MicroVision Announces Second Quarter 2024 Results

MicroVision, Inc. (NASDAQ: MVIS) released its second quarter 2024 results. Revenue increased to $1.9 million, up from $0.3 million in the same period last year, driven by hardware sales to a long-standing customer in the agricultural market.

Key business activities include engaging with global automotive OEMs and pursuing revenue opportunities with industrial customers. The company is working with seven high-volume RFQs for passenger vehicles and custom development opportunities. Efforts are also focused on extending financial stability by reducing cash burn and leveraging hardware and software sales.

The net loss for Q2 2024 was $23.9 million, or $0.11 per share, compared to a net loss of $20.6 million, or $0.12 per share, for Q2 2023. Adjusted EBITDA showed a loss of $12.6 million, an improvement from the $15.3 million loss in Q2 2023.

Cash used in operations increased to $18.6 million in Q2 2024 from $16.6 million in Q2 2023. As of the end of the quarter, the company held $56.7 million in cash and cash equivalents, compared to $73.8 million at the end of 2023.

A conference call to discuss these results will take place on August 7, 2024, at 1:30 PM PT/4:30 PM ET, accessible on the company's Investor Relations website.