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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) May 9, 2024
MicroVision, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-34170 |
|
91-1600822 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
18390
NE 68th Street
Redmond,
Washington 98052
(Address
of principal executive offices) (Zip code)
(425)
936-6847
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name or former address if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
|
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange
on
which registered |
Common
stock, par value $0.001 per share |
|
MVIS |
|
The
NASDAQ Stock Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
The
information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current
Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933,
as amended.
On
May 9, 2024, MicroVision, Inc. issued a press release announcing its first quarter 2024 results. A copy of the press release
is attached as Exhibit 99.1 and is incorporated herein by reference.
Item
9.01. Financial Statements and Exhibits.
(c)
Exhibits.
Pursuant
to the rules and regulations of the SEC, the attached exhibit is deemed to have been furnished to, but not filed with, the SEC.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
MICROVISION, INC. |
|
|
|
|
By: |
/s/ Drew
G. Markham |
|
|
Drew G. Markham |
|
|
Vice President, General Counsel and Secretary |
Dated:
May 9, 2024
Exhibit
99.1
MicroVision
Announces First Quarter 2024 Results
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. |
Conference
Call and Webcast: Q1 2024 Results
MicroVision
will host a conference call and webcast, consisting of prepared remarks by management, a slide presentation, and a question-and-answer
session at 1:30 PM PT/4:30 PM ET on Thursday, May 9, 2024 to discuss the financial results and provide a business update. Analysts and
investors may pose questions to management during the live webcast on May 9, 2024.
The
live webcast and slide presentation can be accessed on the Company’s Investor Relations website under the Events tab at https://ir.microvision.com/events.
The webcast will be archived on the website for future viewing.
About
MicroVision
With
offices in the U.S. and Germany, MicroVision is a pioneering company in MEMS-based laser beam scanning technology that integrates MEMS,
lasers, optics, hardware, algorithms and machine learning software into its proprietary technology to address existing and emerging markets.
The Company’s integrated approach uses its proprietary technology to provide automotive lidar sensors and solutions for advanced
driver-assistance systems (ADAS) and for non-automotive applications including industrial, smart infrastructure and robotics. The Company
has been leveraging its experience building augmented reality micro-display engines, interactive display modules, and consumer lidar
modules.
For
more information, visit the Company’s website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc,
and LinkedIn at https://www.linkedin.com/company/microvision/.
MicroVision,
MAVIN, MOSAIK, and MOVIA are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties
of their respective owners.
Non-GAAP
information
To
supplement MicroVision’s condensed financial statements presented in accordance with GAAP, the Company presents investors with
the non-GAAP financial measures “adjusted EBITDA” and “adjusted Gross Profit.” Adjusted EBITDA consists of GAAP
net income (loss) excluding the impact of the following: interest income and interest expense; income tax expense; depreciation and amortization;
bargain purchase gain; share-based compensation; and restructuring charges. Adjusted Gross Profit is calculated as GAAP gross profit
before share-based compensation expense and the amortization of acquired intangibles included in cost of revenue.
MicroVision
believes that the presentation of adjusted EBITDA and adjusted Gross Profit provides important supplemental information to management
and investors regarding financial and business trends, provides consistency and comparability with MicroVision’s past financial
reports, and facilitates comparisons with other companies in the Company’s industry, many of which use similar non-GAAP financial
measures to supplement their GAAP results. Internally, management uses these non-GAAP measures when evaluating operating performance
because the exclusion of the items described above provides an additional useful measure of the Company’s operating results and
facilitates comparisons of the Company’s core operating performance against prior periods and its business objectives. Externally,
the Company believes that adjusted EBITDA and adjusted Gross Profit are useful to investors in their assessment of MicroVision’s
operating performance and the valuation of the Company.
Adjusted
EBITDA and adjusted Gross Profit are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute
for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they
do not reflect all of the costs associated with the operations of MicroVision’s business as determined in accordance with GAAP.
The Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from
its non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent.
The
Company compensates for limitations of the adjusted EBITDA measure by prominently disclosing GAAP net income (loss), which the Company
believes is the most directly comparable GAAP measure, and providing investors with a reconciliation from GAAP net income (loss) to adjusted
EBITDA.
Similarly
for Adjusted Gross Profit, the Company compensates for limitations of the measure by prominently disclosing GAAP gross profit which is
the difference between Revenue and Cost of revenue, which the Company believes is the most directly comparable GAAP measure, and providing
investors with a reconciliation by backing out share-based compensation expense and the amortization of acquired intangibles included
in cost of revenue.
