On 8 November, Vuzix Inc. reported its financial results for the July-September quarter. For this, three months ended period revenue grow by around 9 per cent from last prior quarter which was over $2 million and now soars up to $3 million.
The increase was entirely due to higher sales of Vuzix smart glasses products, which rose $0.3 million or 12% over the comparable period in 2020. The smart glass sales surged by 50% year-to-date.
Therefore, the gross margin increased by more than 50 per cent from 12.5% to 19.3% for this corresponding quarter 2020-2021. The gross profit increased by 68 per cent from $0.35 million to $.58 million for the three months ended September 30, 2021.
The expenses in Research and development are increased from $1.8 million to over $3 million for the quarter ended on September 30, 2021. The increment of about 70 per cent. The increase in Research and Development was surging in external development expenses related to Smart Glasses. Also for salary, benefits, and non-cash stock-based compensation.
The expenses in Selling and Marketing increased by over 70% to $1.5 million from the last prior quarter which approx $935 thousand. This rise was largely driven by due to the salary, benefits, and compensations.
Expenses in general and administrative work are increased by around 90 per cent from last quarter, which was $1.6 million to this corresponding quarter of 2021, which is $3 million.
The net loss attributable to common stockholders is more than $7 million compared to last prior quarter which was $5.3 million.
This is clearly shown in earning per share also which is 13 cents per share.
The net cash operating loss after adding back non-cash items for the third quarter of 2021 was $5.8 million as compared to a loss of $3.0 million for the third quarter of 2020. As of September 30, 2021, the Company maintained cash and cash equivalents of $128.7 million and an overall working capital position of $140.3 million.
About the company
Vuzix is an American Leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products. Vuzix manufacturers and sells computer display devices and software. It was founded by Paul Travers in 1997. Their headquarters are located in Rochester, New York.
The company has its offices in New York, Japan, and the UK. Vuzix holds 233 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2021 and several wireless technology innovation awards among others.
Vuzix is a public company and listed on NASDAQ (NASDAQ: VUZI).
Financials
| For 3 Months Ended September 30 | ||||
| (thousand’s except per share amounts) | ||||
| 2021 | 2020 | |||
| Sales: | ||||
| Sales of Products | $ 3,019 | $ 2,686 | ||
| Sales of Engineering Services | – | 93 | ||
| Total Sales | 3,019 | 2,779 | ||
| Total Cost of Sales | 2,435 | 2,431 | ||
| Gross Profit | 583 | 348 | ||
| Gross Profit % | 19% | 13% | ||
| Operating Expenses: | ||||
| Research and Development | 3,270 | 1,874 | ||
| Selling and Marketing | 1,590 | 936 | ||
| General and Administrative | 3,112 | 1,635 | ||
| Depreciation and Amortization | 434 | 635 | ||
| Loss on Fixed Assets and Other Asset | ||||
| Impairment | 8 | 16 | ||
| Total Operating Expenses | 8,414 | 5,096 | ||
| Loss from Operations | (7,830) | (4,748) | ||
| Net Loss | (7,946) | (4,761) | ||
| Loss per Common Share | $ (0.13) | $ (0.13) | ||
Third Quarter 2021 Financial Results