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Sep 30, 2022
Vuzix Q3 2022 Earnings Report
Vuzix experienced double-digit revenue growth in Q3 2022.
Key Takeaways
Vuzix reported a 14% increase in total revenues for the third quarter of 2022, reaching $3.4 million compared to $3.0 million in the same period of 2021, driven by engineering services revenues. The company's net loss decreased to $9.5 million, or $0.15 per share, from $10.5 million, or $0.17 per share, in the prior year.
Total revenues increased by 14% to $3.4 million compared to $3.0 million in the same period last year.
Gross profit was $0.9 million, representing 25% of revenues, compared to $0.4 million, or 13%, for the same period in 2021.
Net loss decreased to $9.5 million, or $0.15 per share, from $10.5 million, or $0.17 per share, in the same period in 2021.
Cash and cash equivalents were $90.4 million as of September 30, 2022.
Revenue by Segment
Forward Guidance
Vuzix anticipates sequential growth in smart glasses products and solution sales in Q4. The OEM business is expected to experience growth in Q4, driven by consumer OEM customers as well as US and allied defense and homeland security customers.
Positive Outlook
- Expect sequential growth in smart glasses products and solution sales in Q4.
- OEM revenue is expected to experience growth in Q4.
- Growth led by consumer OEM customers.
- Growth from US and allied defense and homeland security customers.
- Leveraging investments in core technology and OEM platform.
Challenges Ahead
- Challenging economic environment globally.
- Continued weakness in foreign exchange rates compared to the US dollar.
- Managing customer purchasing decisions.
- No specific negative impacts were mentioned, but the challenging economic environment was emphasized.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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