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Vuzix Delivers Strong Revenue and Gross Profit Growth in Second Quarter 2018
Sales of M300 Smart Glasses more than triple as pilots convert and repeat customers place larger orders
ROCHESTER, N.Y., August 9, 2018 - Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses, Augmented Reality (AR) technologies and products for the consumer and enterprise markets, today reported its second quarter financial results for the period ended June 30, 2018.
Second Quarter 2018 Highlights
|·||Quarterly revenues of $2.6 million versus $1.3 million for the second quarter of 2017, an increase of 100%.|
|·||Record quarterly Vuzix smart glasses revenues of $1.8 million versus $0.7 million for the second quarter of 2017, an increase of 154%.|
|·||Improved quarterly gross profit of $0.7 million versus a gross loss of $0.4 million for the second quarter of 2017.|
|·||Record quarterly M300 Smart Glasses sales representing a 302% year-over-year increase driven by orders from repeat customers and conversions of pilot programs into commercial deployments.|
|·||Broadened patent portfolio during the quarter by increasing the number of patents and patents pending by 26 to 64 patents issued and 71 patents pending.|
|·||M300 pilot programs increased further to 850+; representing approximately a 100% increase in the number of pilot programs since December 2017.|
|·||Completed FCC and EU CE Certification Processes for Vuzix Blade® Smart Glasses and successfully launched the Vuzix Blade Developer Center, a core part of our strategy to encourage Blade application development and an enhanced support vehicle for our burgeoning developer community.|
“With an expanding set of Smart Glasses AR products in place and numerous emerging opportunities, 2018 is well on its way to be another year of growth for Vuzix,” said Paul Travers, President and CEO of Vuzix. “Pilot conversions and repeat orders from customers fueled our enterprise business during the quarter and our overall enterprise footprint continues to grow and gain traction, driven by the Vuzix M300 Smart Glasses and OEM deliveries to Toshiba of the AR100 to Windows-based smart glasses we are building for them. During the second quarter, the Company completed FCC and EU CE certification processes for Vuzix Blade; launched the Blade developer center; delivered Blade edge software for our developer community; and made further advancements to the Blade companion apps for commercial customers. As for our waveguide optics business, the Company is currently negotiating NRE development engagements with three new Tier-1 OEM customers across new and existing market verticals.”
The following information was filed by Vuzix Corp (VUZI) on Wednesday, August 15, 2018 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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