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Sep 30, 2021
Vuzix Q3 2021 Earnings Report
Vuzix reported revenue growth driven by smart glasses sales, but experienced a net loss due to increased expenses in R&D, sales and marketing, and general and administrative areas.
Key Takeaways
Vuzix reported a 9% increase in total revenues for Q3 2021, driven by higher sales of smart glasses. However, the company experienced a net loss due to increased expenses in research and development, sales and marketing, and general and administrative areas. The company maintains a strong cash position and is focused on strategic initiatives to accelerate smart glasses adoption.
Total revenues increased by 9% to $3.0 million compared to Q3 2020.
Smart glasses product sales rose by 12% over the comparable period in 2020.
Gross profit was $0.6 million, or 19% of revenues, compared to $0.3 million, or 13% in Q3 2020.
Net loss attributable to common stockholders was $7.9 million, or $0.13 per share.
Vuzix
Vuzix
Vuzix Revenue by Segment
Revenue by Segment
Smart Glasses Revenue
CapyFin.com Forward Guidance
Vuzix anticipates another quarter of sequential revenue growth for Q4 2021 and is confident regarding growth prospects for 2022. The company is focused on completing strategic initiatives, developing core technology and next-generation products, and diversifying sales channels.
Positive Outlook
- Anticipates another quarter of sequential revenue growth for Q4 2021.
- Confident regarding growth prospects for 2022.
- Focused on completing multiple strategic initiatives.
- Developing core technology and next generation products.
- Diversifying sales channels and delivering service to cornerstone customers.