Ultimately this is a technology company, not a personality company.... no change
The tech is still incredible... no change.
Microvision is still transitioning from bleeding-edge to leading edge.... no change
Microvision is still transitioning from pre-revenue to revenue generating company....no change
There are still orders out there waiting to be finalized (a couple larger, a couple smaller)...no change.
there is still room for MVIS in at least 10% of the world's smartphones.... no change.
And still available for key roles in multiple emerging technologies.
Showing posts with label Tokman. Show all posts
Showing posts with label Tokman. Show all posts
Sunday, November 19, 2017
Friday, July 29, 2016
Long vision vs the rear-view mirror
If you have driven across the plains toward Colorado you have experienced this. For a very long time all you can see is flat and corn. You are making the drive because you want to see the mountains -- and for a day it seems like you're never going to get there.
When you can first see the mountains, you keep driving -- and it seems like you're not getting any closer, like you're never going to get there. They seem very distant for hours -- even though you know you're driving right at them at 65 miles per hour.
Occasionally, once even pretty close to the mountains, you'll go behind some trees, or into a dip behind one of the foothills and the view of the mountains goes away entirely, and the despair of not reaching the mountains grows -- even if you know they're right there.
Then when you get close to the first mountain, you can't even see it any more. The driver may assume that you know this. He has been paying attention all the time. Of course you can see it you're ON it. So, the driver talks about the next mountain. That's what happened yesterday.
That first mountain is right there, it's so obvious you can't miss it. That next mountain is a couple of hours away. But they are kids in the back of the car. They have to pee, they're uncomfortable, and they thought dad was talking about this mountain, and now he's talking about that one, which is another two hours away.
They are on the mountain they can't see it as a mountain anymore. They won't until they're on top of it. The kids in the back of the car hear two more hours and start crying.
Dad is saying WTF! we're here! And there's even better stuff over there! All the kids heard was about two more hours in the car. And one of the kids just woke up, looked at the rear view mirror and saw a hundred miles of the great plains. That kid really lost it.
That scene in the car is about what happened yesterday after the conference call.
Listen to it again
PicoP
PicoP is something the company's plan was to work on until it could be a self-sustaining item and fund the other projects the company had on the shelf. This has been said a number of time over the years. PicoP is there.
Do not doubt what you see in the Qualper phone. A number of shareholders held it and saw it in action at the annual stockholder's meeting. I would love to be the guy building buzz about such a product. If I were a troll, I'd get one of those, slap an Apple logo on it, tour pubs in tech press hangouts and turn the rumor mill to completely mental. If you've found this blog you know that that is exactly what would happen. But the company has strict NDA's and they are following them.
SONY probably has strict NDAs that they are following which probably require them to not say anything even to Microvision.
It's there its great, and it's ready to go. We also know that it's going to be upgraded, it will get smaller and better and brighter.
But where are the orders?!
We keep hearing this, and it's a good question. Where are the orders? If you've ever called to order something that you need and you're told, "things are in short supply and the lead time is long" then you probably pre-order.
(If you do, the company can't report it as income until it ships the stuff and can't take a deposit until it starts making your stuff, and this is the "normal course of business" so it can't announce it -- especially if there are strict NDA's.)
If the lead time is short though, and you don't want people to know what you're up to, you'll probably make your prototypes, announce your product, and then order your components.
We have been assured there are no supply chain problems, and that huge quantities can be made quickly.
Sony is working through its backlog -- yet we haven't seen products out there! Where are the products? Probably a hell of a lot of prototype products and small runs for testing. Sony may be slow, but they're REALLY good at things.
If you don't want anyone to know what you're up to, how many do you order then? None. If I can ask for it today and get it tomorrow, why would I order it a week in advance?
The design phase takes a long time, product cycles are strange and seem random to the people outside the fold -- but when production kicks on in consumer electronics they can make 60 million copies of something and sell them in a quarter. Foxconn, who now has PicoP in a little Robot, does it all the time.
The Next Mountain
There's been a LOT of media buzz about the next mountain Microvision is scheduled to climb. Augmented Reality. So it makes sense to talk about it.
