Business
Vuzix Reports Continued Smart Glasses Growth in Q3-2021
ROCHESTER, N.Y., Nov. 8, 2021 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI) ("Vuzix" or the "Company"), a leading supplier of Smart Glasses and Augmented
About this update from Vuzix Corporation
[{"type":"text","content":"ROCHESTER, N.Y., Nov. 8, 2021 /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 third quarter results for the period ended September 30, 2021.\n\n \n \n \n \n \n \n\n \n\"We continue to see growing demand across our product lines with an increasing number of proven use cases, and we have invested to be best prepared to fulfill that demand. While we are pleased to report another period of both sequential and year-over-year revenue growth, our third quarter sales came in at the low end of our expectations largely due to shipping delays, external supply chain challenges, and the timing of larger orders associated with several blue-chip customers,\" said Paul Travers, President and CEO of Vuzix. \"Healthcare and the return of logistics and warehousing purchase orders following the debilitating impact of the COVID pandemic were high growth verticals for us in the quarter. Additionally, we continued to make good commercial progress with an expanding number of Fortune 100 firms across multiple industries that are looking to standardize on Vuzix Smart Glasses throughout their respective operations to support training, logistics and supply chain use cases. Feedback from these customers about our products and their operational benefits generating meaningful return on investment has been uniformly positive and we intend to extend the breadth and competitiveness of our solutions going forward as industry growth accelerates. At the same time, we are addressing expanding opportunities for our optical and display solutions on the OEM side.\"\n\"Vuzix Next Generation Smart Glasses are being prepped for introduction in what will be a revolutionary leap for enterprise AR smart glasses. On the software side, our new Vuzix Custom Solutions business unit, formerly referred to as the Integrated Solutions Business Unit, is streamlined and focused with strong talent and is engaged with a number of large organizations to drive requirements around solving problems and implementing solutions for enterprises based upon a full suite of Vuzix Smart Glasses-based solutions and services.\" \nThe following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for...