Vuzix Receives Multiple Waveguide-based Product Reorders from Defense Contractors

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced follow-on orders from three defense contractors for waveguide-based products, advancing towards volume commercial rollouts. This includes engagements with five contractors at various development stages. Vuzix aims for further non-recurring engineering (NRE) agreements and production components as it continues refining AR technologies. CEO Paul Travers noted the growing need for AR devices in defense, highlighting Vuzix's unique position as a US-based waveguide manufacturer.

Positive

• Secured follow-on orders from three defense contractors, enhancing revenue potential.
• Engaged with five defense contractors, indicating robust market demand.
• Positioned uniquely as the only US manufacturer of waveguides for AR products.

Negative

• None.

ROCHESTER, N.Y., May 6, 2022 /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 recently received additional follow-on orders from three defense contractors with which it has been working. These are primarily second and third round orders for waveguide-based products that continue the progression towards expected volume commercial rollouts. Vuzix is presently engaged with a total of five different aerospace and defense contractors who are in various stages of their solution development utilizing Vuzix components. The Company expects further NREs in subsequent phases from some of these contractors before a customer-accepted final product design would lead to an eventual production program order while, in at least one case, these are early production components.  

"The need for AR based wearable devices is going to be pervasive and the defense space is no exception; as a result, our aerospace and defense-related OEM opportunities continue to expand.  We are ideally positioned as the only US-based manufacturer of waveguides for these kinds of products," said Paul Travers, President and CEO of Vuzix. "We will continue to develop and refine the waveguide and display engine technologies that these contractors need for their next-generation solutions as we move closer to final production rollouts."

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 246 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 Smart Glasses, our relationship with the referenced defense contractors, potential for further development phases and ultimate volume production programs, 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.

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 orders has Vuzix Corporation received?

Vuzix received follow-on orders from three defense contractors for waveguide-based products.

How many defense contractors is Vuzix currently working with?

Vuzix is engaged with a total of five different aerospace and defense contractors.

What is the significance of Vuzix's waveguide technology?

Vuzix's waveguide technology is crucial for their AR products, and they are the only US-based manufacturer.

When did Vuzix announce the follow-on orders?

Vuzix announced the follow-on orders on May 6, 2022.

What is Vuzix's stock symbol?

Vuzix is traded under the stock symbol VUZI on NASDAQ.