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.
“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”