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Dec 31, 2022
Vuzix Q4 2022 Earnings Report
Reported a decrease in revenue due to lower sales of smart glasses products, partially offset by higher engineering services sales.
Key Takeaways
Vuzix reported a 13% decrease in total revenues for Q4 2022, amounting to $2.9 million, due to lower smart glasses sales, although this was partially offset by increased engineering services sales. The company experienced a gross loss of $0.1 million, compared to a gross loss of $0.01 million in the same period of 2021.
Total revenues for Q4 2022 were $2.9 million, a 13% decrease year-over-year.
The decrease in revenue was driven by lower sales of smart glasses products.
Gross loss for Q4 2022 was $0.1 million, compared to a gross loss of $0.01 million in Q4 2021.
The company anticipates record overall revenues in 2023.
Vuzix
Vuzix
Forward Guidance
Vuzix expects 2023 to be an exciting year and anticipates achieving record overall revenues, fueled by stronger sales of core smart glasses, SaaS solutions, and OEM products and engineering services.
Positive Outlook
- First quarter of 2023 is off to a strong start.
- Q1 2023 shipments and purchase orders should outpace total revenues for every quarter of 2022.
- Strong book of business with identified opportunities.
- Large deals and cornerstone customers on the enterprise and OEM side expected to materialize.
- Anticipation of record overall revenues in 2023.