MicroVision Announces First Quarter 2017 Results; In March 2017 Company Received a $6.7 Million Order for Its Small Form Factor Display Engine for a Smartphone Manufacturer
In April 2017 the company also signed a $24 million contract with a leading technology company
REDMOND, Wash.--(BUSINESS WIRE)--Apr. 27, 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 first quarter of 2017.
MicroVision received a $6.7 million order in March 2017 for its small form factor display engine for a customer in Asia that plans to embed these engines in a smartphone. The company expects to begin shipping engines to this customer early in the third quarter of this year. This display engine is part of MicroVision’s engine line of business, which includes two additional scanning engines for interactivity and 3D LiDAR sensing that are scheduled for commercial availability later in 2017 and 2018 respectively.
MicroVision also announced in April 2017 that it has been awarded a development and supply contract for a laser beam scanning (LBS) system by a leading technology company. Under this agreement, MicroVision would develop a new generation of MEMS1, ASICs2 and related firmware for a high resolution, LBS-based product the technology company is planning to produce. MicroVision would receive up to $24 million including $14 million in fees for development work that is expected to span 21 months and an upfront payment for other items. The development fees would be paid contingent on completion of milestones in 2017 and 2018. This contract was awarded in the second quarter and is not reflected at all in the first quarter financial results.
The following financial results are for the three months ended March 31, 2017, compared to the three months ended March 31, 2016.
- Revenue was $792,000 compared to $3.7 million one year ago.
- Operating loss was $5.6 million, compared to a loss of $3.6 million for the same quarter one year ago.
- Net loss was $5.6 million, or $0.08 per share, compared to a loss of $3.6 million, or $0.07 per share for the same quarter one year ago.
- In the first quarter 2017 cash used in operations was $6.7 million compared to $3.0 million for the same period in 2016.
As of March 31, 2017 backlog was $8.5 million and cash and cash equivalents were $7.7 million.
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