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, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 16,862 | $ | 5,837 | ||||
| Accounts receivable | – | 1,079 | ||||||
| Inventory | – | 192 | ||||||
| Other current assets | 698 | 729 | ||||||
| Total current assets | 17,560 | 7,837 | ||||||
| Property and equipment, net | 1,883 | 1,849 | ||||||
| Operating lease right-of-use asset | 946 | 1,308 | ||||||
| Restricted cash | 435 | 435 | ||||||
| Intangible assets, net | 164 | 221 | ||||||
| Other assets | 18 | 186 | ||||||
| Total assets | $ | 21,006 | $ | 11,836 | ||||
| Liabilities and Shareholders’ Equity (Deficit) | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ 630 | $ 1,871 | ||||||
| Accrued liabilities | 495 | 2,045 | ||||||
| Deferred revenue | – | 21 | ||||||
| Contract liabilities | 7,765 | 9,755 | ||||||
| Other current liabilities | – | 83 | ||||||
| Current portion of long-term debt | 431 | – | ||||||
| Current portion of operating lease liability | 676 | 656 | ||||||
| Current portion of finance lease obligations | 31 | 25 | ||||||
| Total current liabilities | 10,028 | 14,456 | ||||||
| Long term debt, net of current portion | 1,151 | – | ||||||
| Operating lease liability, net of current portion | 774 | 1,348 | ||||||
| Finance lease obligations, net of current portion | 44 | 9 | ||||||
| Total liabilities | 11,997 | 15,813 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ Equity (Deficit) | ||||||||
| Common stock at par value | 153 | 126 | ||||||
| Additional paid-in capital | 601,224 | 568,496 | ||||||
| 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, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Product revenue | $ | – | $ | 4,147 | $ | 1,347 | $ | 5,345 | ||||||||
| License and royalty revenue | 395 | 82 | 1,718 | 99 | ||||||||||||
| Contract revenue | – | 376 | 25 | 3,442 | ||||||||||||
| Total revenue | 395 | 4,605 | 3,090 | 8,886 | ||||||||||||
| Cost of product revenue | – | 3,340 | 1,394 | 6,692 | ||||||||||||
| Cost of contract revenue | – | 86 | 4 | 1,872 | ||||||||||||
| Total cost of revenue | – | 3,426 | 1,398 | 8,564 | ||||||||||||
| Gross margin | 395 | 1,179 | 1,692 | 322 | ||||||||||||
| Research and development expense | 2,578 | 3,177 | 9,840 | 18,661 | ||||||||||||
| Sales, marketing, general and administrative expense | 1,381 | 1,282 | 5,917 | 8,133 | ||||||||||||
| Gain on disposal of fixed assets | – | – | (450 | ) | – | |||||||||||
| Total operating expenses | 3,959 | 4,459 | 15,307 | 26,794 | ||||||||||||
| 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 diluted | 148,176 | 121,220 | 139,829 | 111,297 | ||||||||||||
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.
