Vuzix(VUZI) - 2025 Q1 - Quarterly Results

Vuzix First Quarter 2025 Financial Report CEO's Opening Remarks CEO Paul Travers highlights increasing commercial momentum driven by design wins and growing interest in AI-powered smart glasses - Vuzix is experiencing increasing commercial momentum, with investments translating into design wins and near-term commercial traction[3] - The broader tech industry is increasing its focus on AI-powered smart glasses, signaling a potential acceleration in market adoption[3] - Q1 2025 enterprise sales showed sequential improvement over Q4 2024, driven by new customer deployments and growing follow-on orders[3] First Quarter 2025 Financial Results Vuzix reported Q1 2025 total revenues of $1.6 million, a 21% YoY decrease, resulting in a net loss of $8.6 million Condensed Consolidated Statements of Operations (Q1 2025 vs Q1 2024) | ($ thousands except per share amounts) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Sales | $1,581 | $2,004 | | Sales of Products | $1,324 | $1,829 | | Sales of Engineering Services | $257 | $175 | | Gross Loss | $(265) | $(53) | | Loss from Operations | $(8,774) | $(10,092) | | Net Loss | $(8,638) | $(10,048) | | Loss per Common Share | $(0.11) | $(0.16) | - Total revenues for Q1 2025 decreased by 21% YoY to $1.6 million, mainly due to reduced unit sales of M400 smart glasses[4] - Operating expenses decreased YoY: Research and Development down 5% to $2.6 million[6], Selling and Marketing down 31% to $1.5 million[7], and General and Administrative down 3% to $4.0 million[8] - Cash used in operating activities significantly improved, decreasing to $3.5 million for Q1 2025 from $8.8 million in the same period of 2024[9] Management Outlook Management is confident in its $19.5 million working capital, focusing on securing ODM/OEM design wins and expanding defense business - The company ended March 2025 with $19.5 million in working capital, which management believes is sufficient to execute the current operating plan[10] - Key strategic goals for 2025 include securing new ODM/OEM design wins for recurring revenues, growing business with new and existing prime defense contractors, and converting existing smart glasses inventory to cash via anticipated follow-on orders[10][11] - Vuzix is pleased with its burgeoning commercial relationships with Quanta and other key ODMs/OEMs, which involve both capital and commercial collaborations[11] Conference Call Information Vuzix scheduled a conference call for May 12, 2025, at 4:30 p.m. ET, featuring CEO Paul Travers and CFO Grant Russell - A conference call was scheduled for Monday, May 12, 2025, at 4:30 p.m. ET to discuss Q1 2025 operational and financial highlights[12] - CEO Paul Travers and CFO Grant Russell will host the call[12] - Details for live participation via phone or webcast, as well as information for a 30-day replay, were provided[12][13] About Vuzix Corporation Vuzix (NASDAQ: VUZI) is a leading public company designing and marketing AI-powered Smart Glasses and AR technologies - Vuzix is a leading designer and manufacturer of AI-powered Smart Glasses, Waveguides, and AR technologies[14] - The company holds more than 425 patents and patents pending in its field[14] - Founded in 1997, Vuzix is a public company trading on NASDAQ under the ticker VUZI[14] Forward-Looking Statements Disclaimer This section provides a standard legal disclaimer for forward-looking statements, cautioning that future results may differ materially - The news release contains forward-looking statements concerning new product releases, future revenue, and the company's industry leadership[15] - Readers are cautioned not to place undue reliance on these statements as actual results could differ materially due to various risk factors[15] - Vuzix has no obligation to update or revise these forward-looking statements unless required by law[15]