Vuzix (VUZI – Free Report) came out with a quarterly loss of $0.16 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this wearable device maker would post a loss of $0.15 per share when it actually produced a loss of $0.17, delivering a surprise of -13.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Vuzix, which belongs to the Zacks Computer – Peripheral Equipment industry, posted revenues of $4.19 million for the quarter ended March 2023, missing the Zacks Consensus Estimate by 9.48%. This compares to year-ago revenues of $2.5 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
Vuzix shares have added about 23.9% since the beginning of the year versus the S&P 500’s gain of 7.3%.
What’s Next for Vuzix?
While Vuzix has outperformed the market so far this year, the question that comes to investors’ minds is: what’s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company’s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Vuzix: mixed. While the magnitude and direction of estimate revisions could change following the company’s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.15 on $5.13 million in revenues for the coming quarter and -$0.60 on $20.5 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer – Peripheral Equipment is currently in the bottom 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
SoundHound AI, Inc. (SOUN – Free Report) , another stock in the broader Zacks Computer and Technology sector, has yet to report results for the quarter ended March 2023. The results are expected to be released on May 11.
This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +94%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
SoundHound AI, Inc.’s revenues are expected to be $6.54 million, up 52.5% from the year-ago quarter.
Vuzix Corporation (NASDAQ:VUZI) (“Vuzix”), founded in 1997, is engaged in the design, manufacture, marketing and sale of Smart Glasses and Augmented Reality or AR Glasses. In terms of Smart Glasses and AR Glasses, Vuzix is focused on the enterprise, industrial, commercial, security, first responder, medical markets, and defense markets. In addition, Vuzix provides custom solutions and engineering services to third parties, including OEMs. Notably, Vuzix recently launched Vuzix Ultralite, which acts as a reference design for third parties to develop consumer AR Glasses.
Vuzix has been in the virtual reality eyewear business since the beginning. As mLED, chip, lithium battery technologies develop among other supporting technologies, Vuzix is getting closer than ever to develop Smart and AR Glasses that are practical, problem-solving, affordable, and fashionable.
Vuzix is one of the very few Smart and AR Glasses manufacturers in the United States. If successful, Vuzix can play a major role pushing the United States back to the center of high-tech manufacturing for the world.
However, Vuzix faces significant challenges ahead that determine its fate.
Financial Analysis
At the scale that Vuzix is operating, the main revenue component from sale of products has fairly low gross margin overall. Not to mention, the gross margin has not been improving quarter over quarter in the past five quarters. As Vuzix realizes more economies of scale from increased production, one should expect the cost of production to decrease significantly and improved gross margin. At its current pace, the business model is not working.
2022 Q3
2022 Q2
2022 Q1
2021 Q4
2021 Q3
Sales of Products Revenue
2,537,539
2,898,892
2,503,051
3,127,011
3,018,774
Cost of Products Sold
2,034,123
2,522,674
1,863,697
2,800,930
2,370,053
Gross Profit
503,416
376,218
639,354
326,081
648,721
Gross Margin
19.84%
12.98%
25.54%
10.43%
21.49%
In addition, if one is to look at the Sales and Marketing costs incurred, it is whopping several times of gross profits typically, especially the trend is painting a worsening picture that it takes more dollars than before to sell a unit of product.
2022 Q3
2022 Q2
2022 Q1
2021 Q4
2021 Q3
Sales and Marketing Cost
1,980,748
1,850,595
2,023,435
1,813,297
1,653,013
Times over Gross Profit
3.93
4.92
3.16
5.56
2.55
For a company with a market capitalization of about $320 million or over 25 times of sales, one should expect sales to grow at hyper speed. However, sales have been declining in recent quarters compared to 2021. This is concerning and may signal that Vuzix’s current products are facing competition and are not gaining sufficient traction.
In some way, one may argue that Vuzix is better off not producing or selling any products and focuses on profitable OEM services and research and development.
Since inception to date as of September 30, 2022, Vuzix has accumulated about $233 million deficits meaning that roughly $233 million of capital has been spent since 1997. Interesting, out of the $233 million of capital spent, about $70 million was spent in 2021 and the nine months in 2022. One can see an acceleration of capital consumption in recent years.
Vuzix is currently in a fairly healthy financial position with a flux of cash and small amount of liabilities. In the nine months ending September 30, 2022, Vuzix used about $30 million of cash between operations and investments. With $90 million cash on hand as of September 30, 2022, Vuzix may likely need to raise additional funds in 2024 or as early as late 2023.
