8-K: Current report filing
Published on August 4, 2021
Exhibit 99.1
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.
|
||
|
||
Balance
Sheet
|
||
(In
thousands)
|
||
(Unaudited)
|
||
|
June
30,
|
December
31,
|
|
2021
|
2020
|
|
|
|
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
|
MicroVision, Inc.
Statement of Operations
(In thousands, except earnings per share
data)
(Unaudited)
|
||||
|
||||
|
Three months
ended June 30,
|
Six
months ended June 30,
|
||
|
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