Strong Second Quarter Results

Company builds on momentum with significant year-over-year revenue growth

Earnings Call
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Second Transcript


REDMOND, Wash.--(BUSINESS WIRE)--Jul. 29, 2015-- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and imaging technology, today announced its results for the second quarter of 2015.

MicroVision continued to build on the strong momentum witnessed in 2014. Revenue in the quarter was $4 million, showing significant growth both year-over-year and sequentially. The company delivered three times as many components to its Fortune Global 100 customer during the second quarter as it did in the first quarter 2015. Revenue for the quarter was comprised of component deliveries (product), royalties and contract revenue: component deliveries and royalties accounted for $2.5 million while $1.5 million was from contract revenue following completion of a display module support services agreement with MicroVision’s Fortune Global 100 customer.

In addition to increasing shipments of components, MicroVision continued to engage in cooperative business development activities with its Fortune Global 100 customer. Also during the second quarter, the company continued to make solid progress developing product opportunities for pico projection and other applications.

The following financial results are for the three and six months ended June 30, 2015, compared to the same periods one year earlier.

• Revenue was $4.0 million for the second quarter 2015 compared to $611,000 for the second quarter a year ago. Revenue for the first half of 2015 was $4.9 million, compared to $1.8 million for the first half of 2014.


• Operating loss for the second quarter of 2015 was $2.8 million, compared to $3.4 million for the second quarter a year ago. Operating loss was $6.7 million for the first half of 2015, compared to $6.5 million for the first half of 2014.


• Net loss for the second quarter of 2015 was $2.8 million, or $0.06 per share, compared to $3.4 million, or $0.08 per share, for the same quarter a year ago. Net loss was $6.7 million, or $0.15 per share, for the first half of 2015 compared to $11.4 million, or$0.29 per share, for the first half of 2014. The first half 2014 net loss includes a $5.0 million non-cash loss recognized on the fair value adjustment of MicroVision’s warrant liability.


• For the second quarter of 2015, cash used in operations was $3.6 million compared to $3.7 million for the same period in 2014. For the six months ended June 30, 2015, cash flow provided by operations was $1.5 million compared to cash used in operations of$6.7 million for the same period in 2014.

As of June 30, 2015, backlog was $15.0 million. The company expects to fulfill this backlog in the second half of 2015 and into 2016. Cash and cash equivalents were $15.1 million. In the second quarter 2015, MicroVision received $900,000 in proceeds from the exercise of warrants and gross proceeds of $1.8 million from the sale of stock through an At-the-Market (ATM) equity facility established in May 2015. Net proceeds from these activities are included in the cash and cash equivalents.

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