MicroVision Announces Second Quarter 2018 Results
July 31 2018 - 4:05PM
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced results for the quarter ended June 30, 2018.
Revenue for the second quarter of 2018 was $2.0 million,
compared to $1.3 million for the second quarter of 2017.
MicroVision's net loss for the second quarter of 2018 was $8.5
million, or $0.10 per share, compared to a net loss of $5.7
million, or $0.08 per share for the second quarter of 2017.
“I am pleased with the progress we are making with our revised
Go-to-Market strategy targeting Tier 1 technology leaders who have
the capabilities to leverage our innovative solutions. We entered
into a display-only license agreement with a global technology
company to address one of our five targeted vertical markets. We
remain on track with the $24 million contract we signed in April
2017 and have been advised by our customer that we should expect a
product launch sometime in 2019,” said Perry Mulligan,
MicroVision’s Chief Executive Officer.
“Over the last two months we also raised cash to bolster our
balance sheet through a public stock offering that netted over $16
million. Additionally, the display-only license agreement provided
$5 million in license fees in Q2, and is expected to provide
another $5 million in Q4,” Mulligan added.
The company has implemented Revenue Standard ASC 606 for the
year beginning January 1, 2018. The Company transitioned to the new
standard using the full retrospective approach, and per the
standard, historical periods have been adjusted as if the new
standard was in place for historical periods.
Financial Results Conference Call
The company will host a conference call today to discuss its
second quarter 2018 results and current business operations at 5:00
p.m. ET/2:00 p.m. PT. Interested parties can listen to the
company's conference call by accessing the MicroVision website’s
Investor Events Calendar page or dialing 1-877-883-0383 (for U.S.
participants) or 1-412-902-6506 (for international participants)
ten minutes prior to the start of the call using pass code number
6154686. A replay webcast of the call will also be available from
the MicroVision website’s Investor Events Calendar page.
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 providing solutions, benefits under license
agreements, progress on development contracts, potential customer
agreements, potential demand for MicroVision technology
and products, progress on Go-To-Market strategy, potential products
and applications, features of MicroVision technology, and
those containing words such as “expect” are forward-looking
statements that involve 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 technology 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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MicroVision, Inc. |
Balance Sheet |
(In thousands) |
(Unaudited) |
|
|
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|
June 30, |
|
December 31, |
|
|
|
|
2018 |
|
2017 |
|
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Assets |
|
|
|
|
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Current Assets |
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
|
$ |
20,993 |
|
|
$ |
16,966 |
|
Accounts
receivable, net |
|
|
|
|
2,672 |
|
|
|
15 |
|
Costs and
estimated earnings in excess |
|
|
|
|
|
|
of
billings on uncompleted contracts |
|
|
|
|
- |
|
|
|
680 |
|
Inventory |
|
|
|
|
4,505 |
|
|
|
4,541 |
|
Other current assets |
|
|
|
|
1,221 |
|
|
|
1,015 |
|
Total current
assets |
|
|
|
|
29,391 |
|
|
|
23,217 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
|
|
3,122 |
|
|
|
3,251 |
|
Restricted cash |
|
|
|
|
435 |
|
|
|
435 |
|
Intangible assets,
net |
|
|
|
|
544 |
|
|
|
602 |
|
Other assets |
|
|
|
|
2,498 |
|
|
|
