RCS - MicroVision, Inc. - MicroVision Q4 and Full Year 2024 Results

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27/03/2025 08:15

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RNS Number : 3871C  MicroVision, Inc.  27 March 2025

MicroVision Announces Fourth Quarter and Full Year 2024 Results

 

REDMOND, WA / ACCESS Newswire / March 27, 2025 / MicroVision, Inc.
(NASDAQ:MVIS), a technology pioneer delivering advanced perception solutions
in autonomy and mobility, today announced its fourth quarter 2024 results.

Key Business Highlights

·    Significant momentum toward near-term revenue opportunities from
multiple leading industrial companies in the autonomous mobile robot (AMR) and
automated guided vehicle (AGV) sector.

·    Actively engaged with top-tier global automotive OEMs, with seven
high-volume RFQs for passenger vehicles and custom development opportunities.

·    Secured production commitment to ensure continuous and uninterrupted
supply of sensors and integrated software to meet anticipated volume demand.

·    Deepened executive leadership expertise with the hiring of Glen
DeVos, former CTO of Aptiv, to lead the enhancement of our product portfolio
and expansion of our customer solutions.

·    Streamlined cost structure in 2024, resulting in sequential
improvement in cash burn.

·    Secured a $75 million convertible note facility with an institutional
investor, plus raised an additional $8 million in the first quarter of 2025
through an equity sale to the same investor.

"MicroVision is well positioned to secure revenue opportunities for 2025,
primarily from three verticals:  industrial, automotive, and defense," said
Sumit Sharma, MicroVision's Chief Executive Officer. "Our unique value
proposition continues to be our integrated perception software with our MAVIN
and MOVIA sensors. We continue to offer compelling solutions to industrial
customers and automotive OEMs at attractive price points."

Sharma continued, "With a well-capitalized balance sheet including $75 million
in cash and cash equivalents and access to additional capital of up to $161
million subject to certain conditions, we believe we are in a strong position
to support customer demand and commit to high-volume deliveries. Last year, we
secured a production commitment with ZF to enable us to fulfill demand in the
range of $30-$50 million over the next 12-18 months, which we expect to be
driven primarily by customers in the AMR/AGV vertical. With a strong balance
sheet and improved cost structure, we are offering comprehensive solutions at
competitive prices to solidify our position in the market. We expect to
continue scaling resources, both internally and with third party vendors and
suppliers, as we remain engaged with automotive OEMs and responsive to their
evolving timelines."

Key Financial Highlights for Q4 2024 and Full Year 2024

 

·    Revenue for the fourth quarter of 2024 was $1.7 million, compared to
$5.1 million for the fourth quarter of 2023. Excluding the one-time revenue
from Microsoft of $4.6 million in Q4 2023, the revenue growth in Q4 2024 was
driven by demand primarily from industrial customers. Q4 revenue was short of
our expectations as a customer was delayed into 2025.

·    Net loss for the fourth quarter of 2024 was $31.2 million, or $0.14
per share, which includes $2.0 million of non-cash, share-based compensation
expense and $13.2 million of the new convertible note-related expense,
compared to a net loss of $19.7 million, or $0.10 per share, which includes
$4.6 million of non-cash, share-based compensation expense, for the fourth
quarter of 2023.

·    Adjusted EBITDA for the fourth quarter of 2024 was a $13.2 million
loss, compared to a $13.6 million loss for the fourth quarter of 2023.

·    Cash used in operations in the fourth quarter of 2024 was $15.0
million, compared to cash used in operations in the fourth quarter of 2023 of
$16.6 million.

·    The Company ended the fourth quarter of 2024 with $74.7 million in
cash and cash equivalents, including investment securities, compared to $73.8
million at December 31, 2023.

 

Subsequent to the fourth quarter, the Company bolstered its financial position
by entering into an agreement to raise up to $17 million in new equity capital
and reducing future cash obligations stemming from its $75 million senior
secured convertible note facility with High Trail Capital. To date, $12.25
million of the convertible note has been converted into common stock, thereby
reducing the Company's obligations under the note by over 27%. With this new
equity investment, the Company has access to $161 million of capital, subject
to certain market conditions, including $17 million in new equity capital,
$114 million under its existing ATM, or at-the-market, facility and $30
million from the remaining commitment pursuant to the convertible note
facility.

 

Conference Call and Webcast: Q4 2024 Results

 

MicroVision will host a conference call and webcast, consisting of prepared
remarks by management, a slide presentation, and a question-and-answer session
at 1:30 PM PT/4:30 PM ET on Wednesday, March 26, 2025 to discuss the financial
results and provide a business update. Analysts and investors may pose
questions to management during the live webcast on March 26, 2025.

 

The live webcast and slide presentation can be accessed on the Company's
Investor Relations website under the Events tab HERE (https://pr.report/3wik)
. The webcast will be archived on the website for future viewing.

 

About MicroVision

 

MicroVision drives global adoption of innovative perception solutions to make
mobility and autonomy safer. Fueled by engineering excellence in Redmond,
Washington and Hamburg, Germany, MicroVision develops and supplies an
integrated solution built on its perception software stack, incorporating
application software and processing data from differentiated sensor systems.
MicroVision's proprietary technology solutions deliver enhanced safety for a
variety of industrial applications, including robotics, automated warehouse,
and agriculture, and the automotive industry accelerating advanced
driver-assistance systems (ADAS) and autonomous driving, as well as for
military applications. With deep roots in MEMS-based laser beam scanning
technology that integrates MEMS, lasers, optics, hardware, algorithms and
machine learning software, MicroVision has the expertise to deliver safe
mobility at the speed of life.