Of course, as soon as the time it's going to take to be firmly on that mountain was mentioned, that was all people heard. Next year?!?! 2018?? Yes, for the next thing. The next big thing after the big thing we just did is a couple of years out. The company's timing on this one is PERFECT, we're early enough that those companies know they won't need to worry about the display.
Microvision's display solution for augmented reality is fantastic.
All the stuff that people are raving about -- ODG, Vuzix, Cast AR, Hololens -- have displays that while remarkable -- are terrible next to Microvision's 15 year old Nomad system.
The field of view is small for all of them, and Microvision can cure that. With existing technology. To be fair most of those companies working AR are hard at work on software and the human interface. How to control a computer you wear and placement of information in the real world are difficult problems.
****************
Yesterday's call was great, but I also cringed a little when I heard time references for two years out. But that wasn't a reference to what we've been waiting for eagerly for the last few years -- that was very much a reference to the next mountain. Clearly, based on the reaction in the stock that is the ONLY thing some people heard, they didn't even pay attention to WHAT was in two years.
PicoP? We're one signature away from what we've been waiting for for a long time. Given the awesomeness of the Qualper phone, I expect that to happen any day now.
If you've seen it, put yourself in the shoes of any decision maker at any phone company who is desperate for new features.
A friend got hold of me yesterday. We don't talk nearly enough. He sent a text that said "Buying mvis."
When you can first see the mountains, you keep driving -- and it seems like you're not getting any closer, like you're never going to get there. They seem very distant for hours -- even though you know you're driving right at them at 65 miles per hour.
Occasionally, once even pretty close to the mountains, you'll go behind some trees, or into a dip behind one of the foothills and the view of the mountains goes away entirely, and the despair of not reaching the mountains grows -- even if you know they're right there.
Then when you get close to the first mountain, you can't even see it any more. The driver may assume that you know this. He has been paying attention all the time. Of course you can see it you're ON it. So, the driver talks about the next mountain. That's what happened yesterday.
That first mountain is right there, it's so obvious you can't miss it. That next mountain is a couple of hours away. But they are kids in the back of the car. They have to pee, they're uncomfortable, and they thought dad was talking about this mountain, and now he's talking about that one, which is another two hours away.
They are on the mountain they can't see it as a mountain anymore. They won't until they're on top of it. The kids in the back of the car hear two more hours and start crying.
Dad is saying WTF! we're here! And there's even better stuff over there! All the kids heard was about two more hours in the car. And one of the kids just woke up, looked at the rear view mirror and saw a hundred miles of the great plains. That kid really lost it.
That scene in the car is about what happened yesterday after the conference call.
Listen to it again
PicoP
PicoP is something the company's plan was to work on until it could be a self-sustaining item and fund the other projects the company had on the shelf. This has been said a number of time over the years. PicoP is there.
Do not doubt what you see in the Qualper phone. A number of shareholders held it and saw it in action at the annual stockholder's meeting. I would love to be the guy building buzz about such a product. If I were a troll, I'd get one of those, slap an Apple logo on it, tour pubs in tech press hangouts and turn the rumor mill to completely mental. If you've found this blog you know that that is exactly what would happen. But the company has strict NDA's and they are following them.
SONY probably has strict NDAs that they are following which probably require them to not say anything even to Microvision.
It's there its great, and it's ready to go. We also know that it's going to be upgraded, it will get smaller and better and brighter.
But where are the orders?!
We keep hearing this, and it's a good question. Where are the orders? If you've ever called to order something that you need and you're told, "things are in short supply and the lead time is long" then you probably pre-order.
(If you do, the company can't report it as income until it ships the stuff and can't take a deposit until it starts making your stuff, and this is the "normal course of business" so it can't announce it -- especially if there are strict NDA's.)
If the lead time is short though, and you don't want people to know what you're up to, you'll probably make your prototypes, announce your product, and then order your components.
We have been assured there are no supply chain problems, and that huge quantities can be made quickly.