Forward-Looking
Statements
Certain
statements contained in this release, including customer engagement and the likelihood of success, opportunities for revenue and cash,
expense reduction, market position, product portfolio, product and manufacturing capabilities, and expected revenue, expenses and cash
usage are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such
forward-looking statements include the risk its ability to operate with limited cash or to raise additional capital when needed; market
acceptance of its technologies and products or for products incorporating its technologies; the failure of its commercial partners to
perform as expected under its agreements; its financial and technical resources relative to those of its competitors; its ability to
keep up with rapid technological change; government regulation of its technologies; its ability to enforce its intellectual property
rights and protect its proprietary technologies; the ability to obtain customers and develop partnership opportunities; 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 its products; potential product liability claims; its ability to maintain its
listing on The Nasdaq Stock Market, 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, Quarterly Reports on Form 10-Q and other reports filed with the SEC. These factors are
not intended to represent a complete list of the general or specific factors that may affect the Company. It should be recognized that
other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors
set forth in this release may affect the Company to a greater extent than indicated. Except as expressly required by federal securities
laws, the Company undertakes 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.
Investor
Relations Contact
Jeff
Christensen
Darrow
Associates Investor Relations
MVIS@darrowir.com
Media
Contact
Marketing@MicroVision.com
Source:
MicroVision, Inc.
Microvision, Inc.
Consolidated Balance Sheet
(In thousands)
(Unaudited)
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Assets | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 44,298 | | |
$ | 45,167 | |
Investment securities, available-for-sale | |
| 28,770 | | |
| 28,611 | |
Restricted cash, current | |
| 71 | | |
| 3,263 | |
Accounts receivable, net of allowances | |
| 1,121 | | |
| 949 | |
Inventory | |
| 3,738 | | |
| 3,874 | |
Other current assets | |
| 4,302 | | |
| 4,890 | |
Total current assets | |
| 82,300 | | |
| 86,754 | |
| |
| | | |
| | |
Property and equipment, net | |
| 8,549 | | |
| 9,032 | |
Operating lease right-of-us asset | |
| 13,212 | | |
| 13,758 | |
Restricted cash, net of current portion | |
| 1,968 | | |
| 961 | |
Intangible assets, net | |
| 16,662 | | |
| 17,235 | |
Other assets | |
| 1,491 | | |
| 1,895 | |
Total assets | |
$ | 124,182 | | |
$ | 129,635 | |
| |
| | | |
| | |
Liabilities and Shareholders’ Equity | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,161 | | |
$ | 2,271 | |
Accrued liabilities | |
| 9,971 | | |
| 8,640 | |
Accrued liability for Ibeo business combination | |
| 2,969 | | |
| 6,300 | |
Contract liabilities | |
| 213 | | |
| 300 | |
Current portion of operating lease liability | |
| 2,167 | | |
| 2,323 | |
Other current liabilities | |
| 270 | | |
| 669 | |
Total current liabilities | |
| 17,751 | | |
| 20,503 | |
| |
| | | |
| | |
Operating lease liability, net of current portion | |
| 12,358 | | |
| 12,714 | |
Other long-term liabilities | |
| 270 | | |
| 614 | |
Total liabilities | |
| 30,379 | | |
| 33,831 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
Shareholders’ Equity | |
| | | |
| | |
Common stock at par value | |
| 206 | | |
| 195 | |
Additional paid-in capital | |
| 885,119 | | |
| 860,765 | |
Accumulated other comprehensive loss | |
| 157 | | |
| 210 | |
Accumulated deficit | |
| (791,679 | ) | |
| (765,366 | ) |
Total shareholders’ equity | |
| 93,803 | | |
| 95,804 | |
Total liabilities and shareholders’ equity | |
$ | 124,182 | | |
$ | 129,635 | |
MicroVision, Inc.
Consolidated Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenue | |
$ | 956 | | |
$ | 782 | |
| |
| | | |
| | |
Cost of revenue | |
| 1,277 | | |
| 544 | |
| |
| | | |
| | |
Gross profit | |
| (321 | ) | |
| 238 | |
| |
| | | |
| | |
Research and development expense | |
| 17,311 | | |
| 12,692 | |
Sales, marketing, general and administrative expense | |
| 9,078 | | |
| 8,737 | |
Total operating expenses | |
| 26,389 | | |
| 21,429 | |
| |
| | | |
| | |
Loss from operations | |
| (26,710 | ) | |
| (21,191 | ) |
| |
| | | |
| | |
Bargain purchase gain | |
| - | | |
| 1,706 | |
Other income, net | |
| 631 | | |
| 639 | |
| |
| | | |
| | |
Net loss before taxes | |
$ | (26,079 | ) | |
$ | (18,846 | ) |
| |
| | | |
| | |
Income tax expense | |
| (234 | ) | |
| (181 | ) |
| |
| | | |
| | |
Net income (loss) | |
$ | (26,313 | ) | |
$ | (19,027 | ) |
| |
| | | |
| | |
Net income (loss) per share - basic and diluted | |
$ | (0.13 | ) | |
$ | (0.11 | ) |
| |
| | | |
| | |
Weighted-average shares outstanding - basic and diluted | |
| 196,748 | | |
| 174,703 | |
Microvision, Inc.
