MicroVision, Inc. (MVIS): Business Model Canvas [Dec-2025 Updated]

You're looking at MicroVision, Inc. right now, and frankly, the business model is a high-stakes pivot: trading long-term automotive dreams for immediate industrial cash flow. Here's the quick math: as of late 2025, they're burning roughly $11 million per quarter against only $2.63 Million USD in TTM revenue, but they've got a $99.5 million war chest to fund this transition. The entire structure rests on converting their 735 patents and proprietary MEMS tech into real sales via the Movia L sensor with ZF, while juggling seven major automotive RFQs. Dive below to see exactly how this complex mix of R&D, industrial sales, and defense engagement is structured in their Business Model Canvas.

MicroVision, Inc. (MVIS) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships MicroVision, Inc. (MVIS) relies on to move from development to volume revenue, especially as they target the industrial sector for near-term sales. These aren't just handshake agreements; they involve significant capital commitments and manufacturing scale-up. Here's the quick math on the key players supporting the MicroVision strategy as of late 2025.

Manufacturing and Supply Chain Alliances

The ability to scale production of the MOVIA L sensor is directly tied to the relationship with its manufacturing partner. This partnership is essential for supporting the anticipated high-volume industrial orders.

• The manufacturing partner, ZF, is a Tier 1 automotive supplier providing the production line in France.
• MicroVision, Inc. expects MOVIA L sensor output for 2025 to significantly increase compared to 2024 volumes.
• This scaling is projected to result in a reduced average cost per sensor.
• As of May 2025, there was a confirmed production commitment with ZF in France to meet industrial demand.
• Management indicated plans to bring up another site for MOVIA L production later in 2025 to further meet demand.

Key Financial Partnering

Securing capital runway is non-negotiable when ramping production and pursuing long-term automotive contracts. High Trail Capital has been instrumental here, providing necessary liquidity.

The financial structure with High Trail Capital has evolved, providing both initial funding and subsequent flexibility.

This financing structure definitely helped MicroVision, Inc. manage its cash burn, which was $16.5 million in Q3 2025.

Technology Development Alliances (FMCW LiDAR)

While the outline mentions Zeiss and Scania, the most concrete, recent strategic action to bolster long-range FMCW LiDAR capability involves an acquisition.

• MicroVision, Inc. executed an agreement to acquire Scantinel Photonics, a German developer of long-range FMCW lidar.
• This acquisition is intended to enhance the company's offerings beyond its existing 905/940nm time-of-flight lineup.
• The goal is to advance a lidar-on-chip solution for commercial vehicle and passenger car markets.

Defense Sector Expansion

To capture military sector opportunities, MicroVision, Inc. is formalizing its advisory structure and setting internal development timelines.

• The company progressed opportunities to accelerate strategic expansion in the defense tech and military sectors.
• A Defense Advisory Board was established to pursue Department of Defense opportunities.
• As of May 2025, management expected the first system and product prototypes for this segment to be available in six to nine months.
• A design office and testing facilities were established in the D.C. area to accelerate development for defense, focusing on intelligence, surveillance, and reconnaissance (ISR) capabilities.

MicroVision, Inc. (MVIS) - Canvas Business Model: Key Activities

You're looking at the core engine driving MicroVision, Inc. right now, which is heavily focused on transitioning its technology from development into tangible, revenue-generating products across multiple sectors. The key activities reflect this dual focus on innovation and commercial execution.

The first major activity is the continuous R&D for MEMS-based and FMCW LiDAR sensor technology. This is where the foundational work happens, especially following the announced asset purchase of Scantinel Photonics to add 1550nm FMCW ultra-long-range capability, complementing the existing time-of-flight lineup. To support this, the company was projecting an annual R&D and SG&A expense run rate of $48 million to $50 million for 2025, though the actual Q3 2025 R&D and SG&A expenses totaled $12 million for that quarter. Honestly, managing that spend while bringing new tech to market is the tightrope walk here.

Next up is the critical task of commercializing the Movia L sensor for industrial automation. This is the near-term revenue driver. MicroVision, Inc. increased production capacity for the MOVIA L sensor throughout 2025, working with its Tier 1 manufacturing partner, ZF, expecting output to significantly increase compared to 2024. The company maintained a line-of-sight to $30 million to $50 million in revenue from industrial verticals over the next 12 to 18 months, though Q3 2025 revenue was reported at only $0.2 million, driven by industrial sales. That Q3 cash burn was $16.5 million, which included a one-time $3.2 million payment related to the MOVIA L inventory buildup.

