Vuzix Corp. (VUZI) Misses Q1 EPS by 2c, Revenues Beat

Vuzix Corp. (NASDAQ: VUZI) reported Q1 EPS of ($0.12), $0.02 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $3.92 million versus the consensus estimate of $3.83 million.

"Vuzix reported record smart glasses sales of $3.8 million as an increasing number of our customers continued to place larger and more frequent orders for our Smart Glasses," said Paul Travers, President and CEO of Vuzix. "Sales of our workhorse M400 Smart Glasses tripled versus the prior year's comparable quarter and we are seeing a broadening array of use cases emerging from literally every corner of the world. Sales of our Vuzix Blade® Smart Glasses offering were also stronger, rising 54% over the prior year's comparable period as the Blade's stereo audio, autofocus camera, and now standard safety rating features are generating increasing usage and interest from a growing number of enterprise customers who are experiencing demonstrable ROI courtesy of the Blade."

"Following further warrant exercises in our first quarter and our late March equity offering, our balance sheet is now stronger with pro forma cash of roughly $145 million as of April 1, which puts us in an excellent position to not only fund projected growth and planned product development, but also to broaden our product offerings through potential strategic initiatives," concluded Mr. Travers.

Management Outlook

"The reopening of global economies is waking-up segments of our business that went dormant over the past 14 months due to COVID, specifically within logistics, warehousing, retail picking and e-commerce. At the same time, we continue to see acceleration of our business across healthcare, manufacturing and field service. Our balance sheet is the strongest in our company's history and we believe that we are well-positioned to continue to achieve significant year-over-year comparative revenue growth throughout the balance of 2021, thanks to the growing success of our M-Series and Vuzix Blade Smart Glasses," said Mr. Travers.

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

You May Also Be Interested In

• Bristol-Myers Squibb (BMY) stock slips despite earnings beat
• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Ladder Capital (LADR) Tops Q1 EPS by 4c