Vuzix Reports Record Smart Glasses Sales in Q1 2023

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[{"type":"text","content":"- Revenue up 67% year-over-year and 44% quarter-over-quarter\nROCHESTER, N.Y., May 10, 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 first quarter results for the three months ended March 31, 2023.\n\n \n \n \n \n \n \n\n \n\"2023 is off to a strong start driven by record smart glasses sales, which increased 67% year-over-year largely due to sales channel growth and increased customer adoption in North America that has effectively multiplied our salesforce in the US and other core strategic regions,\" said Paul Travers, President and CEO. \"During the quarter, we made 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.\"\nThe following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for the three months ended March 31, 2023 and 2022, respectively:\nFor Three Months Ended March 31\n($000s except per share amounts)\n2023\n2022\nTotal Sales\n$4,191\n$2,503\nTotal Cost of Sales\n3,315\n2,027\nGross Profit\n876\n476\nGross Profit %\n21 %\n19 %\nOperating Expenses:\nResearch and Development\n3,070\n3,103\nSelling and Marketing\n2,540\n2,023\nGeneral and Administrative\n5,132\n5,453\nDepreciation and Amortization\n964\n259\nImpairment of Patents and Trademarks\n18\n50\nTotal Operating Expenses\n11,723\n10,890\nLoss from Operations\n(10,847)\n(10,414)\nTotal Other Income (Expense)\n607\n(92)\n \nNet Loss\n \n(10,241)\n \n(10,506)\nLoss per Common Share\n$ (0.16)\n$ (0.16)\nFirst Quarter 2023 Financial Results\nFor the three months ended March 31, 2023, total revenues increased by 67% to $4.2 million versus $2.5 million for the comparable period in 2022. The increase in total revenues was due to higher product sales and specifically significantly higher unit sales of M400 smart glasses. No engineering services revenues were booked in the current or prior period.\nThere was an overall gross profit of $0.9 m...

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