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (26,313 | ) | |
$ | (19,027 | ) |
Adjustments to reconcile net loss to net cash used in operations | |
| | | |
| | |
Depreciation and amortization | |
| 1,800 | | |
| 2,524 | |
Impairment of property and equipment | |
| 13 | | |
| - | |
Bargain purchase gain | |
| - | | |
| (1,706 | ) |
Share-based compensation expense | |
| 3,743 | | |
| 2,949 | |
Inventory write-down | |
| 9 | | |
| 29 | |
Net accretion of premium on short-term investments | |
| (288 | ) | |
| (396 | ) |
Change in: | |
| | | |
| | |
Accounts receivable | |
| (172 | ) | |
| (506 | ) |
Contract assets | |
| - | | |
| (192 | ) |
Inventory | |
| 102 | | |
| (87 | ) |
Other current and non-current assets | |
| 992 | | |
| 647 | |
Accounts payable | |
| (527 | ) | |
| 1,629 | |
Accrued liabilities | |
| 1,331 | | |
| 2,017 | |
Contract liabilities and other current liabilities | |
| (480 | ) | |
| (711 | ) |
Operating lease liabilities | |
| (639 | ) | |
| (669 | ) |
Other long-term liabilities | |
| (330 | ) | |
| 17 | |
Net cash used in operating activities | |
| (20,759 | ) | |
| (13,482 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Sales of investment securities | |
| 7,900 | | |
| 22,000 | |
Purchases of investment securities | |
| (7,805 | ) | |
| (3,898 | ) |
Purchases of property and equipment | |
| (114 | ) | |
| (615 | ) |
Cash paid for Ibeo business combination | |
| (3,263 | ) | |
| (11,233 | ) |
Net cash provided by (used in) investing activities | |
| (3,282 | ) | |
| 6,254 | |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Principal payments under finance leases | |
| - | | |
| (6 | ) |
Proceeds from stock option exercises | |
| 62 | | |
| - | |
Net proceeds from issuance of common stock | |
| 20,956 | | |
| 12,691 | |
Net cash provided by financing activities | |
| 21,018 | | |
| 12,685 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (31 | ) | |
| - | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| (3,054 | ) | |
| 5,457 | |
Cash, cash equivalents and restricted cash at beginning of period | |
| 49,391 | | |
| 21,954 | |
| |
| | | |
| | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 46,337 | | |
$ | 27,411 | |
The
following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of March 31, 2024 and December
31, 2023:
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Cash and cash equivalents | |
$ | 44,298 | | |
$ | 45,167 | |
Restricted cash | |
| 2,039 | | |
| 4,224 | |
Cash, cash equivalents and restricted cash | |
| 46,337 | | |
| 49,391 | |
MicroVision, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(In thousands, except earnings per share data)
(Unaudited)
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Reconciliation of Non-GAAP Gross Profit: | |
| | | |
| | |
Gross Profit | |
$ | (321 | ) | |
$ | 238 | |
Share-based compensation expense | |
| - | | |
| - | |
Amortization of acquired intangibles | |
| 387 | | |
| 255 | |
Adjusted Gross Profit | |
$ | 66 | | |
$ | 493 | |
| |
| | | |
| | |
Reconciliation of Non-GAAP Loss: | |
| | | |
| | |
GAAP Net loss | |
$ | (26,313 | ) | |
$ | (19,027 | ) |
Other Income/Expense,net | |
| (631 | ) | |
| (639 | ) |
Income taxes | |
| 234 | | |
| 181 | |
Depreciation & amortization | |
| 1,800 | | |
| 2,524 | |
Bargain purchase gain | |
| - | | |
| (1,706 | ) |
Share-based compensation expense | |
| 3,743 | | |
| 2,949 | |
Restructuring costs | |
| 2,474 | | |
| - | |
Adjusted EBITDA | |
$ | (18,693 | ) | |
$ | (15,718 | ) |
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