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MicroVision 1Q19 results and ATM -1

That didn't take long.  MicroVision has entered an ATM agreement with Lincoln Park Capital to sell up to $11M worth of shares over the next 2 years, with $1M being sold immediately at $0.9821.  The agreement represents ~11% dilution, or more if MVIS keeps falling.

On 4/17/19 9:01 AM, Esekla wrote:

The most important point from the MicroVision call, in my view, was that management acknowledges that it will need to raise capital this quarter and is confident about its ability to do so.  As always, terms are what matters.

There was also reference to a small initial purchase order for a display-only product related to its April 2017 contract.  It expects an imminent design win and product ramp in June, but as ever, no detail of any sort was available.

On 4/17/19 7:50 AM, Esekla wrote:

MicroVision has reported its first quarter results:

  • a loss of 8 cents per share is in-line
  • on $1.9M in revenue is also in-line

News also broke this morning that Apple has been active in LiDAR development again.  This might help explain the pop in MVIS, but short of buyout, the emphasis on cheaper sensors and Apple's history of working with suppliers don't bode well for MicroVision over the long-term, even if there is a connection.

Management continues to project development revenue this quarter and a production ramp in the second half.  The conference call is at 8:30.  I will review it, but only write again if management has something useful to say, for a change.