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Jun 30, 2022
Vuzix Q2 2022 Earnings Report
Vuzix reported second quarter results with slight revenue increase.
Key Takeaways
Vuzix reported a 3% increase in revenue compared to the same period last year, reaching $3.0 million. The company's net loss increased to $10.0 million, or $0.16 per share. Despite macro challenges, Vuzix saw progress in larger product deployments and expanded its global sales channel.
Total revenues increased by 3% to $3.0 million compared to $2.9 million in the same period last year.
Gross profit was $0.4 million, or 14% of revenues, compared to $0.6 million, or 20% for the same period in 2021.
Net loss was $10.0 million, or $0.16 per share, compared to a net loss of $9.2 million, or $0.15 for the same period in 2021.
Cash and cash equivalents were $100.6 million as of June 30, 2022.
Vuzix
Vuzix
Forward Guidance
Vuzix anticipates further revenue growth in the second half of 2022, driven by enterprise adoption of smart glasses and growth in the OEM business. The company expects larger orders from both repeat and new customers and anticipates strong OEM revenue growth.
Positive Outlook
- Enterprise adoption of smart glasses is poised to accelerate with larger orders anticipated.
- Major customers remain committed to deploying Vuzix smart glasses in larger numbers.
- OEM revenue is expected to experience strong growth in the second half of 2022.
- Improvements in waveguide performance and manufacturing capabilities have opened new doors with consumer OEM customers.
- Expiration of non-compete agreement positions Vuzix to engage with US and allied defense forces.
Challenges Ahead
- Challenging supply chain environment remains in place.
- Economic environment remains challenging.
- Sales discounts impacted gross profit.
- Negative foreign exchange impacts affected gross profit.
- Unspecified risks and uncertainties could affect forward-looking statements.