Rankings Tech hardware & optics MicroVision

MicroVision

Tech hardware & optics · United StatesRank 740 of 829Prices 2 Nov 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−14
Going concern−10
Convertible loan and covenant−8

Strengths

Gross margin+1
Customer agreement+1

How the score is built

From 100 to 35, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

35Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 1.26 USD
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −93%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−30 of −30

Margin
Negative gross profit of −USD 15.8m TTM and operating loss of 82.6m on revenue of 2.9m (operating margin approx. −2,900%). Q2 2026: operating costs 24.9m, net loss 36.9m (−USD 1.66/share).
sec.gov
−14
Quality of growth
Revenue has been small and unstable for years: 7.3m (2023), 4.7 (2024), 1.2 (2025) and 2.4m in H1 2026. Guidance of 10-16m for 2026 requires 7.6-13.6m in H2, and a large part of Q2 was development income.
stockanalysis.com
−6
Capital allocation
Accumulated deficit over USD 1bn. Acquisitions of Ibeo (2023), Scantinel and Luminar's lidar assets (USD 33m in Q1 2026) financed with cash and an expensive convertible loan; cash fell from 74.8 to 27.2m in half a year. Share count +35% over a year and a 1:15 reverse split.
sec.gov
−7
Moat
Broad lidar portfolio (MOVIA, IRIS, HALO, FMCW chip), but the market is dominated by China's Hesai and RoboSense with far lower prices and volume, and Ouster, Innoviz and Aeva are fighting for the same industrial and defence customers.
sec.gov
−3

Price

Today's multiples against the company's own history and its peers. · 2 findings−4 of −35

Multiples vs own history
EV/Sales 18.6 vs 166 in 2025, 55 in 2024 and 61 in 2023; P/B 1.7 vs 4.6, but P/TBV is 10.8 after goodwill/intangibles from the Luminar acquisition.
stockanalysis.com
−1
Peers and absolute level
EV about USD 53m (incl. loans) corresponds to about 4x the midpoint of guidance (13m) and 18.6x TTM, vs Innoviz about 1.7x. Not cheap for a company with a going-concern warning.
stockanalysis.com
−3

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−27 of −35

Going concern
10-Q for Q2 2026: H1 spending, historical losses and current liquidity give 'substantial doubt' about the ability to continue operations over the next 12 months. Cash 27.2m vs spending guidance of approx. 60m for 2026 (35.6m used in H1).
sec.gov
−10
Convertible loan and covenant
Senior secured convertible loan: USD 27.0m outstanding incl. 10% premium, repayments of 3m a month + 10%, which the lender can convert into shares; 2.6m shares issued on conversion in H1 (+14% shares in Q2 alone). Covenant: minimum liquidity of USD 17.5m, so truly free cash is only about 10m.
sec.gov
−8
Nasdaq listing
Nasdaq notice 12/1-2026 for price below USD 1; listing moved to Capital Market 20/7-2026 with a new deadline 11/1-2027, and 1:15 reverse split completed 1/8-2026. The price is now USD 1.48 after a fall from above USD 2 since the split; continued dilution could send it below USD 1 again.
sec.gov
−3
Customer concentration
Four customers accounted for about 80% of revenue in Q2 2026 (a contractor/mining machinery manufacturer 27%, an EU robotics company 24%, a metrology customer 15%, a distributor 14%), and 85% of receivables.
sec.gov
−3
Execution
Q2 adjusted loss of 1.66 USD/share vs expected 0.05, and the company has repeatedly pushed back auto design wins. Guidance of 10–16m requires a four- to sixfold increase of H1 revenue in H2.
chartmill.com
−3

Plus

Only documented strengths. · 2 findings+2 of +15

Gross margin
The gross margin rose to about 44% in Q2 2026 after the Luminar purchase, and guidance for 2026 has been raised to 40–45%.
finance.yahoo.com
+1
Customer agreement
Long-term development agreement with a leading contractor and mining equipment manufacturer on IRIS lidar in next-generation autonomous haul trucks, with transition to HALO.
sec.gov
+1

Caveats

What the score does not capture, or where the data is weak.

Reverse split 1:15 took effect 1/8/2026; all figures are post-split. Price USD 1.48 (2/10/2026). Official share count 23.8m (3/8/2026) gives a market cap of USD 35.2m (about DKK 232m); conversions of the loan (about USD 3m + 10% premium per month) and possible ATM sales have probably raised the share count to 26–30m since (Nordnet's DKK 294m corresponds to about 30m shares). Going concern warning in the 10-Q for Q2 2026. No analysts at stockanalysis (forecast 404). Insider trades (Form 4) not reviewed. Industry: lidar for industry, defence and automotive fits closest under 'Tech hardware & optics'.