Microvision announces Q3 2016 results and three new LBS engines
Microvision announced its financial results for Q3 2016. Revenues was $4 million (up from $2.4 million in Q3 2015), while net loss was $4.1 million - up from $3.5 million in Q3 2015. Cash used in operations was $3.8 million, and backlog as of September 30 was $2.3 million (out of which $1.4 million are expected to be fullfilled in Q4 2016). Microvision had $5.8 million in cash and equivalents at the end of the quarter.
Mcrovision says it made significant progress to advances its technology for light detection and ranging (LiDAR) 3D sensing and AR applications. The company signed two development agreements with "world-leading" technology companies. The combined value of these contracts is almost $1 million and both will be completed by the end of 2017. Microvision will deliver proof-of-concept demonstrators - one for 3D sensing for driver assistance and autonomous vehicles, and the second for AR display.
In 2017 Microvision aims to start selling three new LBS engines: a small-factor engine, an engine that includes an interactive touch engine solution and a final engine for mid-range LiDAR engine. The company sees high demand for these new engines - and anticipates revenues ranging from $30 million to $60 million in the first year and a half following the launch of the first production units. Samples are expected by Q2 2017 and production units in Q3 2017.
Microvision expects to reach the upper half ot its 2016 guidance - with revenues between $14.5 million and $15 million.