OUR NEW PROFILE IS: (NASDAQ: VUZI)
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Vuzix is a pioneer in wearable computing, augmented reality, optics and display engines and has been delivering solutions to customers for over 20 years
VUZI is sitting with just over $73 Million in CASH as of December 31
VUZIX ACHIEVES RECORD SMART GLASSES SALES IN Q1 2023
For the Full Year Ended December 31, 2022, Total Revenues Were $11.8 Million
Back in March of 2023, Dawson James Securities analyst, James McIlree, reiterated his $15.00 target on VUZI
CHECK OUT THE INVESTOR PRESENTATION HERE
*****BREAKING NEWS TODAY*****
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Hello Everyone,
We want you to take a look at a Tech company that already has a massive following and a lot of notoriety in the media on top of several other major catalysts. This already has their foot in the door with several Fortune 100 companies and are sitting with over $70 Million in cash and generated almost $12 Million in revenue last year. They also received a $15 Price Target which is over 400% above it’s current levels.
This is one that you will want to research right away!
Pull up Nasdaq: VUZI Immediately.
This is a company that has been on a tare coming off of the CES, the worlds premiere electronics show. They debuted their Ultralite AR Glasses. Their have been a few positive articles from prominent publishers like the Wall Street Journal and Tech Times. These are glasses that have ordinary-looking plastic frames with a tiny projector tucked in one stem and a tiny battery and Bluetooth radio in the other. It also has Vuzix’s waveguides which is a layer in the glasses that bends the projector’s light into your line of sight.
I know I laughed the first time I really heard of a Tesla. The concept of an electric car sounded ridiculous and I didn’t think that anyone would really buy them. I also never thought that re-charging could never be made something that is practical and easy to do. Now if you drive down a California highway it seems like every 7th or 8th car could be a Tesla. They are everywhere.
I really don’t think it would be a far-fetched statement to say that some of the concepts that VUZI have rolled out and AR Glasses could be part of our everyday life in the near future. There is a whole generation getting older that grew up with some of the advanced technology that we use today. They didn’t have to learn it as adults. It was part of their upbringing. This isn’t something that will be unique to AR. I think it will impact all areas of technology.
The company itself has a lot going on. Vuzix is a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. They have offices in Rochester, NY, Oxford, UK, and Tokyo, Japan and were founded back in 1997. The Company’s products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 274 patents and patents pending and numerous IP licenses in the Video Eyewear field. Moviynt, an SAP Certified ERP SaaS logistics solution provider, is a Vuzix wholly owned subsidiary. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2023 and several wireless technology innovation awards among others.
Their AR wearable display devices are worn like eyeglasses or attach to a head worn mount. These devices typically include a wearable computer, cameras, and sensors that enable the user to view, record and interact with video and digital content, such as computer data, the Internet, enterprise data, social media or entertainment applications. Their wearable display products integrate micro-display technology with our advanced optics to produce compact high-resolution display engines, less than half an inch diagonally, which when viewed through our Smart Glasses and AR products create virtual images that appear comparable in size to that of a computer monitor or a large-screen television. This includes the representative forms such as augmented reality (AR), mixed reality (MR) and virtual reality (VR) and the areas interpolated among them. Extended reality (XR) is a term referring to all real-and-virtual combined environments. Their wearable display products cover the entire spectrum from “the complete real” to “the complete virtual” in the concept of reality–virtuality.
They believe that their waveguide optics and display engines offer a number of significant advantages over other wearable display solutions, including higher contrast, greater power efficiency, less weight, more compact size, and high brightness images for use outdoors. They also believe that our waveguide optics give them a substantial advantage over competitors’ optics, including other waveguides, because their solution allows them to produce optics that are fully transparent when off while also delivering the high brightness required for AR and enterprise Smart Glasses applications.
They believe that key growth areas for us are the enterprise, medical, consumer electronics, OEM, defense and security markets. They are addressing most of these markets by developing and selling their own finished products and building a growing eco-system of software and services internally and with their value added resellers, or VARs, developers and end customers. Another potential channel to these markets they are developing includes supplying mass production of waveguide optics and display engines to select third parties to use in their products.
