HALO™ technology.
In security and defence, MicroVision announced programmes including work with Overland AI for the unmanned ground vehicle market. It also launched MOVIA™ Air and MOVIA™ Air Plus for autonomous aerial logistics, unmanned aircraft and defence applications, and demonstrated real-time mapping with Robinson Unmanned, Avular and other commercial partners.
The company said an Asia-Pacific autonomous mobility pilot had advanced using IRIS within a multi-sensor perception architecture, with a potential transition to HALO as the programme moves toward broader deployment.
MicroVision also highlighted an exclusive strategic alliance involving Blue-Band commercial contracts and revenue, as well as a separate award to supply IRIS sensors for a speed enforcement programme. MicroVision Semiconductor Inc. was selected by a prime government contractor to design a custom semiconductor solution for an advanced photonics application.
Scantinel introduced ELS-FP, described as an external laser source small-form-factor package and pluggable module. MicroVision said the product opens commercialisation opportunities in high-speed optical connectivity for AI data centres.
#2026 and 2027 outlook
MicroVision reiterated its full-year 2026 revenue outlook of $10 million to $15 million. The company attributed its continued confidence in that outlook to customer demand, purchase order backlog and expanding shipping schedules.
MicroVision said 2027 revenue was expected to at least double from its expected 2026 level. The company also said it expected to reduce operating cash burn to approximately $40 million in 2027, which it described as a reduction of roughly one-third from current levels.
These outlook statements are subject to risks and uncertainties identified by the company. MicroVision cited its ability to operate with limited cash or raise additional capital when needed, market acceptance of its products and technologies, commercial partner performance, customer and partnership development, product-launch timing, development delays and dependence on third parties. It also identified risks involving competition, technological change, government regulation, intellectual property, product liability and maintaining its listing on The Nasdaq Stock Market. Further risk factors apply.
#Financial reporting notes
MicroVision presented adjusted EBITDA as a non-GAAP measure alongside its GAAP results. The company said adjusted measures are supplemental and are not substitutes for, or superior to, financial measures calculated under GAAP. It also said these measures exclude costs and other items that may continue to affect its operations.
#Key Takeaways
- Third-quarter revenue was $2.4 million, compared with $0.2 million in the third quarter of 2025.
- Gross margin was 50%, while the net loss was $12.2 million, or $0.45 per share.
- Cash and cash equivalents were $28.9 million as of September 30, 2026, and cash used in operations was $13.6 million during the quarter.
- MicroVision maintained its 2026 revenue outlook of $10 million to $15 million.
- The company said it expected 2027 revenue to at least double from its expected 2026 level and operating cash burn to be approximately $40 million.
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