Business
Vuzix Announces Financial Update with Q4 Revenues Ahead of Analyst Expectations
- Company balance sheet strengthened with $28.6 million cash from warrant exercises in the past 30 days - Unaudited Q4 2020 revenue increased more than 100%
About this update from Vuzix Corporation
[{"type":"text","content":"- Company balance sheet strengthened with $28.6 million cash from warrant exercises in the past 30 days\n - Unaudited Q4 2020 revenue increased more than 100% from Q4 2019\n\n\nROCHESTER, N.Y., Jan. 15, 2021 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), (\"Vuzix\" or, the \"Company\"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today reported preliminary unaudited sales for the fourth quarter of 2020 and an update on its cash position. \n\n \n \n \n \n \n \n\n \nRecent Liquidity Improvements and Q4-2020 Financial Highlights:\nCash exercises of 5,962,571 warrants representing total proceeds of $28.6 million have been received over the last 30 days, bringing the Company's pro forma cash balance, based on the Company's last reported cash position of $24.9 million in its 10-Q as of September 30, 2020, to approximately $53.5 million, without accounting for negative cash flows incurred from operations since such date. Unaudited fourth quarter 2020 revenue increased more than 100% year-over-year to over $4.0 million, versus $1.96 million for the fourth quarter of 2019, comfortably exceeding the Wall Street consensus Q4 revenue estimate of $3.5 million by analysts following the company. Fourth quarter 2020 revenue represented a new quarterly revenue record for the Company. And while the Company expects to report an operating loss for Q4 2020, it should be less than the consensus estimate of a $4.4 million loss.Needham Conference Session:\nPaul Travers, Vuzix' Chief Executive officer, expects to discuss these updates as part of a webcast presentation during the Needham Virtual Growth Conference on Friday, January 15, 2021 at 12:30 PM EST. The presentation will be webcast live and available for replay and can be accessed in the Investors section of the Company's website at: https://ir.vuzix.com/ .\nAbout Vuzix Corporatio0n \nVuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 184 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Cons...