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MicroVision, Inc. (NASDAQ:MVIS) shares are trading lower Wednesday after the company reported mixed third quarter financial results on Tuesday after the market closed.
What To Know: MicroVision reported a loss of 5 cents per share, beating the consensus estimate of a 7 cent-loss. In addition, the company reported sales of $241,000, missing the consensus estimate of $250,000.
The company announced that it appointed 30-year industry veteran Glen DeVos as CEO and introduced its next generation solid-state lidar sensor MOVIA S, aimed at short-range automotive, industrial and defense applications. It also revealed a "Tri-Lidar Architecture" solution offering an alternative to single-sensor systems, and executed an agreement to acquire German FMCW lidar developer Scantinel Photonics for a lidar-on-chip solution.
The company said it ended the quarter with $99.5 million in cash and cash equivalents, and had access to an additional $76.2 million of committed capital, including $46.2 million under an at-the-market facility and $30 million from a convertible note facility.
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MVIS Price Action: MicroVision shares were down 11.8% at 94 cents on Wednesday, according to data from Benzinga Pro.
Image: Courtesy of MicroVision
Posted In: MVIS