Source: Vuzix’s 10Qs
Inventory
For a fast-evolving Smart Glasses industry, one should expect that products are manufactured to orders and manufacturers shall have minimal inventory on hand, especially given that Vuzix is focused more on enterprise Smart and AR glasses rather than consumer electronics. It is surprising to see that Vuzix has about $12 million in inventory as of September 30, 2022. It is about one full year worth of sales of products for Vuzix. From below inventory summary, one can also find that Vuzix has been building up inventory significantly since 2021 Q1. The inventory balance almost doubled since then. I am quite curious on the rationale behind the mass production of products that are slow moving at the moment, especially given that Vuzix management claimed that their production is fast turn and scalable in their fact sheet. Is it because a customer canceled orders after products have been manufactured or management has been fairly confident on its current products’ sales velocity?
In addition, from the notes to the financial statements, one can find that Vuzix has recorded a massive $1.15 million Reserve for Obsolescence as of September 30, 2022.
2022 Q3
2022 Q2
2022 Q1
2021 Q4
2021 Q3
2021 Q2
2021 Q1
Inventory
12,229,472
11,792,089
12,559,066
12,151,982
9,880,337
7,884,363
6,958,519
Concentration of Customers
For the three months and nine months ended September 30, 2022, one single customer made up 21% and 20% of total product revenue for Vuzix respectively. It is a bit concerning if that single customer is not to order as many products as before or outright switched to another supplier.
Re-Statement of Financial Statements
It is worth noting that Vuzix understated net loss by about $5 million in 2021 and has later re-stated the financial statements.
Intel Exit from Vuzix
It was a fairly major news at that time when Intel announced a $25 million investment in Vuzix in 2015 that represented about 30% ownership of Vuzix. However, between 2018 and 2021, Intel sold off its investments in Vuzix and currently has 0% ownership in Vuzix. One may wonder why Intel sold off its stake in Vuzix.
As mLED starts to play a significant role in the development of next generation Smart and AR Glasses, Vuzix announced a Joint Manufacturing and Supply Agreement with China based Jade Bird Display for MicroLED-Based Display Engine and Waveguide Products in January 2021. However, there have been no further updates on this collaboration. One may wonder what happened to this supposedly good partnership at that time. Then, Vuzix announced that it has entered into several agreements with France based Atomistic to obtain its key mLED technology and design of a custom backplane. For a total of $30 million in cash with equity issuance commitments by achieving performance milestones, Vuzix will eventually acquire Atomistic. Vuzix has made about $5.5 million cash payments to date as of September 30, 2022. In addition to the cash needed for current operations and investments, the cash commitment for Atomistic may propel Vuzix to seek additional funding sooner. It appears that Vuzix is racing to acquire the mLED technology from Atomistic to lead the Smart and AR Glasses industry.
In addition to the upcoming Apple Glass, Google Glass, the existing Microsoft HoloLens, Oculus Quest 2 by Meta, there are several other new competitors in this space such as China based Nreal. One may question how Vuzix can outpace the almost infinite amount of capital by the likes of Apple, Google, Microsoft, Amazon, Meta and China based Nreal to invest in the Smart and AR Glasses technology.
However, such increased competition also can result in increased interest for Apple, Google, Microsoft, Amazon and Meta to consider Vuzix as an acquisition target.
Conclusion
Vuzix’s current products such as Vuzix Blade are not gaining traction in the market. With the acquisition of Atomistic, Vuzix is competing fiercely in the Smart and AR Glasses industry. Vuzix may be able to pull off the next generation of Vuzix Blade that gains popularity among enterprises and uses Vuzix Ultralite to dominate the consumer Smart and AR Glasses market. Although Vuzix appears to be in a healthy financial situation, Vuzix is likely to require additional funding sooner to remain in the game. 2023-2024 is quite a turning point for Vuzix on whether it can go big or go home. As time progresses, I will provide updates on Vuzix.
ROCHESTER, N.Y., July 22, 2021 /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 second quarter 2021 operating results at 4:30 PM Eastern Time (ET), August 9, 2021.
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. and Canada) 10 to 15 minutes prior to the scheduled call time. Participants can also click this link for instant telephone access to the event. The link will become active approximately 15 minutes prior to the start of the conference call.
Participating on the call will be Vuzix Chief Executive Officer and President Paul Travers and Chief Financial Officer Grant Russell, who will discuss operational and financial highlights for the quarter ended June 30, 2021.
Investors who would like to submit questions to management for response during the call’s Q&A session, time permitting, can do so by emailing Ed McGregor at [email protected] prior to the start of the call.
