MicroVision Announces First Quarter 2021 Results
April 29 2021 - 4:05PM
MicroVision, Inc. (NASDAQ: MVIS), a leader in MEMS based solid
state automotive lidar and micro-display technology for augmented
reality, today announced its first quarter 2021 results.
Revenue for the first quarter of 2021 was $0.5 million, compared
to $1.5 million for the first quarter of 2020. MicroVision's net
loss for the first quarter of 2021 was $6.2 million, or $0.04 per
share, compared to a net loss of $4.9 million, or $0.04 per share
for the first quarter of 2020. The Company ended the first quarter
of 2021 with $75.3 million in cash and cash equivalents, compared
to $16.9 million at the end of the fourth quarter of 2020.
“We remain on track in advancing our automotive lidar
development program as the Company completed its A-Sample lidar
hardware and development platform on schedule,” said Sumit Sharma,
Chief Executive Officer of MicroVision. “We are prepared and plan
to share key performance data with potential customers, partners or
parties interested in a strategic transaction. We expect that a
version of this first-generation long-range lidar sensor, after
internal and external validation, reliability and compliance
testing, could be available for sale, in initial quantities, in the
third or fourth quarter of 2021 as we previously reported.
Additionally, with the recent completion of two At-the-Market
equity raises, we believe the Company is in a strong financial
position which enhances our ability to negotiate with potential
strategic partners.”
Financial Results Webcast
MicroVision will host a webcast which will start at 2:00 p.m.
Pacific Time on Thursday, April 29, 2021. The webcast can be
accessed from 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 April 29, 2021 from the webcast link. 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 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
solutions for automotive lidar sensors, 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
or follow MicroVision on Twitter at @MicroVision.MicroVision is a
trademark 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 the
Company’s future products, progress on development, pursuit of a
strategic transaction, financial position and ability to negotiate
with potential strategic partners and product applications and
statements using words such as “plan,” “believe,” “expect” and
“could” 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 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; 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, including
from the impact of COVID-19 (coronavirus); its ability to identify
parties interested in paying any amounts or amounts that the
Company deems desirable for the purchase or license of intellectual
property assets; its or its customers’ failure to perform under
open purchase orders; 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 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 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 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.
MicroVision, Inc. |
|
Balance Sheet |
|
(In thousands) |
|
(Unaudited) |
|
|
|
March 31, |
|
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
75,338 |
|
|
$ |
16,862 |
|
Other current assets |
|
565 |
|
|
|
698 |
|
Total current assets |
|
75,903 |
|
|
|
17,560 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
2,245 |
|
|
|
1,883 |
|
Operating lease right-of-use asset |
|
851 |
|
|
|
946 |
|
Restricted cash |
|
435 |
|
|
|
435 |
|
Intangible assets, net |
|
152 |
|
|
|
164 |
|
Other assets |
|
25 |
|
|
|
18 |
|
Total assets |
$ |
79,611 |
|
|
$ |
21,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
698 |
|
|
$ |
630 |
|
Accrued liabilities |
|
710 |
|
|
|
495 |
|
Contract liabilities |
|
7,286 |
|
|
|
7,765 |
|
Current portion of long-term debt |
|
699 |
|
|
|
431 |
|
Current portion of operating lease liability |
|
680 |
|
|
|
676 |
|
Current portion of finance lease obligations |
|
28 |
|
|
|
31 |
|
Total current
liabilities |
|
10,101 |
|
|
|
10,028 |
|
|
|
|
|
|
|
|
|
Long term debt, net of current portion |
|
886 |
|
|
|
1,151 |
|
Operating lease liability, net of current portion |
|
624 |
|
|
|
774 |
|
Finance lease obligations, net of current portion |
|
39 |
|
|
|
44 |
|
Total
liabilities |
|
11,650 |
|
|
|
11,997 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Common stock at par value |
|
158 |
|
|
|
153 |
|
Additional paid-in capital |
|
660,267 |
|
|
|
601,224 |
|
Subscriptions receivable |
|
- |
|
|
|
(6,135 |
) |
Accumulated deficit |
|
(592,464 |
) |
|
|
(586,233 |
) |
Total shareholders' equity |
|
67,961 |
|
|
|
9,009 |
|
Total liabilities and shareholders' equity |
|
$ 79,611 |
|
|
|
$ 21,006 |
|
MicroVision, Inc. |
Statement of Operations |
(In thousands, except earnings per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
- |
|
|
$ |
1,247 |
|
License and royalty revenue |
|
479 |
|
|
|
212 |
|
Contract revenue |
|
- |
|
|
|
10 |
|
Total revenue |
|
479 |
|
|
|
1,469 |
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
(5 |
) |
|
|
1,395 |
|
Cost of contract revenue |
|
- |
|
|
|
4 |
|
Total cost of revenue |
|
(5 |
) |
|
|
1,399 |
|
|
|
|
|
|
|
|
|
Gross margin |
|
484 |
|
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
4,462 |
|
|
|
3,683 |
|
Sales, marketing, general and administrative expense |
|
2,247 |
|
|
|
1,771 |
|
Gain on disposal of fixed assets |
|
- |
|
|
|
(450 |
) |
Total operating
expenses |
|
6,709 |
|
|
|
5,004 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(6,225 |
) |
|
|
(4,934 |
) |
|
|
|
|
|
|
|
|
Other expense, net |
|
(6 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(6,231 |
) |
|
$ |
(4,934 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per share - basic and diluted |
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
Weighted-average shares outstanding - basic and diluted |
|
155,454 |
|
|
|
127,214 |
|
Investor Relations Contact
David H. AllenDarrow Associates,
Inc.408.427.4463dallen@darrowir.com
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