Exhibit 99.1



MicroVision Announces Third Quarter 2022 Results

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

“We are very pleased to announce that MicroVision has successfully delivered on all the objectives set out earlier in this year. The support of MAVIN on the NVIDIA drive platform provides yet another validation of our product that we believe will surpass OEM expectations in new, more complex highway driving scenarios,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “Our pixel-by-pixel approach to Class 1, which we believe is a first in the industry, coupled with the most compelling hardware design enables OEMs to explore more placement options along with superior specs and highway pilot capabilities.”

“I am also pleased to report that we have started sample sales to OEMs and Tier 1s in Q4 2022, as we continue to expand our engagement with them and demonstrate the capabilities of our hardware and software solution. We expect our sample sales to increase into next year and will provide updates in early 2023 on our drive-by-wire system centered on our lidar hardware and our high-speed highway pilot ADAS software, and other important achievements in 2023,” continued Sharma.

Key Financial Highlights for Q3 2022



Revenue for the third quarter of 2022 was $0 compared to $0.7 million for the third quarter of 2021. As stated in prior quarters, the Company did not receive any cash for this revenue.



Net loss for the third quarter of 2022 was $12.9 million, or $0.08 per share, which includes $4.1 million of non-cash, share-based compensation expense, compared to a net loss of $9.4 million, or $0.06 per share, which includes $2.8 million of non-cash, share-based compensation expense, for the third quarter of 2021.



Adjusted EBITDA for the third quarter of 2022 was negative $8.5 million, compared to negative $6.2 million for the third quarter of 2021.



Cash used in operating activities for the third quarter of 2022 was $9.0 million, compared to $10.0 million for the third quarter of 2021.



The Company ended the third quarter of 2022 with $83.3 million in cash and cash equivalents including investment securities, compared to $115.4 million at the end of December 31, 2021. As of September 30, 2022, the Company has the ability, at its discretion, to offer and sell just over $70.0 million of equity securities pursuant to its June 2021 ATM facility.

Conference Call and Webcast: Q3 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 Thursday, October 27, 2022 to discuss the financial results and provide a business update. Analysts and investors may pose questions to management during the live webcast on October 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-assistance 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, follow MicroVision on Twitter at @MicroVision, and LinkedIn at https://www.linkedin.com/company/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, product capabilities, and expected sales 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.

Consolidated Balance Sheet

(In thousands)



     September 30,
    December 31,



Current Assets


Cash and cash equivalents

   $ 21,977     $ 82,647  

Investment securities, available-for-sale

     61,281       32,720  


     1,762       1,780  

Other current assets

     2,832       2,283  







Total current assets

     87,852       119,430  

Property and equipment, net

     4,545       3,026  

Operating lease right-of-use asset

     14,486       5,577  

Restricted cash

     1,418       1,092  

Intangible assets, net

     85       115  

Other assets

     1,005       985  







Total assets

   $ 109,391     $ 130,225  







Liabilities and Shareholders’ Equity


Current Liabilities


Accounts payable

   $ 1,519     $ 3,584  

Accrued liabilities

     1,588       1,170  

Contract liabilities

     4,601       5,265  

Other current liabilities

     1,459       1,181  

Current portion of long-term debt

     —         392  

Current portion of operating lease liability

     769       849  

Current portion of finance lease obligations

     25       21  







Total current liabilities

     9,961       12,462  

Operating lease liability, net of current portion

     13,803       4,983  

Finance lease obligations, net of current portion

     2       26  







Total liabilities

     23,766       17,471  







Commitments and contingencies


Shareholders’ Equity


Common stock at par value

     166       164  

Additional paid-in capital

     754,702       742,042  

Accumulated other comprehensive loss

     (194     (19

Accumulated deficit

     (669,049     (629,433







Total shareholders’ equity

     85,625       112,754  







Total liabilities and shareholders’ equity

   $ 109,391     $ 130,225  







MicroVision, Inc.

Consolidated Statement of Operations

(In thousands, except earnings per share data)



     Three months ended September 30,     Nine months ended September 30,  
     2022     2021     2022     2021  

Product revenue

   $ —       $ —       $ —       $ —    

License and royalty revenue

     —         718       664       1,943  













Total revenue

     —         718       664       1,943  













Cost of product revenue

     45       (10     67       (46













Total cost of revenue

     45       (10     67       (46













Gross margin

     (45     728       597       1,989  

Research and development expense

     7,535       5,791       22,828       17,629  

Sales, marketing, general and administrative expense

     5,522       5,006       17,664       15,608  













Total operating expenses

     13,057       10,797       40,492       33,237  













Loss from operations

     (13,102     (10,069     (39,895     (31,248

Gain on debt extinguishment

     —         692       —         692  

Other income (expense), net

     251       (5     279       (19













Net income (loss)

   $ (12,851   $ (9,382   $ (39,616   $ (30,575













Net income (loss) per share - basic and diluted

   $ (0.08   $ (0.06   $ (0.24   $ (0.19













Weighted-average shares outstanding - basic and diluted

     165,687       163,985       165,167       159,452  













MicroVision, Inc.

Reconciliation of GAAP Net Loss to Non-GAAP Measure

(In thousands, except earnings per share data)



     Three months ended September 30,     Nine months ended September 30,  
     2022     2021     2022     2021  

GAAP net loss

   $ (12,851   $ (9,382   $ (39,616   $ (30,575

Add Interest (net)

     (262     5       (400     8  

Add Income taxes

     —         —         —         —    

Add Depreciation & amorization

     524       375       1,425       1,040  

Add Share-based compensation expense

     4,081       2,810       11,935       12,345  













Adjusted EBITDA

   $ (8,508   $ (6,192   $ (26,656   $ (17,182













Investor Relations Contact

Jeff Christensen and Matt Kreps

Darrow Associates Investor Relations


SOURCE: MicroVision, Inc.