Vuzix (VUZI) Friday reported fourth-quarter losses that were wider than what the street anticipated, on revenues that missed analysts’ estimates. The supplier of smart glasses and augmented reality (AR) technologies said its Q4 losses narrowed to 22 cents per share from 29 cents per share a year ago. The street was, meanwhile, looking at a loss of 18 cents per share.
Revenue for the quarter increased 24% to $1.98 million, but missed the analysts’ consensus by over a million dollars. The top line was lifted by its sale of smart glasses, including Toshiba Smart Glasses, which grew 33% year-over-year.
VUZI shares fell 4.2% following the disappointing results. The stock has tumbled 50% in the trailing 12-month period.
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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.