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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
DATE
OF REPORT (DATE OF EARLIEST EVENT REPORTED) November 8, 2023
MicroVision,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-34170 |
|
91-1600822 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
18390
NE 68th Street
Redmond,
Washington 98052
(Address
of principal executive offices) (Zip code)
(425)
936-6847
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name or former address if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, par value $0.001 per share |
|
MVIS |
|
The
NASDAQ Stock Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
The
information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current
Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933,
as amended.
On
November 8, 2023, MicroVision, Inc. issued a press release announcing its third quarter 2023 results. A copy of the press release is
attached as Exhibit 99.1 and is incorporated herein by reference.
Item
9.01. Financial Statements and Exhibits.
(c)
Exhibits.
Pursuant
to the rules and regulations of the SEC, the attached exhibit is deemed to have been furnished to, but not filed with, the SEC.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
MICROVISION,
INC. |
|
|
|
|
By: |
/s/
Drew G. Markham |
|
|
Drew
G. Markham |
|
|
Vice
President, General Counsel and Secretary |
Dated:
November 8, 2023
Exhibit 99.1
MicroVision
Announces Third Quarter 2023 Results
REDMOND,
WA / ACCESSWIRE / November 8, 2023 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions,
today announced its third quarter 2023 results.
“We
closed the third quarter having made further significant progress toward our 2023 milestones, in particular our automotive design win
goal, with a focus on programs involving high-volume passenger vehicles and commercial vehicles. Our advanced negotiations with multiple
potential customers, centered on RFIs and RFQs for North American and EU markets, have been accelerated due to our product maturity and
existing manufacturing capabilities,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “Also, supporting our
diversified lidar and software product portfolio, during the third quarter we secured a path to add to our existing inventory of MOVIA
sensors to promote the expansion of our direct sales pipeline.”
“We
are adjusting our 2023 revenue guidance to a range of $6.5 – 8.0 million as some customers have pushed out their demand due to
the challenging macroeconomic environment and other headwinds. As demonstrated in the third quarter, our MOSAIK software suite has delivered
excellent margins, but demand for this product has moved into next year,” continued Sharma. “We’ve made tremendous
progress this year toward securing customer wins in the near term and we remain enthusiastic about MicroVision’s future.”
Key
Financial Highlights for Q3 2023
| ● | Revenue
for the third quarter of 2023 was $1.0 million, compared to no revenue in the third quarter
of 2022. The revenue in the 2023 third quarter was predominantly comprised of software
sales but also includes the sale of lidar hardware to various customers. |
| ● | Net
loss for the third quarter of 2023 was $23.5 million, or $0.12 per share, which includes
$4.7 million of share-based compensation expense, compared to a net loss for the third quarter
of 2022 of $12.9 million, or $0.08 per share, which includes $4.1 million of share-based
compensation expense. |
| ● | Gross
Profit for the third quarter of 2023 was $0.4 million, compared to $(45) thousand for the
third quarter of 2022. Adjusted Gross Profit, a non-GAAP measure, for the third quarter of
2023 was $0.8 million, compared to $(45) thousand for the third quarter of 2022. |
| ● | Adjusted
EBITDA for the third quarter of 2023 was a $16.9 million loss, compared to an $8.5
million loss for the third quarter of 2022. |
| ● | Cash
used in operations in the third quarter of 2023 was $20.4 million, compared to cash used
in operations in the third quarter of 2022 of $9.0 million. This year-over-year increase
was primarily driven by an increase in operating expenses following the January 2023 acquisition. |
| ● | The
Company ended the third quarter of 2023 with $78.0 million in cash and cash equivalents including
investment securities, compared to $82.7 million at December 31, 2022. |
Conference
Call and Webcast: Q3 2023 Results
MicroVision
will host a conference call and webcast, consisting of prepared remarks by management, a slide presentation, and a question-and-answer
session at 2:00 PM PT/5:00 PM ET on Wednesday, November 8, 2023 to discuss the financial results and provide a business update. Analysts
and investors may pose questions to management during the live webcast on November 8, 2023.
The
live webcast and slide presentation can be accessed on the Company’s Investor Relations website under the Events tab at https://ir.microvision.com/events.
