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REDMOND, WA - MicroVision, Inc. (NASDAQ:MVIS), known for its MEMS-based lidar technology and advanced driver-assistance systems (ADAS), has announced the retirement of long-time Board Member and former Chair Brian Turner. Turner's departure marks the end of a significant era for the company, as he has been part of MicroVision's board since 2006.
Turner served as the Chairman of the Board from 2012 until 2023 and has been recognized for his steadfast commitment and guidance to the company's management. Robert Carlile, the current Chairman of the Board, expressed gratitude for Turner's years of service, acknowledging his strategic insights and contributions to the company's navigation through various market conditions.
Sumit Sharma, Chief Executive Officer of MicroVision, also commended Turner for his outstanding contributions and strategic guidance. Sharma noted it was an honor to work alongside Turner and credited him with aiding the company's progress through dynamic market environments.
Reflecting on his tenure, Turner expressed his gratitude for working with talented individuals at MicroVision and conveyed his confidence in the current leadership's capabilities. He remains optimistic about the company's future achievements.
MicroVision specializes in integrating MEMS, lasers, optics, hardware, algorithms, and machine learning software into its proprietary technology. The company focuses on providing automotive lidar sensors and solutions for ADAS and has expanded its reach to non-automotive applications such as industrial, smart infrastructure, and robotics. It also has experience in augmented reality micro-display engines, interactive display modules, and consumer lidar modules.
The company operates offices in the United States and Germany and continues to be a pioneer in its field. MicroVision's technology aims to address the needs of existing and emerging markets with its integrated approach.
This announcement is based on a press release statement from MicroVision, Inc.
In other recent news, MicroVision has reported a Q2 2024 revenue of $1.9 million, primarily from non-automotive customers. The lidar technology leader has also been engaging with automotive OEMs for ADAS features and has a strategic focus on the industrial segment. With a gross margin of 39% and reduced operating expenses, the company anticipates a decrease in its cash burn by 20-25%.
Furthermore, MicroVision has total liquidity of $179 million and expects revenues between $8 million to $10 million for the remainder of the year. The company's CEO has highlighted the potential of 905 nanometer lidar over 1550 nanometer alternatives for the long-term automotive market, and discussed the company's strategic focus on American lidar to meet the demand in the US and EU markets.
These recent developments underscore MicroVision's position in the lidar market and its focus on high-volume passenger car projects. The company has sufficient liquidity and engineering resources to meet capital needs for the next 12 to 18 months. Additionally, MicroVision plans to capture market share in the industrial space by offering high-resolution lidar and advanced software solutions.
InvestingPro Insights
As MicroVision bids farewell to Brian Turner, a long-standing board member, the company's financial landscape offers a mixed picture. According to InvestingPro data, MicroVision's market capitalization stands at $238.49 million, reflecting its position in the lidar and ADAS technology sector.
Despite the company's innovative focus, InvestingPro Tips highlight that MicroVision is "quickly burning through cash" and "not profitable over the last twelve months." This aligns with the company's operating income margin of -967.54% for the last twelve months as of Q2 2024, indicating significant challenges in achieving profitability.
However, it's not all gloomy for MicroVision. The company has shown impressive revenue growth, with a 710.44% increase in the last twelve months as of Q2 2024. This substantial growth could be attributed to the expanding applications of MicroVision's technology in automotive and non-automotive sectors, as mentioned in the article.
An InvestingPro Tip notes that the "stock price movements are quite volatile," which is evident in the contrasting price returns: a strong 31.08% return over the last month, but a -34.07% return over the past six months. This volatility may reflect the market's reaction to the company's technological advancements and financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for MicroVision, providing a deeper understanding of the company's financial health and market position.
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