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Microvision Inc. Message Board

Sir_Tolecnal 12 posts  |  Last Activity: Jul 18, 2014 1:30 PM Member since: Apr 27, 2008
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  • sir_tolecnal by sir_tolecnal Jul 18, 2014 1:30 PM Flag

    MicroVision ended last quarter with over $15 million cash on hand which is over a year's worth of operating cash. Given this, why would they announce they're raising another $4.5 million at-the-money if they don't need the cash? I believe they're doing this offering because they need the cash so that begs the question – what happened to the $15 million? With all of the cost cutbacks and spending reductions highlighted on the last 8 conference calls what ONE thing did they leave open that could consume millions in a short amount of time? The answer appears to be obvious – they received a huge PO from Sony and need the money to finance manufacturing. This is the only variable identified in the financials that could consume this much money and would explain why it was so easy to generate $4.5 million since they have a PO in hand. If they've spent the money in Q2, they will have to show it on the next 10-Q so we may have our answer in 3 weeks…

    Sentiment: Strong Buy

  • sir_tolecnal by sir_tolecnal Jul 15, 2014 1:22 PM Flag

    With the Sony development agreement about to be successfully completed, AT saying at the ASM that they are about to announce the supply channel partners and a possible September new product launch date quickly approaching, isn't obvious that news is imminent? My guess is that we are about to hear who the supply partners are and that a royalty deal has been signed with Sony. I love watching my MVIS L2 window freak out with a stream of green buys.

  • Reply to

    My reaction to today's PR: GYEAAAH!!!

    by microwishin Jun 5, 2014 1:33 PM
    sir_tolecnal sir_tolecnal Jun 5, 2014 1:40 PM Flag

    We know it's not Apple because they would do all of the development and engineering work internally so that they could control the final production cost. This is a big player like HTC or Samsung that farms out component production.

    Sentiment: Strong Buy

  • If you picked up one of the spiral bound sales presentations that was on the desk in the demo room at the ASM turn to one of the last pages and look at the pictures. This is the first time (I believe) that I've seen this image where a phone is in a stand and it's projecting an image down on the desktop in front of the user. The unique thing about this is that the user is interacting with the image using a stylus. I believe this is what this press announcement is talking about allowing you to expanding the desktop of the phone AND use your phone to project video. The beauty of this design is that you get a big screen (say 12 – 24 inches) image displayed on a desktop that is bright, allows interaction and is easily viewable by multiple users – all of the points made during the ASM.

    Sentiment: Strong Buy

  • Reply to

    2014 ASM: Q&A (part 1 of 2)

    by sir_tolecnal Jun 3, 2014 4:01 PM
    sir_tolecnal sir_tolecnal Jun 4, 2014 3:57 PM Flag

    When asked about the price of the entire display engine he said that they are below their bell curve estimates and that they expect volume to drive the price down quicker than expected. He pointed out that Sony is making the green lasers which means they've cut out the middle man. When I asked them last year about the cost of making the engine it was ~$250 so I bet it's below $200 and could be $150 for Sony.

    Sentiment: Strong Buy

  • Reply to

    2014 ASM: Pre-meeting Notes

    by sir_tolecnal Jun 3, 2014 2:46 PM
    sir_tolecnal sir_tolecnal Jun 3, 2014 8:52 PM Flag

    I forgot a new feature that AT told me about, the MEMS can control the size of the projection programmatically using the forward facing camera. The camera determines the distance to the display surface and then adjusts the MEMS to shrink or grow the image to achieve the desired output size. The beauty of this is that you can project a 100 inch screen over 50 feet with nearly the same lumens output as if you projected it only 5 feet. This is all software controlled with no focus or increase in power consumption.

    Sentiment: Strong Buy

  • Reply to

    Tell us how it was Joe

    by hillerby55 Jun 3, 2014 1:11 PM
    sir_tolecnal sir_tolecnal Jun 3, 2014 4:17 PM Flag

    Joe was the best looking guy at the meeting and rocked the pocket square.

  • sir_tolecnal by sir_tolecnal Jun 3, 2014 4:12 PM Flag

    6) Question about who is trading large block shares moving the stock price. This wasn't a question that they could really answer and basically they said that when news comes out volume greatly increases.

    7) Last Question: (my question) With the failing of the vote allowing the issuing new discounted shares, doesn't this remove the ability of the company to fend off a hostile takeover? Am I right that as of right now you couldn't do an offering to dilute the shares if someone tried to take over the company? COB said that they don't have a poison pill if that's what I'm asking and then deflected the question to the CFO. The CFO said that they couldn't issue shares at a discount until September 18th but they could still issues shares. They then asked their attorney if he wanted to add anything and he said no.