The webcast will be archived on the website for future viewing.
About
MicroVision
With
over 350 employees and global presence in Redmond, Detroit, Hamburg, and Nuremberg, MicroVision is a pioneering company in MEMS-based
laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software into its proprietary
technology to address existing and emerging markets. The Company’s integrated approach uses its proprietary technology to provide
automotive lidar sensors and solutions for advanced driver-assistance systems (ADAS) and for non-automotive applications including industrial,
smart infrastructure and robotics. The Company has been leveraging its experience building augmented reality micro-display engines, interactive
display modules, and consumer lidar modules.
For
more information, visit the Company’s website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc,
and LinkedIn at https://www.linkedin.com/company/microvision/.
MicroVision,
MAVIN, MOSAIK, and MOVIA are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties
of their respective owners.
Non-GAAP
information
To
supplement MicroVision’s condensed financial statements presented in accordance with GAAP, the Company presents investors with
the non-GAAP financial measures “adjusted EBITDA” and “adjusted Gross Profit.” Adjusted EBITDA consists of GAAP
net income (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization;
bargain purchase gain; and share-based compensation. Adjusted Gross Profit is calculated as GAAP gross profit before share-based compensation
expense and the amortization of acquired intangibles included in cost of revenue.
MicroVision
believes that the presentation of adjusted EBITDA and adjusted Gross Profit provides important supplemental information to management
and investors regarding financial and business trends, provides consistency and comparability with MicroVision’s past financial
reports, and facilitates comparisons with other companies in the Company’s industry, many of which use similar non-GAAP financial
measures to supplement their GAAP results. Internally, management uses these non-GAAP measures when evaluating operating performance
because the exclusion of the items described above provides an additional useful measure of the Company’s operating results and
facilitates comparisons of the Company’s core operating performance against prior periods and its business objectives. Externally,
the Company believes that adjusted EBITDA and adjusted Gross Profit are useful to investors in their assessment of MicroVision’s
operating performance and the valuation of the Company.
Adjusted
EBITDA and adjusted Gross Profit are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute
for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they
do not reflect all of the costs associated with the operations of MicroVision’s business as determined in accordance with GAAP.
The Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from
its non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent.
The
Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company
believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted
EBITDA.
Similarly
for Adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profit which is
the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing
investors with a reconciliation by backing out share-based compensation expense and the amortization of acquired intangibles included
in cost of revenue.
Forward-Looking
Statements
Certain
statements contained in this release, including the likelihood of customer design wins, benefits of the acquisition, market position,
product portfolio, product and manufacturing capabilities, and expected revenue, expenses and cash usage 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 such forward-looking statements include
the risk its ability to operate with limited cash or to raise additional capital when needed; market acceptance of its technologies and
products or for products incorporating its technologies; the failure of its commercial partners to perform as expected under its agreements;
its financial and technical resources relative to those of its competitors; its ability to keep up with rapid technological change; government
regulation of its technologies; its ability to enforce its intellectual property rights and protect its proprietary technologies; the
ability to obtain customers 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
its products; potential product liability claims; its ability to maintain its 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, Quarterly
Reports on Form 10-Q and other reports filed with the SEC. These factors are not intended to represent a complete list of the general
or specific factors that may affect the Company. 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 the Company to a greater extent
than indicated. Except as expressly required by federal securities laws, the Company undertakes 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.
Investor
Relations Contact
Jeff
Christensen
Darrow
Associates Investor Relations
MVIS@darrowir.com
Media
Contact
Robyn
Komachi
Marketing@MicroVision.com
Source:
MicroVision, Inc.
MicroVision, Inc.
