Vuzix(US:VUZI)2022-08-09 20:20Financial Performance - Vuzix's 2Q2022 revenue reached $3.01 million, reflecting a 20% sequential increase and a 3% year-over-year increase[14, 27] - Gross profit for 2Q2022 was $0.43 million, with a gross margin of 14.2%, representing a 27% decrease in gross profit and a 29% decrease in gross margin compared to 1Q2021[27] - Operating loss for 2Q2022 was $(10.00) million, a 9% decrease compared to $(9.21) million in 1Q2021[27] - Loss per share (EPS) for 2Q2022 was $(0.16), a 7% decrease compared to $(0.15) in 1Q2021[27] - As of June 30, 2022, Vuzix held $100.6 million in cash, with current assets of $116.9 million and working capital of $109.1 million[29] Business Updates - Smart glasses customer engagements are encouraging, particularly in warehousing and logistics, with a Fortune 100 customer scheduling a multi-year rollout[14, 15] - Vuzix expects smart glasses revenue to grow in the second half of 2022 compared to the second half of 2021[15] - The company expanded its international sales channel by adding Westbase.io and bolstered local sales and support teams in Europe, with a German sales office planned to open in 3Q2022[14] - Vuzix is expanding its waveguide manufacturing quality and capacity and is the only US-based supplier of waveguides for defense customers[18] Product Development - Vuzix anticipates releasing three new products over the next several months, including a Blade follow-on product and the M400-C, with initial production units already shipped[25] - The introduction of Shield, Vuzix's next-generation smart glasses, is on track for introduction well before the end of 2H2022[25]