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MicroVision Announces Preliminary Fourth Quarter 2019 Results
Appoints Sumit Sharma Chief Executive Officer REDMOND, Wash., Feb. 25, 2020 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
About this update from Microvision, Inc.
[{"type":"text","content":"Appoints Sumit Sharma Chief Executive Officer\nREDMOND, Wash., Feb. 25, 2020 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today MicroVision announced preliminary fourth quarter 2019 results and the appointment of Sumit Sharma as Chief Executive Officer.\n MicroVision announced selected financial information about its fourth quarter of 2019. Total revenue in the fourth quarter was approximately $4.6 million, consisting of $4.1 million of product shipments, $0.4 million of contract revenue, and $0.1 million of royalty revenue. Gross profit in the quarter was approximately $1.2 million. Fourth quarter 2019 operating expenses were approximately $4.5 million, and the net loss in the quarter was approximately $3.3 million. Fourth quarter cash used in operations was approximately $4.3 million, and the company had $5.8 million in cash and cash equivalents at December 31, 2019. The company announced that due to the COVID-19 (coronavirus), MicroVision’s contract manufacturer remained closed for one extra week following the usual Lunar New Year shutdown. Production at its Asian contract manufacturer restarted on February 10 with a reduced workforce. Over the next few weeks, as more workers clear health screening at the factory, and component suppliers restart production, more normal production levels are expected to ensue. MicroVision had been in negotiations to sell its interactive display module to a top-tier North American OEM. The company announced today that it was recently informed by the OEM that products using the interactive display module will not be launched in 2020 as the company expected. The OEM may consider interactive display for future products, but the companies are not moving forward at this time with the products and timelines they had been negotiating. “We are surprised and very disappointed by the OEM’s decision and are proud of the work we did to ready our interactive display module for production. While we believe our module was well received by the OEM, there were many factors that may have influenced the OEM’s decisions regarding use of our module in its overall product line-up at this time,” said Sumit Sharma, MicroVision’s incoming CEO. “MicroVision is now evaluating options for moving forward in all of our target markets i...