"In our second quarter of 2024,
The following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for the three months ended
|
|
For Three Months Ended |
|||
|
|
($000s except per share amounts) |
|||
|
|
2024 |
|
2023 |
|
Sales: |
|
|
|
|
|
Sales of Products |
|
$ 601 |
|
|
|
Sales of Engineering Services |
|
491 |
|
266 |
|
Total Sales |
|
1,093 |
|
4,691 |
|
|
|
|
|
|
|
Total Cost of Sales |
|
1,426 |
|
3,718 |
|
|
|
|
|
|
|
Gross Profit (Loss) |
|
(333) |
|
972 |
|
Gross Profit (Loss) % |
|
(30) % |
|
21 % |
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
Research and Development |
|
2,359 |
|
2,837 |
|
Selling and Marketing |
|
2,238 |
|
2,510 |
|
General and Administrative |
|
4,492 |
|
4,260 |
|
Depreciation and Amortization |
|
1,188 |
|
973 |
|
Impairment of Patents and Trademarks |
|
30,120 |
|
- |
|
|
|
|
|
|
|
Loss from Operations |
|
(40,730) |
|
(9,608) |
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
118 |
|
563 |
|
Net Loss |
|
(40,612) |
|
(9,045) |
|
|
|
|
|
|
|
Loss per Common Share |
|
$ (0.62) |
|
$ (0.14) |
|
|
|
|
|
|
|
Second Quarter 2024 Financial Results
For the three months ended
There was an overall gross loss of
Research and Development expense was
Selling and Marketing expense was
General and Administrative expense for the three months ended
Included in operating expenses for the three months ended
The net loss for the three months ended
The cash net loss, excluding working capital changes, a non-GAAP measure, was
Management Outlook
"We expect to see top-line revenue improvement over the second half of 2024. We have a number of enterprise accounts that are on a path to volume deployment of our smart glasses and solutions within their operations to deliver improved productivity, lower onboarding times and fewer errors. Our OEM business opportunities remain robust; we have a backlog of business to deliver against and we expect at least one of our defense contractors and one of our commercial enterprise customers to move into production later this year. On the waveguide manufacturing front, we will continue to implement process improvements as we prepare to ramp production to support underlying demand from partners and the broader markets," said
Conference Call Information
Date:
Time:
Dial-in Number for
Dial-in Number for International Callers (Outside of the U.S. &
A live and archived webcast of the conference call will be available on the investor relations page of the Company's website at: https://ir.vuzix.com/ or directly at https://event.choruscall.com/mediaframe/webcast.html?webcastid=RkRQYjCk
Participating on the call will be
To join the live conference call, please dial into the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time.
A telephonic replay will be available for 30 days, starting on
About
Forward-Looking Statements Disclaimer
Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements contained in this release relate to, among other things, the timing of new product releases, opportunities related to market disruptions regarding smart glasses demand, R&D project successes, smart glasses pilot to roll-out conversion rates, existing and new engineering services and conversion to volume production OEM programs, future revenue and operating results, the amount and impact of operating expense cash reductions, and the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the Company's Annual Reports and other filings with the
Investor Relations Contact
ed_mcgregor@vuzix.com
Tel: (585) 359-5985
Investor Information – IR@vuzix.com www.vuzix.com
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