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Third quarter 2023 revenue was $1.0 million, compared to no revenue in third quarter 2022. Third quarter 2023 revenue is primarily comprised of software sales, but also includes the sale of lidar hardware to multiple clients
Redmond, Wa, November 9, 2023 - MicroVision, Inc. (NASDAQ:MVIS), a leader in solid-state MEMS-based automotive lidar and ADAS solutions, today announced its third quarter 2023 results.
"We closed the third quarter with significant progress toward our 2023 goals, particularly our goal of winning automotive design, with a focus on programs involving high-volume passenger vehicles and commercial vehicles. Our advanced negotiations with multiple potential customers , focused on RFIs and RFQs for the North American and EU markets, have accelerated due to the maturity of our products and existing manufacturing capabilities," said Sumit Sharma, CEO of MicroVision. "In addition, supporting our diversified portfolio of lidar and software products, during the third quarter we secured a path to add to our existing inventory of MOVIA sensors to promote the expansion of our direct sales line."
"We are adjusting our 2023 revenue guidance to a range of $6.5 million to $8.0 million as some customers have delayed their demand due to the difficult macroeconomic environment and other headwinds. As demonstrated in the third quarter , our MOSAIK software suite has delivered excellent margins, but demand for this product has carried over to next year," Sharma continued. "We've made tremendous progress this year toward winning near-term customers and remain excited about the future of MicroVision."
Main financial data for the third quarter of 2023
o Third quarter 2023 revenue was $1.0 million, compared to no revenue in third quarter 2022. Third quarter 2023 revenue is primarily comprised of software sales, but also includes the sale of lidar hardware to several clients.
o Net loss for the third quarter of 2023 was $23.5 million, or $0.12 per share, including $4.7 million of stock-based compensation expense, compared to a net loss for the third quarter of 2022 of $12.9 million, or $0.08 per share, which includes $4.1 million of stock-based compensation expenses.
o Gross profit for the third quarter of 2023 was $400,000, compared to $45,000 for the third quarter of 2022. Adjusted Gross Profit, a non-GAAP measure, for the third quarter of 2023 was $0.8 million, compared to (45) thousand dollars in the third quarter of 2022.
o Adjusted EBITDA for the third quarter of 2023 was a loss of $16.9 million, compared to a loss of $8.5 million for the third quarter of 2022.
o Cash used in operations in the third quarter of 2023 was $20.4 million, compared to $9.0 million used in operations in the third quarter of 2022. This year-over-year increase was mainly due to the increase in operating expenses after the January 2023 acquisition.
The Company ended the third quarter of 2023 with $78.0 million in cash and cash equivalents, including investment securities, compared to $82.7 million as of December 31, 2022.
Conference Call and Webcast: Third Quarter 2023 Results
MicroVision hosted a conference call and webcast, consisting of prepared management remarks, a slide presentation, and a question and answer session at 2:00 PM PT/5:00 PM ET on Wednesday, November 8, 2023 to discuss financial results and provide a business update. Analysts and investors were able to ask questions to management during the live broadcast on November 8, 2023.
The livestream and slideshow can be accessed on the company's Investor Relations website under the Events tab at https://ir.microvision.com/events. The broadcast has been archived on the website for future reference.
With more than 350 employees and a global presence in Redmond, Detroit, Hamburg and Nuremberg, MicroVision is a pioneer in MEMS-based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software into its patented 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 building augmented reality display microengines, interactive display modules, and consumer lidar modules.
For more information:
ContactContact name: Robyn KomachiContact description: MicrovisionContact phone: 425-936-6847