What happened
Shares of MicroVision (MVIS -0.70%) have skyrocketed today, up by 17% as of 12:50 p.m. EST, after the company reported fourth-quarter results. MicroVision continues its march toward commercializing its technology and generating product revenue.
So what
MicroVision recognized $395,000 in licensing and royalty revenue in the fourth quarter, and incurred nearly $4 million in operating expenses. That resulted in an operating and net loss of approximately $3.6 million, or $0.02 per share. The company, which is developing lidar sensors for the automotive industry, has been making progress toward commercialization in recent months, achieving various milestones related to partnerships with customers.
Image source: Getty Images.
"Over the past year we have made important progress advancing our automotive LiDAR development, bolstering our balance sheet, building the strength of our team, and adding expertise to our Board of Directors while exploring strategic alternatives," CEO Sumit Sharma said in a statement. "I expect that the A-Sample hardware and benchmarked data, for demonstration to interested parties, will be available in the April 2021 timeframe."
Now what
MicroVision's cash burn for Q4 was $4.2 million, and the company currently has 53 employees. Cash burn in the first quarter is forecast at $5 million to $5.5 million as MicroVision spends money on components while continuing to develop its first-generation long-range lidar sensor. The company finished Q4 with $16.9 million in cash, but then raised an additional $61.4 million in cash from stock offerings in January and February.
Separately, MicroVision also said that its general counsel, David Westgor, is retiring after working at the company for over 15 years.