 

For more information, visit the Company's website at www.microvision.com
(http://www.microvision.com) , on Facebook at www.facebook.com/microvisioninc
(http://www.facebook.com/microvisioninc) , and LinkedIn at
https://www.linkedin.com/company/microvision/
(https://www.linkedin.com/company/microvision/) .

 

MicroVision, MAVIN, MOSAIK, and MOVIA are trademarks of MicroVision, Inc. in
the United States and other countries. All other trademarks are the properties
of their respective owners.

 

Non-GAAP information

 

To supplement MicroVision's condensed financial statements presented in
accordance with GAAP, the Company presents investors with the non-GAAP
financial measures "adjusted EBITDA" and "adjusted Gross Profit." Adjusted
EBITDA consists of GAAP net income (loss) excluding the impact of the
following: interest income and interest expense; income tax expense;
depreciation and amortization; bargain purchase gain; gains and losses on
derivatives and disposals; share-based compensation; impairment charges; and
restructuring costs. Adjusted Gross Profit is calculated as GAAP gross profit
before share-based compensation expense and the amortization of acquired
intangibles included in cost of revenue.

 

MicroVision believes that the presentation of adjusted EBITDA and adjusted
Gross Profit provides important supplemental information to management and
investors regarding financial and business trends, provides consistency and
comparability with MicroVision's past financial reports, and facilitates
comparisons with other companies in the Company's industry, many of which use
similar non-GAAP financial measures to supplement their GAAP results.
Internally, management uses these non-GAAP measures when evaluating operating
performance because the exclusion of the items described above provides an
additional useful measure of the Company's operating results and facilitates
comparisons of the Company's core operating performance against prior periods
and its business objectives. Externally, the Company believes that adjusted
EBITDA and adjusted Gross Profit are useful to investors in their assessment
of MicroVision's operating performance and the valuation of the Company.

 

Adjusted EBITDA and adjusted Gross Profit are not calculated in accordance
with GAAP, and should be considered supplemental to, and not as a substitute
for, or superior to, financial measures calculated in accordance with GAAP.
Non-GAAP financial measures have limitations in that they do not reflect all
of the costs associated with the operations of MicroVision's business as
determined in accordance with GAAP. The Company expects to continue to incur
expenses similar to the non-GAAP adjustments described above, and exclusion of
these items from its non-GAAP financial measures should not be construed as an
inference that these costs are unusual or infrequent.

 

The Company compensates for limitations of the adjusted EBITDA measure by
prominently disclosing GAAP net income (loss), which the Company believes is
the most directly comparable GAAP measure, and providing investors with a
reconciliation from GAAP net income (loss) to adjusted EBITDA.

 

Similarly for adjusted Gross Profit, the Company compensates for limitations
of the measure by prominently disclosing GAAP gross profit which is the
difference between Revenue and Cost of revenue, which the Company believes is
the most directly comparable GAAP measure, and providing investors with a
reconciliation by backing out share-based compensation expense and the
amortization of acquired intangibles included in cost of revenue.

 

Forward-Looking Statements

 

Certain statements contained in this release, including customer engagement
and the likelihood of success; opportunities for revenue and cash; expense
reduction; market position; product portfolio; product and manufacturing
capabilities; access to capital and capital-raising opportunities; and
expected revenue, expenses and cash usage are forward-looking statements that
involve a number of risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. Factors that
could cause actual results to differ materially from those projected in such
forward-looking statements include the risk its ability to operate with
limited cash or to raise additional capital when needed; market acceptance of
its technologies and products or for products incorporating its technologies;
the failure of its commercial partners to perform as expected under its
agreements; its financial and technical resources relative to those of its
competitors; its ability to keep up with rapid technological change;
government regulation of its technologies; its ability to enforce its
intellectual property rights and protect its proprietary technologies; the
ability to obtain customers and develop partnership opportunities; the timing
of commercial product launches and delays in product development; the ability
to achieve key technical milestones in key products; dependence on third
parties to develop, manufacture, sell and market its products; potential
product liability claims; its ability to maintain its listing on The Nasdaq
Stock Market, and other risk factors identified from time to time in the
Company's SEC reports, including the Company's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other reports filed with the SEC. These
factors are not intended to represent a complete list of the general or
specific factors that may affect the Company. It should be recognized that
other factors, including general economic factors and business strategies, may
be significant, now or in the future, and the factors set forth in this
release may affect the Company to a greater extent than indicated. Except as
expressly required by federal securities laws, the Company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, changes in
circumstances or any other reason.

 

Investor Relations Contact

Jeff Christensen

Darrow Associates Investor Relations

MVIS@darrowir.com

 

Media Contact

Marketing@MicroVision.com

 

 

MicroVision, Inc.

Consolidated Balance Sheets

(In thousands)

 

[TABLE 1]
(https://app.accessnewswire.com/imagelibrary/0cd00bf9-d7a9-4fd2-94c6-a93391633b49/1005614/table-1.png)

 

MicroVision, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

 

[TABLE 2]
(https://app.accessnewswire.com/imagelibrary/e270927e-e80e-430e-9a4c-029a74064991/1005614/table-2.png)

 

MicroVision, Inc.

Consolidated Statements of Cash Flows

(In thousands)

 

[TABLE 3-A]
(https://app.accessnewswire.com/imagelibrary/10c1bbd1-541a-4c08-9a74-a4fb52907232/1005614/table3a.png)

[TABLE 3-B]
(https://app.accessnewswire.com/imagelibrary/1bd04c55-3cb0-44eb-9b28-ac616fd5cabc/1005614/table3b.png)

 

MicroVision, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(In thousands)

 

[TABLE 4]
(https://app.accessnewswire.com/imagelibrary/62a0edaf-453e-4355-b19b-9708e51dab97/1005614/table4.png)

SOURCE: MicroVision, Inc.

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