They believe that their waveguides and compact display engine technologies are a key differentiator for enabling next generation AR and Smart Glasses hardware for the enterprise and consumer segments because they will ultimately allow them to make HMDs nearly indistinguishable from regular eyeglasses.
They have developed their own intellectual property portfolio that includes patents, over 22 years of manufacturing know-how, software, proprietary processes, materials and equipment to create high performance waveguides, and near-eye display products. They believe our technology, intellectual property portfolio and position in the marketplace give them a leadership position in AR and Smart Glasses products and waveguide optics and display engine technology.
VUZI EXPLODED AT THE END OF DECEMBER FROM BELOW IT’S CURRENT LEVELS TO OVER $6
VUZIX ACHIEVES RECORD SMART GLASSES SALES IN Q1 2023
– Preliminary Q1 2023 Revenue Has Topped $4 Million
ROCHESTER, N.Y., April 10, 2023 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that first quarter 2023 sales of AR smart glasses were at a record level, driven by use for enterprise and medical applications. As a result, the Company has also announced that preliminary revenue for its first fiscal quarter of 2023 has surpassed $4.0 million, more than 60% ahead of the prior year’s first quarter’s revenues of $2.5 million.
The Company’s preliminary and unaudited financial revenue results and the related comparison to the prior year’s period included in this release, are subject to the completion of the Company’s financial close and other procedures and finalization. Accordingly, actual financial results to be reflected in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, may differ from the preliminary and unaudited revenue results presented herein.
SALES PROGRESS
MEDICAL APPLICATIONS
PRODUCTS
VUZI showcased a robust lineup of smart glasses at this year’s Consumer Electronics Show, held in Las Vegas, Nevada. In addition to displaying its new CES 2023 Innovation Awards winning Vuzix Ultralite™ AR smart glasses OEM design, which uses Vuzix’ industry leading waveguides and the latest microLED displays, Vuzix demonstrated its M-Series, Vuzix Blade 2™ and Vuzix Shield™ AR smart glasses.
Vuzix® Corporation’s innovative Vuzix Blade 2™ smart glasses (shown above) connect frontline workers with critical AR systems, enabling hands-free, heads-up access to data and remote expertise, all in a sleek, lightweight form factor.
Allowing you to keep your eyes protected with an ANSI Z87.1 certification while maintaining focus on your work. Ultrabright waveguide optics merge digital instructions onto real-world tasks, removing distractions and vision occlusion, ultimately reducing error rates and making your connected workforce more effective.
The World’s First Advanced Binocular Waveguide Built For Industrial Use. (Shown Below)Vuzix Shield™ is a revolutionary leap for enterprise AR smart glasses. Lightweight, stylish, prescription ready safety glasses and powerful 8-core CPU combine to deliver a singular wearable experience.
Connect to the metaverse accessing IT sensors, instructions, or live remote guidance, leaving your hands free. Scan codes with an advanced reader or wirelessly stream video from the field all enabled through voice or touch.
With the world’s first miniature uLED stereo displays, Vuzix Shield connects smart workforces with AR systems for optimized performance, safety and operational efficiency.
Using a Vuzix accessory adapter and a compatible infrared camera, including FLIR cameras, Vuzix M-Series AR smart glasses will allow visitors to see in the infrared spectrum, giving them a heads-up display of what’s normally hidden from view. Infrared video can also be broadcast over Zoom to enable team inspections.
Using Vuzix Blade 2 AR smart glasses, visitors will be put in charge of solving a real-life industrial challenge, the resetting of an electric power station, using on-glasses video and a set of work instructions.
Using Vuzix Shield AR smart glasses, visitors will be put in the role of a quality check inspector checking one of the most beautiful bikes ever, a real MV Agusta Superveloce 8001, to perform a scan for equipment recalls.
Using Teamviewer Frontline software running on Vuzix M400 AR smart glasses, visitors will be able to explore how major distribution centers drive efficiency improvements every day.
Finally, as part of its OEM offerings, Vuzix will be showcasing the 2023 CES award winning, sleek, AR smart glasses reference design called Vuzix Ultralite.
