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MicroVision (MVIS) Reaffirms Revenue Guidance for This Year
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MicroVision (MVIS - Free Report) recently reaffirmed its fiscal 2023 revenue expectations, aligning with the figures announced during the third-quarter 2023 earnings call. The company continues to expect full-year revenue to possibly be at the higher end of the previously guided range of $6.5-$8.0 million.
During the third quarter’s earnings call, MVIS disclosed its sales teams' engagement with multiple car and truck manufacturers to seek the ideal partner for implementing light detection and ranging (“LiDAR”)-based advanced safety systems in the company’s vehicles.
Their objective was to finalize this partnership in 2023, intending to start system production by 2027. However, in a recent statement, the company revealed a shift in the nomination timing to the first quarter of 2024.
Despite the shift in the timing of nominations, the company maintains confidence in its interactions with Original Equipment Manufacturers, observing substantial demand for sample orders prior to nominations. Detailed negotiations continue as they finalize the commercial terms for these significant partnerships, potentially impacting the market. The reaffirmation of the previously guided revenue expectations has not deterred MVIS’ focus on expanding revenues from non-automotive markets through direct sales.
In the third quarter’s earnings call, MicroVision announced that it is optimistic about generating profits on the realization of its Request for Quotes, adding to its non-recurring engineering revenues from OEMs for customizing sensors. The company expects another revenue stream created from selling LiDAR sensors as the demand increases in various places in Europe and Asia.
MVIS is also benefiting from its wide-ranging portfolio, including Laser Beam Scanning Technology, Projection and Display Solutions, recent ones including micro-display concepts for AR headsets, a 1440i MEMS module supporting AR headsets, an Interactive Display module for smart speakers and the MAVIN DR, a dynamic-range automotive lidar sensor.
MicroVision is also benefiting from acquisitions. In 2023, it acquired a part of Ibeo Automotive Systems GmbH, which holds automotive-grade qualifications. This acquisition positions the company with a significant advantage over its competitors in the market.
Zacks Rank and Stocks to Consider
MVIS currently carries a Zacks Rank #3 (Hold). Shares of the firm have climbed 14.5% year to date.
The Zacks Consensus Estimate for Adobe's first-quarter 2024 earnings has been revised by 3 cents northward to $4.27 per share in the past seven days. For fiscal 2024, earnings estimates have moved upward by 19 cents to $18.05 per share in the past seven days.
ADBE’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 3.42%. Shares of ADBE have gained 73.7% year to date.
The Zacks Consensus Estimate for Datadog's fourth-quarter 2023 earnings moved northward by 9 cents to 43 cents in the past 60 days. For fiscal 2023, DDOG’s earnings estimates have been revised 2 cents upward to 1.53 cents per share in the past 30 days.
Datadog’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.61%. Shares of DDOG have climbed 66.8% year to date.
The Zacks Consensus Estimate for Gitlab’s fourth-quarter fiscal 2024 earnings has been revised upward by 9 cents to 8 cents per share in the past 30 days. For fiscal 2024, earnings estimates have been raised by 20 cents to 13 cents per share in the past 30 days.
Gitlab’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 317.62%. Shares of GTLB have surged 37.2% year to date.
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MicroVision (MVIS) Reaffirms Revenue Guidance for This Year
MicroVision (MVIS - Free Report) recently reaffirmed its fiscal 2023 revenue expectations, aligning with the figures announced during the third-quarter 2023 earnings call. The company continues to expect full-year revenue to possibly be at the higher end of the previously guided range of $6.5-$8.0 million.
During the third quarter’s earnings call, MVIS disclosed its sales teams' engagement with multiple car and truck manufacturers to seek the ideal partner for implementing light detection and ranging (“LiDAR”)-based advanced safety systems in the company’s vehicles.
Their objective was to finalize this partnership in 2023, intending to start system production by 2027. However, in a recent statement, the company revealed a shift in the nomination timing to the first quarter of 2024.
Microvision, Inc. Price and Consensus
Microvision, Inc. price-consensus-chart | Microvision, Inc. Quote
Despite the shift in the timing of nominations, the company maintains confidence in its interactions with Original Equipment Manufacturers, observing substantial demand for sample orders prior to nominations. Detailed negotiations continue as they finalize the commercial terms for these significant partnerships, potentially impacting the market. The reaffirmation of the previously guided revenue expectations has not deterred MVIS’ focus on expanding revenues from non-automotive markets through direct sales.
In the third quarter’s earnings call, MicroVision announced that it is optimistic about generating profits on the realization of its Request for Quotes, adding to its non-recurring engineering revenues from OEMs for customizing sensors. The company expects another revenue stream created from selling LiDAR sensors as the demand increases in various places in Europe and Asia.
MVIS is also benefiting from its wide-ranging portfolio, including Laser Beam Scanning Technology, Projection and Display Solutions, recent ones including micro-display concepts for AR headsets, a 1440i MEMS module supporting AR headsets, an Interactive Display module for smart speakers and the MAVIN DR, a dynamic-range automotive lidar sensor.
MicroVision is also benefiting from acquisitions. In 2023, it acquired a part of Ibeo Automotive Systems GmbH, which holds automotive-grade qualifications. This acquisition positions the company with a significant advantage over its competitors in the market.
Zacks Rank and Stocks to Consider
MVIS currently carries a Zacks Rank #3 (Hold). Shares of the firm have climbed 14.5% year to date.
Some better-ranked stocks from the broader technology sector are Adobe (ADBE - Free Report) , Datadog (DDOG - Free Report) and Gitlab (GTLB - Free Report) , each carrying Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Adobe's first-quarter 2024 earnings has been revised by 3 cents northward to $4.27 per share in the past seven days. For fiscal 2024, earnings estimates have moved upward by 19 cents to $18.05 per share in the past seven days.
ADBE’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 3.42%. Shares of ADBE have gained 73.7% year to date.
The Zacks Consensus Estimate for Datadog's fourth-quarter 2023 earnings moved northward by 9 cents to 43 cents in the past 60 days. For fiscal 2023, DDOG’s earnings estimates have been revised 2 cents upward to 1.53 cents per share in the past 30 days.
Datadog’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.61%. Shares of DDOG have climbed 66.8% year to date.
The Zacks Consensus Estimate for Gitlab’s fourth-quarter fiscal 2024 earnings has been revised upward by 9 cents to 8 cents per share in the past 30 days. For fiscal 2024, earnings estimates have been raised by 20 cents to 13 cents per share in the past 30 days.
Gitlab’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 317.62%. Shares of GTLB have surged 37.2% year to date.