Microvision that it has closed a public offering of 14.4 million shares for gross proceeds of approximately $18 million (Microvision will receive about $16.6 million).
Ladenburg Thalmann acted as sole book-running manager and representative of the underwriters of the offering.
TrendForce says that smartphone companies are developing 3D sensing capabilities following Apple's iPhone X launch (with its 3D sensor). The company estimates that the market for mobile 3D sensing by infrared laser projectors will grow from $246 million in 2017 to $1.95 billion by 2020.
Current solutions for mobile 3D sensing include structured light and time of flight (ToF). The iPhone X uses structured light with a 30,000 dot IR projector. Time of flight developers include STMicroelectronics, Google/Infineon/PMD and MicroVision.
Microvision announced its financial and operating results for Q3 2017. Revenues were $6.1 million (and up from $4 million in Q3 2016), whih is Microvision's highest ever. Operating loss was $5.2 million (up from $4.1 million in Q3 2016) and the net loss was $5.2 million as well.
Cash used in operatings during the quarter was $5.7 million (up from $3.8 million in Q3 2016). As of September 30, 2017 backlog was $15.8 million and cash and cash equivalents were $25.3 million. Given time to market adjustment of the interactive display engine, Microvision anticipates to be at the lower end of its revenue guidance of $30 million to $60 million by January 2019.