By Chris Wack
Vuzix shares hit another new low Monday, falling 26% to $1.94, after the company reported wider-than expected third-quarter losses late Thursday.
The stock closed Friday’s session down 17%, and is now down 60% in the past 12 months.
BTIG analysts cut Vuzix stock to Neutral from Buy on Friday.
The smart-glasses manufacturer reported a quarterly loss of $11 million, or 17 cents a share, compared with a loss of $9.5 million, or 15 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $9.7 million, or 16 cents a share.
Sales for the quarter were $2.2 million, compared with last year’s $3.4 million and the $4.7 million analysts were looking for.
Vuzix said third-quarter sales fell as a result in delays of some customer orders and sales of its M400 smart glasses.
The company said its outlook for the remainder of 2023 and in 2024 is positive, and it is making changes that are expected to lower operating costs by up to 20%.
On Oct. 16, Vuzix said it has received and partially delivered against additional follow-on and new design orders from three Tier-1 aerospace and defense contractors with which it has been working. The revenue associated with these OEM orders is in the mid six-figure range. The company expects to receive additional non-recurring engineering orders for subsequent phases from some of these contractors.
Write to Chris Wack at [email protected]
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