RCS - MicroVision, Inc. - MicroVision Announces Second Quarter 2024 Results

MicrovisionAnnouncement

07/08/2024 19:30

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RNS Number : 5172Z  MicroVision, Inc.  07 August 2024

MicroVision Announces Second Quarter 2024 Results

REDMOND, WA / ACCESSWIRE / August 7, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a
leader in MEMS-based solid-state automotive lidar and ADAS solutions, today
announced its second quarter 2024 results.

Key Business Highlights for Q2 2024

·      Building momentum toward full year guidance with Q2 revenue from
industrial customers.

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

·      Pursuing multiple near-term revenue opportunities with industrial
customers in heavy equipment vertical.

·      Extending financial runway and operational efficiencies,
streamlining cash burn and leveraging near-term hardware and software sales to
automotive and industrial customers.

"We are pleased with our continued engagement in RFQs with automotive OEMs and
are also excited by the uptick in interest in pre-RFQ collaboration and
development work. With project delays and other automotive industry headwinds,
we have worked hard to position MicroVision to successfully withstand these
challenges," said Sumit Sharma, MicroVision's Chief Executive Officer. "We've
reduced operating expenses to extend our financial runway and are focused on
near-term revenue opportunities in non-automotive markets."

"While automotive projects are taking longer to ramp up, we remain actively
engaged with multiple global OEMs for near-term custom development projects
involving passenger vehicles scheduled for launch later this decade,"
continued Sharma.

Key Financial Highlights for Q2 2024

·      Revenue for the second quarter of 2024 was $1.9 million, compared
to $0.3 million for the second quarter of 2023, primarily driven by hardware
sales to a long-standing customer in the agricultural market.

·      Net loss for the second quarter of 2024 was $23.9 million, or
$0.11 per share, which includes $3.4 million of non-cash, share-based
compensation expense and $3.0 million of non-cash, asset impairment charge,
compared to a net loss of $20.6 million, or $0.12 per share, which includes
$3.9 million of non-cash, share-based compensation expense, for the second
quarter of 2023.

·      Adjusted EBITDA for the second quarter of 2024 was a $12.6
million loss, compared to a $15.3 million loss for the second quarter of 2023.

·      Cash used in operations in the second quarter of 2024 was $18.6
million, compared to cash used in operations in the second quarter of 2023 of
$16.6 million.

·      The Company ended the second quarter of 2024 with $56.7 million
in cash and cash equivalents, including investment securities, compared to
$73.8 million at December 31, 2023.

Conference Call and Webcast: Q2 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, August 7, 2024 to discuss the financial
results and provide a business update. Analysts and investors may pose
questions to management during the live webcast on August 7, 2024.

The live webcast and slide presentation can be accessed on the Company's
Investor Relations website under the Events tab at
https://ir.microvision.com/events (https://pr.report/1bcp) . The webcast will
be archived on the website for future viewing.

About MicroVision

With offices in the U.S. and Germany, 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 automotive
lidar sensors and solutions for advanced driver-assistance systems (ADAS) and
for non-automotive applications including industrial, smart infrastructure and
robotics. The Company has been leveraging its experience building augmented
reality micro-display engines, interactive display modules, and consumer lidar
modules.

For more information, visit the Company's website at www.microvision.com
(https://pr.report/1bcq) , on Facebook at www.facebook.com/microvisioninc
(https://pr.report/1bcr) , and LinkedIn at
https://www.linkedin.com/company/microvision/ (https://pr.report/1bcs) .

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; 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, 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 (mailto:Marketing@MicroVision.com)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE: MicroVision, Inc

 

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