Vuzix Corporation (NASDAQ:VUZI) (FRA:V7XN), a leading supplier of Smart Glasses, reported Friday that it appears to have achieved record revenue for its fourth quarter of 2020.
However, the company noted in a statement that the preliminary results are unaudited.
Vuzix said 4Q revenue increased more than 100% year-over-year to over $4 million, versus $1.96 million in the 2019 quarter.
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And the company said the results comfortably exceed the Wall Street consensus revenue estimate of $3.5 million for the quarter.
In addition, Vuzix provided an update on its cash position -- which has improved significantly.
The company said cash exercises of 5,962,571 warrants generating $28.6 million in proceeds have been received over the last 30 days.
That brings Vuzix’s pro forma cash balance, based on the company's last reported cash position of $24.9 million in its 10-Q as of September 30, 2020, to about $53.5 million -- without accounting for negative cash flows incurred from operations since that date.
The company, based in Rochester, New York, also said it expects to report an operating loss for its 4Q, but it should be less than the consensus estimate of a $4.4 million loss.
In other company news, CEO Paul Travers is expected to discuss the 4Q update as part of a webcast presentation during the Needham Virtual Growth Conference (today) at 12:30 pm ET. The presentation will be webcast live and available for replay and can be accessed in the Investors section of the company's website at: https://ir.vuzix.com/
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