Vuzix reports FY2023 net loss $50.1M; Q4 revenue down 63% YoY

Vuzix Corp

2024-Q1 EPS reported -$0.16 revenue$2,003,867

FY2023 revenue $12.1M (+2% YoY); net loss $50.1M ($0.79/sh) vs $40.8M ($0.64) in FY2022.
Q4 2023 revenue $1.07M (down 63% from $2.90M in Q4 2022); Q4 net loss $19.9M ($0.32/sh) vs $10.8M ($0.17).
Full-year gross loss of $2.6M (vs gross profit $1.5M in 2022), including $4.4M inventory write-down.
Selling & marketing expense rose 57% to $12.7M; goodwill and intangible impairment $2.1M.
Cash and equivalents $26.6M at Dec 31, 2023; management cites slower enterprise AR adoption.

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 0.95

Vuzix Corp reported the year ended December 31, 2023 results: revenue $12.1 million, net income $50.1 million, EPS $0.79.

Period: the year ended December 31, 2023
Revenue: $12.1 million
Net income: $50.1 million
EPS: $0.79
Result: reported results

Exact text from the filing

For the full year ended December 31, 2023, total revenues were $12.1 million, an increase of 2% over the comparable period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Vuzix Corp reported financial results for the fourth quarter and full year ended December 31, 2023.

Period: the fourth quarter and full year ended December 31, 2023
Result: reported results

Exact text from the filing

On April 15, 2024, Vuzix Corporation (the “Company”) issued a press release announcing the Company’s financial results for the period ended December 31, 2023.

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Source: SEC EDGAR

accession 0001104659-24-049290

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