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MicroVision Announces Third Quarter 2018 Results
REDMOND, Wash., Oct. 25, 2018 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced results for the quarter ended September 30, 2018.
Revenue for the third quarter of 2018 was $11.6 million, compared to $5.4 million for the third quarter of 2017. MicroVision's net profit for the third quarter of 2018 was $0.3 million, or $0.00 per share, compared to a net loss of $5.8 million, or $0.08 per share for the third quarter of 2017.
“I am pleased with the progress we made in Q3 while targeting Tier 1 technology leaders who have the capabilities to bring our innovative solutions to market. During the quarter, we completed the technology transfer to our display-only licencee that we announced in May and continue to make significant progress on our product development,” said Perry Mulligan, MicroVision’s Chief Executive Officer. “Based on the team’s execution, I believe we are positioned to potentially support the launch of three product families during the second half of 2019, which could position us to achieve profitability in late 2019. To support these product launches, we are now working with our module manufacturing partner to be ready for our 2019 sales opportunities and to minimize the associated working capital requirements,” Perry added.
The company has implemented Revenue Standard ASC 606 for the year beginning January 1, 2018. The Company transitioned to the new standard using the full retrospective approach, and per the standard, historical periods have been adjusted as if the new standard was in place for historical periods.
Financial Results Conference Call The company will host a conference call today to discuss its third quarter 2018 results and current business operations at 5:00 p.m. ET/2:00 p.m. PT. Interested parties can listen to the company's conference call by accessing the MicroVision website’s Investor Events Calendar page or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506 (for participants outside the U.S.) ten minutes prior to the start of the call using pass code number 4343681. A replay webcast of the call will also be available from the MicroVision website’s Investor Events Calendar page.
REDMOND, Wash., Oct. 25, 2018 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced results for the quarter ended September 30, 2018.
Revenue for the third quarter of 2018 was $11.6 million, compared to $5.4 million for the third quarter of 2017. MicroVision's net profit for the third quarter of 2018 was $0.3 million, or $0.00 per share, compared to a net loss of $5.8 million, or $0.08 per share for the third quarter of 2017.
“I am pleased with the progress we made in Q3 while targeting Tier 1 technology leaders who have the capabilities to bring our innovative solutions to market. During the quarter, we completed the technology transfer to our display-only licencee that we announced in May and continue to make significant progress on our product development,” said Perry Mulligan, MicroVision’s Chief Executive Officer. “Based on the team’s execution, I believe we are positioned to potentially support the launch of three product families during the second half of 2019, which could position us to achieve profitability in late 2019. To support these product launches, we are now working with our module manufacturing partner to be ready for our 2019 sales opportunities and to minimize the associated working capital requirements,” Perry added.
The company has implemented Revenue Standard ASC 606 for the year beginning January 1, 2018. The Company transitioned to the new standard using the full retrospective approach, and per the standard, historical periods have been adjusted as if the new standard was in place for historical periods.
Financial Results Conference Call The company will host a conference call today to discuss its third quarter 2018 results and current business operations at 5:00 p.m. ET/2:00 p.m. PT. Interested parties can listen to the company's conference call by accessing the MicroVision website’s Investor Events Calendar page or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506 (for participants outside the U.S.) ten minutes prior to the start of the call using pass code number 4343681. A replay webcast of the call will also be available from the MicroVision website’s Investor Events Calendar page.
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