MicroVision, Inc. (NASDAQ: MVIS) an American company that develops patented laser scanning technology for 3D projection and micro-display technology for augmented reality, announced its financial result for the first quarter of 2021. MVIS stock plunged adjacent to the news.
At last check-in premarket trading, shares of MicroVision Inc. (MVIS) were down -21.28% at $14.17. MVIS’s stock lost -14.24% to close Thursday’s session at $18.00. The price range of the company’s shares was between $17.53 and $20.60. In the past 12 months, the company’s stock has advanced 5525.00%, and in the last one week, the stock has moved up 36.99%.
Revenue generated in the first quarter of 2021 was $0.5 million, vs $1.5 million for the first quarter of 2020. MicroVision also faced a net loss of $6.2 million in the first quarter of 2021, or $0.04 per share, in comparison to a net loss of $4.9 million, or $0.04 per share for the same quarter of the previous year. The Company had $75.3 million in cash and cash equivalents at the end of the first quarter of 2021, vs $16.9 million in the previous quarter.
The company has recently completed two At-The-market equity raises enhancing its ability to form several strategic relationships. MicroVision’s agreement with Microsoft worth $22B to provide augmented reality Headsets for the US Military and provide parts to Microsoft for its HoloLens 2 components, has also surged investor interest.
MVIS had also recently announced that it has completed development of its A-Sample hardware and development platform to show performance features of its long-range lidar sensor to potential customers after which MVIS stock surged immensely. MVIS long-range light-detection-and-ranging (lidar) technologies could potentially be commercialized to the public in the third or fourth quarter of 2021.
“We remain on track in advancing our automotive lidar development program as the Company completed its A-Sample lidar hardware and development platform on schedule,” said Sumit Sharma, Chief Executive Officer of MicroVision, emphasizing upon the advancement of their Lidar program.
MVIS did not offer a better-than-expected quarterly results, with stock price declining immensely. Furthermore, the stock is extremely volatile due to the conditions set by wallstreetbet with investors expecting the stock to surge in the future.