DGAP-News: MicroVision Announces First Quarter 2022 Results

HEADLINE: MicroVision Announces First Quarter 2022 Results

REDMOND, WA / ACCESSWIRE / April 27, 2022 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2022 results.

"We made significant progress in the first quarter of 2022. We track tested our integrated Long Range Lidar sensor and perception software, demonstrating promising ground-truth data of our high-fidelity/low-latency solution at speeds of over 60 mph," said Sumit Sharma, MicroVision's Chief Executive Officer. "We continue to receive positive feedback and interest from automotive OEMs and Tier 1 suppliers for our best-in-class product with cost advantages."

"We began our testing in the U.S. and expect to conduct several more rounds of tests of our high-speed Highway Pilot system both in the U.S. and Germany during the second quarter as we work to deliver on our 2022 objectives," continued Sharma.

Key Financial Highlights for Q1 2022

Revenue for the first quarter of 2022 was $0.4 million, compared to $0.5 million for the first quarter of 2021. Net loss for the first quarter of 2022 was $13.2 million, or $0.08 per share, which includes $3.7 million of non-cash, share-based compensation expense, compared to a net loss of $6.2 million, or $0.04 per share, which includes $1.6 million of non-cash, share-based compensation expense, for the first quarter of 2021. Adjusted EBITDA for the first quarter of 2022 was negative $9.0 million, compared to negative $4.3 million in the first quarter of 2021. Cash used in operations for the first quarter of 2022 was $10.9 million, compared to cash used in operations for the first quarter in 2021 of $4.5 million. The Company ended the first quarter of 2022 with $103.3 million in cash and cash equivalents including investment securities, compared to $115.4 million at the end of December 31, 2021.

Conference Call and Webcast: Q1 2022 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 Wednesday, April 27, 2022 to discuss the financial results and provide a business update. Analysts and investors may pose questions for management during the live webcast on April 27, 2022.

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

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 today to develop automotive lidar sensors and provide solutions for advanced driver-assisted systems (ADAS), 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/microvisionincor follow MicroVision on Twitter at @MicroVision.

MicroVision is a trademark 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." 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.

MicroVision believes that the presentation of adjusted EBITDA 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 is useful to investors in their assessment of MicroVision's operating performance and the valuation of the Company.

Adjusted EBITDA 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.

MicroVision has included a reconciliation of GAAP net income (loss) to adjusted EBITDA for the relevant periods.

Forward-Looking Statements

Certain statements contained in this release, including the Company's plans regarding product demonstration and product capabilities 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.

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

    March 31,     December 31,       2022     2021                 Assets             Current Assets             Cash and cash equivalents   $ 55,611     $ 82,647   Investment securities, available-for-sale     47,651       32,720   Inventory     1,815       1,780   Other current assets     1,865       2,283   Total current assets     106,942       119,430                     Property and equipment, net     3,248       3,026   Operating lease right-of-use asset     5,368       5,577   Restricted cash     1,092       1,092   Intangible assets, net     105       115   Other assets     1,014       985   Total assets   $ 117,769     $ 130,225                                       Liabilities and Shareholders' Equity                 Current Liabilities                 Accounts payable   $ 1,919     $ 3,584   Accrued liabilities     1,288       1,170   Contract liabilities     4,915       5,265   Other current liabilities     474       1,181   Current portion of long-term debt     98       392   Current portion of operating lease liability     686       849   Current portion of finance lease obligations     24       21   Total current liabilities     9,404       12,462                     Operating lease liability, net of current portion     4,882       4,983   Finance lease obligations, net of current portion     15       26   Total liabilities     14,301       17,471                     Commitments and contingencies                                   Shareholders' Equity                 Common stock at par value     165       164   Additional paid-in capital     746,028       742,042   Accumulated other comprehensive loss     (124 )     (19 ) Accumulated deficit     (642,601 )     (629,433 ) Total shareholders' equity     103,468       112,754   Total liabilities and shareholders' equity   $ 117,769     $ 130,225                      

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

    Three months ended March 31,       2022     2021                               Product revenue   $ -     $ -   License and royalty revenue     350       479   Total revenue     350       479                     Cost of product revenue     4       (5 ) Total cost of revenue     4       (5 )                   Gross margin     346       484                                       Research and development expense     7,593       4,462   Sales, marketing, general and administrative expense     5,877       2,247   Total operating expenses     13,470       6,709                     Loss from operations     (13,124 )     (6,225 )                   Other expense, net     (44 )     (6 )                   Net loss   $ (13,168 )   $ (6,231 )                   Net loss per share - basic and diluted   $ (0.08 )   $ (0.04 )                   Weighted-average shares outstanding - basic and diluted     164,563       155,454                      

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

    Three months ended March 31,             2022     2021                               GAAP net loss   $ (13,168 )   $ (6,231 ) Add Interest (net)     (31 )     5   Add Income taxes     -       -   Add Depreciation & amorization     483       299   Add Share-based compensation expense     3,734       1,638   Adjusted EBITDA   $ (8,982 )   $ (4,289 )                    

Investor Relations Contact

Jeff Christensen and Matt Kreps
Darrow Associates Investor Relations
MVIS@darrowir.com

SOURCE: MicroVision, Inc.

 

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