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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,
20202019
Assets
Current Assets
Cash and cash equivalents$16,862$5,837
Accounts receivable1,079
Inventory192
Other current assets698729
Total current assets17,5607,837
Property and equipment, net1,8831,849
Operating lease right-of-use asset9461,308
Restricted cash435435
Intangible assets, net164221
Other assets18186
Total assets$21,006$11,836
Liabilities and Shareholders’ Equity (Deficit)
Current Liabilities
Accounts payable$ 630$ 1,871
Accrued liabilities4952,045
Deferred revenue21
Contract liabilities7,7659,755
Other current liabilities83
Current portion of long-term debt431
Current portion of operating lease liability676656
Current portion of finance lease obligations3125
Total current liabilities10,02814,456
Long term debt, net of current portion1,151
Operating lease liability, net of current portion7741,348
Finance lease obligations, net of current portion449
Total liabilities11,99715,813
Commitments and contingencies
Shareholders’ Equity (Deficit)
Common stock at par value153126
Additional paid-in capital601,224568,496
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,
2020201920202019
Product revenue$$4,147$1,347$5,345
License and royalty revenue395821,71899
Contract revenue376253,442
Total revenue3954,6053,0908,886
Cost of product revenue3,3401,3946,692
Cost of contract revenue8641,872
Total cost of revenue3,4261,3988,564
Gross margin3951,1791,692322
Research and development expense2,5783,1779,84018,661
Sales, marketing, general and administrative expense1,3811,2825,9178,133
Gain on disposal of fixed assets(450)
Total operating expenses3,9594,45915,30726,794
Loss from operations(3,564)(3,280)(13,615)(26,472)
Other expense, net(6)(4)(19)(11)
Net income (loss)$(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 diluted148,176121,220139,829111,297

 

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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