­­­­-     Developers releasing feature rich transcription, navigation, AI and other exciting new appsROCHESTER, N.Y., Nov. 20, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and augmented reality (AR) technology and products, today announced the general availability of Vuzix Z100™ smart glasses,  priced at just $499.  The Z100 smart glasses provide users with the heads-up information display they expect from an everyday wearable. Vuzi ...

Certification of leading mobile device management (MDM) solution will allow Vuzix customers to manage and secure their M400 and M4000 AR smart glasses from one central locationROCHESTER, N.Y., Nov. 18, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, today announced that its industry-leading M-series AR smart glasses have now been certified for use with Microsoft Intune, a leading clou ...

ROCHESTER, N.Y., Nov. 14, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI) ("Vuzix" or the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technologies, today reported its financial results for the third quarter ended September 30, 2024, and provided updates on its strategic progress."During the quarter, Vuzix made meaningful advancements across key areas, including its partnership with Quanta Computer, which delivered the first $10 million tranche of a $20 million multi-pha ...

Sales Performance - Total sales decreased by 36% to $1,385,714 for the three months ended September 30, 2024, compared to $2,180,007 in the same period in 2023[101][103] - Sales of products decreased by 28% to $988,328, primarily due to reduced sales of smart glasses, especially the M400 product[101][104] - Sales of engineering services decreased by 51% to $397,386 compared to $808,156 in the same period in 2023[101][105] - Total sales for the nine months ended September 30, 2024 decreased by $6,580,050, or 59%, compared to the same period in 2023[116] - Sales of products for the nine months ended September 30, 2024 decreased by $6,569,709, or 66%, compared to the same period in 2023[118] - Sales of engineering services for the nine months ended September 30, 2024 decreased by $10,341, or 1%, compared to the same period in 2023[119] Gross Profit and Loss - Gross loss increased to $259,848 (19% of total sales) from $237,544 (11% of total sales) in the comparable period in 2023[101][107] - Gross profit for the nine months ended September 30, 2024 was a loss of $646,245, compared to a profit of $1,610,847 in the same period in 2023[116] - Gross loss from total sales for the nine months ended September 30, 2024 was $646,245, or 14%, compared to a gross profit of $1,610,847, or 15% in the same period in 2023[121] Manufacturing and Overhead Costs - Unapplied manufacturing overhead costs increased by 69% to $549,728, representing 40% of total sales, due to lower production levels[108] - Unapplied manufacturing overhead costs increased by $274,234, or 22%, to 33% of total sales for the nine months ended September 30, 2024, driven by lower production levels and temporary cessation of smart glasses production[121] Research and Development Expenses - Research and development expenses decreased by 20% to $2,333,798 compared to $2,912,562 in the same period in 2023[101] - Total research and development expenses for the three months ended September 30, 2024 decreased by $578,764, or 20%, compared to the same period in 2023[111] - Total research and development expenses decreased by $1,411,998, or 16%, for the nine months ended September 30, 2024, driven by reductions in external development costs, salary and benefits, and supplies expenses[124] Selling and Marketing Expenses - Selling and marketing expenses decreased by 38% to $1,766,246 compared to $2,832,031 in the same period in 2023[101] - Total selling and marketing expenses for the three months ended September 30, 2024 decreased by $1,065,785, or 38%, compared to the same period in 2023[113] - Total selling and marketing expenses decreased by $1,636,201, or 21%, for the nine months ended September 30, 2024, primarily due to reductions in advertising, salary and benefits, and travel expenses[126] General and Administrative Expenses - Total general and administrative expenses for the three months ended September 30, 2024 decreased by $119,837, or 3%, compared to the same period in 2023[115] - Total general and administrative expenses decreased by $917,660, or 7%, for the nine months ended September 30, 2024, driven by reductions in salary and benefits, non-cash stock-based compensation, and insurance premiums[131] Depreciation and Amortization - Depreciation and amortization included in cost of sales decreased by 22% to $181,807 due to full amortization of certain manufacturing assets[109] - Depreciation and amortization included in cost of sales decreased by $178,323, or 25%, for the nine months ended September 30, 2024 due to full amortization and depreciation of certain manufacturing assets[122] - Depreciation and amortization expense, not included in cost of sales, decreased by $327,427 for the nine months ended September 30, 2024, due to a significant decrease in amortization expense related to the Atomistic technology license[132] Net Loss and Impairment - Net loss improved by 16% to $9,222,279 compared to $10,983,008 in the same period in 2023[101] - Net loss for the nine months ended September 30, 2024 was $59,882,054, compared to a net loss of $30,268,511 in the same period in 2023[116] - Impairment on intangible asset and equity investment for the nine months ended September 30, 2024 was $30,301,355[116] - Total impairment charge on an intangible asset and equity investment was $30,301,355 for the nine months ended September 30, 2024, due to the termination of the Atomistic technology license and impairment of the related equity investment[133] Cash Flow and Financial Position - Cash and cash equivalents decreased by $12,283,926 to $14,271,666 as of September 30, 2024, compared to December 31, 2023[137] - Net cash used in operating activities was $19,717,197 for the nine months ended September 30, 2024, with significant changes in working capital items including a $2,611,906 decrease in trade accounts payables and accrued expenses[139] - The company incurred net losses of $59,882,054 for the nine months ended September 30, 2024, $50,149,077 for the year ended December 31, 2023, and $40,763,573 for the year ended December 31, 2022[142] - The company had net cash outflows from operations of $19,717,197 for the nine months ended September 30, 2024, $26,277,824 for the year ended December 31, 2023, and $24,521,082 for the year ended December 31, 2022[142] - The company's cash outflows for investing activities were $2,566,729 for the nine months ended September 30, 2024, $19,280,966 for the year ended December 31, 2023, and $21,170,816 for the year ended December 31, 2022[142] - The company's accumulated deficit as of September 30, 2024, was $353,866,847[142] Cost of Sales - Cost of sales for the nine months ended September 30, 2024 decreased by $4,322,958, or 46%, compared to the same period in 2023[116] Strategic Focus and Market - The company is focused on enterprise, defense, industrial, medical, and commercial markets for its Smart Glasses and AR products[95][96] Financing and Cost Reduction Initiatives - The company received $10,000,000 under the closing of the first tranche of a securities purchase agreement for the sale of up to $20,000,000 in common stock and Series B Preferred Stock with Quanta Computer Inc[146] - The company implemented a voluntary company-wide payroll reduction program of 10% to 50%, achieving cash savings in wages of approximately $2,100,000[146] - The company's current weekly gross cash salary costs are now approximately $162,000 versus $263,000 at the beginning of 2024, a decrease of $101,000 per week or 38.4%[146] - The company expects to reduce cash annual operating expenses by at least 20% compared to 2023 levels, including in Research and Development, Sales and Marketing, and General and Administrative areas[146] - The company has filed a Registration Statement on Form S-3 for the issuance and sale of up to $50,000,000 of common stock in an "at the market" offering[147] Termination of Technology License - The company terminated its exclusive technology license with Atomistic on July 1, 2024, and will not be paying further licensing development fees[143]

