Earnings Release
MicroVision Announces First Quarter 2017 Results; In March 2017 Company Received a $6.7 Million Order for Its Small Form Factor Display Engine for a Smartphone Manufacturer
MicroVision,
Inc. (MVIS), a leader in innovative ultra-miniature
projection display and sensing technology, today announced its financial
and operating results for the first quarter of 2017.
MicroVision received a $6.7 million order in March 2017 for its small
form factor display engine for a customer in Asia that plans to embed
these engines in a smartphone. The company expects to begin shipping
engines to this customer early in the third quarter of this year. This
display engine is part of MicroVision’s engine line of business, which
includes two additional scanning engines for interactivity and 3D LiDAR
sensing that are scheduled for commercial availability later in 2017 and
2018 respectively.
MicroVision also announced in April 2017 that it has been awarded a
development and supply contract for a laser beam scanning (LBS) system
by a leading technology company. Under this agreement, MicroVision would
develop a new generation of MEMS(1), ASICs(2) and
related firmware for a high resolution, LBS-based product the technology
company is planning to produce. MicroVision would receive up to $24
million including $14 million in fees for development work that is
expected to span 21 months and an upfront payment for other items. The
development fees would be paid contingent on completion of milestones in
2017 and 2018. This contract was awarded in the second quarter and is
not reflected at all in the first quarter financial results.
The following financial results are for the three months ended March 31,
2017, compared to the three months ended March 31, 2016.
--
Revenue was $792,000 compared to $3.7 million one year ago.
•
Operating loss was $5.6 million, compared to a loss of $3.6 million
for the same quarter one year ago.
•
Net loss was $5.6 million, or $0.08 per share, compared to a loss of
$3.6 million, or $0.07 per share for the same quarter one year ago.
•
In the first quarter 2017 cash used in operations was $6.7 million
compared to $3.0 million for the same period in 2016.
As of March 31, 2017 backlog was $8.5 million and cash and cash
equivalents were $7.7 million.
Conference Call
The company will host a conference call today to discuss its first
quarter 2017 results and current business operations at 8:30 a.m. ET /
5:30 a.m. PT. Participants may join the conference call by dialing
1-888-771-4371 (for U.S. participants) or +1-847-585-4405 (for
international participants) ten minutes prior to the start of the call.
The conference call pass code number is 44766127. A live webcast of the
call can be accessed from the company’s web site in the Investor
Events Calendar section on the Investor’s page. A replay of this
call will be available after 8:00 a.m. PT the day of the conference call
through the same link or by calling 1-888-843-7419 (U.S.) or
+1-630-652-3042 (International), pass code 4476 6127#. The phone-in
replay will be available until May 4, 2017.
About MicroVision
MicroVision is the creator of PicoP(R) scanning technology, an
ultra-miniature laser projection and sensing solution based on the laser
beam scanning methodology pioneered by the company. MicroVision’s
platform approach for this advanced display and imaging solution means
that it can be adapted to a wide array of applications and form factors.
It is an advanced solution for a rapidly evolving, always-on world.
Extensive research has led MicroVision to become an independently
recognized leader in the development of intellectual property.
MicroVision’s IP portfolio has been recognized by the Patent Board as a
top 50 IP portfolio among global industrial companies and has been
included in the Ocean Tomo 300 Patent Index. The company is based in
Redmond, Wash.
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 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 future non-recurring and other payments, benefits of the announced
agreement, performance of obligations of the company under the announced
agreement, availability of future products and product applications,
future shipments and those containing words such as "expects," "plans,"
"would" or "scheduled" are forward-looking statements that involve a
number of risks and uncertainties. Factors that could cause actual
results to differ materially from those projected in the company’s
forward-looking statements include the following: our ability to raise
additional capital when needed; products incorporating our PicoP display
engine may not achieve market acceptance, commercial partners may not
perform under agreements as anticipated, we may be unsuccessful in
identifying parties interested in paying any amounts or amounts we deem
desirable for the purchase or license of IP 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; 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; 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. 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.
Cash and cash equivalents
$
7,655
$
15,139
Accounts receivable, net
160
245
Costs and estimated earnings in excess of billings
309
125
Other current assets
810
606
Total current assets
10,986
17,348
Property and equipment, net
2,569
1,537
Intangible assets, net
689
718
Total assets
$
14,823
$
20,106
Liabilities and Shareholders’ Deficit
Accounts payable
$
2,237
$
2,195
Accrued liabilities
4,219
3,882
Billings on uncompleted contracts in excess of related costs
127
168
Total current liabilities
7,582
7,244
Deferred revenue, net of current portion
4,903
5,150
Deferred rent, net of current portion
143
185
Other long-term liabilities
45
53
Total liabilities
12,673
12,632
Commitments and contingencies
Common stock at par value
68
68
Additional paid-in capital
507,572
507,249
Accumulated deficit
(505,490 )
(499,843 )
Total shareholders’ equity
2,150
7,474
Total liabilities and shareholders’ equity
$
14,823
$
20,106
(In thousands, except earnings per share data)
Three months ended March 31,
Cost of product revenue
213
2,588
Cost of contract revenue
325
1
Total cost of revenue
538
2,589
Research and development expense
3,318
2,597
Sales, marketing, general and administrative expense
2,580
2,068
Total operating expenses
5,898
4,665
Loss from operations
(5,644 )
(3,553 )
Other expenses, net
(3 )
(3 )
Net loss
$ (5,647 )
$ (3,556 )
Net loss per share - basic and diluted
$
(0.08 )
$
(0.07 )
Weighted-average shares outstanding - basic and diluted
68,113
47,566
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SOURCE: MicroVision, Inc.">
<Property FormalName="PrimaryTwitterHandle" Value="@MicroVision
Dawn Goetter, 425-882-6629
Nicole Cobuzio, 732-212-0823 ext. 102
