MicroVision(US:MVIS)2023-11-09 21:37Revenue Growth - For the nine months ended September 30, 2023, revenue increased by 225.0% to $2.158 million compared to $664,000 in the same period of 2022, primarily driven by software sales and lidar sensor sales [112][113]. - Revenue for the nine months ended September 30, 2023, was $2.158 million, representing a 225.0% increase from $664,000 in the same period of 2022 [112]. - The increase in revenue for the nine months ended September 30, 2023, was predominantly due to software sales and contracts obtained from the acquisition of Ibeo assets [113]. Cost of Revenue - Cost of revenue for the three months ended September 30, 2023, was $625,000, representing 59.7% of revenue, compared to $45,000 (1,288.9% increase) in the same period of 2022 [114]. - Cost of revenue for the nine months ended September 30, 2023, was $1.870 million, an increase of 2,691.0% from $67,000 in the same period of 2022 [114]. Expenses - Research and development expenses for the three months ended September 30, 2023, rose to $15.584 million, a 106.8% increase from $7.535 million in the same period of 2022 [116][118]. - Research and development expenses for the nine months ended September 30, 2023, were $42.127 million, an increase of 84.5% from $22.828 million in the same period of 2022 [116]. - Sales, marketing, general and administrative expenses for the three months ended September 30, 2023, increased by 58.3% to $8.743 million compared to $5.522 million in the same period of 2022 [119][120]. - Sales, marketing, general and administrative expenses for the nine months ended September 30, 2023, were $27.172 million, a 53.8% increase from $17.664 million in the same period of 2022 [119]. Other Income - Other income for the three months ended September 30, 2023, was $637,000, a 153.8% increase from $251,000 in the same period of 2022, primarily due to a $3.0 million payment for lease termination [122]. - Other income increased by 153.8% to $637,000 for the three months ended September 30, 2023, and by 1,636.9% to $4.846 million for the nine months ended September 30, 2023, primarily due to a $3.0 million incentive payment [122]. Cash and Investments - As of September 30, 2023, the company had $49.4 million in cash and cash equivalents and $28.7 million in short-term investment securities [123]. - As of September 30, 2023, the company had approximately $30.6 million available under the $35.0 million ATM equity offering agreement initiated in August 2023 [130]. - The company anticipates sufficient cash and cash equivalents to fund operations for at least the next 12 months [124]. Cash Flow - Cash used in operating activities totaled $50.5 million during the nine months ended September 30, 2023, compared to $29.6 million in the same period of 2022, attributed to increased operating expenses [125]. - Net cash provided by investing activities was $21.4 million for the nine months ended September 30, 2023, compared to a net cash used of $31.0 million in the same period of 2022 [126]. - Net cash provided by financing activities totaled $60.8 million during the nine months ended September 30, 2023, a significant increase from $315,000 in the same period of 2022 [127]. Acquisitions and Future Payments - The company recorded a bargain purchase gain of $1.706 million during the nine months ended September 30, 2023, related to the acquisition of Ibeo assets [121]. - The acquisition of Ibeo assets involved payments totaling $11.2 million, with an expected final payment of approximately $2.9 million in Q4 2023 [126]. - The company expects to make additional payments totaling approximately $9.2 million to its contract manufacturing partner over the first six months of 2024 for MOVIA sensor inventory [125]. Financial Outlook - The company expects to incur a significant loss during the fiscal year ending December 31, 2023, continuing a trend of substantial losses since inception [109].