Sony is working through its backlog -- yet we haven't seen products out there! Where are the products? Probably a hell of a lot of prototype products and small runs for testing. Sony may be slow, but they're REALLY good at things.
If you don't want anyone to know what you're up to, how many do you order then? None. If I can ask for it today and get it tomorrow, why would I order it a week in advance?
The design phase takes a long time, product cycles are strange and seem random to the people outside the fold -- but when production kicks on in consumer electronics they can make 60 million copies of something and sell them in a quarter. Foxconn, who now has PicoP in a little Robot, does it all the time.
The Next Mountain
There's been a LOT of media buzz about the next mountain Microvision is scheduled to climb. Augmented Reality. So it makes sense to talk about it.
Of course, as soon as the time it's going to take to be firmly on that mountain was mentioned, that was all people heard. Next year?!?! 2018?? Yes, for the next thing. The next big thing after the big thing we just did is a couple of years out. The company's timing on this one is PERFECT, we're early enough that those companies know they won't need to worry about the display.
Microvision's display solution for augmented reality is fantastic.
All the stuff that people are raving about -- ODG, Vuzix, Cast AR, Hololens -- have displays that while remarkable -- are terrible next to Microvision's 15 year old Nomad system.
The field of view is small for all of them, and Microvision can cure that. With existing technology. To be fair most of those companies working AR are hard at work on software and the human interface. How to control a computer you wear and placement of information in the real world are difficult problems.
****************
Yesterday's call was great, but I also cringed a little when I heard time references for two years out. But that wasn't a reference to what we've been waiting for eagerly for the last few years -- that was very much a reference to the next mountain. Clearly, based on the reaction in the stock that is the ONLY thing some people heard, they didn't even pay attention to WHAT was in two years.
PicoP? We're one signature away from what we've been waiting for for a long time. Given the awesomeness of the Qualper phone, I expect that to happen any day now.
If you've seen it, put yourself in the shoes of any decision maker at any phone company who is desperate for new features.
A friend got hold of me yesterday. We don't talk nearly enough. He sent a text that said "Buying mvis."
Saturday, June 11, 2016
Puget Sound Business Journal -- UPDATED
I left my notes at the other office, but thought that many of you would like to see the Puget Sound Business Journal Cover. -- Taken at my local library.
The article is about the fastest growing public companies in the Seattle area. Microvision shows up at #11 of 24 in their survey, behind Omeros, Zillow, Heritage Financial, and others, and ahead of Papa Murphy's, Amazon, Starbucks and Microsoft.
It's about growth rate, not size. Some of the larger companies have fairly saturated markets.
The reporter from Puget Sound Business Journal interviewed people from a number of different companies when compiling this report, and the editorial decision was made to put Microvision and Tokman on the cover. -- in an area that hosts Amazon, Zillow, Expedia, Starbucks, Microsoft and others.
From the article:
"Microvision, Inc, a Redmond company that has been developing a laser-based technology to project large images from small devices, has been depending on the region's software and hardware strengths to get to market.
'In Redmond we do a lot od experimental development, a lot of prototyping,' said Microvision CEO Alexander Tokman. 'We have Microvision-unique components that only we know how to do.'
That uniqueness is part of what has made the Eastside manufacturing industry so successful. It's also likely to put the region on the global map, one niche market at a time.
'We are one of the best states,' Department of Commerce's Young said, 'for focusing this technology (and providing it) to the rest of the world.'"
The article is about the fastest growing public companies in the Seattle area. Microvision shows up at #11 of 24 in their survey, behind Omeros, Zillow, Heritage Financial, and others, and ahead of Papa Murphy's, Amazon, Starbucks and Microsoft.
It's about growth rate, not size. Some of the larger companies have fairly saturated markets.
The reporter from Puget Sound Business Journal interviewed people from a number of different companies when compiling this report, and the editorial decision was made to put Microvision and Tokman on the cover. -- in an area that hosts Amazon, Zillow, Expedia, Starbucks, Microsoft and others.
From the article:
"Microvision, Inc, a Redmond company that has been developing a laser-based technology to project large images from small devices, has been depending on the region's software and hardware strengths to get to market.
