Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced its financial and operating results for the second quarter of 2016. Revenue and gross margin both grew year-over-year and sequentially.
MicroVision’s revenue in the second quarter of 2016 was up three percent from the same quarter last year and 12 percent from the first quarter of 2016. Product revenue was up 62 percent from the same quarter last year and 12 percent from the prior quarter in 2016. Gross margin for the period of 38 percent was a significant improvement from the previous quarter and the second quarter of 2015.
The following financial results are for the three and six months ended June 30, 2016, compared to the three and six months endedJune 30, 2015.
- Revenue was $4.2 million for the second quarter of 2016, compared to $4.0 million one year ago. Revenue for the first half of 2016 was $7.9 million, compared to $4.9 million for the first half of 2015.
- Operating loss for the second quarter of 2016 was $3.5 million, compared to a loss of $2.8 million for the same quarter one year ago. Operating loss was $7.0 million for the first half of 2016, compared to an operating loss of $6.7 million for the same period in 2015.
- Net loss for the second quarter of 2016 was $3.5 million, or $0.07 per share, compared to a loss of $2.8 million, or $0.06 per share for the same quarter one year ago. Net loss for the first half of 2016 was $7.0 million, or $0.14 per share, compared to$6.7 million, or $0.15 per share for the first half of 2015.
- In the second quarter of 2016, cash used in operations was $4.1 million compared to cash used in operations of $3.6 million for the same period in 2015. For the first half of 2016, cash used in operations was $7.1 million, compared to cash flow provided by operations of $1.5 million for the first half of 2015.
As of June 30, 2016 backlog was $5.3 million and cash and cash equivalents were $7.2 million. (Original Source)
Shares of Microvision closed yesterday at $1.75, down $0.04 or -2.23%. MVIS has a 1-year high of $3.54 and a 1-year low of $1.64. The stock’s 50-day moving average is $1.82 and its 200-day moving average is $2.13.
MicroVision is the creator of PicoP display technology, an ultra-miniature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision’s patented display technology helps OEMs break down display boundaries and offer enhanced visibility to mobile experiences. MicroVision’s laser beam scanning technology platform is also well suited to imaging and sensing applications. 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.