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Dec 31, 2019
Vuzix Q4 2019 Earnings Report
Vuzix reported a slight decrease in revenue and an overall gross profit before an inventory reserve for obsolescence.
Key Takeaways
Vuzix reported fourth quarter revenue of $2.0 million, a slight decrease of 1.3% compared to the prior year. The company had a gross profit of $0.2 million before a $4.6 million inventory reserve. The net cash operating loss was $4.0 million, an improvement compared to the average quarterly rate for the first three quarters of 2019.
Total revenues were $2.0 million, reflecting a small 1.3% decrease versus the prior year’s period.
Gross profit was $0.2 million before a $4.6 million inventory reserve for obsolescence, compared to $0.3 million for the same period in 2018.
Research and Development expense decreased to $2.1 million from $3.3 million in the comparable 2018 period.
Net cash operating loss after non-cash adjustments was $4.0 million, an improvement versus the average quarterly rate for the first three quarters of 2019.
Vuzix
Vuzix
Forward Guidance
Vuzix is well-positioned to achieve significant top line growth in 2020, thanks to the growing success of our current and new M-Series and Vuzix Blade Smart Glasses along with new and existing waveguide-based OEM engineering services programs.
Positive Outlook
- Well-positioned to achieve significant top line growth in 2020.
- Success of current and new M-Series and Vuzix Blade Smart Glasses.
- New and existing waveguide-based OEM engineering services programs.
- Manufacturing operations in West Henrietta, NY are now fully operational and ready to support the expected increase in business.
- Products and services will be successful even in challenging environments as there has never been a better time to work hands-free and remotely with AR smart glasses.
Challenges Ahead
- Current global economic and public health issues indicate some potential challenges for all of us.