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MicroVision Announces First Quarter 2023 Results

MicroVision, Inc.

REDMOND, WA / ACCESSWIRE / May 9, 2023 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2023 results.

"Following the closing in January of our acquisition of assets from Ibeo Automotive Systems GmbH, we are energized by the strength of our combined team, accelerated engagement with multiple OEMs, and positive financial performance in Q1 2023. Revenue of $0.8 million was ahead of our expectations, primarily driven by the acquisition." said Sumit Sharma, MicroVision's Chief Executive Officer. "I am pleased with our significant achievements in the first quarter, with the momentum in our top line driven by our expanded product offerings and the efficient integration of our U.S. and Germany teams.

"With the dynamic-view MAVIN™, our MEMS-based scanning lidar for long-range highway pilot; MOVIA™, our flash-based short-range lidar for automotive and non-automotive applications; and MOSAIK™, our validation software suite for OEMs and Tier 1s, MicroVision is uniquely positioned to capture meaningful market share in both automotive and non-automotive verticals," continued Sharma. "Our product offerings and unmatched technical capabilities are proving to be compelling in key RFIs and RFQs from several OEMs around the globe. We maintain our 2023 revenue guidance of $10-15 million from our expanded product suite."

Key Financial Highlights for Q1 2023

  • Revenue for the first quarter of 2023 was $0.8 million, compared to $0.4 million for the first quarter of 2022. The revenue growth in the first quarter was primarily due to the IBEO acquisition and includes the sale of lidar hardware and related software to various customers.

  • Net loss for the first quarter of 2023 was $19.0 million, or $0.11 per share, which includes $2.9 million of non-cash, share-based compensation expense, $1.7 million bargain purchase price gain, compared to a net loss for the first quarter of 2022 of $13.2 million, or $0.08 per share, which includes $3.7 million of non-cash, share-based compensation expense.

  • Adjusted Gross Profit for the first quarter of 2023 was a $0.5 million, compared to a $0.3 million for the first quarter of 2022.

  • Adjusted EBITDA for the first quarter of 2023 was a $15.8 million loss, compared to a $9.0 million loss for the first quarter of 2022.

  • Cash used in operations in the first quarter of 2023 was $13.8 million, compared to cash used in operations in the first quarter of 2022 of $10.9 million.

  • The Company ended the first quarter of 2023 with $67.7 million in cash and cash equivalents including investment securities, compared to $82.7 million at December 31, 2022.

WERBUNG

Conference Call and Webcast: Q1 2023 Results

MicroVision will host a conference call and webcast, consisting of prepared remarks by management, a slide presentation, and a question-and-answer session at 2:00 PM PT/5:00 PM ET on Tuesday, May 9, 2023 to discuss the financial results and provide a business update. Analysts and investors may pose questions to management during the live webcast on May 9, 2023.

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 future viewing.

About MicroVision

With over 350 employees and global presence in Redmond, Detroit, Hamburg, and Nuremberg, 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 uses its proprietary technology to provide automotive lidar sensors and solutions for advanced driver-assistance systems (ADAS) and for non-automotive applications including industrial, smart infrastructure and robotics. The Company has been leveraging its experience building augmented reality micro-display engines, interactive display modules, and consumer lidar modules.

For more information, visit the Company's website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc, and LinkedIn at 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 properties of their respective owners.

Non-GAAP information

To supplement MicroVision's condensed financial statements presented in accordance with GAAP, the Company presents investors with the non-GAAP financial measure "adjusted EBITDA" and "adjusted Gross Profit." Adjusted EBITDA consists of GAAP net income (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization; and share-based compensation. Adjusted Gross Profit is calculated as GAAP gross profit before stock-based compensation expense and the amortization of acquired intangibles included in cost of revenue.

MicroVision believes that the presentation of adjusted EBITDA and adjusted Gross Profit provides important supplemental information to management and investors regarding financial and business trends, provides consistency and comparability with MicroVision's past financial reports, and facilitates comparisons with other companies in the Company's industry, many of which use similar 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 an additional useful measure of the Company's operating results and facilitates comparisons of the Company's core operating performance against prior periods and its business objectives. Externally, the Company believes that adjusted EBITDA and adjusted Gross Profit is useful to investors in their assessment of MicroVision's operating performance and the valuation of the Company.

Adjusted EBITDA and adjusted Gross Profit is not calculated in accordance with GAAP, and should be considered supplemental to, and not as 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 the operations of 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 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 limitations of the measure by prominently disclosing GAAP net income (loss), which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted EBITDA.

Similarly for Adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profits which is the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing investors with a reconciliation by backing out stock-based compensation expense and the amortization of acquired intangibles included in cost of revenue.

Forward-Looking Statements

Certain statements contained in this release, including the Company's plans regarding benefits of the acquisition, market position, product portfolio, product capabilities, and expected revenue, expenses and cash usage are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include the risk its ability to operate with limited cash or to raise additional capital when needed; market acceptance of its technologies and products or for products incorporating its technologies; the failure of its commercial partners to perform as expected under its agreements, including from 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 reports, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the SEC. These factors are not intended to represent a complete list of the 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 significant, now or in the future, and the factors set forth in this release may affect the Company to a greater extent than indicated. 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 any other reason.

Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
MVIS@darrowir.com

Media Contact
Robyn Komachi
Marketing@MicroVision.com

MicroVision, Inc.
Consolidated Balance Sheet
(In thousands)
(Unaudited)


March 31,

December 31,


2023

2022




Assets



Current Assets



Cash and cash equivalents

$

23,187

$

20,536

Investment securities, available-for-sale

44,544

62,173

Restricted cash, current

3,263

-

Accounts receivable, net

506

-

Contract assets

192

-

Inventory

3,116

1,861

Advance to IBEO

-

4,132

Other current assets

2,182

2,306

Total current assets

76,990

91,008


Property and equipment, net

10,284

6,830

Operating lease right-of-use asset

14,746

14,579

Restricted cash

961

1,418

Intangible assets, net

19,000

75

Other assets

1,281

1,086

Total assets

$

123,262

$

114,996



Liabilities and Shareholders' Equity

Current Liabilities

Accounts payable

$

3,629

$

2,061

Accrued liabilities

10,414

2,058

Contract liabilities

5,676

4,601

Other current liabilities

211

839

Current portion of operating lease liability

2,210

1,846

Current portion of finance lease obligations

15

21

Total current liabilities

22,155

11,426


Operating lease liability, net of current portion

13,729

13,829

Deferred tax liabilities

823

-

Total liabilities

36,724

25,255


Commitments and contingencies


Shareholders' Equity

Common stock at par value

176

171

Additional paid-in capital

787,856

772,221

Accumulated other comprehensive loss

57

(127

)

Accumulated deficit

(701,551

)

(682,524

)

Total shareholders' equity

86,538

89,741

Total liabilities and shareholders' equity

$

123,262

$

114,996



MicroVision, Inc.
Consolidated Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)

Three months ended March 31,


2023

2022







Revenue

$

782

$

350


Cost of revenue

544

4


Gross profit

238

346



Research and development expense

12,692

7,593

Sales, marketing, general and administrative expense

8,737

5,877

Total operating expenses

21,429

13,470


Loss from operations

(21,191

)

(13,124

)


Bargain purchase gain, net of tax

1,706

-

Other income (expense), net

639

(44

)


Net loss before taxes

$

(18,846

)

$

(13,168

)


Income tax expense

(181

)

-


Net income (loss)

$

(19,027

)

$

(13,168

)


Net income (loss) per share - basic and diluted

$

(0.11

)

$

(0.08

)


Weighted-average shares outstanding - basic and diluted

174,703

164,563


MicroVision, Inc.
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)


Three months ended March 31,


2023

2022




Cash flows from operating activities



Net loss

$

(19,027

)

$

(13,168

)

Adjustments to reconcile net loss to net cash used in operations:

Depreciation and amortization

2,271

483

Bargain purchase gain, net of tax

1,706

-

Impairment of property and equipment

-

60

Share-based compensation expense

2,949

3,734

Inventory write-downs

29

-

Net accretion of premium on short-term investments

(396

)

160

Change in

Accounts receivable

(506

)

-

Contract assets

(192

)

-

Inventory

(87

)

(35

)

Other current and non-current assets

647

389

Accounts payable

1,629

(1,292

)

Accrued liabilities

(2,367

)

118

Contract liabilities and other current liabilities

195

(1,057

)

Operating lease liabilities

(669

)

(299

)

Other clong-term liabilities

17

-

Net cash used in operating activities

(13,801

)

(10,907

)


Cash flows from investing activities

Sales of investment securities

22,000

1,500

Purchases of investment securities

(3,898

)

(16,696

)

Acquisition of Ibeo assets

(10,914

)

-

Purchases of property and equipment

(615

)

(884

)

Net cash provided by (used in) investing activities

6,573

(16,080

)


Cash flows from financing activities

Principal payments under finance leases

(6

)

(8

)

Principal payments under long-term debt

-

(294

)

Proceeds from stock option exercises

-

253

Net proceeds from issuance of common stock

12,691

-

Net cash provided by financing activities

12,685

(49

)


Change in cash, cash equivalents, and restricted cash

5,457

(27,036

)

Cash, cash equivalents and restricted cash at beginning of period

21,954

83,739

Cash, cash equivalents and restricted cash at end of period

$

27,411

$

56,703




The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of

March 31, 2023 and December 31, 2022:


March 31,

December 31,


2023

2022

Cash and cash equivalents

$

23,187

$

20,536

Restricted cash

4,224

1,418

Cash, cash equivalents and restricted cash

27,411

21,954


MicroVision, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(In thousands, except earnings per share data)
(Unaudited)


Three months ended March 31,


2023

2022




Reconciliation of Non-GAAP Gross Profit:



Gross Profit

$

238

$

346

Share-based compensation expense

-

-

Amortization of acquired intangibles

255

-

Non-GAAP Gross Profit

$

493

$

346


Reconciliation of GAAP Net Loss to Non-GAAP Measure:

GAAP net loss

$

(19,027

)

$

(13,168

)

Add Interest (net)

(499

)

(31

)

Add Income taxes

181

-

Add Depreciation & amorization

2,271

483

Add Bargain purchase gain

(1,706

)

-

Add Share-based compensation expense

2,949

3,734

Adjusted EBITDA

$

(15,831

)

$

(8,982

)


SOURCE: MicroVision, Inc.



View source version on accesswire.com:
https://www.accesswire.com/753823/MicroVision-Announces-First-Quarter-2023-Results