REDMOND, Wash.--(BUSINESS WIRE)--MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display and imaging technology, today announced its 2015 operating and financial results and an overview of its 2016 business objectives.
2015 Operating Results
2015 was a year of significant growth for MicroVision. Progress was made on each of its stated goals for the year:
Below are specific accomplishments related to the 2015 goals.
Support Fortune Global 100 Customer
The company successfully provided manufacturing support services, and the customer launched its display engine in 2015. MicroVision recognized $1.5 million in revenue from this effort. In addition, in March 2015 MicroVision signed a multi-year licensing agreement with this customer that included an $8 million upfront payment to MicroVision.
New OEM/Channel Opportunities
In 2015 multiple products came to market with the display module manufactured by MicroVision’s Fortune Global 100 customer. Media and consumer reviews for these products, including the MP-CL1 pico projector offered around the world by the Fortune Global 100 customer directly, have been extremely positive and highlight the features and benefits enabled by MicroVision’s PicoP® scanning technology. Two of the products were among the top five pico projectors selling on Amazon.
In October Sharp Corporation unveiled RoBoHoN, its innovative mobile robot phone product, which includes an embedded display engine based on MicroVision’s PicoP scanning technology. RoBoHoN, an eight-inch tall walking, talking robot sporting an integrated Android phone system, generated a significant amount of positive media coverage upon its introduction. MicroVision and Sharp collaborated on the display engine that met the small form factor requirements to provide the robot with the integral functionality of projecting videos and photos on command. PicoP scanning technology provides the focus-free projected display that allows RoBoHoN to share content on any surface.
Looking beyond the products that came to market in 2015, a number of OEMs are in product development with the display module from the Fortune Global 100 customer. MicroVision expects several of these products to come to market later in 2016. Throughout the year the company also nurtured other relationships for future opportunities in emerging markets such as 3D imaging and augmented reality.
Increase Supply Capacity
Capacity was expanded in 2015 after receiving $14.5 million in purchase orders for key components. Equipment for the capacity expansion came online in Q4 2015. A shortage of parts manufactured by a contract manufacturer impacted the volume of third and fourth quarter shipments. MicroVision and its contract manufacturer addressed the issue and production resumed in mid-November.
Achieve Significant Year-Over-Year Growth
MicroVision achieved 164 percent revenue growth in 2015 with more than $9 million in total revenue for the year. Product and royalty revenue was $7.2 million more in 2015 than 2014 as a result of the company’s transition to production and commercialization of its PicoP scanning technology.
Evolve Technology Platform
In January MicroVision showcased an array of product concepts and demonstrations for its customers at CES 2016. Demonstrations covered four application areas the company has identified for its PicoP scanning technology platform: projection and display, automotive head up display, 3D imaging and eyewear.
2015 Financial Results
MicroVision reported the following financial results for the fourth quarter and year ended December 31, 2015:
As of December 31, 2015, backlog was $11.0 million and cash and cash equivalents were $7.9 million.
2016 Objectives and Outlook
“Last year was marked by significant progress and growth. In fact, we are in the best position of our company’s history with two customers in production with our technology,” said Alexander Tokman, president and CEO of MicroVision. “We are very optimistic about 2016 both in terms of revenue growth potential from pico projection and advancing our technology to address emerging applications such as augmented reality and 3D sensing and imaging.”
To attain its revenue growth goals MicroVision plans to continue supporting its Fortune Global 100 customer to secure design wins for pico projection applications. The company also looks forward to the commercial availability of Sharp’s innovative mobile robot phone product, RoBoHoN, that is expected to come to market later this year. The company also has programs in place that are expected to improve gross margin through improved efficiency and reduced cost in the production of its key components.
Looking to new markets for growth beyond 2016, MicroVision is investing in internal development of its PicoP scanning technology for new “beyond projection” applications. The company believes emerging products for augmented reality and 3D sensing and imaging can benefit from the unique ability of its technology to integrate projection and sensing capabilities in a single, tiny module.
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