Microvision, Inc. (NASDAQ:MVIS) got macros yesterday after the developer of laser display announced receipt of component orders. The company notified the investors through a press release stating that it has bagged $14.5 million worth of component orders from its client. The company further disclosed that the client is one among Fortune Global 100 companies and has placed display module component orders.
New big order
Microvision, Inc. (NASDAQ:MVIS) expects the orders to ship in the second-half of 2015 and could stretch through 2016. The company proudly revealed the information as it said that the order came in within two weeks, when it licensed its PicoP pico projector to the client. Meanwhile, Microvision, Inc. (NASDAQ:MVIS) said that it is currently shipping for $3.8 million orders that were placed last year. Alongside this, there is an additional $1.9 million worth of service orders pending with the company.
The company had recently released its fourth-quarter report, where it missed the revenue expectations but reported in-line earnings per share. It reported a negative $0.08 EPS on $0.69 million revenues as against the analyst expectations of -$0.08 EPS on $1.70 million revenues. Microvision, Inc. (NASDAQ:MVIS) had stressed on its objective to achieve significant year-over-year growth in 2015, mainly driven by component sales and the licensing of PicoP projector tech. It was then when Microvision informed of its progress on a likely deal with the same client.
It had accredited the client for giving orders that led the company’s backlog increase to $5.1 million as at the end of the fourth quarter. The new orders helped the company bring down its operating expenses by 30% y-o-y, which translated into in-line earnings per share. Amid the positive development, the stock of Microvision, Inc. (NASDAQ:MVIS) skyrocketed by 14.60% to $3.14 in the last trading session. Also, it further rose by 4% to $3.25 during the afterhours.