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Vuzix Schedules Conference Call and Provides Business Update and Reports its Second Quarter 2017 Financial Results
ROCHESTER, N.Y., August 9, 2017 - Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets, today reported its second quarter financial results for the period ended June 30, 2017.
Second Quarter 2017 and recent highlights included:
|·||Revenue for the second quarter 2017 was $1,325,261 or an increase of 136% compared to $560,877 for the second quarter of 2016, representing the second consecutive quarter with over $1,000,000 of revenue and a sequential growth of 9% over the first quarter of 2017.|
|·||Made substantial progress on our enterprise smart glasses development project with Toshiba representing $420,314 of engineering services revenues during the second quarter. Our development project with Toshiba is nearing completion and continues to move towards the new product’s announcement details and its commercial production beginning as early as the 4th quarter of 2017.|
|·||Shipped $116,305 of waveguides and related components during the second quarter to our two Tier-1 consumer electronic partners for integration and feasibility testing into their consumer smart glasses products.|
|·||Successfully transitioned M300 volume production from our existing contract manufacturer in the USA to their operations in China resulting in improved yields and lower cost profile.|
|·||Appointed Paul Boris, a manufacturing, technology and operations veteran and former VP of Manufacturing Industries at GE Digital to the new role of Chief Operating Officer (COO) to oversee sales and manufacturing at Vuzix.|
|·||Announced successful M300 Smart Glasses commercial deployments related to vision picking at John Deere and manufacturing operations at WS Kunststoff-Service.|
|·||Entered into agreements relating to the sale of 1,500,000 shares of its common stock at an offering price of $5.75 per share. The gross proceeds from the offering will be $8,625,000 before deducting commissions and estimated offering expenses. The shares of common stock are being sold primarily to existing institutional investors of the Company. The offering is expected to close on August 14, 2017, subject to satisfaction of customary closing conditions.|
The following information was filed by Vuzix Corp (VUZI) on Thursday, August 10, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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