Vuzix Reports Double Digit Revenue Growth in Q3 2022 – QNT Press Release


ROCHESTER, NY, Nov. 9, 2022 /PRNewswire/ — Vuzix® Corporation (NASDAQ:VUZI) (“Vuzix” or the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products, today reported its third quarter results for the period ended September 30, 2022.

“During the third quarter, we achieved both sequential and year-over-year double-digit total revenue growth despite numerous headwinds,” said Paul TraversPresident and CEO. “We made strong progress in the quarter in terms of product development, technology advancement and new business engagements. On the OEM side of our business, we are now in discussions with many new potential defense, consumer electronics and enterprise customers who are interested in our waveguide and display engine solutions. At the same time, larger deployment opportunities for our smart glasses among key enterprise customers continue to expand both in number and visibility within the warehousing and logistics, automotive, pharma and healthcare verticals. Lastly, and subsequent to the close of Q3, we are also very pleased to have completed the acquisition of Moviynt, a key part of our strategy toward becoming more of a software solutions provider in certain vertical markets.”

The following table compares condensed elements of the Company’s unaudited summarized Consolidated Statements of Operations data for the three months ended September 30, 2022 and 2021, respectively:

For Three Months Ended September 30

($000s except per share amounts)

2022

2021

Sales:

Sales of Products

$2,538

$3,019

Sales of Engineering Services

889

Total Sales

3,427

3,019

Total Cost of Sales

2,559

2,623

Gross Profit

868

396

Gross Profit %

25%

Full story available on Benzinga.com



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