MicroVision Announces First Quarter 2021 Results

Rhea-AI Summary

MicroVision, a leader in automotive lidar and micro-display technology, reported Q1 2021 revenues of $0.5 million, down from $1.5 million in Q1 2020. The net loss increased to $6.2 million, unchanged on a per-share basis at $0.04. Cash reserves rose significantly to $75.3 million compared to $16.9 million at the end of Q4 2020. CEO Sumit Sharma stated they are on track with their lidar development and plan to release the first-generation sensor in late 2021. The company completed two equity raises, strengthening its financial position for potential strategic partnerships.

Positive

• Completed A-Sample lidar hardware on schedule.
• Strong cash position of $75.3 million, up from $16.9 million.
• Recent equity raises enhance negotiation capabilities with strategic partners.
• Plans to introduce a long-range lidar sensor by Q3/Q4 2021.

Negative

• Q1 2021 revenue decreased to $0.5 million from $1.5 million in Q1 2020.
• Net loss increased to $6.2 million from $4.9 million year-over-year.

REDMOND, Wash., April 29, 2021 (GLOBE NEWSWIRE) -- 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. Allen
Darrow Associates, Inc.
408.427.4463
dallen@darrowir.com

FAQ

What were MicroVision's Q1 2021 financial results?

MicroVision reported Q1 2021 revenue of $0.5 million, a net loss of $6.2 million, and cash reserves of $75.3 million.

What is the expected timeline for MicroVision's lidar sensor release?

MicroVision plans to release its first-generation long-range lidar sensor in the third or fourth quarter of 2021.

How did MicroVision's Q1 2021 revenue compare to Q1 2020?

MicroVision's Q1 2021 revenue was $0.5 million, down from $1.5 million in Q1 2020.

What is MicroVision's net loss for Q1 2021?

MicroVision reported a net loss of $6.2 million for Q1 2021.

What steps has MicroVision taken to improve its financial position?

MicroVision completed two At-the-Market equity raises, increasing its cash position to $75.3 million.