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Vuzix Corporation (NASDAQ: VUZI) is a pioneering designer, manufacturer, and marketer of Smart Glasses and Augmented Reality (AR) technologies. Founded in 1997, Vuzix has made significant strides in the enterprise, medical, defense, and consumer markets. The company's innovative products include head-mounted smart personal display and wearable computing devices, offering users a portable, high-quality viewing experience.
Headquartered in Rochester, NY, with offices in Munich, Germany; and Kyoto and Tokyo, Japan, Vuzix has a strong global presence. The company's offerings are versatile, catering to various needs such as mobility, wearable displays, and augmented reality. Vuzix also provides OEM waveguide optical components and display engines that are integral to many AR applications.
Vuzix holds over 375 patents and patents pending, underscoring its commitment to innovation. The company has been recognized for its technological advancements with numerous awards, including multiple Consumer Electronics Show (CES) Innovation Awards spanning from 2005 to 2024.
Recent achievements highlight Vuzix's expanding influence and successful partnerships. For instance, Vuzix received additional orders for its M400™ smart glasses from a prominent Fortune 100 global retailer to support warehousing and logistics. Similarly, a collaboration with TeamViewer and Nadro S.A. de C.V. in Mexico has showcased the effectiveness of Vuzix's smart glasses in improving warehouse operations.
Financially, Vuzix continues to adapt and grow. While the first quarter of 2024 saw a decrease in revenue, the company is taking measures to streamline operations and reduce costs significantly. The outlook remains positive, with Vuzix focusing on scaling up its enterprise accounts and OEM business opportunities.
Vuzix's product lineup is continually evolving. This includes the development of next-generation waveguide displays, integrated vision correction solutions, and the Vuzix Incognito technology for enhanced AR experiences. The Vuzix Ultralite OEM Platform also stands out, offering a customizable solution for various customer needs.
Moreover, Vuzix is actively involved in government contracts, such as the recent engagement with the U.S. Air Force Research Laboratory for developing advanced AR head-mounted displays.
For more information, visit the Vuzix website and follow their updates on Twitter and Facebook.
Vuzix Corporation (NASDAQ: VUZI) announced that its Vuzix Ultralite™ Smart Glasses have won the CES 2023 Innovation Awards in the Wearable Technology category. This recognition marks the company's nineteenth consecutive year of receiving awards at CES. The Ultralite™ features a lightweight design of 38 grams, offering up to two days of battery life, and is crafted as a smartphone accessory. Its advanced optics provide hands-free access to smartphone notifications. The company is collaborating with leading consumer electronics brands to popularize these innovative smart glasses.
Vuzix Corporation (NASDAQ: VUZI) reported Q3 2022 results with total revenues of $3.4 million, a 14% increase year-over-year, driven by engineering services. Gross profit reached $0.9 million, or 25% of revenues, compared to 13% in Q3 2021. The net loss improved to $9.5 million, or $0.15 per share. Operating expenses were stable at $10.8 million. Vuzix has $90.4 million in cash, indicating strong liquidity. The company continues to engage new customers and completed the acquisition of Moviynt to expand its software solutions capability.
Vuzix Corporation (NASDAQ: VUZI) announced that its Vuzix M400C™ smart glasses are now available for customer orders in multiple regions, including the US, Canada, UK, EU, and Japan. Priced at $1299.99, these glasses feature an autofocus HD camera capable of streaming 1080p video at 60 fps, an OLED display, and voice control. Unlike the earlier M400 model, the M400C functions as a USB-C peripheral rather than a standalone device. Designed for high-security environments, it integrates seamlessly into existing mobile ecosystems without additional IT overhead.
Vuzix Corporation (NASDAQ: VUZI) announced a new lease for additional manufacturing space adjacent to its headquarters in West Henrietta, New York. This expansion aims to enhance waveguide production capacity significantly, with plans to produce over one million units annually by mid-2023. The facility will include a Class 1000 cleanroom and is eligible for up to $1 million in support from the Empire State Development's Excelsior Jobs Tax Credit Program, contingent upon job creation commitments.
Vuzix Corporation (NASDAQ: VUZI) announced the acquisition of Moviynt, an SAP Certified ERP software provider, to enhance logistics and warehousing workflows. This acquisition aims to integrate smart glasses and mobile devices into operational processes, driving efficiency in supply chain management. Moviynt's software, which eliminates middleware and is compatible with various ERP systems, is expected to contribute low six-figure revenues in Q4 2022. The acquisition is anticipated to be immediately accretive, aligning with Vuzix's strategy to expand its software solutions portfolio.
Vuzix Corporation (NASDAQ: VUZI) announces the appointment of Bill Beltz as VP of Global Sales, effective immediately. This newly created role aims to enhance Vuzix's global sales outreach. Beltz brings extensive sales experience from Snap One and NCR Corporation. He is expected to innovate sales strategies and manage regional teams to capitalize on opportunities in the smart glasses market, which Beltz described as a significant area for cost reduction and productivity improvements. CEO Paul Travers expressed confidence in Beltz's capability to lead Vuzix through its growth phase.
Vuzix Corporation (NASDAQ: VUZI) announces participation in two major trade show conferences: The Augmented Enterprise Summit (AES) and AWE-EU, held in October 2022 in San Diego and Lisbon respectively. At AES from October 18-20, Vuzix will showcase its M400™ smart glasses, highlighting features like voice control and IP67 rating. During AWE-EU on October 20-21, the focus will be on new products like Vuzix M400C™ and Vuzix Shield, showcasing applications in various fields. Vuzix is a leader in Smart Glasses and Augmented Reality technology, with a strong patent portfolio.
Vuzix Corporation (NASDAQ: VUZI) announced a conference call set for November 9, 2022, at 4:30 PM ET, to discuss its third quarter 2022 operating results. The call will be hosted by CEO Paul Travers and CFO Grant Russell, focusing on the operational and financial highlights for the quarter ending September 30, 2022. Investors can participate via phone or a link provided in the announcement. A replay will be available after the call for 30 days. Vuzix specializes in Smart Glasses and Augmented Reality technologies.
On October 17, 2022, Vuzix Corporation (NASDAQ: VUZI) announced that its Vuzix Blade smart glasses will support Xpertinc's C-Sound solution, designed to aid deaf and hearing-impaired individuals by converting voice to text in real-time. The initial order for Vuzix Blade smart glasses has been placed, and customer shipments have started. Xpertinc's AI technology boasts a 92% text conversion accuracy, aiming for 95% by the end of 2022. Approximately 380,000 deaf individuals in Korea will benefit from this innovative solution, enhancing communication through closed captioning and visible non-verbal cues.
Vuzix Corporation (NASDAQ: VUZI) announced a significant partnership with HongKe Technology Co., Ltd., a Guangzhou-based distributor. The agreement includes a volume purchase order, underscoring Vuzix's commitment to expanding its market presence in the Asia-Pacific region. HongKe focuses on enhancing AR solutions across various sectors, including automotive and manufacturing. This collaboration aims to leverage Vuzix's advanced smart glasses technology to improve operational efficiencies for HongKe's clients. The partnership is expected to bolster Vuzix's competitive stance in the growing AR market.
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