Vuzix Corporation (NASDAQ:VUZI), a leading supplier of smart classes and augmented reality (AR) technology and products, has completed the Phase 2 design, development and delivery of a customized, waveguide-based, head-worn AR Display Engine for a major US defense contractor.
The phase-gated development program with the undisclosed customer was originally announced in March 2020, with the Phase 2 leg announced in October 2020 now completed and delivered before December 31, 2020.
In a statement Monday, Vuzix said it expects potentially further NREs (non-recurring engineering revenue) in subsequent phases before a customer accepts the final product design that could lead to an eventual production program order.
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"We are very pleased with the progress we continue to make with this major US defense contractor as we pursue an ultimate production opportunity with them," said CEO Paul Travers.
"OEM custom waveguide-based projects such as this represent a profitable vehicle for leveraging our extensive optical expertise and IP and we look forward to announcing further developments with this firm as the project proceeds."
Vuzix, based in Rochester, New York, holds 179 patents and patents pending and numerous IP licenses in the video eyewear field. Its products include personal display and wearable computing devices that offer users a portable high-quality viewing experience and provide solutions for mobility, wearable displays, and augmented reality.
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