On November 9, Vuzix Corporation (NASDAQ: VUZI), a maker of augmented reality glasses located in the United States, increased 14.42% to $13.73. The reason for this was the third-quarter report, as well as the possibility of presenting new Vuzix advances in the field of augmented reality at the Augmented World Expo (AR).
The demand for Vuzix products continues to grow, according to the previous quarter’s data. Due to supply chain issues and the burden of Vuzix manufacturing with huge orders with later deadlines, financial results are below expectations.
As a consequence, revenues increased by 9% year over year and 34% in the nine months ending September 30. Quarterly revenues were $3 million, with AR smart glasses sales increasing by 12%. Profit came in at $0.6 million, or 19% of total revenue. R&D investment increased by 74% to $3.3 million, owing to the development of next-generation AR glasses, which are lighter and more suited for large-scale commercialization.
The M400 and M4000 glasses are the heart of the Vuzix presentation at the Augmented World Expo, which runs November 9-11 in California. Vuzix’s most popular solutions, which are also utilised in medical. Vuzix is the market leader in this area. Furthermore, an increasing number of Vuzix Fortune 100 clients are trying to build a unified AR ecosystem that includes everything from training to customer engagement.
Vuzix also revealed progress on next-generation AR glasses, which would employ more sophisticated technology, including the highest-quality and most efficient displays on the market. It will be a groundbreaking product, according to Vuzix, for which the business has also established a software development section. It will not only enhance the AR environment’s functionality but will also make it easier for consumers to deploy it.