Vuzix Corporation · NASDAQ:VUZI
Vuzix — Q1 2023 Earnings Presentation
14 slides from Vuzix's earnings presentation, May 10, 2023
Slide 1: 1Q2023 Earnings Presentation
1Q2023 EARNINGS PRESENTATION MAY 10, 2023 1
Slide 2: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements Certain statements included in this presentation may be considered forward-looking. All statements in this presentation that are not historical facts are forward-looking statements. Such statements involve known and unknown risks, uncertainties an
Slide 3: Call Participants and Agenda
Call Participants and Agenda Participants Agenda Paul Travers ➢ Introduction President and CEO ➢ Business review Grant Russell ➢ Financial review CFO and Executive Vice President Ed McGregor ➢ Closing Remarks Director of Investor Relations ➢ Q&A 3
Slide 4: Opening Remarks and 1Q2023 Comments
Opening Remarks and 1Q2023 Comments ➢ 1Q2023 revenue of $4.2M rose 67% YOY and 44% sequentially ➢ Record unit sales of flagship M400 smart glasses ➢ Bullish on 2023 and well positioned to achieve record revenue with many paths to drive top-line growth: ✓ Significant smart glasses deployments in ware
Slide 5: Smart Glasses Comments
Smart Glasses Comments ➢ Entities worldwide are realigning their future strategies around AI, AR glasses and a combination of both ➢ Google’s product exit presents an opportunity for Vuzix ➢ Multiple significant accounts have indicated that they will be rolling out Vuzix smart glasses this year ➢ Pr
Slide 6: Smart Glasses Comments - Con't
Smart Glasses Comments - Con’t ➢ Moviynt’s aerospace/defense customer is expected to roll out to additional sites beginning as early as 2Q2023 ➢ Continue to expand global sales channel with a focus on solution selling to best service and support end customers ➢ Targeting mature companies that have a
Slide 7: OEM Comments
OEM Comments ➢ Very few companies have the design and manufacturing skills of Vuzix’ OEM group ➢ Focus is on defense, commercial aviation, enterprise and the broader AR market ➢ Vuzix has 10+ major customers in defense developing head mounted programs using Vuzix waveguides ➢ Several defense program
Slide 8: OEM Comments - Con't
OEM Comments - Con’t ➢ Vuzix has just started to approach the commercial aviation heads-up display market and already has companies reaching out to work with us ➢ Vuzix’ Ultralite platform already has an array of customers lining up: ✓ Fashion glasses industry ✓ Sporting goods industry ✓ Wireless ph
Slide 9: Patents, Patents Pending & Trade Secrets
Patents, Patents Pending & Trade Secrets ➢ Vuzix has created a vast amount of IP ➢ 300+ patents and patents pending cover a broad range of technologies: ✓ Eyewear product designs, including Ultralite ✓ Waveguide designs and fabrication ✓ Optical coupling and fixed focus technology ✓ Prescription cap
Slide 10: Waveguide Comments
Waveguide Comments ➢ Vuzix’ ability to design and manufacture WGs in high volume and at low cost is second to none ➢ Ability to make WGs small to large ➢ Quick turnaround time vs customer efforts ➢ New WG production facility nearing completion: ✓ Additional 12,000 ft² of manufacturing space ✓ Suppor
Slide 11: µLEDs: Leading Suppliers & Atomistic
µLEDs: Leading Suppliers & Atomistic ➢ Industry players remain challenged to design and produce acceptable RGB µLEDs ➢ Vuzix has established working relationships with several of the industry’s most advanced vendors through both partnerships and investments ➢ Atomistic with its very novel approach i
Slide 12: 1Q2023 Operating Results
1Q2023 Operating Results 1Q2023 1Q2022 % Change Total Sales $4.19M $2.50M +67% Gross Profit $0.88M $0.48M +83% Gross Margin 21.0% 19.2% +9% Total Expenses $11.72M $10.89M +8% Operating (Loss) $(10.85)M $(10.41)M -4% EPS (Loss) $(0.16) $(0.16) 0% 12
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights 3/31/2023 12/31/2022 Cash $63.2M $72.6M Current Assets $79.9M $91.2M Working Capital $67.0M $76.0M Long-Term Debt 0 0 Shareholder Equity $109.4M $116.7M 13
Slide 14: Q&A
Q&A