MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced its operating and financial results for the second quarter of 2013 and the advancement of its 2013 business objectives.
The company has continued its development activities under the agreement announced in April with a Fortune Global 100 electronics company to incorporate PicoP® display technology into a display engine that could enable a variety of new products for the OEM. MicroVision and the electronics OEM also are engaged in commercial negotiations for licensing and component supply agreements with the expectation that such agreements would constitute the next stage of engagement leading to the OEM’s introduction of commercial products incorporating PicoP display technology.
In furtherance of its goal to enter into licensing agreements for patented PicoP display technology, MicroVision also continues progress on its business development activities to secure additional design wins. The company’s target markets are consumer electronics and automotive as well as industrial applications that can benefit from PicoP display technology’s distinguishing attributes: a large, high definition image that is always in focus from a tiny engine with outstanding brightness to power efficiency (i.e. lumen to watt efficiency). The company also has made progress in establishing additional supply chain partners to facilitate its “Image by PicoP®” go-to-market strategy. MicroVision’s goal in this area is to provide OEMs with multiple supply sources for key components including MEMs and display engines to integrate into their products under MicroVision’s ingredient brand licensing business model.
A reduction in the quarterly operating and net losses of 31 percent in the second quarter of 2013 compared to the same quarter in 2012 and a 59 percent reduction in cash used in operations for that period demonstrate that the company has continued to manage costs and cash used in operations in line with its goals. The company also realized an increase in revenue of 44 percent in the second quarter of 2013 compared to the same quarter last year.