Business
Vuzix Reports Fourth Quarter and Full Year 2019 Results
ROCHESTER, N.Y., March 16, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI) ("Vuzix" or the "Company"), a leading supplier of Smart Glasses and
About this update from Vuzix Corporation
[{"type":"text","content":"ROCHESTER, N.Y., March 16, 2020 /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 period ended December 31, 2019.\n\n \n \n \n \n \n \n\n \n\"Despite the quarterly swings in our revenue, 2019 was a year of many successful transitions and continued development and progress for Vuzix on many fronts,\" said Paul Travers, President and CEO of Vuzix. \"On the product side, we introduced and commenced shipment this fall of our M400, the latest model currently available in our M-Series enterprise smart glasses line and which offers industry leading performance and capabilities. This was followed with the recent announcement of our waveguide-based M4000, the first in a line of powerful see-through enterprise-focused smart glasses. We also enhanced the features of the Vuzix Blade to incorporate the feedback received from our customers; the mid-2020 version of the Blade will incorporate embedded stereo audio as well as an improved auto focus camera and is now better suited for enterprise deployments in addition to being a great prosumer product. On the applications side, we expanded our support of our M-Series and Vuzix Blade Smart Glasses, both internally and with dozens of new software partners.\"\n\"Final assembly of our M-Series products was successfully relocated from China back to our ISO 9001:2015 manufacturing facility in West Henrietta. We have successfully scaled and matured the production of our M-Series Smart Glasses, Vuzix Blades and waveguides and our operations are now running with consistent yields across the board to meet our planned needs in 2020,\" Mr. Travers continued. \"Our cost reduction programs also continue to yield success and we intend to strive for further reductions in 2020 as we grow revenue and move toward profitability. In terms of technology, we made steady progress regarding the development of thinner waveguides with improved light efficiencies and significantly smaller microLED-based display engines. As a result of these developments we have seen an acceleration and positive impact on our customer relationships, both in terms of their smart glasses usage as well as potential OEM projects.\"\nThe following table...