MicroVision Announces Third Quarter 2020 Results
October 29 2020 - 04:05PM
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced its third quarter 2020 results.
Revenue for the third quarter of 2020 was $0.6 million, compared
to $1.2 million for the third quarter of 2019. MicroVision's net
loss for the third quarter of 2020 was $2.8 million, or $0.02 per
share, compared to a net loss of $6.1 million, or $0.05 per share
for the third quarter of 2019. The Company ended the third quarter
of 2020 with $5.0 million in cash and cash equivalents, compared to
$5.8 million at the end of the fourth quarter of 2019.
“MicroVision is focused on pursuing a strategic transaction at
the right value for our shareholders. Our focus is to drive to an
agreement at a valuation that reflects the sustainable strategic
advantage, we believe, our technology offers now and into the
future. We are continuing to work towards this goal while
maintaining expenses at appropriate levels. We appreciate the
strong support of our shareholders, as evidenced by the vote at our
special shareholders meeting on October 8th as we continue the work
ahead,” 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 Thursday, October 29, 2020 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 October 29, 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.
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, Washington.
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 registered 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 the value of our technology, timing of products coming
to market, management of finances, exploration of strategic
alternatives with third parties and the Company’s future products
and product applications 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 or
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) |
|
|
|
September 30, |
December
31, |
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current
Assets |
|
|
|
|
|
Cash and cash equivalents |
|
$
5,027 |
|
$
5,837 |
|
Accounts receivable, net |
|
- |
|
1,079 |
|
Inventory |
|
- |
|
192 |
|
Other current assets |
|
748 |
|
729 |
|
Total current assets |
|
5,775 |
|
7,837 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
1,515 |
|
1,849 |
|
Operating
lease right-of-use asset |
|
1,040 |
|
1,308 |
|
Restricted
cash |
|
435 |
|
435 |
|
Intangible
assets, net |
|
178 |
|
221 |
|
Other
assets |
|
18 |
|
186 |
|
Total assets |
|
$ 8,961 |
|
$ 11,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
(Deficit) |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
Accounts payable |
|
$
1,513 |
|
$
1,871 |
|
Accrued liabilities |
|
295 |
|
2,045 |
|
Deferred revenue |
|
- |
|
21 |
|
Contract liabilities |
|
8,160 |
|
9,755 |
|
Other current liabilities |
|
- |
|
83 |
|
Current portion of long-term debt |
|
961 |
|
- |
|
Current portion of operating lease liability |
|
671 |
|
656 |
|
Current portion of finance lease obligations |
|
15 |
|
25 |
|
Total current
liabilities |
|
11,615 |
|
14,456 |
|
|
|
|
|
|
|
Long term
debt, net of current portion |
|
617 |
|
- |
|
Operating
lease liability, net of current portion |
|
922 |
|
1,348 |
|
Finance
lease obligations, net of current portion |
|
- |
|
9 |
|
Total
liabilities |
|
13,154 |
|
15,813 |
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity (Deficit) |
|
|
|
|
|
Common stock at par value |
|
144 |
|
126 |
|
Additional paid-in capital |
|
578,326 |
|
568,496 |
|
Accumulated deficit |
|
(582,663) |
|
(572,599) |
|
Total shareholders' equity
(deficit) |
|
(4,193) |
|
(3,977) |
|
Total
liabilities and shareholders' equity (deficit) |
|
$ 8,961 |
|
$ 11,836 |
|
|
|
|
|
|
|
|
|
MicroVision,
Inc. |
|
Statement of
Operations |
|
(In
thousands, except earnings per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three month ended September 30, |
|
Nine months ended September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenue |
|
$ |
100 |
|
|
$ |
999 |
|
|
$ |
1,347 |
|
|
$ |
1,198 |
|
|
License and
royalty revenue |
|
|
539 |
|
|
|
17 |
|
|
|
1,323 |
|
|
|
17 |
|
|
Contract
revenue |
|
|
- |
|
|
|
174 |
|
|
|
25 |
|
|
|
3,066 |
|
|
Total revenue |
|
|
639 |
|
|
|
1,190 |
|
|
|
2,695 |
|
|
|
4,281 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
product revenue |
|
|
- |
|
|
|
2,039 |
|
|
|
1,394 |
|
|
|
3,352 |
|
|
Cost of
contract revenue |
|
|
- |
|
|
|
33 |
|
|
|
4 |
|
|
|
1,786 |
|
|
Total cost of revenue |
|
|
- |
|
|
|
2,072 |
|
|
|
1,398 |
|
|
|
5,138 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
639 |
|
|
|
(882 |
) |
|
|
1,297 |
|
|
|
(857 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expense |
|
|
1,972 |
|
|
|
3,566 |
|
|
|
7,262 |
|
|
|
15,484 |
|
|
Sales, marketing, general and administrative expense |
|
1,485 |
|
|
|
1,697 |
|
|
|
4,536 |
|
|
|
6,851 |
|
|
Gain on
disposal of fixed assets |
|
|
- |
|
|
|
- |
|
|
|
(450 |
) |
|
|
- |
|
|
Total operating
expenses |
|
|
3,457 |
|
|
|
5,263 |
|
|
|
11,348 |
|
|
|
22,335 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(2,818 |
) |
|
|
(6,145 |
) |
|
|
(10,051 |
) |
|
|
(23,192 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other
expense, net |
|
|
(8 |
) |
|
|
4 |
|
|
|
(13 |
) |
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(2,826 |
) |
|
$ |
(6,141 |
) |
|
$ |
(10,064 |
) |
|
$ |
(23,199 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share - basic and diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding - basic and diluted |
|
|
143,685 |
|
|
|
114,874 |
|
|
|
137,027 |
|
|
|
107,953 |
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact
David H. AllenDarrow Associates,
Inc.408.427.4463dallen@darrowir.com
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