The automotive segment remains a long-term focus, characterized by engaging in seven high-volume automotive OEM RFQs. Management confirmed they remain engaged in these seven RFQs, following the pace of the OEMs. The company also introduced the next-generation MOVIA S solid-state sensor, targeting a 2028 start of production, with projected disruptive ASPs of roughly $200 (short-range) and $300 (long-range) for that next generation.

Finally, a key activity is integrating the perception software stack with sensor hardware. MicroVision, Inc. develops and supplies an integrated solution built on this stack. A concrete achievement here is the full integration of the MOVIA lidar into NVIDIA's DRIVE AGX platform, positioning it within that ecosystem. This integration effort is part of their unique value proposition, offering compelling solutions to both industrial customers and automotive OEMs at attractive price points.

Here's a quick look at some of the relevant operational and financial metrics tied to these activities as of late 2025:

Finance: draft 13-week cash view by Friday.

MicroVision, Inc. (MVIS) - Canvas Business Model: Key Resources

You're looking at the core assets that power MicroVision, Inc.'s (MVIS) strategy right now, heading into the end of 2025. These aren't abstract concepts; they are the tangible and intangible things the company absolutely must have to make its business model work.

The foundation is definitely the proprietary MEMS-based laser beam scanning technology. This is the engine behind their lidar solutions, which they've been refining for over 30 years, integrating MEMS, lasers, optics, hardware, algorithms, and machine learning software into their proprietary tech. This core competency is what allows them to address both automotive advanced driver-assistance systems (ADAS) and various industrial/defense markets.

Intellectual property is a massive resource here. You need to know the scale of their moat, and that comes down to patents. As of late 2025, MicroVision, Inc. maintains a deep IP portfolio.

• The portfolio includes a stated 735 issued or pending patents globally.
• This figure is positioned as being more than any of their peers in the sector.

Financially, liquidity is a key resource that dictates how long they can fund development and operations before needing further revenue or financing. You want to see the latest balance sheet strength.

Here's the quick math on their cash position as of the third quarter of 2025, which gives them runway into 2027, honestly.

What this estimate hides is the quarterly cash burn, which was $16.5 million for Q3 2025, including a one-time payment for inventory buildup. Still, that $99.5 million balance is a solid cushion for now.

Finally, the physical and human infrastructure-the engineering centers-are critical for product development and customer support. MicroVision, Inc. operates globally to serve its diverse customer base.

• Primary engineering and corporate presence is in Redmond, WA.
• A key European engineering center is located in Hamburg, Germany.
• The company also maintains a presence in Detroit.
• A new design office and testing facilities were established in the D.C. area to support defense sector acceleration.

Finance: draft 13-week cash view by Friday.

MicroVision, Inc. (MVIS) - Canvas Business Model: Value Propositions

Cost-effective, scalable solid-state LiDAR for mass adoption.

MicroVision, Inc. is targeting disruptive Average Selling Prices (ASPs) to align with mass-market economics, claiming a cost model supports these goals to enable mass adoption and compete with radar/camera economics. The targeted disruptive ASPs are roughly $200 for short-range sensors and $300 for long-range sensors. The next generation solid-state lidar sensor, MOVIA S, offers an energy-efficient and cost-effective short-range solution.

Integrated perception software for enhanced ADAS safety.

The Movia S sensor, integrated with onboard perception software, is presented as an advanced solution that is frictionless for customers to integrate. The Tri-Lidar Architecture is designed to enable a wide range of features, from Level 2+ ADAS up to fully autonomous driving (AD).

• The MOVIA S sensor provides a 90°×60° field of view for automotive use.
• Industrial and defense versions of MOVIA S stretch to a 180°×130° field of view.
• Detection ranges for MOVIA S are cited as 30-50 meters at 90% confidence on a 10% reflective target.

Tri-Lidar Architecture reducing system complexity and cost.

The Tri-Lidar Architecture combines several specialized lidar units into a coordinated system, typically utilizing two short-range MOVIA S units and one long-range MAVIN unit. This approach allows each individual lidar unit to be smaller, draw less power, and integrate more easily. The MAVIN long-range unit has a projected power consumption of about 10 watts. This architecture is explicitly designed for a radically reduced complexity and highly cost-effective system.

Multi-market solutions spanning automotive, industrial, and defense.

MicroVision, Inc. is actively developing its technology across three core verticals, leveraging the same core technology across each market. The company anticipates line of sight to $30 million to $50 million in revenue from industrial verticals over the next 12 to 18 months, based on Q1 2025 guidance. Q3 2025 revenue was $0.2 million, comprised of sales to industrial customers. The most realistic timeline for significant automotive sector revenue is cited as 2029. For the defense segment, management suggests revenue may materialize sooner than in automotive, pending public demonstrations in the coming year. One projection models the defense revenue run-rate reaching $300 million by the end of 2030.

