REDMOND, WA / ACCESSWIRE / May 9, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced its first quarter 2024 results.
Key Business Highlights for Q1 2024
- Actively engaged in high-volume, top-tier global OEM RFQs for passenger vehicles.
- Expanding near-term revenue opportunities through direct sales in industrial markets.
- Working to accumulate non-dilutive cash by leveraging partnerships and licensing opportunities.
- Increasing cash runway through proactive, disciplined fiscal management.
“Energized by global OEM feedback that MicroVision offers the best technical and commercial solutions, we remain confident in our engagement with automotive OEMs and our prospects in high-volume, top-tier, passenger-vehicle RFQs,” said Sumit Sharma, MicroVision’s Chief Executive Officer. “As we navigate current headwinds in the automotive industry and lidar sector with a healthy balance of optimism and realism, we are aggressively pursuing near-term revenue opportunities in industrial markets and with partnership opportunities, as well as continuing our ethos of fiscal discipline.”
“I remain committed to steering MicroVision and firmly establishing it as a leading automotive OEM supplier of lidar hardware and software solutions,” continued Sharma.
Key Financial Highlights for Q1 2024
- Revenue for the first quarter of 2024 was $1.0 million, compared to $0.8 million for the first quarter of 2023 primarily driven by sales of MOVIA sensors to a global commercial trucking OEM.
- Net loss for the first quarter of 2024 was $26.3 million, or $0.13 per share, which includes $3.7 million of non-cash, share-based compensation expense, compared to a net loss of $19.0 million, or $0.11 per share, which includes $2.9 million of non-cash, share-based compensation expense, for the first quarter of 2023.
- Adjusted EBITDA for the first quarter of 2024 was a $18.7 million loss, compared to a $15.7 million loss for the first quarter of 2023.
- Cash used in operations in the first quarter of 2024 was $20.8 million, compared to cash used in operations in the first quarter of 2023 of $13.5 million.
- The Company ended the first quarter of 2024 with $73.1 million in cash and cash equivalents including investment securities, compared to $73.8 million at December 31, 2023.
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Conference Call and Webcast: Q1 2024 Results
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