Vuzix Corp. (VUZI) Misses Q3 EPS by 2c

November 7, 2019 5:33 PM EST

Vuzix Corp. (NASDAQ: VUZI) reported Q3 EPS of ($0.18), $0.02 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $1.16 million versus the consensus estimate of $2.22 million.

Third Quarter 2019 Highlights

  • Received regulatory approval for Vuzix' M400 Smart Glasses, began ramping production and shipping product in late September
  • Started on-shoring all M-Series manufacturing capabilities from China back to the Company's West Henrietta, NY facility, which is expected to reduce the overall manufacturing cost profile of these products
  • Received a follow-on smart glasses order and adoption of the M400 Smart Glasses from 1Minuut Innovation for healthcare industry deployments in Europe
  • Vuzix Smart Glasses were showcased at DHL's Americas Innovation Center grand opening
  • Implemented numerous waveguide manufacturing process improvements and installed new equipment, including purpose-built robots, that have begun to demonstrate consistent yield improvements to better fulfill current Vuzix Blade order backlog and anticipated new programs that are expected to go live in the coming months
  • Continued emphasis on expense management is beginning to realize tangible results with period over period decreases in all broad categories, including R&D, S&M and G&A

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

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