• Automotive LiDAR TAM projected to grow from $504.2 million in 2023 to $942.1 million by 2030.
• Industrial revenue from Movia L platform is expected to begin in 2026.
• The company ended Q3 2025 with $99.5 million in cash and cash equivalents.

MicroVision, Inc. (MVIS) - Canvas Business Model: Customer Relationships

You're looking at how MicroVision, Inc. (MVIS) manages its relationships with the customers who will ultimately drive volume, which is critical given the long lead times in automotive. The strategy is clearly segmented between high-touch automotive pursuits and scaling industrial deployments.

High-touch, direct engagement with global Automotive OEMs for RFQs

MicroVision, Inc. maintains a direct, high-touch approach with global Automotive Original Equipment Manufacturers (OEMs). As of the first quarter of 2025, the company was actively engaged in nine automotive RFQs (Request for Quotations). Following the unveiling of a new architecture at IAA Mobility in September 2025, the level of engagement increased, involving multiple reformulated RFQs. This direct engagement is necessary because the target production timeline for these programs is not immediate, with volume adoption anticipated to begin around 2028. The focus of these interactions is securing a design win with a scalable product that is cost competitive for mass-market vehicle plans.

Co-development and custom development for specific programs

The relationship deepens beyond simple quoting into co-development, especially with the introduction of new sensor platforms. MicroVision, Inc. is actively demonstrating its next-generation solid-state sensor, MOVIA S, to a number of automotive OEMs. This sensor, which offers an ultra-wide field of view, is designed with an open software framework, allowing customers to embed their own software directly onto the MicroVision sensor, which fundamentally changes perception system development. Furthermore, the company introduced its Tri-Lidar Architecture solution, positioning it as an alternative to single-sensor approaches, which implies a more consultative, custom approach to perception system design for specific OEM needs.

Direct sales and support for industrial end-customer deployment

For the industrial segment, the relationship involves direct sales and support, often integrating MicroVision hardware with advanced software like the LiDAR Collision Avoidance System (LCAS). This segment is intended to bridge the revenue gap until automotive volumes materialize. At the end of 2024, management projected demand potential in the industrial lidar segment between $30 million and $50 million over the following 12 to 18 months. In the second quarter of 2025, revenue was driven by industrial sales, and by the third quarter of 2025, revenue of $0.2 million was reported, comprised of sales in both industrial and automotive verticals. As of Q3 2025, the company noted it was in the final stages of several engagements with industrial customers, which involve ongoing evaluations.

Here's a quick look at the engagement status as of late 2025:

The company is also demonstrating its MOVIA S sensor to numerous industrial and autonomous vehicle customers, indicating broad market interest beyond the initial set of engagements.

The relationship structure is supported by an expanded global sales and engineering leadership team, hired to support commercialization discipline.

• Focus on OEMs with mass market product plans.
• Offering a cost-effective, integrated solution for perception systems.
• Finalizing several LiDAR+LCAS software evaluations in industrial sector.
• Demonstrating MOVIA S with an open software framework for customer embedding.

Finance: draft 13-week cash view by Friday.

MicroVision, Inc. (MVIS) - Canvas Business Model: Channels

You're looking at MicroVision, Inc.'s go-to-market strategy, which is clearly pivoting to capture near-term revenue from industrial and defense sectors while maintaining long-term automotive pursuits. The channel strategy relies heavily on direct engagement supported by a critical manufacturing partner.

Direct sales team for Automotive OEM and Tier 1 engagement.

MicroVision, Inc. continues to engage directly with top-tier global automotive Original Equipment Manufacturers (OEMs) and Tier 1 suppliers. As of the second quarter of 2025, management reported ongoing engagement in seven RFQs (Requests for Quotation) for automotive programs. The revenue contribution from this channel remains minimal in the near term; for instance, in the second quarter of 2025, the total revenue of $0.2 million included $0.1 million attributed to a single automotive supplier. The company is also pursuing custom development opportunities and has reformulated higher-volume RFQs for passenger vehicles.

Direct sales to industrial customers (AGV/AMR manufacturers).

This vertical is the current primary revenue driver, focusing on customers like AGV (Automated Guided Vehicle) and AMR (Autonomous Mobile Robot) manufacturers. MicroVision, Inc. has line of sight to significant revenue from this channel, projecting $30 million to $50 million in revenue over the next 12 to 18 months following the first quarter of 2025 reporting. The sales are concentrated on their MOVIA L sensor, often integrated with their full-stack ADAS (Advanced Driver-Assistance Systems) software.

