Vuzix Corp. (VUZI) Misses Q2 EPS by 4c

August 9, 2021 4:02 PM EDT

Vuzix Corp. (NASDAQ: VUZI) reported Q2 EPS of ($0.14), $0.04 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $2.92 million versus the consensus estimate of $4.33 million.

"2021 has thus far been, and will continue to be, a transformative year for Vuzix. We now have roughly $138 million of cash as of mid-year, have expanded our management, R&D and sales teams, established a new SaaS-based Integrated Solutions Business Unit, and are aggressively pursuing other strategic initiatives that will strengthen and extend our business model from one primarily focused on being an industry leader in smart glasses hardware to also now becoming a broader solutions provider in various high-growth market verticals," said Paul Travers, President and CEO of Vuzix.

"During the second quarter, we spent considerable time reviewing the imminent needs of our largest cornerstone customers and initiating the necessary augmentations to our operations to effectively support these customers with large-scale deployments of Vuzix Smart Glasses and we have also set the foundation for certain other markets that are showing leadership in broad-based smart glasses deployments. We continued to see steady year-over-year growth in our core smart glasses business with second quarter smart glasses sales rising 21%. The healthcare portion of our business continues to accelerate with our smart glasses now being used in approximately 1,000 operating rooms worldwide for an ever-expanding set of surgical applications, as just one example of utility in healthcare," concluded Mr. Travers.


"We have the most competitive smart glasses offerings in the market today and an outstanding customer base that understands the value proposition of smart glasses. Our focus over the remainder of 2021 will consist of developing and delivering against growing enterprise smart glasses opportunities while extending our market participation and expanding our business model. To foster these growing market segments, we will focus on strategic initiatives that we believe will both accelerate the adoption of smart glasses in the enterprise market and unlock significant value for Vuzix shareholders. We will also continue to develop our core technologies and next generation products that we believe will be vital to enabling broader market adoption in support of enterprise, defense, aerospace and OEM smart glasses manufacturers. Finally, we will further expand our sales channels and deliver hand-to-glove service to our cornerstone customers to support large-scale adoption of Vuzix smart glasses while continuing to pave-the-way for enabling additional new market adoption globally," said Mr. Travers.

"Our business outlook for the second half of 2021 remains positive. We currently anticipate sequential top-line revenue growth in our second half of 2021, driven by strong smart glasses demand and the expected return of OEM-related engineering services revenue and initial sales of OEM production units to a Tier-1 defense customer," concluded Mr. Travers.

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

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