Vuzix Delivers Customized Waveguide-Based HMD System to a Global Aerospace Firm
Vuzix Corporation, a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced it has delivered a customized commercial and defense avionics waveguide-based head mounted display (HMD) system to a global Tier-1 Aerospace firm as part of the work effort associated with the fourth phase of product development for this customer.
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The customized HMD development program with this Tier-1 Aerospace firm that is targeting their commercial and defense customer base has continued to expand and move towards volume production orders since it was first announced in 2018. Phase IV of this program was originally announced by Vuzix on April 20, 2020. To date, the Company has now received approximately $1,300,000 in non-recurring engineering services revenues on this program. As part of the next steps, the customer and the Company are now negotiating a supply agreement for volume production of this customized HMD waveguide and HD display engine product, with deliveries commencing as early as fall 2020. Contemplated quantities should represent a significant revenue opportunity for Vuzix, with ongoing deliveries over several years depending on end customer demand.
“We are very pleased with the progress we continue to make with this major aerospace/defense customer as we pursue a significant production opportunity in the avionics space,” said Paul Travers, President and CEO of Vuzix. “OEM custom waveguide-based projects such as this should represent a profitable vehicle for leveraging our extensive optical expertise and IP and we look forward to announcing further developments with this firm, as well as numerous others, going forward.”
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