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REDMOND, WA/ACCESSWIRE/July 28, 2022/ MicroVision, Inc. (NASDAQ: MVIS), a leader in MEMS-based semiconductor automotive lidar and ADAS solutions, today announced its second quarter 2022 results.
“We are excited to announce the launch of our next-generation MicroVision MAVIN lidar hardware in the second quarter of 2022. In June, we completed another round of on-track testing showing how our product can exceed expectations from OEMs in new, more complex highway driving. “, said Sumit Sharma, CEO of MicroVision. “We have had very successful ride demonstrations with OEMs and as we expand our efforts to show our product and deepen engagement with OEMs, we will continue to emphasize the excellence and superiority of our product.”
“I am also pleased to announce that following successful engagement with OEMs and Tier 1s, we expect to begin strategic sample sales in the second half of 2022, as previously announced. As we continue to work towards our 2022 goals, we plan to demonstrate in 2023 a drive-by-wire system centered on our lidar hardware and high-speed highway driver ADAS software,” Sharma continued.
Key financial highlights for the second quarter of 2022
- Revenue for the second quarter of 2022 was $0.3 million, compared to $0.7 million for the second quarter of 2021.
- Net loss for the second quarter of 2022 was $13.6 million, or $0.08 per share, which included $4.1 million of non-cash stock-based compensation expense, versus a net loss of $15.0 million, or $0.09 per share, which includes $7.9 million. non-cash stock-based compensation expense, for the second quarter of 2021.
- Adjusted EBITDA for the second quarter of 2022 was negative $9.2 million, compared to negative $6.7 million for the second quarter of 2021.
- Cash flow used in operating activities for the second quarter of 2022 was $9.7 million, compared to $6.7 million for the second quarter of 2021.
- The Company ended the second quarter of 2022 with $92.9 million in cash and cash equivalents, including marketable securities, compared to $115.4 million as of December 31, 2021. The Company has the ability, at its discretion, to offer and sell just over $70.0 million in securities under its June 2021 ATM facility.
Conference call and webcast: Q2 2022 results
MicroVision will host a conference call and webcast, consisting of prepared remarks by management, a slide presentation and a Q&A session at 2:00 p.m. PT/5:00 p.m. ET on Thursday, July 28, 2022 to discuss the financial results and provide an update. activity update. Analysts and investors can ask questions of management during the July 28, 2022 live webcast.
The live webcast and slide presentation can be accessed on the Company’s Investor Relations website under the Events tab at https://ir.microvision.com/events. The webcast will be archived on the website for later viewing.
About Micro Vision
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 today uses its proprietary technology to develop automotive lidar sensors and provide solutions for advanced driver assistance systems (ADAS), leveraging its experience in building motors of augmented reality micro-display, interactive display modules and consumer lidar modules.
For more information, visit the Company’s website at www.microvision.comon Facebook at www.facebook.com/microvisionincfollow MicroVision on Twitter at @MicroVisionand LinkedIn on https://www.linkedin.com/company/microvision/.
MicroVision is a trademark of MicroVision, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.
To supplement MicroVision’s summary financial statements presented in accordance with GAAP, the Company presents investors with the non-GAAP financial measure “Adjusted EBITDA”. Adjusted EBITDA consists of GAAP net profit (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization; and stock-based compensation.
MicroVision believes that the presentation of Adjusted EBITDA provides important additional information to management and investors regarding financial and business trends, ensures consistency and comparability with MicroVision’s past financial reports, and facilitates comparisons with other companies. of the company’s industry, many of which use non-GAAP financial measures to supplement their GAAP results. Internally, management uses this non-GAAP measure when evaluating operating performance because the exclusion of the items described above provides a useful supplemental measure of the Company’s operating results and facilitates comparisons of performance. the Company’s operating base with prior periods and its business objectives. Externally, the Company believes that Adjusted EBITDA is useful to investors in their assessment of MicroVision’s operating performance and the Company’s valuation.
Adjusted EBITDA is not calculated in accordance with GAAP and should be considered supplemental to, and not a substitute for or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with operating MicroVision’s business as determined in accordance with GAAP. The Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and the exclusion of these items from its non-GAAP financial measure should not be construed as an inference that these costs are unusual or infrequent. The Company compensates for the limitations of the measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and by providing investors with a reconciliation between net income (loss) GAAP and Adjusted EBITDA.
MicroVision has included a reconciliation of GAAP net income (loss) to Adjusted EBITDA for the relevant periods.
Certain statements in this release, including the company’s plans regarding product demonstration, product capabilities and expected sales, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results differ materially from those in the forward-looking statements. . Factors that could cause actual results to differ materially from those projected in these forward-looking statements include the risk of its ability to operate with limited cash or to raise additional capital if needed; market acceptance of its technologies and products or products incorporating its technologies; the inability of its business partners to perform as intended under its agreements, including due to the impact of COVID-19 (coronavirus); its financial and technical resources relative to those of its competitors; its ability to keep up with rapid technological change; government regulation of its technologies; its ability to enforce its intellectual property rights and protect its proprietary technologies; the ability to obtain customers and develop partnership opportunities; 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 its products; potential product liability claims; its ability to maintain its listing on the Nasdaq stock market, and other risk factors identified from time to time in the company’s SEC filings, including the company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed with the second. These factors are not intended to represent a complete list of general or specific factors that may affect the Company. It should be recognized that other factors, including general economic factors and business strategies, may be important now or in the future, and the factors set forth in this release may affect the Company to a greater extent than noted. Except as expressly required by federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or for any other reason.
Jeff Christensen and Matt Kreps
Darrow Associates Investor Relations
THE SOURCE: MicroVision, Inc.
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