Q2 2026 MicroVision Inc Earnings Call Transcript
Key Points
- Successfully integrated the acquired Luminar business within one quarter, resuming IRIS shipments and maintaining customer relationships without disruption.
- Expanded commercial traction across multiple verticals, including industrial, defense, and robotics, with over 130 customer engagements and a 50% increase in booking opportunities to $750 million.
- Raised full-year gross margin guidance from 35%-40% to 40%-45%, driven by improved supply chain efficiencies and favorable product mix.
- Launched MicroVision Semiconductor, bringing custom ASIC and mixed-signal design in-house to reduce costs and enable external revenue opportunities.
- Introduced new products like MOVIA Air and MOVIA Air Plus for aerial autonomy, with pre-launch evaluations from 11 partners and a live demonstration at JIFX.
- Revenue remains low at $1.5 million for Q2 2026, with the majority of the $10-$16 million full-year guidance expected in the second half, indicating a slow start.
- Cash burn remains high at $19.5 million in Q2, with full-year cash usage guidance of $60 million, though expected to decline in the second half.
- The company faces supply chain challenges in restarting IRIS production, which could delay revenue timing and impact the ability to meet guidance.
- Dependence on a few key customers and the need to convert evaluations into production orders creates uncertainty in achieving 2027 growth targets.
- The reverse stock split and increased authorized shares highlight ongoing capital needs, with $27.2 million in cash and reliance on an ATM facility for financing.
Good afternoon and welcome to the MicroVision second-quarter 2026 financial and operating results conference call. (Operator Instructions) As a reminder, this event is being recorded.
I would now like to turn the conference call over to Drew Markham. Please go ahead.
Thank you, Jenny. Good afternoon. I'm here today with our Chief Executive Officer, Glen DeVos; and our Interim Chief Financial Officer, Steve Hrynewich. Following their prepared remarks, we will open the call to questions.
Please note that some of the information you will hear in today's discussion will include forward-looking statements, including but not limited to, strategic plans and execution progress, expectations regarding customer engagement and product delivery, product applications and use cases, market opportunities, cash flow forecasts, liquidity, and financing activities, availability of funds and access to capital, expected near-term and future revenue, operating
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