MicroVision Announces Third Quarter 2018 Results

REDMOND, Wash., Oct. 25, 2018 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced results for the quarter ended September 30, 2018.

Revenue for the third quarter of 2018 was $11.6 million, compared to $5.4 million for the third quarter of 2017. MicroVision's net profit for the third quarter of 2018 was $0.3 million, or $0.00 per share, compared to a net loss of $5.8 million, or $0.08 per share for the third quarter of 2017.

“I am pleased with the progress we made in Q3 while targeting Tier 1 technology leaders who have the capabilities to bring our innovative solutions to market. During the quarter, we completed the technology transfer to our display-only licencee that we announced in May and continue to make significant progress on our product development,” said Perry Mulligan, MicroVision’s Chief Executive Officer. “Based on the team’s execution, I believe we are positioned to potentially support the launch of three product families during the second half of 2019, which could position us to achieve profitability in late 2019. To support these product launches, we are now working with our module manufacturing partner to be ready for our 2019 sales opportunities and to minimize the associated working capital requirements,” Perry added.

The company has implemented Revenue Standard ASC 606 for the year beginning January 1, 2018. The Company transitioned to the new standard using the full retrospective approach, and per the standard, historical periods have been adjusted as if the new standard was in place for historical periods.

Financial Results Conference Call

The company will host a conference call today to discuss its third quarter 2018 results and current business operations at 5:00 p.m. ET/2:00 p.m. PT. Interested parties can listen to the company's conference call by accessing the MicroVision website’s Investor Events Calendar page or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506  (for participants outside the U.S.) ten minutes prior to the start of the call using pass code number 4343681. A replay webcast of the call will also be available from the MicroVision website’s Investor Events Calendar page.

About MicroVision

MicroVision is the creator of PicoP® scanning technology, an ultra-miniature sensing and projection solution based on the laser beam scanning methodology pioneered by the company. MicroVision’s platform approach for this sensing and display solution means that its technology can be adapted to a wide array of applications and form factors. We combine our hardware, software, and algorithms to unlock value for our customers by providing them a differentiated advanced solution for a rapidly evolving, always-on world.

Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision’s IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Washington.

For more information, visit the company’s website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc or follow MicroVision on Twitter at @MicroVision.

MicroVision® and PicoP® are registered trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.

Forward-Looking Statements

Certain statements contained in this release, including those relating to executing milestones, progress on product development, future product and product applications, potential demand for MicroVision technology and products,  the potential launch of new products, support of module manufacturing partners, minimizing working capital, achieving profitability and those containing words such as “believe,” and “could,” are forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; products incorporating our PicoP display technology may not achieve market acceptance, commercial partners may not perform under agreements as anticipated, we may be unsuccessful in identifying parties interested in paying any amounts or amounts we deem desirable for the purchase or license of IP assets, our or our customers' failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; 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 our products; potential product liability claims; 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 filed with the SEC. Except as expressly required by federal securities laws, we undertake 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.

MicroVision, Inc.
Balance Sheet
(In thousands)
  September 30, December 31,
Current Assets    
Cash and cash equivalents $13,210  $16,966 
Accounts receivable, net  5,044   15 
Costs and estimated earnings in excess of billings on uncompleted contracts 1,080   680 
Inventory  3,347   4,541 
Other current assets  893   1,015 
Total current assets  23,574   23,217 
Property and equipment, net  2,954   3,251 
Restricted cash  435   435 
Intangible assets, net  515   602 
Other assets  2,492   2,262 
Total assets $29,970  $29,767 
Liabilities and Shareholders' Equity    
Current Liabilities    
Accounts payable $1,631  $3,063 
Accrued liabilities  5,719   5,864 
Billings on uncompleted contracts in excess of related costs  1   5 
Other current liabilities  10,027   10,142 
Current portion of capital lease obligations  13   - 
Total current liabilities  17,391   19,074 
Capital lease obligations, net of current portion  27   - 
Deferred rent, net of current portion  504   302 
Other long-term liabilities  -   305 
Total liabilities  17,922   19,681 
Commitments and contingencies    
Shareholders' Equity    
Common stock at par value  93   79 
Additional paid-in capital  546,123   528,873 
Accumulated deficit  (534,168)  (518,866)
Total shareholders' equity  12,048   10,086 
Total liabilities and shareholders' equity $29,970  $29,767 

MicroVision, Inc.
Statement of Operations
(In thousands, except earnings per share data)
  Three months ended September 30, Nine months ended September 30,
  2018 2017
Product revenue $- $2,253  $-  $2,298 
License and royalty revenue  10,000  77   10,011   280 
Contract revenue  1,572  3,095   5,763   4,754 
Total revenue  11,572  5,425   15,774   7,332 
Cost of product revenue  1,434  3,178   1,998   3,572 
Cost of contract revenue  1,211  2,525   4,201   3,740 
Total cost of revenue  2,645  5,703   6,199   7,312 
Gross margin  8,927  (278)  9,575   20 
Research and development expense  6,386  3,427   17,905   10,417 
Sales, marketing, general and administrative expense  2,253  2,062   6,953   6,967 
Total operating expenses  8,639  5,489   24,858   17,384 
Income (loss) from operations  288  (5,767)  (15,283)  (17,364)
Other income (expense), net  1  5   (19)  (3)
Net income (loss) $289 $(5,762) $(15,302) $(17,367)
Net income (loss) per share - basic $0.00 $(0.08) $(0.18) $(0.25)
Net income (loss) per share - diluted $0.00 $(0.08) $(0.18) $(0.25)
Weighted-average shares outstanding - basic  93,073  74,922   84,388   70,828 
Weighted-average shares outstanding - diluted  93,204  74,922   84,388   70,828 

Investor Relations Contacts

Ted Moreau
Darrow Associates, Inc.


David H. Allen
Darrow Associates, Inc.

View differences made from one to another to evaluate Microvision, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Microvision, Inc..


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word, Excel and CSV Downloads

Download Annual and Quarterly Reports as PDF, Word, Excel and CSV Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe Acrobat (PDF), Microsoft Word (DOCX), Excel (XLSX) and Comma-Delimited (CSV) files for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


See when company executives buy or sell their own stock

Insider Trading (Form 4)
Screenshot taken from Euronet (EEFT)
Last10K.com Member Feature

Use our calculated cost dollar values to discover when and how much registered owners BUY, SELL or excercise their company stock OPTIONS aggregated from Form 4 Insider Transactions SEC Filings


See how institutional managers trade a stock

Manager Portfolios (Form 13F)
Screenshot taken from General Motors (GM)
Last10K.com Member Feature

View which hedge funds, pension / retirement funds, endowments, banks and insurance companies have increased or decreased their positions in a particular stock. Includes Ownership Percent, Buy versus Sell comparison, Put-Call ratio and more.


Log in with your credentials


Forgot your details?

Create Account