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MicroVision Announces 2014 Operating Results with Strong Momentum Heading Into 2015
Company sets goal for significant year-over-year growth in 2015 from commercialization of its patented PicoP® display technology
REDMOND, Wash.--(BUSINESS WIRE)--March 10, 2015--MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced its 2014 operating and financial results and an overview of its 2015 business objectives.
2014 Operating Results
2014 was a year of significant accomplishments for MicroVision. Progress was made on each of its stated goals for the year, positioning the company for growth in 2015. The goals for 2014 were to:
- Complete development with Fortune Global 100 customer, support customer with commercialization efforts and supply key components
- Build pipeline of consumer and automotive OEM opportunities for MicroVision’s go-to-market partners that are providing display engines incorporating PicoP® display technology
- Ramp supply chain for high volume production of MicroVision components in the second half of 2014.
Below are specific accomplishments related to the 2014 goals.
Fortune Global 100
The company completed the development effort with its Fortune Global 100 customer for a display module incorporating MicroVision PicoP® display technology. This development effort was a major area of focus for MicroVision in 2014. Additionally, the Fortune Global 100 customer contracted with MicroVision in October for $1.5 million in support services to enable commercialization of the module. In the third and fourth quarters of 2014 MicroVision received orders totaling nearly $3.8 million for components to support early commercialization activities. Fulfillment of those orders began in Q4 2014 and continues into 2015.
Recently MicroVision announced it is licensing its PicoP display technology and will supply components to the Fortune Global 100 customer for that company’s display modules. The completion of this license agreement marks the culmination of two years of collaboration between the two companies and is a milestone achievement in MicroVision’s transition to its ingredient brand licensing business model.
The following information was filed by Microvision, Inc. (MVIS) on Tuesday, March 10, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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