Business
MicroVision Announces Second Quarter 2023 Results
REDMOND, WA / ACCESSWIRE / August 8, 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 / August 8, 2023 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its second quarter 2023 results.\"We are pleased with our forward momentum over the quarter and the uptick in inbound inquiries during the first half of 2023. Our deepening engagement with automotive OEMs includes opportunities for high-volume passenger vehicle programs as well as commercial vehicle programs seeking unique solutions. Our product offering gives us an array of strategic inroads as potential customers find our products compelling, inviting opportunities in automotive and industrial markets and allowing us to broaden our work with OEMs,\" said Sumit Sharma, MicroVision's Chief Executive Officer. \"During the second quarter, we also strengthened our balance sheet, demonstrating to OEMs and other prospective customers and partners our financial strength and ability to scale multiple projects. While the challenging macro-economic environment caused headwinds that led some non-automotive customers to push out delivery requirements, we remain on track to delivering our 2023 development milestones.\"\"This quarter we continued to deliver technological progress, in particular demonstrating our sensor fusion software operating at speeds as high as 130 km/h,\" continued Sharma. \"We made progress in the first half of this year, driven in part by the integration of products, technologies, and teams acquired from Ibeo Automotive earlier this year and we remain enthusiastic about MicroVision's future.\"Key Financial Highlights for Q2 2023Revenue for the second quarter of 2023 was $0.3 million, flat as compared to the second quarter of 2022. The revenue in the second quarter was primarily connected to the Ibeo acquisition and includes the sale of lidar hardware and related software to various customers.Net loss for the second quarter of 2023 was $20.6 million, or $0.12 per share, which includes $3.0 million of a one-time gain included in other income due to early lease termination incentive offset by a $3.9 million share-based compensation expense, compared to a net loss for the second quarter of 2022 of $13.6 million, or $0.08 per share, which includes $4.1 million of non-cash, share-based compensation expense.Adjusted Gross Profit for the second quarter of 2023 was...