'In Redmond we do a lot od experimental development, a lot of prototyping,' said Microvision CEO Alexander Tokman. 'We have Microvision-unique components that only we know how to do.'
That uniqueness is part of what has made the Eastside manufacturing industry so successful. It's also likely to put the region on the global map, one niche market at a time.
'We are one of the best states,' Department of Commerce's Young said, 'for focusing this technology (and providing it) to the rest of the world.'"
Wednesday, September 9, 2015
Rodman & Renshaw Investment Conference
MicroVision to Present at the Rodman and Renshaw Investment Conference on September 10, 2015
REDMOND, Wash.--(BUSINESS WIRE)--MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and imaging technology, has been invited to present at the 2015 Rodman and Renshaw Annual Global Investment Conference being held this week at the St. Regis Hotel in New York.
MicroVision CEO Alexander Tokman will discuss the company’s performance and outlook in a presentation scheduled for Thursday, September 10 at 10:50 a.m. Eastern time. In addition he will conduct one-on-one meetings throughout the conference.
About MicroVision
MicroVision is the creator of PicoP® display technology, an ultra-miniature laser projection and imaging solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision’s patented technology helps OEMs break down display boundaries and offer enhanced visibility to mobile experiences. Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision’s IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Wash.
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 and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Thursday, July 9, 2015
MicroVision's Brilliant Management
MicroVision licenses an imaging technology. While it may be included in devices that exist only to have this imaging technology, it's best use has always been anticipated to be a component in other devices.
Embedded in smart phones has long been the goal for PicoP technology. Even when the best phones were flip-phones. I don't remember the last time I saw one.
So, given supply chain difficulties where would a brilliant management team take Microvision? Once the supply chain problems were solved, what would be the best partner for MicroVision?
A company with these qualities?
Embedded in smart phones has long been the goal for PicoP technology. Even when the best phones were flip-phones. I don't remember the last time I saw one.
So, given supply chain difficulties where would a brilliant management team take Microvision? Once the supply chain problems were solved, what would be the best partner for MicroVision?
A company with these qualities?
- makes the best imaging products
- makes its own innovative consumer electronics products
- makes outstanding cellphones
- makes components for all other major OEM's cell phones
- Has huge video content library & distribution
That's where MicroVision's management has taken us - to SONY. MicroVision's management managed to get SONY as a partner.
There could be no better partner. It will be a mutually beneficial association that will benefit all parties: MicroVision, SONY, their customers and their shareholders.
No better possible partner exists than SONY. If for no other reason than they make camera components for every major smartphone on earth. They're so good they're having trouble keeping up with demand.
When PicoP -- SONY's next great component rolls out -- they're already selling components to Apple, Samsung & Xiaomi -- the big three cellphone makers.
When PicoP -- SONY's next great component rolls out -- they're already selling components to Apple, Samsung & Xiaomi -- the big three cellphone makers.
Monday, April 27, 2015
Letter from CEO from 2014 Annual Report
This note from MicroVision CEO Alexander Tokman is of particular note, and yet was apparently missed by many. Links are provided.
I am an enthusiastic investor, especially now as the company transitions into sales. The reception of PicoP technology as I have demonstrated it to various people with a PicoAir from Celluon has been beyond enthusiastic.
annual report (html)
Annual Report PDF
Dear Fellow Shareowner:
We entered 2015 with strong momentum because of our achievements in 2014. We already have achieved two milestone events this year with our Fortune Global 100 customer: the licensing of our PicoP® display technology and receipt of multi-million dollar component orders for display engines our customer plans to manufacture.
In 2014 we focused on three core areas to transition us from development to production and commercialization of PicoP display technology:
Our 2014 progress in all three operating areas form the foundation for the significant growth we expect in 2015.
Fortune Global 100 Customer
Early in the third quarter 2014 we completed our development program and began supporting our Fortune Global 100 customer with commercialization of its display module. In the second half of 2014 we entered into a new support services agreement and we began receiving orders for MicroVision key components. By the fourth quarter we began fulfilling the component orders.
