Business
MicroVision Announces First Quarter 2020 Results
REDMOND, Wash., May 07, 2020 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing
About this update from Microvision, Inc.
[{"type":"text","content":"REDMOND, Wash., May 07, 2020 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced its first quarter 2020 results.\n Revenue for the first quarter of 2020 was $1.5 million, compared to $1.9 million for the first quarter of 2019. MicroVision's net loss for the first quarter of 2020 was $4.9 million, or $0.04 per share, compared to a net loss of $8.1 million, or $0.08 per share for the first quarter of 2019. “We are committed to finding strategic alternatives that maximize the value of the Company for our stakeholders. With the help of our financial advisor, Craig-Hallum Capital Group LLC, we have approached a global list of targeted companies and are diligently exploring all options including the sale of one or more of our module product verticals and related technology or a potential sale of the Company,” said Sumit Sharma, MicroVision's Chief Executive Officer. “During the first quarter we took many steps to manage costs and create a runway that we expect will give us time to complete a strategic transaction. We transferred responsibility for component production to our April 2017 customer and sold production assets, which lowered our costs and working capital requirements. In addition, we initiated a 60% reduction to our workforce and curtailed non-essential expenses,” said Sharma. Financial Results Conference Call The Company will host a conference call to discuss its first quarter 2020 results at 2:00 p.m. Pacific Time on Thursday, May 7, 2020. Interested parties can access the call from MicroVision’s website on the Investor Relations Events Calendar page at https://microvision.gcs-web.com/investor-event-calendar or dialing 877-876-9174 (for U.S. participants) or 785-424-1670 (for participants outside of the U.S.) ten minutes prior and request to be connected to the MicroVision First Quarter Financial and Operating Results Conference Call. The conference call will be available for rebroadcast from the Investor Relations section of MicroVision’s website on the Investor Relations Events Calendar page. About MicroVision MicroVision is the creator of PicoP® scanning technology, an ultra-miniature sensing and projection solution based on the laser beam scanning methodology pioneered by the Company. MicroVision’s platform approach for ...