Augmented reality (AR) smartglasses company Vuzix announced to its shareholders earlier this year that it expected 2018 to be a good year for the company in terms of growth and revenue. The report of its second quarter financial results seem to be supporting this prediction so far.
The company previously predicted that a major factor of the continued growth for the company would be repeat custom, and business which were upgrading from small-scale trials of devices such as the M300 smartglasses to full company-wide roll-outs.
Figures revealed by Vuzix show that the prediction has been accurate so far, with M30 smartglasses sales representing a 302% year-over-year increased, largely driven by orders from repeat customers, or pilot programs converting into full-scale commercial deployments.
Vuzix also showed a quarterly revenue of $2.6 million (USD) compared to $1.3 million for Q2 of 2017. Revenues for smartglasses hit a new record of $1.8 million, compared to $0.7 million for Q2 of 2017.
The company also said that its patent portfolio has substantially increased, to 64 patents issues and 71 patents pending. There are now more than 850 M300 smartglasses pilot programs in progress, which is a 100% increase in the number of pilot programs since December 2017.
“With an expanding set of Smart Glasses AR products in place and numerous emerging opportunities, 2018 is well on its way to be another year of growth for Vuzix,” said Paul Travers, President and CEO of Vuzix. “Pilot conversions and repeat orders from customers fueled our enterprise business during the quarter and our overall enterprise footprint continues to grow and gain traction, driven by the Vuzix M300 Smart Glasses and OEM deliveries to Toshiba of the AR100 to Windows-based smart glasses we are building for them. During the second quarter, the Company completed FCC and EU CE certification processes for Vuzix Blade; launched the Blade developer center; delivered Blade edge software for our developer community; and made further advancements to the Blade companion apps for commercial customers. As for our waveguide optics business, the Company is currently negotiating NRE development engagements with three new Tier-1 OEM customers across new and existing market verticals.”
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