Vuzix Q1 revenue down 52% to $2.0M; net loss $10.0M

Vuzix Corp

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

Total revenues $2.0M, down 52% YoY from $4.2M; gross loss of $0.1M vs prior-year gross profit of $0.9M (21% margin).
Net loss $10.0M ($0.16 per share) vs $10.2M ($0.16) in Q1 2023; cash net loss (non-GAAP) $6.5M.
Cost reduction plan targets 35% cut in operating expenses vs 2023 comparable by end of Q2; capital equipment spending cut >90%.
Voluntary salary reduction program (10%-50% salary for equity) expected to save >$1.6M over 12 months.
Cash and cash equivalents $16.5M; management expects large deals with defense/enterprise customers moving to production later in 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 three months ended March 31, 2024 results: revenue $2.0 million, net income net loss of $10.0 million, EPS $0.16 cents per share.

Period: three months ended March 31, 2024
Revenue: $2.0 million
Net income: net loss of $10.0 million
EPS: $0.16 cents per share
Result: reported results

Exact text from the filing

For the three months ended March 31, 2024, total revenues decreased by 52% to $2.0 million versus $4.2 million for the comparable period in 2023. The decrease in total revenues was due to lower product sales and specifically reduced unit sales of M400 smart glasses. Engineering services revenues were $0.2 million for the three months ended March 31, 2024 as compared to nil in the prior year’s quarter. There was an overall gross loss of $0.1 million for the three months ended March 31, 2024 as compared to a gross profit of $0.9 million or 21% of revenue for the same period in 2023. The loss was the result of lower revenues to absorb many of our relatively fixed manufacturing overhead costs as compared to the 2023 period. Research and Development expense was $2.7 million for the three months ended March 31, 2024, versus $3.1 million for the comparable 2023 period, a decrease of approximately 11%. This decrease was primarily due to reduced salary and benefits expenses. Selling and Marketi

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Source: SEC EDGAR

accession 0001104659-24-061114

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