Vuzix Achieves Record Smart Glasses Sales in Q1 2023

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) reported a strong performance in Q1 2023, with preliminary revenue exceeding $4 million, marking a growth of over 60% from $2.5 million in Q1 2022. This increase is attributed to record sales of AR smart glasses, particularly in enterprise and medical applications. Vuzix's products continue to gain traction, contributing to its positioning as a leader in the Smart Glasses and Augmented Reality (AR) marketplace. However, these financial figures are preliminary and subject to finalization in the forthcoming quarterly report. The company holds more than 275 patents related to AR technology and has received numerous industry accolades.

Positive

• Preliminary Q1 2023 revenue topped $4 million, up over 60% from $2.5 million year-over-year.
• Record sales of AR smart glasses driven by enterprise and medical applications.

Negative

• Preliminary financial results are subject to finalization and may differ from actual results in the upcoming quarterly report.

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- Preliminary Q1 2023 Revenue Has Topped $4 Million

ROCHESTER, N.Y., April 10, 2023 /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 first quarter 2023 sales of AR smart glasses were at a record level, driven by use for enterprise and medical applications. As a result, the Company has also announced that preliminary revenue for its first fiscal quarter of 2023 has surpassed $4.0 million, more than 60% ahead of the prior year's first quarter's revenues of $2.5 million.

The Company's preliminary and unaudited financial revenue results and the related comparison to the prior year's period included in this release, are subject to the completion of the Company's financial close and other procedures and finalization. Accordingly, actual financial results to be reflected in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, may differ from the preliminary and unaudited revenue results presented herein.

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 and defense markets. The Company's products include head-mounted wireless smart displays and wearable computing devices that provide solutions for mobility, and augmented reality applications, as well OEM waveguide optical components and display engines. Vuzix holds more than 275 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 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, preliminary Q1-2023 revenues ,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 was Vuzix’s revenue for Q1 2023?

Vuzix reported preliminary revenue of over $4 million for Q1 2023.

How much did Vuzix’s revenue increase compared to Q1 2022?

Vuzix's revenue increased by more than 60% compared to Q1 2022, which was $2.5 million.

What factors contributed to Vuzix's revenue growth in Q1 2023?

The growth in revenue was driven by record sales of AR smart glasses, especially for enterprise and medical applications.

Are Vuzix's Q1 2023 revenue figures final?

No, the preliminary revenue figures are subject to finalization and may change before the quarterly report.