Telephonic and webcast replays will be available for 30 days starting on August 9, 2021 at approximately 5:30 PM (ET). To access the telephonic replay, please dial 877-660-6853 in the U.S. or Canada and 201-612-7415 for international callers. The conference ID# is 13721661.
About Vuzix Corporation
Vuzix is a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company’s products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 210 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. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages.
Media and Investor Relations Contact:
Ed McGregor, Director of Investor Relations Vuzix Corporation [email protected] Tel: (585) 359-5985
ROCHESTER, N.Y., June 29, 2021 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, will be hosting a pair of webinars featuring partner TeamViewer, a leading provider of remote access software. The July 1st events will deliver an actionable overview of augmented reality solutions and tips for starting and streamlining a Smart Glasses pilot and broader program implementation for enterprise customers.
When executed successfully, global companies with AR programs have seen a high return on investment through reduced travel costs, increased productivity, minimized downtime and improved collaboration. However, while the benefits are significant, barriers to adopting Smart Glasses and Augmented Reality solutions into an enterprise ecosystem can hamstring programs and leave operations managers unsure how to move their initiative forward. This event, conveniently offered July 1, 2021, at both 8am ET/2pm CET and 1pm ET/ 7pm CET, will provide a solid overview of the technology and will be packed with key takeaways including:
Current impact of AR on processes, people, industry
Use cases in manufacturing, logistics, medical and other industries
Tips for streamlining your AR Smart Glasses
Overcoming internal obstacles with strategy and goals
Software and systems integration
Actionable steps for getting started
“There are so many variables to consider when onboarding Smart Glasses that it can be hard to know where to begin. Our team has guided clients in every industry through the pilot stage and into successful programs,” said Paul Travers, President and CEO of Vuzix. “Having the right software and hardware combination is half the battle. Knowing what to expect and meeting internal challenges with a scalable internal strategy is a proven way to accelerate your implementation.”
Interested parties that would like to learn more can register for this webinar via the link below.
Who should attend: Managers across industry seeking to enhance their operations with Smart Glasses and Augmented Reality solutions
Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company’s products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 192 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. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages.
Forward-Looking Statements Disclaimer
Certain statements contained in this news release are “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to Vuzix Smart Glasses, our business relationship with the TeamViewer, market opportunities with enterprise customers, benefits that can be expected with the implementation of smart glasses, and among other things the Company’s leadership in the Smart Glasses and AR display industry. They are generally identified by words such as “believes,” “may,” “expects,” “anticipates,” “should” and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company’s beliefs and assumptions as of the date of this release. The Company’s actual results could differ materially due to risk factors and other items described in more detail in the “Risk Factors” section of the Company’s Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.
Media and Investor Relations Contact:
Ed McGregor, Director of Investor Relations Vuzix Corporation [email protected] Tel: (585) 359-5985
Vuzix Corporation (NASDAQ:VUZI), a supplier of smart glasses and Augmented Reality (AR) technology, in collaboration with surgical training nonprofit Ohana One, has said the virtual Surgical Sight Smart Glasses program for the NGO community is now live in 35 countries.
The Surgical Sight program, which was formally launched in October 2020 by Ohana One, utilizes Vuzix Smart Glasses and Help Lightning software to connect surgical mentors with surgeons in developing areas around the globe to boost training in surgery.
“We are very pleased to work together with Ohana One and their growing list of participating surgical teams around the globe to support their virtual Surgical Sight smart glasses program in their mission to connect 1,000 mentor/mentee pairs,” said Vuzix CEO Paul Travers in a statement.
As of June 2021, 835 calls have been placed over Vuzix Smart Glasses which were used to connect more than 100 surgeons across five specialty areas including neurosurgeons, general and colorectal surgeons, adult and pediatric orthopedic surgeons, and plastic and reconstructive surgeons.
“The first cohort consisted of 50 surgical teams consisting of mentor and mentee pairs that spanned across five continents and 35 developing countries,” said the company. The goal is to have the program grow to 1,000 mentor/mentee pairs, it added.
The surgical mentee can share his or her surgical field directly with the mentor, and the mentor sees what the mentee is seeing live in real-time using the specialized Help Lightning smart glasses software. The technology can take pictures of the live feed, record videos, freeze the image and subsequently write on top of the captured image, and mentors can use their hands to point out areas that need special attention or direction, all as if the mentor was directly operating with the mentee.
“This enhances the training relationship between the mentor and mentee, helping the mentee to further develop their surgical skills,” said the company. The smart glasses and software create an environment where the mentor can be available live during the surgery, preoperative planning, and post-operative monitoring.
