Benzinga | Jun 16, 2021 10:31AM EDT

Vuzix Highlights 2021 Shareholder Letter

Vuzix(r) Corporation (NASDAQ:VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, has released its June 2021 Shareholder Letter, which discusses recent milestones achieved by the company including its financial performance and market penetration in strategic industry verticals.



Highlights from the shareholder letter include:

* Record Smart Glasses sales in 2020 and quarterly record sales of Smart Glasses in 1Q2021 with over 150% year-over-year growth

* A strengthened balance sheet with an unaudited pro forma cash and equivalents position of approximately $145 million as of April 1, 2021

* Increased institutional investor interest based on the Company's strong fundamentals, intellectual property development, and market leadership

* Smart Glasses success in the telemedicine segment with customers that include Rods & Cones, Pixee Medical, Ohana One, 1 Minuut, and Medtronic

* Smart Glasses adoption across other industry verticals that include construction, consumer durables, consumer staples, energy, food processing, manufacturing, raw materials, retailing, telecommunications and utilities. Examples of customers in some of these segments include Plug Power, KDDI, CooperVision, and Verizon

* Expanded OEM engagements in the aerospace/defense and medical markets, and with Jade Bird Display, a Shanghai-based leader in microLED displays.

"Our current product lineup is among the most competitive in the world," said Paul Travers, President and Chief Executive Officer at Vuzix. "Our global customer base continues to expand across enterprise, healthcare, and OEM customers; our revenues have been steadily growing; we have critical IP in the key AR smart glasses areas of waveguides, small projection engines, holograms, and microLED displays; and we now have sufficient cash to fully execute on our business plan."

The Vuzix June 2021 Shareholder Letter can be viewed at https://ir.vuzix.com/company-information/shareholder-letter