MicroVision, Inc. (MVIS) announced Thursday that Overland AI selected its IRIS long-range lidar sensor for its next-generation IBEX autonomous ground vehicle.

The agreement marks another step in MicroVision's expansion into the defense market as the company seeks to turn its sensing technology into commercial revenue.

MicroVision's Lidar Technology Powers Autonomous Military Vehicle

Overland AI will integrate MicroVision's IRIS sensor into its newly launched IBEX vehicle, which can carry up to 2,000 pounds and travel at speeds exceeding 35 mph while operating autonomously.

Overland AI develops autonomous ground systems for defense applications and became the first ground autonomy company to secure a prime production contract with the U.S. military.

MicroVision's IRIS sensor uses long-range detection and high-resolution sensing to help autonomous vehicles navigate challenging terrain.

Its solid-state design supports operation in harsh off-road environments. The sensor also uses a 1,550-nanometer wavelength that is invisible to night-vision goggles, offering a potential tactical advantage in combat.

MicroVision CEO Glen DeVos said the selection demonstrates the sensor's readiness for demanding defense applications.

Overland AI co-founder and Chief Operating Officer Greg Okopal emphasized the importance of reliable sensing technology for autonomous military operations.

The agreement supports MicroVision's broader push into defense, robotics and security applications, where accurate environmental sensing is essential.

MicroVision Targets Revenue Growth and Lower Cash Burn

The development follows MicroVision's Oct. 7 business update, when the company reaffirmed its full-year 2026 revenue outlook of $10 million to $15 million.

MicroVision also projected that revenue would double in 2027, supported by growing opportunities across industrial, defense and infrastructure markets.

The company expects meaningful cost savings and a significant reduction in cash burn next year as it streamlines operations and prioritizes commercial growth.

MicroVision has largely completed the initial integration of acquired Luminar assets, including consolidating U.S. manufacturing operations in Orlando, Florida.

The company expects its existing manufacturing capacity and inventory to support anticipated 2027 growth without significant additional capital spending.

MicroVision is also evaluating ways to strengthen its balance sheet, including changes to its debt structure and the potential sale of noncore assets.

MVIS Price Action: Microvision shares were up 4.27% at $1.215 at the time of publication on Thursday, according to market data.