As our collaboration on display module commercialization continued, our teams were negotiating a commercial license agreement. In March 2015 we announced a multi-year license agreement, which included payment to MicroVision of an upfront license fee and royalties for display modules sold by the Fortune Global 100 company. Soon after the license agreement was in place we announced receipt of large component orders that we plan to begin delivering in the second half of 2015, continuing into 2016.
These milestone events mark the culmination of two years of close collaboration. We believe our Fortune Global 100 partner is committed to growing this exciting new market, and we look forward to a bright future for both companies in this arena.
Pipeline of Go-To-Market Opportunities
We continued to engage with multiple companies to build a pipeline of go-to-market opportunities for PicoP display technology with an emphasis on the consumer market. Our main focus was placed on developing new opportunities for our go-to-market partners that are providing display engines incorporating PicoP display technology.
Last year we engaged key OEMs and major retailers in the United States and Asia to introduce them to the opportunity pico projection presents in a world where consumers are progressively turning to mobile devices for media consumption. MicroVision executed a series of direct consumer studies and produced a comprehensive design-in and market data “tool kit” to present the value proposition and demonstrate the advanced capabilities of display modules incorporating PicoP display technology.
We achieved a series of important 2014 market milestones, which included:
I am an enthusiastic investor, especially now as the company transitions into sales. The reception of PicoP technology as I have demonstrated it to various people with a PicoAir from Celluon has been beyond enthusiastic.
annual report (html)
Annual Report PDF
Dear Fellow Shareowner:
We entered 2015 with strong momentum because of our achievements in 2014. We already have achieved two milestone events this year with our Fortune Global 100 customer: the licensing of our PicoP® display technology and receipt of multi-million dollar component orders for display engines our customer plans to manufacture.
In 2014 we focused on three core areas to transition us from development to production and commercialization of PicoP display technology:
- Complete development with Fortune Global 100 customer, support its commercialization efforts and supply key components
- Build a pipeline of consumer and automotive OEM opportunities for MicroVision’s go-tomarket partners that are providing display engines incorporating our PicoP display technology
- Ramp supply chain for volume production of MicroVision components in the second half of 2014.
Our 2014 progress in all three operating areas form the foundation for the significant growth we expect in 2015.
Fortune Global 100 Customer
Early in the third quarter 2014 we completed our development program and began supporting our Fortune Global 100 customer with commercialization of its display module. In the second half of 2014 we entered into a new support services agreement and we began receiving orders for MicroVision key components. By the fourth quarter we began fulfilling the component orders.
As our collaboration on display module commercialization continued, our teams were negotiating a commercial license agreement. In March 2015 we announced a multi-year license agreement, which included payment to MicroVision of an upfront license fee and royalties for display modules sold by the Fortune Global 100 company. Soon after the license agreement was in place we announced receipt of large component orders that we plan to begin delivering in the second half of 2015, continuing into 2016.
These milestone events mark the culmination of two years of close collaboration. We believe our Fortune Global 100 partner is committed to growing this exciting new market, and we look forward to a bright future for both companies in this arena.
Pipeline of Go-To-Market Opportunities
We continued to engage with multiple companies to build a pipeline of go-to-market opportunities for PicoP display technology with an emphasis on the consumer market. Our main focus was placed on developing new opportunities for our go-to-market partners that are providing display engines incorporating PicoP display technology.
Last year we engaged key OEMs and major retailers in the United States and Asia to introduce them to the opportunity pico projection presents in a world where consumers are progressively turning to mobile devices for media consumption. MicroVision executed a series of direct consumer studies and produced a comprehensive design-in and market data “tool kit” to present the value proposition and demonstrate the advanced capabilities of display modules incorporating PicoP display technology.
We achieved a series of important 2014 market milestones, which included:
- Collaborating with a Fortune Global 500 electronics company on a display engine for an innovative smart phone product that company is designing.