“The Vuzix Smart Glasses are becoming an important channel for communication. We can receive help from our mentors remotely. The glasses work like a smart camera with video call and virtual reality that are suitable in the operating room,” said Dr Can from InterSurgeon, an Ohana One partner, in Vietnam. “We really like using these devices to improve the quality of our global surgical programs.”
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
ROCHESTER, N.Y., May 19, 2021 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced an upcoming demo of the Vuzix M400 and M4000 Smart Glasses specifically for Mandarin-speaking listeners, featuring Softfoundry International Pte Ltd (Softfoundry), a next generation green communication solution provider and developer of the FacePro Xpert System, an AR-capable remote mentoring solution, as well as Porsche China.
FacePro Xpert System provides efficient, real-time remote global expert support, training and resources sharing via first-person perspective Full-HD to 4K video communication, utilizing both the Vuzix M400 and M4000 Smart Glasses platforms. Developed with smart adaptive bitrate control, FacePro adapts to various network environments and conditions. The FacePro Xpert System facilitates real-time remote expert guidance for on-site maintenance, inspections and repairs, providing sizable productivity gains while lowering travel costs. FacePro has been successfully deployed across various market verticals including automotive, rail transit, energy, petrochemical, maritime, aviation, agriculture, telemedicine and telecommunications.
“The Vuzix M400 and M4000 Smart Glasses compliment FacePro Xpert System perfectly. The portability and high performance of Vuzix’ Smart Glasses make them best-in-class and well-liked by our customers,” said Joni Kuo, Co-Founder of Softfoundry.
One of the customers that has adopted the FacePro Xpert System using Vuzix Smart Glasses for remote technical support is Porsche China. Through the use of the FacePro Xpert System, technical experts no longer have to travel, resulting in reduced costs as well as shorter waiting times for after-sales service, which has helped improve customer satisfaction due to increased efficiency within the service organization.
“Vuzix Smart Glasses support an ever-expanding set of industries around the world, bolstered by flexible language capabilities and the company’s strong global partner solutions like Softfoundry’s FacePro. Recently we optimized our M400 and M4000 Smart Glasses for the FacePro Xpert System to ensure seamless operation and position our hardware even more effectively to meet customer demand in Asia,” said Paul Travers, President and CEO of Vuzix.
Vuzix, Softfoundry and Porsche China will be hosting the Mandarin-based webinar to demonstrate the FacePro Xpert System featuring Vuzix Smart Glasses. Interested parties that would like to learn more can register for this webinar via the link below.
Vuzix & Softfoundry Mandarin Remote Assist Platform Introduction Date: May 26th, 2021 Start Time: 9:00 AM China Standard Time (CST)/ 9:00 PM Eastern Time (ET) Webinar Registration Link: https://vuzix.zoom.us/j/98159260402
About Softfoundry International Pte Ltd.
Established in Singapore since 1999, Softfoundry International Pte Ltd (Softfoundry) is dedicated to the development of new generation Carrier Class High Definition Green-Tech communication. Softfoundry is providing world class professional video collaboration solutions specifically to address stringent compliances to security standards and interoperability of public sectors, government, enterprise, education, healthcare and carriers based on patented video-communication technology supporting multi-HD resolutions, multi-codec, and multi-applications platforms. Softfoundry is committed to develop solutions for both organizations and individual professionals to be more effective, productive and profitable. Softfoundry will continue this relentless drive towards advancing state-of-the-art Green Communication Technology, for benefiting the future world, and for providing the best experience for any and all clientele.. For more information, please visit Softfoundry FacePro Xpert System website.
About Vuzix Corporation
Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company’s products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 192 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. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages.
Forward-Looking Statements Disclaimer
Certain statements contained in this news release are “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to Vuzix Smart Glasses, our current and future business relationships and opportunities with Softfoundry and Porsche China and among other things the Company’s leadership in the Smart Glasses and AR display industry. They are generally identified by words such as “believes,” “may,” “expects,” “anticipates,” “should” and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company’s beliefs and assumptions as of the date of this release. The Company’s actual results could differ materially due to risk factors and other items described in more detail in the “Risk Factors” section of the Company’s Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.
Media and Investor Relations Contact:
Ed McGregor, Director of Investor Relations Vuzix Corporation [email protected] Tel: (585) 359-5985
The stock price of Vuzix Corp (NASDAQ: VUZI) increased by 6.69%. This is why it happened.
The stock price of Vuzix Corp (NASDAQ: VUZI) – a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products – increased by 6.69% as it went from a previous close of $20.64 to $22.02. Investors appear to be responding to the company announcing a new partnership with TechSee, a leader in intelligent visual assistance technology, to deliver a remote visual assistance solution to field service technicians using AR and computer vision on Vuzix’ M400 and M4000 Smart Glasses.
