Vuzix Reports Q2-2023 Operating Results Driven by Record Smart Glasses Sales

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[{"type":"text","content":"- Total Q2 2023 revenue rose 56% year-over-year and 12% quarter-over-quarter\nROCHESTER, N.Y., Aug. 8, 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 second quarter results for the three months ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"During the second quarter we achieved record smart glasses sales, which drove total sales growth of 56% year-over-year and 12% quarter-over-quarter, largely due to sales channel growth through additional salesforce resources and increased customer adoption of our products in Japan and the rest of Asia. First half revenue for 2023 increased 61% year-over-year led by consecutive record quarterly sales of smart glasses,\" said Paul Travers, President and CEO. \"We also continued to make strong progress in terms of product development, technology advancement and new business engagements. On the OEM side of our business, we continue to see an influx of customer interest, including a growing number of requests for quotes associated with defense, consumer and enterprise focused customers, all of whom are interested in our waveguide and display engine solutions. We are thrilled with the ongoing build-out of our new facility for such opportunities and are pleased to report that all build-out efforts remain on target for our grand opening in H2 2023.\" \nThe following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for the three months ended June 30, 2023 and 2022, respectively:\nFor Three Months Ended June 30\n($000s except per share amounts)\n2023\n2022\nSales:\nSales of Products\n$ 4,425\n$ 2,899\nSales of Engineering Services\n266\n109\nTotal Sales\n4,691\n3,008\nTotal Cost of Sales\n3,718\n2,742\nGross Profit\n972\n265\nGross Profit %\n21 %\n9 %\nOperating Expenses:\nResearch and Development\n2,837\n2,996\nSelling and Marketing\n2,510\n1,851\nGeneral and Administrative\n4,260\n5,040\nDepreciation and Amortization\n973\n380\nTotal Operating Expenses\n10,580\n10,266\nLoss from Operations\n(9,608)\n(10,001)\nTotal Other Income (Expense)\n562\n(21)\nNet Loss\n(9,045)\n(10,022)\nLoss per Common Share\n$ (0.14)\n$ (0.16)\nSecond Quarter 2023 Financial Results\nFor the three months ended Ju...

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