MicroVision(MVIS) - 2024 Q1 - Quarterly Results

Key Business and Financial Highlights for Q1 2024 MicroVision's Q1 2024 highlights include revenue growth to $1.0 million, a widened net loss of $26.3 million, and strategic focus on OEM RFQs, industrial markets, and fiscal discipline - Strategic business focus for Q1 2024 includes: * Engaging in high-volume, top-tier global OEM RFQs for passenger vehicles * Expanding near-term revenue by targeting direct sales in industrial markets * Seeking non-dilutive funding through partnerships and licensing * Extending cash runway via disciplined fiscal management[3][6] Key Financial Highlights | Financial Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $1.0 million | $0.8 million | | Net Loss | $26.3 million | $19.0 million | | Net Loss per Share | $0.13 | $0.11 | | Adjusted EBITDA | ($18.7 million) | ($15.7 million) | | Cash Used in Operations | $20.8 million | $13.5 million | | Cash and Cash Equivalents (end of period) | $73.1 million | N/A | Consolidated Financial Statements This section provides MicroVision's unaudited consolidated financial statements, including the Balance Sheet, Statement of Operations, and Statement of Cash Flows, for Q1 2024 Consolidated Balance Sheet As of March 31, 2024, MicroVision reported total assets of $124.2 million, total liabilities of $30.4 million, and total shareholders' equity of $93.8 million Consolidated Balance Sheet (In thousands) | Balance Sheet Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $44,298 | $45,167 | | Total current assets | $82,300 | $86,754 | | Total assets | $124,182 | $129,635 | | Total current liabilities | $17,751 | $20,503 | | Total liabilities | $30,379 | $33,831 | | Total shareholders' equity | $93,803 | $95,804 | Consolidated Statement of Operations In Q1 2024, MicroVision's revenue reached $1.0 million, but increased operating expenses resulted in a wider net loss of $26.3 million, or $0.13 per share Consolidated Statement of Operations (In thousands) | Income Statement | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $956 | $782 | | Gross profit (loss) | $(321) | $238 | | Research and development expense | $17,311 | $12,692 | | Total operating expenses | $26,389 | $21,429 | | Loss from operations | $(26,710) | $(21,191) | | Net loss | $(26,313) | $(19,027) | | Net loss per share | $(0.13) | $(0.11) | Consolidated Statement of Cash Flows Q1 2024 saw net cash used in operating activities increase to $20.8 million, partially offset by $21.0 million from financing activities, leading to a $3.1 million decrease in cash Consolidated Statement of Cash Flows (In thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(20,759) | $(13,482) | | Net cash (used in) provided by investing activities | $(3,282) | $6,254 | | Net cash provided by financing activities | $21,018 | $12,685 | | Net (decrease) increase in cash | $(3,054) | $5,457 | Reconciliation of GAAP to Non-GAAP Measures MicroVision presents non-GAAP measures, including Adjusted EBITDA and Adjusted Gross Profit, to provide a clearer view of core operating performance by excluding certain non-cash items - The company presents non-GAAP measures like Adjusted EBITDA and Adjusted Gross Profit to provide supplemental information on financial trends, ensure consistency with past reports, and facilitate comparisons with industry peers[11][12] Reconciliation of GAAP to Non-GAAP Measures (In thousands) | Reconciliation | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | GAAP Net loss | $(26,313) | $(19,027) | | Adjustments (Depreciation, Share-based comp, etc.) | $7,620 | $4,308 | | Adjusted EBITDA | $(18,693) | $(15,718) | | GAAP Gross Profit (loss) | $(321) | $238 | | Amortization of acquired intangibles | $387 | $255 | | Adjusted Gross Profit | $66 | $493 | Other Information This section provides supplementary details, including an investor conference call summary, a corporate overview of MicroVision's MEMS-based technology, and forward-looking statements - MicroVision is a company specializing in MEMS-based laser beam scanning technology for automotive lidar (ADAS) and other non-automotive applications like industrial and robotics[9] - The company hosted a conference call and webcast on May 9, 2024, to discuss the Q1 2024 financial results and provide a business update[5] - The forward-looking statements highlight risks including the ability to raise capital, market acceptance of its products, competition, and dependence on third parties[16]