- Supporting Korean OEM Celluon, known for its innovative laser keyboard products, on the CES 2015 introduction of two pico projectors incorporating PicoP display technology that are already garnering very positive media and consumer reviews
- At CES 2015 Celluon was not the only company showing products that incorporated our technology. Behind the scenes there were several other companies in the consumer and aftermarket automotive markets privately screening prototypes of products they had developed in 2014 for their potential customers and distributors.
- On the embedded Head Up Display (HUD) front we have two active programs, one with a leading global Tier-One automotive supplier and one with a global vehicle OEM. We delivered prototype HUD systems to both of these customers in 2014, and these companies continue their evaluation and testing of the systems featuring PicoP display technology. The automotive segment is one with great promise, but it is also one with a long lead time and more complex requirements and infrastructure than consumer electronics. The timelines and our progress with these programs reflect those conditions.
- Outside of consumer and automotive, PicoP display technology has other applications for display and imaging, and in 2014 we were pleased to work with a world leading logistics company on an industrial application. In the third quarter we delivered custom PicoP® display modules to be used as part of a new package guidance application aimed at increasing processing efficiency in real-time package sorting and routing. Our customer deployed the modules in a facility in the United States. In the future we look forward to pursuing other applications where PicoP display technology and its benefits in laser scanning and imaging can bring value to new market segments.
- Support the Fortune Global 100 customer with display module commercialization
- Develop new OEM/channel opportunities for display engine manufacturing partners that are incorporating PicoP display technology
- Increase supply capacity for key MicroVision components
- Achieve significant year-over-year growth through component sales and licensing of PicoP display technology
- Evolve technology platform to offer enhanced features and capabilities for a compelling roadmap for licensees of PicoP display technology
Supply Chain
2014 was about establishing baseline production capacity for the key components we supply to our go-to-market partners who are developing and producing display modules. We made solid progress to ramp production capability in the second half of 2014 and began shipments of components to our Fortune Global 100 customer in the fourth quarter.
The supply chain developed in 2014 is expected to meet our goals of providing higher volumes at significantly lower costs for key components.
Financial Performance
By the fourth quarter of 2014 we were reporting at least half of revenue coming from sale of product and that more than two-thirds of backlog was comprised of component orders. We also successfully managed our cash used in operations at a level consistent with the reduced amount we targeted and achieved following our restructuring in 2012. As a result we reported a reduction in operating loss each quarter of 2014 compared to the same quarter the previous year and an overall year-over-year 13 percent reduction.
Outlook for 2015
We look forward to taking advantage of the momentum we built in 2014 to propel us forward this year on the following goals:
As we reflect on 2014 the watchword was transition, but as we set our sights on 2015 I believe that the word would be transformation. We expect to go from a company that primarily earned its revenue from development activities to one that is earning revenues from sale of goods and licensing for increasing numbers of products coming to market with our patented technology inside.
We expect significant growth in 2015 related to our presence in the market and our production capabilities, and we also plan to continuously evolve the capabilities of our technology. Not only are we looking to grow and transform, but we think consumer behaviors that make pico projection an attractive option are also transforming the entertainment and automotive industries.
TV Everywhere and cord cutting have become standard nomenclature in the industry and there are stories almost daily about the migration of younger viewers to digital platforms for television and media consumption. YouTube continues a dominant position as a social media and video consumption source and online-only shows are becoming mainstream, competing with network television for audience and premier industry awards.
In the automotive sector head up displays continue to come to market in a variety of vehicles and the topic of the connected car that integrates data and applications from the smartphone that is always with us is going from a talking point to a reality. Trade shows such as CES now have such a strong presence by automakers that they rival auto shows for debuting new and exciting technology innovations.
All of these market dynamics paired with the introduction of new pico projection products by companies embracing technology like ours point to a vibrant market with multiple opportunities to capture consumer awareness and excitement and fuel the growth that we foresee for ourselves and our industry.
It is against this backdrop that we thank our shareholders for their support. We have a steadfast conviction that MicroVision and PicoP display technology have a revolutionary approach to changing the way people view and interact with visual information in an increasingly mobile world.
Alexander Tokman
President and Chief Executive Officer
April 20, 2015
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