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Jun 30, 2024
Vuzix Q2 2024 Earnings Report
Vuzix reported a decrease in revenue due to lower product sales, partially offset by increased engineering services revenue. The company faced a gross loss and a significant net loss due to a non-cash charge related to a technology license and equity investment write-off.
Key Takeaways
Vuzix reported a 77% decrease in revenue to $1.1 million, driven by lower product sales. The company experienced a gross loss of $0.3 million compared to a gross profit of $1.0 million in the prior year. A $30.1 million non-cash charge related to a technology license write-off contributed to a net loss of $40.6 million, or $0.62 per share.
Total revenues decreased by 77% to $1.1 million compared to $4.7 million in the same period last year.
Engineering services revenues increased to $0.5 million from $0.3 million in the prior year's quarter.
Gross loss was $0.3 million, compared to a gross profit of $1.0 million in the same period last year.
Net loss was $40.6 million, or $0.62 per share, compared to a net loss of $9.0 million, or $0.14 per share, in the prior year.
Revenue by Segment
Forward Guidance
Vuzix anticipates revenue improvement in the second half of 2024, driven by enterprise accounts moving to volume deployment and OEM business opportunities progressing to production.
Positive Outlook
- Expect to see top-line revenue improvement over the second half of 2024.
- Enterprise accounts are on a path to volume deployment of smart glasses and solutions.
- OEM business opportunities remain robust with a backlog of business.
- Expect at least one defense contractor and one commercial enterprise customer to move into production later this year.
- Continue to implement process improvements in waveguide manufacturing to support demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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