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Jun 30, 2023
Vuzix Q2 2023 Earnings Report
Vuzix reported Q2 2023 operating results driven by record smart glasses sales.
Key Takeaways
Vuzix reported a 56% year-over-year increase in total revenue, driven by record smart glasses sales. The company saw improvements in gross profit and a reduced net loss compared to the same period last year. Vuzix is optimistic about the second half of 2023, expecting continued revenue growth and progress in its OEM business.
Total Q2 2023 revenue increased by 56% year-over-year and 12% quarter-over-quarter.
Record smart glasses sales drove the revenue growth.
Gross profit improved to 21% of revenues, compared to 9% in the same period last year.
Net loss decreased to $9.0 million, or $0.14 per share, compared to a net loss of $10.0 million, or $0.16 per share, in the prior year.
Revenue by Segment
Forward Guidance
Vuzix anticipates strong revenue growth for the balance of 2023, fueled by stronger sales of core smart glasses, engineering services, and OEM components, expecting record revenues for all of calendar 2023.
Positive Outlook
- Strong book of business with identified opportunities.
- Large deals and cornerstone customers on the enterprise and OEM side expected to convert.
- Substantial opportunities on the OEM/engineering services side related to new programs for defense, consumer, and enterprise.
- Expected stronger sales of core smart glasses.
- New programs expected to kick-off in Q3, positively contributing to the top-line and OEM program order book.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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