Offering fully customizable form factors, optics and more, Vuzix OEM solutions produce smart glasses and components that are miles ahead of the pack to support the worldwide adoption of AR.
“We keep expanding and improving the competitiveness of our smart glasses family of products. We enter 2023 with the strongest product lineup in our history, one that continues to attract an expanding number of blue chip customers across a wide range of industry verticals,” said Paul Travers, President and CEO of Vuzix.“We intend to remain focused on offering solutions that increase worker productivity, interactivity and safety while reducing errors and improving our carbon footprint.”
VUZIX ULTRALITE
AN OEM SMART GLASSES PLATFORM LIKE NO OTHER
The Vuzix Ultralite™ AR Smart Glasses Platform is a go-to-market ready, turnkey offering designed to fast track client AR solutions into production. Weighing in at a mere 38 grams, super power-efficient with up to 48 hours of run time on a single charge, and packing an impressive waveguide to display information from your phone hands-free to your eye, Vuzix Ultralite OEM platform is a blueprint for the world’s most fashion forward smart glasses.
TRUSTED PROPRIETARY TECHNOLOGY FROM VUZIX
Advanced monocular waveguide optics, combined with our custom micro display engine, create a crisp, transparent image that can deliver all the important information on a user’s smartphone/watch, hands-free right before their eyes. Prescription ready with multiple sizes and an array of component combinations, the Vuzix Ultralite OEM platform makes available our extensive manufacturing capabilities and patent-protected leadership position in both waveguides and custom display engine solutions.
THE POWER TO DEPLOY YOUR AR SOLUTION AT SCALE
The Vuzix Ultralite OEM platform is designed to enable leading consumer technology firms to accelerate deployment of AR smart glasses solutions to the masses. Our manufacturing facility in Rochester NY is an ISO 9001:2015 facility that includes Class 6 and Class 7 clean room enclosures ensuring the highest levels of product quality and precision. All Vuzix OEM components are designed and manufactured in the USA, leveraging proprietary advancements in waveguide technology protected by our extensive IP portfolio.
VUZIX ULTRALITE OEM PLATFORM BENEFITS
- Puts your smartphone’s alerts, messages, and custom applications content heads up in front of your vision.
- Get hands free access to important information, from language translation and closed captioning, to directions, to health and workout status, to messaging and much, much more.
- Designed to work hand to glove with both Android and iOS phones, Vuzix Ultralite is the reference design for the perfect smartphone accessory.
- Virtually endless configuration options around size, color, form factor and optical setup to set your solution apart.
- Vuzix is working with the world’s leading consumer electronic technology companies to bring lightweight, affordable smart glasses solutions to market.
Back in March of 2023, Dawson James Securities analyst, James McIlree, reiterated his $15.00 target on VUZI
Here’s the thing. From Tuesday’s closing valuation, that provides VUZI with over 300+% potential upside.
Here’s a few key highlights from the report:
- Commercial opportunities could be catalyzed by Apple’s long-awaited entry into the market with an AR/VR headset. Vuzix offers an ultralite smartglass system for the OEM market that utilizes the company’s proprietary waveguide solution and custom microdisplay engine. A consumer smartglass solution is being pursued by many of the major tech companies including Meta, Apple and Alphabet. We expect a robust market will emerge over the coming years and Vuzix is positioning itself to serve that space.
- In the defense market, the company has development deals with a handful of major defense contractors on waveguide-based products. Lead times can be extended, but once deployment begins production runs can be long and very profitable. We estimate typical production contracts could generate $10 to $15Mn over a multi-year time frame. Vuzix is also working with multiple customers on supplying waveguides for the consumer market. There is upside to our sales projections from these waveguide projects.
- The company has unique expertise in waveguide design and manufacturing and is expanding its waveguide capacity both in response to customer indications of interest and to make itself the number-one choice of waveguides in the OEM market for industrial and consumer use. This in-vest-ment is modest, a few Mn dollars, and will expand capacity, lower costs and enable a more robust feature set than the current product. We believe Vuzix can be one of the leading suppliers of waveguides and that this investment will enhance that capability.
