Leading developer of enterprise-grade augmented-reality smart glasses, Vuzix, just announced that Q4 2020 was its most successful quarter to date in terms of revenue growth.
During a global pandemic that has put thousands (perhaps millions) of organizations out of business for good, Vuzix has proved it’s one of the few companies that has continued to prosper despite the chaos caused by the COVID-19 virus.
According to a transcript taken from a recent Q4 earnings call with Vuzix CEO, Paul Travers, the company’s final quarter of 2020 was not only its best of the year but the strongest in its history as a smart glasses supplier.
During the call, Vuzix reported it had generated USD 4.2 million in the final three months of 2020, a number that represents a comparative year-over-year quarterly increase of 117%.
Sales of both smart glasses and engineering services are believed to have more than doubled in the period as the demand for augmented reality solutions in the enterprise marketplace rocketed at unprecedented levels.
Commenting on the growth, Travers stated:
“We grew the sales and order size of existing M-Series Smart Glasses as our enterprise customer base for M400 expanded in size to over 1,000 new customers. We [also] witnessed a continual increase in our sales volume metrics as more and more companies place multiple follow-on orders throughout the year”
“We [also] expanded our OEM program engagements, moving from just one active program at the start of 2020 to a total of five in 2020, an increase, which drove a 123% gain in our engineering services sales to $1.5 million for the year” he added.
While 2020 ended with a bang, it’s clear Vuzix shows no signs of slowing down anytime soon, and Travers is confident the company will continue going from strength to strength with the release of its new MicroLED smart glasses in Q2 2021.
Commenting on the upcoming release, Travers added, “we have advanced and strengthened our IP and the development of our next-generation smart glasses technologies as we continued our push to develop thinner and higher-performing waveguides.”
“Achievement of these objectives has put us in a stronger position in terms of ongoing product diversity, market competitiveness, and technological development. [It also] spurred broader investor awareness and interest in Vuzix, which we feel, has contributed to the substantial rise in our stock price since mid-December 2020.”
For more details on the growth and what Vuzix has planned for the future, you can access the full copy of the call transcript.
