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MicroVision, Inc. (NASDAQ:MVIS), a leader in solid-state MEMS-based automotive lidar and ADAS solutions, announced its first quarter 2024 results
Redmond, May 10, 2024 – Key business data for the first quarter of 2024• Actively participate in high-volume, first-tier OEM tenders for passenger vehicles.• Expand near-term revenue opportunities through direct sales in the industrial markets.• Work to accumulate non-dilutive cash by leveraging partnerships and licensing opportunities.• Increase cash flow through proactive and disciplined fiscal management.”Encouraged by the view of OEMs around the world that MicroVision offers the best technical and commercial solutions, we remain confident in our commitment to automotive OEMs and our prospects in high-volume, premium RFQs for passenger vehicles,” said Sumit Sharma, CEO of MicroVision . “As we navigate the current headwinds in the automotive industry and lidar sector with a healthy balance of optimism and realism, we are aggressively pursuing near-term revenue opportunities in industrial markets and with partnership opportunities, as well as continuing to our ethos of fiscal discipline.” “I remain committed to the direction of MicroVision and its firm establishment as a leading provider of lidar hardware and software solutions to automotive OEMs,” continued Sharma. Key Q1 2024 Financial Data• First quarter 2024 revenue was $1.0 million, up from $0.8 million in first quarter 2023, primarily due to sales of MOVIA sensors to a global commercial truck OEM.• Net loss First quarter 2024 was $26.3 million, or $0.13 per share, including $3.7 million of non-cash stock-based compensation expense, compared to a net loss of $19.0 million. dollars, or $0.11 per share, including $2.9 million of non-cash stock-based compensation expense, for the first quarter of 2023. • First quarter 2024 adjusted EBITDA was $18.7 million dollars of losses, compared to 15.7 million in the first quarter of 2023.• Cash used in operations in the first quarter of 2024 was 20.8 million dollars, compared to a treasury used in operations in the first quarter of 2023 of $13.5 million.• The company ended the first quarter of 2024 with $73.1 million in cash and cash equivalents, including investment securities, compared to $73.8 million as of March 31. December 2023.Conference Call and Webcast: First Quarter 2024 ResultsMicroVision will host a conference call and webcast, consisting of prepared management remarks, a slide presentation, and a question and answer session at 1:30 p.m. PT /4:30 ET on Thursday, May 9, 2024 to discuss financial results and provide a business update. Analysts and investors will be able to ask questions of management during the livestream on May 9, 2024. The livestream and slideshow can be accessed on the company’s Investor Relations website at Events tab of https://ir.microvision.com/events. The broadcast will be archived on the website for future reference.About MicroVision With offices in the United States and Germany, MicroVision is a pioneer in MEMS-based laser scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and software of machine learning in its proprietary technology to address existing and emerging markets. The company’s integrated approach uses its patented technology to supply automotive lidar sensors and solutions for advanced driver assistance systems (ADAS) and non-automotive applications such as industry, smart infrastructure and robotics. The company has leveraged its experience in building augmented reality micro-display engines, interactive display modules and consumer lidar modules. Learn more at: www.microvision.com www.facebook.com/microvisioninc https://www.linkedin .com/company/microvision/.MicroVision, MAVIN, MOSAIK and MOVIA are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.
Contact Contact name: Jeff Christensen Contact description: Darrow Associates Investor Relations Contact phone: 49 162-593-4931
