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MicroVision 1Q18 results -1
MicroVision's conference call was very brief at only 20 minutes or so after the regulatory lead-in. Here are my notes:
- The company expects to receive $2.5M for first milestone of
its older $24M development contract this quarter, with second
completed next quarter.
- Ragentek still hasn't taken any more inventory, despite contractual obligations.
- There is no determination yet on how new license fee will be recognized, but minimum exclusivity requirements should be in the neighborhood of $20M per year, after a ramp up period.
- No direct product revenue is expected this year, and
automotive LiDAR systems aren't expected until 2020.
MicroVision has released results for its first quarter:
- a loss of 9 cents per share misses by a penny
- on $2.2M in revenue, which misses by $2.1M
Most of the focus is likely to be on the new license agreement announced this morning, but I will also be curious to see if the revenue miss is a function of new accounting standards or slow technical progress. However, with the conference call at 5pm, like all the others, it's likely to be a while before I publish any further notes.