MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced its 2012 operating and financial results and an overview of its 2013 business objectives.
2012 Notable Operating Achievements
In 2012, MicroVision saw year over year revenue growth of 49 percent and a 26 percent decrease in cash used in operations. These improved operating results are related to fulfillment of existing orders and the transition to and restructuring around the company’s “Image by PicoP ®” ingredient brand licensing model. Transitioning to this business model whereby MicroVision licenses its patented PicoP ® display technology, sells key components and receives royalties was one of the company’s three key goals for 2012.
Under this licensing business model, MicroVision had fourth quarter revenue of $2.7 million primarily from fulfillment of orders to Pioneer Corporation. High-definition PicoP ® Gen2 display engines based on direct green lasers were brought to market as part of Pioneer’s Carozzeria Cyber Navi car navigation system, the world’s first head-up display (HUD) to project augmented reality information in front of the windshield. With the July 2012 introduction of this product, MicroVision achieved its second 2012 goal to launch PicoP Gen2 display technology. The company also continued advancing PicoP display technology defining a path for higher brightness, lower power consumption, smaller size, lower cost and advanced features.MicroVision made significant progress as well in pursuit of its third goal for 2012 to secure original equipment manufacturer (OEM) commitments to design products using PicoP display technology. The company shipped samples for evaluation to more than 50 customers, the majority of which are in MicroVision’s primary target markets of consumer electronics (CE) and automotive. Initial shipments began in late February last year and escalated as the year progressed. The bulk of the samples were shipped in the second half of 2012.