Vuzix Corporation (NASDAQ:VUZI) (FRA:V7XN) has reported its first quarter results for the three months ended March 31, revealing record sales of its smart glasses.
"Vuzix reported record smart glasses sales of $3.8 million as an increasing number of our customers continued to place larger and more frequent orders for our Smart Glasses," CEO Paul Travers said in a statement. "Sales of our workhorse M400 Smart Glasses tripled versus the prior year's comparable quarter and we are seeing a broadening array of use cases emerging from literally every corner of the world.”
Total glasses sales easily more than doubled from $1.4 million in the first quarter of 2020, and gross profit improved to nearly $1.1 million from $81,000. Net loss was $6.6 million or $0.12 loss per share, compared to a loss of $5.9 million or $0.18 loss per share, a year earlier.
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“Sales of our Vuzix Blade Smart Glasses offering were also stronger, rising 54% over the prior year's comparable period as the Blade's stereo audio, autofocus camera and now standard safety rating features are generating increasing usage and interest from a growing number of enterprise customers who are experiencing demonstrable ROI courtesy of the Blade,” Travers said.
Vuzix ended the period with about $145 million in cash on hand, thanks to warrant exercises in the quarter.
"[The $145 million] puts us in an excellent position to not only fund projected growth and planned product development, but also to broaden our product offerings through potential strategic initiatives,” Travers said.
Looking ahead, Travers said that there are components of Vuzix’s business that are reawakening as the coronavirus (COVID-19) pandemic slows in the US.
"The reopening of global economies is waking up segments of our business that went dormant over the past 14 months due to COVID, specifically within logistics, warehousing, retail picking and ecommerce,” Travers said.
“At the same time, we continue to see acceleration of our business across healthcare, manufacturing and field service. Our balance sheet is the strongest in our company's history and we believe that we are well-positioned to continue to achieve significant year-over-year comparative revenue growth throughout the balance of 2021, thanks to the growing success of our M-Series and Vuzix Blade Smart Glasses."
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