Stock Analysis & Valuation MicroVision, Inc. (MVIN.DE)

• Previous Close: €1.30
• Sector Valuation Confidence Level: Low

Valuation method	Value, €	Upside, %
Artificial intelligence (AI)	n/a	n/a
Intrinsic value (DCF)		n/a
Graham-Dodd Method		n/a
Graham Formula	17.50	1244

Strategic Investment Analysis

Company Overview

MicroVision, Inc. (MVIN.DE) is a pioneering technology company specializing in laser beam scanning (LBS) solutions, with a strong focus on automotive lidar sensors for advanced driver-assistance systems (ADAS) and autonomous vehicles. Headquartered in Redmond, Washington, the company integrates MEMS, lasers, optics, and machine learning software to develop cutting-edge sensing technologies. MicroVision serves both automotive and non-automotive markets, positioning itself as a key player in the rapidly evolving lidar and ADAS sectors. With a foundation dating back to 1993, the company has built deep expertise in MEMS-based scanning technology, making it a notable contender in the semiconductor and autonomous vehicle ecosystem. MicroVision’s innovations aim to enhance vehicle safety and enable next-generation mobility solutions, aligning with global trends toward automation and smart transportation.

Investment Summary

MicroVision presents a high-risk, high-reward investment opportunity in the emerging lidar and ADAS market. The company’s proprietary laser beam scanning technology offers potential differentiation in a competitive landscape, but its financials reveal significant challenges, including negative net income (-€52.3M in FY2022) and negative operating cash flow (-€38M). While its €20.5M cash position provides some runway, the company must demonstrate commercial traction to justify its valuation. Investors should weigh its technological innovation against execution risks and the capital-intensive nature of the lidar industry. The lack of revenue growth (€664K in FY2022) raises concerns about scalability, making this stock suitable only for speculative investors with a long-term horizon.

Competitive Analysis

MicroVision operates in the highly competitive lidar and ADAS market, where it faces well-funded rivals with broader product portfolios and stronger automotive industry partnerships. The company’s key competitive advantage lies in its MEMS-based laser scanning technology, which promises cost efficiency and scalability compared to traditional mechanical lidar systems. However, its late-mover status in automotive lidar puts it at a disadvantage against established players like Luminar and Innoviz. MicroVision’s focus on software integration and machine learning could help differentiate its offerings, but commercialization remains a hurdle. The company’s small scale and limited revenue base make it vulnerable to pricing pressures and R&D inefficiencies. While its technology has potential, MicroVision must secure strategic partnerships or licensing deals to compete effectively against larger semiconductor and lidar specialists.

Major Competitors

• Luminar Technologies (LAZR): Luminar is a leader in automotive lidar with strong OEM partnerships (Volvo, Mercedes-Benz). Its Iris lidar system is production-ready, giving it an edge over MicroVision’s developmental stage. However, Luminar’s high-cost structure and reliance on mechanical scanning could be a long-term disadvantage.
• Innoviz Technologies (INVZ): Innoviz specializes in solid-state lidar and has secured key deals with BMW. Its perception software suite provides an integrated solution, but its high R&D costs mirror MicroVision’s challenges. Innoviz’s stronger automotive foothold makes it a more mature competitor.
• Velodyne Lidar (VLDR): Velodyne, a pioneer in mechanical lidar, faces declining demand for its legacy products. Its shift to solid-state sensors puts it in direct competition with MicroVision, but financial instability and leadership changes have weakened its position.
• AEye, Inc. (AEYE): AEye combines lidar with AI-driven adaptive sensing, offering a unique value proposition. However, its lack of major automotive contracts compared to rivals like Luminar limits its near-term growth potential relative to MicroVision.