Skip to content
    MVIS
    Earnings call· Jun 2026(Q2 FY26)

    MICROVISION Q2 FY26 earnings call MVIS

    Aug 6, 2026 Source

    Executive summary

    MicroVision Q2 FY26 — Lidar 2.0 Strategy Drives Commercial Momentum and Revenue Growth

    MicroVision's Lidar 2.0 strategy is gaining significant commercial traction, expanding its product portfolio and customer engagements across diverse industries like industrial, defense, and autonomous aerial systems. The company successfully integrated recent acquisitions, improved gross margins, and is focused on converting a growing pipeline of opportunities into recurring revenue, supported by a strengthened balance sheet and leadership team.

    Highlights

    5

    • Q2 FY26 revenue increased by $1.3 million YoY to $1.5 million, driven by product sales.

    • Gross margin significantly increased to 44% in Q2 FY26 and 42% in H1 FY26, reflecting favorable product mix and supply chain efficiencies.

    • Updated booking opportunities for 2026-2030 increased by 50% from $500 million to $750 million.

    • Successful integration of Luminar acquisition, converting approximately half of 30 prior customers into new agreements.

    • Raised full-year 2026 gross margin guidance from 35%-40% to 40%-45%.

    Concerns

    2

    • Cash usage increased sequentially from Q1 to Q2 FY26 due to nonrecurring post-acquisition consolidation costs and restructuring charges.

    • Revenue timing for FY26 is dependent on supply chain re-establishment for IRIS sensors, potentially shifting some sales to early FY27.

    Guidance & targets

    5
    CategoryTargetConfidence
    Full-year 2026 Revenue
    $10 million to $15 million
    high materiality
    High
    Full-year 2026 Gross Margin
    40% to 45%
    high materiality
    High
    Full-year 2026 Cash Burn (Operations + Capex)
    approximately $60 million
    high materiality
    High
    Long-term Gross Margin
    40% and 50%
    medium materiality
    Medium
    MOVIA S Production Capacity
    around 15,000 units
    medium materiality
    High

    Operational metrics

    22
    Revenue
    $1.5 millionincreased $1.3 million YoY
    Q2 FY26

    Primary driver was product sales, predominantly IRIS sensor, smaller portion from MOVIA L sensor, and approximately 15% from engineering services.

    Revenue
    $2.4 millionincreased $1.7 million YoY
    H1 FY26

    Compared with the first 6 months of 2025.

    H1 FY26 Revenue from Acquisitions
    Approximately 75%
    H1 FY26

    Driven by expansion of product portfolio from strategic acquisitions earlier this year.

    Gross margin
    44%significant increase from gross margin loss in Q2 FY25
    Q2 FY26

    Reflects favorable product mix driven by sales from IRIS inventory and efficiencies within the supply chain.

    Gross margin
    42%compared with a gross margin loss in H1 FY25
    H1 FY26

    Reflects favorable product mix driven by sales from IRIS inventory and efficiencies within the supply chain.

    Cash used in operations plus capital expenditures
    $19.5 million
    Q2 FY26
    Cash used in operations plus capital expenditures
    $36 million
    H1 FY26
    Adjusted cash usage (excluding acquisition/restructuring)
    $17.4 million
    Q2 FY26

    Adjusted out acquisition-related costs and restructuring charges.

    Adjusted cash usage (excluding acquisition/restructuring)
    $33.8 million
    H1 FY26

    Adjusted out acquisition-related costs and restructuring charges.

    Cash usage increase (adjusted)
    $4.5 millionYoY
    Q2 FY26

    Compared sequentially to the prior year, after adjusting for acquisition-related costs and restructuring charges.

    Cash usage increase (adjusted)
    $6.7 millionYoY
    H1 FY26

    Compared sequentially to the prior year, after adjusting for acquisition-related costs and restructuring charges.

    Cash, cash equivalents and investment securities balance
    $27.2 million
    Q2 FY26 end
    ATM facility available
    $41.2 million
    Q2 FY26 end

    Subject to market conditions and applicable limitations.

    Minimum cash liquidity requirement (convertible notes)
    lesser of $17.5 million or 10% of outstanding notes
    Ongoing

    Required by existing convertible notes.

