How did MVIS's Q1 2024 earnings surprise analysts?

MicroVision's (MVIS) Q1 2024 earnings fell short of analysts' expectations in terms of EPS, with a reported figure that was below forecasts, and revenue, although exceeding estimates, did not fully make up for the shortfall in profitability. 1. **EPS Surprise**: The reported EPS was -$0.13, which was a miss by $0.01 compared to the expected value. This indicates that the company's performance in terms of earnings per share did not meet the market's expectations. |code|Ticker|Name|Date|Revenue Surprise|EPS Surprise|market_code| |---|---|---|---|---|---|---| |MVIS|MVIS.O|Microvision|2023 Q2|-471000|-0.02|185| |MVIS|MVIS.O|Microvision|2023 Q3|-453000|-0.03|185| |MVIS|MVIS.O|Microvision|2023 Q4|-199000|-0.01|185| |MVIS|MVIS.O|Microvision|2024 Q1|-8840000|-0.03|185| 2. **Revenue Surprise**: The reported revenue for the quarter was $0.96 million, which included sales primarily from a global commercial trucking OEM. This revenue exceeded estimates by $0.21 million. However, the additional revenue did not compensate for the negative surprise from the EPS. 3. **Overall Performance**: Despite the revenue beat, the net loss widened to $26.3 million, up from $19.0 million in the same period last year. This increase in losses was due to factors such as non-cash share-based compensation expense and higher cash used in operations, which rose to $20.8 million from $13.5 million. 4. **Analyst Forecasts**: Analysts had anticipated a slightly better performance, with revenue estimates slightly higher than the reported figure. For instance, some forecasts had predicted revenue around $0.75 million to $1 million for the quarter. The reported revenue of $0.96 million fell within this range but did not meet the higher end of the forecast. In summary, MicroVision's Q1 2024 earnings showed a mixed performance compared to analyst expectations, with a notable miss in EPS and a slight beat in revenue that did not fully offset the negative surprise in profitability.