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MicroVison 4Q16 results +1
The MicroVision conference call has just concluded and there was nothing of major importance that hasn't been covered before. The only new development is that the recent AR development project delivered Phase 1, and quickly signed a Phase 2 contract worth about $900K, which is not included in the similarly-sized backlog all of which is related to new products.
MVIS is up 10-15% in the pre-market towards levels seen earlier
this month, probably on relief that there are no immediate
problems in sight. Management confirmed prior revenue guidance
($30-60M) through end of 2018, but it's pretty clear that this is
contingent on development projects continuing to progress
smoothly. Although management said it expects orders for first
engine in near future, it should also be kept in mind that its
projects that first quarter revenue may hit an all-time low of
just a couple hundred thousand before new engines start to ramp in
the second half. Even so, I am encouraged that fourth quarter
margins remained high and per-unit variable costs were the lowest
for the year, despite low production volume.
MicroVision has announced results for its fourth quarter:
The company also seems to be on or slightly ahead of schedule with the introduction of its new scanning engines. More after the conference call, if appropriate.
- a loss of 9 cents per share, misses by a penny
- on revenue of $2.9M, which beats by $1.8M