In April 2017 the company also signed a $24
million contract with a leading technology company
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced its financial and operating results for the first quarter
of 2017.
MicroVision received a $6.7 million order in March 2017 for its
small form factor display engine for a customer in Asia that plans
to embed these engines in a smartphone. The company expects to
begin shipping engines to this customer early in the third quarter
of this year. This display engine is part of MicroVision’s engine
line of business, which includes two additional scanning engines
for interactivity and 3D LiDAR sensing that are scheduled for
commercial availability later in 2017 and 2018 respectively.
MicroVision also announced in April 2017 that it has been
awarded a development and supply contract for a laser beam scanning
(LBS) system by a leading technology company. Under this agreement,
MicroVision would develop a new generation of MEMS1, ASICs2 and
related firmware for a high resolution, LBS-based product the
technology company is planning to produce. MicroVision would
receive up to $24 million including $14 million in fees for
development work that is expected to span 21 months and an upfront
payment for other items. The development fees would be paid
contingent on completion of milestones in 2017 and 2018. This
contract was awarded in the second quarter and is not reflected at
all in the first quarter financial results.
The following financial results are for the three months ended
March 31, 2017, compared to the three months ended March 31,
2016.
- Revenue was $792,000 compared to $3.7
million one year ago.
- Operating loss was $5.6 million,
compared to a loss of $3.6 million for the same quarter one year
ago.
- Net loss was $5.6 million, or $0.08 per
share, compared to a loss of $3.6 million, or $0.07 per share for
the same quarter one year ago.
- In the first quarter 2017 cash used in
operations was $6.7 million compared to $3.0 million for the same
period in 2016.
As of March 31, 2017 backlog was $8.5 million and cash and cash
equivalents were $7.7 million.
Conference Call
The company will host a conference call today to discuss its
first quarter 2017 results and current business operations at 8:30
a.m. ET / 5:30 a.m. PT. Participants may join the conference call
by dialing 1-888-771-4371 (for U.S. participants) or
+1-847-585-4405 (for international participants) ten minutes prior
to the start of the call. The conference call pass code number is
44766127. A live webcast of the call can be accessed from the
company’s web site in the Investor Events Calendar section on the
Investor’s page. A replay of this call will be available after 8:00
a.m. PT the day of the conference call through the same link or by
calling 1-888-843-7419 (U.S.) or +1-630-652-3042 (International),
pass code 4476 6127#. The phone-in replay will be available until
May 4, 2017.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution based on the
laser beam scanning methodology pioneered by the company.
MicroVision’s platform approach for this advanced display and
imaging solution means that it can be adapted to a wide array of
applications and form factors. It is an advanced solution for a
rapidly evolving, always-on world. Extensive research has led
MicroVision to become an independently recognized leader in the
development of intellectual property. MicroVision’s IP portfolio
has been recognized by the Patent Board as a top 50 IP portfolio
among global industrial companies and has been included in the
Ocean Tomo 300 Patent Index. The company is based in Redmond,
Wash.
For more information, visit the company’s website at
www.microvision.com, on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those
relating to future non-recurring and other payments, benefits of
the announced agreement, performance of obligations of the company
under the announced agreement, availability of future products and
product applications, future shipments and those containing words
such as “expects,” “plans,” “would” or “scheduled” are
forward-looking statements that involve a number of risks and
uncertainties. Factors that could cause actual results to differ
materially from those projected in the company’s forward-looking
statements include the following: our ability to raise additional
capital when needed; products incorporating our PicoP display
engine may not achieve market acceptance, commercial partners may
not perform under agreements as anticipated, we may be unsuccessful
in identifying parties interested in paying any amounts or amounts
we deem desirable for the purchase or license of IP assets, our or
our customers’ failure to perform under open purchase orders; our
financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological
change; government regulation of our technologies; our ability to
enforce our intellectual property rights and protect our
proprietary technologies; the ability to obtain additional contract
awards; the timing of commercial product launches and delays in
product development; the ability to achieve key technical
milestones in key products; dependence on third parties to develop,
manufacture, sell and market our products; potential product
liability claims; and other risk factors identified from time to
time in the company’s SEC reports, including the company’s Annual
Report on Form 10-K filed with the SEC. Except as expressly
required by federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, changes in
circumstances or any other reason.
MicroVision, Inc. Balance Sheet (In
thousands) (Unaudited) March 31,
December 31,
2017
2016
Assets Current Assets Cash and cash equivalents $
7,655 $ 15,139 Accounts receivable, net 160 245 Costs and estimated
earnings in excess of billings 309 125 Inventory 2,052 1,233 Other
current assets
810
606 Total current assets 10,986 17,348
Property and equipment, net 2,569 1,537 Restricted cash 435 435
Intangible assets, net 689 718 Other assets
144
68 Total assets $ 14,823 $
20,106
Liabilities and Shareholders'
Deficit Current Liabilities Accounts payable $ 2,237 $ 2,195
Accrued liabilities 4,219 3,882 Deferred revenue 999 999 Billings
on uncompleted contracts in excess of related costs
127 168 Total
current liabilities 7,582 7,244 Deferred revenue, net of
current portion 4,903 5,150 Deferred rent, net of current portion
143 185 Other long-term liabilities
45
53 Total liabilities
12,673 12,632
Commitments and contingencies Shareholders' Equity Common
stock at par value 68 68 Additional paid-in capital 507,572 507,249
Accumulated deficit
(505,490 )
(499,843 ) Total shareholders'
equity
2,150 7,474
Total liabilities and shareholders' equity $ 14,823 $
20,106
MicroVision, Inc.
Statement of Operations (In thousands, except earnings
per share data) (Unaudited)
Three months ended
March 31,
2017
2016
Product revenue $ - $ 3,155 Royalty revenue 535 542 Contract
revenue
257 4
Total revenue
792
3,701 Cost of product revenue 213 2,588
Cost of contract revenue
325
1 Total cost of revenue
538
2,589 Gross margin
254 1,112
Research and development expense 3,318 2,597 Sales,
marketing, general and administrative expense
2,580 2,068 Total
operating expenses
5,898
4,665 Loss from operations (5,644 )
(3,553 ) Other expenses, net
(3
) (3 ) Net
loss $ (5,647 ) $ (3,556 ) Net loss per share - basic and
diluted $ (0.08 ) $ (0.07 ) Weighted-average shares
outstanding - basic and diluted 68,113 47,566
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170427005412/en/
MicroVision, Inc.Investors:Dawn Goetter,
425-882-6629ir@microvision.comorMedia:Nicole Cobuzio, 732-212-0823
ext. 102nicolec@lotus823.com
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