MicroVision, Inc.
9.5.2023 23:02:10 CEST | ACCESS Newswire | Press release
REDMOND, WA / ACCESSWIRE / May 9, 2023 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2023 results.
"Following the closing in January of our acquisition of assets from Ibeo Automotive Systems GmbH, we are energized by the strength of our combined team, accelerated engagement with multiple OEMs, and positive financial performance in Q1 2023. Revenue of $0.8 million was ahead of our expectations, primarily driven by the acquisition." said Sumit Sharma, MicroVision's Chief Executive Officer. "I am pleased with our significant achievements in the first quarter, with the momentum in our top line driven by our expanded product offerings and the efficient integration of our U.S. and Germany teams.
"With the dynamic-view MAVIN™, our MEMS-based scanning lidar for long-range highway pilot; MOVIA™, our flash-based short-range lidar for automotive and non-automotive applications; and MOSAIK™, our validation software suite for OEMs and Tier 1s, MicroVision is uniquely positioned to capture meaningful market share in both automotive and non-automotive verticals," continued Sharma. "Our product offerings and unmatched technical capabilities are proving to be compelling in key RFIs and RFQs from several OEMs around the globe. We maintain our 2023 revenue guidance of $10-15 million from our expanded product suite."
Key Financial Highlights for Q1 2023
- Revenue for the first quarter of 2023 was $0.8 million, compared to $0.4 million for the first quarter of 2022. The revenue growth in the first quarter was primarily due to the IBEO acquisition and includes the sale of lidar hardware and related software to various customers.
- Net loss for the first quarter of 2023 was $19.0 million, or $0.11 per share, which includes $2.9 million of non-cash, share-based compensation expense, $1.7 million bargain purchase price gain, compared to a net loss for the first quarter of 2022 of $13.2 million, or $0.08 per share, which includes $3.7 million of non-cash, share-based compensation expense.
- Adjusted Gross Profit for the first quarter of 2023 was a $0.5 million, compared to a $0.3 million for the first quarter of 2022.
- Adjusted EBITDA for the first quarter of 2023 was a $15.8 million loss, compared to a $9.0 million loss for the first quarter of 2022.
- Cash used in operations in the first quarter of 2023 was $13.8 million, compared to cash used in operations in the first quarter of 2022 of $10.9 million.
- The Company ended the first quarter of 2023 with $67.7 million in cash and cash equivalents including investment securities, compared to $82.7 million at December 31, 2022.
Conference Call and Webcast: Q1 2023 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 Tuesday, May 9, 2023 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, 2023.
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 over 350 employees and global presence in Redmond, Detroit, Hamburg, and Nuremberg, 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 measure "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; and share-based compensation. Adjusted Gross Profit is calculated as GAAP gross profit before stock-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 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 and adjusted Gross Profit is useful to investors in their assessment of MicroVision's operating performance and the valuation of the Company.
Adjusted EBITDA and adjusted Gross Profit 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.
Similarly for Adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profits 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 stock-based compensation expense and the amortization of acquired intangibles included in cost of revenue.
Forward-Looking Statements
Certain statements contained in this release, including the Company's plans regarding benefits of the acquisition, market position, product portfolio, product 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, 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.
Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
MVIS@darrowir.com
Media Contact
Robyn Komachi
Marketing@MicroVision.com
MicroVision, Inc.
Consolidated Balance Sheet
(In thousands)
(Unaudited)
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 23,187 | $ | 20,536 | ||||
Investment securities, available-for-sale | 44,544 | 62,173 | ||||||
Restricted cash, current | 3,263 | - | ||||||
Accounts receivable, net | 506 | - | ||||||
Contract assets | 192 | - | ||||||
Inventory | 3,116 | 1,861 | ||||||
Advance to IBEO | - | 4,132 | ||||||
Other current assets | 2,182 | 2,306 | ||||||
Total current assets | 76,990 | 91,008 | ||||||
Property and equipment, net | 10,284 | 6,830 | ||||||
Operating lease right-of-use asset | 14,746 | 14,579 | ||||||
Restricted cash | 961 | 1,418 | ||||||
Intangible assets, net | 19,000 | 75 | ||||||
Other assets | 1,281 | 1,086 | ||||||
Total assets | $ | 123,262 | $ | 114,996 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 3,629 | $ | 2,061 | ||||
Accrued liabilities | 10,414 | 2,058 | ||||||
Contract liabilities | 5,676 | 4,601 | ||||||
Other current liabilities | 211 | 839 | ||||||
Current portion of operating lease liability | 2,210 | 1,846 | ||||||
Current portion of finance lease obligations | 15 | 21 | ||||||
Total current liabilities | 22,155 | 11,426 | ||||||
Operating lease liability, net of current portion | 13,729 | 13,829 | ||||||
Deferred tax liabilities | 823 | - | ||||||
Total liabilities | 36,724 | 25,255 | ||||||
Commitments and contingencies | ||||||||
Shareholders' Equity | ||||||||
Common stock at par value | 176 | 171 | ||||||
Additional paid-in capital | 787,856 | 772,221 | ||||||
Accumulated other comprehensive loss | 57 | (127 | ) | |||||
Accumulated deficit | (701,551 | ) | (682,524 | ) | ||||
Total shareholders' equity | 86,538 | 89,741 | ||||||
Total liabilities and shareholders' equity | $ | 123,262 | $ | 114,996 | ||||
MicroVision, Inc.
