In this episode of CEOLIVE.TV we are joined again by Vuzix, a leader in the Augmented and Virtual Reality market which trades on the NASDAQ under ticker VUZI.
Since we last spoke with Vuzix CEO Paul Travers they have announced 2017 financial results and a new development project for customized smart glasses for Toshiba.
Second Quarter 2017 and recent highlights included:
— Revenue for the second quarter 2017 was $1,325,261 or an increase of 136% compared to $560,877 for the second quarter of 2016, representing the second consecutive quarter with over $1,000,000 of revenue and a sequential growth of 9% over the first quarter of 2017.
— Made substantial progress on our enterprise smart glasses development project with Toshiba representing $420,314 of engineering services revenues during the second quarter. Our development project with Toshiba is nearing completion and continues to move towards the new product’s announcement details and its commercial production beginning as early as the 4th quarter of 2017.
— Shipped $116,305 of waveguides and related components during the second quarter to our two Tier-1 consumer electronic partners for integration and feasibility testing into their consumer smart glasses products.
— Successfully transitioned M300 volume production from our existing contract manufacturer in the USA to their operations in China resulting in improved yields and lower cost profile.
— Appointed Paul Boris, a manufacturing, technology and operations veteran and former VP of Manufacturing Industries at GE Digital to the new role of Chief Operating Officer (COO) to oversee sales and manufacturing at Vuzix.
— Announced successful M300 Smart Glasses commercial deployments related to vision picking at John Deere and manufacturing operations at WS Kunststoff-Service.
— Entered into agreements relating to the sale of 1,500,000 shares of its common stock at an offering price of $5.75 per share. The gross proceeds from the offering will be $8,625,000 before deducting commissions and estimated offering expenses. The shares of common stock are being sold primarily to existing institutional investors of the Company. The offering is expected to close on August 14, 2017, subject to satisfaction of customary closing conditions.
Vuxix CEO, Paul Travers tells us a little bit more about the significance of some of these developments and updates us on several other major recent developments at Vuzix.
To learn more about Vuzix, visit their website at www.vuzix.com.
Forward Looking Statements
This CEOLIVE.TV video interview contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company’s contracts, the Company’s ability to raise sufficient development and working capital, the Company’s liquidity position, the Company’s ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all.
Neither LIVETRADES.TV or any of its principals currently owns or plan to own within 72 hours of publication any shares of the stocks mentioned in this video. For a full disclaimer please visit, livetrades.tv/disclaimer.
LIVETRADES content and productions are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed in LIVETRADES content and productions, or other investor relations materials and presentations are subject to change. Neither LIVETRADES nor any of its data or content providers shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All data and information is provided for informational or entertainment purposes only. LIVETRADES is not a registered broker-dealer or a registered investment advisor.