Business
Vuzix Reports Record Smart Glasses Revenues and Provides Business Outlook
Vuzix smart glasses revenues for the third quarter increased 156% year-over-year ROCHESTER, N.Y., Nov. 9, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ:
About this update from Vuzix Corporation
[{"type":"text","content":"Vuzix smart glasses revenues for the third quarter increased 156% year-over-year \n ROCHESTER, N.Y., Nov. 9, 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 third quarter results for the period ended September 30, 2020.\n\n \n \n \n \n \n \n\n \n\"Our third quarter 2020 revenue grew 140% over the comparable 2019 period largely due to our core enterprise smart glasses business. The worldwide coronavirus outbreak has impacted the day-to-day operations of many enterprise customers across numerous market verticals, including healthcare, manufacturing, logistics and field service, and has furthered adoption and overall acceptance of smart glasses within business operations. We delivered a record $2.7 million of Vuzix smart glasses in the quarter, an increase of 156% year-over-year and up 15% sequentially over our previous record achieved in our second quarter of 2020, primarily driven by both follow-on orders from existing customers and interest from new customers to support their business operations. Healthcare, including telemedicine and telehealth solutions related to patient care, training and surgery, as well as supporting healthcare companies like medical device manufacturers that have active equipment installations in hospitals and medical facilities, continued to be an important new business segment for Vuzix in the quarter,\" said Paul Travers, President and CEO of Vuzix.\n\"The third quarter was also an active period for our OEM business group; we negotiated an engineering services project with a new major defense company that commenced in early October along with phase 2 project work with an existing major defense company. We are also working actively on advancements of our next generation near eye waveguide and micro-display technologies,\" continued Mr. Travers. \nThe following table compares condensed elements of the Company's summarized Consolidated Statements of Operations data for the three months ended September 30, 2020 and 2019, respectively:\nFor 3 Months Ended September 30\n($ in 000s except per share numbers)\n2020\n2019\nSales:\nSales of Products\n$ 2,686\n$ 1,059\nSales of Engineering Services\n93\n100\nTotal Sales\n2,779\n1,159\nTotal Cost of Sales\n2,431\n1,390\...