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MicroVision Announces Third Quarter 2024 Results

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MicroVision (NASDAQ:MVIS) reported Q3 2024 financial results with revenue of $0.2 million, down from $1.0 million in Q3 2023. The company posted a net loss of $15.5 million ($0.07 per share), compared to $23.5 million ($0.12 per share) in Q3 2023. Cash position ended at $43.2 million, down from $73.8 million at end-2023. The company secured a $75 million convertible note facility in October 2024, with $45 million already received. MicroVision is actively engaged with automotive OEMs on seven high-volume RFQs and pursuing opportunities in the industrial heavy equipment sector.

MicroVision (NASDAQ:MVIS) ha riportato i risultati finanziari del terzo trimestre 2024, con ricavi di 0,2 milioni di dollari, in calo rispetto ai 1,0 milioni di dollari del terzo trimestre 2023. L'azienda ha registrato una perdita netta di 15,5 milioni di dollari (0,07 dollari per azione), rispetto ai 23,5 milioni di dollari (0,12 dollari per azione) del terzo trimestre 2023. La posizione di liquidità si è conclusa a 43,2 milioni di dollari, in calo rispetto ai 73,8 milioni di dollari della fine del 2023. L'azienda ha ottenuto una linea di nota convertibile di 75 milioni di dollari nell'ottobre 2024, con 45 milioni di dollari già ricevuti. MicroVision è attivamente impegnata con i produttori di apparecchiature originali automobilistiche su sette richieste di offerta ad alto volume e sta perseguendo opportunità nel settore delle attrezzature pesanti industriali.

MicroVision (NASDAQ:MVIS) reportó resultados financieros del tercer trimestre de 2024, con ingresos de 0,2 millones de dólares, una disminución con respecto a 1,0 millón de dólares en el tercer trimestre de 2023. La empresa publicó una pérdida neta de 15,5 millones de dólares (0,07 dólares por acción), en comparación con 23,5 millones de dólares (0,12 dólares por acción) en el tercer trimestre de 2023. La posición de efectivo terminó en 43,2 millones de dólares, disminuyendo desde los 73,8 millones de dólares a finales de 2023. La compañía aseguró una línea de nota convertible de 75 millones de dólares en octubre de 2024, recibiendo ya 45 millones de dólares. MicroVision está comprometida activamente con los fabricantes de equipos originales automotrices en siete solicitudes de oferta de alto volumen y persiguiendo oportunidades en el sector de equipos pesados industriales.

마이크로비전 (NASDAQ:MVIS)은 2024년 3분기 재무 결과를 발표하였으며, 수익은 20만 달러로, 2023년 3분기의 100만 달러에서 감소하였습니다. 이 회사는 1550만 달러(주당 0.07 달러)의 순손실을 기록하였으며, 이는 2023년 3분기의 2350만 달러(주당 0.12 달러)와 비교됩니다. 현금 보유액은 4320만 달러로, 2023년 말의 7380만 달러에서 감소하였습니다. 이 회사는 2024년 10월에 7500만 달러의 전환사채 시설을 확보하였으며, 이미 4500만 달러를 받았습니다. 마이크로비전은 7개의 대량 RFQ를 통해 자동차 OEM들과 활발히 협력하고 있으며, 산업 중장비 부문에서 기회를 추구하고 있습니다.

MicroVision (NASDAQ:MVIS) a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus de 0,2 million de dollars, en baisse par rapport à 1,0 million de dollars au troisième trimestre 2023. L'entreprise a enregistré une perte nette de 15,5 millions de dollars (0,07 dollar par action), comparativement à 23,5 millions de dollars (0,12 dollar par action) au troisième trimestre 2023. La position de liquidités a terminé à 43,2 millions de dollars, en baisse par rapport à 73,8 millions de dollars à la fin de 2023. L'entreprise a sécurisé un emprunt convertible de 75 millions de dollars en octobre 2024, avec déjà 45 millions de dollars reçus. MicroVision est activement engagé avec des fabricants d'équipement automobile sur sept appels d'offres à fort volume et poursuit des opportunités dans le secteur des équipements lourds industriels.

