MVIS Microvision Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) May 9, 2024

 

MicroVision, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware		001-34170		91-1600822
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

 

18390 NE 68^th Street

Redmond, Washington 98052

(Address of principal executive offices) (Zip code)

 

(425) 936-6847

Registrant’s telephone number, including area code

 

Not Applicable

(Former name or former address if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common stock, par value $0.001 per share		MVIS		The NASDAQ Stock Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

 

On May 9, 2024, MicroVision, Inc. issued a press release announcing its first quarter 2024 results. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(c) Exhibits.

 

Pursuant to the rules and regulations of the SEC, the attached exhibit is deemed to have been furnished to, but not filed with, the SEC.

 

	Exhibit No.		Description
	99.1		Press Release of MicroVision, Inc. dated May 9, 2024
	104		Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	MICROVISION, INC.
	By:	/s/ Drew G. Markham
		Drew G. Markham
		Vice President, General Counsel and Secretary

 

Dated: May 9, 2024

 

 

 

Exhibit 99.1

 

 

MicroVision Announces First Quarter 2024 Results

 

REDMOND, WA / ACCESSWIRE / May 9, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2024 results.

 

Key Business Highlights for Q1 2024

 

	●	Actively engaged in high-volume, top-tier global OEM RFQs for passenger vehicles.
	●	Expanding near-term revenue opportunities through direct sales in industrial markets.
	●	Working to accumulate non-dilutive cash by leveraging partnerships and licensing opportunities.
	●	Increasing cash runway through proactive, disciplined fiscal management.

 

“Energized by global OEM feedback that MicroVision offers the best technical and commercial solutions, we remain confident in our engagement with automotive OEMs and our prospects in high-volume, top-tier, passenger-vehicle RFQs,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “As we navigate 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 our ethos of fiscal discipline.”

 

“I remain committed to steering MicroVision and firmly establishing it as a leading automotive OEM supplier of lidar hardware and software solutions,” continued Sharma.

 

Key Financial Highlights for Q1 2024

 

	●	Revenue for the first quarter of 2024 was $1.0 million, compared to $0.8 million for the first quarter of 2023 primarily driven by sales of MOVIA sensors to a global commercial trucking OEM.
	●	Net loss for the first quarter of 2024 was $26.3 million, or $0.13 per share, which includes $3.7 million of non-cash, share-based compensation expense, compared to a net loss of $19.0 million, or $0.11 per share, which includes $2.9 million of non-cash, share-based compensation expense, for the first quarter of 2023.
	●	Adjusted EBITDA for the first quarter of 2024 was a $18.7 million loss, compared to a $15.7 million loss for the first quarter of 2023.
	●	Cash used in operations in the first quarter of 2024 was $20.8 million, compared to cash 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 at December 31, 2023.

 

Conference Call and Webcast: Q1 2024 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 1:30 PM PT/4:30 PM ET on Thursday, May 9, 2024 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, 2024.

 

 

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 offices in the U.S. and Germany, 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 measures “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; bargain purchase gain; share-based compensation; and restructuring charges. Adjusted Gross Profit is calculated as GAAP gross profit before share-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 these non-GAAP measures 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 are useful to investors in their assessment of MicroVision’s operating performance and the valuation of the Company.

 

Adjusted EBITDA and adjusted Gross Profit are 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 measures should not be construed as an inference that these costs are unusual or infrequent.

 

 

The Company compensates for limitations of the adjusted EBITDA 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 profit 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 share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.

 

Forward-Looking Statements

 

Certain statements contained in this release, including customer engagement and the likelihood of success, opportunities for revenue and cash, expense reduction, market position, product portfolio, product and manufacturing 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; 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

Marketing@MicroVision.com

Source: MicroVision, Inc.

 

Microvision, Inc.

 

Consolidated Balance Sheet

(In thousands)

(Unaudited)

 

		March 31, 2024				December 31, 2023
Assets
Current Assets
Cash and cash equivalents		$	44,298			$	45,167
Investment securities, available-for-sale			28,770				28,611
Restricted cash, current			71				3,263
Accounts receivable, net of allowances			1,121				949
Inventory			3,738				3,874
Other current assets			4,302				4,890
Total current assets			82,300				86,754
Property and equipment, net			8,549				9,032
Operating lease right-of-us asset			13,212				13,758
Restricted cash, net of current portion			1,968				961
Intangible assets, net			16,662				17,235
Other assets			1,491				1,895
Total assets		$	124,182			$	129,635
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable		$	2,161			$	2,271
Accrued liabilities			9,971				8,640
Accrued liability for Ibeo business combination			2,969				6,300
Contract liabilities			213				300
Current portion of operating lease liability			2,167				2,323
Other current liabilities			270				669
Total current liabilities			17,751				20,503
Operating lease liability, net of current portion			12,358				12,714
Other long-term liabilities			270				614
Total liabilities			30,379				33,831
Commitments and contingencies
Shareholders’ Equity
Common stock at par value			206				195
Additional paid-in capital			885,119				860,765
Accumulated other comprehensive loss			157				210
Accumulated deficit			(791,679	)			(765,366	)
Total shareholders’ equity			93,803				95,804
Total liabilities and shareholders’ equity		$	124,182			$	129,635

 

 

MicroVision, Inc.

