|By Business Wire||
|August 6, 2014 08:09 AM EDT||
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced its operating and financial results for the second quarter of 2014 and the advancement of its 2014 business objectives.
MicroVision continued its positive momentum in the second quarter related to its business goals for 2014, which include:
- Complete display module development with Fortune Global 100 customer, support customer with commercialization efforts and supply key components.
- Build pipeline of consumer and automotive OEM opportunities for MicroVision’s go-to-market partners that are providing display engines incorporating PicoP® display technology.
- Ramp supply chain for high volume production of MicroVision components in the second half of 2014.
Fortune Global 100 Update
MicroVision and its Fortune Global 100 customer are developing a custom display module incorporating PicoP® display technology intended for use in a variety of products. The current focus of engagement is on planning for production and commercialization activities now that the design and development phases are nearly complete. The parties made progress on the terms of the commercial agreement with a goal for completion in the second half of 2014.
In June MicroVision announced collaboration with a second electronics company in the Fortune Global 500. The companies are developing a display engine for use in an innovative smartphone product. The company has communicated to MicroVision that it is targeting market introduction of the product in the second half of 2015.
MicroVision is on track to deliver custom PicoP® display modules in the third quarter to a third previously announced Fortune Global 500 customer: UPS. The modules are part of a new package guidance application aimed at increasing processing efficiency in real-time package sorting and routing. UPS has informed MicroVision of its plans to deploy the system in a facility in the United States.
In the automotive segment, MicroVision previously announced that it is working with a global Tier One supplier and a major vehicle OEM. MicroVision delivered multiple prototype HUD systems to the Tier One supplier in the second quarter. The prototype HUD system for the vehicle OEM is slated for delivery in the third quarter. These programs are in the evaluation and test phases, critical steps to having new technology adopted in embedded automotive applications.
In addition to the announced relationships with multiple, major consumer electronics companies, automotive companies and UPS, MicroVision has continued to build a pipeline of opportunities for consumer products and automotive solutions that incorporate PicoP display technology. MicroVision is engaged in discussions with major retailers and OEMs to gain commitments from each element of the go-to-market value chain. The company is undertaking these activities, which align all parties, to accelerate bringing PicoP display technology to market.
MicroVision is excited about the rapidly expanding consumer behavior of watching video on mobile devices and the opportunity it creates for pico projection. According to Adobe1, more than 25 percent of online video views occur on a mobile device, a market share increase of 57 percent year-over-year. Breaking down that finding further by device type, smartphones are rapidly gaining popularity with 73 percent year-over-year growth. Tablets are also taking market share of online video consumption with 42 percent year-over-year growth.
Supply Chain Update
The company continues to build the supply chain capabilities required for volume production for its key components. MicroVision has selected outstanding partners to manufacture MEMS and other components that it plans to sell to ODMs and OEMs developing display engines under its Image by PicoP® ingredient brand licensing business model. Production capacity for MicroVision components is expected to be available in the fourth quarter of 2014.
The company continued its aggressive management of cash used in operations with very little change in the first half of 2014 compared to the same period in 2013. There was no change in operating loss or net loss for the second quarter of 2014 compared to the same quarter in 2013.
The following financial results are for the three and six months ended June 30, 2014, compared to the same periods one year earlier.
- Revenue was $611,000 for the second quarter 2014 compared to $1.9 million for the second quarter a year ago. Revenue for the first half of 2014 was $1.8 million, compared to $3.7 million for the first half of 2013.
- Operating loss for the second quarter of 2014 was $3.4 million, compared to $3.4 million for the second quarter a year ago. Operating loss was $6.5 million for the first half of 2014, compared to $7.1 million for the first half of 2013.
Net loss for the second quarter of 2014 was $3.4 million, or $0.08 per share, compared to $3.4 million, or $0.13 per share, for the same quarter a year ago. Net loss was $11.4 million, or $0.29 per share, for the first half of 2014 compared to $7.1 million, or $0.27 per share, for the first half of 2013. The first half 2014 net loss includes a $5.0 million non-cash loss recognized on the fair value adjustment of our warrant liability.
- For the second quarter of 2014, cash used in operations was $3.7 million compared to $2.8 million for the same period in 2013. For the six months ended June 30, 2014, cash used in operations was $6.7 million compared to $6.3 million for the same period in 2013.
As of June 30, 2014, backlog was $ 1.1 million and cash and cash equivalents were $12.5 million. The cash balance includes net proceeds of $933,000 attained under the $4.5 million At-the-Market (ATM) equity offering agreement the company announced in June.
