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Vuzix Corporation (VUZI+0.27%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total sales to $1,385,714 from $2,180,007 in the same quarter the previous year. The decrease is attributed to reduced sales of smart glasses and engineering services.
Cost of sales for the quarter was $1,645,562, representing 119% of sales, compared to 111% in the same quarter of the previous year. This increase in cost ratio is due to lower production levels.
The company reported a gross loss of $259,848 for the quarter, compared to a gross loss of $237,544 in the previous year, with the decline attributed to reduced sales.
Research and development expenses decreased to $2,333,798 from $2,912,562, primarily due to reduced external development costs and salary expenses.
Selling and marketing expenses decreased to $1,766,246 from $2,832,031, primarily due to lower advertising and tradeshow expenses.
General and administrative expenses decreased slightly to $4,347,013 from $4,466,850, primarily due to lower salary expenses and stock-based compensation.
Net loss for the quarter was $9,222,279, compared to $10,983,008 in the previous year.
Cash and cash equivalents were $14,271,666 as of September 30, 2024, a decrease from $26,555,592 as of December 31, 2023.
Vuzix had a working capital of $26,529,892 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details a securities purchase agreement with Quanta Computer Inc. for the sale of up to $20,000,000 in common stock and Series B Preferred Stock.
Vuzix continues to focus on operational improvements and cost reductions to preserve cash, including staff reductions and a voluntary payroll reduction program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vuzix Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.