Business
Vuzix Reports 4Q and Full Year 2022 Results
Q1 confirmed orders and expected shipments to mark one of the strongest quarterly revenues in a decade ROCHESTER, N.Y., March 1, 2023 /PRNewswire/ -- Vuzix®
About this update from Vuzix Corporation
[{"type":"text","content":"Q1 confirmed orders and expected shipments to mark one of the strongest quarterly revenues in a decade\nROCHESTER, N.Y., March 1, 2023 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI) (\"Vuzix\" or the \"Company\"), a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products, today reported its fourth quarter and full year financial results for the year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \n\"In 2022, Vuzix made critical investments in staff, core technology and infrastructure to expand our capabilities and global footprint to meet the demand for our products, components and services,\" said Paul Travers, President and CEO. \"We made significant advancements in our core technology and our waveguide manufacturing technologies. We also kicked off upgrades and expansion of our waveguide manufacturing capabilities and entered into a lease for additional manufacturing space. Both are helping to uniquely position Vuzix to play an important role in the expected multibillion dollar AR market. Furthermore, we also entered into a series of agreements with Atomistic, a France-based firm related to the development of next generation microLED technology. We successfully developed and integrated miniature AR imaging systems and transferred this technology from the R&D lab into the industrial design and product assembly of the Vuzix Ultralite smart glasses OEM platform. We acquired Moviynt, a revenue generating SaaS solution provider that supports SAP and traditional handheld hardware used in warehousing, as well as Vuzix smart glasses. On the operational side, we invested in staff and infrastructure to help our company scale and take advantage of the opportunities at hand in the market.\" \n\"2022 as a whole was a challenging year to navigate with supply chain issues, uncertainty caused by Covid, geopolitical tensions and darkening macro-economic forces. Despite these headwinds, there were segments of our business that accelerated, such as our OEM business group, which delivered year-over-year revenue growth of 250% fueled by new customers and follow-on programs from existing customers. During 2022, we also witnessed accelerated smart glasses adoption by key accounts, especially in warehousing and logistics in the form of larger orders to support expansion into additional warehouses and distribution ...