Vuzix Delivers its Latest Pre-Production Units for Waveguide-Based HMD System to a Global Tier-1 Aerospace Firm

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced a follow-on order for a customized waveguide-based head-mounted display (HMD) system from a global Tier-1 aerospace firm. This program, which began in 2018, has secured engineering awards totaling approximately $1.3 million over several years. CEO Paul Travers stated the partnership is progressing towards potential commercial production in 2022, showcasing Vuzix's expertise in optical technologies. The company, recognized for its AR solutions and holding 243 patents, aims to leverage this collaboration for further growth in the aerospace and defense sectors.

Positive

• Follow-on order from a Tier-1 aerospace firm indicative of strong partnership.
• Total engineering awards of approximately $1.3 million enhancing credibility and financial backing.
• Potential for commercial production starting in 2022, which could lead to increased revenue.

Negative

• None.

ROCHESTER, N.Y., Dec. 23, 2021 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced it has received a follow on order for and delivered a new version of a customized commercial avionics waveguide-based head mounted display (HMD) system to global Tier-1 Aerospace firm.  

The customized HMD waveguide and HD display engine development program with this customer has continued to expand and move toward production since it was first announced in 2018. Vuzix had previously completed multiple stages of product development and refinement with this partner through early 2021, receiving engineering awards totaling approximately $1.3 million over a multi-year period.   

"We are pleased with the steady progress we have made with this large aerospace player and look forward to potentially entering into a commercial production opportunity for Vuzix beginning in 2022," said Paul Travers, President and CEO of Vuzix. "OEM custom waveguide-based projects such as this should ultimately represent a profitable vehicle for leveraging our extensive optical expertise and IP and we look forward to announcing further production developments with this firm, as well as numerous other engineering and production opportunities with a growing list of aerospace and defense companies."    

About Vuzix Corporation

Vuzix is a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 243 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2022 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan.  For more information, visit the Vuzix website,  Twitter and Facebook pages.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to Vuzix' business growth with the commercial avionics partner, future orders, including potential volume production and the ultimate success of this program and among other things the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Vuzix Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations,
Vuzix Corporation
ed_mcgregor@vuzix.com  
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com  www.vuzix.com

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SOURCE Vuzix Corporation

FAQ

What recent order did Vuzix (VUZI) announce?

Vuzix announced a follow-on order for a customized waveguide-based head-mounted display system from a global Tier-1 aerospace firm.

How much has Vuzix (VUZI) received in engineering awards from its aerospace partner?

Vuzix has received engineering awards totaling approximately $1.3 million over a multi-year period.

When does Vuzix (VUZI) expect potential commercial production to start?

Vuzix expects potential commercial production to begin in 2022.

What is the significance of the partnership for Vuzix (VUZI)?

The partnership represents a major opportunity for Vuzix to leverage its optical expertise and expand its presence in the aerospace and defense sectors.