MicroVision Announces First Quarter 2024 Results

MicroVision, Inc., a leader in MEMS-based solid-state automotive lidar and ADAS solutions, reported its first quarter 2024 financial and business highlights. For Q1 2024, the company actively engaged in RFQs with top-tier global OEMs for passenger vehicles and expanded sales in industrial markets. They focused on generating non-dilutive cash and emphasized disciplined fiscal management.

The first quarter of 2024 saw revenue of $1.0 million, up from $0.8 million in the same period for 2023, primarily from sales of MOVIA sensors to a global commercial trucking OEM. However, the company experienced a net loss of $26.3 million, or $0.13 per share, widening from a net loss of $19.0 million, or $0.11 per share, in Q1 2023. Adjusted EBITDA was a loss of $18.7 million versus a loss of $15.7 million in the corresponding quarter last year. Cash used in operations also increased to $20.8 million up from $13.5 million in Q1 2023. MicroVision ended the quarter with $73.1 million in cash and equivalents.

Sumit Sharma, CEO of MicroVision, expressed confidence in the company's technical solutions and its engagement with automotive OEMs, despite current industry headwinds. The company is pursuing near-term revenue opportunities in industrial markets through partnerships and maintaining strong fiscal discipline.

MicroVision plans to discuss these results in detail during their conference call and webcast scheduled for May 9, 2024.