Microvision Q1 2014 Operating Results
The following financial results are for the three months ended March 31, 2014, compared to the three months ended March 31, 2013.
- Revenue was $1.2 million, primarily from the Fortune Global 100 development activities, compared to $1.8 million a year ago.
- Operating loss decreased to $3.1 million, compared to $3.6 million for the same quarter a year ago.
- Net loss was $8.0 million, or $0.23 per share, compared to $3.7 million, or $0.14 per share for the same quarter a year ago.
- The first quarter 2014 net loss includes a $5.0 million loss recognized on the fair value adjustment of our warrant liability that occurred upon the exchange of the warrants for common stock during the period.
- Excluding the loss related to the fair value adjustment of the warrant liability, the adjusted net loss for the three months ended March 31, 2014 was $3.1 million.
- Cash used in operations was $2.9 million during the quarter ended March 31, 2014, compared to $3.5 million for the first quarter of 2013.
