Vuzix Q1 revenue down 36% to $2.5M; net loss widens to $10.5M

Vuzix Corp

2022-Q1 EPS reported -$0.16 revenue$2,503,051

Total revenues $2.5M vs. $3.9M in Q1 2021, driven by 37% drop in smart glasses product sales.
Net loss $10.5M ($0.16 loss per share) vs. $9.2M loss ($0.17) in prior year.
Gross profit margin 26% vs. 28%; R&D expenses rose 41% to $3.1M on Shield smart glasses development.
Cash and equivalents $113.3M, working capital $126.6M as of March 31, 2022.
Management positive on 2022 outlook citing repeat orders and defense market engagement post-June.

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