MicroVision Announces Third Quarter 2019 Results

11/6/2019, 10:05 PM (Source: GlobeNewswire)

REDMOND, Wash., Nov. 06, 2019 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced third quarter 2019 results.

Revenue for the third quarter of 2019 was $1.2 million, compared to $11.6 million for the third quarter of 2018. MicroVision's net loss for the third quarter of 2019 was $6.1 million, or $0.05 per share, compared to net income of $0.3 million, or $0.00 per share for the third quarter of 2018.

”We made considerable progress in the third quarter with OEMs across multiple segments in our product portfolio that could have a significant positive impact on our 2020 results,” said Perry Mulligan, MicroVision’s Chief Executive Officer. “Production unit shipments for our April 2017 contract customer began in the third quarter and continue to proceed smoothly, meeting our customer’s production schedule,” Mulligan noted. “Our activities related to our interactive display solutions resulted in a major step forward during the past few months as customer due diligence work has now led to negotiations for a component purchase agreement that we aim to complete this quarter for a targeted launch of our interactive display module in 2020,” Mulligan added.

Financial Results Conference Call

The company will host a conference call today to discuss its third quarter 2019 results and current business operations at 2:00 p.m. Pacific Time today by accessing the Investor Relations section of MicroVision’s web site on the Investor Relations Events Calendar page at https://microvision.gcs-web.com/investor-event-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 8896540.

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.

MicroVision has a substantial portfolio of patents relating to laser beam scanning projection and sensing.  MicroVision’s industry leading technology is a result of its extensive research and development. 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 product shipment, potential product sales, adoption of technology, contract negotiations, the company’s future products, product applications and solutions and statements containing words such as “aim,” “could,” and “targeted” 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; our ability to maintain our 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 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) 
   September 30,December 31, 
   2019 2018 
Current Assets       
Cash and cash equivalents $6,642 $ 13,766 
Accounts receivable, net  505  476 
Costs and estimated earnings in excess of billings on uncompleted contracts  -  987 
Inventory  241  1,109 
Other current assets  574  1,311 
Total current assets  7,962  17,649 
Property and equipment, net  2,111  2,993 
Operating lease right-of-use asset  1,394  - 
Restricted cash  435  435 
Intangible assets, net  306  486 
Other assets  186  1,470 
Total assets $ 12,394 $ 23,033 
Liabilities and Shareholders' Equity (Deficit)       
Current Liabilities       
Accounts payable $ 1,091 $ 2,411 
Accrued liabilities  4,064  5,602 
Deferred revenue  28  - 
Contract liabilities  10,000  - 
Other current liabilities  8  10,154 
Current portion of operating lease liability  651  - 
Current portion of finance lease obligations  24  21 
Total current liabilities  15,866  18,188 
Operating lease liability, net of current portion  1,482  - 
Finance lease obligations, net of current portion  15  33 
Deferred rent, net of current portion  -  695 
Total liabilities  17,363  18,916 
Commitments and contingencies       
Shareholders' Equity (Deficit)       
Common stock at par value  119  100 
Additional paid-in capital  564,227  550,133 
Accumulated deficit  (569,315)  (546,116) 
Total shareholders' equity (deficit)  (4,969)  4,117 
Total liabilities and shareholders' equity (deficit) $12,394 $23,033 

MicroVision, Inc.
Statement of Operations
(In thousands, except earnings per share data)
    Three months ended September 30,  Nine months ended September 30, 
   2019  2018  2019  2018 
Product revenue $ 999 $ - $1,198 $ - 
License and royalty revenue  17  10,000  17  10,011 
Contract revenue  174  1,572  3,066  5,763 
Total revenue  1,190  11,572  4,281  15,774 
Cost of product revenue  2,039  1,434  3,352  1,998 
Cost of contract revenue  33  1,211  1,786  4,201 
Total cost of revenue  2,072  2,645  5,138  6,199 
Gross margin  (882)  8,927  (857)  9,575 
Research and development expense  3,566  6,386  15,484  17,905 
Sales, marketing, general and administrative expense  1,697  2,253  6,851  6,953 
Total operating expenses  5,263  8,639  22,335  24,858 
Income (loss) from operations  (6,145)  288  (23,192)  (15,283) 
Other expense, net  4  1  (7)  (19) 
Net income (loss) $ (6,141) $ 289 $ (23,199) $(15,302) 
Net income (loss) per share - basic $ (0.05) $ 0.00 $ (0.21) $(0.18) 
Net income (loss) per share - diluted $ (0.05) $ 0.00 $ (0.21) $ (0.18) 
Weighted-average shares outstanding - basic  114,874  93,073  107,953  84,388 
Weighted-average shares outstanding - diluted  114,874  93,204  107,953  84,388 

Investor Relations Contact

David H. Allen
Darrow Associates, Inc.

Primary Logo

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.