By utilizing their proprietary AI-driven visual assistance platform, TechSee enables on-site field service technicians to receive real-time support from a remotely located expert. And the on-site technician shows the issue or difficulty to the remote expert using their smart glasses and receives step-by-step AR-based guidance for a quick resolution.
The technology also enables technicians to receive assistance in self-service mode without the need to contact a remote expert, with automated troubleshooting guidance and job verification using computer vision AI. And the technology can recognize devices and their parts with a 98% accuracy level, while automatically diagnosing issues and suggesting resolutions. Access to full technical support while working in the field increases first-time fix rates, lowers downtime, improves technician engagement and minimizes training times.
KEY QUOTES:
“We are pleased to announce our partnership with Vuzix. The synergies between our technology and Vuzix’ Smart Glasses have created a pioneering solution for service organizations who can benefit from the power of AR and computer vision. This partnership enables field service organizations to transform their service delivery and allows them to leverage their data to automate repetitive tasks and elevate their ROI.”
— Eitan Cohen, Chief Executive Officer at TechSee
“TechSee’s field service solution is a natural fit with our Smart Glasses, so we are very excited to partner with them to offer a unique computer vision-powered solution that can help technicians in both assisted service and self-service modes. Our smart glasses ecosystem continues to expand with each passing day, and we remain confident that Vuzix is increasingly well positioned to become the hardware vendor of choice among a growing number of industry players.”
— Paul Travers, President and Chief Executive Officer at Vuzix
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
The stock price of Vuzix Corp (NASDAQ: VUZI) increased by 20.85% on March 19. This is why it happened.
The stock price of Vuzix Corp (NASDAQ: VUZI) – a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products – increased by 20.85% on March 19 as it went from a previous close of $23.84 to $28.81. Investors appear to be responding to a couple of catalysts this week..
March 17
On March 17, Vuzix had announced that the company has received an initial deployment order totaling about $400,000 for Vuzix M400 Smart Glasses from a Fortune 100 US-based insurance and financial services company. And this initial deployment order – received after more than 18 months of piloting – is for immediate delivery with the potential for subsequent deployment orders in the future as this customer expands its use of smart glasses.
Vuzix Smart Glasses will be used by the company’s fleet of insurance agents to help them in the field when they are capturing and reviewing claim-related information. And the M400’s HD phase detect auto focus camera with zoom control is ideally suited to capture and store sharp photos and 4K video for claims processing.
“We continue to see an increasing number of companies across an expanding number of verticals selecting our industry leading M400 Smart Glasses for deployment within their organization to either solve operational challenges encountered in the field at customer sites or simply help maximize human capital.”
— Paul Travers, President and CEO of Vuzix
March 18
On March 18, Vuzix announced that CooperVision, a unit of The Cooper Companies, Inc. (NYSE: COO) – one of the world’s leading manufacturers of soft contact lenses – has successfully deployed Vuzix M400 Smart Glasses equipped with LogistiVIEW’s Vision+ augmented reality warehouse software to provide hands-free picking guidance at their 275,000 square foot West Henrietta, New York distribution site, which at any given time stores over 120,000 different contact lens products.
LogistiVIEW’s Vision+ Software Automation Platform combines the best traditional picking tools including augmented reality PTL, visual instructions, voice interaction, gesture control, and RF scanning into a single system. And the combined set of instructions are delivered to the worker intuitively and hands-free through Vuzix M400 AR Smart Glasses, avoiding the need for any bolted down infrastructure. AI and computer vision add an intelligence layer to the process, optimizing tasks and pick sequence for the best possible efficiency. At the CooperVision warehouse, employees now use Vuzix Smart Glasses to assist with order picking.
“Vuzix’ M400 Smart Glasses equipped with LogistiVIEW’s Vision+ software provides a hands-free solution that is delivering efficiency gains in our operations.”
— Michele Bosa, Vice President, Americas Distribution of CooperVision.
“The ability to offer LogistiVIEW’s patented computer vision and AR visualizations on Vuzix Smart Glasses provides customers like CooperVision with a highly flexible solution to boost the efficiency and accuracy of their operations.”
— Seth Patin, Founder and CEO of LogistiVIEW
“The versatility of our M400 Smart Glasses continues to drive customer demand across a wide range of industry verticals and it’s great to see CooperVision using Vuzix M400 Smart Glasses in their Upstate New York distribution center to deliver hands-free productivity gains in their operations.”
— Paul Travers, President and CEO of Vuzix.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
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