How MVIS (MicroVision) Makes Money in 2026: A Deep-Dive With Income Statement

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Understanding how a technology innovator like MicroVision (MVIS) makes money is essential for investors and anyone interested in the business of lidar and sensor technology. In this post, we break down MicroVision's quarterly income statement (Q3 2025) using a Sankey chart to visualize the financial flows — what comes in, where it goes, and what's left as profit.

Quick MicroVision Overview

MicroVision operates as a technology company specializing in lidar sensors, laser scanning, and display solutions for automotive, AR/MR, and industrial applications. Revenue comes primarily from product sales, development contracts, and prototype deliveries in its core lidar business. As a pre-commercial stage innovator, the company focuses on advancing MAVIN lidar for autonomous vehicles and other segments without detailed public revenue breakdowns by segment.

Revenue Breakdown

• Total Revenue (Q3 2025): $0.241M (+26.8% YoY)
  • Lidar and sensor products: Primary source, though exact segment splits not disclosed
  • Development and contracts: Contributes to growth in prototypes and partnerships
  • Growth is powered by increasing demand for lidar technology in automotive ADAS and robotics.

Gross Profit and Margins

• Gross Profit: -$0.241M (-100% gross margin)
  • Cost of Revenue: $0.957M (+64.2% YoY)
  • MicroVision maintains negative margins due to high production scaling costs and low revenue volume in early commercialization stages.
• Most costs come from manufacturing, materials, and prototyping for lidar sensors.

Operating Income and Expenses

• Operating Income: Not specified (negative implied from high expenses)
• Operating Expenses: $12.0M (-21.6% YoY)
  • R&D: $7.978M (-8.7% YoY, 3,310.4% of revenue) — Focused on lidar advancements, sensor integration, and automotive partnerships
  • SG&A: $4.027M (+39.0% YoY, 1,671.0% of revenue) — Covers sales, marketing, and administrative functions amid growth efforts
  • MicroVision continues to prioritize innovation while expanding operations in lidar commercialization.

Net Income

• Pre-Tax Income: Not specified
• Income Tax: Not specified
• Net Income: -$14.2M (-8.4% YoY, -5,899.2% net margin)
• MicroVision converts a negative portion of sales into profit due to heavy R&D investments and scaling challenges in a capital-intensive tech sector.

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What Drives MicroVision's Money Machine?

• Lidar product sales: Core revenue driver, though minimal at $0.241M as commercialization ramps up
• R&D investment: $7.978M spend supports MAVIN lidar for ADAS, with partnerships fueling future growth
• Prototype and contracts: Strategic deals provide revenue while building pipeline
• Future growth areas: Automotive lidar adoption and AR displays, though not yet profitable

Visualizing MicroVision's Financial Flows

The Sankey chart below visualizes how each dollar flows from gross revenue, through costs and expenses, down to net income. This helps investors spot where value is created, what areas weigh on profits, and how efficiently the company operates.

• Most revenue flows into cost of revenue, with operating expenses (especially R&D) taking the largest chunk.
• Even after significant investments, negative margins highlight the pre-profit stage of lidar development.

Key Takeaways

• MicroVision's money comes overwhelmingly from lidar products and contracts
• Negative gross and net margins illustrate the challenges of MicroVision's capital-intensive R&D model
• Heavy investment in R&D, balanced by some cost controls in operating expenses
• Ongoing growth is driven by lidar tech advancements and partnerships

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FAQ About MicroVision's Income Statement

1. What is the main source of MicroVision's revenue in 2025?

MicroVision generates its revenue from lidar sensor products, prototypes, and development contracts. Revenue totaled $0.241M in Q3 2025.

2. How profitable is MicroVision in Q3 2025?

MicroVision reported net income of -$14.2M in Q3 2025, with a net margin of approximately -5,899.2%, reflecting weak profitability driven by high R&D and cost of revenue outpacing low sales volume.

3. What are the largest expense categories for MicroVision?

The biggest expenses on MicroVision's income statement are operating expenses, particularly Research & Development (R&D) and Sales, General & Administrative (SG&A) costs. R&D investment reached $7.978M in Q3 2025, as MicroVision prioritizes lidar technology and sensor development.

4. Why does lidar division operate at a loss?

Lidar, despite generating $0.241M in revenue, posted heavy losses exceeding $12M in operating expenses in Q3 2025. This is because MicroVision aggressively invests in R&D and scaling production, believing these will drive long-term growth—even if unprofitable today.

5. How does MicroVision's effective tax rate compare to previous years?

MicroVision's effective tax rate in Q3 2025 was not specified. Tax details are limited in available data, likely due to ongoing losses and net operating loss carryforwards.