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Vuzix Reports Double Digit Revenue Growth in Q3 2022
ROCHESTER, N.Y., Nov. 9, 2022 /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. 9, 2022 /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, 2022.\n\n \n \n \n \n \n \n\n \n\"During the third quarter, we achieved both sequential and year-over-year double-digit total revenue growth despite numerous headwinds,\" said Paul Travers, President and CEO. \"We made strong progress in the quarter in terms of product development, technology advancement and new business engagements. On the OEM side of our business, we are now in discussions with many new potential defense, consumer electronics and enterprise customers who are interested in our waveguide and display engine solutions. At the same time, larger deployment opportunities for our smart glasses among key enterprise customers continue to expand both in number and visibility within the warehousing and logistics, automotive, pharma and healthcare verticals. Lastly, and subsequent to the close of Q3, we are also very pleased to have completed the acquisition of Moviynt, a key part of our strategy toward becoming more of a software solutions provider in certain vertical markets.\"\nThe following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for the three months ended September 30, 2022 and 2021, respectively:\nFor Three Months Ended September 30\n($000s except per share amounts)\n2022\n2021\nSales:\nSales of Products\n$ 2,538\n$ 3,019\nSales of Engineering Services\n889\n-\nTotal Sales\n3,427\n3,019\nTotal Cost of Sales\n2,559\n2,623\nGross Profit\n868\n396\nGross Profit %\n25 %\n13 %\nOperating Expenses:\nResearch and Development\n3,441\n3,397\nSelling and Marketing\n1,981\n1,653\nGeneral and Administrative\n4,854\n5,463\nDepreciation and Amortization\n510\n246\nImpairment of Patents and Trademarks\n48\n8\nTotal Operating Expenses\n10,834\n10,768\nLoss from Operations\n(9,965)\n(10,372)\nTotal Other Income (Expense)\n488\n(116)\n \nNet Loss\n \n(9,477)\n \n(10,488)\nLoss per Common Share\n$ (0.15)\n$ (0.17)\nThird Quarter 2022 Financial Results\nFor the three months ended September 30, 2022, total revenues increased by 14% to $3.4 million versus $3.0 million for the comparable perio...