Heading into a new year is always a good time to reflect back on the previous year. For MicroVision 2012 was marked by significant advancements in the second generation of our PicoP® display technology and the transition to our ingredient brand business model.
Key highlights of 2012 include:
— Unveiling MicroVision’s HD PicoP® Gen2 display technology using direct green lasers at the 2012 Consumer Electronics Show (CES). With its small form factor, low power and superior image quality, PicoP Gen2 display technology even received the ‘CES Product of the Future’ award by Popular Science.
— Transitioning to our core “Image by PicoP®” ingredient brand business model. Under this model, we reported royalty revenue in Q3 as well as positive margin on components sales that quarter.
— Shipping PicoP® Gen2 display engine design samples for customer evaluation to more than two dozen companies in the automotive and consumer electronics sector by the end of Q3.
— Launching the first commercial product to incorporate PicoP Gen2 display technology, Pioneer’s Carrozzeria Cyber Navi heads-up display system, debuting in Japan in July.
— Entering a strategic partnership with Intersil to strengthen PicoP display technology’s cost and performance roadmap.
— Increasing revenue in Q3 by more than 40 percent year over year and significantly decreasing cash used in operations, as announced in the Q3 earnings release.
An additional highlight in 2012 was significant advancements in the commercial availability of direct green lasers (DGL) with Osram announcing its first commercial DGLs, Sony announcing its intent to enter the DGL market, and an additional supplier providing direct green lasers to Pioneer for the Cyber Navi.
2013 gets off to a quick start with CES this week. In keeping with our ingredient brand business model for licensing our technology to OEMs, MicroVision will take advantage of the converging of the major consumer electronics, cellphone and automotive OEMs in Las Vegas. Our focus is on furthering strategic business partnerships and reaching potential customers in private meetings in lieu of a public exhibition. We have some great meetings lined up and are eager to start this year off building upon the momentum and progress of 2012.