MicroVision, Inc. (MVIS) stock soared 29.55% in the current-market trading session at the price of $5.43 despite no fundamental updates. The last reported news was its financial results for the fourth quarter and year 2021.
MVIS is a pioneering firm that operates on MEMS-based laser beam technology. The company incorporates lasers, hardware, MEMS, optics, machine learning, and algorithms into its proprietary technology to fulfill emerging market demand.
MVIS Q4 2021 Financial Highlights
On 24th February 2022, MVIS published its earnings report for the fourth quarter and year ended 31st December 2021.
Revenue totaled US$0.6M for Q4 of 2021, compared to US$0.4M for the same quarter of 2020. For Q4 of 2021, the company has a net loss of US$12.6M, or per share of US$0.08. The net loss totaled US$3.6M, or per share of US$0.02, for Q4 of 2020.
MVIS has an adjusted EBITDA loss of US$9.3M during Q4 of 2021. Adjusted EBITDA loss was US$2.9M in Q4 of 2020. The company used cash of US$29.4M in operations during 2021. Cash and cash equivalents totaled US$115.4M on 31st December 2021, compared to US$16.9M at the end of 2020.
Chief executive officer of MVIS, Sumit Sharma, commented that the company made substantial advancements in 2021. MicroVision has produced a Long-Range Lidar sensor, illustrated its features and cost benefits, and acquired praising feedback and interest from Tier 1 suppliers and automotive OEMs. They look ahead to keep testing the Highway Pilot system in the United States and Germany by the second quarter of 2022.
Sumit added that during 2021, MVIS had strengthened its cash balance sheet, improved its cash position by US$100M, and ended the year with US$115M in investments. The company grew its worker base from 52 employees to 97 employees. They are expanding testing infrastructure and R&D labs in Redmond. They are happy to have progress in scaling the team to become the top provider of ADAS solutions.