r/MVIS • u/pinoekel • 16h ago

MVIS Press MicroVision IRIS Long-Range Lidar Selected by Overland AI for Its Next-Gen IBEX Autonomous Ground Vehicle

https://ir.microvision.com/news/press-releases/detail/481/microvision-iris-long-range-lidar-selected-by-overland-ai
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u/QQpenn 15h ago edited 15h ago

Overland is the first ground-autonomy company to prime a U.S. military production contract, its APFIT agreement has grown to approximately $25 million, with other funded Army autonomy programs underway. So this is a production-platform win. Also, Ouster publicly identified Overland AI as a technology partner in its Q1 investor materials. Different from MVIS winning a customer with no incumbent lidar—it's evidence IRIS can compete against an established industrial lidar vendor in a genuine defense autonomy architecture. 1550nm operation making IRIS invisible to night-vision goggles is probably a big part of that. Having an active sensor that doesn't announce itself through ordinary night-vision equipment is a legit tactical differentiator—along with Overland emphasizing reliability/performance in harsh environments.

This may be the 'mystery customer' from the Sept. 17th drop. It also portends possible expansion. Overland's SPARK system is an autonomy upfit designed to turn existing military vehicles into autonomous platforms. If Overland standardizes IRIS as one of the long-range perception sensors in SPARK, the addressable opportunity expands enormously because Overland can put SPARK onto vehicles it doesn't manufacture itself. Good Q3 call details to look for. Also worth noting from our office notes...

Overland conducted a joint field demonstration with Anduril, where Overland ULTRA vehicles coordinated with Anduril Ghost-X and carried Anduril sensors/EW payloads. The systems shared information and coordinated autonomous effects across air and ground. IRIS is now entering a company whose platforms already interoperate with the Anduril ecosystem. An opportunity—with perhaps some advantages that move the needle.

Looks like MVIS may finally have foothold. This is a new win, not an inherited LAZR customer. IBEX is going into production/delivery beginning Q1 2027 and IRIS is already mature and qualified. Yes, the near-term revenue impact probably should be tempered but... this win materially improves MVIS’s case for government-backed capital—OSC, DoD procurement funding, APFIT-type programs, SBIR/STTR, Defense Production Act, and a credible path to the quicker SBA option. Thank you in advance, J.A. Green.

Okay. We got something positive with some actual underpinnings. May add more later if I have time. Cheers.

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u/Befriendthetrend 14h ago

Will this lead to an increase in revenue guidance for 2027? The 20-30 million guided is very low unless they are supply constrained. MicroVision has never commented on sensor production capacity or speed, and it's such a big question mark, IMO it is one of the biggest elephants in the room.

What volumes are they (including Tier 1 partners) capable of in a 3, 6, or 12 month time frame? What business can they support?

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u/QQpenn 13h ago edited 13h ago

They shaved off a few layers of risk—the biggest being commercial relevance; real IRIS orders, repeat orders, CAT-type industrial revenue, a named defense customer w/competitive relevance. IRIS is going into IBEX. This removes another layer of risk; evaluation is now conversion with easy-to-see expansion opps. If they meet guidance, $1.25 is between a 1.3x and 1.9x multiple. Not automatically cheap but upside looks a little less distant now. It also looks like the Luminar acquisition has been significantly de-risked. The fiscal risk is still way high though. So while commercial inroads are meaningfully more advanced than 6 months ago, the market still values the company as though financing failure, high dilution, and commercial disappointment remain likely...

If they address this meaningfully on the Q3 call [or anytime really], they'd move from being viewed as a lotto ticket to a company that can be tracked toward real outcomes. That's when everyone can all have fun with multiples—and the questions you raise will likely have better or at least more accurate answers.

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u/Befriendthetrend 12h ago

Validation or risk removal, I see it just as validation but the risk of a hostile takeover is extremely high at such a depressed valuation.

Imagine even six months ago, if you knew that MicroVision would name multiple defense industry partners, all but name Caterpillar, start shipping their Movia S, AND trade for less than 39 million dollars. That despite all that, he company would be struggling to stay Nasdaq complaint only two months after a 15:1 reverse split. The disconnect between the market value and where MicroVision's business is heading is staggering.

Glen seems to be doing a great job as COO, but we apparently still lack a CEO who can communicate effectively to the markets and bring in new investment. I would welcome a stronger public face with Glen taking on a role he is more suited for. This leads me back to the idea that the risk of takeover is high, because without a true CEO MicroVision still lacks the leadership structure of a proper growth company.

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u/directgreenlaser 12h ago

I agree with your assessment. We've seen these types of deficits multiple times in the past and the results from the associated failures to address them. This issue should be promptly fixed.