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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.
Vuzix
Vuzix
Vuzix Revenue by Segment
Revenue by Segment
Smart Glasses Revenue
CapyFin.com 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