VUZI shares fell 4.2% following the disappointing results. The stock has tumbled 50% in the trailing 12-month period.
READ: DOCUSIGN SURPRISES WALL STREET WITH A PROFIT IN Q4
CEO Paul Travers said, “Operationally, we continued to steadily grow our top-line in our fourth quarter of 2018, achieving Q4 year-over-year revenue growth of 24% on increased sales of our AR smart glasses, and continued our ongoing evaluation of operating expenses to ensure the most rapid path to profitability possible.”
Research and Development expense for the quarter was $3.3 million, up 43%, primarily due to the development costs for M400 Smart Glasses and an increase in external software development costs for the Blade.
The Rochester, New York-based company said it expects to expand both new and existing OEM relationships as the year progresses, as well as continue ramp production of the Blade in 2019.