Vuzix Corp. (VUZI) Misses Q1 EPS by 5c, Revenues Miss

May 9, 2019 4:43 PM EDT

Vuzix Corp. (NASDAQ: VUZI) reported Q1 EPS of ($0.25), $0.05 worse than the analyst estimate of ($0.20). Revenue for the quarter came in at $1.37 million versus the consensus estimate of $1.49 million.

"As indicated on our year end results call, first quarter revenue was soft. This softness however in no way reflects the business opportunities before us. Our current pipeline, alongside the new agreements and partnerships we've struck thus far in 2019, will show, very shortly, the robust growth at hand here for Vuzix," said Paul Travers, President and CEO of Vuzix. "On the product development side, we announced our next generation Qualcomm XR1-based M400 and an ATEX-certified smart glasses solution co-developed with Eaton to be resold by their large team of sales people. On the marketing side, our 3-year reseller agreement with Verizon should take our company's visibility to the next level and open a host of doors at major industry players across numerous enterprise verticals. We also continue to announce partnerships with key providers, such as VSee Lab and SightCall, as Vuzix further expands its ecosystem and increasingly cements its position as an industry leader. The bottom line is that Vuzix is well positioned to bring the industry\'s strongest set of smart glasses solutions to market and has the marketing muscle and sales pipeline needed to achieve broad success."

Management Outlook

"With further broadening interest in our current product family and our new M400 and ATEX certified smart glasses products on schedule to ship in the second half of the year, we remain well-positioned to achieve solid top line growth in 2019," said Paul Travers, President and CEO of Vuzix. "Our products offer compelling and demonstrable ROIs and continue to be very well received by those using them. We see so many opportunities out there and feel it is just a matter of time before industry demand truly accelerates and our unit numbers and top line along with it. That said, we are off to a good start in 2Q with firm orders already ahead of 1Q's total. On the expense side, we have trimmed costs meaningfully over the past few months and expect to burn significantly less cash in 2Q versus 1Q as we continue to aim for cash flow breakeven by year-end."

For earnings history and earnings-related data on Vuzix Corp. (VUZI) click here.

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