Consolidated Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
| Three months ended March 31, | ||||||||
| 2023 | 2022 | |||||||
Revenue | $ | 782 | $ | 350 | ||||
Cost of revenue | 544 | 4 | ||||||
Gross profit | 238 | 346 | ||||||
Research and development expense | 12,692 | 7,593 | ||||||
Sales, marketing, general and administrative expense | 8,737 | 5,877 | ||||||
Total operating expenses | 21,429 | 13,470 | ||||||
Loss from operations | (21,191 | ) | (13,124 | ) | ||||
Bargain purchase gain, net of tax | 1,706 | - | ||||||
Other income (expense), net | 639 | (44 | ) | |||||
Net loss before taxes | $ | (18,846 | ) | $ | (13,168 | ) | ||
Income tax expense | (181 | ) | - | |||||
Net income (loss) | $ | (19,027 | ) | $ | (13,168 | ) | ||
Net income (loss) per share - basic and diluted | $ | (0.11 | ) | $ | (0.08 | ) | ||
Weighted-average shares outstanding - basic and diluted | 174,703 | 164,563 | ||||||
MicroVision, Inc.
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Three months ended March 31, | ||||||||
| 2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (19,027 | ) | $ | (13,168 | ) | ||
Adjustments to reconcile net loss to net cash used in operations: | ||||||||
Depreciation and amortization | 2,271 | 483 | ||||||
Bargain purchase gain, net of tax | 1,706 | - | ||||||
Impairment of property and equipment | - | 60 | ||||||
Share-based compensation expense | 2,949 | 3,734 | ||||||
Inventory write-downs | 29 | - | ||||||
Net accretion of premium on short-term investments | (396 | ) | 160 | |||||
Change in | ||||||||
Accounts receivable | (506 | ) | - | |||||
Contract assets | (192 | ) | - | |||||
Inventory | (87 | ) | (35 | ) | ||||
Other current and non-current assets | 647 | 389 | ||||||
Accounts payable | 1,629 | (1,292 | ) | |||||
Accrued liabilities | (2,367 | ) | 118 | |||||
Contract liabilities and other current liabilities | 195 | (1,057 | ) | |||||
Operating lease liabilities | (669 | ) | (299 | ) | ||||
Other clong-term liabilities | 17 | - | ||||||
Net cash used in operating activities | (13,801 | ) | (10,907 | ) | ||||
Cash flows from investing activities | ||||||||
Sales of investment securities | 22,000 | 1,500 | ||||||
Purchases of investment securities | (3,898 | ) | (16,696 | ) | ||||
Acquisition of Ibeo assets | (10,914 | ) | - | |||||
Purchases of property and equipment | (615 | ) | (884 | ) | ||||
Net cash provided by (used in) investing activities | 6,573 | (16,080 | ) | |||||
Cash flows from financing activities | ||||||||
Principal payments under finance leases | (6 | ) | (8 | ) | ||||
Principal payments under long-term debt | - | (294 | ) | |||||
Proceeds from stock option exercises | - | 253 | ||||||
Net proceeds from issuance of common stock | 12,691 | - | ||||||
Net cash provided by financing activities | 12,685 | (49 | ) | |||||
Change in cash, cash equivalents, and restricted cash | 5,457 | (27,036 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 21,954 | 83,739 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 27,411 | $ | 56,703 | ||||
| The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of | ||||||||
March 31, 2023 and December 31, 2022: | ||||||||
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
Cash and cash equivalents | $ | 23,187 | $ | 20,536 | ||||
Restricted cash | 4,224 | 1,418 | ||||||
Cash, cash equivalents and restricted cash | 27,411 | 21,954 | ||||||
MicroVision, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(In thousands, except earnings per share data)
(Unaudited)
Three months ended March 31, | ||||||||
| 2023 | 2022 | |||||||
Reconciliation of Non-GAAP Gross Profit: | ||||||||
Gross Profit | $ | 238 | $ | 346 | ||||
Share-based compensation expense | - | - | ||||||
Amortization of acquired intangibles | 255 | - | ||||||
Non-GAAP Gross Profit | $ | 493 | $ | 346 | ||||
Reconciliation of GAAP Net Loss to Non-GAAP Measure: | ||||||||
GAAP net loss | $ | (19,027 | ) | $ | (13,168 | ) | ||
Add Interest (net) | (499 | ) | (31 | ) | ||||
Add Income taxes | 181 | - | ||||||
Add Depreciation & amorization | 2,271 | 483 | ||||||
Add Bargain purchase gain | (1,706 | ) | - | |||||
Add Share-based compensation expense | 2,949 | 3,734 | ||||||
Adjusted EBITDA | $ | (15,831 | ) | $ | (8,982 | ) | ||
SOURCE: MicroVision, Inc.
