Microvision announced its financial results for Q3 2016. Revenues was $4 million (up from $2.4 million in Q3 2015), while net loss was $4.1 million – up from $3.5 million in Q3 2015. Cash used in operations was $3.8 million, and backlog as of September 30 was $2.3 million (out of which $1.4 million are expected to be fullfilled in Q4 2016). Microvision had $5.8 million in cash and equivalents at the end of the quarter.
Mcrovision says it made significant progress to advances its technology for light detection and ranging (LiDAR) 3D sensing and AR applications. The company signed two development agreements with “world-leading” technology companies. The combined value of these contracts is almost $1 million and both will be completed by the end of 2017. Microvision will deliver proof-of-concept demonstrators – one for 3D sensing for driver assistance and autonomous vehicles, and the second for AR display.