The company will host a conference call today to discuss its second quarter 2014 results and current business operations at 8:30 a.m. ET / 5:30 a.m. PT. Participants may join the conference call by dialing 1-800-446-1671 (for U.S. participants) or + 1-847-413-3362 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 37729501. A live webcast of the call can be accessed from the company's web site in the Investor Events Calendar section on the Investor’s page. A replay of this call will be available after 8:00 a.m. PT the day of the conference call through the same link or by calling 888-843-7419 (U.S.) or (International) +1-630-652-3042, pass code 3772 9501#. The phone in replay will be available for one week.
MicroVision is the creator of PicoP® display technology, an ultra-miniature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision’s patented display technology helps OEMs break down display boundaries and offer enhanced visibility to mobile experiences. Nearly two decades of research has led MicroVision to become an independently recognized leader in the development of intellectual property. The company is based in Redmond, Wash.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Certain statements contained in this release, including those relating to growth, future product and technology development and sales, performance under orders and contracts, supply chain developments, and those containing words such as “goals,” “on track,” “targets,” “plans,” “intended,” “slated,” “aims,” and “expects” are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; products incorporating our PicoP display engine may not achieve market acceptance, commercial partners may not perform under agreements as anticipated, we may be unsuccessful in identifying parties interested in paying any amounts or amounts we deem desirable for the purchase or license of IP assets, our or our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
|June 30,||December 31,|
|Cash and cash equivalents||$||12,464||$||5,375|
|Accounts receivable, net||54||24|
|Other current assets||547||336|
|Total current assets||13,096||5,784|
|Property and equipment, net||893||1,065|
|Intangible assets, net||1,079||1,145|
|Liabilities and Shareholders' Equity|
|Billings in excess of costs and estimated earnings on uncompleted contracts||120||680|
|Current portion of capital lease obligations||-||15|
|Total current liabilities||3,953||9,662|
|Deferred rent, net of current portion||557||481|
|Commitments and contingencies|
|Common stock at par value||44||32|
|Additional paid-in capital||473,095||448,981|
|Total shareholders' equity (deficit)||11,011||(1,696||)|
|Total liabilities and shareholders' equity (deficit)||$||15,521||$||8,447|
|Statement of Operations|
|(In thousands, except earnings per share data)|
Three months ended June 30,
Six months ended June 30,
|Cost of product revenue||33||837||23||1,501|
|Cost of contract revenue||135||26||144||163|
|Total cost of revenue||168||863||167||1,664|
|Research and development expense||2,236||2,339||4,779||4,591|
|Sales, marketing, general and administrative expense||1,869||2,101||3,828||4,504|
|Gain on disposal of fixed assets||(28||)||-||(28||)||(2||)|
|Gain on sale of previously reserved inventory||(228||)||(1||)||(455||)||(6||)|
|Total operating expenses||3,849||4,439||8,124||9,087|
|Loss from operations||(3,406||)||(3,432||)||(6,461||)||(7,080||)|
|Loss on warrant exchange||-||-||(4,967||)||-|
|Other income (expense)||5||(4||)||9||(10||)|
|Net loss per share - basic and diluted||$||(0.08||)||$||(0.13||)||$||(0.29||)||$||(0.27||)|
|Weighted-average shares outstanding - basic and diluted||43,015||26,493||38,951||25,870|
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Aug. 24, 2016 12:15 PM EDT Reads: 1,783
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 24, 2016 12:00 PM EDT Reads: 3,811
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 24, 2016 11:45 AM EDT Reads: 1,418
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aug. 24, 2016 11:45 AM EDT Reads: 3,337
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 24, 2016 11:00 AM EDT Reads: 2,064
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Aug. 24, 2016 11:00 AM EDT Reads: 368
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 24, 2016 10:48 AM EDT Reads: 254
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Aug. 24, 2016 10:45 AM EDT Reads: 1,782
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 24, 2016 10:30 AM EDT Reads: 437
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Aug. 24, 2016 10:19 AM EDT Reads: 262
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 24, 2016 10:00 AM EDT Reads: 423
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Aug. 24, 2016 09:45 AM EDT Reads: 2,238
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 24, 2016 09:45 AM EDT Reads: 429
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 24, 2016 09:36 AM EDT Reads: 205
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 24, 2016 09:00 AM EDT Reads: 3,492