Here is why MicroVision Inc. (MVIS) stock slid down in the after-hours on Thursday?

MicroVision Inc. (MVIS) shares plummeted 22.02% in after-hours on Thursday, October 28, 2021, and closed the daily trading at $7.01. However, in the regular trading session, MVIS’s stock gained 8.71%. MVIS shares have risen 273.03% over the last 12 months, and they have moved down 4.67% in the past week. Over the past three months, the stock has lost 34.71%, while over the past six months, it has declined 41.05%.

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

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MVIS recent financial results announcement

On October 28, 2021, MicroVision, Inc. (MVIS) announced its third-quarter 2021 results that ended on September 30, 2021.

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Q3 2021 financial highlights

  • MVIS reported revenue of $0.7 million in Q3 2021, compared to $0.6 million for the third quarter of 2020.
  • Total operating expenses were $10.8 million in Q3 2021 compared to $3.5 million in Q3 2020.
  • The company used $10.0 million cash in operational activities in Q3 2021 compared to $3.5 million in Q3 2020.
  • It suffered a net loss of $9.4 million, or $0.06 per share in Q3 2021 compared to a net loss of $2.8 million, or $0.02 per share in Q3 2020.
  • Adjusted EBITDA was negative $6.2 million in Q3 2021, compared to negative $2.1 million in the third quarter of 2020.
  • As of September 30, 2021, the company had $125.1 million in cash and cash equivalents, compared to $16.9 million at the end of the fourth quarter of 2020.

MVIS corporate update

On October 20, 2021, MicroVision, Inc (MVIS), announced the retirement of Stephen P. Holt, Chief Financial Officer, from the Company effective November 15, 2021. Holt, who joined MicroVision in 2013, will remain with the Company as an advisor through the first half of fiscal 2022 to facilitate a smooth transition.

The company also announced that Anubhav Verma will join the Company as Vice President, Chief Financial Officer and Treasurer, overseeing all financial operations at MicroVision from November 15, 2021. Verma will report to CEO Sumit Sharma.

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Conclusion

The recent Q3 financial results were the reason behind its after-hours loss on Thursday because it missed the revenue estimates and reported a loss as well. We expect it to further decline on Friday as well.

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