MicroVision Announces Second Quarter 2021 Results
REDMOND, WA / ACCESSWIRE / August 4, 2021 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS based solid state automotive lidar and micro-display technology for augmented reality, today announced its second quarter 2021 results.
Revenue for the second quarter of 2021 was $0.7 million, compared to $0.6 million for the second quarter of 2020. MicroVision's net loss for the second quarter of 2021 was $15.0 million, or $0.09 per share, which includes $7.9 million of non-cash compensation expense, compared to a net loss of $2.3 million, or $0.02 per share, which includes $0.2 million of non-cash compensation expense, for the second quarter of 2020. Cash used in operations in the second quarter of 2021 was $6.7 million, compared to cash used in operations in the second quarter of 2020 of $2.9 million. The Company ended the second quarter of 2021 with $135.3 million in cash and cash equivalents, compared to $16.9 million at the end of the fourth quarter of 2020.
"During the second quarter we provided potential customers, which included OEM, Tier 1 and Mobility-as-a-Service companies, with performance data from outdoor testing results and deeper evaluation of our product, technology and differentiated IP," said Sumit Sharma, MicroVision's Chief Executive Officer. "The feedback we've received from potential customers so far has been very positive. With our proprietary active scan locking architecture based on proven technologies, we believe our lidar meets and exceeds their product expectations and will be the most cost effective lidar product to address their needs. We expect our LRL product family will be available for sale, in small quantities, beginning in the fourth quarter of 2021."
Financial Results Webcast
MicroVision will host a webcast which will start at 2:00 p.m. Pacific Time on Wednesday, August 4, 2021. The webcast can be accessed from the Investor Relations section of MicroVision's website on the Investor Relations Events Calendar page at https://ir.microvision.com/news-events/ir-calendar/detail/9856/q2-2021-financial-and-operating-results-call. Investors may submit questions for management in advance to IR@MicroVision.com or beginning 10 minutes before or during the live webcast on August 4, 2021, from the webcast link. The webcast will be available for rebroadcast from the Investor Relations section of MicroVision's website on the Investor Relations 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 plans for product sales, progress on development, ability to meet and exceed customer expectations, cost effectiveness and statements using words such as "expect" "will" and "believe" 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, including from the impact of COVID-19 (coronavirus); 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.
MicroVision, Inc. | ||||||||
June 30, | December 31, | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 135,288 | $ | 16,862 | ||||
Inventory | 151 | - | ||||||
Other current assets | 885 | 698 | ||||||
Total current assets | 136,324 | 17,560 | ||||||
Property and equipment, net | 2,742 | 1,883 | ||||||
Operating lease right-of-use asset | 753 | 946 | ||||||
Restricted cash | 435 | 435 | ||||||
Intangible assets, net | 139 | 164 | ||||||
Other assets | 24 | 18 | ||||||
Total assets | $ | 140,417 | $ | 21,006 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 1,540 | $ | 630 | ||||
Accrued liabilities | 641 | 495 | ||||||
Contract liabilities | 6,540 | 7,765 | ||||||
Current portion of long-term debt | 968 | 431 | ||||||
Current portion of operating lease liability | 686 | 676 | ||||||
Current portion of finance lease obligations | 24 | 31 | ||||||
Total current liabilities | 10,399 | 10,028 | ||||||
Long term debt, net of current portion | 621 | 1,151 | ||||||
Operating lease liability, net of current portion | 467 | 774 | ||||||
Finance lease obligations, net of current portion | 33 | 44 | ||||||
Total liabilities | 11,520 | 11,997 | ||||||
Commitments and contingencies | ||||||||
Shareholders' Equity | ||||||||
Common stock at par value | 164 | 153 | ||||||
Additional paid-in capital | 736,159 | 601,224 | ||||||
Subscriptions receivable | - | (6,135 | ) | |||||
Accumulated deficit | (607,426 | ) | (586,233 | ) | ||||
Total shareholders' equity | 128,897 | 9,009 | ||||||
Total liabilities and shareholders' equity | $ | 140,417 | $ | 21,006 | ||||
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
Three months ended | Six months ended | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Product revenue | $ | - | $ | - | $ | - | $ | 1,247 | ||||||||
License and royalty revenue | 746 | 572 | 1,225 | 784 | ||||||||||||
Contract revenue | - | 15 | - | 25 | ||||||||||||
Total revenue | 746 | 587 | 1,225 | 2,056 | ||||||||||||
Cost of product revenue | (31 | ) | (1 | ) | (36 | ) | 1,394 | |||||||||
Cost of contract revenue | - | - | - | 4 | ||||||||||||
Total cost of revenue | (31 | ) | (1 | ) | (36 | ) | 1,398 | |||||||||
Gross margin | 777 | 588 | 1,261 | 658 | ||||||||||||
Research and development expense | 7,376 | 1,607 | 11,838 | 5,290 | ||||||||||||
Sales, marketing, general and administrative expense | 8,355 | 1,280 | 10,602 | 3,051 | ||||||||||||
Gain on disposal of fixed assets | - | - | - | (450 | ) | |||||||||||
Total operating expenses | 15,731 | 2,887 | 22,440 | 7,891 | ||||||||||||
Loss from operations | (14,954 | ) | (2,299 | ) | (21,179 | ) | (7,233 | ) | ||||||||
Other expense, net | (8 | ) | (5 | ) | (14 | ) | (5 | ) | ||||||||
Net loss | $ | (14,962 | ) | $ | (2,304 | ) | $ | (21,193 | ) | $ | (7,238 | ) | ||||
Net loss per share - basic and diluted | $ | (0.09 | ) | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.05 | ) | ||||
Weighted-average shares outstanding - basic and diluted | 158,818 | 140,107 | 157,136 | 133,661 | ||||||||||||
Investor Relations Contact
David H. Allen
Darrow Associates, Inc.
408.427.4463
dallen@darrowir.com
SOURCE: MicroVision, Inc.
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