CEO Paul Travers said, "In the years leading up to and including 2022, our revenues were primarily derived from our core smart glasses enterprise business. Today we now have revenue growth expectations from three contributing business sources at Vuzix, all revolving around our core smart glasses technology: Core smart glasses products OEM/Engineering services SaaS solutions for logistics and supply chain Vuzix’ enterprise smart glasses business is now positioned to generate significant revenue growth in 2023. Our newly formed OEM design and manufacturing platform is seeing success and is expected to deliver new revenue growth in 2023, both in the form of engineering services and products. Our SaaS-based logistics solution company, which started generating incremental revenue and customer traction simultaneous with its acquisition last fall, will add to our sales total for the year. With this stronger portfolio of product offerings and services, Vuzix is well positioned to achieve substantial top-line revenue growth in 2023. We believe our first quarter represents a harbinger of the year’s strength with preliminary revenue in excess of $4 million, as recently announced, rising more than 65% year-over-year versus 2022’s Q1 level, primarily on record sales of smart glasses as a result of enterprise customer growth, adoption and deeper rollouts in the period…We significantly strengthened our infrastructure along with the breadth and competitiveness of our products and technologies in 2022 and, as a result, we are better positioned for success in 2023 and beyond. We are working across many market verticals – from warehousing and logistics, automotive, pharma and healthcare, to defense and consumer – to deliver industry leading smart glasses and engineering service solutions. Many people and potential customers today are not yet fully aware of the value of our waveguide intellectual property and production capabilities, and the equally strong position we are working to create on the display engine side. For the broader markets to be successful, waveguide and display manufacturing in volume and at price points that can meet the market requirements critical for success, and Vuzix’ ongoing investments in these areas should uniquely position us to continue leading and delivering on this need. We feel we can honestly say that there are no competitors anywhere close to delivering what Vuzix can offer today, and what we expect to deliver in the near future."
Published first on TheFly
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