Vuzix Corporation
VUZI]

Ox Commences Deployment of Vuzix Smart Glasses at One of the World's Largest Logistics Platform Providers

Wednesday, February 15, 2023

ROCHESTER, N.Y - Vuzix® Corporation (NASDAQ: VUZI), announced that its Vuzix smart glasses have begun to be deployed by Ox, a Vuzix value added reseller, at one of the world's largest logistics platform providers.

"We're excited to grow our partnership with Vuzix to deliver the benefits of wearable devices. Now more than ever, the largest supply chain companies in the world are turning to human centered automation to increase operational efficiency. Our Operator Experience platform can run on any Vuzix smart glasses to power the future of work for retail and supply chain operations," said Charu Thomas, Founder and CEO of Ox.

"We have been working with Ox for several years and it is great to see them start deploying our smart glasses at a leading firm in the logistics space," said Paul Travers, President and Chief Executive Officer at Vuzix. "Ox is pursuing multiple customer opportunities using our smart glasses at this point and we look forward to their continued success with this customer and other blue chip firms."

Vuzix to Showcase the Broad Functionality AI Brings to its Industry Leading AR Smart Glasses at CES 2024

Wednesday, January 17, 2024

ROCHESTER, N.Y-- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and augmented reality (AR) technology and products, is pleased to showcase a robust lineup of AI-enabled smart glasses and interactive, demonstrations at this year's Consumer Electronics Show being held in Las Vegas, Nevada. In addition to displaying its new CES 2024 Innovation Awards-winning Vuzix Ultralite™ S AR smart glasses OEM design, Vuzix will be demonstrating its M-Series, Vuzix Shield™ and forthcoming Artificial Intelligence optimization wearable at its booth (#20143 in the Center Hall of the Las Vegas Convention Center).

Demonstrations at the Vuzix booth will enable visitors to:

• See how Vuzix Ultralite smart glasses can enhance everyday life: do leg lifts as you check out a fitness tracker; stay on course with a running demo; see your SMS messages; get updated game scores; keep up to date on the stock market, and more

• Experience some of the most common medical use cases involving smart glasses, including device selection and management, surgical protocols, and even brain surgery.

• Walk through the process of rebooting a cell tower, getting step-by-step instructions in an interactive field service demo using Vuzix Shield smart glasses.

• Perform inventory management using Vuzix' sleek Ultralite OEM Platform smart glasses and a connected finger scanner to complete basic receiving tasks, getting scan confirmations via the glasses' heads-up display in a retail logistics demo.

• Tour Vuzix' OEM offerings and learn how waveguide and display engine technologies work, and understand why Vuzix is the only manufacturer enabling the next phase of high-volume, low-cost optics systems, all designed and manufactured in the USA.

Booth visitors will also have the opportunity to explore Vuzix' new award-winning Ultralite S AR smart glasses. Aimed in part at sports and fitness users, these glasses boast a sleek design that delivers hands-free, wireless connectivity to the information from the wearer's smartphone or smartwatch. Vuzix Ultralite S also employs Vuzix Incognito technology, virtually eliminating the eyeglow or forward light found with other waveguide-based solutions. Totally customizable, the Vuzix Ultralite OEM Platform can be designed with in different styles, colors, and technology configurations to give consumers the look and feel for their individual lifestyles.

This year, Vuzix will be joined by Japanese telecommunications giant and Vuzix partner, NTT QONOQ (a subsidiary of NTT DOCOMO). Visitors can learn more about their mixed reality solution, NTT XR Real Support, and how it is enabling the connected workforce in Japan.

"As the world inexorably approaches widespread adoption of human augmentation tools like AI, AR smart glasses, and related technologies, Vuzix is well positioned with both our OEM capabilities and product solutions to play a pivotal role in this transformation, as evidenced by our lineup at CES 2024," said Paul Travers, President and CEO of Vuzix. "Whether for enterprise, medical, defense or ultimately consumers, our focus is on offering the solutions needed to optimize the workplace and connect workers with technologies to make them more effective in what they do."

Vuzix Announces Significant Cost Cutting Aligned with Tighter Focus on Select Smart Glasses and OEM AR Technologies

Thursday, January 25, 2024

ROCHESTER, N.Y., -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, today announced the immediate commencement of an expansive cost reduction program and its preliminary fourth quarter 2023 revenues.

Commencement of Cost Reduction Program

Vuzix today announced that it will be focusing its efforts on select AR smart glasses products, technology development and its OEM business. As such, the Company is implementing efficiencies, including a significant cost reduction program, that are designed to better streamline operations.

"We are focused on the alignment of our resources to better serve our key product and technological opportunities and the interests of our shareholders," said Paul Travers, President and Chief Executive Officer. "These proactive steps will reduce our cost structure and improve our operating results, while concurrently allowing us to continue to invest in new technologies and products and maintain our high standard of customer service and support."

"Our focus is on improving the ability to deliver on more breakthroughs in OEM products and services, as well as the realization of related technology investments. As a result, we've identified opportunities to reduce or discontinue investments in certain areas while maintaining our investment and focus on initiatives that should deliver the most impact long-term. These organizational changes will include reductions of our global staff across all major areas of our business, including Sales and Marketing; General and Administrative; Research and Development; and Manufacturing Overhead," Mr. Travers continued.

"We anticipate that these proactive actions will result in a reduction of our cash annual operating expenses of approximately $8 million or 25%, once fully implemented. Looking forward, these collective actions should help us to improve our operating margins and significantly reduce cash losses, even during challenging demand environments while certain markets continue their slow but consistent evolutions," Mr. Travers concluded.

These broad-based cash cost reduction measures are expected to result in a material operating result contribution in 2024.

Preliminary Fourth Quarter 2023 Revenue

Vuzix today also announces its preliminary revenues for the fourth quarter ended December 31, 2023. Fourth quarter revenue is expected to be approximately $2,100,000. Total product sales for Q4-2023 rose by 36% over Q3-2023, reflecting continuing commercial demand for Vuzix' AR smart glasses. Offsetting this improvement was a 72% sequential decline in realized engineering services.

Mr. Travers further commented, "We have long discussed the lumpiness of smart glasses orders and engineering services. We are very optimistic about Vuzix' long-term prospects, including our increasing focus on our core technology for OEM and white label programs. The Company currently has the largest OEM engineering services and related products order book in its history and realizing the revenue from it is related to timing on deliveries and hitting certain milestones. The changes announced today are in line with our goal to deliver shareholder value as the AR smart glasses industry grows and we continue to execute on our focused strategy."

Vuzix' fourth quarter revenue results are preliminary and unaudited and subject to change in connection with the completion of Vuzix' quarterly and year-end closing process and review procedures. As a result, these preliminary results may differ from the actual results that will be reflected in Vuzix' consolidated financial statements for the quarter ended December 31, 2023, which are expected to be released when the Company files its Annual Report on Form 10-K with the SEC within the next 60 days.