1/18/2018 9:01:46 AM
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Full year 2017 revenue expected to be in the range of $10.7 million
to $11.0 million
REDMOND, Wash.–(BUSINESS WIRE)–Jan. 18, 2018–
MicroVision,
Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature
projection display and sensing technology, today announced that it
expects revenue for the fourth quarter of 2017 in the range of $2.4
million to $2.7 million and full year 2017 revenue in the range of $10.7
million to $11.0 million.
The fourth quarter 2017 revenue is made up primarily of contract
revenue. MicroVision had planned to recognize $4.3 million of product
revenue during the fourth quarter by completing the remainder of a
previously announced $6.7 million order for its small form factor
display engine PSE-0403-103. The customer, however, requested a
deferment in taking receipt of the engines until 2018. MicroVision plans
to ship a majority of the engines remaining on this order in the first
quarter of 2018 and the balance in the second quarter.
MicroVision will discuss its financial and operating results for the
fourth quarter and full year 2017 on a conference call later this
quarter.
Results are Preliminary
As MicroVision has not completed its quarter and year-end fiscal close
process and the audit of its 2017 financial statements is not complete,
the revenue expectations presented in this press release are
preliminary, and, therefore, may change due to final year-end closing
adjustments. The preliminary financial results discussed in this release
are based solely upon information available as of the date of this
release, are not a comprehensive statement of our financial results or
positions as of or for the fourth quarter and full fiscal-year 2017, and
have not been audited, reviewed or compiled by our independent
registered accounting firm.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution for mobile
consumer electronics, automotive head-up displays and other
applications. MicroVision’s patented technology is a single platform
that can enable projected displays, image capture and interaction for a
wide array of future-ready products in this rapidly evolving, always-on
world. Extensive research has led MicroVision to become an independently
recognized leader in the development of intellectual property.
MicroVision’s IP portfolio has been recognized by the Patent Board as a
top 50 IP portfolio among global industrial companies and has been
included in the Ocean Tomo 300 Patent Index. The company is based in
Redmond, Wash.
For more information, visit the company’s website at www.microvision.com,
on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating
to expected revenue, timing of shipment of products, future products and
product applications and features, and those containing words such as
“expects” and “plans” are forward-looking statements that involve a
number of risks and uncertainties. Factors that could cause actual
results to differ materially from those projected in the company’s
forward-looking statements include the following: final revenue numbers
may differ from the preliminary results provided above, our ability to
raise additional capital when needed; products incorporating our PicoP
display engine may not achieve market acceptance, commercial partners
may not perform under agreements as anticipated, we may be unsuccessful
in identifying parties interested in paying any amounts or amounts we
deem desirable for the purchase or license of IP assets, our or our
customers’ failure to perform under open purchase orders; our financial
and technical resources relative to those of our competitors; our
ability to keep up with rapid technological change; government
regulation of our technologies; our ability to enforce our intellectual
property rights and protect our proprietary technologies; the ability to
obtain additional contract awards; the timing of commercial product
launches and delays in product development; the ability to achieve key
technical milestones in key products; dependence on third parties to
develop, manufacture, sell and market our products; potential product
liability claims; and other risk factors identified from time to time in
the company’s SEC reports, including the company’s Annual Report on Form
10-K filed with the SEC. Except as expressly required by federal
securities laws, we undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events, changes in circumstances or any other reason.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180118005396/en/
Source: MicroVision, Inc.
MicroVision, Inc.
Investors:
Dawn Goetter, 425-882-6629
ir@microvision.com
or
Media:
Heather
Hewitt, 732-212-0823
heatherh@lotus823.com