MicroVision Announces Fourth Quarter and Full Year 2020 Results

Rhea-AI Summary

MicroVision (NASDAQ: MVIS) announced its fourth quarter and full year 2020 results, highlighting significant advancements in automotive lidar technology. CEO Sumit Sharma noted the progress in their LiDAR development and improvements to the company's balance sheet and team. They expect to showcase A-Sample hardware and benchmarked data to interested parties by April 2021. Additionally, a first-generation Long Range Lidar sensor may be available for sale in small quantities by late 2021. A webcast detailing the financial results is set for March 11, 2021.

Positive

• Advancements in automotive LiDAR development.
• Strengthened balance sheet.
• Increased expertise in the Board of Directors.
• A-Sample hardware demonstration expected by April 2021.
• Potential availability of Long Range Lidar sensor by late 2021.

Negative

• None.

REDMOND, Wash., March 11, 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 fourth quarter and full year 2020 results.

“Over the past year we have made important progress advancing our automotive LiDAR development, bolstering our balance sheet, building the strength of our team, and adding expertise to our Board of Directors while exploring strategic alternatives,” said Sumit Sharma, MicroVision's Chief Executive Officer. “I expect that the A-Sample hardware and benchmarked data, for demonstration to interested parties, will be available in the April 2021 timeframe. I also expect that a version of our 1^st generation Long Range Lidar sensor, after internal validation, reliability and compliance testing, could be available for sale, in small quantities, in the third or fourth quarter of 2021.”

Financial Results Webcast

MicroVision will host a webcast which will start at 2:00 p.m. Pacific Time on Thursday, March 11, 2021 by accessing 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 March 11, 2021. 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, and product applications and statements using words such as “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)
		December 31,				December 31,
		2020				2019
Assets
Current Assets
Cash and cash equivalents		$	16,862			$	5,837
Accounts receivable		-				1,079
Inventory		-				192
Other current assets		698				729
Total current assets		17,560				7,837
Property and equipment, net		1,883				1,849
Operating lease right-of-use asset		946				1,308
Restricted cash		435				435
Intangible assets, net		164				221
Other assets		18				186
Total assets		$	21,006			$	11,836
Liabilities and Shareholders' Equity (Deficit)
Current Liabilities
Accounts payable		$ 630				$ 1,871
Accrued liabilities		495				2,045
Deferred revenue		-				21
Contract liabilities		7,765				9,755
Other current liabilities		-				83
Current portion of long-term debt		431				-
Current portion of operating lease liability		676				656
Current portion of finance lease obligations		31				25
Total current liabilities		10,028				14,456
Long term debt, net of current portion		1,151				-
Operating lease liability, net of current portion		774				1,348
Finance lease obligations, net of current portion		44				9
Total liabilities		11,997				15,813
Commitments and contingencies
Shareholders' Equity (Deficit)
Common stock at par value		153				126
Additional paid-in capital		601,224				568,496
Subscriptions receivable			(6,135	)		-
Accumulated deficit			(586,233	)			(572,599	)
Total shareholders' equity (deficit)		9,009				(3,977		)
Total liabilities and shareholders' equity (deficit)		$	21,006			$	11,836

MicroVision, Inc.
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
		Three months ended December 31,									Twelve months ended December 31,
			2020				2019				2020				2019
Product revenue		$	-			$	4,147			$	1,347			$	5,345
License and royalty revenue			395				82				1,718				99
Contract revenue			-				376				25				3,442
Total revenue			395				4,605				3,090				8,886
Cost of product revenue			-				3,340				1,394				6,692
Cost of contract revenue			-				86				4				1,872
Total cost of revenue			-				3,426				1,398				8,564
Gross margin			395				1,179				1,692				322
Research and development expense			2,578				3,177				9,840				18,661
Sales, marketing, general and administrative expense			1,381				1,282				5,917				8,133
Gain on disposal of fixed assets			-				-				(450	)			-
Total operating expenses			3,959				4,459				15,307				26,794
Loss from operations			(3,564	)			(3,280	)			(13,615	)			(26,472	)
Other expense, net			(6	)			(4	)			(19	)			(11	)
Net income (loss)		$	(3,570	)		$	(3,284	)		$	(13,634	)		$	(26,483	)
Net income (loss) per share - basic and diluted		$	(0.02	)		$	(0.03	)		$	(0.10	)		$	(0.24	)
Weighted-average shares outstanding - basic and diluted			148,176				121,220				139,829				111,297

Investor Relations Contact

David H. Allen
Darrow Associates, Inc.
408.427.4463
dallen@darrowir.com

FAQ

What were MicroVision's fourth quarter and full year 2020 results?

MicroVision reported key advancements in their automotive lidar technology and improvements in their balance sheet during the fourth quarter and full year 2020.

What does MicroVision expect for its A-Sample hardware?

MicroVision expects to have A-Sample hardware and benchmarked data available for demonstration by April 2021.

When is MicroVision planning to sell its Long Range Lidar sensor?

MicroVision anticipates that a version of its first-generation Long Range Lidar sensor could be available for sale in small quantities in the third or fourth quarter of 2021.

When will MicroVision host its financial results webcast?

MicroVision will host a webcast to discuss its financial results on March 11, 2021, at 2:00 p.m. Pacific Time.