Vuzix Corp. (VUZI) Tops Q3 EPS by 1c

November 8, 2018 4:12 PM EST

Vuzix Corp. (NASDAQ: VUZI) reported Q3 EPS of ($0.19), $0.01 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $1.9 million versus the consensus estimate of $2.96 million.

Management Commentary

"We achieved our third period of year-over-year top-line growth this quarter and our nine-month revenues for 2018 have already surpassed our total for all of 2017," said Paul Travers, President and CEO of Vuzix. "Our M300 Smart Glasses new customer pilot count has now expanded to over 1,000 and with more pilots converting into deployments, leading to repeat orders, and we are now beginning to see the realization of these primary growth drivers in our sales results. The feedback we continue to receive from our Vuzix Integration Partners (VIPs) and end customers for this product is very positive and gives us increasing confidence that we are building an industry-leading smart glasses franchise on the enterprise side. We also continued to make solid progress with the Vuzix Blade in the third quarter in terms of both software development and growing Blade product shipments to our enterprise customers and developer community. Just this week, we launched the Blade Commercial Edge edition, which opens up a broader range of features not previously available and effectively makes the Blade a fully deployable enterprise product today. Regarding our waveguide optics business, the Company continues to nurture its relationships with numerous tier-1 OEM customers, the most notable last quarter being the one we announced in September with a global aerospace firm to develop a customized commercial avionics waveguide-based HMD system."

Management Outlook

"Entering our final quarter of 2018 and looking forward to 2019 and beyond, we believe that our future is both bright and exciting," said Paul Travers, President and CEO of Vuzix. \"First, we feel we are well positioned to become a key supplier of AR smart glasses to the enterprise community. Enterprise customers including VIPs continue to place follow-on M300 orders and we have begun responding to competitive RFPs for as much as 15K+ pieces. Second, we strongly believe that the Vuzix Blade is poised to be a highly disruptive force in the market. Production is steadily ramping in our fourth quarter of 2018. The Vuzix Blade, with its planned new levels of performance and functionality, should make it the product of choice for a broad range of commercial enterprise applications, and of course an ever-expanding base of potential consumers who see the utility and have the desire to leave their phone in their pocket. We remain very excited about the prospects for Vuzix and believe that the fourth quarter will be one of our strongest to date, and one that sets the stage for rapid acceleration of our performance as AR industry growth finally begins to hit its next inflection point in 2019 enabled by the broader ecosystem development that we are seeing currently."

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

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