Business
MicroVision Announces First Quarter 2023 Results
REDMOND, WA / ACCESSWIRE / May 9, 2023 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today
About this update from Microvision, Inc.
[{"type":"text","content":"REDMOND, WA / ACCESSWIRE / May 9, 2023 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2023 results.\"Following the closing in January of our acquisition of assets from Ibeo Automotive Systems GmbH, we are energized by the strength of our combined team, accelerated engagement with multiple OEMs, and positive financial performance in Q1 2023. Revenue of $0.8 million was ahead of our expectations, primarily driven by the acquisition.\" said Sumit Sharma, MicroVision's Chief Executive Officer. \"I am pleased with our significant achievements in the first quarter, with the momentum in our top line driven by our expanded product offerings and the efficient integration of our U.S. and Germany teams.\"With the dynamic-view MAVIN™, our MEMS-based scanning lidar for long-range highway pilot; MOVIA™, our flash-based short-range lidar for automotive and non-automotive applications; and MOSAIK™, our validation software suite for OEMs and Tier 1s, MicroVision is uniquely positioned to capture meaningful market share in both automotive and non-automotive verticals,\" continued Sharma. \"Our product offerings and unmatched technical capabilities are proving to be compelling in key RFIs and RFQs from several OEMs around the globe. We maintain our 2023 revenue guidance of $10-15 million from our expanded product suite.\"Key Financial Highlights for Q1 2023Revenue for the first quarter of 2023 was $0.8 million, compared to $0.4 million for the first quarter of 2022. The revenue growth in the first quarter was primarily due to the IBEO acquisition and includes the sale of lidar hardware and related software to various customers.Net loss for the first quarter of 2023 was $19.0 million, or $0.11 per share, which includes $2.9 million of non-cash, share-based compensation expense, $1.7 million bargain purchase price gain, compared to a net loss for the first quarter of 2022 of $13.2 million, or $0.08 per share, which includes $3.7 million of non-cash, share-based compensation expense.Adjusted Gross Profit for the first quarter of 2023 was a $0.5 million, compared to a $0.3 million for the first quarter of 2022.Adjusted EBITDA for the first quarter of 2023 was a $15.8 million loss, compared to a $9.0 million loss for the first quarter of 2022.Cash used in oper...