Vuzix Corp. (VUZI) Misses Q4 EPS by 4c, Revenues Miss

March 15, 2019 6:45 AM EDT

Vuzix Corp. (NASDAQ: VUZI) reported Q4 EPS of ($0.22), $0.04 worse than the analyst estimate of ($0.18). Revenue for the quarter came in at $1.98 million versus the consensus estimate of $3.38 million.

4Q2018 Highlights and Developments

  • Total revenue for the fourth quarter ending December 31, 2018 increased 24% year-over-year.
  • Smart Glasses revenue for Q4-18, including Toshiba Smart Glasses, increased 33% year-over-year.
  • Gross profit of $0.3 million versus a prior period loss of $0.3 million
  • M300XL enterprise smart glasses announced and commenced shipping across key accounts.
  • Non-Compete agreement amended with Six15 Technologies, allowing the Company to make sales directly to the first responder, security organization, third-party defense supplier and military markets.
  • M300 follow-on order received from SATS to rollout and outfit ramp handling operations with smart glasses at Changi Airport.
  • Partnered with AccuWeather and Yelp, among others, to bring popular apps to Blade.
  • Delivered a commercial avionics waveguide-based head-mounted display (HMD) system to a global Tier-1 aerospace firm; currently negotiating a follow-on development project with this customer with an expected commencement in 2019.

Recent Developments

  • Entered into a 3-year master reseller agreement with Verizon; Verizon to resell Vuzix Smart Glasses products including Vuzix M300XL Smart Glasses and M-Series related accessories, Vuzix Blade Smart Glasses and Vuzix Basics Video; the Company expects to start receiving purchase orders under the master reseller agreement with Verizon as early as the second quarter of 2019.
  • Qualcomm XR1-powered M400 enterprise smart glasses introduced at MWC in late February; Running Android 8.1, offering USB-C connectivity and having a host of hardware improvements covering nearly every major feature, the M400 will be the most innovative and powerful set of enterprise smart glasses on the market.
  • "Prosumer" version of Blade launched and commenced shipping; regulatory market access expanded to 35 countries worldwide including Japan.
  • Toshiba Client Solutions placed follow-on OEM order of approximately $1.0 million for M300C enterprise smart glasses; product delivery is anticipated to occur in the second quarter of 2019.

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

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