Vuzix Receives Initial Volume Smart Glasses Order from Augmex

Rhea-AI Summary

Vuzix (NASDAQ: VUZI) has secured and shipped an initial six-figure order from Augmex, a solutions provider specializing in smart glasses productivity enhancement. The partnership involves bundling Augmex's software with Vuzix products for supply chain customers across Europe.

Augmex offers two main solutions: AUGPICK, which enhances warehouse efficiency through visual data and hands-free operation, and AUGASSIST, a remote support solution featuring live annotations, AI, and AR capabilities. The partnership aims to combine Vuzix's hardware with Augmex's solutions-based approach to deliver comprehensive wearables solutions in warehouse logistics, installation services, and healthcare sectors.

Positive

• Secured and shipped a six-figure order from Augmex
• Expansion into European market through strategic partnership
• Entry into multiple verticals including warehouse, logistics, and healthcare

Negative

• None.

Insights

Tech Analyst

The six-figure order from Augmex represents a significant commercial validation for Vuzix's smart glasses technology, particularly in the European enterprise market. The partnership strategically positions Vuzix in key verticals including warehouse logistics, installation services and healthcare through Augmex's software solutions. Their AUGPICK and AUGASSIST platforms address critical industry needs for hands-free operations and remote expertise, which could drive sustained demand. This deal demonstrates growing enterprise adoption of AR solutions and positions Vuzix to capture market share in Europe's digital transformation wave. For a company with a $276M market cap, a six-figure order is material and could signal stronger revenue growth ahead.

Market Research Analyst

This partnership is strategically valuable as it provides Vuzix with a strong distribution channel and software integration partner in Europe. Augmex's bundled solution approach, combining their software with Vuzix hardware, creates a more compelling value proposition for enterprise customers. The initial order size, while modest, establishes a foundation for potentially larger follow-on orders as customer implementations prove successful. The focus on warehouse logistics and healthcare verticals is particularly promising, as these sectors are increasingly adopting AR solutions to improve operational efficiency and reduce costs. The deal structure suggests potential for recurring revenue streams through software integration.

ROCHESTER, N.Y., Dec. 18, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, today announced that it has entered into an agreement with Augmex, a one-stop-shop solutions provider for increasing productivity with smart glasses. Vuzix has received and shipped against an initial six-figure order from Augmex, who will bundle their software with Vuzix products as a solution to its supply chain customers across Europe.

Augmex solutions target the warehouse and logistics, installation and service, and healthcare and hospital market verticals. Their two main solutions offerings consist of:

• AUGPICK revolutionizes warehouse performance, enhancing efficiency through visual data and full hands-free operation.
• AUGASSIST, a remote support solution with smart glasses, complete with live annotations, artificial intelligence (AI) and augmented reality (AR), is revolutionizing the way people can stay connected and get expertise on any location without traveling.

"This partnership brings together our solutions-based approach with Vuzix' highly capable hardware to deliver valuable wearables solutions," said Lars Heemskerk, Founder and CEO of Augmex. "We are thrilled to partner with them and provide their family of smart glasses to our customers and partners across the European marketplace."

"We are excited to be working with Augmex, an innovative solutions provider that combines industry-leading hardware and software to provide their customers with a single source for their enterprise solution needs," said Paul Travers, President and CEO of Vuzix. "This partnership will facilitate increased market penetration for customers ready to embrace AI and AR-based solutions to increase their productivity and reduce their carbon footprint among other things."  

About Augmex

Augmex is an award-winning and well-recognized provider with years of dedicated experience of one-stop-shop solutions for increasing productivity with smart glasses. Augmex specializes in developing and deploying state-of-the-art smart glass solutions tailored for diverse industries to optimize daily operations in warehouses and remote locations. Augmex is known for their user-friendly software, a hallmark that resonates across the entire product line. They prioritize simplicity and ease of use, allowing their clients to seamlessly integrate smart glass technology into their operations.

About Vuzix Corporation

Vuzix is a leading designer, manufacturer and marketer of AI driven Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 400 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Okayama, 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 Smart Glasses, our business relationship and future opportunities with Augmex, its software and its customers, 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 is the value of Vuzix's (VUZI) initial order from Augmex?

Vuzix received and shipped an initial six-figure order from Augmex, though the exact value was not disclosed in the announcement.

Which markets will Vuzix (VUZI) target through the Augmex partnership?

Through the Augmex partnership, Vuzix will target warehouse and logistics, installation and service, and healthcare and hospital market verticals across Europe.

What are the main solutions offered in the Vuzix-Augmex partnership?

The partnership offers two main solutions: AUGPICK for warehouse performance enhancement and AUGASSIST for remote support with live annotations, AI, and AR capabilities.

How will the Augmex partnership affect Vuzix's (VUZI) European market presence?

The partnership will facilitate increased market penetration for Vuzix in Europe by providing customers with bundled hardware and software solutions through Augmex's distribution network.