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

MicrovisionAnnouncement

08/11/2024 08:00

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RNS Number : 4406L  MicroVision, Inc.  08 November 2024

MicroVision Announces Third Quarter 2024 Results

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

Key Business Highlights for Q3 2024

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

·      Actively engaged with multiple leading industrial companies for
the opportunity to provide an integrated lidar hardware and software solution
in the heavy equipment vertical.

·      Sequential improvement in cash burn in the third quarter of 2024
positioned the Company well to leverage near-term hardware and software sales
to industrial customers.

"We believe the recently executed $75 million capital commitment positions us
well to secure additional revenue opportunities for 2025 and beyond with our
integrated MOVIA L and software solution with multiple industrial customers in
the heavy equipment segment," said Sumit Sharma, MicroVision's Chief Executive
Officer. "In addition, MAVIN and MOVIA S, combined with our integrated
perception software, continue to offer compelling solutions to automotive OEMs
at attractive price points. Given automotive OEMs' latest start-of-production
timelines, the opportunity to ramp revenues in 2025 with our industrial
customers puts MicroVision in a strong position in the marketplace."

"With a watchful eye on our operating expenses, we are pleased with the steady
improvement in our cash burn, showing sequential reductions for the first
three quarters of 2024," continued Sharma. "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 Q3 2024

·      Revenue for the third quarter of 2024 was $0.2 million, compared
to $1.0 million for the third quarter of 2023, with the year-over-year
fluctuation driven by a delayed order, as well as the 2023 sale of MOSAIK
software to a leading Asian automotive OEM.

·      Net loss for the third quarter of 2024 was $15.5 million, or
$0.07 per share, which includes $2.4 million of non-cash, share-based
compensation expense, compared to a net loss of $23.5 million, or $0.12 per
share, which includes $4.7 million of non-cash, share-based compensation
expense, for the third quarter of 2023.

·      Adjusted EBITDA for the third quarter of 2024 was an $11.7
million loss, compared to a $16.9 million loss for the third quarter of 2023.

·      Cash used in operations in the third quarter of 2024 was $14.1
million, compared to cash used in operations in the third quarter of 2023 of
$20.4 million.

·      The Company ended the third quarter of 2024 with $43.2 million in
cash and cash equivalents, including investment securities, compared to $73.8
million at December 31, 2023.

Subsequent to the third quarter, the Company strengthened its financial
position by closing on a two-year $75.0 million senior secured convertible
note facility in October 2024. After giving effect to the net proceeds from
the first $45.0 million tranche of the financing transaction, the Company
expects to have approximately $81 million in cash and cash equivalents and
access to $153 million of additional capital, including $123 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: Q3 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 Thursday, November 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 November 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/4357) . 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/4358) , on Facebook at www.facebook.com/microvisioninc
(https://pr.report/4359) , and LinkedIn at
https://www.linkedin.com/company/microvision/ (https://pr.report/435a) .

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; 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.

TABLE IMAGES:

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Investor Relations Contact:

Jeff Christensen

Darrow Associates Investor Relations
MVIS@darrowir.com (mailto:MVIS@darrowir.com)

Media Contact:

Marketing@MicroVision.com (mailto:Marketing@MicroVision.com)
+49 162-593-4931

SOURCE: MicroVision, Inc.

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