Vuzix Delivers Strong Revenue and Gross Profit Growth in 2Q ’18
Friday, August 17, 2018 12:18 AM
ROCHESTER, N.Y.—Smart glasses maker Vuzix Corp.
(NASDAQ: VUZI) reported strong revenue and gross profit increases for its second quarter ended June 30, 2018. The Rochester, N.Y.-based company posted quarterly revenues of $2.6 million versus $1.3 million for the second quarter of 2017, an increase of 100 percent. Vuzix smart glasses revenues of $1.8 million versus $0.7 million for the second quarter of 2017, a record increase of 154 percent. Improved quarterly gross profit was $0.7 million versus a gross loss of $0.4 million for the second quarter of 2017.
Sales of the company’s M300 Smart Glasses rose by a record 302 percent year-over-year, driven by orders from repeat customers and conversions of pilot programs into commercial deployments, the company said in a statement.
"With an expanding set of smart glasses AR products in place and numerous emerging opportunities, 2018 is well on its way to be another year of growth for Vuzix," said Paul Travers, president and CEO of Vuzix.