ROCHESTER, N.Y., Nov. 4, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, is pleased to announce that the Company will host a conference call regarding its third quarter 2024 operating results at 4:30 PM Eastern Time (ET), November 14, 2024.To join the live conference call, please dial 877-709-8150 (U.S. and Canadian callers) or 201-689-8354 (international callers outside of the U.S. a ...

ROCHESTER, N.Y., Oct. 28, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of AI/AR smart glasses, technologies and optical components, is pleased to announce that the Company will be attending and presenting at the ThinkEquity Conference 2024, being held at the Mandarin Oriental Hotel in New York City on October 30, 2024. Vuzix Chief Executive Officer and President Paul Travers is scheduled to present at 10:00 AM EST at this event. The presentation wil ...

- Partnership and strategic $20 million investment by Quanta Computer with the first $10 million received; focused on manufacturing waveguides at scale and developing AI smart glasses for the broad markets. - Vuzix waveguide technology continues to lead and is the core of AI smart glasses. - Expanding OEM/ODM opportunities and recent partnerships with Quanta, Garmin and others. - Implemented key initiatives to enhance operational efficiency, including reducing capital expenditures and headcount. ROCHESTER, ...

ROCHESTER, N.Y., Sept. 26, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of smart glasses and Augmented Reality (AR) technology, today announced an expanded focus on OEM partnerships and waveguide manufacturing following its recent strategic investment by Quanta Computer Inc., a global ODM leader. With this partnership, Vuzix is now better positioned to collaborate with new clients in developing and mass-producing intelligent waveguide configurations, ranging from standalone com ...

Quanta investment part of a total $20 million strategic investment agreement to support the expansion of Vuzix' leading-edge waveguide production capabilities and joint development of new AR/AI smart glasses technologies ROCHESTER, N.Y., Sept. 16, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, is pleased to announce that it has completed the closing of the first investment tranche, f ...

Vuzix's (VUZI) Z100 Smart Glasses are set to power the project of GPS Tuner, where the latter will bundle the smart glasses with its eMobility software solutions and applications to provide heads-up augmented reality (AR) display for eBike users to reduce distractions and enhance safety. The AR solution uses GPS Tuner's mobile-based applications and connects with vehicles, infrastructure and personal devices through V2X technology. GPS Tuner will provide eBike and scooter manufacturers an offer to bundle th ...