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8-K

August 4, 2021

8-K: Current report filing

Published on August 4, 2021

mvis_ex991
 
 
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