Vuzix Reviews 4Q and Full 12 months 2022 Outcomes

Q1 confirmed orders and anticipated shipments to mark one of many strongest quarterly revenues in a decade

ROCHESTER, N.Y., March 1, 2023 /PRNewswire/ — Vuzix® Company (NASDAQ: VUZI) (“Vuzix” or the “Firm”), a number one provider of Sensible Glasses and Augmented Actuality (AR) applied sciences and merchandise, as we speak reported its fourth quarter and full yr monetary outcomes for the yr ended December 31, 2022.

“In 2022, Vuzix made vital investments in employees, core expertise and infrastructure to increase our capabilities and international footprint to fulfill the demand for our merchandise, elements and providers,” stated Paul Travers, President and CEO.  “We made important developments in our core expertise and our waveguide manufacturing applied sciences.  We additionally kicked off upgrades and growth of our waveguide manufacturing capabilities and entered right into a lease for extra manufacturing area.  Each are serving to to uniquely place Vuzix to play an essential function within the anticipated multibillion greenback AR market.  Moreover, we additionally entered right into a collection of agreements with Atomistic, a France-based agency associated to the event of subsequent technology microLED expertise.  We efficiently developed and built-in miniature AR imaging programs and transferred this expertise from the R&D lab into the economic design and product meeting of the Vuzix Ultralite sensible glasses OEM platform.  We acquired Moviynt, a income producing SaaS resolution supplier that helps SAP and conventional handheld {hardware} utilized in warehousing, in addition to Vuzix sensible glasses.  On the operational facet, we invested in employees and infrastructure to assist our firm scale and make the most of the alternatives at hand out there.” 

“2022 as an entire was a difficult yr to navigate with provide chain points, uncertainty brought on by Covid, geopolitical tensions and darkening macro-economic forces.  Regardless of these headwinds, there have been segments of our enterprise that accelerated, corresponding to our OEM enterprise group, which delivered year-over-year income development of 250% fueled by new prospects and follow-on packages from current prospects. Throughout 2022, we additionally witnessed accelerated sensible glasses adoption by key accounts, particularly in warehousing and logistics within the type of bigger orders to help growth into further warehouses and distribution facilities.  Moreover, in 2022 we continued to increase our international gross sales channel and technique inside choose markets to offer end-to-end sensible glasses-based providers to finish prospects,” stated Mr. Travers.

The next desk compares condensed components of the Firm’s summarized Consolidated Statements of Operations knowledge for the fourth quarters and years ended December 31, 2022 and 2021, respectively. Readers ought to discuss with Vuzix’ Kind 10-Okay for the yr ended December 31, 2022 for extra data in addition to disclosure of essential threat components:

Full 12 months 2022 Monetary Outcomes

For the complete yr ended December 31, 2022, whole revenues have been $11.8 million, a lower of 10% over the comparable interval in 2021. The lower in revenues for the yr was on account of decrease gross sales of sensible glasses, which resulted from a mixture of upper common gross sales reductions on account of bigger quantity reseller gross sales, detrimental international trade comparatives and, to a smaller diploma, a lower in general unit gross sales. Gross sales of engineering providers for the yr ended December 31, 2022, have been $1.3 million as in comparison with $0.4 million in the identical interval of 2021, a rise of 250%.

There was an general gross revenue of $1.5 million or 13% for the complete yr ended December 31, 2022 as in comparison with general gross revenue of $1.6 million or 12% for a similar interval in 2021. 

Analysis and Growth expense was $12.7 million for the yr ended December 31, 2022 in comparison with $11.7 million for the comparable 2021 interval, a rise of 9% largely on account of a $0.6 million enhance in exterior improvement bills associated to the Protect and Blade 2 and a $0.4 million enhance in wage and advantages bills on account of further personnel.

Promoting and Advertising expense was $8.1 million for the yr ended December 31, 2022 in comparison with $6.1 million for the comparable 2021 interval, a rise of 32% that was largely on account of a $1.7 million enhance in wage and wage advantages associated bills.

Basic and administrative expense was $21.0 million for the complete yr ended December 31, 2022 in comparison with $22.5 million for the comparable 2021 interval, a lower of seven%. The lower was largely on account of a $1.3 million decline in non-cash stock-based compensation and reduces in authorized bills.

The online loss for the complete yr ending December 31, 2022 was $40.8 million or $0.64 cents per share versus a internet lack of $40.4 million or $0.66 for a similar interval in 2021.

Internet money flows utilized in working actions for 2022 was $24.5 million as in comparison with the prior yr’s whole lack of $27.0 million.

As of December 31, 2022, the Firm maintained money and money equivalents of $73 million and an general working capital place of $76 million.

Fourth Quarter 2022 Monetary Outcomes

For the three months ended December 31, 2022, whole revenues have been $2.9 million, a 13% lower over the prior yr’s interval. The lower was on account of decrease gross sales of sensible glasses merchandise, partially offset by greater engineering providers gross sales.

