Vuzix Corp. this week reported record sales of smart glasses in the first quarter.
Revenues for the quarter ended March 31 were $3.92 million, up significantly from $1.53 million in the year-ago quarter. The increase was driven by higher sales of the company’s smart glasses products, which rose $2.4 million, or 177 percent year-over-year.
Vuzix reported a net loss for the quarter of $6.6 million, or 12 cents per share, compared with a $5.9 million loss in the same quarter last year, or 18 cents per share.

“Following further warrant exercises in our first quarter and our late March equity offering, our balance sheet is now stronger with pro forma cash of roughly $145 million as of April 1, which puts us in an excellent position to not only fund projected growth and planned product development, but also to broaden our product offerings through potential strategic initiatives,” said Vuzix President and CEO Paul Travers.
Research and development expenses were $2.1 million in the first quarter, compared with $2 million in the same quarter last year. Company officials attributed the rise to salary and benefits increases, as well as stock-based compensation, largely offset by a decrease in external consulting fees related to the M400 Smart Glasses development.
“The reopening of global economies is waking up segments of our business that went dormant over the past 14 months due to COVID, specifically within logistics, warehousing, retail picking and e-commerce,” Travers said. “At the same time, we continue to see acceleration of our business across healthcare, manufacturing and field service.
“Our balance sheet is the strongest in our company’s history and we believe that we are well-positioned to continue to achieve significant year-over-year comparative revenue growth throughout the balance of 2021, thanks to the growing success of our M-Series and Vuzix Blad Smart Glasses,” he added.
Vuzix is a supplier of smart glasses and augmented reality technologies and products for the consumer and enterprise markets headquartered in West Henrietta. 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.
Shares of company stock (Nasdaq: VUZI) have ranged from $2.06 to $32.43 in the last 52 weeks and were trading at $15.85 Thursday morning.
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