View source version on accesswire.com:
https://www.accesswire.com/753823/MicroVision-Announces-First-Quarter-2023-Results
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Fermi Names Lee McIntire as Chief Executive Officer12.8.2026 22:01:00 CEST | Press release
Engineering executive with more than 40 years of experience building and operating complex global industrial and governmental projects at Bechtel, CH2M Hill, and TerraPower DALLAS, TX / ACCESS Newswire / August 12, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today named Lee McIntire Chief Executive Officer, effective Tuesday, August 11, 2026. McIntire has served as an independent director on Fermi's Board since September 2025. "Fermi's next chapter is a construction and power delivery story, and we believe Lee is the ideal executive to lead Fermi through that process," said Marius Haas, Chairman of the Board of Fermi Inc. "The job now is to build on schedule, on budget, and safely. Lee has spent 40 years delivering exactly this kind of large, complex project. He also knows Fermi from the inside, having served on our board through our latest period of growth, and he brings a reputation for integrity that Fermi's customers, employees
Model ML Secures Investment From HSBC Asset Management to Scale Its Agentic Operating System for Financial Services12.8.2026 18:05:00 CEST | Press release
The investment reflects growing demand for specialist AI platforms designed specifically for financial services. LONDON, UK / ACCESS Newswire / August 12, 2026 / Model ML has announced an investment from HSBC Asset Management, made through its flagship Venture Capital (VC) strategy. The funding will support Model ML's growth as the focus of enterprise AI shifts from individual models to the systems required to implement them. Model ML's platform is purpose-built for financial services. The company works with many of the world's leading banks, asset managers and advisory firms, helping to automate complex workflows across research, due diligence, financial analysis and client-ready document creation, while maintaining governance, accuracy and consistency. Its model-agnostic approach routes each task to the AI model best suited to the job, enabling firms to benefit from advances across the AI ecosystem without changing the way teams work. The company has grown rapidly since launching les
GoodData.AI Cuts BI Migration From 18 Months to Weeks for DACH Enterprises, Opening the Fastest Route to Production AI12.8.2026 16:20:00 CEST | Press release
With around 80 percent of migration functions automated, enterprises skip the multi-year consulting engagement that has kept them on aging BI platforms. SAN FRANCISCO, CA / ACCESS Newswire / August 12, 2026 / GoodData.AI today announced its AI-driven BI migration offering for enterprises across Germany, Austria, and Switzerland, delivered with German-language support and a regional team. Migration agents are able to move organizations off Tableau, Power BI, Qlik, Looker, MicroStrategy, and any other BI platform in days to weeks instead of the 12 to 18 months that a manual rebuild takes. Up to 80 percent of the migration work is automated, which cuts the cost along with the timeline, and GoodData engineers review every change before the customer approves it. It follows GoodData.AI's expansion in the region earlier this year and its work with DATEV, one of Germany's most recognized enterprise software companies. "Every migration conversation in Germany starts with the same question: will
Karbon-X and Core Energy Sign Letter of Intent to Explore Commercial EV Charging Infrastructure in South America12.8.2026 15:00:00 CEST | Press release
Collaboration provides Karbon-X with an opportunity to apply its project development and carbon market capabilities to commercial transportation infrastructure in the Southern Cone. CALGARY, AB / ACCESS Newswire / August 12, 2026 / Karbon-X Corp. (OTCQB:KARX) ("Karbon-X" or the "Company"), a vertically integrated climate solutions company, today announced that it has signed a non-binding Letter of Intent ("LOI") with Core Energy ("Core Energy"), to explore a potential commercial electric vehicle ("EV") fast-charging infrastructure project in South America. The proposed collaboration is intended to bring together Core Energy's local project development capabilities and Karbon-X's experience evaluating and developing climate projects and carbon market opportunities. During the initial exploratory phase, the companies expect to jointly assess the project's preliminary technical and commercial considerations and prepare a Concept Note outlining the proposed infrastructure model and its pot
Fermi and Hillcore Energy Capital Announce 2.6 Gigawatt Power Strategic Alliance for Project Matador11.8.2026 23:15:00 CEST | Press release
Doubles Fermi power to market to 4.8 gigawatts (GW) over the next ~30 months Build-Own-Operate-Transfer structure accelerates one of America's largest AI campus power programs - with no capital outlay by Fermi DALLAS, TX / ACCESS Newswire / August 11, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), announced the execution of a framework agreement with Hillcore Energy Capital Corporation ("Hillcore") under which Hillcore will finance, build, own and operate the Hillcore Power Center, an approximately 2.6 GW power complex at Fermi's Project Matador campus in Carson County, Texas, under a Build-Own-Operate-Transfer (BOOT) structure. The Hillcore Power Center will comprise approximately 2.5 GW of natural gas-fired generation, developed in phases, together with approximately 100 megawatts (MW) of solar generation and battery energy storage. Construction of the first power block, approximately 350 MW, will begin on execution of definitive ag
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom
