MicroVision Announces Second Quarter 2020 Results
August 05 2020 - 4:15PM
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced its second quarter 2020 results.
Revenue for the second quarter of 2020 was $0.6 million,
compared to $1.2 million for the second quarter of 2019.
MicroVision's net loss for the second quarter of 2020 was $2.3
million, or $0.02 per share, compared to a net loss of $9.0
million, or $0.08 per share for the second quarter of 2019. The
Company ended the second quarter of 2020 with $7.8 million in cash
and cash equivalents, compared to $5.8 million at the end of the
fourth quarter of 2019.
“With the assistance of our financial advisor, Craig-Hallum
Capital Group LLC, we continue to explore strategic alternatives to
maximize the value of MicroVision for our shareholders, including
the sale of a product vertical, strategic investment, or potential
sale or merger of the Company,” said Sumit Sharma, MicroVision's
Chief Executive Officer.
Financial Results Webcast
MicroVision will host a webcast which will start at 2:00
p.m. Pacific Time on Wednesday, August 5, 2020 to discuss its
second quarter results. Interested parties can listen to the
company's webcast by accessing the Investor Relations section of
MicroVision’s website on the Investor Relations Events Calendar
page at https://microvision.gcs-web.com/investor-event-calendar.
Investors may submit questions for management in advance to
IR@MicroVision.com or beginning 10 minutes before or during the
live webcast on August 5, 2020.The webcast will be available for
rebroadcast from the Investor Relations section of MicroVision’s
website on the Investor Relations Events Calendar page.
About MicroVision
MicroVision is the creator of PicoP® scanning technology,
an ultra-miniature sensing and projection solution based on the
laser beam scanning methodology pioneered by the Company.
MicroVision’s platform approach for this sensing and display
solution means that its technology can be adapted to a wide array
of applications and form factors. We combine our hardware,
software, and algorithms to unlock value for our customers by
providing them a differentiated advanced solution for a rapidly
evolving, always-on world.
MicroVision has a substantial portfolio of patents relating
to laser beam scanning projection and sensing. MicroVision’s
industry leading technology is a result of its extensive research
and development. The Company is based in Redmond,
Washington.
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 strategic alternatives, sale or merger of the Company,
completing a transaction, the Company’s future products and product
applications and those including words like “explore” are
forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those projected in
our forward-looking statements include the risk that the Company
may not succeed in finding licensing or other strategic solutions,
including a potential sale of the Company, with acceptable timing,
benefits or costs, our ability to operate with limited cash or to
raise additional capital when needed; market acceptance of our
technologies and products; and for products incorporating our
technologies; the failure of our commercial partners to perform as
expected under our agreements, including from the impact of the
COVID-19 (coronavirus); our ability to identify parties interested
in paying any amounts or amounts we deem desirable for the purchase
or license of intellectual property 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 and
develop partnership opportunities; 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; our ability to maintain our
listing on the Nasdaq Stock Market, 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. These factors are not intended to represent a complete list of
the general or specific factors that may affect us. It should
be recognized that other factors, including general economic
factors and business strategies, may be significant, now or in the
future, and the factors set forth in this release may affect us to
a greater extent than indicated. 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) |
|
June 30, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
$ |
7,805 |
|
|
$ |
5,837 |
|
Accounts receivable,
net |
|
- |
|
|
|
1,079 |
|
Inventory |
|
- |
|
|
|
192 |
|
Other current
assets |
|
301 |
|
|
|
729 |
|
Total current
assets |
|
8,106 |
|
|
|
7,837 |
|
|
|
|
|
Property and equipment,
net |
|
1,623 |
|
|
|
1,849 |
|
Operating lease right-of-use
asset |
|
1,132 |
|
|
|
1,308 |
|
Restricted cash |
|
435 |
|
|
|
435 |
|
Intangible assets, net |
|
192 |
|
|
|
221 |
|
Other assets |
|
18 |
|
|
|
186 |
|
Total assets |
$ |
11,506 |
|
|
$ |
11,836 |
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity (Deficit) |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
1,498 |
|
|
$ |
1,871 |
|
Accrued
liabilities |
|
501 |
|
|
|
2,045 |
|
Deferred revenue |
|
- |
|
|
|
21 |
|
Contract
liabilities |
|
8,699 |
|
|
|
9,755 |
|
Other current
liabilities |
|
- |
|
|
|
83 |
|
Current portion of
long-term debt |
|
694 |
|
|
|
- |
|
Current portion of
operating lease liability |
|
666 |
|
|
|
656 |
|
Current portion of
finance lease obligations |
|
20 |
|
|
|
25 |
|
Total current
liabilities |
|
12,078 |
|
|
|
14,456 |
|
|
|
|
|
Long term debt, net of current
portion |
|
880 |
|
|
|
- |
|
Operating lease liability, net
of current portion |
|
1,069 |
|
|
|
1,348 |
|
Finance lease obligations, net
of current portion |
|
1 |
|
|
|
9 |
|
Total liabilities |
|
14,028 |
|
|
|
15,813 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Shareholders' Equity
(Deficit) |
|
|
|
Common stock at par
value |
|
143 |
|
|
|
126 |
|
Additional paid-in
capital |
|
577,172 |
|
|
|
568,496 |
|
Accumulated
deficit |
|
(579,837 |
) |
|
|
(572,599 |
) |
Total shareholders'
equity (deficit) |
|
(2,522 |
) |
|
|
(3,977 |
) |
Total liabilities and
shareholders' equity (deficit) |
$ |
11,506 |
|
|
$ |
11,836 |
|
MicroVision, Inc. |
Statement of Operations |
(In thousands, except earnings per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
- |
|
|
$ |
- |
|
|
$ |
1,247 |
|
|
$ |
199 |
|
License and royalty
revenue |
|
572 |
|
|
|
- |
|
|
|
784 |
|
|
|
- |
|
Contract revenue |
|
15 |
|
|
|
1,240 |
|
|
|
25 |
|
|
|
2,892 |
|
Total revenue |
|
587 |
|
|
|
1,240 |
|
|
|
2,056 |
|
|
|
3,091 |
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
(1 |
) |
|
|
1,025 |
|
|
|
1,394 |
|
|
|
1,313 |
|
Cost of contract revenue |
|
- |
|
|
|
798 |
|
|
|
4 |
|
|
|
1,753 |
|
Total cost of revenue |
|
(1 |
) |
|
|
1,823 |
|
|
|
1,398 |
|
|
|
3,066 |
|
|
|
|
|
|
|
|
|
Gross margin |
|
588 |
|
|
|
(583 |
) |
|
|
658 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expense |
|
1,607 |
|
|
|
5,945 |
|
|
|
5,290 |
|
|
|
11,918 |
|
Sales, marketing, general and
administrative expense |
|
1,280 |
|
|
|
2,455 |
|
|
|
3,051 |
|
|
|
5,154 |
|
Gain on disposal of fixed
assets |
|
- |
|
|
|
- |
|
|
|
(450 |
) |
|
|
- |
|
Total operating
expenses |
|
2,887 |
|
|
|
8,400 |
|
|
|
7,891 |
|
|
|
17,072 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(2,299 |
) |
|
|
(8,983 |
) |
|
|
(7,233 |
) |
|
|
(17,047 |
) |
|
|
|
|
|
|
|
|
Other expense, net |
|
(5 |
) |
|
|
(7 |
) |
|
|
(5 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(2,304 |
) |
|
$ |
(8,990 |
) |
|
$ |
(7,238 |
) |
|
$ |
(17,058 |
) |
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted |
$ |
(0.02 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding - basic and diluted |
|
140,107 |
|
|
|
106,872 |
|
|
|
133,661 |
|
|
|
104,435 |
|
Investor Relations Contact
David H. Allen Darrow Associates, Inc. 408.427.4463
dallen@darrowir.com
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