Consolidated Balance Sheet
(In thousands)
(Unaudited)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Assets | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 49,366 | | |
$ | 20,536 | |
Investment securities, available-for-sale | |
| 28,677 | | |
| 62,173 | |
Restricted cash, current | |
| 3,263 | | |
| - | |
Accounts receivable, net | |
| 740 | | |
| - | |
Inventory | |
| 3,616 | | |
| 1,861 | |
Advance to IBEO | |
| - | | |
| 4,132 | |
Other current assets | |
| 5,765 | | |
| 2,306 | |
Total current assets | |
| 91,427 | | |
| 91,008 | |
| |
| | | |
| | |
Property and equipment, net | |
| 9,461 | | |
| 6,830 | |
Operating lease right-of-use asset | |
| 14,223 | | |
| 14,579 | |
Restricted cash | |
| 961 | | |
| 1,418 | |
Intangible assets, net | |
| 17,766 | | |
| 75 | |
Other assets | |
| 2,110 | | |
| 1,086 | |
Total assets | |
$ | 135,948 | | |
$ | 114,996 | |
| |
| | | |
| | |
Liabilities and Shareholders’ Equity | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,294 | | |
$ | 2,061 | |
Accrued liabilities | |
| 7,204 | | |
| 2,058 | |
Accrued liability for Ibeo business combination | |
| 6,118 | | |
| - | |
Contract liabilities | |
| 4,958 | | |
| 4,601 | |
Current portion of operating lease liability | |
| 2,432 | | |
| 1,846 | |
Current portion of finance lease obligations | |
| 2 | | |
| 21 | |
Other current liabilities | |
| 1,058 | | |
| 839 | |
Total current liabilities | |
| 24,066 | | |
| 11,426 | |
| |
| | | |
| | |
Operating lease liability, net of current portion | |
| 13,027 | | |
| 13,829 | |
Other long-term liabilities | |
| 597 | | |
| - | |
Total liabilities | |
| 37,690 | | |
| 25,255 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ Equity | |
| | | |
| | |
Common stock at par value | |
| 190 | | |
| 171 | |
Additional paid-in capital | |
| 843,975 | | |
| 772,221 | |
Subscriptions receivable | |
| (323 | ) | |
| - | |
Accumulated other comprehensive loss | |
| 45 | | |
| (127 | ) |
Accumulated deficit | |
| (745,629 | ) | |
| (682,524 | ) |
Total shareholders’ equity | |
| 98,258 | | |
| 89,741 | |
Total liabilities and shareholders’ equity | |
$ | 135,948 | | |
$ | 114,996 | |
MicroVision, Inc.
Consolidated Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 1,047 | | |
$ | - | | |
$ | 2,158 | | |
$ | 664 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 625 | | |
| 45 | | |
| 1,870 | | |
| 67 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 422 | | |
| (45 | ) | |
| 288 | | |
| 597 | |
| |
| | | |
| | | |
| | | |
| | |
Research and development expense | |
| 15,584 | | |
| 7,535 | | |
| 42,127 | | |
| 22,828 | |
Sales, marketing, general and administrative expense | |
| 8,743 | | |
| 5,522 | | |
| 27,172 | | |
| 17,664 | |
Gain on disposal of fixed assets | |
| (10 | ) | |
| - | | |
| (25 | ) | |
| - | |
Total operating expenses | |
| 24,317 | | |
| 13,057 | | |
| 69,274 | | |
| 40,492 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (23,895 | ) | |
| (13,102 | ) | |
| (68,986 | ) | |
| (39,895 | ) |
| |
| | | |
| | | |
| | | |
| | |
Bargain purchase gain | |
| - | | |
| - | | |
| 1,706 | | |
| - | |
Other income, net | |
| 637 | | |
| 251 | | |
| 4,846 | | |
| 279 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss before taxes | |
$ | (23,258 | ) | |
$ | (12,851 | ) | |
$ | (62,434 | ) | |
$ | (39,616 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| (211 | ) | |
| - | | |
| (671 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | (23,469 | ) | |
$ | (12,851 | ) | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share - basic and diluted | |
$ | (0.12 | ) | |
$ | (0.08 | ) | |
$ | (0.35 | ) | |
$ | (0.24 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding - basic and diluted | |
| 188,306 | | |
| 165,687 | | |
| 180,156 | | |
| 165,167 | |
MicroVision, Inc.
