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Mar 31, 2021
Vuzix Q1 2021 Earnings Report
Vuzix reported record smart glasses revenues, driven by increased customer orders and expansion across various sectors.
Key Takeaways
Vuzix Corporation reported a significant increase in first-quarter revenue, driven by a 177% year-over-year rise in smart glasses sales. The company's balance sheet is strong with approximately $145 million in pro forma cash, positioning it well for future growth and strategic initiatives. The net loss for the quarter was $6.6 million, or $0.12 per share.
Vuzix reported record smart glasses sales of $3.8 million, marking a 177% year-over-year increase.
M400 Smart Glasses sales tripled compared to the same quarter last year, indicating a broadening range of applications.
Vuzix Blade Smart Glasses sales increased by 54% year-over-year, driven by stereo audio, autofocus camera, and safety rating features.
The company's pro forma cash balance reached approximately $145 million as of April 1, following warrant exercises and an equity offering.
Revenue by Segment
Forward Guidance
Vuzix anticipates continued significant year-over-year revenue growth throughout the remainder of 2021, driven by the success of its M-Series and Vuzix Blade Smart Glasses and the reopening of global economies.
Positive Outlook
- Reopening of global economies is waking-up segments of our business that went dormant over the past 14 months due to COVID, specifically within logistics, warehousing, retail picking and e-commerce.
- Acceleration of our business across healthcare, manufacturing and field service.
- Strongest balance sheet in our company’s history.
- Well-positioned to continue to achieve significant year-over-year comparative revenue growth throughout the balance of 2021.
- Growing success of our M-Series and Vuzix Blade Smart Glasses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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