Here is why MicroVision Inc. (MVIS) stock surged in the after-hours on Wednesday?

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NARI Stock
NARI Stock

MicroVision Inc. (MVIS) shares surged 14.98% in after-hours on Wednesday, August 04, 2021, and closed the daily trading at $14.05 per share. In the regular trading session on Wednesday, MVIS’s stock lost 2.00%. MVIS shares have risen 381.10% over the last 12 months, and they have moved down 14.25% in the past week. Over the past three months, the stock has lost 15.61%, while over the past six months, it has declined 31.97%. The company has a current market of $1.95 billion and its outstanding shares stood at 157.95 million.

Let’s have a look at its recent news and developments.


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MVIS latest financial results announcement

On August 4, 2021, MicroVision, Inc. (MVIS) reported its second-quarter 2021 results.

Q2 2021 financial highlights

  • MVIS earned a revenue of $0.7 million in Q2 2021, compared to $0.6 million for the second quarter of 2020.
  • It suffered a net loss of $15.0 million, or $0.09 per share in Q2 2021 compared to a net loss of $2.3 million, or $0.02 per share in Q2 2020.
  • In Q2 2021, $6.7 million of cash was used in operating activities compared to $2.9 million in Q2 2020.
  • Total operating expenses were $15.73 million in Q2 2021 compared to $2.9 million in Q2 2020.
  • As of June 30, 2021, the company had $135.3 million in cash and cash equivalents, compared to $16.9 million at the end of the fourth quarter of 2020.

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MVIS made new appointments

On July 26, 2021, MicroVision, Inc. (MVIS) appointed Dr. Thomas Luce as Vice President of Business Development, focused on European and the Middle East markets, as well as plans to open a new office in Germany to help promote the Company’s automotive lidar technology and sensor to OEMs and Tier 1 suppliers.

On June 17, 2021, MicroVision, Inc appointed Drew Markham as General Counsel, reporting to Chief Executive Officer Sumit Sharma.

Markham will bring more than 20 years of experience advising publicly traded technology companies in corporate governance.

$140 Million Equity Facility

On June 21, 2021, MicroVision, Inc (MVIS) entered into a $140 million At-the-Market equity offering agreement with Craig-Hallum Capital Group (Craig-Hallum).

The net proceeds from the offer will be used for general corporate purposes, working capital, and capital expenditures.

MVIS Participation at the upcoming IAA Mobility 2021 show

On June 15, 2021, MicroVision (MVIS) confirmed that it plans to exhibit its automotive lidar sensor at the IAA Mobility 2021 show at the Munich Trade Fair Center from September 7-12, 2021, which was cancelled in 2020 due to the Covid-19 pandemic.

Inauguration on Russell 2000 Index

On June 10, 2021, MicroVision, Inc announced that it is set to join the Russell 2000 Index after the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, according to a preliminary list of additions posted June 4.

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Conclusion

MVIS stock turnaround in the after-hours after the company released its Q2 2021 financial results which still shows the loss but improved if we compared it with the past results.

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