MVIS Quarterly Earnings. Should You Buy?

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MicroVision, Inc. (NASDAQ: MVIS), a leader in MEMS based solid state automotive lidar and micro-display technology for augmented reality, today announced its fourth quarter and full year 2020 results.

  • Net loss of $3.57M
  • Revenue of $0.4M (-91.3% Y/Y)

“Over the past year we have made important progress advancing our automotive LiDAR development, bolstering our balance sheet, building the strength of our team, and adding expertise to our Board of Directors while exploring strategic alternatives,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “I expect that the A-Sample hardware and benchmarked data, for demonstration to interested parties, will be available in the April 2021 timeframe. I also expect that a version of our 1st generation Long Range Lidar sensor, after internal validation, reliability and compliance testing, could be available for sale, in small quantities, in the third or fourth quarter of 2021.”

MicroVision, Inc.
Balance Sheet
(In thousands)
(Unaudited)
December 31, December 31,
2020 2019
Assets
Current Assets
Cash and cash equivalents $ 16,862 $ 5,837
Accounts receivable 1,079
Inventory 192
Other current assets 698 729
Total current assets 17,560 7,837
Property and equipment, net 1,883 1,849
Operating lease right-of-use asset 946 1,308
Restricted cash 435 435
Intangible assets, net 164 221
Other assets 18 186
Total assets $ 21,006 $ 11,836
Liabilities and Shareholders’ Equity (Deficit)
Current Liabilities
Accounts payable $ 630 $ 1,871
Accrued liabilities 495 2,045
Deferred revenue 21
Contract liabilities 7,765 9,755
Other current liabilities 83
Current portion of long-term debt 431
Current portion of operating lease liability 676 656
Current portion of finance lease obligations 31 25
Total current liabilities 10,028 14,456
Long term debt, net of current portion 1,151
Operating lease liability, net of current portion 774 1,348
Finance lease obligations, net of current portion 44 9
Total liabilities 11,997 15,813
Commitments and contingencies
Shareholders’ Equity (Deficit)
Common stock at par value 153 126
Additional paid-in capital 601,224 568,496
Subscriptions receivable (6,135 )
Accumulated deficit (586,233 ) (572,599 )
Total shareholders’ equity (deficit) 9,009 (3,977 )
Total liabilities and shareholders’ equity (deficit) $ 21,006 $ 11,836
MicroVision, Inc.
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
Three months ended December 31, Twelve months ended December 31,
2020 2019 2020 2019
Product revenue $ $ 4,147 $ 1,347 $ 5,345
License and royalty revenue 395 82 1,718 99
Contract revenue 376 25 3,442
Total revenue 395 4,605 3,090 8,886
Cost of product revenue 3,340 1,394 6,692
Cost of contract revenue 86 4 1,872
Total cost of revenue 3,426 1,398 8,564
Gross margin 395 1,179 1,692 322
Research and development expense 2,578 3,177 9,840 18,661
Sales, marketing, general and administrative expense 1,381 1,282 5,917 8,133
Gain on disposal of fixed assets (450 )
Total operating expenses 3,959 4,459 15,307 26,794
Loss from operations (3,564 ) (3,280 ) (13,615 ) (26,472 )
Other expense, net (6 ) (4 ) (19 ) (11 )
Net income (loss) $ (3,570 ) $ (3,284 ) $ (13,634 ) $ (26,483 )
Net income (loss) per share – basic and diluted $ (0.02 ) $ (0.03 ) $ (0.10 ) $ (0.24 )
Weighted-average shares outstanding – basic and diluted 148,176 121,220 139,829 111,297

 

About MicroVision

 

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 solutions for automotive lidar sensors, augmented reality micro-display engines, interactive display modules and consumer lidar modules.


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