MicroVision down 10.3% following Q3 sales miss; backlog at $13.5M

|By:, SA News Editor

MicroVision's (NASDAQ:MVIS) product sales (projector components) totaled $2.1M in Q3, down $100K Q/Q and up from just $16K a year ago. Royalty revenue fell by $15K Q/Q to $309K. and contract revenue was just $11K after totaling $1.5M in Q2.

Gross margin fell to 24.4% from Q2's 29.4%. R&D spend fell by $200K Y/Y to $2.2M; SG&A spend rose by $300K to $1.9M.

Backlog fell by $1.5M Q/Q to $13.5M; MicroVision expects it will be fulfilled in Q4 and 2016. The cash balance fell by $3.9M Q/Q to $11.2M.

MicroVision notes its Fortune 100 client is "manufacturing display engines incorporating MicroVisions PicoP display technology, started selling a companion pico projector in the US, Latin America and most of Asia." Sharp, meanwhile, has launched a robot smartphone (seeing is believing) that uses a MicroVision display engine.

Q3 results, PR

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