Here's the quick math on the recent quarterly revenue concentration:

What this table hides is the volatility; Q3 2025 revenue of $0.2 million was flat compared to Q3 2024, showing stabilization at a low base while awaiting higher-volume conversion.

Manufacturing partner (ZF) enabling high-volume delivery.

To support the anticipated high-volume demand from industrial customers, MicroVision, Inc. relies on its manufacturing partnership with ZF, a Tier 1 automotive supplier. This collaboration provides established manufacturing infrastructure and quality control systems, which is critical for scaling production of the MOVIA L sensor. There is a specific production commitment with ZF in France to meet this anticipated industrial demand. The company expects this scaling initiative to lead to a reduced average cost per sensor. Still, management is actively managing production commitments with ZF as they plan to bring up manufacturing capabilities for the next-generation MOVIA S sensor in 2026.

Direct engagement with the US defense sector.

The defense sector is being pursued through direct engagement, leveraging the company's historical expertise and recent strategic moves. This includes establishing a design office and testing facilities in the D.C. area, staffed with engineering expertise in avionics, to accelerate work on drone-based real-time mapping, ISR (Intelligence, Surveillance, and Reconnaissance), and denied environment navigation. The company is on track to complete the initial proof-of-concept phase for both fixed-wing and rotor drones by the end of 2025. While current revenue contribution is minimal, long-term projections model a run-rate of $300 million from Defense and Industrial applications by the end of 2030.

Key channel development activities in the defense space include:

• Establishing a Defense Advisory Board with deep experience in aeronautical engineering.
• Accelerating development for drone-based perception capabilities.
• Focusing on intelligence, surveillance, and reconnaissance, or ISR, capabilities.
• Planning for the first system and product prototypes for this segment to be available in six to nine months (from Q1 2025 reporting).

Finance: draft 13-week cash view by Friday.

MicroVision, Inc. (MVIS) - Canvas Business Model: Customer Segments

You're looking at MicroVision, Inc. (MVIS) as it navigates a clear strategic pivot in late 2025, moving beyond a singular focus to serve multiple, distinct customer bases with its perception solutions. The current financial reality is that revenue is minimal, but the pipeline across these segments is what drives the long-term valuation story.

The primary revenue source as of the third quarter of 2025 (Q3 2025) is clearly defined: the entire reported revenue of $0.2 million for that quarter came from industrial customer sales. This segment is the immediate focus for sales conversion. To be fair, the company is actively driving momentum in this area to secure near-term revenue opportunities. Management previously projected demand potential in the industrial verticals between $30 million to $50 million over the 12 to 18 months following Q4 2024. Initial revenue from the Movia L platform is now expected in 2026, with the newer MOVIA S sensor contributing possibly in the latter part of 2026 and becoming more significant in 2027.

The company is pursuing several key customer groups, leveraging its core technology across all of them, but with different expected timelines for material revenue realization.

• Global Automotive OEMs pursuing ADAS and autonomous driving.
• Industrial automation companies (AGVs, AMRs, heavy equipment).
• Defense and Military sector for aerial and terrestrial systems.
• Commercial vehicle manufacturers (trucking/logistics).

For the Global Automotive OEMs pursuing ADAS and autonomous driving, MicroVision, Inc. is currently engaged in seven RFQs for passenger vehicle programs. The company introduced the MOVIA S sensor, a short-range, cost-effective solution, and the acquisition of Scantinel Photonics adds long-range FMCW capability specifically for this market. However, management indicates the most realistic timeline for significant automotive sector revenue is 2029, with limited opportunities in 2028 and greater scale anticipated post-2030. A key validation point is the achievement of full integration of the MOVIA lidar into NVIDIA's DRIVE AGX platform.

The Defense and Military sector is seen as a potential source of revenue sooner than automotive. MicroVision, Inc. established a design office in the D.C. area to accelerate development for intelligence, surveillance, and reconnaissance (ISR) capabilities. While definitive timing is not provided, management suggests this segment may materialize before automotive revenue. A projection suggests the Defense and Industrial verticals combined could generate $300 million in annual revenue by the end of 2030. The company plans to demonstrate a complete solution capable of enabling unmanned drones for specific missions in the first half of 2026.

The Commercial vehicle manufacturers (trucking/logistics) segment is directly targeted by the technology gained through the Scantinel Photonics acquisition, which focuses on long-range FMCW lidar for commercial vehicle applications. This overlaps with the longer-range needs of the automotive segment.

Here's a quick look at the revenue expectations tied to these segments based on late 2025 management commentary:

Finance: draft 13-week cash view by Friday.

