MicroVision (NASDAQ: MVIS) stock fell by 14.24% at close yesterday. The company released its first quarter 2021 financial results yesterday which lowered than analyst expected.
Image Source: MicroVision Website
An analyst previously expected that the company's revenue is expected to be $0.75 million for the first quarter, but the company reported a revenue of $0.5 million for the quarter, which compared to $1.5 million for the same period last year. In addition, the company's net loss also widened for the quarter, which compared to the same period last year.
However, MicroVision still has sufficient capital to achieve its established plan. The company is advancing its automotive lidar development program, the hardware will have great application potential in the automotive area. The company is planning to share key performance data with potential customers for this product, and expects that a version of the 1st generation long range lidar sensor could be available for sale in the third or fourth quarter of 2021.
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