 

Consolidated Statement of Operations

(In thousands, except earnings per share data)

(Unaudited)

 

		Three months ended March 31,
		2024				2023
Revenue		$	956			$	782
Cost of revenue			1,277				544
Gross profit			(321	)			238
Research and development expense			17,311				12,692
Sales, marketing, general and administrative expense			9,078				8,737
Total operating expenses			26,389				21,429
Loss from operations			(26,710	)			(21,191	)
Bargain purchase gain			-				1,706
Other income, net			631				639
Net loss before taxes		$	(26,079	)		$	(18,846	)
Income tax expense			(234	)			(181	)
Net income (loss)		$	(26,313	)		$	(19,027	)
Net income (loss) per share - basic and diluted		$	(0.13	)		$	(0.11	)
Weighted-average shares outstanding - basic and diluted			196,748				174,703

 

 

Microvision, Inc.

 

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

 

		Three months ended March 31,
		2024				2023
Cash flows from operating activities
Net loss		$	(26,313	)		$	(19,027	)
Adjustments to reconcile net loss to net cash used in operations
Depreciation and amortization			1,800				2,524
Impairment of property and equipment			13				-
Bargain purchase gain			-				(1,706	)
Share-based compensation expense			3,743				2,949
Inventory write-down			9				29
Net accretion of premium on short-term investments			(288	)			(396	)
Change in:
Accounts receivable			(172	)			(506	)
Contract assets			-				(192	)
Inventory			102				(87	)
Other current and non-current assets			992				647
Accounts payable			(527	)			1,629
Accrued liabilities			1,331				2,017
Contract liabilities and other current liabilities			(480	)			(711	)
Operating lease liabilities			(639	)			(669	)
Other long-term liabilities			(330	)			17
Net cash used in operating activities			(20,759	)			(13,482	)
Cash flows from investing activities
Sales of investment securities			7,900				22,000
Purchases of investment securities			(7,805	)			(3,898	)
Purchases of property and equipment			(114	)			(615	)
Cash paid for Ibeo business combination			(3,263	)			(11,233	)
Net cash provided by (used in) investing activities			(3,282	)			6,254
Cash flows from financing activities
Principal payments under finance leases			-				(6	)
Proceeds from stock option exercises			62				-
Net proceeds from issuance of common stock			20,956				12,691
Net cash provided by financing activities			21,018				12,685
Effect of exchange rate changes on cash and cash equivalents			(31	)			-
Net increase (decrease) in cash and cash equivalents			(3,054	)			5,457
Cash, cash equivalents and restricted cash at beginning of period			49,391				21,954
Cash, cash equivalents and restricted cash at end of period		$	46,337			$	27,411

 

The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of March 31, 2024 and December 31, 2023:

 

		March 31,				December 31,
		2024				2023
Cash and cash equivalents		$	44,298			$	45,167
Restricted cash			2,039				4,224
Cash, cash equivalents and restricted cash			46,337				49,391

 

 

MicroVision, Inc.

 

Reconciliation of GAAP to Non-GAAP Measures

(In thousands, except earnings per share data)

(Unaudited)

 

		Three months ended March 31,
		2024				2023
Reconciliation of Non-GAAP Gross Profit:
Gross Profit		$	(321	)		$	238
Share-based compensation expense			-				-
Amortization of acquired intangibles			387				255
Adjusted Gross Profit		$	66			$	493
Reconciliation of Non-GAAP Loss:
GAAP Net loss		$	(26,313	)		$	(19,027	)
Other Income/Expense,net			(631	)			(639	)
Income taxes			234				181
Depreciation & amortization			1,800				2,524
Bargain purchase gain			-				(1,706	)
Share-based compensation expense			3,743				2,949
Restructuring costs			2,474				-
Adjusted EBITDA		$	(18,693	)		$	(15,718	)

 

v3.24.1.u1

Cover	May 09, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 09, 2024
Entity File Number	001-34170
Entity Registrant Name	MicroVision, Inc.
Entity Central Index Key	0000065770
Entity Tax Identification Number	91-1600822
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	18390 NE 68th Street
Entity Address, City or Town	Redmond
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98052
City Area Code	(425)
Local Phone Number	936-6847
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	MVIS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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