Vuzix Q1 2022 Earnings Report
Key Takeaways
Vuzix reported a decrease in total revenues by 36% to $2.5 million for Q1 2022, compared to $3.9 million in Q1 2021, primarily due to lower smart glasses sales. The company's net loss was $10.5 million, or $0.16 per share, compared to a net loss of $9.2 million, or $0.17 per share, in the same period last year. Despite these challenges, Vuzix maintains a positive outlook for 2022, anticipating growth in smart glasses adoption and OEM component platforms.
Total revenues decreased by 36% to $2.5 million compared to $3.9 million in the same period last year.
Smart glasses sales decreased by 37% compared to the prior year.
Net loss was $10.5 million, or $0.16 per share, compared to a net loss of $9.2 million, or $0.17 per share, in the same period last year.
The company maintained cash and cash equivalents of $113.3 million as of March 31, 2022.
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Vuzix Revenue by Segment
Forward Guidance
Vuzix anticipates growth in smart glasses adoption and OEM component platforms. The significant improvements in waveguide manufacturing are opening new doors with consumer OEM customers. With the expiration of our non-compete related to the defense markets occurring this June, we will be able to fully engage with any US or allied defense and homeland defense forces globally
Positive Outlook
- Adoption of smart glasses over the course of the year is expected to again accelerate with existing customer repeat orders
- Significant new opportunities from new programs are anticipated
- Improvements in waveguide manufacturing quality and performance
- Ability to more easily manufacture in volume at competitive price points
- Expiration of non-compete related to the defense markets occurring this June, we will be able to fully engage with any US or allied defense and homeland defense forces globally
Challenges Ahead
- Continuing and challenging supply chain uncertainties
- Geopolitical uncertainties
- Economic uncertainties
- First quarter sales falling short of expectations
- COVID disruptions