Company Update (NASDAQ:MVIS): Microvision, Inc. Announces Third Quarter 2015 Results
Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and imaging technology, today announced its results for the third quarter of 2015.
The third quarter results included product and royalty revenue of $2.4 million. The company improved product and royalty related gross margin compared to last quarter from 17 percent to 24 percent. Revenue for the third quarter of 2015 increased by nearly 150 percent compared to the third quarter of 2014 and operating loss and net loss for the third quarter of 2015 were up slightly compared to the same period of the previous year.
In October, the company’s Fortune Global 100 customer that is manufacturing display engines incorporating MicroVision’s PicoP display technology, started selling a companion pico projector in the US, Latin America and most of Asia. Additionally, Sharp Corporation launched an innovative Mobile Robot Phone product named RoBoHoN that incorporates MicroVision’s PicoP display technology in a display engine made by Sharp. Sharp has stated that RoBoHoN will be available in Japan in the first half of 2016. Both product announcements received extensive media coverage.
MicroVision continued to support its Fortune Global 100 customer on business development activities for its display module that incorporates MicroVision’s PicoP display technology. MicroVision also continued to independently pursue new opportunities for its patented display and imaging solution in pico projection and other applications and continued to advance its technology roadmap.
The following financial results are for the three and nine months ended September 30, 2015, compared to the same periods of 2014:
- Revenue was $2.4 million for the third quarter 2015 compared to $968,000 for the third quarter a year ago. Revenue for the first nine months of 2015 was $7.3 million, compared to $2.8 million for the same period in 2014.
- Operating loss for the third quarter of 2015 was $3.5 million, compared to $3.4 million for the third quarter a year ago. Operating loss was $10.3 million for the first nine months of 2015, compared to $9.8 million for the first nine months of 2014.
- Net loss for the third quarter of 2015 was $3.5 million, or $0.07 per share, compared to $3.4 million, or $0.08 per share, for the same quarter a year ago. Net loss was $10.2 million, or $0.22 per share, for the first nine months of 2015 compared to $14.8 million, or $0.36 per share, for the first nine months of 2014. The first nine months of 2014 net loss includes a $5.0 million non-cash loss recognized on the fair value adjustment of MicroVision’s warrant liability.
- For the third quarter of 2015, cash used in operations was $3.6 million compared to $3.2 million for the same period in 2014. For the nine months ended September 30, 2015, cash used in operations was $2.2 million compared to cash used in operations of $9.9 million for the same period in 2014.
As of September 30, 2015, backlog was $13.5 million. The company expects to fulfill this backlog in the remainder of 2015 and in 2016. Cash and cash equivalents at September 30, 2015 were $11.2 million. (Original Source)
Shares of Microvision are up 4.83% to $3.04 in pre-market trading. MVIS has a 1-year high of $4.23 and a 1-year low of $1.65. The stock’s 50-day moving average is $3.10 and its 200-day moving average is $3.10.
Microvision Inc is engaged in developing its proprietary PicoP display technology. Its technology can be used to create high-resolution miniature laser display and imaging engines.