MicroVision (NASDAQ:MVIS) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 0,2 Millionen Dollar, rückläufig von 1,0 Millionen Dollar im dritten Quartal 2023. Das Unternehmen meldete einen Nettoverlust von 15,5 Millionen Dollar (0,07 Dollar pro Aktie), im Vergleich zu 23,5 Millionen Dollar (0,12 Dollar pro Aktie) im dritten Quartal 2023. Die Liquiditätsposition endete bei 43,2 Millionen Dollar, ein Rückgang von 73,8 Millionen Dollar Ende 2023. Das Unternehmen sicherte sich im Oktober 2024 eine Wandelanleihe in Höhe von 75 Millionen Dollar, von denen bereits 45 Millionen Dollar ausgezahlt wurden. MicroVision ist aktiv mit Automobil-OEMs in sieben Hochvolumen-Angebotsanfragen tätig und verfolgt Chancen im Industrie-Maschinenbaubereich.

Positive
  • Reduced net loss to $15.5M in Q3 2024 from $23.5M in Q3 2023
  • Decreased cash burn with sequential reductions in first three quarters of 2024
  • Secured $75M convertible note facility strengthening financial position
  • Engaged in seven high-volume RFQs with automotive OEMs
Negative
  • Revenue declined 80% YoY to $0.2M from $1.0M in Q3 2023
  • Cash position decreased to $43.2M from $73.8M at end-2023
  • Continued operational losses with negative Adjusted EBITDA of $11.7M

Insights

The Q3 2024 results reveal concerning trends. Revenue declined significantly to $0.2 million from $1.0 million year-over-year, while net losses remained substantial at $15.5 million. The cash position deteriorated to $43.2 million from $73.8 million at 2023 year-end, prompting the company to secure a $75 million convertible note facility.

While cash burn improved sequentially, the company's financial health remains precarious. The $0.2 million quarterly revenue is insufficient to support operations and the new financing, while providing temporary relief, adds debt obligations. The delayed orders and dependency on future industrial customer revenues in 2025 create significant uncertainty. The combination of declining revenue, substantial losses and reliance on external financing suggests continued financial challenges ahead.

MicroVision's market positioning shows mixed signals. The engagement with seven high-volume RFQs from automotive OEMs and potential industrial customers in heavy equipment suggests market interest, but the lack of concrete orders is concerning. The delayed transition from development to commercialization is evident in the revenue decline.

The strategic pivot towards industrial customers for near-term revenue while maintaining automotive OEM relationships indicates a pragmatic approach, but also highlights challenges in penetrating the automotive market. The company's ability to offer integrated hardware-software solutions at competitive price points may be appealing, but the extended timelines to revenue realization pose significant execution risks.

REDMOND, WA / ACCESSWIRE / November 7, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its third quarter 2024 results.

Key Business Highlights for Q3 2024

  • Actively engaged with top-tier global automotive OEMs, with seven high-volume RFQs for passenger vehicles and custom development opportunities.

  • Actively engaged with multiple leading industrial companies for the opportunity to provide an integrated lidar hardware and software solution in the heavy equipment vertical.

  • Sequential improvement in cash burn in the third quarter of 2024 positioned the Company well to leverage near-term hardware and software sales to industrial customers.

"We believe the recently executed $75 million capital commitment positions us well to secure additional revenue opportunities for 2025 and beyond with our integrated MOVIA L and software solution with multiple industrial customers in the heavy equipment segment," said Sumit Sharma, MicroVision's Chief Executive Officer. "In addition, MAVIN and MOVIA S, combined with our integrated perception software, continue to offer compelling solutions to automotive OEMs at attractive price points. Given automotive OEMs' latest start-of-production timelines, the opportunity to ramp revenues in 2025 with our industrial customers puts MicroVision in a strong position in the marketplace."

"With a watchful eye on our operating expenses, we are pleased with the steady improvement in our cash burn, showing sequential reductions for the first three quarters of 2024," continued Sharma. "We expect to continue scaling resources, both internally and with third party vendors and suppliers, as we remain engaged with automotive OEMs and responsive to their evolving timelines."

Key Financial Highlights for Q3 2024

  • Revenue for the third quarter of 2024 was $0.2 million, compared to $1.0 million for the third quarter of 2023, with the year-over-year fluctuation driven by a delayed order, as well as the 2023 sale of MOSAIK software to a leading Asian automotive OEM.

  • Net loss for the third quarter of 2024 was $15.5 million, or $0.07 per share, which includes $2.4 million of non-cash, share-based compensation expense, compared to a net loss of $23.5 million, or $0.12 per share, which includes $4.7 million of non-cash, share-based compensation expense, for the third quarter of 2023.

