Vuzix Corp. (VUZI) Misses Q4 EPS by 15c, Sales Miss
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Vuzix Corp. (NASDAQ: VUZI) reported Q4 EPS of ($0.27), $0.15 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $3.3 million versus the consensus estimate of $3.97 million.
"We expect the adoption acceleration we began to see in 2021 to lead to larger orders coming from repeat and, in some cases very large, customers to support significant deployments in terms of units and dollar value. This developing trend, although highly encouraging, was not broad-based last year, as many customers continued to delay orders due to COVID-19 operational business issues. Thus far in 2022, however, we are seeing businesses across the globe start to resemble a more normal profile. As a result, we are well-positioned to achieve significant year-over-year revenue growth in 2022 driven primarily by this accelerating smart glasses demand, but also by several opportunities within our OEM business group," said Mr. Travers. "At the same time, we will continue to evolve our technologies and products lines to further solidify our position as the go-to solutions provider within our industry."
"While we will continue to invest in our staff, core technology, and infrastructure in 2022, we recognize and believe that the market is significantly undervaluing Vuzix as a disruptive technology company that is focused on AR technologies and products for the enterprise and broader markets. The Vuzix Board of Directors agrees with this assessment and consequently has requested management to investigate up to a $25 million share buyback program over the next 12 months," concluded Mr. Travers.
For earnings history and earnings-related data on Vuzix Corp. (VUZI) click here.
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