Vuzix Corp. (OTC:VUZI), makers of VR and ’augmented reality’ eyewear, recently posted their report for fiscal Q3. The results are not too pretty to look at, as the company’s performance slumped virtually across the board.
The company has gone back logging net loss, with $1.18 million for Q3. The previous quarter saw VUZI scoop net income of $3.8 million, so this is a pretty dramatic gap down. Sales shrunk as well, at $760 thousand in Q3 against $1.2 million on a year-over-year basis. The company explains this with a shortage of working capital that in turn led to delays and inability to meet demand.
The company’s total assets have also shrunk dramatically YOY, down to $2.5 million, from $5.8 million in the end of the previous year. Mr. Paul Travers, president of VUZI, was however pleased with the company’s performance and with Vuzix’s ability to manage costs.
The company is working on a product that’s a potential competitor to Google’s Project Glass. VUZI’s product is labeled Smart Glasses M100 and is planned to have a microphone, a camera, an earpiece and a GPS system. The gadget will offer smartphone display and communication functionality. The futuristic-looking HUD device will be showcased in more detail at the 2013 Consumer Electronics Show in Las Vegas.
The company enjoyed moderate success with its previous eyewear, but it remains to be seen whether Vuzix will be able to go toe to toe with Google’s Glass.