MicroVision, Inc. (MVIS) presents a deeply negative liquidation posture as of December 31, 2025. The 10-K/A is an amendment covering governance/compensation disclosures only; balance sheet data is sourced from XBRL tags emitted with the original 10-K filing for the period ended December 31, 2025. Total assets of $103.1 million are predominantly liquid on their face, but recoverable value is materially impaired by the liability stack and asset quality. Cash and cash equivalents of $32.4 million recover at 100%; short-term investments (available-for-sale debt securities) of $42.5 million recover near par given their short maturities and high credit ratings. Accounts receivable of $47K is negligible. Inventory net of $0.75 million, after a $9.9 million write-down in the period, recovers at approximately 60% (~$0.4M). PP&E net book value of $4.3 million (gross $26.1M, accumulated depreciation $21.9M) recovers at 50-70% (~$2.1-3.0M). Intangible assets net of $32K are zero recovery; the filing recorded $10.1 million in intangible impairment charges during the year, with gross intangibles of $16.0 million now essentially fully impaired. Operating lease ROU assets of $14.1 million carry zero liquidation value while the corresponding operating lease liability of $17.5 million ($19.9M undiscounted) remains at face value. The convertible note payable of $19.5 million (carrying value $19.2M net of unamortized discount of $0.3M) was partially repaid—$19.5M principal repaid and $16.5M cash paid—but $19.2M remains on balance sheet at year-end as current, representing the largest discrete debt obligation. Total liabilities of $47.6 million are carried at face. MFFAIS reports CLV of approximately negative $11.8 million and LLV of approximately negative $11.8 million, consistent with this analysis: liquid assets (cash $32.4M + investments $42.5M at near-par) less current liabilities ($30.1M) and long-term liabilities ($17.4M) leave a thin or negative residual before factoring in lease commitments and purchase obligations. The accumulated deficit stands at $957.3 million. Net loss for 2025 was $95.0 million on $1.2 million of revenue, with operating cash outflow of $58.7 million. The company raised $77.4 million via ATM equity issuance during the year, partially offsetting cash burn. Key liquidation risk items not separately XBRL-tagged but disclosed in MD&A include: severance obligations from CEO transition (Sharma termination: $795K base severance + $397.5K bonus + COBRA), German subsidiary operating lease commitments embedded in the $19.9M total lease undiscounted payments, and $2.3 million in purchase obligations. The company carries a $165.5 million valuation allowance against deferred tax assets, confirming no tax asset recovery value in liquidation.
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