Business
Vuzix Reports First Quarter 2022 Results
ROCHESTER, N.Y., May 10, 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., May 10, 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 first quarter results for the period ended March 31, 2022.\n\n \n \n \n \n \n \n\n \n\"The first quarter was a challenging one for many of our customers, suppliers and partners due to a combination of ongoing COVID disruptions and geopolitical tensions in Europe,\" said Paul Travers, President and CEO. \"These issues generally, and their impact on the timing of certain anticipated customer orders, resulted in first quarter sales falling short of expectations. Despite delays that occurred in the first quarter, we continued to see underlying momentum within our key smart glasses accounts, especially within warehousing and logistics and healthcare. On the OEM side of our business, we are seeing growing demand and follow-on orders from new and existing defense customers and consumer electronic OEMs for head-worn waveguides and displays engines, which should positively impact our second quarter of this year.\" \nThe following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for the three months ended March 31, 2022 and 2021, respectively:\nFor 3 Months Ended March 31\n($000s except per share amounts)\n2022\n2021\nSales:\nSales of Products\n$ 2,503\n$ 3,805\nSales of Engineering Services\n-\n110\nTotal Sales\n2,503\n3,915\nTotal Cost of Sales\n1,864\n2,836\nGross Profit\n639\n1.080\nGross Profit %\n26%\n28%\nOperating Expenses:\nResearch and Development\n3,103\n2,205\nSelling and Marketing\n2,023\n1,303\nGeneral and Administrative\n5,454\n6,028\nDepreciation and Amortization\n423\n517\nLoss on Fixed Asset Disposal\n-\n84\nImpairment of Patents and Trademarks\n50\n28\nTotal Operating Expenses\n11,053\n10,166\nLoss from Operations\n(10,414)\n(9,086)\nNet Loss\n(10,506)\n(9,151)\nLoss per Common Share\n$ (0.16)\n$ (0.17)\nFirst Quarter 2022 Financial Results\nFor the three months ended March 31, 2022, total revenues decreased by 36% to $2.5 million versus $3.9 million for the comparable period in 2021. The decrease was primarily due to lower sales of Vuzix smart glasses products, which were $1.4 million, or 37% less than the prior comparable period in 2021...