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MicroVision 1Q17 report ?3


MicroVision has reported results for its first quarter:

The extremely low revenue was mostly from royalties, as expected, and should be temporary.  However, it may be repeated next quarter as the recent order will not ship until the third quarter, and the initial payment on the development agreement will be recorded as a liability in the second, whereas it has not been decided how the associated revenue will be recognized.  Furthermore, the company is shifting engineers form existing projects and will be hiring additional engineers associated with that effort over the next two quarters.  This may delay the anticipated product launches.

Management headed up the earnings press release by recapping recent wins, rather than simply reporting earnings.  MVIS shares are down almost 10% and falling.  Both the stock price movement and the reporting seem immature to me.  Analysts seem similarly unimpressed.  Most likely the cash will be amortized over several quarters.  I'm listening to the conference call now but will only report again if something more comes to light.