    Operating expenses (current range)
    $24 million to $25 million
    Current quarter

    Analyst estimate for current OpEx.

    Operating expenses (prior year range)
    $12 million to $13 million
    Prior year quarter

    Analyst estimate for prior year OpEx.

    Booking opportunities
    $750 millionincreased from $500 million
    2026-2030

    Increased by about 50%, primarily driven by MOVIA S opportunities and expanded engagements in security and defense.

    MOVIA S production capacity
    15,000 units
    Next year (FY27)

    Capacity in Orlando, with room to flex for more.

    Luminar customer conversion
    approximately half
    Q2 FY26

    Successfully converted acquired Luminar customers into new agreements or shipments.

    MOVIA S customer engagements
    more than 25
    Current

    Active customer engagements and evaluations ongoing for MOVIA S.

    MOVIA Air prelaunch partners
    9
    Prelaunch

    Evaluating MOVIA Air product family across industrial, defense, and autonomous aerial applications.

    MicroVision Semiconductor revenue contribution
    approximately 15%
    Q2 FY26

    From engineering services related to the semiconductor business.

    Industry KPIs

    10
    MetricValueDetails
    M a contributionApproximately 75%%
    Orders book to bill$750 millionUSD
    Long term agreementsLong-term development agreement
    Segment revenue growthIndustrial and security and defense
    Content per device per vehicle2 IRIS lidar sensors per off-highway trucksensors
    Design wins product cycle ramps25+
    Recurring software services mixSoftware-enabled perception
    Supply demand imbalance lead timesSupply chain for IRIS
    Capacity expansion internal sourcing15,000 unitsunits
    End market revenue mix organic growthIndustrial and security and defense

    Product announcements

    4
    ProductTypeDetails
    MOVIA Air and MOVIA Air Pluslaunch
    MOVIA Slaunch
    HALOroadmap
    FMCW lidar on chip solutionsroadmap

    Deals & partnerships

    10
    LuminarAcquisition of Luminar's lidar business, including IRIS and HALO product lines, inventory, engineering talent, customer contracts, and active commercial programs.

    The acquisition was completed earlier this year. MicroVision inherited far more than product lines, including inventory, engineering talent, customer contracts and active commercial programs.

    Multiple (Japan, North America, Europe, Korea, Singapore)Global partner and reseller program establishment.

    Launched on April 14, establishing reseller integrator relationships across industrial, defense, and mobility customers.

    One of Japan's largest, most established technology resellersPartnership for technology resale.

    Covers automotive, heavy industry, mining, agriculture, rail safety, and marine and offshore use cases.

    Leading construction and mining equipment OEMLong-term development agreement to integrate 2 IRIS lidar sensors per off-highway truck into their next-generation autonomous hauling solution.long-term

    Signed on June 10.

    LAKE FUSION Technologies and Timberline AerospaceCollaboration on situational awareness solutions, involving IRIS sensor shipments.

    IRIS sensor shipments delivered on June 16.

    Leading AI company and hyperscalerDelivery of MOVIA sensors for evaluation across robotics, autonomous systems, and next-generation AI applications.

    Delivered on June 29.

    IDI LaserPremier partner for industrial, defense, and security markets across Southeast Asia.

    Appointed on July 1.

    J.A. Green & CompanyEngagement to accelerate U.S. defense market strategy and strategic partnerships.

    Engaged on July 6.

    Prime contractor supplying autonomous UGVs to the militaryOrder for IRIS sensors, highlighting the importance of 1550-nanometer technology (invisible to night vision goggles) as customer phases out 905-nanometer sensors.

    Order received last week (late July/early August 2026).

    Key defense and aerospace contractorOrder for IRIS sensors for use in unmanned aircraft applications.

    Order received last week (late July/early August 2026).

    Risks & headwinds

    2
    NASDAQ delistingPrior to reverse stock split

    null

    Mitigation: Reverse stock split completed, putting stock price in a stronger position and removing delisting shadow.

    Supply chain re-establishment for IRIS sensorsQ3/Q4 FY26

    Revenue timing for FY26 is dependent on this, potentially shifting some sales to Q1/Q2 FY27.

