MicroVision's revenue plunged 67% year over year to $0.5 million. It also generated a larger net loss of $6.2 million, or $0.04 per share, compared to a loss of $4.9 million in the year-ago period. Wall Street had expected revenue of $0.6 million and a net loss per share of $0.03.
CEO Sumit Sharma said MicroVision's development program was on track to deliver long-range lidar sensors for sale as early as the third quarter. The company says its sensors can help to improve the automotive market's autonomous driving capabilities.
Sharma also touted MicroVision's balance sheet strength. A series of share sales helped it end the first quarter with more than $75 million in cash and investments.
MicroVision's share price soared earlier in the week after it became one of the most talked-about stocks on Reddit's popular WallStreetBets investing forum. But social media fame -- and its related volatility -- cuts both ways. When MicroVision's first-quarter performance fell short of the market's expectations, many of Reddit's traders bolted for the exits.