Vuzix Q2 2021 net loss widens to $8.8M; product sales up 21% YoY; cash $137.6M

Vuzix Corp

2022-Q2 EPS reported -$0.32 revenue$6,831,927

Product revenue rose 21% to $2.83M; total revenue down 4% to $2.92M on $0.6M drop in engineering services.
Net loss $8.78M ($0.14/share) vs $4.24M ($0.13) in Q2 2020, driven by $3.0M non-cash stock compensation and higher R&D/S&M.
Cash and equivalents $137.6M; working capital $147.9M as of June 30, 2021.
Management expects sequential top-line growth in H2 2021 on smart glasses demand and initial Tier-1 defense customer sales.
Gross profit margin fell to 20% from 26%; product gross margins improved to 53% from 50%.

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