Vuzix Corporation stock jumps on hope of positive second half

Aug. 10, 2022 11:30 AM ETVuzix Corporation (VUZI)By: Niloofer Shaikh, SA News Editor8 Comments
  • Vuzix Corporation (NASDAQ:VUZI) stock jumps after Q2 results.
  • Q2 sales saw 20% growth Q/Q.
  • Gross profit margin rate fell 600 bps to 14%.
  • The company is confident that for balance 2022 it has enough resources to execute on business plan and further invest in future.
  • CEO comment: "Notwithstanding the challenging supply chain and economic environments that remain in place, our outlook for the balance of 2022 continues to be positive with the expectation that our second half revenue will see further growth. Enterprise adoption of our smart glasses is poised to accelerate with larger orders anticipated from repeat and, in some cases, very large new customers that should ultimately represent significant units and dollar values. These major customers, with which we are already engaged and shipping to, remain committed to deploying Vuzix smart glasses in larger numbers and we believe it is now just a matter of when, and not if, for all of them."
  • "Our OEM business is no less exciting in terms of the engagements already underway and the numerous new opportunities appearing regularly. Our OEM revenue in the second half of 2022 is expected to experience strong growth as we begin to leverage the investments that we have already made in our core technology and OEM platform. The significant improvements we have made in our waveguide performance and quality and our ability to manufacture in volume and at very competitive price points has opened and will continue to open new doors with consumer OEM customers."
  • "And on the defense side, the expiration of our non-compete and unique status as a US-based manufacturer and supplier of waveguides, ideally positions us to readily engage with any US or allied defense and homeland defense forces around the world."
  • On YTD basis, shares grew 10.4%.

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