With the increasing use of lidar technology in the automotive industry, MicroVision (MVIS) could scale its business significantly in the coming months. However, can the stock continue to gain, relying on the company’s pedestrian fundamentals? Let’s find out.MicroVision, Inc. (MVIS), which has been operating for more than 25 years, builds automotive lidar products based on its proprietary micro-electromechanical system (MEMS) solid-state technology. The stock has gained 211.3% in the first half of this year, due in-part to its announcement in April 2021 that it had completed the development of the A-Sample hardware and development platform of its long-range lidar sensor. However, the stock’s price soared primarily due to Redditors' interest in it. MVIS is based in Redmond, Wash.
MVIS has lost 39.9% since hitting its 52-week high of $28 on April 27, to close yesterday’s trading session at $15.90. Moreover, MVIS’ net loss increased 549.4% year-over-year to $14.96 million for the second quarter ended June 30, 2021, while its loss per share came in at $0.09, up 350% year-over-year.
According to a Global Market Insights report, the lidar market is expected to grow at a 20% CAGR between 2021 - 2027. However, MVIS’ near-term prospects look bleak because it could take significant time for it to successfully market its lidar technology.