Microvision announced its financial results for Q3 2017

Microvision new logoMicrovision announced its financial and operating results for Q3 2017. Revenues were $6.1 million (and up from $4 million in Q3 2016), whih is Microvision's highest ever. Operating loss was $5.2 million (up from $4.1 million in Q3 2016) and the net loss was $5.2 million as well.

Cash used in operatings during the quarter was $5.7 million (up from $3.8 million in Q3 2016). As of September 30, 2017 backlog was $15.8 million and cash and cash equivalents were $25.3 million. Given time to market adjustment of the interactive display engine, Microvision anticipates to be at the lower end of its revenue guidance of $30 million to $60 million by January 2019.

Microvision announced that the Chinese-based smartphone maker that placed a $6.7 million order in March 2017 is Ragentek. Volume shipments of display engines to Ragentek began in July and are ongoing, and Ragentek started to ship its Voga V pico projector smartphone in August 2017 in China. Microvision says that Ragentek have already begun discussing a roadmap for potential future products.

Ragentek VOGA V photo

In 2017 Microvision announced two major projects, the $6.7 million order from Ragentek and a $24 million project to develop an LBS pico projector system for a major technology company.

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