Microvision Inc (MVIS)

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MicroVision Announces First Quarter 2016 Results

MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and imaging technology, today announced its financial and operating results for the first quarter of 2016 marked by significant year-over-year and sequential revenue growth.

MicroVision recorded its highest quarterly product and royalty revenue to date. MicroVision’s revenue in the first quarter 2016 was up 311 percent from the same quarter last year and 100 percent from the fourth quarter of 2015. Gross margin for the period of 30 percent was a significant improvement from the negative gross margin the company reported in the first quarter last year.

The following financial results are for the three months ended March 31, 2016, compared to the three months ended March 31, 2015.
• Revenue was $3.7 million compared to $0.9 million one year ago.
• Operating loss was $3.6 million, compared to a loss of $4.0 million for the same quarter one year ago.
• Net loss was $3.6 million, or $0.07 per share, compared to a loss of $4.0 million, or $0.09 per share for the same quarter one year ago.
• In the first quarter 2016 cash used in operations was $3.0 million compared to cash provided by operations of $5.1 million for the same period in 2015. Cash flow in the first quarter 2015 included the receipt of an $8 million license payment.

As of March 31, 2016, backlog was $9.2 million and cash and cash equivalents were $11.2 million. The cash balance includes funds received during the quarter of approximately $6.3 million from an offering of the company’s common stock.