MicroVision, Inc. (MVIS) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep MicroVision, Inc. running as they pivot toward industrial and defense revenue streams while managing long-term automotive development. The cost structure is heavily weighted toward engineering and development, which is typical for a deep-tech company commercializing complex hardware.

High R&D spending remains a primary cost driver. For the first quarter of 2025, the cash component for Research & Development and Selling, General & Administrative (SG&A) expenses was reported at approximately $11 million per quarter. This focus on engineering is essential to advance the MOVIA S sensor and the Tri-Lidar Architecture.

General and Administrative (G&A) expenses are significant, often bundled with R&D in management reporting. Total operating expenses for the third quarter of 2025 were $12.0 million. This figure included a one-time $1.2 million severance payment related to the CEO transition in Q3 2025. The annual expense run rate projected for fiscal year 2025, based on Q4 2024 figures, was guided to be between $48 million and $50 million.

The scaling of production capacity with ZF is a cost structure element that introduces variable costs but aims for long-term unit cost reduction. MicroVision, Inc. increased MOVIA L sensor production capacity with its Tier 1 partner, ZF, expecting significant output growth in 2025 compared to 2024. This acceleration is explicitly intended to result in a reduced average cost per sensor through economies of scale, which offsets initial scaling expenditures. Furthermore, the partnership with ZF, which manufactures in France, helps ensure cost competitiveness by minimizing exposure to China-based manufacturing risks.

Acquisition costs for new technologies represent strategic, non-recurring expenditures. MicroVision, Inc. executed an agreement in October 2025 to acquire the business and assets of Scantinel Photonics GmbH, a developer of 1550nm FMCW lidar technology. This transaction, expected to close by the end of 2025, involves forming a new German entity, Scantinel GmbH, to retain about 20 engineers in Ulm, Germany. While the specific dollar amount of the asset purchase agreement wasn't detailed, the cost includes integrating this long-range FMCW capability to complement existing time-of-flight sensors.

Here's a quick look at the recent operating expense profile:

The main categories driving the cost structure are:

• Sustained, high engineering investment for technology development.
• Fixed overhead costs, including G&A, which management has worked to reduce by 47% year-over-year as of Q1 2025.
• Variable manufacturing costs tied to scaling MOVIA L production volume with ZF.
• Strategic, one-time investment for the Scantinel Photonics asset acquisition.

MicroVision, Inc. (MVIS) - Canvas Business Model: Revenue Streams

You're looking at the current revenue reality for MicroVision, Inc. (MVIS) as of late 2025, which is heavily weighted toward near-term, smaller-scale industrial adoption while the larger automotive revenue stream remains a future prospect. The immediate revenue engine is the Sales of Movia L sensors to industrial customers. This segment is the current focus, as management is aligned with shareholders to quickly demonstrate step-function progress here. To be fair, the current numbers reflect this early stage of commercialization.

The TTM Revenue (as of late 2025) is low at $2.63 Million USD. For context, the revenue for the third quarter ending September 30, 2025, was reported as just $0.2 million, which was flat year-over-year for that quarter. This minimal revenue is derived entirely from industrial customer sales. Still, the company has ramped up production capacity with its partner ZF to meet anticipated demand, suggesting a belief that this low figure is temporary.

Here's a quick look at the revenue snapshot, comparing the recent past with the near-term targets:

The significant jump you are looking for comes from the Projected revenue of $30M to $50M from industrial over 12-18 months. Management has stated they believe they have line of sight to this range, which reflects anticipated demand for the Movia L sensors in the industrial vertical. This is the near-term commercial goal they are executing against right now.

The third major component of MicroVision, Inc.'s revenue picture is the Future high-volume revenue from awarded Automotive OEM contracts. While the industrial segment is driving current sales, the automotive segment represents the potential for much larger, long-term, high-volume revenue. You should note that as of early 2025, the company remained actively engaged with global automotive OEMs in seven high-volume RFQs (Request for Quotations). However, management has also indicated that OEM sourcing timing may slip, with production introductions not expected to be material until perhaps 2028 or 2029. This means the current revenue structure is not yet benefiting from these large potential contracts.

To summarize the revenue stream drivers and associated timelines, consider these key points:

• Near-term revenue is primarily driven by Movia L sensor sales to industrial customers.
• The company has a production commitment with ZF in France to meet anticipated industrial volume.
• Automotive RFQs are active, but material production revenues are not expected in the immediate future.
• Defense sector contributions are still in early stages, with prototypes expected in six to nine months (from Q1 2025 reporting).
• The company's cash runway has been extended into 2026, providing time to execute this revenue ramp.