2,262 |
|
Total assets |
|
|
|
$ |
35,990 |
|
|
$ |
29,767 |
|
|
|
|
|
|
|
|
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|
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|
|
Liabilities and
Shareholders' Equity |
|
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|
|
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|
Current
Liabilities |
|
|
|
|
|
|
Accounts
payable |
|
|
|
$ |
2,275 |
|
|
$ |
3,063 |
|
Accrued
liabilities |
|
|
|
|
6,155 |
|
|
|
5,864 |
|
Deferred
revenue |
|
|
|
|
5,000 |
|
|
|
- |
|
Billings
on uncompleted contracts |
|
|
|
|
|
|
in
excess of related costs |
|
|
|
|
446 |
|
|
|
5 |
|
Other
current liabilities |
|
|
|
|
10,063 |
|
|
|
10,142 |
|
Total current liabilities |
|
|
|
|
23,939 |
|
|
|
19,074 |
|
|
|
|
|
|
|
|
Deferred rent, net of
current portion |
|
|
|
|
416 |
|
|
|
302 |
|
Other long-term
liabilities |
|
|
|
|
21 |
|
|
|
305 |
|
Total liabilities |
|
|
|
|
24,376 |
|
|
|
19,681 |
|
|
|
|
|
|
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Commitments and
contingencies |
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
Common
stock at par value |
|
|
|
|
93 |
|
|
|
79 |
|
Additional paid-in capital |
|
|
|
|
545,978 |
|
|
|
528,873 |
|
Accumulated deficit |
|
|
|
|
(534,457 |
) |
|
|
(518,866 |
) |
Total shareholders' equity |
|
|
|
|
11,614 |
|
|
|
10,086 |
|
Total liabilities and
shareholders' equity |
|
|
|
$ |
35,990 |
|
|
$ |
29,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
MicroVision, Inc. |
|
Statement of Operations |
|
(In thousands, except earnings per share
data) |
|
(Unaudited) |
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Three months ended June 30, |
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Six months ended June 30, |
|
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|
2018 |
|
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|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
|
$ |
- |
|
|
$ |
45 |
|
|
$ |
- |
|
|
$ |
45 |
|
|
Royalty revenue |
|
|
|
- |
|
|
|
106 |
|
|
|
11 |
|
|
|
203 |
|
|
Contract revenue |
|
|
|
2,014 |
|
|
|
1,188 |
|
|
|
4,191 |
|
|
|
1,659 |
|
|
Total
revenue |
|
|
|
2,014 |
|
|
|
1,339 |
|
|
|
4,202 |
|
|
|
1,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenue |
|
|
|
326 |
|
|
|
181 |
|
|
|
564 |
|
|
|
394 |
|
|
Cost of contract
revenue |
|
|
|
1,355 |
|
|
|
812 |
|
|
|
2,990 |
|
|
|
1,215 |
|
|
Total
cost of revenue |
|
|
|
1,681 |
|
|
|
993 |
|
|
|
3,554 |
|
|
|
1,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin |
|
|
|
333 |
|
|
|
346 |
|
|
|
648 |
|
|
|
298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expense |
|
|
|
6,691 |
|
|
|
3,672 |
|
|
|
11,519 |
|
|
|
6,990 |
|
|
Sales, marketing,
general |
|
|
|
|
|
|
|
|
|
|
and
administrative expense |
|
|
|
2,093 |
|
|
|
2,325 |
|
|
|
4,700 |
|
|
|
4,905 |
|
|
Total operating
expenses |
|
|
|
8,784 |
|
|
|
5,997 |
|
|
|
16,219 |
|
|
|
11,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
|
(8,451 |
) |
|
|
(5,651 |
) |
|
|
(15,571 |
) |
|
|
(11,597 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other expense, net |
|
|
|
(8 |
) |
|
|
(5 |
) |
|
|
(20 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
$ |
(8,459 |
) |
|
$ |
(5,656 |
) |
|
$ |
(15,591 |
) |
|
$ |
(11,605 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted |
|
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares |
|
|
|
|
|
|
|
|
|
|
outstanding -
basic and diluted |
|
|
|
81,321 |
|
|
|
69,373 |
|
|
|
79,973 |
|
|
|
68,747 |
|
|
|
|
|
|
|
|
|
|
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Investor Relations Contacts
Ted MoreauDarrow Associates,
Inc.608.298.7369tmoreau@darrowir.com
or
David H. AllenDarrow Associates,
Inc.408.427.4463dallen@darrowir.com
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