Business
MicroVision Announces Second Quarter 2022 Results
REDMOND, WA / ACCESSWIRE / July 28, 2022 / 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 / July 28, 2022 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its second quarter 2022 results.\"We are pleased to have announced the launch of our new generation MicroVision MAVIN™ lidar hardware during the second quarter of 2022. In June, we completed another round of track testing showcasing how our product can surpass OEM expectations in new, more complex highway driving scenarios,\" said Sumit Sharma, MicroVision's Chief Executive Officer. \"We have had very successful driving demonstrations with OEMs and, as we expand our efforts to show our product and deepen engagement with OEMs, we will continue to highlight the excellence and superiority of our product.\"\"I am also pleased to announce that as a result of successful engagement with OEMs and Tier 1s, we expect to start strategic sample sales during the second half of 2022 as previously announced. As we continue working to deliver on our 2022 objectives, we plan to demonstrate in 2023 a drive-by-wire system centered on our lidar hardware and our high-speed highway pilot ADAS software,\" continued Sharma.Key Financial Highlights for Q2 2022Revenue for the second quarter of 2022 was $0.3 million, compared to $0.7 million for the second quarter of 2021.Net loss for the second quarter of 2022 was $13.6 million, or $0.08 per share, which includes $4.1 million of non-cash, share-based compensation expense, compared to a net loss of $15.0 million, or $0.09 per share, which includes $7.9 million of non-cash, share-based compensation expense, for the second quarter of 2021.Adjusted EBITDA for the second quarter of 2022 was negative $9.2 million, compared to negative $6.7 million for the second quarter of 2021.Cash used in operating activities for the second quarter of 2022 was $9.7 million, compared to $6.7 million for the second quarter of 2021.The Company ended the second quarter of 2022 with $92.9 million in cash and cash equivalents including investment securities, compared to $115.4 million at December 31, 2021. The Company has the ability, at its discretion, to offer and sell just over $70.0 million of equity securities pursuant to its June 2021 ATM facility.Conference Call and Webcast: Q2 2022 ResultsMicroVision will host a conference call and webcast, consisting of prepare...