Vuzix reports Q1 EPS (16c), consensus (14c)

Reports Q1 revenue $2.0M, consensus $2.42M. As of March 31, the company maintained cash and cash equivalents of $16.5M and an overall working capital position of $29.2M. “Our overall outlook for 2024 remains positive, with good potential for top line improvements over the balance of this year. We have a well-defined book of business with identified opportunities representing large potential deals with cornerstone customers for enterprise smart glasses products and solutions. We have a number of enterprise accounts that are approaching a critical mass in their operations with our smart glasses, resulting in improved productivity, lower onboarding times and fewer errors. Our OEM business opportunities continue to expand; we have a backlog of business to deliver against and we expect at least one of our defense contractors and one of our commercial enterprise customers to move into production later this year. Furthermore, we expect to soon conclude several new projects with new and existing defense and consumer product-focused customers over the course of the year. At the same time, while we grow our business, we also remain vigilant in further lowering our operating costs. Recent actions include a voluntary salary reduction program adopted by many company constituents that offers staff, directors and management restricted stock or stock options in lieu of foregoing 10% to 50% of their base salaries, which will further extend our operational runway and reduce our cash burn by more than $1.6 million over the next 12 months,” said CEO Paul Travers.