MicroVision just can’t seem to cut its losses. The maker of visual display technologies and Pico projectors announced today that it lost $9.8 million during the first quarter, up from $9 million for the same period last year. Its revenues grew slightly to $1.7 million for the quarter.
Even more concerning, MicroVision’s cash and cash equivalents fell to $6.8 million for the period ending March 31, down from $13 million. The company had previously warned last fall that its cash supply was dwindling.
“We believe we are positioned to achieve our goal of making PicoP Gen2 display engine technology available this year with a licensing and royalty business model that capitalizes on our investment in our patented PicoP technology and the associated reduction in operating expenses,” said MicroVision President and CEO Alexander Tokman in a statement.
Redmond-based MicroVision has lost 80 percent of its value in the past year, and it now shows a market value of $39 million.