Vuzix Corporation (NASDAQ:VUZI) CEO Paul Travers has called the smart glasses and augmented reality company’s product lineup "among the most competitive in the world" in a letter to shareholders.
The CEO’s letter highlighted a number of recent operating milestones that the Rochester, NY-based company has hit recently as it sees larger adoption of its smart glasses in the telemedicine, logistics and industrial sectors.
"Our global customer base continues to expand across enterprise, healthcare, and OEM customers,” Travers wrote.
READ: Vuzix says smart glasses expand AR surgical product presence to support shoulder, knee and spine surgeries
“(Our) revenues have been steadily growing; we have critical IP in the key AR smart glasses areas of waveguides, small projection engines, holograms, and microLED displays; and we now have sufficient cash to fully execute on our business plan.”
Some of the milestones covered in the letter include record Smart Glasses sales in 2020, followed by 1Q 2021 record sales; a strengthened balance sheet of around $145 million in cash and equivalents, and expanded OEM engagements in new industries like aerospace, defense and medicine.
The full shareholder letter can be found on the company’s website.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas