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Sep 30, 2020
Vuzix Q3 2020 Earnings Report
Reported record smart glasses revenues with a 140% increase in total revenue compared to the same period in 2019.
Key Takeaways
Vuzix reported a 140% increase in total revenue for Q3 2020, driven by a 156% rise in smart glasses sales. The company achieved a gross profit compared to a gross loss in the previous year, and net losses decreased. They are optimistic about continued growth in smart glasses revenue and OEM business.
Total revenues increased to $2.8 million, a 140% increase year-over-year.
Vuzix smart glasses revenues increased 156% year-over-year, reaching a record $2.7 million.
Gross profit was $0.3 million, compared to a gross loss of $0.2 million in the same period last year.
Net loss attributable to common stockholders was $5.3 million, or $0.13 per share, compared to a net loss of $6.0 million, or $0.18 per share, in 2019.
Revenue by Segment
Forward Guidance
Vuzix anticipates continued smart glasses revenue growth in Q4 and expects to realize a substantial portion of contractual commitments from OEM and Engineering Services programs as revenue during Q4.
Positive Outlook
- COVID-19 Pandemic has become a catalyst for broader acceptance of enterprise smart glasses.
- Healthcare, field service and manufacturing sectors continue to show strength.
- October sales of smart glasses were the highest single month of such sales ever recorded.
- Working on deliverables against five active OEM programs.
- These OEM programs collectively represent more than $700,000 of contractual commitments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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