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MicroVision Announces Third Quarter 2017 Results
Product Shipments and Development Programs Produce Revenue of $6.1 Million, a Year-Over-Year Increase of 52 Percent
REDMOND, Wash.--(BUSINESS WIRE)--Nov. 2, 2017-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced its financial and operating results for the third quarter of 2017.
As previously announced, Ragentek, a China-based smartphone manufacturer and solution company, placed a $6.7 million order with MicroVision in March 2017 for a customized model of the company’s PSE-0403 display engine. Volume shipments of engines began in July and are ongoing. Ragentek began shipping its smartphone with the embedded display engine in late August. MicroVision plans to complete fulfillment of the order in the coming months.
The PSE-0403 display engine is part of MicroVision’s engine line of business. Two additional scanning engines, one for 3D LiDAR sensing and the other for interactive display, are in the development stages. MicroVision has been engaging with potential customers about these engine solutions. As a result of customer interest in evaluating the 3D LiDAR scanning engine, the company plans to accelerate availability of a development kit for this engine to the end of this year, from an originally planned timeframe of second quarter 2018.
Development kits for the interactive display engine have been provided to select OEMs and software developers for evaluation. Initial feedback to the company included indications of how much time would be needed to develop software applications for the interactive gesture and touch interface using the 3D point cloud output by the MicroVision scanning engine as well as requests for performance enhancements. MicroVision is planning upgrades to this engine based on this feedback, and commercial availability of the engine is now planned for the second half of 2018.
During the third quarter, MicroVision continued working on a major development and supply contract for a laser beam scanning (LBS) system for a leading technology company. The development work began in April, and to date MicroVision has recognized $2.6 million in revenue for this contract, with $1.8 million of that being recognized in the third quarter of 2017. MicroVision also concluded work on two other development contracts signed last year. MicroVision delivered concept demonstration devices to these customers: one for augmented reality and the other for an automated driving assistance system (ADAS). Third quarter revenue from these contracts totaled $1.5 million.
The following financial results are for the three and nine months ended September 30, 2017, compared to the same periods of 2016:
- Revenue was $6.1 million for the third quarter of 2017 compared to $4.0 million for the third quarter a year ago. Revenue for the first nine months of 2017 was $8.3 million, compared to $11.9 million for the same period in 2016.
- Operating loss for the third quarter of 2017 was $5.2 million, compared to $4.1 million for the third quarter a year ago. Operating loss was $16.4 million for the first nine months of 2017, compared to $11.1 million for the first nine months of 2016.
- Net loss for the third quarter of 2017 was $5.2 million, or $0.07 per share, compared to $4.1 million, or $0.08 per share, for the same quarter a year ago. Net loss was $16.4 million, or $0.23 per share, for the first nine months of 2017 compared to $11.1 million, or $0.22 per share, for the first nine months of 2016.
- For the third quarter of 2017, cash used in operations was $5.7 million compared to $3.8 million for the same period in 2016. For the nine months ended September 30, 2017, cash used in operations was $7.8 million compared to cash used in operations of $10.9 million for the same period in 2016. The cash use for the first nine months of 2017 reflects a $10 million upfront payment received in the second quarter under the development and supply contract for a leading technology company.
As of September 30, 2017 backlog was $15.8 million and cash and cash equivalents were $25.3 million.
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