Vuzix Corporation (NASDAQ:VUZI) reported better-than-expected 4Q revenue that climbed 117% year over year to $4.2 million, driven by increased demand for the company’s smart glasses products and engineering services.
Vuzix also ended the year as of December 31, 2020 with cash and equivalents of $36 million and that figure, on a pro forma basis and excluding 2021 year-to-date operational cash burn, has swelled to $60.4 million as of March 15.
“2020 was a transformational year for both Vuzix and the AR smart glasses industry as the COVID-19 pandemic has challenged and changed the way companies, organizations and institutions conduct their operations,” Vuzix CEO Paul Travers said in a statement.
READ: Vuzix looking far ahead with its smart glasses and Augmented Reality technologies
“We experienced further growth in new customer acquisition around the world as more enterprise customers turned to our smart glasses for remote support, among other things, and the healthcare industry began using our smart glasses to perform and broadcast surgeries, provide virtual training, and help care for patients in the ICU, operating room and during virtual patient rounds,” Travers added.
“Customer orders and reorders were up across the board, led by demand for our M400 Smart Glasses, which paved the way for record Smart Glasses sales for Vuzix both in our fourth quarter and for the full year.”
For its fiscal year 2020, Vuzix generated revenue of $11.6 million, a 74% increase from 2019, while its net loss attributable to shareholders for the full year narrowed to $20 million, or $0.53 per share, from a loss of $28.4 million, or $0.94 per share, during the same period last year.
Vuzix also recorded an improved 4Q net loss of $2.3 million, as compared to a loss of $4 million a year earlier.
As well, the company said it is well positioned to achieve significant year-over-year comparative revenue growth in its first quarter and throughout 2021, due to the growing success of Vuzix’s M-Series and Vuzix Blade Smart Glasses across key market verticals that include healthcare, field service, manufacturing and warehouse and logistics, as well as expected contributions from the company’s OEM business group.
Vuzix noted that it plans to complete the development and announce the launch of its next generation smart glasses at some point during 2021.
Contact Sean at sean@proactiveinvestors.com