- Price Target Methodology. Our $15 price target values the company’s smart glasses and waveguide businesses at a significant discount to recent market transactions in the smart glasses space of $775M to $2B and $500M to $542M in the waveguide market.
Check out the full report here.
Vuzix CEO Addresses Shareholders and Advances Bullish Outlook for 2023
– Strong revenue growth expected across core smart glasses products, OEM/Engineering services and SaaS software solutions
ROCHESTER, N.Y., April 19, 2023 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today issued a shareholder letter from its President and Chief Executive Officer, Paul Travers. The letter, stated in its entirety below, provides an opening 2023 comment, a recap of 2022 achievements and developments, and then gets into more details about the success drivers regarding the Company’s 2023 growth initiatives and trajectory.
Dear Fellow Shareholders:
I want to share some of our recent Company highlights, outline the strength we are experiencing in general, and share our vision for the future as a leader in the wearable computing, augmented reality (AR) and smart glasses markets.
2023 will be a year of significant growth and strong revenues for Vuzix
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 $4Mn, 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.
2023 is starting off strong and setting up to deliver strong annual sales
To recap, our first quarter of 2023 is off to a very strong start. We are bullish on our full-year prospects for 2023 with our potential for continuing record revenues from our collective product and OEM engineering services. Anticipated developments for 2023 include:
- increased deployments in warehousing and logistics;
- expanding healthcare deployments from existing ISVs and with multiple new customers;
- further expansion of our sales channels in specific new geographic regions;
- additional and larger engagements from defense firms that should evolve into longer-term production programs;
- signing of first agreements with potential OEM and white label firms for our waveguides and display engines;
- initial deployments of Ultralite-based product by Vuzix or third parties; and
- increased SaaS revenue from our Moviynt acquisition.
Conclusion
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.
I, and all of us at Vuzix, appreciate your interest, and I am confident 2023 will represent a year of solid progress for Vuzix.
Best regards,
Paul J. Travers
President and CEO
Vuzix Corporation
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VUZIX STRENGTHENS ITS GLOBAL SALES AND SUPPORT INFRASTRUCTURE WITH NEW OFFICES AND CORPORATE ENTITIES IN GERMANY AND JAPAN
Regional cost-effective moves will boost customer service, accessibility, development and support
ROCHESTER, N.Y., April 24, 2023 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced two international infrastructure developments that will allow the Company to better serve existing partners and customers, as well as develop and support new relationships. New offices and corporate entities have recently been established in Germany and Japan, two countries geographically situated to address significant local and regional market opportunities. In addition to improving sales and customer support in these areas, these moves will also reduce overall costs due to the elimination of capital taxes based on the Vuzix parent corporate entity.
To expand its presence in Europe and signal a clear strategic decision to the Company’s European customers and partners, Vuzix has established an EU-based office in Munich, Germany. Munich is a preferred location for the EU offices of many global IT companies, as well as boasting a strong local technology community. The new office, established as Vuzix Europe GmbH*, a 100% wholly-owned subsidiary of Vuzix, will serve not only the EU, but also the Middle East and Africa and will even operate globally in some sales and marketing functions while the Company expands its global footprint.
In Japan, Vuzix has converted its legal designation from a branch to a KK** corporate entity, a 100% wholly-owned subsidiary of Vuzix, an action that will optimize the Company’s tax structure and better allow it to scale its organization under Japanese laws. Additionally, Vuzix has opened a new office in Kyoto, a cultural and geographic hub in Japan which offers faster and more expansive local and international shipping capabilities than Tokyo. As many of Vuzix’ larger Japanese customers are located in the western regions of Japan, the new office in Kyoto will be better positioned to sell to and support these customers.
“These new offices and newly established corporate entities are all about increasing Vuzix’ ability to better serve our customers and partners and show our commitment to these strategic growing markets. We feel this enhances our distinct competitive advantage in these markets with local staffing and fuller country compliance now with effectively local entities involved in and specializing in enterprise AR smart glasses,” said Paul Travers, President and CEO of Vuzix. “Having a stronger regional presence in these key locales provides the customer with increased confidence of the entity they are transacting with and greatly improves our ability to share an enhanced local knowledge, improves customer visibility, quickens our speed to act, and helps streamline our legal and business processes to more cost effectively and faster support and address both existing and new business opportunities.”
