Vuzix Q3 revenue down 36% to $2.2M; net loss widens to $11.0M

Vuzix Corp

2023-Q3 EPS reported -$0.48 revenue$11,062,203

Total sales $2.18M vs $3.43M YoY; product sales fell to $1.37M from $2.54M.
Gross loss of $0.24M vs gross profit of $0.87M; gross margin negative 11%.
Net loss $11.0M ($0.17/share) vs $9.5M ($0.15/share) in Q3 2022.
Ended Q3 with $38.0M cash, no debt; record $3.2M OEM project backlog.
CEO plans cost restructuring targeting 20% annual opex reduction; bullish on 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Vuzix Corp reported the three months ended September 30, 2023 results: revenue $2.2 million, net income $11.0 million or $0.17 cents per share, EPS $0.17.

Period: the three months ended September 30, 2023
Revenue: $2.2 million
Net income: $11.0 million or $0.17 cents per share
EPS: $0.17
Result: reported results

Exact text from the filing

) (9,477 ) Loss per Common Share $ (0.17 ) $ (0.15 ) Third Quarter 2023 Financial Results For the three months ended September 30, 2023, total revenues decreased by 36% to $2.2 million versus $3.4 million for the comparable period in 2022. The decline in total revenues was primarily due to lower product sales, and specifically decreased unit sales of M400 smart

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Source: SEC EDGAR

accession 0001104659-23-117986

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