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Dec 31, 2020
Vuzix Q4 2020 Earnings Report
Reported record fourth quarter and full year smart glasses revenues, with total fourth quarter revenue increasing 117% year-over-year.
Key Takeaways
Vuzix reported a strong fourth quarter and full year, driven by increased demand for smart glasses, particularly the M400 Smart Glasses. Total Q4 revenues increased by 117% year-over-year, and the company saw growth in new customer acquisition across various industries.
Total Q4 revenues increased 117% year-over-year to $4.2 million due to higher sales of smart glasses and engineering services.
Gross profit for Q4 2020 was $1.5 million, compared to $0.2 million in the same period of 2019.
The company experienced growth in new customer acquisition globally, with increased adoption of smart glasses for remote support and healthcare applications.
Vuzix is well-positioned for significant revenue growth in Q1 2021 and throughout the year.
Vuzix
Vuzix
Forward Guidance
Vuzix anticipates significant year-over-year revenue growth in Q1 2021 and throughout the year, driven by the success of its M-Series and Vuzix Blade Smart Glasses and contributions from its OEM business group.
Positive Outlook
- Growing success of M-Series and Vuzix Blade Smart Glasses
- Strong demand across key market verticals including healthcare, field service, manufacturing, and warehouse and logistics
- Expected contributions from OEM business group
- Intention to reset the industry bar for performance and wearability with next generation smart glasses
- Strongest balance sheet in company history due to significant warrant exercises