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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.
Vuzix
Vuzix
Vuzix Revenue by Segment
Revenue by Segment
Smart Glasses Revenue
CapyFin.comEngineering Services Revenue
CapyFin.com 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