MicroVision Inc. announced Q3 FY16 results with consolidated sales of $4.0 mn with a net loss of $4.1 mn. The quarterly sales were up 67% from Q3 FY15 sales of $2.4 mn, while the net loss was also more than Q3 FY15 net loss of $3.5 mn.
The sales for first 9 months of FY16 were $11.9 mn, up 63% from $7.3 mn sales for the first 9 months of FY15. MicroVision expects to reach the upper half of its guidance for the full FY16 with sales estimated between $14.5-15.0 mn.
In Q3 FY16, MicroVision made significant progress in its efforts to advance its technology for light detection and ranging (LiDAR) 3D sensing and augmented reality (AR) applications with the signing of development agreements with two world leading technology companies. MicroVision also plans to begin selling laser beam scanning (LBS) engines in 2017 for market opportunities not addressed by current solutions, thereby adding significant revenue in addition to component sales and royalties from existing customers.