Exhibit 99.1


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MicroVision Announces First Quarter 2024 Results


REDMOND, WA / ACCESSWIRE / May 9, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2024 results.


Key Business Highlights for Q1 2024


Actively engaged in high-volume, top-tier global OEM RFQs for passenger vehicles.
Expanding near-term revenue opportunities through direct sales in industrial markets.
Working to accumulate non-dilutive cash by leveraging partnerships and licensing opportunities.
Increasing cash runway through proactive, disciplined fiscal management.


“Energized by global OEM feedback that MicroVision offers the best technical and commercial solutions, we remain confident in our engagement with automotive OEMs and our prospects in high-volume, top-tier, passenger-vehicle RFQs,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “As we navigate current headwinds in the automotive industry and lidar sector with a healthy balance of optimism and realism, we are aggressively pursuing near-term revenue opportunities in industrial markets and with partnership opportunities, as well as continuing our ethos of fiscal discipline.”


“I remain committed to steering MicroVision and firmly establishing it as a leading automotive OEM supplier of lidar hardware and software solutions,” continued Sharma.


Key Financial Highlights for Q1 2024


Revenue for the first quarter of 2024 was $1.0 million, compared to $0.8 million for the first quarter of 2023 primarily driven by sales of MOVIA sensors to a global commercial trucking OEM.
Net loss for the first quarter of 2024 was $26.3 million, or $0.13 per share, which includes $3.7 million of non-cash, share-based compensation expense, compared to a net loss of $19.0 million, or $0.11 per share, which includes $2.9 million of non-cash, share-based compensation expense, for the first quarter of 2023.
Adjusted EBITDA for the first quarter of 2024 was a $18.7 million loss, compared to a $15.7 million loss for the first quarter of 2023.
Cash used in operations in the first quarter of 2024 was $20.8 million, compared to cash used in operations in the first quarter of 2023 of $13.5 million.
The Company ended the first quarter of 2024 with $73.1 million in cash and cash equivalents including investment securities, compared to $73.8 million at December 31, 2023.


Conference Call and Webcast: Q1 2024 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 1:30 PM PT/4:30 PM ET on Thursday, May 9, 2024 to discuss the financial results and provide a business update. Analysts and investors may pose questions to management during the live webcast on May 9, 2024.





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


With offices in the U.S. and Germany, 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 automotive lidar sensors and solutions for advanced driver-assistance systems (ADAS) and for non-automotive applications including industrial, smart infrastructure and robotics. The Company has been 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, and LinkedIn at https://www.linkedin.com/company/microvision/.


MicroVision, MAVIN, MOSAIK, and MOVIA are trademarks 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 measures “adjusted EBITDA” and “adjusted Gross Profit.” 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; bargain purchase gain; share-based compensation; and restructuring charges. Adjusted Gross Profit is calculated as GAAP gross profit before share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.


MicroVision believes that the presentation of adjusted EBITDA and adjusted Gross Profit 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 these non-GAAP measures 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 and adjusted Gross Profit are useful to investors in their assessment of MicroVision’s operating performance and the valuation of the Company.


Adjusted EBITDA and adjusted Gross Profit are 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 measures should not be construed as an inference that these costs are unusual or infrequent.





The Company compensates for limitations of the adjusted EBITDA 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.


Similarly for Adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profit which is the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation by backing out share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.


Forward-Looking Statements


Certain statements contained in this release, including customer engagement and the likelihood of success, opportunities for revenue and cash, expense reduction, market position, product portfolio, product and manufacturing capabilities, and expected revenue, expenses and cash usage 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; 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.


Investor Relations Contact

Jeff Christensen

Darrow Associates Investor Relations



Media Contact


Source: MicroVision, Inc.




Microvision, Inc.


Consolidated Balance Sheet

(In thousands)



