Business
MicroVision Announces Second Quarter 2024 Results
REDMOND, WA / ACCESSWIRE / August 7, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today
About this update from Microvision, Inc.
REDMOND, WA / ACCESSWIRE / August 7, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its second quarter 2024 results.Key Business Highlights for Q2 2024Building momentum toward full year guidance with Q2 revenue from industrial customers.Actively engaging with top-tier global automotive OEMs, with seven high-volume RFQs for passenger vehicles and custom development opportunities.Pursuing multiple near-term revenue opportunities with industrial customers in heavy equipment vertical.Extending financial runway and operational efficiencies, streamlining cash burn and leveraging near-term hardware and software sales to automotive and industrial customers."We are pleased with our continued engagement in RFQs with automotive OEMs and are also excited by the uptick in interest in pre-RFQ collaboration and development work. With project delays and other automotive industry headwinds, we have worked hard to position MicroVision to successfully withstand these challenges," said Sumit Sharma, MicroVision's Chief Executive Officer. "We've reduced operating expenses to extend our financial runway and are focused on near-term revenue opportunities in non-automotive markets.""While automotive projects are taking longer to ramp up, we remain actively engaged with multiple global OEMs for near-term custom development projects involving passenger vehicles scheduled for launch later this decade," continued Sharma.Key Financial Highlights for Q2 2024Revenue for the second quarter of 2024 was $1.9 million, compared to $0.3 million for the second quarter of 2023, primarily driven by hardware sales to a long-standing customer in the agricultural market.Net loss for the second quarter of 2024 was $23.9 million, or $0.11 per share, which includes $3.4 million of non-cash, share-based compensation expense and $3.0 million of non-cash, asset impairment charge, compared to a net loss of $20.6 million, or $0.12 per share, which includes $3.9 million of non-cash, share-based compensation expense, for the second quarter of 2023.Adjusted EBITDA for the second quarter of 2024 was a $12.6 million loss, compared to a $15.3 million loss for the second quarter of 2023.Cash used in operations in the second quarter of 2024 was $18.6 million, compared to cash used in operations in the second quarter of 2023 of $16.6 ...