  • Adjusted EBITDA for the third quarter of 2024 was an $11.7 million loss, compared to a $16.9 million loss for the third quarter of 2023.

  • Cash used in operations in the third quarter of 2024 was $14.1 million, compared to cash used in operations in the third quarter of 2023 of $20.4 million.

  • The Company ended the third quarter of 2024 with $43.2 million in cash and cash equivalents, including investment securities, compared to $73.8 million at December 31, 2023.

Subsequent to the third quarter, the Company strengthened its financial position by closing on a two-year $75.0 million senior secured convertible note facility in October 2024. After giving effect to the net proceeds from the first $45.0 million tranche of the financing transaction, the Company expects to have approximately $81 million in cash and cash equivalents and access to $153 million of additional capital, including $123 million under its existing ATM, or at-the-market, facility and $30 million from the remaining commitment pursuant to the convertible note facility.

Conference Call and Webcast: Q3 2024 Results

MicroVision will host a conference call and webcast, consisting of prepared remarks by management, a slide presentation, and a question-and-answer session at 1:30 PM PT/4:30 PM ET on Thursday, November 7, 2024 to discuss the financial results and provide a business update. Analysts and investors may pose questions to management during the live webcast on November 7, 2024.

The live webcast and slide presentation can be accessed on the Company's Investor Relations website under the Events tab at https://ir.microvision.com/events. The webcast will be archived on the website for future viewing.

About MicroVision

With offices in the U.S. and Germany, 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 automotive lidar sensors and solutions for advanced driver-assistance systems (ADAS) and for non-automotive applications including industrial, smart infrastructure and robotics. The Company has been leveraging its experience building 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, and LinkedIn at https://www.linkedin.com/company/microvision/.

MicroVision, MAVIN, MOSAIK, and MOVIA are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.

Non-GAAP information

To supplement MicroVision's condensed financial statements presented in accordance with GAAP, the Company presents investors with the non-GAAP financial measures "adjusted EBITDA" and "adjusted Gross Profit." Adjusted EBITDA consists of GAAP net income (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization; bargain purchase gain; share-based compensation; impairment charges; and restructuring costs. Adjusted Gross Profit is calculated as GAAP gross profit before share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.

MicroVision believes that the presentation of adjusted EBITDA and adjusted Gross Profit provides important supplemental information to management and investors regarding financial and business trends, provides consistency and comparability with MicroVision's past financial reports, and facilitates comparisons with other companies in the Company's industry, many of which use similar non-GAAP financial measures to supplement their GAAP results. Internally, management uses these non-GAAP measures when evaluating operating performance because the exclusion of the items described above provides an additional useful measure of the Company's operating results and facilitates comparisons of the Company's core operating performance against prior periods and its business objectives. Externally, the Company believes that adjusted EBITDA and adjusted Gross Profit are useful to investors in their assessment of MicroVision's operating performance and the valuation of the Company.

Adjusted EBITDA and adjusted Gross Profit are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of MicroVision's business as determined in accordance with GAAP. The Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from its non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent.

The Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA.

Similarly for adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profit which is the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation by backing out share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.

Forward-Looking Statements

Certain statements contained in this release, including customer engagement and the likelihood of success; opportunities for revenue and cash; expense reduction; market position; product portfolio; product and manufacturing capabilities; capital-raising opportunities; and expected revenue, expenses and cash usage 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 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; 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 customers 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, Quarterly Reports on Form 10-Q and other reports 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.

Investor Relations Contact:

Jeff Christensen
Darrow Associates Investor Relations
MVIS@darrowir.com

Media Contact:

Marketing@MicroVision.com

SOURCE: MicroVision, Inc.



View the original press release on accesswire.com

FAQ

What was MicroVision's (MVIS) revenue in Q3 2024?

MicroVision reported revenue of $0.2 million in Q3 2024, compared to $1.0 million in Q3 2023.

How much cash does MVIS have after the convertible note facility in October 2024?

After receiving the first $45 million tranche from the convertible note facility, MicroVision expects to have approximately $81 million in cash and cash equivalents.

What was MVIS's net loss per share in Q3 2024?

MicroVision reported a net loss of $0.07 per share in Q3 2024, compared to $0.12 per share in Q3 2023.

How many RFQs does MVIS have with automotive OEMs?

MicroVision is actively engaged with seven high-volume RFQs for passenger vehicles with top-tier global automotive OEMs.

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