VUZIX Corporation Reports Strong Second Quarter Earnings Results for FY2023

August 12, 2023

☀️Earnings Overview

On August 8 2023, VUZIX CORPORATION ($NASDAQ:VUZI) reported its earnings results for the second quarter of FY2023 (ending June 30 2023). Total revenue increased to USD 4.7 million, a year-over-year growth of 55.8%, while the net income was recorded at USD -9.0 million, an improvement from the -10.0 million of the previous year.

Market Price

VUZIX’s management team credited the success of the second quarter to their continued focus on the development of innovative AR technology solutions. They highlighted the launch of their new Vuzix Smart Glasses Platform – including their Waveguide-based Vuzix Blade and Blade Pro Smart Glasses – as a major driver of revenue growth. Their new and improved features have enabled them to better serve their customers and meet their needs for hands-free computing.

Overall, VUZIX CORPORATION had a strong second quarter and is well-positioned to continue their success in the coming quarters. The company remains optimistic that their investments in AR technology and customer experience initiatives will continue to drive revenue growth in the future. Live Quote…

About the Company

  • Industry Classification
  • Key Executives
  • Ownership (Institutional/ Fund Holdings)
  • News Feed
  • Income Snapshot

    Below shows the total revenue, net income and net margin for Vuzix Corporation. More…

    Total Revenues Net Income Net Margin
    15.21 -39.52 -275.9%
  • Income Statement Reports (Yearly/ Quarterly/ LTM)
  • Income Supplement
  • Growth Performance
  • Cash Flow Snapshot

    Below shows the cash from operations, investing and financing for Vuzix Corporation. More…

    Operations Investing Financing
    -25.59 -24.21 -2.2
  • Cash Flow Statement (Yearly/ Quarterly/ LTM)
  • Cash Flow Supplement
  • Balance Sheet Snapshot

    Below shows the total assets, liabilities and book value per share for Vuzix Corporation. More…

    Total Assets Total Liabilities Book Value Per Share
    110.56 7.02 1.64
  • Balance Sheet (Yearly/ Quarterly)
  • Balance Sheet Supplement
  • Key Ratios Snapshot

    Some of the financial key ratios for Vuzix Corporation are shown below. More…

    3Y Rev Growth 3Y Operating Profit Growth Operating Margin
    25.6% -279.0%
    FCF Margin ROE ROA
    -311.0% -24.9% -24.0%
  • Income Statement Ratios
  • Balance Sheet Ratios
  • Cash Flow Ratios
  • Valuation Ratios
  • Other Ratios
  • Other Supplementary Items
  • Analysis

    As a GoodWhale, I have conducted an analysis of VUZIX CORPORATION’s financials and based on our risk rating, VUZIX CORPORATION is a medium risk investment when looking at their financials and business aspects. After close examination of their income sheet, balance sheet, and cash flow statement, I have detected three risk warnings that are worth looking into further. If you are interested in delving deeper into this analysis, become a registered user and gain access to our in-depth risk warnings. More…

  • Risk Rating Analysis
  • Star Chart Analysis
  • Valuation Analysis




  • Peers

    The competition between Vuzix Corp and its competitors is fierce. Each company is fighting for market share and trying to differentiate themselves from the others. Anker Innovations Technology Co Ltd, VIZIO Holding Corp, and HTC Corp are all major players in the smart glasses market and are constantly trying to one-up each other.

    – Anker Innovations Technology Co Ltd ($SZSE:300866)

    Anker Innovations Technology Co Ltd is a Chinese consumer electronics company founded in 2011. It is headquartered in Shenzhen, Guangdong. The company specializes in manufacturing and selling mobile phone chargers, batteries, and other electronic accessories. As of 2022, Anker had a market capitalization of 24.15 billion US dollars and a return on equity of 12.73%.

    – VIZIO Holding Corp ($NYSE:VZIO)

    VIZIO is a California-based company that manufactures and distributes televisions and other electronics. As of 2022, it has a market capitalization of $1.93 billion and a return on equity of -8.09%. The company sells its products through retailers such as Best Buy, Costco, and Walmart.

    – HTC Corp ($TWSE:2498)

    HTC Corporation, formerly High Tech Computer Corporation, is a Taiwanese consumer electronics company headquartered in New Taipei City, Taiwan. Founded in 1997, HTC began as an original design manufacturer and original equipment manufacturer, designing and manufacturing laptop computers. In 1998, HTC started manufacturing handheld devices, and has since become the world’s largest manufacturer of Android smartphones. The company has a market cap of $43.45 billion as of 2022 and a return on equity of -6.75%. HTC designs, manufactures, and markets a range of smartphones and tablets under the HTC, HTC One, Desire, Butterfly, and Wildfire brands. The company also provides services for the development of mobile applications, as well as cloud services.

    Summary

    Investors in VUZIX CORPORATION should be pleased by the company’s second quarter financials, which saw total revenue grow 55.8% year-over-year to USD 4.7 million and net income increase by 10% from the prior year’s -10.0 million to -9.0 million. Unfortunately, the stock price dropped the same day, likely due to investor disappointment that the company was still recording a loss overall. Investors should keep a close eye on VUZIX CORPORATION moving forward, as they seek to bring their losses to a close and achieve profitability.

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