MicroVision Announces Expected Fourth Quarter 2017 Revenue of $2.4 Million to $2.7 Million
January 18 2018 - 9:00AM
Business Wire
Full year 2017 revenue expected to be in the
range of $10.7 million to $11.0 million
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced that it expects revenue for the fourth quarter of 2017 in
the range of $2.4 million to $2.7 million and full year 2017
revenue in the range of $10.7 million to $11.0 million.
The fourth quarter 2017 revenue is made up primarily of contract
revenue. MicroVision had planned to recognize $4.3 million of
product revenue during the fourth quarter by completing the
remainder of a previously announced $6.7 million order for its
small form factor display engine PSE-0403-103. The customer,
however, requested a deferment in taking receipt of the engines
until 2018. MicroVision plans to ship a majority of the engines
remaining on this order in the first quarter of 2018 and the
balance in the second quarter.
MicroVision will discuss its financial and operating results for
the fourth quarter and full year 2017 on a conference call later
this quarter.
Results are Preliminary
As MicroVision has not completed its quarter and year-end fiscal
close process and the audit of its 2017 financial statements is not
complete, the revenue expectations presented in this press release
are preliminary, and, therefore, may change due to final year-end
closing adjustments. The preliminary financial results discussed in
this release are based solely upon information available as of the
date of this release, are not a comprehensive statement of our
financial results or positions as of or for the fourth quarter and
full fiscal-year 2017, and have not been audited, reviewed or
compiled by our independent registered accounting firm.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution for mobile
consumer electronics, automotive head-up displays and other
applications. MicroVision’s patented technology is a single
platform that can enable projected displays, image capture and
interaction for a wide array of future-ready products in this
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 expected revenue, timing of shipment of products,
future products and product applications and features, and those
containing words such as “expects” and “plans” 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: final revenue numbers may differ from the
preliminary results provided above, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180118005396/en/
MicroVision, Inc.Investors:Dawn Goetter,
425-882-6629ir@microvision.comorMedia:Heather Hewitt,
732-212-0823heatherh@lotus823.com
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