Vuzix Reports Record Smart Glasses Revenues and Provides Business Outlook

Vuzix Smart Glasses revenues for the second quarter increased 183% year-over-year Overall revenues for the second quarter increased 98% sequentially compared to the first quarter

Vuzix Corporation, a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products, reported its second quarter results for the period ended June 30, 2020.

“Our second quarter revenue grew 39% over the comparable 2019 period and 98% sequentially from our first quarter to $3.0 million as our enterprise business continued to expand at an accelerated pace and engineering services sales doubled to $0.7 million versus the comparable 2019 period. The worldwide coronavirus outbreak has impacted the day-to-day operations of our enterprise customers across numerous market verticals and this has accelerated the enterprise adoption of our smart glasses. We delivered a record $2.3 million of Vuzix smart glasses in the quarter, an increase of 183% year-over-year and 70% sequentially from our first quarter of 2020, primarily driven by interest from new customers and follow-on orders from existing customers whose business operations have been impacted by COVID-19.  Healthcare has emerged as an important business segment for Vuzix, including telemedicine and telehealth solutions related to patient care, training and surgery, as well as supporting healthcare companies like medical device manufacturers that have active equipment installations in hospitals and medical facilities,” said Paul Travers, President and CEO of Vuzix.

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“The second quarter was also a good one for our OEM business group. We advanced the existing programs we have with two major global defense companies and achieved meaningful milestones on their respective product development initiatives that should accelerate the transition of these programs from engineering services concepts to volume production in the near future,” continued Mr. Travers.

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The following table compares condensed elements of the Company’s summarized Consolidated Statements of Operations data for the three months ended June 30, 2020 and 2019, respectively: