MicroVision Announces First Quarter 2018 Results
REDMOND, Wash., May 09, 2018 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced results for the quarter ended March 31, 2018.
Revenue for the first quarter of 2018 was $2.2 million, compared to $0.6 million for the first quarter of 2017. MicroVision's net loss for the first quarter of 2018 was $7.1 million, or $0.09 per share, compared to a net loss of $5.9 million, or $0.09 per share for the first quarter of 2017.
The company has implemented Revenue Standard ASC 606 for the year beginning January 1, 2018. The Company transitioned to the new standard using the full retrospective approach, and per the standard, historical periods have been adjusted as if the new standard was in place for historical periods.
“I am very pleased with the progress we have made over the last several months. Earlier this week we signed a new $10 millionworldwide exclusive license agreement with a leading global technology company for the manufacture and distribution of display-only products, one of our five key vertical markets. This new agreement provides validation of our product roadmap and our revised Go-To-Market strategy. We also continued to make significant progress on our previously announced $24 million contract with a Tier 1 technology company,” said Perry Mulligan, MicroVision’s Chief Executive Officer.
“We also have achieved significant milestones in elements of our core technology, including a new time-of-flight ASIC and a next generation, high resolution MEMS scanner, both necessary to enable our goal of being ready for mass production with several of our new products in early 2019. We are currently working to complete the next generation of development kits that will support our Interactive Display and Sensing products,” Mulligan added.
Financial Results Conference Call
The company will host a conference call today to discuss its first quarter 2018 results and current business operations at 5:00 p.m. ET/2:00 p.m. PT. Interested parties can listen to the company's conference call by accessing the Investor Relations’ section of MicroVision’s web site on the Investor Events Calendar page or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506 (for international participants) ten minutes prior to the start of the call using pass code number 9474035. A replay webcast of the call will also be available from the Investor Relations’ section of MicroVision’s web site on the Investor Events Calendar page.
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