    Mitigation: Team is working to restart relationships with suppliers to fulfill purchase orders.

    What to watch in Q3 FY26

    5

    MOVIA S launch and initial production orders

    Q4 FY26
    Current25+ active customer engagements and evaluations ongoing
    TargetConversion of evaluations into purchase orders for initial production, building sales book for Q4 FY26 and FY27/28.

    Why it matters

    MOVIA S is expected to be a very meaningful part of the revenue curve in FY27, and its successful ramp is crucial for future growth.

    We launch in October, but we ramp-up in October, which means there's not a large revenue portion for '26 from MOVIA S. But going into '27, we expect this to be a very meaningful part of the revenue curve.

    Q&A highlights

    8

    Inquired about the sustainability and ceiling of the raised gross margin guidance (40-45%) and long-term expectations.

    Glen DeVos stated long-term gross margin is expected to be between 40% and 50%, depending on software content and end-market (defense higher, pure sensor lower). Steve Hrynewich added that design-to-cost efforts and supply base negotiations will continue to drive margins.

    “Long-term, I would expect us to be really between that 40% and 50% gross margin and depending a little bit on the product and the end market.”

    asked by Casey Ryan · answered by Glen DeVos

    2 min read7 chapters

    Detailed Narrative

    01

    Lidar 2.0 Strategy and Execution

    MicroVision has transitioned from a hardware-first automotive company to a lidar-based perception company, focusing on solutions across industrial, security, defense, automotive, robotics, and AI markets. This strategy emphasizes performance at the right price, software-enabled perception to lower system costs, and operational discipline. The company reports significant progress and commercial momentum, validating the strategy's effectiveness.

    02

    Luminar Acquisition Integration

    The acquisition of Luminar's lidar business, including IRIS and HALO product lines, inventory, talent, and contracts, has been successfully integrated within approximately one quarter. MicroVision consolidated manufacturing, resumed IRIS shipments, maintained customer relationships, and reduced operating expenses. This integration preserved customer investments while expanding the product roadmap, allowing IRIS to complement MOVIA, HALO, and FMCW technologies.

    03

    Commercial Momentum and Partnerships

    The company is converting Luminar customer accounts into development agreements and purchase orders, and seeing increased engagements for MOVIA S. Key initiatives include a global partner and reseller program (Japan, North America, Europe, Korea, Singapore, Southeast Asia), a long-term development agreement with a construction/mining OEM, and sensor deliveries to an AI company/hyperscaler. Orders from defense contractors for UGVs and unmanned aircraft highlight diversification.

    04

    Product Portfolio and Roadmap

    MicroVision offers a diversified portfolio: MOVIA L (short-range, solid-state), MOVIA S (next-gen short-range, launching October '26), IRIS (long-range, 280m), HALO (next-gen long-range, 68% smaller than IRIS, compatible with IRIS systems), MOVIA Air/Air Plus (aerial applications), and FMCW lidar on chip (500-1500m, A-sample by Q2 2027). All are underpinned by an open software framework.

    05

    MicroVision Semiconductor (MSI) and Scantinel

    MicroVision Semiconductor, formalized this quarter, brings in-house custom ASIC and mixed-signal design capabilities, crucial for cost reduction and integration goals of Lidar 2.0. MSI, formerly Black Forest Engineering, also engages with external customers, building ecosystem relationships. Scantinel is developing FMCW lidar on chip solutions, with an A-sample expected by Q2 2027, leveraging in-house photonics.

    06

    Capital Markets and Leadership

    A reverse stock split strengthened the NASDAQ listing and stock price, providing financing flexibility. The company appointed James Byun as Chief Commercial Officer and Cara Klaer as Head of Marketing and Communications, deepening its leadership bench. Progress is also being made on the CFO search.

    07

    Investor Scorecard

    Management outlined a scorecard for investors to track progress: commercial traction and pipeline growth, program build-out (reseller/partner expansion), product execution (MOVIA Air/S launches), cost and margin discipline, balance sheet strength, organizational build (impact of new hires), and transparency.

    AI-generated summary of the company’s earnings call. Not investment advice.