    END OF MEETING

    Sentiment: Strong Buy

  • sir_tolecnal by sir_tolecnal Jun 3, 2014 4:01 PM Flag

    1) Number of units provided to UPS? Those numbers haven't been provided however what excites them most is all of the other opportunities available at UPS (i.e. vehicle, delivery, facilities, etc.)
    2) In 2009/2010 you said we would see HUDs in 2014, what happened? (paraphrase) When the manufacture saw the new display engines they immediately wanted to incorporate those instead so development started with the new engines. Timing is that these engines are now available but this industry has a long product entry cycle.
    3) Question about Google Glass, Oculus and Apple CarPlay regarding MicroVision: Most interesting was that the COB said that Google had approached them but their technology wasn't ready so they went with an inferior technology from Himax. The problems with Google glass was that the image was too small, focal point was too close to the eye and the image wasn't bright enough and they believe that MicroVision solves all of these. Regarding Oculus/Apple CarPlay - they feel that once consumers see the first round of PicoP projectors they will demand they use MicroVision technology.
    4) In a couple of years what is your projected cost for your display engine? This has been asked before and AT gave the same answer that camera technology started at $150 and now costs about $15 - $5 depending on quality. Currently the cost for PicoP is below their projected curve and they see adoption driving the prices down quicker than with the camera.
    5) Question about the vote for issuing stock that failed and what are the other financing options. Basically they said that they have plenty of money and that this was only on method generate money if they needed it and they listed 4 or 5 other methods available to them. While disappointed with the turnout, 91% supported it and this doesn't change any plans that they have.

    Sentiment: Strong Buy

  • Path to market (chart showing):

    (1) ODM or OEM Development Engine - (2) OEM or ODM Develops Product - (3) OEM Brand Product - (4) Retail Channel - (5)Consumer

    MicroVision provides components and engine licenses for (1); MicroVision provides product and application licenses for (2); MicroVision invests in marketing, business development, engineering and investment nodes for (1), (2), (3) and (4)

    Position for growth:
    - Major electronics brand in development
    - Demand drivers from rapidly changing consumer behavior
    - Differentiated solution with PicoP display technology
    - Building pipeline of OEM opportunities
    - World class supply chain partners – soon to release names
    - Roadmap for advancement
    - Strong intellectual properties portfolio

    Consumers predict using a PicoP enabled mobile device projector for many content experiences and 67% would watch more sports and 90% watch more movies. This drives content providers to support the adoption. i.e. Jerry Seinfeld is developing a mobile only show and talks about it being in "your pocket."

    Over next 5 years it's projected that you will see a 7x fold increase in HUD for automobiles because of safety and PicoP component sales should be $10B by 2020.

    Strong prospects for 2014 and beyond:
    1) Favorable market dynamics and consumer behavior
    2) Maturing enabling technology and ecosystem (i.e. new wireless technology to stream video to devices without cables)
    3) Differentiated display technology
    4) Supply chain readiness

    END OF PRESENTATION

    Sentiment: Strong Buy

  • AT – 5 main pieces that need to come together for success:
    1) Consumer needs to want what we have
    2) You need to be better than other solutions
    3) Supply chain in place
    4) Ecosystem of technology
    5) Right selling/marketing strategy

    Strategy:
    1) Business – Anytime multimedia
    2) Personal Mobile Projection – Entertainment and instant sharing
    3) Gaming – Gaming anywhere
    4) Eyewear Display – Mobility redefined
    5) HUD – Drive safety

    Business Model:
    1) Technology licensing and components
    2) Partner with industry leading companies
    3) Continue improvement
    4) Improve margins
    5) Reduce cash spend and risk

    2013 Goals:
    1) Secure design wins
    - Develop agreement with F100 company (Sony)
    - F100 unveiled HD display engine
    - Orders for HUD evaluation units to global company
    - UPS evaluation units

    2) Supply chain
    - New supply sources for MEMS – lower cost/high volume
    - Engage manufacturing source for production of display engines for OEMs
    - Ramping up production to meet projected demand

    3) Cash management
    - FY2013 reduce cash for operations by 39%
    - Q1 2014 reduced cash for operations by 16%
    - 15.3 million cash on hand as of March 31, 2014

    Sentiment: Strong Buy

  • sir_tolecnal by sir_tolecnal Jun 3, 2014 2:46 PM Flag

    * Showing 2 new 35 lumen, 720p WiFi enabled prototype projectors and the 30 lumens embedded projector from 2013 ASM: Demonstrators referred to them as "approximately 30 lumens" but AT said 35 lumens. Wouldn't say manufacturer but at 720p it was obviously Sony. First impression – incredible: brightness, resolution, vivid colors, flicker free image, cool to the touch and speckle free. The only other observation was that looking into the lens I couldn't see a camera or sensors so this appeared to be a completely new design. They were slightly longer than the new iPhone, same thickness, had the projector in the center of the side (instead of the end) and it was heavier than it looked. While this was a prototype, it was clearly a "final hardware design" and was small, thin and built solid.
    * I asked AT if the Sony short throw 4K projector used MicroVision technology and he said he couldn't comment.
    * Next ASM AT wants to give away OEM devices as a door raffle. While this isn't an exact date, it does mean that we'll have product before June 2015 :)
    * I asked about the patents expiring and AT said that some UofW patents are expiring but they have a wall of patents around these that protect them. This strategy was outlined in a previous ASM (2011?). The Sony announcement recognizes MicroVision's patents and establishes them as the owners of the technology.
    * Someone asked about the Sony announcement and AT said that they forced Sony to reveal their name as part of the development agreement so that people knew that they are using MicroVision technology. The questioner then asked about timing on when Sony would release a product and AT said the usual but then he added that Sony typically releases a product very close to their press announcements.
    * I asked AT about profitability regarding the whisper number of 10 million units being produced by Sony this year and he said they would be profitable at 1/10th of that number.

    Sentiment: Strong Buy

MVIS
2.26-0.01(-0.44%)Jul 23 3:59 PMEDT

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