Vuzix Q2 revenue down 77% to $1.1M, net loss $40.6M on $30.1M impairment charge

Vuzix Corp

2024-Q2 EPS reported -$0.77 revenue$3,096,438

Total revenues $1.1M, down 77% YoY from $4.7M; product sales fell to $601K from $4.4M.
Gross loss of $333K vs gross profit of $972K in Q2 2023; gross margin -30%.
Non-cash impairment charge of $30.1M on Atomistic license write-off, driving net loss to $40.6M ($0.62/share).
Cash net loss (non-GAAP) $5.9M vs $4.5M; cash and equivalents $9.9M, working capital $22.1M.
Company reduced annual cost structure by $8M vs 2023; expects H2 revenue improvement from enterprise and defense.

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