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MicroVision Announces First Quarter 2019 Results

REDMOND, Wash., April 17, 2019 (GLOBE NEWSWIRE) -- MicroVision, Inc. (MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced first quarter 2019 results.

Revenue for the first quarter of 2019 was $1.9 million, compared to $2.2 million for the first quarter of 2018. MicroVision's net loss for the first quarter of 2019 was $8.1 million, or $0.08 per share, compared to a net loss of $7.1 million, or $0.09 per share for the first quarter of 2018.

“We remain on track with our business plan and are working to have products in the market in the second half of this year. We expect the development portion of our April 2017 agreement with a leading technology company to be completed in Q2 and we expect orders for production units shortly. We are also encouraged by the progress that our display-only license partner has made with a Tier 1 North American OEM,” said Perry Mulligan, MicroVision’s Chief Executive Officer. “Additionally, our interactive display module  has attracted interest from several Tier 1 OEMs,” Mulligan added.

Financial Results Conference Call

The company will host a conference call today to discuss its first quarter 2019 results and current business operations at 8:30 a.m. ET/5:30 a.m. PT. Interested parties can listen to the company's conference call by accessing the Investor Relations section of MicroVision’s web site on the Investor Relations Events Calendar page at http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-calendar or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506 (for participants outside of the U.S.) ten minutes prior to the start of the call using pass code number 4243781.  The conference call will be available for rebroadcast from the Investor Relations section of MicroVision’s web site on the Investor Relations Events Calendar page.

About MicroVision

MicroVision is the creator of PicoP® scanning technology, an ultra-miniature sensing and projection solution based on the laser beam scanning methodology pioneered by the company. MicroVision’s platform approach for this sensing and display solution means that its technology can be adapted to a wide array of applications and form factors. We combine our hardware, software, and algorithms to unlock value for our customers by providing them a differentiated 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, Washington.

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 the timing of product sales, completion of development agreements, expected orders for our products, progress in business discussions involving our display-only licensee, interest of potential customers in our products, company’s future product and product applications and statements containing words like “expect” 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 our forward-looking statements include our ability to raise additional capital when needed; market acceptance of our technologies and products, and for products incorporating our technologies; the failure of our commercial partners to perform as expected under our agreements, our ability to identify parties interested in paying any amounts or amounts we deem desirable for the purchase or license of intellectual property 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 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 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. These factors are not intended to represent a complete list of the general or specific factors that may affect us.  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 us to a greater extent than indicated.  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.

MicroVision, Inc.
Balance Sheet
(In thousands)
(Unaudited)
  March 31,    December 31, 
   2019    2018
       
Assets      
Current Assets      
  Cash and cash equivalents $ 6,979     $ 13,766  
  Accounts receivable, net   274       476  
  Costs and estimated earnings in excess of billings on uncompleted contracts   1,199       987  
  Inventory   1,062       1,109  
  Other current assets   1,091       1,311  
  Total current assets   10,605       17,649  
       
Property and equipment, net   2,675       2,993  
Operating lease right-of-use asset   1,559         -  
Restricted cash   435       435  
Intangible assets, net   457       486  
Other assets   1,470       1,470  
  Total assets $ 17,201     $ 23,033  
       
       
Liabilities and Shareholders' Equity    
Current Liabilities      
  Accounts payable $ 2,003     $ 2,411  
  Accrued liabilities   5,092       5,602  
  Billings on uncompleted contracts in excess of related costs   5         -  
  Other current liabilities   10,095       10,154  
  Current portion of operating lease liability   642         -  
  Current portion of finance lease obligations   22       21  
  Total current liabilities   17,859       18,188  
       
Operating lease liability, net of current portion   1,746         -  
Finance lease obligations, net of current portion   28       33  
Deferred rent, net of current portion      -       695  
  Total liabilities   19,633       18,916  
       
Commitments and contingencies      
       
Shareholders' Equity (Deficit)      
  Common stock at par value   102       100  
  Additional paid-in capital   551,650       550,133  
  Accumulated deficit   (554,184 )     (546,116 )
  Total shareholders' equity (deficit)   (2,432 )     4,117  
Total liabilities and shareholders' equity (deficit) $ 17,201     $ 23,033  
 

 

 

MicroVision, Inc.
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
         
         
     Three months ended March 31, 
      2019       2018  
         
         
Product revenue   $   199     $   -  
License and royalty revenue       -         11  
Contract revenue   $   1,652     $   2,177  
Total revenue       1,851         2,188  
         
Cost of product revenue       288         238  
Cost of contract revenue       955         1,635  
Total cost of revenue       1,243         1,873  
         
  Gross margin       608         315  
         
         
Research and development expense       5,973         4,828  
Sales, marketing, general and administrative expense       2,699         2,607  
  Total operating expenses       8,672         7,435  
         
Loss from operations       (8,064 )        (7,120 )
         
Other expense, net       (4 )       (12 )
         
Net  loss   $   (8,068 )   $   (7,132 )
         
Net loss per share - basic and diluted   $   (0.08 )   $   (0.09 )
         
Weighted-average shares outstanding - basic and diluted       101,971         78,610  

Investor Relations Contact:

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