Microvision (MVIS) Reports Prelim. 4Q & FY17 Revenues Below Consensus

MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced that it expects revenue for the fourth quarter of 2017 in the range of $2.4 million to $2.7 million and full year 2017 revenue in the range of $10.7 million to $11.0 million.

The fourth quarter 2017 revenue is made up primarily of contract revenue. MicroVision had planned to recognize $4.3 million of product revenue during the fourth quarter by completing the remainder of a previously announced $6.7 million order for its small form factor display engine PSE-0403-103. The customer, however, requested a deferment in taking receipt of the engines until 2018. MicroVision plans to ship a majority of the engines remaining on this order in the first quarter of 2018 and the balance in the second quarter.

MicroVision will discuss its financial and operating results for the fourth quarter and full year 2017 on a conference call later this quarter.

Results are Preliminary

As MicroVision has not completed its quarter and year-end fiscal close process and the audit of its 2017 financial statements is not complete, the revenue expectations presented in this press release are preliminary, and, therefore, may change due to final year-end closing adjustments. The preliminary financial results discussed in this release are based solely upon information available as of the date of this release, are not a comprehensive statement of our financial results or positions as of or for the fourth quarter and full fiscal-year 2017, and have not been audited, reviewed or compiled by our independent registered accounting firm.

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