Vuzix Corp’s Revenue by Product Line (2017-2023)

This statistic highlights Vuzix Corp’s Revenue by Product Line, split between Engineering services, OEM products, Smart glasses, and Waveguide and display engine, reported on a quarterly basis from Q1 2017 onwards.

Vuzix Corp’s Revenue by Product Line

(All figures are in thousands, except percentages)

The total revenue of Vizux Corp has not shown any remarkable growth since a long time. On a year-on-year basis, the revenue increased from $2,778 thousand in Q3 2020 to $3,018 thousand in Q3 2021, making an increment of 8.63%. Quarterly, the revenue witnessed a rise of 3.5%, from $2,915 thousand in Q2 2021 to $3,018 thousand in Q3 2021.

Vuzix Corp’s revenue can be further bifurcated into the following:

Engineering Services

In the past, the company has provided fully integrated wearable display systems, including head-mounted displays, human-computer interface devices, near-eye display-related engineering services, and wearable computers to commercial, industrial, and defense customers. However, in October 2018, they signed an amendment to their agreement with the purchaser of their defense division that now allows them to sell their products to defense and security organisations.

Revenue from Engineering services has almost been nil, and hasn’t shown any remarkable growth for long. It declined from $92 thousand in Q3 2020 to $82 thousand in Q2 2021, showing a decline of 10.8%. This was followed by a fall in revenue to a point where no revenue was being generated by this product line in Q3 2021.

OEM Products

The company primarily answers sales inquiries for his or her OEM component requests directly and typically in response to inbound inquiries. Their business strategy is to commercialize their waveguide and display engine technologies and products to allow select ODMs and OEMs to integrate and embed their technologies and products in a way that best matches their unique capabilities and timeline for bringing their products to plug. They now formally offer these solutions actively on their website. However, this product line has been generating no revenue since the past few quarters.

Smart glasses

The company’s Smart Glasses products are currently focused on the enterprise market, including sectors like industrial and medical. These Smart Glasses products run native Android applications within the glasses that allow them to stream video in real-time, which is extremely useful for several enterprise applications. They believe that a good commercial and industrial market offer significant opportunities for products, thanks to the increasing demand for fast data accessibility in mobile workplace environments. The advantage of hands-free mobile displays and computers over a handheld device is critical.

Revenue from Smart glasses has been on the rise. In Q3 2021, this product line generated 100% of Vuzix Corp’s revenue, amounting to $3,018 thousand. On a year-on-year basis, the revenue rose from $2,686 thousand in Q3 2020 to $3,018 thousand in Q3 2021, making an increment of 12.36%. On a quarterly basis, the revenue grew by 6.5%, from $2,833 thousand in Q2 2021 to $3,018 thousand in Q3 2021.

Waveguide Optics and Display Engines

The company manufacture their waveguides and display engines in higher volumes at reduced costs and maximize their waveguide manufacturing expertise, they believe that their products are going to be increasingly well-positioned to compete with other see-through optics and displays, particularly as demand expands for classy mobile computing devices offering higher resolution and better image quality for AR/XR and Smart Glasses applications. They believe their waveguide and display engine technology addresses the critical performance parameters for next-generation AR products, including higher brightness, sharper resolution, true see-through capabilities, compact size, lower power consumption, and longer life. This product line has been generating no revenue from the past few quarters.

About Vuzix Corporation

The company is engaged in the design, manufacture, marketing, and sale of augmented reality wearable display and computing devices, also mentioned as head-mounted displays or HMDs within the sort of Smart Glasses and Augmented Reality (AR) glasses. Their AR wearable display devices are worn like eyeglasses or attached to a head-worn mount. These devices typically include a wearable computer, cameras, and sensors that enable the user to look at, record, and interact with video and digital content, like computer data, the web, enterprise data, social media, or entertainment applications. Their wearable display products cover the whole spectrum from “the complete real” to “the complete virtual” within the concept of reality–virtuality.

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