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Mar 31, 2023
Vuzix Q1 2023 Earnings Report
Reported record smart glasses sales driven by sales channel growth and increased customer adoption.
Key Takeaways
Vuzix reported a strong start to 2023 with record smart glasses sales, which increased 67% year-over-year. Total revenues increased by 67% to $4.2 million compared to $2.5 million in the same period of 2022. The company expects to achieve record overall revenues in 2023.
Total revenues increased by 67% to $4.2 million compared to the same period in 2022.
Gross profit was $0.9 million, or 21% of revenues, compared to $0.5 million, or 19% for the same period in 2022.
Net loss decreased to $10.2 million, or $0.16 per share, compared to a net loss of $10.5 million, or $0.16 per share, for the comparable period in 2022.
Cash and cash equivalents were $63.2 million as of March 31, 2023.
Forward Guidance
Vuzix maintains a bullish outlook for 2023, expecting record overall revenues driven by stronger sales of core smart glasses, OEM products and engineering services, and SaaS solutions.
Positive Outlook
- Strong book of business with identified opportunities, representing large deals and cornerstone customers on the enterprise and OEM side.
- Substantial opportunity on the OEM/engineering services side of our business related to new programs for defense, consumers and enterprise.
- Expecting another strong quarter that will result in robust year-over-year growth in smart glasses products and solution sales in Q2.
- OEM business continues to gain momentum such that it will positively contribute to Vuzix's top-line in Q2.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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