Vuzix Reports Q2-2023 Operating Results Driven by Record Smart Glasses Sales
- Q2 2023 revenue rose 56% YoY and 12% QoQ. Gross profit improves to $1.0 million or 21% of revenues.
- Net loss of $9.0 million or $0.14 per share.
- Total Q2 2023 revenue rose
"During the second quarter we achieved record smart glasses sales, which drove total sales growth of
The following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for the three months ended June 30, 2023 and 2022, respectively:
For Three Months Ended June 30 | ||||
( | ||||
2023 | 2022 | |||
Sales: | ||||
Sales of Products | $ 4,425 | $ 2,899 | ||
Sales of Engineering Services | 266 | 109 | ||
Total Sales | 4,691 | 3,008 | ||
Total Cost of Sales | 3,718 | 2,742 | ||
Gross Profit | 972 | 265 | ||
Gross Profit % | 21 % | 9 % | ||
Operating Expenses: | ||||
Research and Development | 2,837 | 2,996 | ||
Selling and Marketing | 2,510 | 1,851 | ||
General and Administrative | 4,260 | 5,040 | ||
Depreciation and Amortization | 973 | 380 | ||
Total Operating Expenses | 10,580 | 10,266 | ||
Loss from Operations | (9,608) | (10,001) | ||
Total Other Income (Expense) | 562 | (21) | ||
Net Loss | (9,045) | (10,022) | ||
Loss per Common Share | $ (0.14) | $ (0.16) | ||
Second Quarter 2023 Financial Results
For the three months ended June 30, 2023 total revenues increased by
There was an overall gross profit of
Research and Development expense was
Selling and Marketing expense was
General and Administrative expense for the three months ended June 30, 2023 was
The net loss decreased for the three months ended June 30, 2023 to
The net cash flows used in operating activities for the second quarter of 2023 was
Management Outlook
"Our overall outlook for the remainder of 2023 remains unchanged and filled with enthusiasm. For the second-half of 2023, we have a strong book of business with identified opportunities, representing large deals and cornerstone customers on the enterprise and OEM side of our business that we expect to convert over the course of the current calendar year. We also see substantial opportunities on the OEM/engineering services side of our business related to new programs for defense, consumer and enterprise. As a result, we expect to continue to see strength in our overall revenues for the balance of 2023 fueled by stronger sales of core smart glasses, and engineering services and OEM components that we expect will confirm record revenues for all of calendar 2023," said Mr. Travers.
"Although we are less than halfway through Q3, we are currently expecting another strong quarter that should result in robust year-over-year growth in smart glasses products and solution sales in Q3. Our OEM business, which includes engineering services and waveguide and display engine sales, continues to gain momentum with new programs expected to kick-off in Q3, that should positively contribute to our top-line in Q3 and OEM program order book. In support of our growing OEM waveguide business opportunities, Vuzix highly anticipates the upcoming opening and commissioning of our new waveguide plant, which will be dedicated to the volume production of enhanced waveguides and will allow us to address both Vuzix' and our OEM customers' growing needs," concluded Mr. Travers.
Conference Call Information
Date: Tuesday, August 8, 2023
Time: 4:30 p.m. Eastern Time (ET)
Dial-in Number for
Dial-in Number for International Callers (Outside of the
A live and archived webcast of the conference call will be available on the investor relations page of the Company's website at: https://ir.vuzix.com/ or directly at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=Q4kpaEe4
Participating on the call will be Vuzix' Chief Executive Officer and President Paul Travers and Chief Financial Officer Grant Russell, who together will discuss operational and financial highlights for the quarter ended June 30, 2023.
To join the live conference call, please dial into the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time.
A telephonic replay will be available for 30 days, starting on August 8, 2023, at approximately 5:30 p.m. (ET). To access this replay, please dial 877-660-6853 within the
About Vuzix Corporation
Vuzix is a leading designer, manufacturer and marketer of 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 325 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and augmented reality Video Eyewear field. Moviynt, an SAP Certified ERP SaaS logistics solution provider, is a Vuzix wholly owned subsidiary. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2023 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in:
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, among other things, the timing of new product releases, opportunities related to market disruptions, R&D project successes, smart glasses pilot to roll-out conversion rates, existing and new engineering services and conversion to volume production OEM programs, future operating results, and 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 Company's Annual Reports and other filings 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.
Investor Relations Contact
Ed McGregor, Director of Investor Relations
Vuzix Corporation
ed_mcgregor@vuzix.com
Tel: (585) 359-5985
Vuzix Corporation, 25 Hendrix Road,
Investor Information – IR@vuzix.com www.vuzix.com
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SOURCE Vuzix Corporation