8-K: Current report filing

Published on April 27, 2022

EX-99.1

Exhibit 99.1

 

LOGO

MicroVision Announces First Quarter 2022 Results

REDMOND, WA / ACCESSWIRE / April 27, 2022 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2022 results.

“We made significant progress in the first quarter of 2022. We track tested our integrated Long Range Lidar sensor and perception software, demonstrating promising ground-truth data of our high-fidelity/low-latency solution at speeds of over 60 mph,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “We continue to receive positive feedback and interest from automotive OEMs and Tier 1 suppliers for our best-in-class product with cost advantages.”

“We began our testing in the U.S. and expect to conduct several more rounds of tests of our high-speed Highway Pilot system both in the U.S. and Germany during the second quarter as we work to deliver on our 2022 objectives,” continued Sharma.

Key Financial Highlights for Q1 2022

 

   

Revenue for the first quarter of 2022 was $0.4 million, compared to $0.5 million for the first quarter of 2021.

 

   

Net loss for the first quarter of 2022 was $13.2 million, or $0.08 per share, which includes $3.7 million of non-cash, share-based compensation expense, compared to a net loss of $6.2 million, or $0.04 per share, which includes $1.6 million of non-cash, share-based compensation expense, for the first quarter of 2021.

 

   

Adjusted EBITDA for the first quarter of 2022 was negative $9.0 million, compared to negative $4.3 million in the first quarter of 2021.

 

   

Cash used in operations for the first quarter of 2022 was $10.9 million, compared to cash used in operations for the first quarter in 2021 of $4.5 million.

 

   

The Company ended the first quarter of 2022 with $103.3 million in cash and cash equivalents including investment securities, compared to $115.4 million at the end of December 31, 2021.

Conference Call and Webcast: Q1 2022 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 2:00 PM PT/5:00 PM ET on Wednesday, April 27, 2022 to discuss the financial results and provide a business update. Analysts and investors may pose questions for management during the live webcast on April 27, 2022.

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

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 today to develop automotive lidar sensors and provide solutions for advanced driver-assisted systems (ADAS), 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 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.

Non-GAAP information

To supplement MicroVision’s condensed financial statements presented in accordance with GAAP, the Company presents investors with the non-GAAP financial measure “adjusted EBITDA.” 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; and share-based compensation.

MicroVision believes that the presentation of adjusted EBITDA 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 this non-GAAP measure 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 is useful to investors in their assessment of MicroVision’s operating performance and the valuation of the Company.

Adjusted EBITDA is 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 measure should not be construed as an inference that these costs are unusual or infrequent. The Company compensates for limitations of the 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.

MicroVision has included a reconciliation of GAAP net income (loss) to adjusted EBITDA for the relevant periods.


Forward-Looking Statements

Certain statements contained in this release, including the Company’s plans regarding product demonstration and product capabilities 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.

Balance Sheet

(In thousands)

(Unaudited)

 

     March 31,
2022
    December 31,
2021
 

Assets

    

Current Assets

    

Cash and cash equivalents

   $ 55,611     $ 82,647  

Investment securities, available-for-sale

     47,651       32,720  

Inventory

     1,815       1,780  

Other current assets

     1,865       2,283  
  

 

 

   

 

 

 

Total current assets

     106,942       119,430  

Property and equipment, net

     3,248       3,026  

Operating lease right-of-use asset

     5,368       5,577  

Restricted cash

     1,092       1,092  

Intangible assets, net

     105       115  

Other assets

     1,014       985  
  

 

 

   

 

 

 

Total assets

   $ 117,769     $ 130,225  
  

 

 

   

 

 

 

Liabilities and Shareholders’ Equity

 

Current Liabilities

    

Accounts payable

   $ 1,919     $ 3,584  

Accrued liabilities

     1,288       1,170  

Contract liabilities

     4,915       5,265  

Other current liabilities

     474       1,181  

Current portion of long-term debt

     98       392  

Current portion of operating lease liability

     686       849  

Current portion of finance lease obligations

     24       21  
  

 

 

   

 

 

 

Total current liabilities

     9,404       12,462  

Operating lease liability, net of current portion

     4,882       4,983  

Finance lease obligations, net of current portion

     15       26  
  

 

 

   

 

 

 

Total liabilities

     14,301       17,471  
  

 

 

   

 

 

 

Commitments and contingencies

    

Shareholders’ Equity

    

Common stock at par value

     165       164  

Additional paid-in capital

     746,028       742,042  

Accumulated other comprehensive loss

     (124     (19

Accumulated deficit

     (642,601     (629,433
  

 

 

   

 

 

 

Total shareholders’ equity

     103,468       112,754  
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 117,769     $ 130,225  
  

 

 

   

 

 

 


MicroVision, Inc.

Statement of Operations

(In thousands, except earnings per share data)

(Unaudited)

 

     Three months ended March 31,  
  

 

 

 
     2022     2021  

Product revenue

   $ —       $ —    

License and royalty revenue

     350       479  
  

 

 

   

 

 

 

Total revenue

     350       479  
  

 

 

   

 

 

 

Cost of product revenue

     4       (5
  

 

 

   

 

 

 

Total cost of revenue

     4       (5
  

 

 

   

 

 

 

Gross margin

     346       484  
  

 

 

   

 

 

 

Research and development expense

     7,593       4,462  

Sales, marketing, general and administrative expense

     5,877       2,247  
  

 

 

   

 

 

 

Total operating expenses

     13,470       6,709  
  

 

 

   

 

 

 

Loss from operations

     (13,124     (6,225

Other expense, net

     (44     (6
  

 

 

   

 

 

 

Net loss

   $ (13,168   $ (6,231)  
  

 

 

   

 

 

 

Net loss per share - basic and diluted

   $ (0.08)     $ (0.04)  
  

 

 

   

 

 

 

Weighted-average shares outstanding - basic and diluted

     164,563       155,454  
  

 

 

   

 

 

 


MicroVision, Inc.

Reconciliation of GAAP Net Loss to Non-GAAP Measure

(In thousands, except earnings per share data)

(Unaudited)

 

     Three months ended March 31,  
  

 

 

 
     2022     2021  

GAAP net loss

   $ (13,168   $ (6,231

Add Interest (net)

     (31     5  

Add Income taxes

     —         —    

Add Depreciation & amorization

     483       299  

Add Share-based compensation expense

     3,734       1,638  
  

 

 

   

 

 

 

Adjusted EBITDA

   $ (8,982   $ (4,289
  

 

 

   

 

 

 

Investor Relations Contact

Jeff Christensen and Matt Kreps

Darrow Associates Investor Relations

MVIS@darrowir.com

SOURCE: MicroVision, Inc.