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Why is the stock of Microvision Inc. (NASDAQ: MVIS) skyrocketing in after-hours?

Microvision Inc. (NASDAQ: MVIS) shows a rise in its stock during after-hours and regular trading after the company announced its Q4 and full-year 2020 financial results. The technology company Microvision deals with manufacturing laser scanning technology for projection, 3D sensing, and image capture. Its display technology uses a micro-electrical mechanical systems (MEMS) scanning mirror. The company aims to provide a solution for automotive lidar sensors, augmented reality micro-display engines, interactive display modules, and consumer lidar modules.

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Financial results

  • The company has reported a revenue of $395,000 in the fourth quarter of 2020.
  • Whereas Microvision fourth quarterly results show that they had a loss of 2 cents per share basis.
  • The company also recorded a loss of $3.6 million in its fourth quarter.
  • The company has overall shown positive results in the full year 2020. The loss of the company had lessened down to $13.6 million or 10 cents per share. At the same time, the revenue for the full year has been $3.1 million.
  • On another note, the company’s stocks have also been doubled since the beginning of the year.

Regarding the financial results, the company’s CEO said they are satisfied with their progress in 2020. They have achieved some important goals and have successfully developed automotive LiDAR development, bolstering their balance sheet and even building their team’s strength. The company explored some new strategic alternatives while adding more experienced and efficient people to the Board of Directors.

Recent Events

Quite recently, the company has announced the retirement of their up-and-coming employee David Westgor from General Counsel’s position. David has been an integral part of the company. On retirement, the company’s management and David both displayed their utmost gratitude towards each other.

Now what?

The company is expected to present its A-sample hardware and benchmark data for demonstration by April 2021 to the interested parties/investors.

The company is also prepared to bring its version of the 1st generation Lidar sensor to market, for sale, after getting its internal validation and testing done. This is expected to happen in the fourth quarter of 2021.

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