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
| |
Nine months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
Adjustments to reconcile net loss to net cash used in operations: | |
| | | |
| | |
Depreciation and amortization | |
| 6,288 | | |
| 1,425 | |
Bargain purchase gain | |
| (1,706 | ) | |
| - | |
Gain on disposal of fixed assets | |
| (25 | ) | |
| - | |
Impairment of property and equipment | |
| 12 | | |
| 60 | |
Inventory write-downs | |
| 61 | | |
| 60 | |
Share-based compensation expense | |
| 11,506 | | |
| 11,935 | |
Net accretion of premium on short-term investments | |
| (986 | ) | |
| 290 | |
Change in | |
| | | |
| | |
Accounts receivable | |
| (740 | ) | |
| - | |
Inventory | |
| (619 | ) | |
| (42 | ) |
Other current and non-current assets | |
| (3,214 | ) | |
| (662 | ) |
Accounts payable | |
| 896 | | |
| (2,160 | ) |
Accrued liabilities | |
| 4,321 | | |
| 418 | |
Contract liabilities and other current liabilities | |
| (1,405 | ) | |
| (386 | ) |
Operating lease liabilities | |
| (1,813 | ) | |
| (938 | ) |
Other long-term liabilities | |
| 17 | | |
| - | |
Net cash used in operating activities | |
| (50,512 | ) | |
| (29,616 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Sales of investment securities | |
| 61,700 | | |
| 34,700 | |
Purchases of investment securities | |
| (27,101 | ) | |
| (63,726 | ) |
Cash paid for Ibeo business combination | |
| (11,233 | ) | |
| - | |
Purchases of property and equipment | |
| (1,981 | ) | |
| (2,017 | ) |
Net cash provided by (used in) investing activities | |
| 21,385 | | |
| (31,043 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Principal payments under finance leases | |
| (19 | ) | |
| (20 | ) |
Principal payments under long-term debt | |
| - | | |
| (392 | ) |
Proceeds from stock option exercises | |
| 175 | | |
| 727 | |
Net proceeds from issuance of common stock | |
| 60,607 | | |
| - | |
Net cash provided by financing activities | |
| 60,763 | | |
| 315 | |
| |
| | | |
| | |
Change in cash, cash equivalents, and restricted cash | |
| 31,636 | | |
| (60,344 | ) |
Cash, cash equivalents and restricted cash at beginning of period | |
| 21,954 | | |
| 83,739 | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 53,590 | | |
$ | 23,395 | |
The following table provides
a reconciliation of the cash, cash equivalents, and restricted cash balances as of September 30, 2023 and December 31, 2022:
| |
| September 30, | | |
| December 31, | |
| |
| 2023 | | |
| 2022 | |
Cash and cash equivalents | |
$ | 49,366 | | |
$ | 20,536 | |
Restricted cash | |
| 4,224 | | |
| 1,418 | |
Cash, cash equivalents and restricted cash | |
| 53,590 | | |
| 21,954 | |
MicroVision, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(In thousands, except earnings per share data)
(Unaudited)
| |
Three months ended
September 30, | | |
Nine months ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Reconciliation of Non-GAAP Gross Profit: | |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
$ | 422 | | |
$ | (45 | ) | |
$ | 288 | | |
$ | 597 | |
Share-based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | |
Amortization of acquired intangibles | |
| 387 | | |
| - | | |
| 1,032 | | |
| - | |
Adjusted Gross Profit | |
$ | 809 | | |
$ | (45 | ) | |
$ | 1,320 | | |
$ | 597 | |
| |
| | | |
| | | |
| | | |
| | |
Reconciliation of Non-GAAP Loss: | |
| | | |
| | | |
| | | |
| | |
GAAP Net loss | |
$ | (23,469 | ) | |
$ | (12,851 | ) | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
Add Interest (net) | |
| (509 | ) | |
| (262 | ) | |
| (1,725 | ) | |
| (400 | ) |
Add Income taxes | |
| 211 | | |
| - | | |
| 671 | | |
| - | |
Add Depreciation & amortization | |
| 2,137 | | |
| 524 | | |
| 6,288 | | |
| 1,425 | |
Add Bargain purchase gain | |
| - | | |
| - | | |
| (1,706 | ) | |
| - | |
Add Share-based compensation expense | |
| 4,691 | | |
| 4,081 | | |
| 11,506 | | |
| 11,935 | |
Adjusted EBITDA | |
$ | (16,939 | ) | |
$ | (8,508 | ) | |
$ | (48,071 | ) | |
$ | (26,656 | ) |
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