Loading...
•
Sep 30, 2024
Vuzix Q3 2024 Earnings Report
Vuzix reported a net loss for Q3 2024, with revenue decreasing due to lower smart glasses and engineering services sales, while also reducing cash operating expenses.
Key Takeaways
Vuzix reported a decrease in revenue for Q3 2024, driven by lower smart glasses product sales and engineering services revenues. The company reduced its cash operating expenses by 28% year-over-year. Vuzix continues to advance its OEM-driven model and collaboration with Thales Corporation.
Total revenues decreased by 36% to $1.4 million compared to $2.2 million in Q3 2023.
Smart glasses product sales decreased by 28%, and engineering services revenues decreased by 51% compared to the prior year's quarter.
Net loss for the quarter was $9.2 million, or $0.14 per share, compared to a net loss of $11.0 million, or $0.17 per share, for the same period in 2023.
Cash and cash equivalents totaled $14.3 million as of September 30, 2024.
Revenue by Segment
Forward Guidance
Vuzix is transitioning to an expanded OEM-driven model while supporting enterprise markets. The company is making progress in its partnership with Quanta and advancements in waveguide manufacturing.
Positive Outlook
- Enterprise smart glasses and OEM pipeline prospects continue to expand.
- Defense and security sectors remain promising.
- Collaboration with Thales Corporation is advancing.
- Partnership with Quanta is progressing.
- Advancements in waveguide manufacturing are positioning the company to meet growing demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...