- PSE-0403: A small form factor, high definition display engine for applications where form factor and flexibility of product design are required;
- PSE-0403sti: An interactive display engine that integrates display and 3D sensing to allow the user to interact with projected images;
- PSE-0400Li: A mid-range light detection and ranging (LIDAR) engine for autonomous industrial products and robotics.
The company also contracted with two top technology companies for proof of concept demonstrators for augmented reality (AR) and advanced driver assistance system (ADAS) 3D sensing. Work on those contracts began in 2016 and is continuing in 2017.In November 2016, MicroVision announced a co-marketing agreement with STMicroelectronics (ST) targeting the joint sales and promotion of MEMS mirror-based LBS solutions for applications such as pico projection, augmented and virtual reality, 3D sensing, and ADAS. MicroVision had demonstration systems in ST's customer suites at CES 2017 in Las Vegas in January and on the show floor in ST's booth at Mobile World Congress 2017 in Barcelona, February 27-March 2. 2016 Financial Results MicroVision reported the following financial results for the fourth quarter and year ended December 31, 2016:
- Annual revenue of $14.8 million in 2016, compared to $9.2 million in 2015. Revenue for the fourth quarter of 2016 was $2.9 million, compared to $1.8 million for the same quarter in 2015.
- Operating loss was $16.5 million for 2016, compared to $14.6 million in 2015, and $5.3 million for the fourth quarter of 2016 compared to $4.3 million for the same quarter in 2015.
- Net loss for the year of $16.5 million, or $0.32 per share, compared to $14.5 million, or $0.31 per share for the prior year and $5.4 million, or $0.09 per share, compared to $4.3 million, or $0.09 per share, for the same quarter in 2015.
- Cash used in operations was $14.8 million in 2016, compared to $5.8 million for 2015 reflecting the $8 million up-front license fee received in early 2015.
According to a recent report from Juniper Research 1, smart home hardware and service take-up in entertainment, automation, healthcare and connected devices is projected to drive revenues from $83 billion in 2017 to $195 billion by 2021. This growing market for smart home devices is an example of a new product category that MicroVision believes can benefit from its LBS engine line.In January 2017, MicroVision delivered to a top technology company the augmented reality proof of concept demonstrator it began in 2016 and signed a second phase NRE contract for that program which the company expects to complete in 2017. MicroVision also expects to deliver the proof of concept demonstrator for ADAS in 2017 that it is developing for another major technology company. The company also plans to support its existing customers who have licensed MicroVision technology and incorporate MicroVision components in their display engine products. 1 Smart Home Markets: Entertainment, Monitoring, Automation, Health, Metering, Appliances 2017-2021, Juniper Research, January, 2017 Conference Call The company will host a conference call today to discuss its 2016 financial and operating results and 2017 objectives at 8:30 a.m. ET / 5:30 a.m. PT. Participants may join the conference call by dialing 1-888-771-4371 (for U.S. participants) or +1-847-585-4405 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 44416602. A live webcast of the call can be accessed from the company's web site in the Investor Events Calendar section of the Investors page. A replay of this call will be available after 8:00 a.m. PT the day of the conference call through the same link or by calling 1-888-843-7419 (U.S.) or +1-630-652-3042 (international), pass code 4441 6602#. The call-in replay will be available through March 13, 2017. About MicroVision MicroVision is the creator of PicoP® scanning technology, an ultra-miniature laser projection and sensing solution based on the laser beam scanning methodology pioneered by the company. MicroVision's platform approach for this advanced display and imaging solution means that it can be adapted to a wide array of applications and form factors. It is an advanced solution for a rapidly evolving, always-on world. Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision's IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Wash.
|December 31,||December 31,|
|Cash and cash equivalents||$||15,139||$||7,888|
|Accounts receivable, net||245||1,687|
|Other current assets||731||638|
|Total current assets||17,348||11,075|
|Property and equipment, net||1,537||1,669|
|Intangible assets, net||718||845|
|Liabilities and Shareholders' Equity (Deficit)|
|Billings on uncompleted contracts in excess of related costs||168||-|
|Total current liabilities||7,244||7,704|
|Deferred revenue, net of current portion||5,150||6,149|
|Deferred rent, net of current portion||185||342|
|Other long-term liabilities||53||-|
|Commitments and contingencies|
|Shareholders' Equity (Deficit)|
|Common stock at par value||68||47|
|Additional paid-in capital||507,249||483,171|
|Total shareholders' equity (deficit)||7,474||(153||)|
|Total liabilities and shareholders' equity (deficit)||$||20,106||$||14,042|
|Statement of Operations|
|(In thousands, except earnings per share data)|
|Three months ended December 31,||Twelve months ended December 31,|
|Cost of product revenue||2,378||1,463||10,320||6,384|
|Cost of contract revenue||22||4||54||796|
|Total cost of revenue||2,400||1,467||10,374||7,180|
|Research and development expense||3,605||2,540||12,134||8,680|
|Sales, marketing, general and administrative expense||2,273||2,139||8,743||7,879|
|Gain on sale of previously reserved inventory||(32||)||-||(32||)||(1||)|
|Total operating expenses||5,846||4,679||20,845||16,558|
|Loss from operations||(5,341||)||(4,300||)||(16,458||)||(14,550||)|
|Other income, net||(29||)||2||(14||)||8|
|Net loss per share - basic and diluted||$||(0.09||)||$||(0.09||)||$||(0.32||)||$||(0.31||)|
|Weighted-average shares outstanding - basic and diluted||56,538||47,276||51,958||46,540|