NEWS
Paul Travers is the founder of Vuzix and has served as our President and Chief Executive Officer since 1997 and as a member of our Board of Directors since November 1997. Prior to the formation of Vuzix, Mr. Travers founded both e-Tek Labs, Inc. and Forte Technologies Inc. He has been a driving force behind the development of our products. With more than 30 years’ experience in the consumer electronics field, and 26 years’ experience in the virtual reality and virtual display fields, he is a nationally recognized industry expert. He holds an Associate degree in engineering science from Canton, ATC and a Bachelor of Science degree in electrical and computer engineering from Clarkson University.
Grant Russell has served as our Chief Financial Officer and Executive Vice President since 2000 and as a member of our Board of Directors since April 2009. From 1997 to 2004, Mr. Russell developed and subsequently sold a successful software firm and a new concept computer store and cyber café. In 1984, he co-founded Advanced Gravis Computer (Gravis), which, under his leadership as President, grew to become the world’s largest PC and Macintosh joystick manufacturer with sales of $44 million worldwide and 220 employees. Gravis was listed on NASDAQ and the Toronto Stock Exchange. In September 1996 it was acquired by a US-based Fortune 100 company via a successful public tender offer. Mr. Russell holds a Bachelor of Commerce degree in finance from the University of British Columbia and is both a US Certified Public Accountant and a Canadian Chartered Professional Accountant.
Pete Jameson was named Chief Operating Officer (COO) of Vuzix in January 2022, having served as General Manager since joining the company in January 2021. Mr. Jameson brings a wealth of operating experience to his new position. He previously served as COO of Osterhout Design Group (ODG), a leading wearable technology company that developed and manufactured mobile, self-contained and lightweight head-worn mixed reality smart glasses with photo-realistic imagery. Prior to ODG, Mr. Jameson was a 20-year executive at Eastman Kodak where he was a founding leader of Kodak’s multi-billion-dollar Digital Camera Business including General Manager and VP of the Digital SLR and Professional Digital Capture Group that created the world’s first digital SLR cameras, General Manager of Kodak’s Commercial Imaging Business in Europe, Africa and the Middle East and General Manager and VP of Kodak’s Digital Devices Group. He holds a Bachelor of Science Electrical Engineering degree from Union College and a Master of Business Administration degree from the University of Rochester Simon School of Business.
Eric Black was named General Counsel of Vuzix in March 2022. Mr. Black brings a wealth of legal experience to his new position. While serving as in-house for other private and public technology companies, Mr. Black developed extensive experience in supporting business development and operational optimization by developing processes/workflows, negotiating complex contracts, advising on mergers and acquisitions, and informing business strategies that strengthen compliance and facilitate consistent growth. Mr. Black was previously named one of Rochester’s “Forty Under 40” by the Rochester Business Journal in 2006 and one of Rochester’s Top Counsel by the Rochester Daily Record in 2019. He holds a Bachelor of Economics degree from the University of Rochester and a Doctor of Jurisprudence degree from the University of Virginia School of Law.
Shane Porzio has been with the Company for more than ten years and has more than 13 years of experience in architecture of systems and designs for hardware and software. His previous employment was at Lockheed Martin where he served as a Hardware Engineer. Mr. Porzio has BS in Computer Engineering Technology from Rochester Institute of Technology and his MS in Computer Science from Rochester Institute of Technology.
Bill Beltz brings a wealth of general management and sales experience to his new position. Prior to joining Vuzix, he served as Vice President of Sales at Snap One, a leading manufacturer and distributor of smart living technology. Prior to Snap One, he held sales and management positions of increasing responsibility at both NCR Corporation, a Fortune 500 software, consulting and technology company providing professional services and electronic products, and Radiant Systems, a provider of technology to the hospitality and retail industries that was subsequently acquired by NCR Corporation.
Sincerely,
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