MicroVision Announces First Quarter 2019 Results
April 17 2019 - 7:30AM
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced first quarter 2019 results.
Revenue for the first quarter of 2019 was $1.9 million, compared
to $2.2 million for the first quarter of 2018. MicroVision's net
loss for the first quarter of 2019 was $8.1 million, or $0.08 per
share, compared to a net loss of $7.1 million, or $0.09 per share
for the first quarter of 2018.
“We remain on track with our business plan and are working to
have products in the market in the second half of this year. We
expect the development portion of our April 2017 agreement with a
leading technology company to be completed in Q2 and we expect
orders for production units shortly. We are also encouraged by the
progress that our display-only license partner has made with a Tier
1 North American OEM,” said Perry Mulligan, MicroVision’s Chief
Executive Officer. “Additionally, our interactive display
module has attracted interest from several Tier 1 OEMs,”
Mulligan added.
Financial Results Conference Call
The company will host a conference call today to discuss its
first quarter 2019 results and current business operations at 8:30
a.m. ET/5:30 a.m. PT. Interested parties can listen to the
company's conference call by accessing the Investor Relations
section of MicroVision’s web site on the Investor Relations Events
Calendar page at
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-calendar
or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506
(for participants outside of the U.S.) ten minutes prior to the
start of the call using pass code number 4243781. The
conference call will be available for rebroadcast from the Investor
Relations section of MicroVision’s web site 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.
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 the timing of product sales, completion of development
agreements, expected orders for our products, progress in business
discussions involving our display-only licensee, interest of
potential customers in our products, company’s future product and
product applications and statements containing words like “expect”
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 our ability 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, 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; 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) |
|
March 31, |
|
December 31, |
|
2019 |
|
2018 |
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
$ |
6,979 |
|
|
$ |
13,766 |
|
Accounts
receivable, net |
|
274 |
|
|
|
476 |
|
Costs and
estimated earnings in excess of billings on uncompleted
contracts |
|
1,199 |
|
|
|
987 |
|
Inventory |
|
1,062 |
|
|
|
1,109 |
|
Other current
assets |
|
1,091 |
|
|
|
1,311 |
|
Total current assets |
|
10,605 |
|
|
|
17,649 |
|
|
|
|
|
Property and equipment,
net |
|
2,675 |
|
|
|
2,993 |
|
Operating lease
right-of-use asset |
|
1,559 |
|
|
|
- |
|
Restricted cash |
|
435 |
|
|
|
435 |
|
Intangible assets,
net |
|
457 |
|
|
|
486 |
|
Other assets |
|
1,470 |
|
|
|
1,470 |
|
Total assets |
$ |
17,201 |
|
|
$ |
23,033 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
Current
Liabilities |
|
|
|
Accounts
payable |
$ |
2,003 |
|
|
$ |
2,411 |
|
Accrued
liabilities |
|
5,092 |
|
|
|
5,602 |
|
Billings on
uncompleted contracts in excess of related costs |
|
5 |
|
|
|
- |
|
Other current
liabilities |
|
10,095 |
|
|
|
10,154 |
|
Current portion
of operating lease liability |
|
642 |
|
|
|
- |
|
Current portion
of finance lease obligations |
|
22 |
|
|
|
21 |
|
Total current liabilities |
|
17,859 |
|
|
|
18,188 |
|
|
|
|
|
Operating lease
liability, net of current portion |
|
1,746 |
|
|
|
- |
|
Finance lease
obligations, net of current portion |
|
28 |
|
|
|
33 |
|
Deferred rent, net of
current portion |
|
- |
|
|
|
695 |
|
Total liabilities |
|
19,633 |
|
|
|
18,916 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Shareholders' Equity
(Deficit) |
|
|
|
Common stock at
par value |
|
102 |
|
|
|
100 |
|
Additional
paid-in capital |
|
551,650 |
|
|
|
550,133 |
|
Accumulated
deficit |
|
(554,184 |
) |
|
|
(546,116 |
) |
Total shareholders' equity (deficit) |
|
(2,432 |
) |
|
|
4,117 |
|
Total liabilities and
shareholders' equity (deficit) |
$ |
17,201 |
|
|
$ |
23,033 |
|
|
MicroVision, Inc. |
Statement of Operations |
(In thousands, except earnings per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
199 |
|
|
$ |
- |
|
License and royalty
revenue |
|
|
- |
|
|
|
11 |
|
Contract revenue |
|
$ |
1,652 |
|
|
$ |
2,177 |
|
Total
revenue |
|
|
1,851 |
|
|
|
2,188 |
|
|
|
|
|
|
Cost of product
revenue |
|
|
288 |
|
|
|
238 |
|
Cost of contract
revenue |
|
|
955 |
|
|
|
1,635 |
|
Total
cost of revenue |
|
|
1,243 |
|
|
|
1,873 |
|
|
|
|
|
|
Gross
margin |
|
|
608 |
|
|
|
315 |
|
|
|
|
|
|
|
|
|
|
|
Research and
development expense |
|
|
5,973 |
|
|
|
4,828 |
|
Sales, marketing,
general and administrative expense |
|
|
2,699 |
|
|
|
2,607 |
|
Total operating
expenses |
|
|
8,672 |
|
|
|
7,435 |
|
|
|
|
|
|
Loss from
operations |
|
|
(8,064 |
) |
|
|
(7,120 |
) |
|
|
|
|
|
Other expense, net |
|
|
(4 |
) |
|
|
(12 |
) |
|
|
|
|
|
Net loss |
|
$ |
(8,068 |
) |
|
$ |
(7,132 |
) |
|
|
|
|
|
Net loss per share -
basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
Weighted-average shares
outstanding - basic and diluted |
|
|
101,971 |
|
|
|
78,610 |
|
Investor Relations Contact:
David H. Allen Darrow Associates, Inc. 408.427.4463
dallen@darrowir.com
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