MicroVision Inc ( MVIS ) reported first-quarter financial results after the market close on Monday. Here’s a rundown of the report.

Q1 Revenue: $589,000, versus estimates of $2.25 million

Q1 Adjusted Loss: 10 cents, versus estimates of seven cents

Total operating expenses were down 47% year-over-year to $14.1 million. The company ended the period with $69 million in cash, cash equivalents and investment securities. MicroVision ( MVIS ) noted that it also has access to $143.4 million of capital through its at-the-market facility and convertible note facility.

“MicroVision is well-positioned to secure revenue opportunities for 2025 from the industrial vertical,” said Sumit Sharma, CEO of MicroVision ( MVIS ). “Our unique value proposition continues to be our integrated perception software. We offer compelling solutions to industrial customers and automotive OEMs at attractive price points.”

MicroVision ( MVIS ) said its production commitment with ZF enables the company to commit to high-volume deliveries to fulfill demand in the range of $30 million to $50 million over the next 12 to 18 months.

The company also highlighted the establishment of a defense industry advisory board in the quarter that aims to accelerate strategic expansion and pursuit of revenue opportunities in the defense tech and military sectors.

Executives are currently discussing the quarter on a conference call that kicked off at 4:30 p.m. ET. The company also plans to hold an Investor Day on May 20.

MVIS Price Action: MicroVision ( MVIS ) shares were down 15.72% after-hours at 83 cents at the time of publication Monday, according to Benzinga Pro data.

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