   March 31, 2024   December 31, 2023 
Current Assets          
Cash and cash equivalents  $44,298   $45,167 
Investment securities, available-for-sale   28,770    28,611 
Restricted cash, current   71    3,263 
Accounts receivable, net of allowances   1,121    949 
Inventory   3,738    3,874 
Other current assets   4,302    4,890 
Total current assets   82,300    86,754 
Property and equipment, net   8,549    9,032 
Operating lease right-of-us asset   13,212    13,758 
Restricted cash, net of current portion   1,968    961 
Intangible assets, net   16,662    17,235 
Other assets   1,491    1,895 
Total assets  $124,182   $129,635 
Liabilities and Shareholders’ Equity          
Current Liabilities          
Accounts payable  $2,161   $2,271 
Accrued liabilities   9,971    8,640 
Accrued liability for Ibeo business combination   2,969    6,300 
Contract liabilities   213    300 
Current portion of operating lease liability   2,167    2,323 
Other current liabilities   270    669 
Total current liabilities   17,751    20,503 
Operating lease liability, net of current portion   12,358    12,714 
Other long-term liabilities   270    614 
Total liabilities   30,379    33,831 
Commitments and contingencies          
Shareholders’ Equity          
Common stock at par value   206    195 
Additional paid-in capital   885,119    860,765 
Accumulated other comprehensive loss   157    210 
Accumulated deficit   (791,679)   (765,366)
Total shareholders’ equity   93,803    95,804 
Total liabilities and shareholders’ equity  $124,182   $129,635 





MicroVision, Inc.


Consolidated Statement of Operations

(In thousands, except earnings per share data)



   Three months ended March 31, 
   2024   2023 
Revenue  $956   $782 
Cost of revenue   1,277    544 
Gross profit   (321)   238 
Research and development expense   17,311    12,692 
Sales, marketing, general and administrative expense   9,078    8,737 
Total operating expenses   26,389    21,429 
Loss from operations   (26,710)   (21,191)
Bargain purchase gain   -    1,706 
Other income, net   631    639 
Net loss before taxes  $(26,079)  $(18,846)
Income tax expense   (234)   (181)
Net income (loss)  $(26,313)  $(19,027)
Net income (loss) per share - basic and diluted  $(0.13)  $(0.11)
Weighted-average shares outstanding - basic and diluted   196,748    174,703 





Microvision, Inc.


Consolidated Statement of Cash Flows

(In thousands)



   Three months ended March 31, 
   2024   2023 
Cash flows from operating activities          
Net loss  $(26,313)  $(19,027)
Adjustments to reconcile net loss to net cash used in operations          
Depreciation and amortization   1,800    2,524 
Impairment of property and equipment   13    - 
Bargain purchase gain   -    (1,706)
Share-based compensation expense   3,743    2,949 
Inventory write-down   9    29 
Net accretion of premium on short-term investments   (288)   (396)
Change in:          
Accounts receivable   (172)   (506)
Contract assets   -    (192)
Inventory   102    (87)
Other current and non-current assets   992    647 
Accounts payable   (527)   1,629 
Accrued liabilities   1,331    2,017 
Contract liabilities and other current liabilities   (480)   (711)
Operating lease liabilities   (639)   (669)
Other long-term liabilities   (330)   17 
Net cash used in operating activities   (20,759)   (13,482)
Cash flows from investing activities          
Sales of investment securities   7,900    22,000 
Purchases of investment securities   (7,805)   (3,898)
Purchases of property and equipment   (114)   (615)
Cash paid for Ibeo business combination   (3,263)   (11,233)
Net cash provided by (used in) investing activities   (3,282)   6,254 
Cash flows from financing activities          
Principal payments under finance leases   -    (6)
Proceeds from stock option exercises   62    - 
Net proceeds from issuance of common stock   20,956    12,691 
Net cash provided by financing activities   21,018    12,685 
Effect of exchange rate changes on cash and cash equivalents   (31)   - 
Net increase (decrease) in cash and cash equivalents   (3,054)   5,457 
Cash, cash equivalents and restricted cash at beginning of period   49,391    21,954 
Cash, cash equivalents and restricted cash at end of period  $46,337   $27,411 


The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of March 31, 2024 and December 31, 2023:


    March 31,     December 31,  
    2024     2023  
Cash and cash equivalents   $ 44,298     $ 45,167  
Restricted cash     2,039       4,224  
Cash, cash equivalents and restricted cash     46,337       49,391  





MicroVision, Inc.


Reconciliation of GAAP to Non-GAAP Measures

(In thousands, except earnings per share data)



   Three months ended March 31, 
   2024   2023 
Reconciliation of Non-GAAP Gross Profit:          
Gross Profit  $(321)  $238 
Share-based compensation expense   -    - 
Amortization of acquired intangibles   387    255 
Adjusted Gross Profit  $66   $493 
Reconciliation of Non-GAAP Loss:          
GAAP Net loss  $(26,313)  $(19,027)
Other Income/Expense,net   (631)   (639)
Income taxes   234    181 
Depreciation & amortization   1,800    2,524 
Bargain purchase gain   -    (1,706)
Share-based compensation expense   3,743    2,949 
Restructuring costs   2,474    - 
Adjusted EBITDA  $(18,693)  $(15,718)