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Dec 31, 2021
Vuzix Q4 2021 Earnings Report
Reported a decrease in revenue due to lower sales of smart glasses and engineering services, but prepared for future growth with new products and solidified balance sheet.
Key Takeaways
Vuzix reported a decrease in total revenues for the fourth quarter of 2021, primarily due to lower sales of smart glasses products and engineering services. However, the company is optimistic about future growth, citing an expected acceleration in smart glasses demand and opportunities within its OEM business group.
Total revenues decreased by 22% compared to the prior year's period.
Gross profit decreased due to lower sales volume.
Operating expenses increased, driven by higher R&D, selling and marketing, and general and administrative costs.
The company is planning up to a $25 million share buyback program.
Revenue by Segment
Forward Guidance
Vuzix anticipates significant year-over-year revenue growth in 2022, driven by accelerating smart glasses demand and opportunities within its OEM business group. The company also plans to continue investing in its staff, core technology, and infrastructure.
Positive Outlook
- Expects adoption acceleration to lead to larger orders.
- Sees businesses returning to a more normal profile.
- Well-positioned to achieve significant year-over-year revenue growth.
- Driven primarily by accelerating smart glasses demand.
- Opportunities within OEM business group.
Challenges Ahead
- Many customers continued to delay orders due to COVID-19.
- Market is undervaluing Vuzix.
- Will continue to invest in staff.
- Will continue to invest in core technology.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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