| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 16.20 | 1845 |
| Intrinsic value (DCF) | 0.45 | -46 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 9.10 | 992 |
MicroVision, Inc. (LSE: 0K17.L) is a pioneering technology company specializing in advanced lidar sensors and laser beam scanning solutions for automotive safety, autonomous driving, and augmented reality (AR) applications. Headquartered in Redmond, Washington, MicroVision leverages its proprietary micro-electrical mechanical systems (MEMS), laser diodes, and opto-mechanical technologies to develop high-performance lidar sensors, AR display modules, and interactive display solutions. The company’s flagship PicoP scanning technology delivers full-color, high-contrast imaging for compact AR headsets, while its long-range lidar systems target the rapidly growing autonomous vehicle market. MicroVision primarily serves original equipment manufacturers (OEMs) and original design manufacturers (ODMs) in the automotive and consumer electronics sectors. With a strong focus on innovation, MicroVision is positioned at the forefront of next-generation sensing and display technologies, catering to the increasing demand for smart mobility and immersive AR experiences.
MicroVision presents a high-risk, high-reward investment opportunity due to its exposure to the fast-growing lidar and AR markets. The company’s advanced MEMS-based lidar technology positions it as a potential leader in autonomous driving solutions, but its financials reflect significant losses (-$96.9M net income in FY 2023) and negative operating cash flow (-$68.5M). While its $54.5M cash reserves provide some runway, the high beta (2.027) indicates volatility. Investors should weigh its technological differentiation against execution risks and competition from well-capitalized rivals in the lidar space.
MicroVision’s competitive advantage lies in its proprietary MEMS-based lidar and laser beam scanning technology, which offers scalability and cost-efficiency compared to traditional mechanical lidar systems. Its long-range lidar (1st gen) targets automotive OEMs seeking high-resolution, compact solutions for autonomous vehicles. However, the company faces intense competition from established lidar players like Luminar and Innoviz, which have stronger automotive partnerships and production capabilities. In AR, MicroVision’s PicoP technology competes with display giants such as Texas Instruments (DLP) and emerging waveguide-based AR displays. MicroVision’s small market cap ($269M) limits its R&D and scaling capabilities compared to larger competitors. Its success hinges on securing design wins with major automotive or consumer electronics OEMs, as well as improving its financial sustainability through commercialization.