On top of the losses coronavirus -
The company announced that due to the COVID-19 (coronavirus), MicroVision’s contract manufacturer remained closed for one extra week following the usual Lunar New Year shutdown. Production at its Asian contract manufacturer restarted on February 10 with a reduced workforce. Over the next few weeks, as more workers clear health screening at the factory, and component suppliers restart production, more normal production levels are expected to ensue.
And they lost their savior contract -
MicroVision had been in negotiations to sell its interactive display module to a top-tier North American OEM. The company announced today that it was recently informed by the OEM that products using the interactive display module will not be launched in 2020 as the company expected. The OEM may consider interactive display for future products, but the companies are not moving forward at this time with the products and timelines they had been negotiating.
It gets worse -
In addition, the company is reducing headcount by approximately 60% to lower operating expenses while retaining core competency as it explores its options.”