Microvision today announced the financial results for 2011, and their business objectives for 2012. The company reports revenues of $5.6 million in 2011 (up 19% from the $4.7 million in 2010). Operating loss was $36 million, and the cash used was $27.9 million. The company has $2.1 million backlog and $13.1 million in cash - which means that they will soon have to raise more money at the current burn rate.
Microvision's 2012 plan includes:
- Secure OEM commitments to design products using the PicoP Gen2 display engine
- Launch commercial PicoP Gen2 display engine, including Pioneer's HMD in mid 2012
- Transition to core “Image by PicoP” ingredient brand model
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