There was an general gross lack of $0.1 million for the three months ended December 31, 2022, as in comparison with gross lack of $0.01 million for a similar interval in 2021.

Analysis and Growth expense was $3.1 million for the three months ended December 31, 2022 versus $3.3 million for the comparable 2021 interval.

Promoting and Advertising expense was $2.2 million for the three months ended December 31, 2022 versus $1.8 million for the comparable 2021 interval.

Basic and administrative expense for the three months ended December 31, 2022 was $5.7 million versus $5.8 million for the comparable 2021 interval.

Administration Outlook

“We count on 2023 will probably be an thrilling yr for Vuzix and its shareholders. We entered 2023 ready of energy and are targeted on execution of our marketing strategy to leverage and monetize the vital and prudent investments that have been made all through 2022. So far, our first quarter of 2023 is off to a powerful begin. Primarily based on present shipments in Q1-2023 and buy orders being processed for cargo in Q1-2023, we should always outpace our reported whole revenues for each certainly one of our 2022 quarters.  For the complete yr, now we have a powerful e book of enterprise with recognized alternatives, giant offers and cornerstone prospects on the enterprise and OEM facet of our enterprise that we count on to return in over the course of the calendar yr. Consequently, we count on to attain report general revenues in 2023 fueled by stronger gross sales of core sensible glasses, SaaS options and OEM merchandise and engineering providers,” stated Mr. Travers.  

Convention Name Data

Date: Wednesday, March 1, 2023
Time: 4:30 p.m. Jap Time (ET)
Dial-in Quantity for U.S. & Canadian Callers: 877-709-8150
Dial-in Quantity for Worldwide Callers (Exterior of the U.S. & Canada): 201-689-8354

A dwell and archived webcast of the convention name will probably be accessible on the investor relations web page of the Firm’s web site at: https://ir.vuzix.com/ or instantly at https://occasion.choruscall.com/mediaframe/webcast.html?webcastid=wF3xyd0T.

Collaborating on the decision will probably be Vuzix’ Chief Government Officer and President Paul Travers and Chief Monetary Officer Grant Russell, who collectively will talk about enterprise, operational and monetary highlights for the fourth quarter and full yr ended December 31, 2022.

To affix the dwell convention name, please dial into the above referenced phone numbers 5 to 10 minutes previous to the scheduled convention name time.

A telephonic replay will probably be accessible for 30 days, beginning on March 1, 2023, at roughly 5:30 p.m. (ET). To entry this replay, please dial 877-660-6853 throughout the U.S. or Canada, or 201-612-7415 for worldwide callers. The convention replay ID# is 13736502.

About Vuzix Company

Vuzix is a number one provider of Sensible Glasses and Augmented Actuality (AR) applied sciences and merchandise for the buyer and enterprise markets. The Firm’s merchandise embody private show and wearable computing gadgets that supply customers a conveyable high-quality viewing expertise, present options for mobility, wearable shows and augmented actuality. Vuzix holds 278 patents and patents pending and quite a few IP licenses within the Video Eyewear area. Moviynt, an SAP Licensed ERP SaaS logistics resolution supplier, is a Vuzix wholly owned subsidiary. The Firm has received Client Electronics Present (or CES) awards for innovation for the years 2005 to 2023 and a number of other wi-fi expertise innovation awards amongst others. Based in 1997, Vuzix is a public firm (NASDAQ: VUZI) with places of work in Rochester, NY, Oxford, UK, and Tokyo, Japan.  For extra data, go to the Vuzix web site,  Twitter and Fb pages.

Ahead-Wanting Statements Disclaimer

Sure statements contained on this information launch are “forward-looking statements” throughout the that means of the Securities Litigation Reform Act of 1995 and relevant Canadian securities legal guidelines. Ahead-looking statements contained on this launch relate to, amongst different issues, the timing of latest product releases, R&D undertaking successes, sensible glass pilot to roll-out conversion charges, future working outcomes, and the Firm’s management within the Sensible Glasses and AR show trade. They’re usually recognized by phrases corresponding to “believes,” “could,” “expects,” “anticipates,” “ought to” and related expressions. Readers shouldn’t place undue reliance on such forward-looking statements, that are primarily based upon the Firm’s beliefs and assumptions as of the date of this launch. The Firm’s precise outcomes may differ materially on account of threat components and different objects described in additional element within the Firm’s Annual Reviews and different filings with the USA Securities and Alternate Fee and relevant Canadian securities regulators (copies of which can be obtained at www.sedar.com or www.sec.gov). Subsequent occasions and developments could trigger these forward-looking statements to vary. The Firm particularly disclaims any obligation or intention to replace or revise these forward-looking statements because of modified occasions or circumstances that happen after the date of this launch, besides as required by relevant legislation.

Investor Relations Contact

Ed McGregor, Director of Investor Relations
Vuzix Company
[email protected]  
Tel: (585) 359-5985

Vuzix Company, 25 Hendrix Street, West Henrietta, NY 14586 USA,
Investor Data – [email protected] www.vuzix.com

SOURCE Vuzix Company