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Mar 31, 2020
Vuzix Q1 2020 Earnings Report
Reported modest revenue and gross profit growth despite challenging enterprise environment.
Key Takeaways
Vuzix reported a revenue increase of $0.2 million to $1.5 million for Q1 2020, driven by higher smart glasses sales and engineering services revenue. The company also reduced operating expenses by approximately $1.0 million compared to the same period last year. They experienced gross profit growth and a decrease in net loss attributable to common stockholders.
M-Series Smart Glasses revenue increased by 43% year-over-year.
Entered into an agreement with a second major U.S. defense contractor for customized waveguide-based optics engine development.
Operating expenses reduced by approximately $1.0 million year-over-year.
Smart glasses sales increased by 8% year-over-year.
Revenue by Segment
Forward Guidance
The COVID-19 Pandemic has disrupted business operations worldwide, but it has also awakened the enterprise smart glasses industry, particularly across telemedicine, field service and remote support and manufacturing.
Positive Outlook
- Experienced increases in the average order size.
- Experienced increases in the number of orders.
- Experienced increases in re-orders from direct customers and resellers for our M400 Smart Glasses.
- Smart glasses revenue, along with revenues associated with recently signed Engineering Services programs expected to conclude before quarter’s end, have already exceeded our 2020 first quarter revenues.
- Vuzix has trimmed its operating costs and will continue to be prudent in our spending while focusing on revenue generating initiatives that can maximize our cash flow from operations.
Challenges Ahead
- The COVID-19 Pandemic has disrupted business operations worldwide
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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